HOW'S THE MARKET?
The summer in the Yampa Valley is in full swing, with events galore, gorgeous weather, and an active real estate market.
As of July 13, 2023, Routt County has 159 active residential listings. That’s up from 127 this time last month, and down from this time last year (240). The number of currently-pending listings (108) is up from this time last month (100), and also up from this time last year (87). The county-wide closed listings in June were down (54) compared to the month prior, May (64), and down compared to June of 2022 (89).
Median days on market remains aggressive at about 17 days in June 2023, compared with 20 days in May 2023. Average price-per-square foot in city limits is on par with the 2022 numbers, clocking in at approximately $690. The average closed price ratio for all property types is 98.3% in both the city and the county, respectively.
Locally, in a special board meeting last week, the Yampa Valley Housing Authority (“YVHA”) entered into a Memorandum of Understanding with The Michaels Organization, “the nation’s largest privately-held owner of affordable housing,” according to the Steamboat Pilot. The MOU makes The Michaels Organization the Development Partner for the Brown Ranch Development. In order for the Brown Ranch development to occur, though, the YVHA and the City of Steamboat Springs must agree on an annexation agreement, the terms of which are still being worked out.
On the national front, the Labor Department’s Consumer Price Index reached its lowest pace since March 2021, clocking in at a 3% rise (much lower than the 9% rate this time last year). Some economists, including National Association of REALTORS® chief economist, Lawrence Yun, believe that this is an indication that the economy is on the mend. Still, the Federal Reserve has stated that two more rate hikes may be possible this year to reach its target rate of 2% for inflation.
Source: REcolorado Market Statistics for zip code 80487 (Steamboat Springs) through 07/14/23
You might be asking: “Is now a good time to buy or sell a home for me?” Contact one of our experienced agents at The Group to help you understand the answer.
NAVIGATING DOWN PAYMENT OPTIONS ON A HOME
Whether purchasing a first-time home, or looking to move to a new property, one of the biggest concerns buyers have is the amount needed for a down payment. There is a common misperception that every purchase requires a 20% down payment to qualify for a mortgage on a new home. While there are some positives to placing 20% down, there are many options for putting less down, and even some potential advantages.
Conventional Loans:
Traditional loans underwritten to Fannie Mae and Freddie Mac Guidelines allow for as little as 5% down for anyone purchasing a primary residence. There are also options (with income limits) for as little as 3% down. These loans will have Mortgage Insurance (MI) that can either be paid up front or monthly. MI will go away after a period of time.
FHA (Federal Housing Administration):
Allows for 3.5% down. This is a good option for buyers with poorer credit. FHA has monthly MI and an up-front MI premium that can be financed into the mortgage.
USDA (for rural properties) and VA (veteran and spouse approved):
These allow for up to 100% financing. VA is available for eligible Veterans and USDA is available for everyone within certain income limits.
For a buyer who has a finite amount of cash available for a down payment, putting 15% down and paying an upfront MI on a conventional loan can be a great way to keep some money for furnishings or upgrades.
Bottom line, there are many options for a buyer with less than a 20% down payment. For more information or specific scenarios please contact Josh Kagan at Group Mortgage. Call 970-879-0996 or visit www.houseloan.com.
MERRIMENT ON THE MOUNTAIN
Saturday night is movie night all summer long at Steamboat Resort. The newly revamped base area is a-buzz with activities for all, with Coca-Cola Movies on the Mountain proving to be as popular as ever in its new setting.
Steamboat Square is the latest in a sizeable line-up of additions being made to the Resort as part of the Full Steam Ahead project, a multi-million-dollar revitalization plan. It is the hub for activities off the mountain, with entertainment from live music to movies throughout the year.
As the sun sets every Saturday this summer until August 12, Steamboat Square is transformed into an outdoor cinema. Armed with lawn chairs and blankets, guests can settle by the big screen and have the option to snack on popcorn and refreshments from Skeeter’s Concessions stand.
UPCOMING MOVIE SCHEDULE
Last month, doors opened at The Range Dining Hall, a two-level restaurant offering multiple service options. The open-plan facility provides self-service dining on the ground level, with offerings from tacos to poke bowls. A large patio is designed to lure guests outdoors, where a games lawn beckons visitors of all ages to savor the mountain ambience over a game of corn-hole or giant Jenga.
Upstairs in the hall, guests can enjoy the same menu with table service, and an oversized deck looking out to the ski area. The aesthetic of the dining hall is industrial meets mountain modern and has been identified as the flagship of the base area by CEO, Rob Pearlman. It is a taste of what is to come in a long list of modernized features at Steamboat Resort.
ROUTT AND MOFFAT UNITED WAYS MERGE
United Way of Yampa Valley will serve Northwest Colorado
After careful consideration and collaboration between board representatives from both entities, it was determined that joining forces would provide the best support and services for the communities of Routt, Moffat, and Rio Blanco counties. The newly-formed organization will be known as the United Way of Yampa Valley. This merger marks a significant milestone in the commitment to closing gaps and opening opportunities within the Yampa Valley region.
By combining resources, expertise, and networks, United Way of Yampa Valley aims to foster positive change and create lasting solutions for the community. United Way of Yampa Valley will continue to uphold the mission shared by both organizations: to advance the common good in the Yampa Valley by improving education, strengthening financial mobility, and promoting community well-being. “The merger presents numerous opportunities to expand support and services, enabling the organization to make an even greater impact,” commented Kate Nowak, Executive Director. In a joint effort, the organizations will begin working together immediately in joint committee work.
They will launch the fall campaign as a unified entity to raise funds for the communities. By working together, United Way of Yampa Valley will be better equipped to address the evolving needs of the region and maximize the positive outcomes of their collective efforts. Kate Nowak, the current Director of Routt County United Way, will assume the role of Director and Chief Operating Officer (COO) of the merged organization. All existing staff members will retain their positions, with new opportunities available within the expanded organization. Individuals who are passionate about making a difference in the Yampa Valley community are encouraged to apply for the open positions. This period of growth and opportunity in the Yampa Valley promises an exciting future for those involved.
United Way of Yampa Valley works tirelessly to improve lives and foster a thriving community. For more information, visit there website routtcountyunitedway.org
Looking For A Place To Stay Up-To-Date On The Steamboat Happenings?
Then look no further than our blog. We cover everything from home improvement and curb appeal to community events and things to do in Steamboat Springs. Whether you’re a current homeowner looking to spruce up your property or a prospective buyer searching for the perfect place to call home, our blog has something for you. Our team stays up to date on the latest community events in the area, providing you with the inside scoop on local happenings. And if you’re looking to explore Steamboat, we have you covered with our recommendations for the best things to do in the area. Trust us to be your go-to resource for all things real estate in Steamboat Springs, Colorado.
Thank You Steamboat!
The Group Real Estate was Nominated for best real estate firm 2023 Best of the Boat
After more than 25 years of dedicated service to the Yampa Valley, Colorado Group Realty was acquired by The Group Real Estate in 2022. We want to extend our gratitude to the community of Steamboat for their nomination for ‘Best of the Boat 2023 Real Estate Firm’. Thank you Steamboat, we look forward to continuing to serve you in the future!
MUSIC IS IN THE AIR
Free Summer Concert Series
Thirty years ago this summer, several hundred music lovers gathered on the lawn of the Routt County Courthouse for the first free music concert in Steamboat Springs. Fast forward three decades, the venue has moved to Howelsen Hill and the crowds come in the thousands. That first small gathering marked the start of the Free Summer Concert Series and a community commitment to have music available to all in the valley. The current series averages five concerts per summer with attendance ranging from 3,500 to 7,000 people of all ages per event. Run by Great Knight Productions and supported by locals, the line-up is a mix of pop-rock, reggae, bluegrass, blues, and funk.
July 14 - Cody Canada and the Departed with special guest local musician and recent Steamboat Springs High School graduate, Alan Duty, and The Lost Rangers.
For full schedule visit: www.keepinitfree.com
Strings Music Festival
For almost half a century, Strings Music Festival has been bringing musicians to the mountains. From humble beginnings in a tent to today’s 569-seat pavilion, the festival brings a hotbed of talent from classical to rock into the valley. Among the impressive mix for the 2023 season are legendary Rock and Roll and Songwriters Hall of Fame star Graham Nash, comedian David Sedaris and three-time Grammy winners, the Nitty Gritty Dirt Band. Over 60% of Strings events are free to the community including Music on the Green, every Wednesday from 10:00-10:45 a.m., at the Yampa Valley Botanic Park. This year marks the 25th anniversary of the partnership between the festival and the park. A free celebration is a planned for August 23, from 5:00-7:00 p.m., with food trucks and live music by Jay Roemer. For more info visit: www.stringsmusicfestival.com
Perry Mansfield Performing Art
Thanks to the foresight of Charlotte Perry and Portia Mansfield, two formidable ladies and lovers of the arts who relocated to Steamboat in the early 1900s, Routt County is home to the oldest continuously operating performing arts school in the nation. Hundreds of students ranging in age from seven years to adult professionals take part in camps and workshops led by a host of notable teachers. A handful of productions are open to the public.
Opera Steamboat
Will perform two operas this summer at the camp, “Gianni Schicchi” and “Proving Up” at the Julie Harris Theater. Check it out at: www.perry-mansfield.org