STEP BY STEP GUIDE TO Buying a Home
CONTACT AN AGENT
Meet with an agent to learn about the process and talk about your wants and needs.
GET PRE APPROVED
Talk with a lender to determine your budget, down payment and closing costs.
SEARCH FOR A HOME
View properties online and in person to find a great fit
MAKE AN OFFER
Your agent will help you prepare an offer with the best price and terms to secure the property.
Deliver your earnest money to the title company and start the closing process.
HOA, Title, Due Diligence Dig into all the details and make sure you’re comfortable.
A home inspector will help you to learn more about the home you are purchasing.
GET AN APPRAISAL
An appraiser. engaged by your lender, will evaluate the home to determine a pricing opinion.
FINAL LOAN APPROVAL
Your lender will review all of your financial documents once more and ensure everything is in order.
At closing, you will sign all of the real estate and lending documents, deliver your down payment and receive keys.
Request a copy of our detailed Home Buyers Guide
Most loans today require a down payment of between 3.5% and 25.0% depending on the type and terms of the loan, though it is more common to see 10%, 20%, and 25% in our communities. A local lender can be very help as they can help you understand the unique market nuances and ensure accurate disclosure of settlement costs. Not only do you have to be approved for a loan, but so does the property.
Ins and Outs of
Mountain properties come with their own unique set of characteristics and its important to work with an expert who can guide you through these. You will have questions as you learn about wells, septic systems, radon, surveys, wetlands, elevation, snow load, dirt roads, plowing, internet access, and different types of roofing, heating and cooling systems (or sometimes a lack there of). We are here to answer all of these and more!
PROs & CONs
Many people imagine HOAs to be controlling boards who make the lives of homeowners miserable, but that couldn’t be further from the truth! In our area, where there are a lot of condo complexes, HOAs can be a great option.
- In condos and townhomes, the HOA generally takes care of the exterior and snow removal
- HOAs often offer amentities like hot tubs, pools and more
- Monthly HOA dues in condos or townhomes often includes everything, even heat. When dues includes heat, you’ve found a great deal!
- When bigger maintenance items arise, the cost may be split between more people
- They will often govern the exterior appearance of your property so you may be limited
- Being a part of an HOA incurs additional monthly costs, which will have to be factored in by your lender and can affect affordability
- You may not always agree with how your HOA handles things, as decisions are made via voting. Get involved in meetings to make sure your voice is heard.
Can I rent
When buying a mountain home, you may want to rent your home out from time to time. It is vital to know your jurisdiction, what types of rentals are allowed, and what the HOA rules are surrounding rentals. We can help with all of this and help you understand what to expect when it comes to revenue, fees, etc. We want to help ensure your investment will meet your expectations
Is now a good time
One of the first questions Buyers often ask is, “Is now a good time to buy in the mountains?”
There are many factors to consider when answering:
Prices in our mountain market tend to trend upward. We really don’t see home values go down, though we do see cyclical normalizing where homes that were overpriced for the market will drop down to meet it. Properties tend to appreciate at a rate of about 5-10% year over year in our mountain communities.The upward trends are driven by low inventory, and the fact that we are landlocked without room to expand and build more. Most of the beautiful terrain you see that is untouched is owned by the Forest Service or other entity and is not public/not for sale. Limited inventory combined with high demand to live the mountain lifestyle continues to push home values up year after year.
The world of lending is always evolving, and ebbs and flows with the changes in the global economy. Interest rates have been on the rise since the first quarter of 2022 and there have been other big changes in the world of second home and high balance loan lending like higher up-front costs and down payment requirements.
Number of Sales
The past few years have been characterized by a ton of interest in our resort mountain properties, coupled with very limited supply. Buyer interest remains strong, but, for many, there is no longer a sense of urgency. The mountain lifestyle is unparalleled, and the draw to live here continues to push up the number of sales.
General Economic Conditions
The stock market has had a lot of fluctuations and many would consider it to be underperforming. Many people seek real estate as an alternative investment as it not only consistently outperforms the stock market, but also allows you to use and enjoy the property you buy.
Local Market Drivers
The increase in restrictions on short term rentals (STRs) in some areas and the uncertainty regarding future restrictions of STRs in other areas has many buyers are watching the market carefully.
Our market has a summer seasonality to it meaning that we tend to have more listings and more sales throughout the summer. Historically, summer is when buyers have more to choose from but there is also a lot of buyer interest during that time. Buyers can still find wonderful properties in the winter but they might need to be a bit more patient.
At the end of the day, the question always comes back to personal perspective of when the timing for a mountain property is right for you and your lifestyle, as well as from a financial standpoint. Together, we can look at your individual circumstances and make a game plan and timeline.
Mountain real estate near a major ski resort is projected to continue to be a solid long-term investment that offers year-round recreational opportunities and one-of-a-kind amenities.