Optimizing the use of space in a home will not only attract buyers but also give sellers more bang for their buck, according to Remodeling’s “2011–12 Cost vs. Value Report,” conducted in cooperation with REALTOR® Magazine and NAR’s HouseLogic.com.

An attic bedroom addition costing $50,148 was expected to recoup 72.5 percent of the cost nationally—inching up 0.3 percent from the 2010–11 report. The minor kitchen remodel also fared well, returning an estimated 72.1 percent of the nearly $20,000 job cost.

The report looks at the estimated cost and expected resale return of 35 midrange and upscale remodeling projects in 80 markets.  The estimated costs and returns were derived from a survey of more than 3,000 REALTORS® conducted last summer. As in past years, REALTORS® picked exterior projects to recoup the most at resale. Among those, new fiber-cement siding was expected to provide the highest return, recouping an estimated 78 percent of the $13,461 cost.

Top 6 Returns

Siding Replacement (upscale) – fiber-cement     
Job Cost: $13,461
Resale Value: $10,493
Cost Recouped: 78%

Entry Door Replacement – steel    
Job Cost: $1,238
Resale Value: $903
Cost Recouped: 73%

Attic Bedroom Addition              
Job Cost: $50,148
Resale Value: $36,346
Cost Recouped: 72.5%

Kitchen: Minor Remodel             
Job Cost: $19,588
Resale Value: $14,120
Cost Recouped: 72.1%

Garage Door Replacement              
Job Cost: $1,512
Resale Value: $1,087
Cost Recouped: 71.9%

Garage Door Replacement (upscale)               
Job Cost: $2,994
Resale Value: $2,129
Cost Recouped: 71.1%

Remodeling’s2011-12 Cost vs. Value Report ©2011 by Hanley Wood, LLC. Republication or redissemination of the Report is expressly prohibited without written permission of Hanley Wood, LLC.“Cost vs. Value” is a registered trademark of Hanley Wood, LLC.Visit www.costvsvalue.com for information on all 35 projects. There, you can also download a free PDF providing information on average cost and resale value nationally, regionally, and in a specific market. Estimates for construction costs were compiled by HomeTech Publishing.

Visit HouseLogic.com for great remodeling and home maintenance advice.

As the foreclosure and REO home segment begins to slow down, the inventory of homes available is beginning to shrink.  In the last 24 months , Teton Valley brokers have sold about 420 residential single family homes, condos, and townhomes.  In that same timeframe, only 110 pieces of land have been sold.  This includes all resort and subdivision lots, county acreages, and ranch land.  Nearly a 4 to 1 ratio between residential and vacant land.  

Between 4/1/2004 and 4/1/2008 almost 2400 land parcels were sold in Teton Valley, to give you an idea of the land rush that took place here!

Now, land values are at  prices not seen since the early 2000's, and if you don't find the perfect home currently listed, it's a great time think about a lot or vacant land purchase.  The differnent land options can seem daunting, when there are so many to choose from, but our agents here at Teton Valley Realty are experts in helping you narrow down your options and providing listings that match your 'wish list'.  Whether it's the perfect Teton view, wooded location, or resort site, there is something for everyone, and everyone's budget!

As they say, "A Change Is In The Air", both literally, and in the current real estate market.  If you were ever thinking about owning a piece of this beautiful area, there hasn't been as good a time as the present in nearly a decade.  Let us help you make that possible.

Rocky Creek Ranch

Once in a great while, an exclusive, once in a lifetime real estate opportunity comes available. Sometimes, it's a great value, or an impressive view. When this property came available for sale 15 years ago, the Owner's of Rocky Creek Ranch knew this property was something special. They saw an opportunity for the grandest home sites, recreation, privacy, exclusivity, and serenity. They purchased the acreage and installed a volume of quality improvements, including barn with guest quarters, large pond, tennis court, heated paddle tennis court, trap range with shooting deck, guest house, stunning primary home site, roads, trails, fences and voluminous utilities.

In negotiating the purchase, they worked with Broker Mark Rockefeller of Teton Valley Realty to impose deed restrictions on adjoining hilltops – ensuring their amazing Teton Views would never have visible homes in the view corridor. The acquisition was deeded into three 20 acre and one 5 acre parcels, adding value, benefiting future liquidity, and allowing for 4 primary residences with guest house and accessory structures, as well as Teton Views, with each parcel.

As you approach the first landmark turning off Henderson Canyon Road, you encounter an attractive, unique barn providing large storage for maintenance equipment, tractor, horse stalls, and recreation vehicles. The barn also features 2160 sq' of livable space above. It becomes apparent that "Barn" is an understatement, as you cast your gaze on the field of lupine wild flowers, trout stocked pond, hand crafted bridge and various meandering trails that make you feel as if you are part of a fairytale – which is perhaps why this property has been a popular sought after destination for weddings, photographers, and artists.

Continue up the well maintained winding drive, and enjoy the breathtaking forest views and wildlife. Along the way, you will pass an elevated meadow complete with a heated paddle tennis court and warming cabin. No detail here is overlooked. A restroom is strategically disguised as an old saloon out-house. The winding paths are apparent here, faintly visible through the trees. The meadow could also provide an incredible home site with Teton Views.

Crest the first gradual s-curve climb and prepare yourself for breathtaking views. Here, dusk presents a natural light show as the sun sets over the Grand Teton. This appears to be the 20 acre home site of your dreams, though arguably third to those following. The site is flexible enough to be a cabin site, but more likely a grand home site, towering over the valley below. The landscape here suggests yet another pond on the ledge beneath the site, almost as if it were spilling off the edge, into the canyon below.

Moving upgrade, after a peaceful tour of the second 20 acre site, you can almost feel the air thinning as the drive climbs to the final major landmark of this incredible property. The hilltop opens and the 1918 square foot guest cabin comes into view. This fourth site features a fenced tennis court, a detached garage, and a trap range with a shooting deck that extends high over the wooded National Forest below. The Cabin features quality furnishings, timbered ceilings, river rock fireplace, abundant windows and covered decks, with western decor throughout, 2 bedrooms and bathrooms. The cabin blends in with the conifer and aspen covered landscape – as if it is one with the forest. Looking outside to varied views, you will never feel as free as this anywhere else in the world, across the rolling, wooded hills to the valley below, and the prominent Teton Mountain Range abroad.

Offered Exclusively by Teton Valley Realty at $2,900,000 – Contact Mark 208-351-1411 or Tayson 208-709-1333

Many people in the market today are first-time home buyers who would not have been able to buy when home prices were higher. Enticed both by lower prices and bank promotions, these eager hopefuls are have taken the signs of deals as the best chance to make their first real estate move  .

While all home buyers need help with the short sale process, it’s especially challenging to address the needs and concerns of a first-time home buyer who has decided a short sale is the home for them. Here’s how to get answers to first-time home buyers’ top three questions about short sales.

1. How long does it take for a bank to approve a short sale?

This is the million-dollar question. While it takes an average of three to six months, the timeline – and the process – vary quite a bit from one bank to another.

Short sale approval timelines depend on the bank (some just take longer than others). While each bank has different short sale guidelines, the short sale has to make sense to the bank. The more sense the short sale offer makes to the bank, the faster the approval process.

Here are some things that slow down the process by several weeks or more – these usually involve more people or more factors:

• Multiple liens on the property
• A third party negotiating the short sale on behalf of a seller. Some states allow third parties to do this, for a fee; some states, like Virginia, limit this to real estate licensees, attorneys, and employees of attorneys.  
• Private Mortgage Insurance (PMI) on the property
• Additional investors

Action: To make an accurate prediction about the short sale timeline for a particular property, research the bank’s general timelines, the property’s liens, and whether there is PMI before writing the offer.

2. Will the bank make repairs to the property?

The short answer is, probably not.

Here’s why:

• The bank does not have possession of the property and has no authority to make repairs on behalf of the seller.
• Many short-sale sellers do not have the financial means to make repairs.
• Many banks require the short sale to be sold strictly “as-is” and do not allow the seller to pay for any repairs.

Why wouldn’t a bank allow the seller to make repairs? your buyer may ask. A short sale is a sticky situation for a bank, and that the bank wants to avoid potential liability. For example, if the bank allowed the seller to make repairs and the repairs proved to be faulty, the buyer might potentially hold the bank liable, since the seller doesn’t have money (which is how the short-sale situation came about in the first place).

Action: Find out how the bank and the seller feel about making possible repairs. A short-sale buyer needs to understand that the home will most likely be sold strictly “as-is” and all repairs will be at their expense.

3. How do other types of debt affect the short sale outcome?

Many short-sale sellers are more than just “house-poor.” Many have additional debts that place a cloud on title. These include tax liens – income and property, medical liens, mechanic’s liens, and child support judgments.

Depending on your state, some creditors can try to collect debt by going to civil court and getting a judgment lien placed on the property against the homeowner. These liens must be cleared before the short sale transaction can be closed.

• Surprisingly, tax liens are probably the easiest to clear off the title. The IRS has several avenues to collect back taxes, and doesn’t want to become a real estate holding company. Removing a tax lien can take up to 120 days, so it is imperative that this process is started well in advance of the short sale.
• Medical liens can usually be negotiated and a payment plan worked out. However, this is a time-consuming process and needs to be started as soon as possible.
• Mechanic’s liens are a little harder to get removed. There is not much recourse for tradespeople and bad debts.
• Child support judgments are also difficult to remove because they usually involve government agencies.

In short, additional debts can tie up the short sale process.

Action: Make sure to ask the listing agent if a preliminary title search has been performed on the property so you can advise your buyer about possible obstacles.

The more information you can offer your first-time home buyer, the more confident they can be about the transaction. The more confident they are about the transaction, the more likely they will see the transaction through to the closing table.

The 16 month-long negotiation is aimed at providing more help for homeowners.  Although many say this is a step in the right direction, it's exactly that. A step.  The settlement will reach many homeowners, but may fall short of expectations.  It's estimated that this settlement will help approximately 1 million homeowners.  49 states agreed to the settlement.  New York and California being the last to agree, possibly because California will receive the lion's share of proceeds. The lone ranger being Oklahoma, who felt the settlement greatly overreached the state's authority, and could be unfair to borrowers who continue to pay their mortgage.

It may come as not surprise that many consumers are still leery of any deal or settlement.  With questionable fees and practices imposed on consumers for years, more than 2 million homes lost to foreclosure, possible insurance fraud, the public has the right to be leery of any settlements. Some call this a stealth bailout for the banks, and with a $2,000 per loan file "penalty" it seems as though the banks might be getting a better deal than we think.  Based on the secondary mortgage market (lines of credit, or second liens) the banks can modify a first position lien making a borrower more likely to pay a second.  Either way, the bank is getting paid. If a borrower defaults on a first position loan, the secondary loan is worth nothing. 

So, now I'm sure you're wondering about the nuts and bolts of the settlement . . . me too.

-Immediate aid to homeowners needing loan modifications now.  The servicers are required to work off up to $17 billion in principal reduction and other modifications.

-Immediate aid to borrowers who are current, but whose mortgages currently exceed their home's value. Up to $3 billion must be provided by servicers in refinancing relief nationwide.

-Immediate payments to borrowers who lost their homes to foreclosure.  $1.5 billion will be distributed to approximately 750,000 borrowers nationwide.

-Nationwide reforms to servicing standards. Better staffing, training, communication with borrowers, points of contact, as well as appropriate standards for executing documents in foreclosure cases, ending improper fees and ending dual-track foreclosures. 

-State Attorney General oversight of national banks. National banks will be required to report compliance with the settlement, and servicers will have to pay heavy penalties for non-compliance.

What do you think?  There are plenty of people out there that think the big banks will fail again as they have in the past, even with the settlement calling for more oversight.

-Mandy Rockefeller, Associate Broker, Realtor, GRI, SFR

"Homeownership rates fall to 66% as downturn nears a bottom"

In USA Today, help boost my confidence. As agents, we all actively watch the market reports, and the foreclosure lists, which have dropped dramatically in 2012. We are running out of foreclosed inventory. Here is my prediction for Teton Valley, as we start to see an up-swing: Buyer's competing for a great deal, before their gone. It's hard to shake that feeling that you are going to miss an opportunity. It drives the stock market in some cases, and I think it's going to drive ours.

What does this mean? Raised rental rates for one. Eventually the supply will run out, whether homes are rented or owned. This is a tremendous opportunity for a first time homebuyer. FHA loans are providing a very small downpayment, and most sellers are paying their closing costs. Interest rates? You know the story. Right now, a first time buyer can pick up a home for much less than the cost to construct, with very little down, at a great rate.

What else does this mean? It may be the time to list. If you can position yourself strategically, as the market spikes, you may see a return that is higher than the market could have been able to bear previously.

Email me. We provide free market analyses for home owners, and I can add you to my mailing list, or just set up a portal you can keep your eye on the market with. tayson@tetonvalleyrealty.com

By Tara-Nicholle Nelson | Broker in San Francisco, CA

At this point in December, it can start to feel like the New Year – along with all our hopes, dreams, wishes and expectations for it – are barreling down on us. Personally, I’m a rabid Resolution-setter, and I have a pretty strong track record of making New Year’s changes actually happen – and stick.  But what I know after years of using the New Year as a great excuse to set and meet some goals is that it’s very, very helpful to get a head start, ramping-up to new habits, behaviors and target goals achievements starting in December.

 

If you’re one of the millions who has an eye on 2012 as the year in which you’ll buy a home (first or not), here are five things you can do now to put yourself on the right path:

1.    Check your credit. Take my word for it: there is no bad surprise worse than a bad credit surprise. Okay, maybe there is one thing worse – a credit surprise you receive while you’re in the midst of trying to buy a home!

Recent studies have revealed that a record high number of real estate transactions are falling out of escrow, and that credit “issues” are a leading cause of these dead deals. Your best chance at catching and correcting score-lowering errors and other derogatory items before they destroy your personal American Dream is to start checking and correcting while you still have time on your side.

2.    Do your research.  The more rapidly the real estate market changes, the more it behooves smart buyers to study up before they jump in.  And now’s the time – you can start doing online and in-person research into topics ranging from:

·    Target states, cities and neighborhoods. Whether you’re relocating or simply trying to narrow down the local districts to focus on during your 2012 house hunt, December is a great time to start your online research into decision-driving factors like tax rates, school districts, neighborhood character and even prices in various areas. Resident ratings and reviews sites like Trulia and NabeWise can help you make the neighborhood-lifestyle match.

Once you narrow things down and start speaking to local agents, ask them to brief you on the local market dynamics, including how long homes typically stay on the market and whether they generally go for more or less than the asking price, so you can be smart about how you search. (And yes, Virginia, there are areas where homes sell for more than asking, even as we speak!)

·    Real estate and mortgage pros. If you don’t already have your pros picked out, now is the time to get on the horn or drop an email or Facebook message to your circle of contacts, asking them for a referral to a broker or agent they love.  Follow up by: checking whether these pros are active in answering questions on Trulia Voices, searching for their name and seeing what sort of feedback on them you can cull from the web, then giving them a ring and launching a conversation about whether you and they might be a good partnership.

·    Short sales and REOs. Distressed property sales are not for the unwary. If you want to target upside down or foreclosed homes, or are planning to house hunt in an area where many of the listings are described as short sales or foreclosures, get educated about what you can expect from a distressed property purchase transaction before you get your heart set on a short sale.

·    What you get for the money. Online house hunting is a powerful tool – especially when it’s cold and wet! But there comes a point in your house hunt where you’ve got to just get out into the actual physical homes you’re seeing online in order to get a strong, accurate sense of what home features, aesthetics and location characteristics correlate with what price points.

·    Mortgage musts. You can read a bunch of articles about mortgages and get yourself pretty far down the path toward qualifying for a home loan, but you can only get a personalized action plan for a smooth road ‘home’ by talking with a local mortgage broker and having them assess your basic financials.  They might say you need to move funds around, pay a bill down or off or produce some sort of documentation from your employer.  And the time to start all that is now.

3.    Fluff up your cash cushion. So, you’ve saved up your 3.5 percent down payment. Perhaps you saved a little extra for closing costs.  Or maybe you’re even one of those uber-aggressive 20-percent-down-ers.  No matter how much you’ve saved, you’ll find that you could use more once you activate your home buying action plan. Mark my words – after closing, you’ll crave extra cash to do some repairs, upgrade a couple of things, buy appliances or even just to hold onto in order to minimize your anxiety about depleting your savings! 

So, if homebuying is on your personal 2012 action plan, don’t go hog wild on holiday gifts. Instead, wait until next year and give yourself the gift of a home.

4.    Shed some stuff.  Sell it. Donate it. Give it to relatives who’ve always coveted it.  Just get rid of it. If you do it before year’s end, you can kill three birds with one stone: (a) getting some cold hard cash to go toward your savings, (b) getting some tax receipts so you can deduct the value of your donations in January, (c) minimizing money spent on holiday gifts for loved ones and these two bonus birds – clearing the mental clutter that physical clutter creates and prepping for your move in advance.

5.    Sit very, very still.  Sometimes, the best way to further our goals is to stop tripping ourselves up.  In that vein, commit right now to refrain from making any major financial moves until you buy your home.  Don’t quit your job to start that personal chef business (yet), don’t pull a bunch of cash out of your savings account (without getting clearance form your mortgage pro first), and don’t start buying cars and boats on credit – even if you do love the idea of putting the red bow on the car you give your wife, like in the commercials.

I assure you, the bow you’ll be able to put on that house or condo will be much bigger, redder and more tax-advantaged!

 

Well, really there isn't a "bad" year at Grand Targhee, is there? 

We can only hope that this coming ski/snowboard season is as light and fluffy as last year, with the remaining effects of La Niña.  With only 23 days standing between the remains of fall and opening day of the 2011/2012 season, make sure you're ready to go when the white stuff starts falling. 

- The local ski swap will be held at the Driggs City Center November 11 & 12.

• $7 FRI 5-8PM, $5 Sat 8-10 AM, $3 SAT 10 AM-4 PM
• Gear Check-in Thurs Nov 10^th 2-6 PM at Peaked Sports, or at Community Center beginning at Noon Fri  & during Swap
• Huge Selection of New & Used  Equipment!
• Peaked Sports will also be there with screaming deals on ski & snowoard equipment, and 50% off last season's winter clothing!
• Proceeds benefit the Teton Valley Ski Education Foundation.

- Grand Targhee is Scheduled to open November 25, 2011.  Based upon the success of last year's shuttle and in continued efforts to reduce environmental impact, Grand Targhee offers several shuttles to and from Grand Targhee throughout the day.  With 5 stops, and run times from 6:40 am to the last bus departing at 11:10 pm, employees, vacationers, and valley residents can all find use for the shuttle.  The cost is:

• $2.00 per Ride Up for walk-ons (exact change only)
• $1.00 per Ride Down for walk-ons (exact change only)
• Punch Passes: $25.00 / 10 round trip rides
• Children 5 and under ride free
• Season Passes: $99.00

You may see the full schedule here, and passes may be purchased online, at Habitat in Driggs, or the Activity Center at the resort.

Early season snowpack in the Upper Snake River basin is making for a potentially promising water year, according to Ron Abramovich, water supply specialist for the U.S. Department of Agriculture Natural Resources Conservation Service in Boise.

"The contrast between this winter and last winter shows the differing effects of El Niño and La Niña on the Upper Snake," Abramovich said. "This winter's La Niña snowpack is already surpassing the near record low April 1 snowpack that last year's El Niño pattern produced. "

Abramovich said precipitation at the start of the new year was 132 percent of average, twice as much as last January.

"Monthly precipitation in October was 146 percent of average, about the same as last year; November brought 122 percent the average amount, nearly four times last November's precipitation; and December brought 133 percent, over twice last December," he said.

Snowpacks range from 120 percent of average in the Hoback drainage, to 128 percent for the area above Jackson Lake, to 145 percent in the Portneuf drainage.

The snow index for the Henry's Fork snowpack above Island Park indicates that snowpacks are the seventh highest out of 51 years, Abramovich said.

"The Snake River above Jackson Lake is similar, tenth highest out of 51 years. Collectively, reservoir storage is normal for the eight reservoirs in the Upper Snake system.," he said.

Jackson Lake has the best storage at 137 percent of average and Palisades is currently the lowest at 78 percent. Streamflow forecasts call for 116 percent of average amounts for the Snake River at Heise and just slightly above average amounts for the Henrys Fork and Portneuf Rivers.

The greatest forecasts are for about 130 percent for the Salt, Gros Ventre, and Pacific Creek drainages.

“With decent reservoir storage and an excellent early season snowpack, La Niña is helping water users breathe easier this year,” Abramovich said. “Hopefully the current pattern continues.”

 * Our source came from Teton Valley News, Tuesday, October 27, 2011.