Not too long ago, we received an email that led to this blog titled, Redfin Blog, Market Update and Recent Sales. This will allow us to share the article, some news about the local Breckenridge real estate market and to share what folks are moving on.
Redfin Design Blog Contributor
We received an email from Redfin, asking for tips on simple ways to enhance properties and Dina had a few ideas she sent in, with one making the cut. Their blog, titled 12 Home Renovations That Don’t Add Value (and What to Do Instead) can be found by clicking here or follow the full link: https://www.redfin.com/blog/home-renovations-that-do-not-add-value/
Some of the suggestions are very personal choices, and that’s to be expected, of course. The section Dina contributed to is the following:
2) High-end fixtures
Although they may upgrade the look of a home, replacing your current fixtures with expensive, high-end alternatives is a home renovation that doesn’t add value. Installing custom faucets, ceiling fans, or lighting fixtures may sound like an easy way to elevate a room in your home, but these improvements won’t increase your home’s value enough to cover the cost it takes to purchase and install them.
Instead: Install fixtures that are affordable and high quality
If you want to upgrade the fixtures in your home, consider durable products, high quality, and budget-friendly. This’ll give your home the facelift you’re looking for, without losing money along the way.
Real Estate Advisor, and Broker Associate at Mountain Habitat, Dina Sanchez shares her insight, “Updating a kitchen doesn’t mean replacing cabinets, if they’re structurally good, then repainting or refinishing can make a big difference. Simply replacing hardware can create a new look.”
2018 Diploma of Interior Design – Interior Design Institute
This was a great opportunity for Dina to share her design perspective, and for our clients, this is a unique and added value that she brings to the table. When Dina was getting started in her real estate career, one of the things she took upon herself was to expand her professional creative offerings. As a former business owner at Creative Flowers Inc | Petal and Bean where she oversaw the production of many events, including an estimate of over 1,000 weddings in the Breckenridge area.
Having assisted in a lot of set ups and strikes over the years, it takes a certain eye to be able to look at a room, remember personal favorites for each couple, take into account budget and flower availability and bring it all together. And, all of this happened with perishable product in an alpine environment.
General Market Trends from Zillow Blogs and Local Newspaper
You can read in the blog from Zillow by clicking here, but it says several things that we’re seeing as well. Overall sales have declined, yet prices are not falling drastically, as some might have thought would happen. These are general trends and you can use a drop down menu to see big picture numbers and graphs for metro markets in the blog. We provide local Colorado real estate market trends a little bit further below.
- The typical U.S. home value climbed slightly from January to February (0.1%). Home values are 4.4% higher than one year ago but 3.3% lower than their peak last July.
- Home values climbed 0.1% in February, leaving the typical home value at $328,604, or 3% below the peak value set in July 2022, according to the Zillow Home Value Index. Home values are 4.4% higher than one year earlier – a rapidly decelerating pace of annual growth, down from the nearly record-high 18.8% year-over-year growth measured in April.
Use the link below to see the graph with data for Denver, Colorado. It shows price increases for this year, not decreases. Many longtime realtors say that what happens in Denver happens up here as well, so we can speculate that prices will hold or show slight increases in the mountain real estate market.
Another good blog is one titled 4 Misconceptions Buyers and Sellers Have About the Housing Market, and can be found by clicking here or with the full link: https://www.zillow.com/resources/stay-informed/misconceptions-buyers-sellers-housing-market/
Key takeaways from this article include the following:
- Buyer misconception #1: I should wait until home prices fall to buy a home.
- Buyer misconception #2: It’s better to buy a house once mortgage rates drop.
- Seller misconception #1: My home will get multiple offers and sell quickly.
- Seller misconception #2: I won’t need to cut my listing price.
Summit Daily News Reports Sales Slowing and High Prices
The article starts off by stating that “February data shows record-high home values even as sales decrease, a trend that has held since last year.” While some continue to wait for a “real estate crash” to bring prices down, that doesn’t seem to be the case in the high country. As Zillow stated, sales have slowed, but prices remain high, while in other areas you will see some prices dropping. Click here to read the article titled “Summit County’s housing market continues to see transactions slow down as prices remain high.”
Colorado Real Estate Market Update
Here’s some great info from the folks over at Land title Guarantee Company in Breckenridge. Many are under the impression that we were going to have a crash over the winter and held off on some amazing opportunities thinking they were going to drop in price. However, activity has shown that properly priced properties are moving along at list price, while some are seeing decreases. Overall home values are holding and some even predict a slight increase this year.
Folks are hesitating on investing in more stock options and are pulling money out to park it into real estate, which appears to be a safer bet than the volatile stock market. We suggest talking with many sources such as financial advisors, mortgage brokers and others before making any final decisions on where your investments should lie. We are not claiming to be the best options for everybody, but Colorado real estate tends to be a good choice for many families.
Over the first part of the year, we have seen activity that savvy buyers have capitalized on.
- Angler Mountain – Single Family Home located in Silverthorne, Colorado. This property was the perfect location for a family looking for a second home in the Rocky Mountains.
- Pine Ridge – A couple wanting to live the dream and have a mountain home that can be rented was found with Dina’s help. This unit is allowed to rent as an STR, Short Term Rental, as it’s located in the resort zone and is designed for guests of the town and ski resort with the Four o’clock Ski Run not far away. And, the town bus route is right out on the street as well.
- Crystal Peak Lodge – this unit is a ski in, ski out slopeside property at the base of Peak 7 at the Breckenridge Ski Resort. It’s in the resort zone, meaning no Short Term Rental (STR) restriction. This unit will do great for obtaining maximum ROI over time and will retain a high value, as the rental license will always be available for the next buyer when this new owner decides to sell.
- Gold Camp – a local worker purchased a deed-restricted unit in Breckenridge, meaning it was offered at an attractive price designed for a local who works 30+ hours in Summit County. This unit cannot be used as an STR as the owner must live in the property full time.
- Cameron Lane – a family purchased a raw piece of land south of Breckenridge, with hopes to build one day. Now, the owner is in the planning phases of this project. Having done a remodel. and new extension ourselves, we know every step that is needed and can assist with vendor recommendations and more.
- Buffalo Ridge – a local Denver family who loves spending time in the mountains chose a Silverthorne location for their second home. This unit allows for quick access to I-70, making travel to and from Summit County and Vail, where the family likes to visit, much easier than having to go back and forth.
Contact Dina Sanchez with Questions
We recommend reaching out via the form below, or use the contact page to connect with Dina to ask questions about her design suggestions, when the right time to buy or sell is, and more. She’s a great resource and I’m around to assist. This is Stacy, her husband, and I put together this blog. We look forward to talking with you!