News
There is an old saying of “Buy on bad news, sell on good”. This is generally true when buying and selling stocks and it is generally true when it comes to real estate too. I have purchased stock in airlines after an airline has had planes grounded and the stock fell. After a few days the value of the stock price leveled off and I bought. Then the planes were allowed to fly and the stock price rose.
The same is true for real estate here in the high country. On September 11th, 2001 we all remember what happened and the real estate market slowed down dramatically in the first and second quarters in 2002. But, then we all started to realize that we must go forward and the real estate market started a great run. Sales rose as did property values.
Now we are in a nationwide slowdown in real estate sales. In many parts of the country owners owe more than the current value of the home. But here in the high country we have seen sales slow but I do not know of any property that is valued less than it was one, two or three years ago. Remember, we are in a location that people from all over the world want to live and vacation.
So the market has slowed and there is an abundance of homes to consider that are priced right. What is the problem? For our market here in the High Country a slow down is the bad news, so buy now.
I have lived in the High Country for eighteen years. Each and every year that I lived here I have stated that I should buy more real estate. Tax benefits, appreciation in value and potential rental income should be enough to get you to buy here, a place where people from all over the world want to live and vacation.
And with Mortgage Interest Rates in the high five’s and low six’s what better time to buy new or buy that bigger home that you have always wanted?
I know some of you are saying I cannot sell what I own now so how can I buy that new home. One thing to consider is if your price is too high. If you are asking twenty percent more than the house down the road and you have the same floor plan you are asking too much. Look at the price you paid for the home, and the price you want. Take the difference and based on your down payment divide that number by the number of years you owned the home. I bet your appreciation on your down payment is in the double digits.
Then consider all the Federal tax benefits you received at tax time. I bet that helps that double digit figure tremendously. If you rented the home you received even more tax benefits. Looking at these figures should make you want to run out and buy two bigger homes, not just one.
So if I have got you thinking I suggest that you contact me or your friendly neighborhood mortgage lender to investigate buying up to that newer bigger home. Before you know it this opportunity will be gone and you will be like me, sorry that I did not buy real estate at the right time.
For answers to your mortgage related questions call Bob Kieber are (970) 262-1199 or e-mail him at rkieber@comcast.net <mailto:rkieber@comcast.net> . Bob is a local mortgage lender and principal of Resort Lending. He has 30-plus years of professional experience in real estate, finance and investments, and is a longtime resident of the High Country.
The same is true for real estate here in the high country. On September 11th, 2001 we all remember what happened and the real estate market slowed down dramatically in the first and second quarters in 2002. But, then we all started to realize that we must go forward and the real estate market started a great run. Sales rose as did property values.
Now we are in a nationwide slowdown in real estate sales. In many parts of the country owners owe more than the current value of the home. But here in the high country we have seen sales slow but I do not know of any property that is valued less than it was one, two or three years ago. Remember, we are in a location that people from all over the world want to live and vacation.
So the market has slowed and there is an abundance of homes to consider that are priced right. What is the problem? For our market here in the High Country a slow down is the bad news, so buy now.
I have lived in the High Country for eighteen years. Each and every year that I lived here I have stated that I should buy more real estate. Tax benefits, appreciation in value and potential rental income should be enough to get you to buy here, a place where people from all over the world want to live and vacation.
And with Mortgage Interest Rates in the high five’s and low six’s what better time to buy new or buy that bigger home that you have always wanted?
I know some of you are saying I cannot sell what I own now so how can I buy that new home. One thing to consider is if your price is too high. If you are asking twenty percent more than the house down the road and you have the same floor plan you are asking too much. Look at the price you paid for the home, and the price you want. Take the difference and based on your down payment divide that number by the number of years you owned the home. I bet your appreciation on your down payment is in the double digits.
Then consider all the Federal tax benefits you received at tax time. I bet that helps that double digit figure tremendously. If you rented the home you received even more tax benefits. Looking at these figures should make you want to run out and buy two bigger homes, not just one.
So if I have got you thinking I suggest that you contact me or your friendly neighborhood mortgage lender to investigate buying up to that newer bigger home. Before you know it this opportunity will be gone and you will be like me, sorry that I did not buy real estate at the right time.
For answers to your mortgage related questions call Bob Kieber are (970) 262-1199 or e-mail him at rkieber@comcast.net <mailto:rkieber@comcast.net> . Bob is a local mortgage lender and principal of Resort Lending. He has 30-plus years of professional experience in real estate, finance and investments, and is a longtime resident of the High Country.
