Real estate websites have shortcomings!

Dear Joan,

I am very anxious to find a local property in a certain price range that I will buy as an investment and then rent to my daughter, until she is able to buy it herself. The lower price range (under $500,000) I am looking in seems to be quite popular and every time I think I have found something great, I discover it is already under contract, or sometimes it has already been sold before I ever knew it was on the market! I am watching diligently on Zillow and Trulia and get alerts from them, too. I talked to a real estate agent some time ago, who said he would let me know when anything came on the market in my price range, and so far I have never received a call. What do you suggest I do?

Dear Anxious,

You have hit upon a subject very near and dear to my heart. In today’s highly technological world, many buyers are working harder to find their own properties, and many agents are working less with their buyers because they think the buyer will let them know when they want to look at something. Let’s take the issue of your search on third-party aggregator sites first. These sites, such as Zillow and Trulia can be useful for an overview of an area you are unfamiliar with, such as in another town or another state. Using them for up to the minute local information, however has become a huge problem in the industry. The clients/consumers (you) think you are getting up-to-date information daily on Zillow and Trulia and other similar sites, which is one of the two reasons you have not been able to find what you want in time. In reality, these sites get their information from a syndicator who gets the information from the local board of Realtors. Therefore, they are the third party in the pass down of information. The Colorado Association of Realtors held an executive session on April 8 to discuss the inaccuracy of these syndicated feed sites for real estate information. Here is some of the information presented at the meeting:

• All local direct feed Realtor websites had 100 percent of the current listings available to view.
• Third-party syndicators (i.e. Zillow and Trulia) had 79 percent to 81 percent of the current listings available to view.
• All local direct feed Realtor websites had less than 2 percent of the listings showing that were no longer for sale.
• Third-party syndicators (i.e. Zillow and Trulia) had over 36 percent of their listings showing that were no longer for sale. All local direct feed Realtor websites posted new listings the day they came on the market.
• Third party syndicators (i.e. Zillow and Trulia) had the new listing often appear seven to nine days after they came to the market.

In addition, some boards of Realtors around the country have chosen to either purposefully delay giving the information to the syndicators, or have chosen not to syndicate at all and therefore their listings do not show up on these syndicated sites, unless individual agents put the listings in by hand.

The second issue you have had, that has slowed down your success rate, is you have not found the right Realtor for what you need. You want a Realtor with strong local knowledge of the area you are looking in. They need to know the minute a property comes on the market, and in some cases, they know ahead of time. They can also design a portal in our MLS system so that you are notified immediately when a new listing comes on the market which meets your parameters instead of the lag that syndicators have. If you are truly a buyer, then they will find you a property that can work for you. It may take some time, but they will stay in touch and you will stay informed. Hope this helps you understand the system much better and realize that the closer you are to the source, the more accurate your information will be. Best of luck to you!

Joan Harned is an owner and broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 and http://www.TeamBlackBear.com.

 Originally published on 5/3 in the Vail Daily and can be seen at http://www.vaildaily.com/news/11249922-113/realtor-information-ask-estate

 

Truth or fiction?

Dear Joan,

We have a property under contract in the valley and have had an inspection done by a local inspector who alerted us to some issues with the home we are hoping to buy [Buyer Asks For Thousands In Repairs]. One issue appears serious to us and is definitely serious as far as cost to repair or replace. We decided to get some bids so that we would have accurate information when we wrote up our “inspection objection” report. We called three local contractors to give us estimates on what it would cost to remedy the biggest issue. The second contractor surprised us when he told us he already had done a bid for the repair of this issue for the seller and had worked on the problem several times in the past. We double-checked and nothing was mentioned about this issue on the “seller’s property disclosure” that the seller had signed and we were given. Is that disclosure even worth reading if sellers are not going to be truthful? Do we have any recourse?

Dear Surprised,

I am glad you had a competent home inspector look at your potential purchase. I am not an attorney, but I can give you the facts about what the seller’s property disclosure form states. The five pages of the SPD form are quite clear, I believe. At the very top of the form it states that “this form has important legal consequences and the parties should consult legal and tax or other counsel before signing.” The instructions, just below that line, state that “this disclosure should be completed by seller, not by broker.” It goes on to say that “seller states that the information contained in this disclosure is correct to seller’s current actual knowledge as of this date. Any changes will be disclosed by seller to buyer promptly after discovery.” Then, on page five, at the end of the form, it has the answer to your question. In bold print it has: “Advisory to seller: Failure to disclose a known material defect may result in legal liability.”

I can tell you that we believe the seller’s property disclosure form is very important, and since its inception many years ago, we have greatly reduced the number of lawsuits over most of the items listed on the disclosure. Now, when we list a property, in Paragraph 18.2, “seller’s obligations,” item 18.2.1, “seller’s property disclosure form,” we almost always check the box that the seller agrees “to provide a seller’s property disclosure form completed to seller’s current, actual knowledge.” We stress to all of our sellers that it is always best to write down everything they know about the property. Most buyers realize that no house is perfect, but they want to be treated honestly and fairly. No one likes surprises in a real estate transaction. Besides, this valley is much too small to think that a buyer will never find out some pertinent information. Between neighbors, friends, builders and all of the trades, there are not many secrets here. Honesty is truly the best policy, and I would say that the large majority of our sellers are truthful. I am sorry that your seller decided not to disclose, for whatever reason, but this is not the norm here. Best of luck to you!

Joan Harned is an owner and broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 and http://www.SkiAndTeeHomes.com.

Will golf course homes retain value?

Dear Joan,

My wife is putting on the pressure again that we sell our home and buy in a local golf course community. She knows I like to golf and even though she has never played, she said she just likes the homes and the neighborhood. I know that several months ago you spoke of pricing and value in our golf course communities [Post:  Should A View Be A High Priority], but I am worried about all of the economic problems golf courses in our valley (and nationwide, for that matter) have had in the past several years. Do you think I have a legitimate reason to worry?

Dear Worried,

I would say you “did” have a legitimate worry, in general, from sometime in 2008 to the start of 2012. However, in the past couple of years, the economic outlook for golf courses has greatly improved. [Post:  How is the Real Estate Market Doing?]  Not all golf courses were in trouble during those years, but several locally and many nationwide did struggle, with some going into foreclosure, including three in our valley. Two of those have recovered and are growing and doing well and one is at least temporarily shut down.

According to Steven Ekovich, VP for Marcus & Millichap Inc.’s National Golf and Resort Properties Group, “after bottoming out in 2012, the golf course sales market looks to be recovering and stabilizing.” Ekovich goes on to say that the prices for golf courses nationwide climbed 57 percent in 2013. He also said that “bank financing is slowly returning, the average sales price is rebounding, there are fewer foreclosures and bank repossessions, and more courses are back to positive cash flow.”

Henry DeLozier, principal in the Global Golf Advisors consultancy, recently wrote an article entitled “Better to be smart than lucky,” where he states that “golf is experiencing dramatic change as the economy recovers and as people attracted to the game revise their list of wants and needs.”

He points out that women are making a huge percentage of the decisions on home purchases and women like the lifestyle that accompanies living in the golf course communities. DeLozier mentions fun, friendship, fresh air, wellness, inclusivity, safety and security as those lifestyle desires. These are all lifestyle qualities that are becoming more important to today’s modern family and as the economy strengthens, families are able to concentrate more on their wants now that their needs are taken care of.

So, in summary, as someone who lives in a golf course community, I would say that things are looking much stronger for the economy in general and golf course communities specifically. And, even when the golf courses [Post: Should I Pay More If I Don’t Golf]  in our local areas were in trouble, there was still the beauty, the fresh air, the open space and the sense of community that remained. I suggest you have your qualified Realtor do a little research for you on the community, golf club financials and the housing prices in the area of your choice, so you can feel comfortable with any decision you make. Plus this might be a great time to sell your existing home! Some places in the valley have low inventory. Good luck with your decision.

Joan Harned is an owner/broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777, www.TeamBlackBear.com or www.SkiAndTeeHomes.com.

Originally published 4/19/14 by the Vail Daily newspaper and can be seen here http://www.vaildaily.com/news/announcements/11079183-113/golf-course-harned-courses

Getting Ready to Move.

Dear Joan,

My Realtor has my house under contract and he says it “looks good.” I have made lists and I am now starting to do the million things I have to do to get ready to move. Some of the arrangements, such as the moving van and a rental in a new state, want non-refundable deposits. When do you think it is safe to go forward with these deposits? What could go wrong?

Dear “Under Contract,”

Congratulations! You now have a timeline to work on. With knowledgeable real estate brokers on both sides and willing/cooperative buyers and sellers on both sides, you should be able to keep the process on track and make your closing date, or at least know in advance if you have to adjust it a little. I would rephrase your question of “what could go wrong” to say, “what should I watch for to make the closing go as smoothly as possible?” Skipping the very odd, single occurrence issues (physical disaster to the home prior to closing, buyer loses job, etc.) here are the five main items for you to watch for, and to consider getting past, prior to making any non-refundable deposits.

        1. Title commitment issues: You can check the title commitment right away and make sure there are no liens against you or your home (or the buyer for that matter) that you were not aware of. Also, especially if you have a rural property, look to make sure there are no easement or access issues. We recommend you and your buyer both have your legal counsel look over the title work so there are no surprises later on.

        2. HOA issues: Occasionally homeowner associations have back financial issues with a seller or the reserves do not please the potential buyer or the lender. Sometimes the rules in the HOA documents have issues that the buyer was not aware of, such as certain pets not being allowed, parking policies, etc. The sooner you can get the documents to the buyer to read over the better you will be.

        3. Loan approval issues: Hopefully you asked for a pre-qualification letter from the buyer already, or proof of funds, if it is a cash transaction. Your broker can work with the other broker to follow the loan process as closely as possible and hopefully you will be alerted to issues if they arise.

        4. Acceptable appraisal: When you were pricing your home, I am sure your broker gave you a comparative market analysis indicating what your home should be priced at using the most recent sales and what was actively on the market at the time. Your broker can attempt to make sure the appraiser has all of the information available. In an ascending market like we have right now, we always work toward showing evidence of where the market is going, besides where it has been.

        5. Inspection objection and resolution: The home inspection can turn into a big obstacle if it isn’t handled carefully. We like to emphasize that it is the seller’s responsibility to fix any health and safety issues and not cosmetic issues that the buyer saw before he made the offer. There needs to be sensitivity to any valid issues from the buyer, and sometimes also for issues you do not consider valid, if you want the deal to go through. Sometimes it comes down to the old adage about marriage … do you want to be right, or do you want to be happy! You may need to give a little to make your closing date. Your skilled broker can be invaluable with these negotiations.

I think the best policy is to do all you can to have no surprises and then keep a positive attitude, knowing that most of the properties that go under contract make it to closing. Sorry to hear you are moving out of our great valley, but best of luck to you with your new adventure!

Joan Harned is an owner-broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or http://www.SkiAndTee Homes.com.

Originally published 4/12/14 by the Vail Daily newspaper and can be seen here http://www.vaildaily.com/news/10941389-113/issues-buyer-broker-closing

Is It Time to Buy a Home?

Dear Joan,

As a Generation Y Echo Boomer (30-plus-year-old) potential home buyer, I wonder if I am out of touch with the rest of my generation and economic trends in general. I am working hard to buy my first home. My friends that live on the Front Range say they would rather get an apartment/condo downtown, ride the light rail and invest their money in the stock market. I have always wanted to have my own home with a garage and a yard but now I am wondering if I am out of touch with the “wave of the future.” I would like to hear what you would say to my friends, since I am guessing you are in favor of home buying as you are a Realtor.

Dear “Generation Y,”

Living in downtown Denver, Boulder or any urban city, does not necessarily mean that you friends are not “homeowners” as they may have purchased a condo “home.” Obviously, their dream is a little different from your picture of what a home should look like, not to mention very different from your choice of the best place to live in this state. The reality is that many of us started with our first “home” as a condo, even in this valley. I don’t think the lifestyle or type of home is nearly as important as the fact that it is a wise investment to buy your first home as soon as it is logical and possible.  Read more on buying condos vs single family homes at “Buying a condo versus buying a single family home”.

In response to your question, according to the “2014 National Association of Realtors Home Buyers and Sellers Generational Trends Study,” Generation Y makes up the largest separate percentage of homebuyers in the nation. These Echo Boomers are also seen as very optimistic about the housing market and some are moving up to larger homes when possible. So, you are actually right on target for your generation’s goal of home ownership. Actually being part of the majority is not as significant as the fact that you are actually making a wise decision.

To make my point, I would like to mention that one of my financial advisors tells his clients to decrease debt and save until they can buy a home as their first and possibly most important investment. Once they complete that purchase, they can start to work on their investment portfolio. He tells the story of his mother recently needing to move into a retirement home. She was able to have great choices and the financial capability to do so because she had paid off her home and its sale provided all of the money she needed for the transition. I know this retirement home issue is a ways off in your case, but take it from someone “a little older,” that time goes by quicker than you think.

I applaud you on your goal choice and I know you will do well. Be sure to get a competent Realtor to help you make the best investment you can make and get the most for your money in today’s market.   Read these blog posts “Could the internet really take the place of a realtor?“, and “Is the agent or company more important” before hiring a Realtor.

Best of luck!

Joan Harned is an owner-broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.

Originally published April 4, 2014 in the Vail Daily.  See original article.

                

 

Is The Agent or Company More Important?

Dear Joan,

I am in the process of picking someone to list and sell my home this spring.  I have been doing research and still have not determined if the agent or the company they work for is more important when I am making my selection. After searching the internet, newspapers and magazines, I am still uncertain. I would like to hear your opinion on this matter.

Dear Soon to be Seller,

As you know, I always have an opinion. In this case I would definitely say that the emphasis is on the agent. I would say that the choice should be weighted somewhere around 80 percent on who the individual agent is, and only 20 percent on which company you end up with. (It is however, very important to the agent what company they are with, but that is another story.)

I support the premise that the selection of the agent is most important because no matter how good you think a company is, it will be your agent who will initiate the marketing and your agent will be the one to “sell” how great your home is to the rest of the real estate community. A strong agent can demonstrate the value and desirability of your property not only to clients but to other agents who will bring in clients.

Also, once your property receives an offer, it is critical to have your agent have the skills to do all the important negotiations on price, terms, inspection resolutions and urgency of dates. If you have an indolent, disinterested or unskilled agent, then the name of the best company in the world won’t help you get your property sold in the least amount of time, with the least amount of stress and for the highest net profit.

On the other hand, if you find a great agent, then chances are they are with a company that has a strong culture and deep resource system for that agent. Really good agents make certain they are with a company that allows them the freedom to grow and promote their listings and themselves in the most beneficial ways.

When you start your search for that great agent, it is always invaluable to have a referral from a friend or neighbor. Most of my business comes from referrals and it is a real compliment to have referrals from past clients. Once you have a name, then the Internet is a good place for the initial search. See if they have one or more websites and read about their history and successes. Google gives a wealth of information, and you can often learn a lot about an agent by looking at their Facebook page. Now, you are ready for an interview to see if your desires and personalities work well together.

You are fortunate you live here, as we have a lot of great agents in this valley with many different companies. Best of luck to you!

Joan Harned is an owner-broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.

 

Could the Internet Really Take the Place of a Realtor?

Dear Joan, No offense, but I am very savvy with the Internet and feel I can find everything listed for sale myself, without a Realtor. Now, I may need a Realtor to actually help me look at the property, but I can have an attorney write the offer, or I could do it myself. Do you think we are fast approaching a time when the Realtor will not play a prominent role in the sale of real estate? Dear Internet Savvy, I am so glad you asked that question. Actually, the statistics show the opposite trend. According to the National Association of Realtors, you are correct in saying that an ever-growing number of buyers start their home search on the Internet. Actually, 92 percent of home buyers in 2013 started their search on the Internet. However, the percentage of home buyers that purchased their home through a Realtor in 2001 was 69 percent, and in 2013 it increased to 88 percent. It is starting to look like the bombardment of information is actually increasing the need for a Realtor. Wary of Internet I am not sure where to begin explaining why I believe the Internet is a great way to increase your knowledge, but a frightening thought to think that you would actually use the Internet as the sole basis of your real estate decisions. Let’s start with: • The information you get on the Internet about any subject is often conflicting, wrong and outdated, as in the case of “for profit” real estate websites. Remember that the pictures always look great because the positives are always emphasized and the negatives are omitted. We know much of the information in not current as we often get calls on properties that have been off the market for weeks or even up to two years, and they are still showing as “available” on the Web. Also, price changes are not always reflected in a timely manner. • Only a local Realtor knows the whole story about what is happening in the community and what plans there are for a particular location and what the changing landscape may do for your resale value in the future. • The history of the property ownership and pricing, local traffic information, neighborhood schools, nearby recreation available, etc. is not all on the Web. • The act of negotiating a deal, which includes carefully constructed offers and counter offers, inspection items that may or may not be taken care of, financing guidance, final walk through, etc., are not able to be done well without the help of an experienced, skilled negotiator — all the qualities of a good Realtor. These are just a few of the reasons I have room to list. Please continue to search and educate yourself on the Web when you start your property search, but please consult your local, experienced, professional Realtor when you are ready to seriously look and purchase your next home or real estate investment. Not only will you save time and frustration, but probably a substantial amount of money, too. Thank you for asking a very important question that affects most every buyer. Joan Harned is an owner-broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes.  Contact Joan Harned with your real estate questions at Joan@TeamBlackBear.com, www.TeamBlackBear.com 970-337-7777 or www.SkiAndTeeHomes.com. View original publishing in the Vail Daily on 3/22/14

Is it Time to Quit Renting

Dear Joan,

I have been a renter in the valley for more years than I care to count up. I am now getting worried that rents are going up [Post:  How is the Real Estate Market Doing?] and I will not be able to afford to rent a place in the location and with the size and quality that I like [Post:  Is It Time To Buy A Home]. I have thought about buying a home, off and on, but I have not saved enough to put 10 to 20 percent down on anything I would like to live in. I am reading that many people are buying and their monthly payment is now less than their rent. How can I get in on this?  [Post:  Why Rent Your Home Wen You Can Own It?]

Dear Rented Too Long,

Living in a resort area has some of its own unique attributes, where people will pay more to be in a smaller place if the location is great for their favorite sport. Also, living in a resort area has lulled a lot of people into thinking they will just rent for a while [Post:  Does it Pay Off To Rent Forever?]  because they might not be here for long. We have all discovered that we truly come for the winters and end up staying for the summers and the wonderful friendships that are made in our valley. Therefore, taking a long look at what your housing needs and wants are is an immensely important subject. As a rule of thumb, it is better to own then to rent, once you are committed to living in a certain area and you have a stable income. There are always exceptions, but most of the time the benefits are numerous:

• Being able to control your own housing payments.

• Having improvements you do to the property actually add to your equity.

• Having potential tax write offs for interest and improvements.

• Experiencing the pleasure and pride of owning your own home.

The good (or bad) news is that you are not alone. According to the Harvard Joint Center for Housing Studies, the percentage of Americans who rent rose to 35 percent in 2012. The same study says 27 percent of renters now pay more than half of their income on rent. The truly good news is that it is possible to purchase a primary residence with 3.5 percent down, or less. If you did not read Chris Neuswanger’s article in the paper March 8, look it up and read it now. It goes into quite a bit of detail about three great government loans for owner occupied properties. Another consideration is location. Please contact a reputable Realtor today and let them help you find a lender so that you can determine exactly what you can afford. Then enjoy the Realtor’s expertise in showing you the opportunities that await you. I would not delay, as interest rates are still good and housing prices have not recovered yet but both are on the rise.

Joan Harned is an owner-broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned at Joan@TeamBlackBear.com, 970-337-7777 or http://www.SkiAndTeeHomes.com.

See original article as published: March 14, 2014 in the Vail Daily 

How to choose a builder

Dear Joan,

We have always wanted to build a home that fit all of our wants and needs. We know we can still buy a lot in the community we prefer for a good price and we have noticed that the prices are starting to go up, so we are ready to finally make our move. Our question to you is how do I pick a contractor/builder? We know there are a lot of builders in the valley, but we need some criteria to base our decision on. Can you help?

 Dear Dream Home Builder,

Building a custom home is an exciting endeavor, and you are right to be concerned with picking a good builder so that it does not become an agonizing experience. You are right that you can still get a good price on lots in many communities in this valley and hopefully you have your financing lined up if you are not using cash. I would say there are two main concerns when you are interviewing builders.

     • First and foremost is finding a builder with a solid reputation. I would ask for references from past clients, and hopefully names and numbers so that you can speak with past clients of the builder. Equally important would be if you could look at homes the builder has built in the past.

     • Second, it is important to find a builder that is “flexible” and will build the home you want, not necessarily what the builder wants. Of course a good builder will make suggestions, but ultimately it’s your choice.

One easy way to find a good builder is to talk to your reputable Realtor. Experienced Realtors can also help you with recommendations on other qualified professionals.

My last advice is to not “build on the cheap.” It is best to spend the most you can comfortably afford on the design, foundation, framing and finishes in the most important rooms. If the floor plan does not work for you, and for most families, then you will never realize the price you want when you sell someday, and almost everyone sells someday. Of course the kitchen is extremely important in design and finishes. Next would be the master bedroom and master bath. Even if you do not need a family room, it is a request of many buyers, so give that some thought when you are doing your design work. Do not exceed your budget, but remember quality pays off in the long run. Take your time finding the right people to help you build your dream, as they will make building an exciting, fulfilling experience.

Joan Harned is an owner-broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned at Joan@TeamBlackBear.com, 970-337-7777 or http://www.SkiAndTeeHomes.com.

Originally published by the Vail Daily on 3/8/14 at http://www.vaildaily.com/news/10492186-113/builder-past-build-harned.

 

Should a view be a high priority?

Dear Joan,

My husband and I have found a home that we just love, except for the view, or I should say lack of view. This property meets all of our criteria — it has a main floor master, high ceilings in the living room, an office in addition to the four bedrooms, a large deck and a two car garage. It is even furnished the way we like, and they are leaving almost everything! It is in a neighborhood we like, but this particular property has very limited views. One direction we would see another taller building, and the other direction we would have a view of a tiny open space, but no big views at all.

The living room and deck are pretty much west facing, and we like the morning sun. We think it is priced fairly and are considering purchasing it because we have not been able to find anything else that is this close to fitting our criteria list. Do you think we will regret it later if we don’t have the view or will forget about it once we move in and start enjoying the home?

 

Dear Limited View,

You pose a very interesting question. It is true that after some people have lived in a home for some time, they do not spend as much time looking at the view, but this is not true for everyone. Some people enjoy their view everyday they are in the home. If the desire for the “big view” is extremely important in a person’s life, they may suffer from feelings of claustrophobia or anxiety without being able to “see out” to their view (so to speak).

Of course there are always compromises and it is not unusual to give up something in order to get more important features. However, the morning sunshine and the view are not small items to consider for many clients.

This is a real estate agent’s gross exaggeration, but here goes: As a general rule of thumb for resale value, clients in the valley like south facing decks, driveways, etc. to get maximum sun, which is not necessarily true in warmer climates. Views are valuable but are also considered plentiful in this valley. It can usually be said that it is beautiful in every direction. Some clients like the big views and some feel exposed and prefer a more nestled-in feeling.

Location is important and very valuable but not always because of the view. Proximity to the ski slopes, town, bus routes and other amenities are all important in the resale market. Since we are a state and community that greatly values the outdoors and recreation, access to skiing, biking, walking, hiking, rafting, fishing and much more is always a consideration.

I guess the best advice I could give is go with your instincts. Price usually solves all issues, so if it is a below market view, hopefully you can get it for a below market price. And if you are flexible on when you need to have a home, use the motto that there is always another property in the future, just no guarantee of when or pricing. Once you have made the decision, go with it and embrace whatever choice you make. Best of luck to you.

Joan Harned is an owner and broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team of qualified experts. Harned has been selling real estate in Eagle County for 27 years, is a past Chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact her with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or http://www.teamblackbear.com