Observations from Steamboat
Posted on February 16, 2011
This quick blurb is not documented as fact...merely observation and intuition from Anne Mayberry.
■Interest rates have risen to 5% or above.
■Real estate inventories are being replenished as sales continue. However, some would say that the choicest properties are being snapped up.
■Properties above 1 million and below 500K are seeing the most activity.
■REO and short sales continue to be mainstream in our market.
■Prices may be stabilizing as evidenced by multiple offers on some properties. Properties that are overpriced, however, will continue to see degradation of those prices or lack of sales.
■Properties across all classes and price ranges are closing within 10% of ask price. This includes REO's and short sales, discounting what popular opinion would have one believe.
Questions or comments... Call Anne Mayberry at the Vanatta Group 970.846.1425
The Vanatta Group
Representing the best in luxury real estate in Steamboat ...
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Buying a fixer-upper
Posted on February 09, 2011
If you are looking for fixer-upper real esate in Steamboat Springs or the surrounding areas, be sure to check out the FHA 203(K) loan. Qualified buyers could take advantage of a fixer-upper home and make repairs with an FHA 203(k) rehabilitation mortgage from Bank of America.
Thanks to Kathy Arce for this information. See the contact details below to contact her...
With one loan that combines the cost of buying the home with the cost of making repairs, the 203(k) could be ideal for qualified buyers interested in purchasing a home that needs repairs or updating. The 203(k) advantages include:
• Qualify with as little as 3.5% down
• Cash needed for repairs is built into the loan amount
• Loan amount is based on the as-improved value
For homes needing limited repairs, qualified buyers may opt to use the FHA Streamline 203(k), featuring all of the ...
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Storm Warnings and other fun stuff
Posted on February 08, 2011
A winter storm warning has been in effect in Steamboat for the past 36 hours and will end today around 11am. And if you are not here to experience this, let me tell you that it is true! We've had a reported 14" of new snow in the last 24 hours and 20" in the last 48 hours (I would swear that there is more than that though). Hopefully you will have a chance to get on the mountain and experience an epic powder day in the boat.
In real estate news, here is a good article from the Wall Street Journal about cash buyers boosting the market. This article doesn't mention Steamboat Springs real estate, but the effect is the same here. Cash buyers are sitting in the driver seat and have the opportunity to snatch up some amazing deals.
Also, you might be interested in some ...
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Is waiting for a price drop more expensive?
Posted on January 19, 2011
The snow is falling and the skiing is great! If you're in Steamboat for the week we hope you had a chance to check out the Cowboy Downhill yesterday. Fun, crazy, and fully entertaining. If you're coming to Steamboat soon, don't miss the Winter Carnival coming up in February. We wanted to pass along a quick video from our friend Greg Long at FirstCal explaining how a waiting for a price drop may lead to less savings in the long run. Buy now and don't miss out on these record low interest rates.
http://screencast.com/t/YeqsAPZolUn
And while your here, check out the new luxury home that we just listed in one of the only gated communities in Steamboat.
Call us with any questions. We hope to see you around town and on the mountain in the near future.
Sincerely,
The Vanatta Group
Bringing ...
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Intereste Rates Dropped Again!
Posted on November 11, 2010
Interest rates dropped again! Rates on fixed mortgages dropped to their lowest levels in decades this week after the Federal Reserve unveiled a massive bond-buying program to help spur economic growth. The average rate for 30-year fixed loans fell to the lowest point on record. At 4.17 percent it’s the lowest rate on record dating back to 1971. The rates were at 4.24 percent last week. The average rate on 15-year fixed loans fell to 3.57 percent from 3.63 percent. That's the lowest rate since tracking began in 1991.
Combined with already low home prices, this may be the best opportunity ever to buy a home in Steamboat... and believe me, there are some great deals out there. Here are few of my best deals:
Single Family Home in the Fish Creek Falls area - Short Sale - Priced at $524,000
Luxury Home at the ...
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How Low Can They Go?
Posted on October 12, 2010
Limbo or mortgage rates…how low can they go? Nationally, the average fixed rate 30-year mortgage is down to 4.27% from 4.32% the week before. Locally, in the Steamboat Springs area, at least one bank is advertising their 30-year fixed rate at 3.75%. Interestingly, the local “Agency Jumbo” rate is 3.75%, as well. (Agency jumbo applies to loans from $417K up to $675K.) Imagine locking in a loan at 3.75%!
The average rate on a 15-year, fixed-rate loan dropped to 3.72%. Interest rates at these levels are the lowest ever recorded…that is since 1971 when record-keeping began.
Mortgage rates track the yield on Treasury bonds, which have seen a resurgence since Spring with investors seeking safety.
Speaking of things going low, check out these unbelievable deals...
This Terraces Unit is walking distance to the slopes, restaurants, shops and more. Reduced to $339,000 ...
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Mortgage Rates at an All Time Low!
Posted on June 28, 2010
Wow!!!! 30-year fixed rate mortgage loans dipped to an all time low today at 4.69%. That is the lowest level since Freddie Mac began tracking rates in 1971.
Rates on 15-year loans fell to an average of 4.13%. Five year, adjustable rate mortgages averaged 3.84%...also the lowest on record, but that year was 2005 when Freddie Mac began tracking ARMs.
The national average for points, the fees added to a mortgage, were between 0.6 and 0.7 depending upon the mortgage product chosen.
As a rule of thumb, mortgage rates tend to track yields on long-term Treasury debt. Investors have recently become leery of turbulent stock markets and the European debt crisis, thus seeking the safety of Treasury bonds which, in turn, drives down yields.
For more information on this, or real estate in Steamboat Springs, please call.
Anne Mayberry
970.846.1425
The Vanatta ...
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Condo Financing
Posted on April 02, 2010
The Following is a bit of helpful information from Lynn Reiff at Wells Fargo in Steamboat Springs.
CONDOS CONDOS CONDOS
Wells Fargo Home Mortgage continues to have money for condominiums! A few of the rules have changed, but we still have money for MOST CONDOS!
With Wells Fargo Home Mortgage, condos are classified in one of two ways usually - regular condo or resort condo.
REGULAR CONDO
No front desk
No or minimal nightly rentals
No commercial space usually
No maid service generally
No shuttle service generally
Majority of units are primary home or second home
Examples - Sunray Meadows, Quail Run, Villas at Walton Creek, The Pines, 6th Street Condos
Loans - up to 90% on a primary unit
We just CLOSED on a 90% primary condo at The Pines
RESORT CONDO (Others may call this condotel)
Sometimes a front desk
Nightly rentals allowed
Maid service generally available
Shuttle service available
Limited ...
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Nitty Gritty on Gov't Loans
Posted on December 15, 2008
Who would've guessed that a government agency responsible for the grade of our beef is now in the lending business, and lending money to home buyers, no less. In fact, government loans are becoming increasingly popular but still many purchasers, and moreso first time homebuyers, are unaware of all the money out there that is available. However, borrowing money isn't for the guy who can't make his payments every month. Borrowers must still keep their jobs and their credit. You'll have to prove you're worthy!
For all of those who don't have a lot of money to put down - LISTEN UP, or just continue reading. Through our local Yampa Valley Bank, USDA is offering 100% financing, based on appraised value! Here's the skinny on USDA:
- Rates are competitive with current market (today is 5.5%), loans are 30-year fixed rates
- You do not ...
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