The Great Perks of Buying a Luxury Property in Teton Valley

Are you looking for a great new area to establish a large ranch, family getaway, or investment property? Teton Valley is home to large luxury properties that are beautiful and can include acres of undeveloped land. The Teton Valley region is showing incredible market strength and there is a large sales volume expected for 2015 now that the housing market has bounced back.

 

Residential Investment Potential

If you are seeking luxury property for investment potential, Teton Valley is your place to invest. The residential market saw a healthy sales rate in 2014, a 14% increase from 2013! With a number of people seeking rental luxury properties for vacation needs, investors can make a large return on their investment from property that is always staffed.

 

Resort Access

The Teton Valley area is known for being a resort town as Grand Targhee Resort brings in a number of tourists each year. Victor, ID, has excellent local stores and restaurants for tourists and local residents. The resort residential market is continuing to grow in Victor as sales have increased an average of approximately $556,000 for luxury properties.

 

Tourist Appeal

What makes the Teton Valley region great for investors? As additional luxury properties come to the area, more tourists are also expected to come. Summer brings tourists to the area for hiking, rafting, fishing and more. And Yellowstone National Park, just north of Victor, brings millions of people to the area year-round. Not only do Yellowstone and Grand Teton National Park bring tourists to the area, but the great skiing and snowboarding opportunities bring individuals to the area as well.

 

Resale Value

One of the major advantages to investing in luxury property in Teton Valley is the expected resell value of the properties in the next ten years. Property owners have the ability to capitalize on the tourism industry, and eventually can sell their property for a large return.

 

For more information on luxury properties in the Teton Valley region, contact TVR Ranches to help find your ideal luxury property.

Are you looking for a great new area to establish a large ranch, family getaway, or investment property? Teton Valley is home to large luxury properties that are beautiful and can include acres of undeveloped land. The Teton Valley region is showing incredible market strength and there is a large sales volume expected for 2015 now that the housing market has bounced back.

 

Residential Investment Potential

If you are seeking luxury property for investment potential, Teton Valley is your place to invest. The residential market saw a healthy sales rate in 2014, a 14% increase from 2013! With a number of people seeking rental luxury properties for vacation needs, investors can make a large return on their investment from property that is always staffed.

 

Resort Access

The Teton Valley area is known for being a resort town as Grand Targhee Resort brings in a number of tourists each year. Victor, ID, has excellent local stores and restaurants for tourists and local residents. The resort residential market is continuing to grow in Victor as sales have increased an average of approximately $556,000 for luxury properties.

 

Tourist Appeal

What makes the Teton Valley region great for investors? As additional luxury properties come to the area, more tourists are also expected to come. Summer brings tourists to the area for hiking, rafting, fishing and more. And Yellowstone National Park, just north of Victor, brings millions of people to the area year-round. Not only do Yellowstone and Grand Teton National Park bring tourists to the area, but the great skiing and snowboarding opportunities bring individuals to the area as well.

 

Resale Value

One of the major advantages to investing in luxury property in Teton Valley is the expected resell value of the properties in the next ten years. Property owners have the ability to capitalize on the tourism industry, and eventually can sell their property for a large return.

 

For more information on luxury properties in the Teton Valley region, contact TVR Ranches to help find your ideal luxury property.

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I’m thinking about building a “small house” what are my options?

In a way, I manufactured this question. It’s been a huge topic lately. I have interviewed for some local magazine articles, as well as visited with developers, regional planners, etc. I also have quite a few customers with a small house in mind. Various reasons range from lifestyle to budget, not to mention small houses seem to be trendy at the moment. There are tons of plans available online, and a few of the local architects have similar interests, and can design these small homes for a very reasonable price. Also, there are some local companies who are doing some extraordinarily luxurious modular type small houses.

So, what are your options? It depends on a couple of factors, how small is “small”? There are a number of subdivisions and developments within Teton County that have a minimum size requirement of 900 to 1000 square feet. If this is your idea of small, then all it will take is a real estate agent that is well versed in knowing all of the developments or quick to review the CC&R’s for each development. You might be surprised how many lots are available, some even with community water hookups.

How about 400 or 500 square feet? This gets a little more tricky. A few of the older developments used to have very small size requirements such as this, but the restrictions have been amended over the years to require a larger home. Just 10 years ago, small homes weren’t really a thing. We were all building gigantic custom homes, and we didn’t really want to have a 900 square foot home next to our custom 5000 square foot home. I might be exaggerating slightly, but you get the idea.

One obvious workaround is to purchase a lot without any CC&R’s, or that is not in a subdivision. This can get tricky for a variety of reasons. First, these types of lots with “free rein” so to speak are gaining in popularity for those who want to have chickens, don’t like the idea of rules, or a variety of other reasons such as building a smaller home. Because they are gaining in popularity, demand is higher (supply is low to begin with) which is causing inflated prices. For those looking to build a small home because of the budget factor, this is essentially pricing them out. Other things to consider when buying a lot that is not in the subdivision is confirming that you can obtain a building permit for that parcel and checking costs for bringing in power, phone, the ability to hook up to water or sewer, or drill a well, and more. When you buy a lot within a development, it almost always has power and phone to the property, and the ability to hook up to or drill for water. This isn’t always the case with many of these parcels not in a development, which again adds to the cost to bring these utilities to the building site.

Another possible work around, and possibly a way to tick off your neighbors, is to find a development that allows a small guest house, but does not require that you construct the main house first. Obviously, this can cause some friction with the Homeowner’s Associations. Just because the CC&R’s read one way doesn’t mean it was the intent of the developer another way. It can be a sticky situation.

In a nutshell, I would first recommend that you spend some time in a small house, and consider the price difference between building something that conforms with a subdivision’s requirements, versus going all-out miniature. Pulling out your murphy bed everyday for the rest of your life may get old, even though it seems like a good idea today. Closet space, storage, pantry space and laundry areas are all things that are usually reduced in size or forfeited altogether – combine this with ski boots, your new bike, and a Golden Retriever, it gets pretty tight.

On another note, not that we need any new development, but how about amending restrictions on some of these vacant subdivisions to allow for  these “small houses”? Food for thought!

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The Best Kept Secrets About Driggs Idaho Real Estate

Do you want to live in a beautiful country that is home to majestic views and wildlife?

 

Then look no further. Nestled in the Teton Valley, Driggs, Idaho provides some of the most impressive real estate options. Because of its unique location, Driggs is also home to a wide variety of recreational activities including skiing, air biking, canoeing, and more.

 

Driggs boasts the Grand Targhee Resort, one of the top-ranked ski resorts in the area, and the Huntsman Springs Resort, if golf if your sport. You can also spend the day hiking, trial riding, or even book tours to Yellowstone, one of the most beautiful and impressive national parks.

 

Not does Driggs includes fantastic recreational activities, it includes excellent job opportunities. Downtown Driggs includes a healthy crop of new stores geared toward tourists and locals. There are also some year-round events that draw people into the city, bringing in some much-needed revenue.

 

While the real estate market is rebounding, many homeowners are selling or renting out some great properties. If you would like to invest in a second home, look at the different rental options available in Driggs. Renting out your home to tourists in the Driggs area is a great way to make a decent income. Some people only provide the rentals in the summer, while others will offer them year-round.

 

Work with Driggs, Idaho, real estate investors to help you find the right place to live or rent. You can schedule a walk through with real estate companies to find a place to live that you will love and enjoy.

 

Come to the heart of the Teton Valley and see for yourself why moving to Driggs is going to be one of the best decisions you will make.

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Can you provide some negotiation tips?

Sure, these tips are based on my own personal experience. I suppose I would have different tips for buyers, and for sellers. Also, these tips could be circumstantial, based on the situation. For instance, certain price ranges. As many of you know, it’s a struggle to find anything for sale under 300,000 right now. For that reason, I would not suggest to a buyer to write a low ball offer, nor a seller to accept one. Spending too much time negotiating can leave the door open to other offers in the case of the buyer, and prematurely accepting offers can leave dollars on the table for the seller.
Getting into a little more detail though, the first thing I would suggest for both buyers and sellers would be education. It happens all the time. Buyers have their own opinion, (which can sometimes be arbitrary) on what a property should be sold for. I have some on the seller side too, I am approached by sellers all time, and sometimes they already have their expected purchase price in mind. That is great for the sellers that are educated in the current market conditions, but sometimes it’s based on items outside market conditions. Usually sellers are above market in this circumstance, but I have also been approached by sellers who are in a position to liquidate quickly, and are far below market. Again, education and is extremely important.
On the buyer side, it is a good idea to obtain as much information about the seller as you can. Understanding levels of motivation can play a key role in a successful negotiation. Theoretically, with the way representation works, you really shouldn’t be able to obtain too much of this information, unless you are working with an agent who also represents the seller. If that agent does provide too much information about the seller, it’s a clear indication that he or she has no loyalty (or ethics) regarding their representation to either party. Food for thought.
The above can also be true on the seller side, though not as crucial. You really need an experienced agent, and one that shares your interests, not just an interest in the commission. Sometimes sellers can get the feeling their agent only has interest in the commission, but it’s important to differentiate and listen to their advice. How long have you been on the market? What are the competing listings? What are the chances tje property will appraise? All considerations that are extremely important. I have seen sellers turn down offers that are seemingly their  “one opportunity” and I have heard more than once “yes, I know you would like to receive a commission, but” then later ” you will probably laugh to yourself when I tell you this, but” my point here, get to know your agent. Work with an agent you trust, and know exactly what your agent is telling you. Education, and proper representation!

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The Biggest Trends in Real Estate We’ve Seen This Year

The Biggest Trends in Real Estate We’ve Seen This Year

 

When the real estate market hit financial trouble in 2008 and 2009, it led to mistrust in the real estate market. In 2014, the real estate market started to come back to life with lending levels on a continuing upswing.

 

Now, the job growth has increased and the trust in real estate has grown once again. If you are planning to invest in real estate in 2015, now is the time to do so! Here are the biggest trends we have seen in real estate this year.

 

Healthy Buyer’s Market

If you want to invest in real estate, know now is a great time as it is a healthy buyer’s market. A lot of people have been able to bring their home’s value back above water, and are ready to sell them once again.

 

Mortgage Rates are Low

Another reason why now is a great time to buy and sell is due to the mortgage rates. Mortgage rates are still low, making it ideal for new homebuyers. The interest rates are going to stay low, keeping inflation in check, and allowing people to spend money once again. Lenders are also working with different credit agencies to come up with a system to increase the availability of credit in the marketplace.

 

Schedule a free consultation to learn more about the current real estate market trends and about good properties to invest your money into.

 

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The Ultimate Checklist for Buying Real Estate in Teton Valley

Are you planning to invest in real estate in Teton Valley? When you’re looking to invest in a new home, one of the most important things you can do is create a checklist for the home buying process. Use the following tips to help you buy the right home in Teton Valley:

     Understand the mortgage process.

Are the interest rates changing monthly? How will the interest rates impact your ability to obtain the home you desire? How long will it take for you to qualify for a mortgage? The mortgage process can take months for some people, so it’s important to work with a great mortgage broker to walk you through this process.

     Get pre-approved before you shop for a home.

Do not start looking for real estate if you have not been pre-approved for a loan. Getting pre-approved before you start shopping for a home will give you an idea of which homes you can actually afford, and won’t lead to disappointment when you fall in love with a home you can’t afford.

     What can you afford?

You must start looking at your finances to know how much money you can afford to pay on a mortgage each month. Spending even an extra $100 on a mortgage payment can make it challenging to meet your monthly payment obligations. Understanding finances will give you an idea of how a mortgage monthly payment will impact your finances.

     Find an Agent.

Agents have connections that will help you find properties you normally cannot find on your own. Use an agent to make sure you aren’t missing out on any great houses on your own.

     Determine your wants and needs.

Create a list of all the things you need and want from a home. Listing your needs and wants will make it easier to help a real estate agent find listings that fit your needs, so you won’t waste time looking at homes that won’t work.

     Arrange for a home inspection.

If you find a home you would like to place an offer on, always make sure to pay for a home inspection first. There are too many concerns with plumbing issues, asbestos, and other risks to make an offer before getting a professional inspection first.

     Compare homeowner’s insurance costs.

Some homebuyers can obtain a lower rate for homeowner’s insurance by bundling it with their car or life insurance. Consider all your insurance options before you agree to the insurance company provided by the mortgage company.

Still have questions? Find a real estate agent and a broker that can clearly explain the home buying process. The right people will work hard for you to help you find a home that satisfies your needs.

Are you planning to invest in real estate in Teton Valley? When you’re looking to invest in a new home, one of the most important things you can do is create a checklist for the home buying process. Use the following tips to help you buy the right home in Teton Valley:

     Understand the mortgage process.

Are the interest rates changing monthly? How will the interest rates impact your ability to obtain the home you desire? How long will it take for you to qualify for a mortgage? The mortgage process can take months for some people, so it’s important to work with a great mortgage broker to walk you through this process.

     Get pre-approved before you shop for a home.

Do not start looking for real estate if you have not been pre-approved for a loan. Getting pre-approved before you start shopping for a home will give you an idea of which homes you can actually afford, and won’t lead to disappointment when you fall in love with a home you can’t afford.

     What can you afford?

You must start looking at your finances to know how much money you can afford to pay on a mortgage each month. Spending even an extra $100 on a mortgage payment can make it challenging to meet your monthly payment obligations. Understanding finances will give you an idea of how a mortgage monthly payment will impact your finances.

     Find an Agent.

Agents have connections that will help you find properties you normally cannot find on your own. Use an agent to make sure you aren’t missing out on any great houses on your own.

     Determine your wants and needs.

Create a list of all the things you need and want from a home. Listing your needs and wants will make it easier to help a real estate agent find listings that fit your needs, so you won’t waste time looking at homes that won’t work.

     Arrange for a home inspection.

If you find a home you would like to place an offer on, always make sure to pay for a home inspection first. There are too many concerns with plumbing issues, asbestos, and other risks to make an offer before getting a professional inspection first.

     Compare homeowner’s insurance costs.

Some homebuyers can obtain a lower rate for homeowner’s insurance by bundling it with their car or life insurance. Consider all your insurance options before you agree to the insurance company provided by the mortgage company.

Still have questions? Find a real estate agent and a broker that can clearly explain the home buying process. The right people will work hard for you to help you find a home that satisfies your needs.

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Who are the Friends of the Teton River?

Who are the Friends of the Teton River, and what do they do?

Teton Valley is fortunate to have a number of organizations and non profits who’s sole interest is for the good of our community. Perhaps I will describe some of these other organizations in future columns.

I decided to run this week’s ask the expert about this organization, because they were recently able to help me. I had a question regarding community water systems, and after trying to find the right person to contact with in the Idaho Department of Water Resources, I discovered that FTR knew the answer, and was actually drafting a document to help others with the same question. I met with the organization to get a better understanding of what else they do.

My initial expectation was that everything would be directly related to the Teton River (hence the name). As I listened in during my meeting, I discovered that is mostly true, but the responsibilities of the organization extends far past the River itself.

Some of the main points are stream and fishery restorations, drinking water protection and work related to flood plains and ways.

Some of the areas I wasn’t expecting to see such great effort was related to water rights, and the FTR’s ability to work with other similar organizations to optimize donations made to these organizations collectively. For example, I learned that FTR works closely with the Teton Regional Land Trust. In circumstances where land is donated or otherwise, they are able to work together to make sure that any water rights pertinent to that property are used to the best possible advantage of our streams and waterways. They also work with individual water rights owners for the benefit of both the owner and the organization. There are circumstances where water rights owners want to retain the water right, but need to put the right to good use, which is where FTR can help to ensure that the right is not only being used, but again benefiting our waterways.

Another great resource this organization offers is education. I mentioned above that they were able to help me with something that I was otherwise having difficulty trying to understand. FTR can be used as an excellent resource as a “one stop shop” for anything related to streams, rivers, floodplains, or otherwise. The nice thing is that they always seem to know who to contact and in what department. Nobody has a good understanding of all of these departments such as FEMA, IDWR, DEQ, and more, like they do.

I was of course also interested in how they are funded. They are funded by local donations and organizations, federal and state grants, as well as private, public, and family based foundations.

Friends of the Teton River has so much more to offer than just the above points, and we all benefit from their services in one way or another. I would urge all of you to visit their website at tetonwater.org, and of course make a donation!

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The Most Common Mistakes People Make When Selling Homes

Are you planning to sell your home this year? Selling when the housing market prices are high can give you a large return, allowing you to use funds for a down payment on a new home. There are several mistakes people often make when they are selling a home. To avoid making common mistakes, use these tips.

 

Tip # 1: Ask for a Reasonable Amount

Sellers often use a strategy of listing the home for more than it is worth, so they have room to negotiate. Look at the amount of money you currently owe on the home and the current market conditions. Do not ask for too much money as it can hurt your ability to sell the home. Talk to your realtor about the asking price as they have their eyes on the market each day. A realtor will give you an idea of a valid asking price to help you obtain reasonable offers on the home.

 

Tip # 2: Market Appropriately

Failure to market your home can limit how many people see the home. There is more to marketing than placing a picture of your home on the Internet! Selling a home requires you to invest time into marketing the home. A realtor needs to about a month to focus on getting the right pictures and information to list on their website and other MLS sites.

 

Tip # 3: Hire a Realtor

You might think it is easy to sell a home, but it is harder than you believe! Schedule a free consultation with a realtor to look over the different aspects of selling your home. A professional has more connections in the real estate industry, and they can guide you through the selling process.

 

Tip # 4: Make Repairs

Selling a home requires a little investment. Sellers need to invest some money into the home to make it attractive. Fixing small things that are broken will make the home attractive. People love seeing the word “new” when they review a listing.

 

Tip # 5: Clean

What makes the home appealing to buyers? You need to clean the home! People want to walk through a clean home as it looks attractive and will give them a reason to consider making an offer. Clean the rain gutters, repair holes in the wall, and fix leaky faucets to make the home appear attractive.

 

Use these tips to help you create a home that is attractive and will fetch a fair asking price. Call a real estate agent to learn more about selling a home.

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A Beginner’s Guide For Home Buyers

Are you a first-time homebuyer? Ready to buy or sell a home? The housing market for 2015 is already underway, and home buyers are optimistic about their ability to buy and sell homes. Here are some tips that will help you invest in a new home:

Tips # 1: Review Your Finances

What does your financial situation say about your ability to buy a home? As you consider buying a new home consider how long you plan on living in the home, and if it is a worthwhile investment. Do you have enough money for a down payment on the home? Meet with a mortgage broker to review your finances and determine what you can afford.

Tip # 2: Determine Your Needs

How large of a home do you need? If you plan on staying in the home for several years, and you plan on having children, shop for a home that is larger than your current needs. Consider how far the home is from your work, amenities, schools, and future growth. Expand your search to a larger area to find homes that fit your needs.

Tip # 3: Know the Market

The housing market changes on a daily basis. It is important to review the current market conditions often to search for foreclosures, short sales, and new listings. Do you want to live in an established neighborhood or do you want to shop for a home in a new or growing development?

Tip # 4: Work with a Real Estate Agent

Real estate agents have access to homes that most independent home buyers are unable to find on their own. An agent can help with short sales and other complicated transactions. Call a real estate agent to schedule a walk through if you find a home you are interested in seeing.

Tip # 5: Prepare a Valid Offer

If you want a legitimate chance to obtain the home of your dreams, you need to create a valid offer. Compare market conditions, interest rates, closing costs, and other factors that impact your ability to obtain a home. A good real estate agent can help you create a valid offer and will assist with the negotiation process to purchase a home.

When buying a home, the most important thing to remember is to buy based on intelligence, not on emotion!

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What is the difference between a BPO and appraisal?

First of all, what the heck is a BPO? A BPO is a “broker’s price opinion”. You might also see BOV (broker’s opinion of value) CMA (comparative market analysis) or other forms of the same basic meaning. The broker is usually simply considered a real estate professional with expertise in the area. What is an appraisal then? An appraisal is an appraiser’s opinion of value. (no, I don’t think they usually abbreviate) since we know what a broker is usually defined as, a real estate appraiser is usually defined as a professional who develops an opinion of value on a specific type of property. Sound like the same person? Yes, but it is not.

So, back to the question at hand, what is the difference?

While any old real estate agent can compare recent sales (often called comps or comparables) and develop an opinion of value for someone, it usually cannot be used by a bank or lender to verify a property is worth or what someone is willing to pay for it. In fact, most real estate agents are not even allowed to be compensated for a BPO, usually only the responsible broker of an office can be compensated. However, most good brokerages will provide market analysis and opinions of value for free. (ahem).

On the other hand, a real estate appraiser is obligated by federal law to be state licensed or certified. That involves acting as a trainee for a certain number of hours, (yes, appraisers must train their own future competition) becoming a licensed appraiser, and becoming certified for specific applications. Just like a real estate agent, appraisers are required to complete many hours of education and continuing education for their profession. An appraiser is an unrelated party to a real estate loan, usually in place to protect the lender.
So, can a real estate agent performance appraisal? No! Unless that real estate agent is a licensed appraiser. Can a real estate agent give you an opinion of value for your property? Sure! But it cannot be considered an appraisal.

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