Home Buying Tips

Congress Enacts Bigger and Better Home Buyer Tax Credit For First-Time Home Buyers.


A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

Contact your Broker/Partner to learn more, or visit www.federalhousingtaxcredit.com

Making an Offer: Tips for Painless Purchase


The large number of properties on the market and very-attractive interest rates make now an excellent time for first-time buyers to purchase a property, as well as for existing homeowners to upgrade to a new home.

Prospective buyers should obtain documentation of mortgage approval from a lender for the amount they will spend on a home, or in the case of a condo, buyers should also make sure their lender is able to lend on the type of complex they are interested. Using a lender who is local to Summit County and familiar with lending in Summit County is critical in this time of unsure mortgage lending practices. Finding a realtor who knows the local market and is a skilled negotiator is also essential. A knowledgeable realtor will be able to find answers to questions that could influence the purchase price.

When negotiating, prospective buyers should avoid “low-balling” their first offer; but they should have a good idea of how much room they have to negotiate. They should never reveal how much they are willing to pay and should be prepared for counter-offers by the sellers. The average list-to-sell ratio in Summit County has been 97 percent from 2003 as reported through the end of 2008 through Summit County MLS data. That number, while valuable, can be misleading because it doesn’t take into consideration any price reductions that the property may have had during the duration of its time on market. Historically on average a Summit County property sells for 97 percent of the listing price once it’s priced correctly.

Ask your Realtor if the property you are looking at has had any price reductions and how many days it has been on the market. It’s also fair for your Realtor to ask the listing broker if the property has had any other offers.  Make your offer as “clean” as possible and keep in mind that having too many conditions will make your offer less attractive to the sellers. Finally, prospective buyers should never sign a contract for purchase and sale until they have reviewed the document very carefully.

Contact your Broker/Partner to learn more about how to best negotiate the home buying process.  

Affordable Housing: The Locals’ Cost of Living


Summit County offers challenges to attainable housing that larger population centers don’t face. The tourism industry requires a large number of seasonal workers as well as full time permanent workers, thus the need for all types of housing, from ownership to employee and short-term rental housing (6 months or less). The industry also creates a diverse employment base of additional industries: retail, housing, utilities, public transportation, personal care, health, education, local government, finance, entertainment and social services – all of which help sustain the primary industry of tourism.

The most common way to keep housing affordable is by creating deed restrictions. Deed restrictions limit how much a property appreciates and keep away second-home owners by requiring home buyers work and live in their community year-round.
Summit County has formed an incredible Housing Authority to meet locals’ needs, Summit Combined Housing Authority (SCHA). They are an incredible resource for assisting locals with home buyer education, downpayment assistance and home rehabilitation loans.
In addition to several affordable housing neighborhoods in the area, there is a new neighborhood underway. The Masterplan for the Block 11 property, which will include approximately 300 affordable housing units on the block of land north of Valley Brook Road to Coyne Valley Road, off Airport Road, is available for review at Town Hall. The Plan may also be viewed on line at townofbreckenridge.com. The plan includes a mix of housing types including small single-family homes, duplexes, triplexes, condominiums and townhomes. Parks and trails along the Blue River and have been designed to meet the needs of local families and employees. This neighborhood will be a model for energy conservation and sustainable development practices.

Contact your Broker/Partner to learn more about affordable housing in the area, or visit www.summithousing.us.