Tag Archive for: Jackson Hole real estate market

A Question Many People Are Asking The Jackson Hole Experts: Should We Refinance?

Front Door of Brick HouseWhen refinancing your mortgage, you must look at the big picture to see if it really makes financial sense for you. Since rates are at an all time low, many people are considering it. Here are some ways to help you decide if it will benefit you or not.

If you have plans to pay off your mortgage in the next few years it makes no sense for you, as you will not be able to recover the re-financing fees in time. Same thing goes if you are planning to move in the next few years.

If you are planning to stay in your home for many years and currently have an Adjustable Rate Mortgage, then refinancing to a 30-Year Fixed is a very good option for you. Refinancing may not lower your monthly payments by all that much, but you may sleep better knowing that those payments will never go up.

Another good reason to refinance is if you are currently paying a very high rate. A very good rule of thumb is to calculate your costs and make sure that you can earn back the roughly $2,000 in fees that you will pay, within two to three years.

Two other things to consider are that if you are paying less interest over time, you will pay more taxes. Also, money that you pay in refinancing fees could be invested instead. Think of the return on that sum you could earn over thirty years!

For additional information on refinacing in the Jackson Hole area the Jackson Hole Experts recommend you contact T.R. Pierce at the Bank of Jackson Hole at 307.734.8111 or John Curry at 307-733-5800 at Taylor Mortgage. For more information on the Jackson Hole real estate market please feel free to contact us – Garth and Christy Gillespie at 307-739-8056 or by email.

Jackson Hole Market – What to Do While It Is a Buyer’s Market

Towel background. VERY shallow DOF.Who doesn’t love the idea of a fresh new bathroom to enjoy that morning shower in each and every day? Or picturing a sleek powder room that you can proudly guide your guests to? These days most homeowners are thinking twice before calling a contractor to do these costly jobs. If you are considering tackling the project yourself, here are some tips to get you started on the right track to a beautiful new bathroom at a fraction of the cost.

With real estate markets slowing in almost every region, Jackson Hole is no different. We are seeing a considerable lack of buyers yet we are unfortunately not seeing prices drop to help increase the level of purchases. We believe that we will see a few more “motivated” seller in the next few months. In the meantime it is an excellent time to investigate upgrading your current home. The article included in this report should assist you in many ways. Another avenue to look into is that contractors are becoming very eagar. There is all of a sudden a lack of work and ample contractors looking for work. This is exciting as new construction and remodel projects should become much more affordable during the spring and summer seasons. If you are a buyer looking into the Jackson Hole Real Estate Market there are some decent deals out there — you just need to know where to look. For more information feel free to contact us at 307-739-8056. Enjoy reading the suggestions below.

  1. Carefully assess your financial situation, then set a budget. Be generous with your estimates as it is always better to set a high budget and finish with leftover cash, than to have a tiny budget that forces you to spend more than you’ve allowed yourself.
  2. Carefully measure your bathroom. The importance of this step cannot be underestimated. Digital measuring tools are worth their weight in gold.
  3. Make a list or sketch of your renovation plan. This will include a new tub/shower, sink, fixtures, etc.
  4. Decide upon wallpaper, paint and tile. Have an alternate plan in case your first idea does not work.
  5. Take your plans to your home improvement store. Compare prices at more than one store. Make detailed notes and keep them together in a file so that you can get the lowest price possible. You may even discover some items at the store that cost less and you like more than what you had originally planned upon.
  6. Take home any paint, tile or wallpaper samples. View them at different times of day in your bathroom. Certain colors that look soothing by day, can look garish by night due to lighting.
  7. When you have assessed all of the above, does it fit into your budget? If so, go ahead and purchase everything you need to avoid multiple trips to the store.
  8. When finished, pat yourself on the back for a job well done!

For more information go to the Do It Yourself Website.

December 2008 Market Update

Where does the Jackson Hole Real Estate Market stand during these turbulent economic times? As you can imagine, Jackson Hole is not immune to any crisis and from where Christy and I sit the Jackson Hole Real Estate Market is feeling the pain. Activity, not in the sense of actual statistical activity, but activity in the sense of phones ringing, buyer’s inquiring, copy machines printing and fax machines dialing is probably at an all time low in the real estate careers of Garth and Christy. Being at work 9-5 every weekday we can get a feeling of where the real estate market is going and yes November and December are usually the slowest months in Jackson Hole real estate but so far November was extremely slow and December has started slow out of the gate. The Gillespie Real Estate Team continues to work extremely hard during these slower times. We are busy communicating with customers, business planning and strategizing, creating advertising programs and completing other real estate activities but on a whole we have seen a noticeable lull in showing activity.

As for the statistics…they tell the same story. When comparing 2007 numbers to the current 2008 numbers we are experiencing a much slower market. In October we saw 25 closings in Teton County, Wyoming (according to the Teton County Multiple Listing Service) where in 2007 we saw 47 closings. Surprisingly, listing price volume was almost identical. This is due to less lower priced properties selling and a few very large transactions taking place. Days on market increased by almost 3 months. In November the news gets worse – 10 closings in 2008 verses 43 closings in 2007. Days on market for the closed transactions was not as dramatic as October but shows an increase of 40 days. Currently there are 21 pending transaction in the entire valley – 6 of which are in the Pine Glades development which is under construction.

Highlights in the market include some very strong upper tier sales. In October there were closings of listed properties of $19.5 million, $6.3 million, $5.8 million and $5.3 million. In November the upper tier market continues this trend with 2 closings where the listed properties were priced at $19.9 million and 8.5 million!

Active listing inventory numbers are staggering! We have seen an almost 75% increase in actively listed properties on the market over 2007 numbers. Getting a completely accurate number is difficult with the changing market but there are about 700 active listings on the market in Teton County, Wyoming.

So what does all this mean? Lowering prices, excellent choices, extremely good buying opportunities but also less liquidity, more competition and increased market time. If buyer’s purchased their property before 2006 they have seen a robust growth and appreciation but if someone just recently purchased property they are probably going to see a depreciating asset for the next few quarters. Jackson Hole is still the wonderful place it was before these difficult economic times offering unbelievable beauty, National Parks, the Jackson Hole Mountain Resort and a very favorable tax climate. The real estate market and for that fact the community will survive and the market will rebound. We rarely have seen buyer’s markets in Jackson Hole so it is also a time of opportunity. To get more in depth analysis or if you have any questions please fee free to call Garth Gillespie at 307-739-8056 or Christy Gillespie at 307-739-8146.

Sotheby’s International Realty — 61.8% Market Share!


2007 was a record year for the Jackson Hole real estate market, and even better one for Sotheby’s International Realty Jackson Hole Brokerage, which increased its local market share to 61.8% based on its sales volume contrasted against Teton County total sales as reported by the Teton County Assessor’s office.

Looking at the market as a whole, the total dollar volume of sales reported through the Teton Board of Realtors Multiple Listing Service (MLS) in 2007 rose 9.1% over 2006.  Even in the fourth quarter, a rocky period for the national real estate market, sale volume was up 5.6% over the same period in 2006.  Sotheby’s sales associates outpaced their competitors for the year, boosting the MLS sales volume in 2007 by 12.2%.  Based on the Teton County Assessor’s numbers, which include both MLS and non-MLS transactions, Sotheby’s associates handled 61.8% of the $1.055 billion real estate sales volume in the Jackson Hole region.  The company’s average market share for the past five years is now 58.2%.

As the result of agent’s efforts and enhanced support they receive, listings with Sotheby’s International Realty in 2007 resulted in an in-house sale nearly 60% of the time.  This was more than 50% better than the company’s nearest competitor – Real Estate of Jackson Hole.  Sotheby’s agents do 88% more transaction sides per agent and 83% more dollar volume than their closest competitor.

This story was written by Sotheby’s International Realty Jackson Hole Brokerage with contributions and editting by Garth Gillespie, sales associate. 

For more information on these statistics or if you have any questions about the Jackson Hole Market please feel free to visit JacksonHoleExperts or to call me at 307-413-5243.