Jackson Hole Interest Rates

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September2013-19We are starting to get a lot of questions about interest rates.  Are they going higher, are they going back down, should we “lock our rate?  All of these are good questions and we don’t exactly have the answers but we do have some thoughts on the issue.

First of all, we don’t believe they are going back to 3%.  The interest rate hovered in the 3% range for a very long time.  The government is starting to indicate that they are going to start phasing out the “quantitative easing” which should increase interest rates.

Are they going higher?  Not in the short term….but more than likely yes in the longer term.  When we look at some recent projections from some notable entities like Fannie Mae, Freddie Mac and the National Association of Realtors we see most of the projecting that rates with be right around 5% in the second quarter of 2014.

Should you lock your loan?  We don’t have your answer on this one.  We suggest you speak with your local lender and have them assist you in making that decision.  Christy and Garth Gillespie recommend a few lenders and they include:  Patti Patterson – 307-732-7868. Jeff Collins – 307-732-7925 or Mark Hassler – 307-732-7933 all at First Interstate Bank or Eric Burba: 307-200-9756 at Guaranteed Rate.

 

5 Reasons To Hire Christy and Garth Gillespie – Jackson Hole Real Estate Agents

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Christy and I are proud to work with many different buyers and sellers in the Jackson Hole real estate market each and every year.  We work extremely hard is taking care of our customers in all of the aspects of a real estate transactions.  We sat down the other day and discussed what we do and why we believe Buyers and Sellers call us.  It was an extremely interesting team meeting and we came up with many reasons but we kept coming back to these 5 reasons:

1.  We help with all the disclosures and paperwork necessary in today’s heavily regulated environment.  Of course we don’t do all of these ourselves but we do have a large team of individuals and businesses that assist in this.  Buying and Selling real estate involves a lot of paperwork!  Our team consists of three of us — Christy, Garth and Audrey Williams.  Audrey Williams is a licensed agent that works as our Client Coordinator.

2. We are well educated in and experienced with the entire sales process.  There are not many real estate agents or teams in Jackson Hole that complete the amount of transactions the Gillespie Real Estate Team does year after year.  In 2013 we have already completed 33 transactions – that’s 1 transaction every week!  We have seen the difficulties in financing in the current banking environment, we have seen prices jump in the beginning of 2013 which have now settled down, we have seen inventory shrink and sellers raise their listing prices…we have basically seen the market evolve in the past year and know how to handle the current environment.

3. We act as a “buffer” in negotiations with all parties throughout the entire transactions.  We enter every transaction trying to make it as easy as possible for all parties involved.

4.  We understand today’s real estate values when setting the price on a listing or on an offer to purchase.  Emotions can run high when people are negotiating.  We try to explain the statistics, the trends and make sense out of the whole process.  Some neighborhoods are easier than others but we sit down with each Buyer or Seller and lay out reasons for Listing Prices or where current values are headed.

5.  We simply and effectively explain today’s real estate headlines and decipher what they mean.  There are so many mixed signals in the press today.  Values going up, inventories shrinking, interest rates rising, markets cooling off…..what does all this mean.  We are here to explain.

To learn more about Christy and Garth Gillespie – the Jackson Hole Real Estate Experts – Call us at 307-413-5243.

 

August 2013 Jackson Hole Real Estate Market Review

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After a hiatus Christy and Garth Gillespie are back to blogging.  The Jackson Hole real estate market has been very busy so far for 2013.  We have been exceptionally busy and are having one of the best years that we can remember ever having.  Why?  We pride ourselves in pricing properties correctly and educating our Sellers and Buyers as to what is “current market”.  We have seen 4-5 years of depreciating sales and prices so now that we have better sales and prices are increasing it takes time to understand the market.  Unfortunately many sellers and agents working with sellers have over priced their properties because they saw the market heat up.  Buyers are out there but they are not stupid and are not willing to over pay for properties now that the market has done better these past 6 months.  There has been a nice increase in property prices of anywhere between 10-20%.

August was a good month with 50 sales market wide.  Over half the sales were for single family homes spread out around the valley.  Town had the most sales with 13 but also the lowest average sales price so most of these sales were either condos/townhomes or entry level homes.  North of Town also saw nice traffic as we had 7 sales.  Teton Village, 6 sales, has invested a lot of money in its infrastructure in the past 4-5 years and it is starting to see the benefits as occupancy has been at very high levels all summer.  Melody Ranch had a good August with 4 sales including the first reported million dollar sale of the year at $1.1 million (Listed by Garth and Christy Gillespie).

The highest sale recorded in August was $19,250,000 million for a home/estate located at Teton Village. Notably both sides of the transaction were represented by Jackson Hole Sotheby’s International Realty.  The Auction was put on by Concierge Auctions.

Total Sales Volume for August was just about $70 million.  Average Sales Price verse List Price was 95%.  Median sales price was $770,000 and the average sales price was $1,334,000.

If you have any questions or comments about this report please feel free to email Garth at garth.gillespie@jhsir.com or to call at 307-413-5243.

Jackson Hole Real Estate Market Update April 2012

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Jackson Hole Real Estate Market update for April 2012.  We are selling a property just about everyday!  Last month the Jackson Hole real estate market had 26 closings for the month which included 21 residential properties and 5 vacant land parcels.  The 5 land deals were a welcome sight as we seem to have seen an increase of activity in this market segment.

The median residential sale price was close to $800,000 and the average listing price was $1,300,000.  The highest sale was not recorded but was listed for $7,995,000.  We saw a resurgence of “non-reported” sales as we saw 6 out of the 26 closed transactions (23%) report a $0 sales price.

Sales were scattered throughout the valley with 8 sales taking place in Wilson or Teton Village, 6 sales taking place “north of town” and 8 sales taking place in the Town of Jackson.  Average days on market were 261.  10 sales took place over $1 million.

Activity continues to hold pace as we have 61 pending transactions – 5 of which are vacant land.

For additional information on the Jackson Hole/Teton County Wyoming Real Estate Market please feel free to contact the Jackson Hole Experts – Garth and Christy Gillespie at 307-413-5243 or by email at garth.gillespie@jhsir.com.

Jackson Hole Home Prices Ready to Rebound?

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This is a great cover from one of the more trusted investment institutions – Barron’s.  The article explains how there is a belief that housing prices will remain rather flat for the year but by the beginning of 2013 we should start to see some appreciation in the housing market. 

What’s important here is that there is a general feeling that appreciation is going to start soon.  If you are on the fence about getting back into the housing market there are a lot of signs and people saying now is a good time to jump in.  Last week home mortgages hit another low but we should not expect rates to stay low like this ever.  If the economy and job market continues to improve we can hedge a bet that loan rates will slowly rise again.

To learn more about the real estate market and especially the Jackson Hole real estate market please call us, Christy and Garth Gillespie @ 307-413-5243 or send us an email at garth.gillespie@jhsir.com.

Jackson Hole Housing on the Rebound?

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Day 2 of our informative real estate slides that are painting a pretty picture of the real estate market.  In todays snapshot we see Morgan Chase CEO, Jamie Dimon talking to his readers and listeners that he sees nothing but upward momentum in today’s real estate market.

It is interesting to see him predicting downward pressure on prices (due to foreclosures and short sales) but also signaling and bullish outlook on buying or investing in real estate.

Investors have been interested in the current real estate market due to the lower pricing.  But what we are starting to see is rent increases.  This will only add fuel to the fire so Christy and I believe lower end rental condos and townhomes along with multiunit properties are going to be the “hottest” market this summer.  The only thing we see that would block this momentum would be if a inventory becomes are to find….guess what happens then?  We may see some price increases by year end!

For more information on the Jackson Hole Homes for Sale contact The Gillespie Real Estate Team – Christy and Garth Gillespie at 307-413-5243 or email us at garth.gillespie@jhsir.com.

Current Real Estate Market Update – National

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We have been updating this graph for a few months and it has not changed much since the last one.  It does tell a go story as the market continues to build some strength.  12,575 houses, condos, townhomes sell EVERY day!  The chart also explains that almost 75% of all purchases are taking place with a bank involved.  Banks are lending!

Here in Jackson we seem to be seeing quite a bit more “showing” activity.  Under contracts have increased yet overall closing activity continues to lag (see next post).

To get a current update on the Jackson Hole Real Estate market please contact the Jackson Hole Experts, Garth and Christy Gillespie at garth.gillespie@jhsir.com or call us at 307-413-5243.

Jackson Hole Sotheby’s International Realty – Top Producers

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Christy and Garth Gillespie were recognized as Top Producers at Jackson Hole Sotheby’s International Realty in 2011.  Production for 2011 worked out to be about 5% of the overall real estate market in Jackson Hole.  Sales volume was close to $20 million in sales and Christy and Garth were part of 20 different transactions through out the calender year.

We thank all of our friends, family and referral sources for all of our success.  We continue to work exteremely hard on creative marketing ideas, pricing strategies and negotiation skills.  To learn more about our services please contact Christy and Garth Gillespie, associates, for Jackson Hole Sothebys at garth.gillespie@jhsir.com or call us at 307-413-5243.

 

Best Real Estate Agents in Jackson Hole

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Cover of the Best Of...JH Weekly

 

 

 

 

 

 

 

Christy and Garth would like to thank all our friends, family and “fans” for voting us the “Silver” award for “Best Real Estate Agents” in Jackson.  We apprciate the support and are honored by your votes.  Thank you!

There were many great winners for the “Best of…”  We would also thank the JH Weekly for their hardword in putting together this contest.  The “Weekly” provides excellent reading entertainment every week and in 2011 started Jackson’s very own “Groupon” with the “Half Off Jackson Hole” program.

Thanks again to all our voters and to learn more about our ever changing real estate market in Jackson Hole please contact the Jackson Hole Experts — Christy and Garth Gillespie at Jackson Hole Sotheby’s International Realty – garth.gillespie@jhsir.com or by calling us at 307-413-5243.  We are busy getting ready for the summer season after a successful first few months.  We are gladdly accepting new listings and if you call us soon we will be able to secure a spot in the coverted “Summer Catalogue”.

February Real Estate Results for Jackson Hole, Wyoming

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 A little bit of a mixed bag for real estate results in February 2012 for Jackson, Wyoming.   The bad news is that our sold transaction total fell from 18 transactions in January to 17 closed transactions in Feb.  The average price also fell to $857,976 and the median sale price of $476,000.  The highest sale for the month was a home on the West Bank in Lake Creek Acres .  It sold for $2,300,000. 

On a positive outlook we had 3 land sales in Feb. and we just had 3 additional lots go under contract in the past few weeks.  Land prices have fallen, construction costs are lower and finding professional works is much easier at this point.  My other theory is that the consumer is going to demand a newer homes in a few years and there simply will not be any due to the lack of construction and spec building during the past 4-5 years.  The opportunity is there for owners to start construction on a new home with the idea of living in it or selling it after or during construction.

Finally – the pending outlook is strong.  There are 54 pending transactions at the moment.  44 of those are priced below $1 million.

For additional information on the Jackson Hole Real Estate market please contact the Jackson Hole Experts – Jackson Hole Sotheby’s International Realty – Christy and Garth Gillespie. – 307-413-5243 or garth.gillespie@jhsir.com

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CHRISTY GILLESPIE

Associate Broker
Cell (307) 413-5242
Office (307) 732-7610
christy@jhexperts.com.com

GARTH GILLESPIE

Sales Associate
Cell (307) 413-5243
Office (307) 732-7611
garth@jhexperts.com

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Christy & Garth Gillespie is a team of real estate agents affiliated with Compass Real Estate, a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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