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3 Reasons to Sell Your Home this Spring in Jackson Hole

This story is from the KCM blog — I believe it is an excellent article for anyone thinking about selling their home this Spring of Summer.

4.8-Visual

Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are three of those reasons.

1. Demand is about to skyrocket

Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. We also have a pent-up demand as many buyers pushed off their home search this winter because of extreme weather. Sellers in markets where seasonal weather is never an issue must realize that buyers relocating to their region will increase dramatically this spring as these purchasers finally decide to escape the freezing temperatures of the winters in the north.

These buyers are ready, willing and able to buy…and are in the market right now!

2. There Is Less Competition – For Now

Housing supply always grows from the spring through the early summer. Also, there has been a growing desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners have seen a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future.

The choices buyers have will continue to increase over the next few months. Don’t wait until all the other potential sellers in your market put their homes up for sale.

3. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by approximately 4% this year and 8% by the end of 2015. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate at about 4.5% right now. Freddie Mac projects rates to be 5.1% by this time next year and 5.7% by the fourth quarter of 2015.

Moving up to a new home will be less expensive this spring than later this year or next year.

If you are interested in learning more about the Jackson Hole Real Estate Market please contact Christy and Garth Gillespie, Associates at Jackson Hole Real Estate Associates – Christie’s International Real Estate – Jackson Hole.  We can be reached at 307-413-5243 or email me at garth@jhexperts.com.

A Good Question For Jackson Hole Buyers

Christy and I found this discussion very interesting…..

Forbes: Buy Now or Pay More Later?

 

Time is moneyEven though no one at KCM actively lists or sells real estate, some of our readers believe that there is an inherent bias toward the real estate community in our writing. For that reason, we want to quote a third party source today. Forbes, in their online edition last week, spoke to the importance of buying a home now rather than waiting.

The article, Should You Buy a Home Now or Pay More Later?, explain:

“With mortgage rates creeping up toward 5% as 2013 draws to a close, potential home buyers have some decisions to make — and soon.

The danger for potential homebuyers isn’t that mortgage rates are nearing 5.00%; the real threat is that rates could go higher, to 5.50% or even 6.00% in 2014.”

The article spells out the financials consequences a buyer would face by waiting. ($67,746 on a $300,000 mortgage).

They went on to identify four things a buyer should take into consideration before delaying a decision to purchase.

  1. Rates will likely rise — and soon with 5% interest rates right around the corner.
  2. The Federal Reserve will start “tapering” causing rates to return to historically normal levels (6-7%).
  3. Home values are rising
  4. The autumn buying season is underrated as you can take advantage of year-end tax breaks and the fall weather makes it an ideal time to move”.

Bottom Line

The financial advice Forbes gave to their readers was rather simple. Buy now or pay more later!!

 

Research Is Suggesting That Large Homes May Become A Thing Of The Past – In Jackson Hole?

Red housesRecent data is showing that homes being built today are smaller than they were in the beginning of 2008. In the third quarter of 2008 median home size was 2,090 square feet, down from 2,629 square feet in the second quarter of 2008. With housing prices dropping and the economy weakening, homeowners may be looking at homes with less unused space, more energy efficiency and a home that better fits their overall needs. There is more of an interest in economizing space and making one room of the home a more flexible space that can be used for a myriad of activities. Outdoor kitchens and entertaining areas are becoming more popular as square footage decreases.

Of course this is national data – what is going on in Jackson? For one thing the Town of Jackson is attempting to limit the size of homes on standard Town of Jackson buildable lots. The standard size lot in town is 50 X 150. The current proposal would limit house sizes to 3,000 square feet. As this is debated by the planners we will keep you up to date.

Do Christy and I see a pattern of smaller houses? Not yet but we believe this could be contributed to a lot less construction taking place in the valley. According to the Teton County Planning and Building Department and the Town of Jackson, February permits for new homes and remodels dropped considerably from January. January had 23 permits issued and February had just 13 issued for a total of 36 for the year compared to 54 in 2008. Another interesting fact is that the Town of Jackson has not received one application for new construction in 2009. We will keep you updated on any trends in new construction in the Jackson Hole real estate market.

Research shows that builders are paying very close attention to what buyers want. The National Association of Home Builders is reporting that 88% of homebuilders surveyed plan to build more smaller homes, and that 89% of homebuilders surveyed claim that they plan to build lower-priced homes.

For additional information on the current Jackson Hole real estate market and current events in the Town of Jackson and Teton County, Wyoming feel free to call the Jackson Hole Experts, Christy and Garth Gillespie, Jackson Hole real estate associates for Sotheby’s International Realty – Jackson Hole Brokerage toll free at 877-739-8056.

Jackson Hole Homeowners With Pets: How To Keep Your House Pet-Friendly…Not Pet-Dirty

Dog

Any Jackson Hole homeowner who lives with a pet (there’s not many of us….right) knows that when you share your house with one of these beloved creatures, you give up the word “spotless” as a way to describe your home…forever. Here are some tips to keep your house as clean and fresh-smelling as possible despite your pet’s, let’s just say, “untidiness”.

  • Pet hair has an aroma. Usually, it’s not a good one. Vacuum regularly, even if the pet hair in question matches your furniture and you cannot see it. I promise you, your guests can smell it. Dyson makes a vacuum especially for picking up animal hair.
  • This is obvious, but a regularly bathed pet makes for a clean house. Think of how happy they are when it’s all over! Keeping pet’s nails trimmed also cuts down on scratched floors and fabrics.
  • Look into Crypton. It’s a stain-resistant fabric that includes suedes and twills. As always, leather and Ultrasuede are great choices for pet owners.
  • If you can, nix the wall-to-wall carpeting. It absorbs odors, traps pet hair and soaks up stains. 
  • Stick to rubber toys if you have a mad chewer. Pig’s ears and rawhide bones are not only terrible for your pet’s health, but if they make it inside your home, they will stain your floor and furniture.  

To learn about more interesting things for your home with pets go to www.everydaystudio.com  and www.animalhousestyle.com.

United States Senate Approves $8,000 Tax Credit For Home Buyers -Including Jackson Hole Home Buyers

American flagwater ripple and water drop falling in the middleIf you decide to purchase a home, whether it is in Jackson Hole or not, within the next year, you will be entitled to a $8,000 tax credit, thanks to an amendment written by Georgia’s Senator Johnny Isakson. This amendment to the economic stimulus bill will be available to any home buyer within a year of it’s enactment. Homebuyers will be entitled to claim a total tax credit of $8,000 or 10% of the purchase price, which will not be difficult to do in the Teton County, Wyoming real estate market.  In Teton County our average sale is way over $1,000,000. To avoid possible abuse of this credit, it is only allowed for your primary residence and will only have to be re-paid if said house is sold within two years of purchase.

Isakson has a lot of experience in the Real Estate market, as he ran one of the most successful Real Estate Brokerage companies in the Southeast for twenty years. He is convinced that this credit will work because of a similar tax break Congress introduced in the mid-1970’s, when our country was in the midst of a housing crisis similar to the one we are faced with today. The results back then were positive, as home values did eventually stabilize and the market recovered.

It is our belief that adding this tax credit to the already established benefits to home owership will help to kick start the real estate market in Jackson Hole. We are starting to witness a renewed interest in the market as showings have increased tenfold from November. Offers are still scarce but time is of the essence and Buyers are starting to feel more comfortable with the current market in Jackson Hole. For more information on the real estate market in Jackson Hole please feel free to call Christy and Garth Gillespie, associates at Sotheby’s International Realty of Jackson Hole, at 877-739-8056.

Buying Home Insurance? – Important Things To Know

DoorInsuring your Jackson Hole home, condo, townhome or vacation home with the proper coverage is so incredibly important since your home is almost always your biggest investment – and it is where you stay dry and warm. Following are some things every person who is looking to purchase a policy should know:

 

  • Always insure your home for 100% of the cost to rebuild. To figure out that number you can go to buildingcost.net to use their free calculator.
  • Flood and earthquake coverage is important to include in Teton County, Wyoming and are extra beyond what your basic policy will cover.
  • The contents of your house is usually covered at 50% of what the value of the structure is. You must make sure this is adequate coverage for all of your belongings by making an inventory. Use knowyourstuff.org’s free home inventory software to determine this number.
  • Take pictures of all of your valuables in case you do need to file a claim. Pictures make the process so much easier.
  • Make sure you buy enough liability coverage – you need enough to match your assets.
  • Always buy “riders” for any expensive artwork or jewelry that you own. If it is worth more than $2,000, you may consider buying a separate policy for it.
  • Shop around as prices vary dramatically. Start with your car insurance company, because they often give discounts to multiple policy owners. You may also go to insure.com to compare prices. 
  • Keep your deductible high. Starting with a $1,000 deductible is wise, as most people do not make claims for less than this amount as there are insurance companies that will drop you if you make more than two claims per year.
  • Always ask about discounts. Many insurers have them, but you must ask for them. Discounts for installing smoke detectors, an alarm system or a fire-retardant roof are common. Also, if you are 55 years of age or older, mention that as you are considered low-risk – and can get a price reduction.
  • Keep your policy up-to-date! Changes to your home, such as a re-model, need to be covered.

For more information on insurance in the Jackson Hole area the Jackson Hole Experts recommend you call these insurance providers:

  • Todd Seeton at FARM BUREAU INSURANCE SERVICES – 307-733-3813
  • Shirley at HUB- BHJ Insurance – 307-733-2464
  • Find Out Which Home Improvements Will Give You The Highest Returns on Your Investment

    American condos

    Every home needs maintenance repairs over time, but if you are putting your Jackson Hole house on the market you may want to know the top four places to put your money so that you will get the biggest return out of it. According to a survey done by HomeGain, in order to get the highest return on your investment, spend your repair dollars on the following in this order:

    1. Cleaning and de-cluttering
    2. Lightening and brightening
    3. Home staging
    4. Landscaping

    Obviously the monetary returns may vary slightly based on where you live in the country, due to the cost of a repair and the importance of each particular improvement to buyers in that area. HomeGain estimates that making the above repairs and spending between $5,000 and $8,000 on them, you may see a price increase in the West as high as $22,762, in the East as high as $23,532, in the South as high as $21,740 and in the Mid-West as high as $20,279.

    Other things never to overlook when putting your house on the market are dirty windows, electrical repairs, plumbing problems, old carpeting, old paint and damaged floors.

    To learn more about home improvements go to HomeGain.

    If you have interest in learning more about the Jackson Hole Real Estate market please feel free to call us at 307-739-8056 or visit our website JacksonHoleExperts. We also can recommend home staging at Home Again Furnishings at 307-739-2232. Lighting advise and excellent inventory at Jackson Moore Lighting – ask for Andy Romo! For a cleaning suggestion we recommend Antonio at ABF Professional Cleaning Services at 307-734-2748. For landscaping (you may have to wait a few more months but it is ever to early to schedule a landscaper) we recommend calling Ben Bartlett, Growin Green, at 307-690-5288.

    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.