This summer nationally was very successful in the real estate business and shows promising numbers that our economy is slowly making its rebound. In August of 2014, home resales topped five million units for the third consecutive month, despite there being a severe limitation on homes that are for sale.
The mortgage rates we continue to see at incredibly low rates will not last long into the future. Demand for homes continues to grow and outpace the supply of available homes for sale. With the demand continually growing mortgage rates nor the price of homes will continue to stay at a low price. With the high demands we will begin to see prices begin to raise. To date, we have already seen a snapshot of this in our Summit County market. With the availability of low and no down payment mortgages it is still influencing first time home buyers as well as repeat homebuyers getting fantastic rates.
According to findings from NAR, this August higher than months proceeding it as well as previous years realtors are closing 80% of pending sales within 60 days of the mutually executed contract. again, this is showing positive signs in the rebound of the housing market across the country, not just solely specific to the Summit County region.
The good news is that today’s home buyers are able to finance their purchases via a growing number of mortgage programs, including low-downpayment loans, no downpayment loans, and loans for luxury homes.
Among the most popular options with today’s low-downpayment buyers is the FHA loan. FHA loans require just 3.5% down and offer flexible mortgage approval terms, including an allowance for average and below-average credit scores.
Another common low-downpayment option is the Fannie Mae 95% program. This government-backed loan tends to work well for buyers with above-average credit scores who are buying single-family, detached properties.
For buyers in rural and suburban areas, the USDA loan is an excellent no-downpayment option. The zero-down loan is backed by the U.S. Department of Agriculture and can provide below-market mortgage rates to applicants who use it.
With the variety of loans that are available to qualified buyers exhibit another reason why the turn in the housing market is upon us. Loans are available and not at astronomical rates as well as the ability to negotiate on sales price. With more buyers and less homes we will see loan percentages go up with the price of homes, so if you are looking to purchase now is the time!
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The end of November in the Colorado mountains is a transition into the heart of winter. Snow blankets the towering peaks and evergreen forests, creating a picture-perfect scene straight out of a holiday postcard. The air is crisp, with temperatures often dipping below freezing, and the soft crunch of snow underfoot accompanies every step. Ski resorts buzz with early-season visitors eager to carve the fresh powder, while cozy mountain towns like Breckenridge and Aspen twinkle with festive lights. Wildlife becomes more elusive, yet you might spot elk or deer grazing in the valleys, their thick winter coats blending with the snowy backdrop. It's a time of serene beauty and the promise of winter adventures. -
This Weeks Summit County Events
In mid-November, the Colorado mountains transition into a true winter wonderland. The air is crisp, with temperatures often dipping well below freezing, especially at higher elevations. Snow blankets the peaks and valleys, turning the landscape into a vast expanse of white against the dark, towering pine and spruce trees. Ski resorts are bustling with activity as they prepare for the upcoming season, while early-bird skiers and snowboarders eagerly hit the slopes, enjoying the fresh powder. Wildlife like elk, deer, and sometimes even moose can be seen foraging in the snowy fields as they prepare for the cold months ahead. For those not on the slopes, hiking trails provide a serene escape, offering glimpses of snow-dusted aspens and breathtaking, unobstructed views of the frosty, majestic Rockies. -
This Weeks Summit County Events
The beginning of November in the Colorado mountains is a time of transition, as autumn’s final hues give way to winter’s first snowfalls. Crisp, clear days with vibrant blue skies are interspersed with chilly nights, often bringing a dusting of snow to blanket the high peaks. Golden aspens have shed their leaves, leaving bare branches that stand in striking contrast to the dark green pines and snow-capped summits. Trails and lakes start to quiet as wildlife prepares for winter, and the towns begin gearing up for ski season. There’s a sense of anticipation in the air, as locals and visitors alike wait eagerly for the mountains to transform into a winter wonderland.
