HOW'S THE MARKET
When most people think of November, they think of Thanksgiving. When people in Steamboat think of November, they think of ski season! That’s right. It’s right around the corner, and while the Old Farmer’s Almanac is calling for a relatively temperate winter for most of the US. They’re saying there should be plenty of snow in the Rockies. Let’s go!
As of October 16, 2024, Routt County has 237 active residential listings, whereas there were 270 in the month of September. For pending listings, September had 73 properties pending whereas September 2023 had 46. Closed residential listings county-wide in September, 2024 (63) remained relatively flat from August (66), but were up from the prior year of September, 2023 (53). This is usually when we start to see the seasonality of closed listings decrease significantly. That drop hasn’t happened quite yet. While there are many potential reasons for this, it’s likely due to the fact that interest rates have been decreasing in the months leading up to this data and it helped sustain a longer than normal “summer selling season.”
According to Freddie Mac, the national average for a 30-year fixed rate mortgage as of October 10, 2024 was 6.32%, a .12% increase from last month. Mortgage rates were expected to continue falling, but the increase in the recent Q3 nonfarm payroll unemployment numbers seems to have caused that trend to falter. At this point, most economists are unsure which direction rates will go and they expect more clarity once the Fed meets to discuss the issue during the first week of November.
At The Group, we are thankful to be your trusted advisors in real estate. As you gear up for the ski season, please be safe and respectful on the slopes. As always, please reach out to your broker at The Group with questions regarding real estate. We’re here to help.
FOR SELLERS, THERE'S JUST SOMETHING ABOUT THURSDAY
Timing is everything.
Travel gurus claim that Wednesday is the best day to fly (if you want the cheapest fare). Management experts say the best day to hold a meeting is Tuesday or Wednesday when people are most engaged at work. Similarly, strategists claim that the best days to post are Tuesday, Wednesday, and Thursday if you're looking for maximum attention on social media.
You get the picture. The rhythm of life plays a part in how successful we can be at a given task on a given day.
The same goes for selling a house.
In a recent report by Bankrate.com, Realtors contend that Thursday is the best day to list a house for sale – ideally after 5 p.m. That’s due to the likelihood that homebuyers will visit properties over the weekend and start planning those visits at the end of the work week. When the buyers jump online Thursday night or Friday, the newest listings will likely be the first properties they see.
For the same reason, a Thursday or Friday listing is also believed to help sellers get the highest price, according to a 2021 Zillow study. In the same article, Redfin claims that Thursday listings generate faster sales, “selling five days faster than their baseline metric.”
FED RATE CUT: WHAT HOMEBUYERS NEED TO KNOW
Following the Federal Reserve’s move on September 18 to lower the Fed Funds Rate, potential homebuyers are likely to be asking two meaningful questions:
First, can they expect mortgage rates to fall in step with the Fed’s decision? Second, should they wait to see if home prices decline or rates go lower?
The answer to the first is “Possibly a little, but not much.” The answer to the second is, “No, sitting on the fence is likely a mistake.”
Let’s explain both answers.
By now you know that on September 18, the Fed slashed ½ percent (50 basis points) from the Fed Funds Rate – the rate banks charge each other for overnight lending. It means that rates on short-term borrowing, such as credit cards and car loans, are likely to follow suit. But rates on long-term lending, like mortgages, do not move in lockstep.
In fact, the 30-year fixed rate mortgage average started dropping in May, largely due to anticipation of a Fed rate cut. Between May 2 and September 19, the average rate declined from 7.22% to 6.09%, down from 7.79% in October 2023.
Key takeaway: Mortgage rates react to the news – in this case, early anticipation of the Fed cut – not the action itself. The benefit is already here. And we can’t be sure it will last.
History also shows that even while the Fed is actively cutting rates, mortgage rates can stay essentially unchanged or even increase. For example, between 2001 and 2005, the Fed cut short-term rates from roughly 6.5% down to 1%. During the same period, however, average mortgage rates only moved from around 7% to about 6%, constantly bouncing up and down.
Regarding home prices, it’s true that median sale prices on the Front Range have flattened out over the past year. But as more people look to take advantage of lower mortgage rates, it means more competition for homes and the likelihood that prices could tick up once more.
Reduced mortgage rates, expanded inventory, and less competition have been three of homebuyers' top wishes over recent years. This trifecta makes today’s market conditions attractive, so sitting on the fence could be an expensive mistake.
THE DAWNING OF A NEW SKI SEASON
On November 23, 2024, the Korbel champagne corks will be popping with tradition as a new ski season kicks off. Champagne, Powder Day Donuts, and Mimosas will be flowing as Steamboat Resort welcomes the first skiers and riders of the 24/25 Ski Season.
Over recent years, the resort has undergone an extensive, multi-year, multi-million-dollar investment upgrade. An ever-growing list of accolades continues within “Best Family-Friendly Resort” and “Best Ski Town in Colorado” categories, by the likes of Ski Magazine, Conde Nast Traveler, Travel and Leisure Magazine and USA Today.
Visitors have 3,750 acres of terrain to explore on 182 named trails, served by 23 lifts including the longest and fastest 10-passenger gondola in North America. The resort spans six peaks within the Park Range, including Mount Werner, Sunshine Peak, Storm Peak, Thunderhead Peak, Christie Peak and Pioneer Ridge.
Popular additions to the resort included Greenhorn Ranch, a designated beginner area and Pioneer Ridge/ Fish Creek Canyon with 655 acres of advanced/expert terrain, which until 2024 had been out of bounds.
Skiers and boarders have the option to continue on-slope fun after dark. The resort offers night skiing on Thursdays through Sundays on December 12, 5.30 – 8.30 p.m. (and every night between December 26 – January 5). Available terrain includes 1,100 vertical feet under Steamboat’s state-of-the-art Ultra-Tech™ Lighting that illuminates the runs for easy seeing & skiing.
Additionally, a slew of annual events marks the calendar from holiday happenings to the infamous Cowboy Downhill, which will celebrate its 50th year in January 2025. For more information on the resort and a full list of events please visit:
STEAMBOAT SPORTS GO UNDER THE SPOTLIGHT
In celebration of Steamboat’s long history with sport, the Steamboat Art Museum will open the highly anticipated exhibit Art in Sport: Motion, Emotion, Moments and Light on December 6, 2024. Choreographed by award-winning photographer and SAM board member, Rod Hanna, the show features photography, sculpture, paintings and prints by an eclectic mix of talented artists. “This exhibition celebrates the glory of sports with the drama, passion, energy and emotion captured by the art,” Hanna said. “We hope that visitors will be inspired by the works on display.”
Admission to the Museum is free.
For more info please visit steamboatartmuseum.org
Photo: Artwork by Rod Hanna
KEEPING SERVICES UNDER ONE ROOF
Buying and selling a home can be one of the most stressful times in our lives, which is why The Group chose to bring a host of resources under one roof to benefit clients and their time.
The Group offers in-house services with our partners, Mortgage Group LLC, Guaranteed Title Group LLC and Collective Insurance Group. “By providing in-house services like title and mortgage, we ensure the most seamless customer experience possible,” says Shawn Bertini, head of The Group’s Steamboat office. “The staff of these different organizations sit literally feet apart, and their communication is constant throughout closings.”
As of today, The Group is the only company in Northern Colorado with in-house mortgage services, a title company, a relocation department to assist both corporate and individual moves, and dedicated staff to make sure details of every transaction from listing to closing is taken care of.
Now more than ever, consumers place a premium on convenience and real estate brokerages know the value of creating one-stop shops to provide home loans or title services to their clients.
When a brokerage has in-house access to a mortgage and title company, it has an opportunity to handle any issues more rapidly than if it had to coordinate with a third-party mortgage or title firm. This can save precious time for everyone involved in a home transaction, especially in a competitive market.
The process for transactions is smoother, more efficient and can result in reduced costs. Streamlining the services from securing financing to minimizing title issues or post-inspection changes minimizes possible last-minute surprises or costly delays. Brokers can address any issues efficiently and maintain regular communication with the lender and title company with ease.
In a survey conducted by The Harris Poll in 2019, the National Association of Realtors reported that 95% of buyers would consider a one-stop shopping model. Additionally, they found the majority of recent and future buyers said they would want their agent to help negotiate the best fees for services offered by providers affiliated with their real estate firm. Nearly 2 in 5 buyers (39%) said having the option to get a mortgage through their agent’s firm would make it more likely that they are approved.
The Group’s focus is on minimizing the stress out of what can be a stressful situation for many, and with the host of client services available in-house, that ideology is a reality.
Mortgage (Group Mortage LLC)
https://www.houseloan.com/GroupMortgage/steamboat.html
Title (Guaranteed Title Group LLC)
Insurance (Collective Insurance Group)
HOME ORGANIZATION 101
Some of us are naturally organized, while others strive to be but manage to get by amid chaos. Lori Firsdon, founder and owner of Ohio-based Forte Organizers is the former. The busy mother of five found her calling to help others improve their home and work environments by teaching organizational skills. Since starting the business in 2006, Lori is now a sought-after speaker and author of Lose Your Stuff, Find Yourself: Break Free from Clutter’s Emotional Grip.
She sat down with The Group to share tips on ways we can improve our living environments and make life less stressful.
The Group (TG): What motivated you to start the business?
Lori Firsdon (LF): When my kids were of an age when I felt ready to go back to work, I thought a lot about my skill base and what I wanted to spend my time doing. Since I was a young, I knew that being organized can improve your results and often impress others along the way. I trained myself to make hard decisions, prioritize my time and space, and take control of my responsibilities, skills I could help share with others.
TG: You work with corporate and personal clients. How do you start the process with a new client when they ask for help to organize their home?
LF: I ask a series of questions to understand how they live, what they value, what are their goals and the most important question, “how would they spend the perfect day?” The focus is to remove things in the house that no longer serve a purpose and is preventing them from living the life they want to live.
TG: A lot of us have a hard time getting rid of things. How to you help people decide what to keep?
LF: For every item ask the following: what is the worst thing that would happen if I let this go? If this item was missing, would I replace it? Can I find this information or item someplace else? Does this item help me reach my goals? Do I feel energized when I look at this item? If you were to move house, would you want to spend time, money and space moving that item?
TG: What about items you inherit, such as family heirlooms that you perhaps don’t want?
LF: I never tell anyone what to get rid of, but I will ask why you are keeping something if it doesn’t serve you. Many of us develop a narrative about things like mementos or items passed down to us that we think we should hang on to. In the case of heirlooms, if another family member wants it, set a date for them to collect it. If it’s a coffee set you never use but want to keep a reminder, then consider taking out one cup and giving the rest away. Add the cup to your daily collection and start using it instead of storing it away.
TG: What about memorable items?
LF: People confuse mementos for memories. If you don’t want to display it, then why keep it if it’s already a memory you can recall without looking at the item. I always say” spend more time making memories and less time preserving them.”
For more information visit: www.forteorganizers.com