As Featured in West + Main Home Magazine: Peak Perfection

 

Breckenridge Mountain Brokers

Whether you are looking for a more attainable step into the luxury second-home market, or you just aren’t ready to commit to spending all of your vacation time in one place, shared ownership might be a great solution, allowing for both short-term rental income as well as future equity potential. For example, this stunning mountain modern home in Breckenridge is tucked away in a secluded HOA with only 3 homes, each on a 2 acre lot.

"With unobstructed views of Breck Ski Resort, it is breathtaking during the day, but watching the snow cats groom at night under the stars is my favorite part,” says West + Main agent Michael Tulley. “This home has no detail left behind...custom built beds in each room, Smart Home tech everywhere...and it was just completed in 2023!"

 

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The Best Things To Do In Bend For August

 
 

Sunscreen? Check. Float tube? Check. Bend hotel reservations? Check.

Appetite for sun-soaked days capped off by a farm-fresh dinner and a snuggly blanket of stars? Check, check, and helllllooo, friend! Welcome to August in Bend.

Bend’s warmest month brings a unique blend of magic. It’s scorching outside, but does anything feel as refreshing as a post-hike dip in a mountain lake? Yes, there’s wildfire smoke, but the dramatic lightning storms that sparked it are a wonder to behold, plus holy cow, the sunsets this time of year! And don’t get me started on the Perseid Meteor Shower, which Mother Nature plans each year for my mid-August birthday.

Wondering what to see, do, and experience in Bend this August? Here’s a roundup!

Head for the hills and hike

Most able-bodied Bend visitors have hiking on their bucket list, and August is when it’s wise to watch outside factors like heat and smoke.

High desert thunderstorms are a thing of wonder, but lightning wreaks havoc on our forests. When planning August hikes, start with a skim through Central Oregon fire info website to gauge what’s ablaze nearby. Downloading an air quality app like the EPA’s AirNow can help you determine whether smoke and wind conditions have turned your favorite trail into a Traeger grill. 

All clear for fires? Try the high-altitude trails off the Cascade Lakes Scenic Byway, which are at their best now that most of the snow has vanished. Now’s an excellent time to tackle Tumalo Mountain, or pick a scenic loop trail like Lucky Lake or Blow Lake
Want to try one of our most popular trails in the Central Cascades? Preserving those spots for generations to come means you’ll need a special permit for trails like Green Lakes and Tam McArthur. Read up on the rules and plan ahead.

The Deschutes River Trail includes endless options for trekkers of all levels, and its proximity to town lets you squeeze in a post-breakfast hike and be back to your hotel in time for lunch.

Before setting out, pack plenty of sunscreen and water, and plan trailside stops in the shade. Bend’s high desert heat can be intense if you’re not used to it, so give yourself tons of extra time—especially when it’s hot out.

When hiking with four-legged friends, check out these tips for keeping your pup safe and happy, especially in warm August temps. And as always, practice Leave No Trace principles when hiking in Bend’s great outdoors.

Discover your chill in rivers and lakes

A swimming pool feels fab when temps get toasty, and you’ll find plenty of Bend hotels with pools. But nothing beats the combo of a cooling soak and an adventure in Bend’s great outdoors.

Bend rivers and lakes offer ample opportunity to try standup paddleboarding and kayaking. Add an adrenaline rush to your adventure with a whitewater rafting adventure with Sun Country Tours, or try the Paulina Plunge for a truly unique high desert activity featuring natural waterslides.

For a more serene river experience, try floating the Deschutes River as it ambles through the Old Mill District and Downtown Bend. The river shuttle runs daily in August to keep floaters circulating between the put-in and takeout. How do you float the river in Bend? Check out this post for everything you need to know.

For other forms of water play, including canoeing, swimming, and surfing (yep, really!) follow the links on this page.

Toes in the grass, tunes in the air

August tends to be Bend’s biggest month for concerts at Hayden Homes Amphitheater. August 2024 boasts an especially huge lineup, including one epic week featuring St. Vincent and Spoon (August 8), Trampled by Turtles (August 9), Walker Hayes (August 12), Megadeath (August 13), Michael Franti and Spearhead (August 14), and Nathaniel Rateliff and the Night Sweats (August 15). I’ll personally be shakin’ my groove thang at the Gipsy Kings show August 4, and my folks are journeying from the other side of the mountains to catch the Beach Boys August 24. Check out the full August lineup here.

Craving free music in Bend? Catch a show on Thursdays in Drake Park with the Munch and Music series that’s been going strong since the early ‘90s (which I’m just now realizing was my first concert in Bend…see also “Tawna turns 50 this month.”). You’ll also find lots of live music at local hotspots like Flights Wine Bar and Silver Moon Brewing.

While Faith Hope and Charity vineyards may be on your radar for wine, they also have a robust roster of live music throughout August. Bring a blanket or a low-backed chair, but leave food and drinks at home––there’s plenty to purchase on site. 

If live theater is your jam, act early to snag seats for plays staged on the banks of the sparkling Deschutes in Drake Park. Shows typically take place in late August and tickets go fast.

For more ideas on getting your art fix outside, check Visit Bend’s event calendar for things happening in August.

It’s smoky in Bend…now what?

Whether it’s thunderstorms, high temps, or wildfire smoke chasing you indoors, there may come a time you’ll want to seek respite in Bend’s indoor spaces. Lucky for you, there’s lots to choose from.

Make dinner reservations at one of Bend’s award-winning restaurants. Plan a fun family outing at the High Desert Museum and enjoy both indoor and outdoor spaces with native wildlife, indigenous art, interactive exhibits, and natural history.

To get the kids’ wiggles out, bounce around at Trampoline Zone or Mountain Air. If vintage video games are your jam, Vector Volcano is the spot to be.

Want to unleash your inner artist? Book a class at Freak’n Art and pick from options like So Sketchy (charcoal and conte crayon drawing), Just Add Water (watercolor pencil drawing/painting), Shades of Gray (India ink painting) and more. Best of all, you’ll take-home a Bend souvenir that you made yourself.

Missing your feline friends back home? Stop by Playful Paws Cat Cafe for a vacation kitty fix, and who knows? You might just find an adoptable buddy.

From bowling alleys to bumper cars to indoor kart racing to indoor climbing gyms there’s tons of fun stuff to do inside when you’ve had your fill of Bend’s great outdoors. For more ideas on making backup plans in Bend when weather won’t cooperate, check out this article.

Speaking of making plans…

As my birthday nears in mid-August, I know time’s running out. Not in a grim “you’re getting old” sense, but that there’s so little time to do ALL THE THINGS before summer’s end.

My annual birthday meteor shower (which apparently has a real name and isn’t held only for my birthday?) peaks each year around August 11-13. For prime viewing, head out to Pine Mountain Observatory or the Oregon Observatory in Sunriver, or stick closer to Bend with the Hopservatory at Worthy Brewing.

Want to enjoy Mt. Bachelor’s summer offerings like disc golf, ziplining, scenic chairlift rides, the downhill bike park, and the ultimate sunset dinner at 7,800 feet? Scope out their summer activities page, then book your plans before the season runs out. 

Looking forward to fall staples like Little Woody (slated each year for Labor Day Weekend) or the epic Oregon Whiskey Festival happening Sept. 20-21 at Oregon Spirit Distillery? Make sure you snag tickets now, since events like these fill up fast. Pro tip: If you swing by the Bend Visitor Center and ask nicely, we’ll hook you up with a coupon for a free tasting at Oregon Spirit Distillery.

Camping near Bend gets colder as August fades and fall grabs nighttime temps with chilly hands. Get those last August camping trips on the books pronto! While some spots have first-come, first-served sites, many require reservations through recreation.gov or the Oregon State Parks reservation system.

Feeling ready to rock August in Bend? I’ll see you out on the trails (or river, or brewery, or…just get out and enjoy, okay?!)

Read more at VisitBend.com

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Should You Rent Out or Sell Your House?

 
 

Figuring out what to do with your house when you’re ready to move can be a big decision.

Should you sell it and use the money for your next adventure, or keep it as a rental to build long-term wealth?

It’s a question many homeowners face, and the answer isn’t always straightforward. Whether you’re curious about the potential income from renting or worried about the responsibilities of being a landlord, there’s a lot to consider.

Let’s walk through some key questions to ask to help you make the best decision for your situation.

Is Your House a Good Fit for Renting?

Even if you’re interested in becoming a landlord, your current house might not be ideal for renting. Maybe you’re moving far away, so keeping up with the ongoing maintenance would be a hassle, the neighborhood isn’t great for rentals, or the house needs significant repairs before you could rent it out.

If any of this sounds like it might apply, selling might be your best option.

Are You Ready for the Realities of Being a Landlord?

Managing a rental property isn’t just about collecting rent checks. It’s a time-consuming and sometimes challenging job.

For example, you may get calls from tenants at all hours of the day with maintenance requests. Or you may find a tenant causes damage you have to repair before the next lease starts. You may even have to deal with people falling behind on payments or breaking their lease early. Investopedia highlights:

“It isn’t difficult to find horror stories of landlords troubled with more headaches than profits. Before deciding to rent, consider talking to other landlords and doing a detailed cost analysis. You might find that selling your home is a better financial decision and less stressful.”

Do You Have a Good Understanding of What It’ll Cost?

If you’re thinking about renting out your home primarily to generate extra income, remember that there are additional costs you’ll want to plan for. As an article from Bankrate explains:

  • Mortgage and Property Taxes: You still need to pay these expenses, even if the rent doesn’t cover all of it.

  • Insurance: Landlord insurance costs about 25% more than regular home insurance, and it’s necessary to cover damages and injuries.

  • Maintenance and Repairs: Plan to spend at least 1% of the home’s value annually, more if the home is older.

  • Finding a Tenant: This involves advertising costs and potentially paying for background checks.

  • Vacancies: If the property sits empty between tenants, you’ll lose rental income.

  • Management and HOA Fees: A property manager can ease the burden, but typically charges about 10% of the rent. HOA fees are an additional cost too, if applicable.

Bottom Line

To sum it all up, selling or renting out your home is a personal decision that depends on your circumstances. Whatever you decide, taking the time to evaluate your options will help you make the best choice for your future.

Make sure to weigh the pros and cons carefully and consult with professionals so you feel supported and informed as you make your decision. A real estate agent can be a great person to go to for advice.

Read more at KeepingCurrentMatters.com

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4 Housing Market Myths Hurting Today’s Buyers and Sellers

 
 

The housing market has been decidedly stuck of late.

Sellers with low mortgage rates are holding on to their homes, leaving buyers with scant listings to choose from.

And buyers who do find a house face substantial economic challenges as median home prices and mortgage rates remain high.

With sellers and buyers at an impasse, misconceptions and outright myths are popping up on both sides about the state of the market on social channels and forums.

However, some of the supposed housing issues that are coming up time and again aren’t true. Here are the four biggest myths about the current housing market and why experts say they’re wrong.

1. The housing market is about to crash, just like in 2008

Today’s buy-sell stalemate has some would-be buyers almost hoping that we are in a bubble—that it will burst and lead to plentiful homes available at fire-sale prices.

No one can blame a buyer dealing with the double whammy of higher home prices and interest rates for hoping for a lucky break. But the reality is that the 2008 housing market collapse tripped a recession that caused record job losses. And job loss doesn’t further anyone’s financial dreams.

Even if we are in a bubble right now—and most experts say it’s hard to call it until it’s in the rearview mirror—conditions are not at all like they were in 2008.

Unlike today, there was a glut of new homes being built then, sellers were trying to attract buyers, and homebuyers could qualify for a mortgage with little to no money down.

“That access to credit included a surge in lenders offering loans to buyers with lower credit scores, or subprime borrowers,” says Chris Ragland, principal at Ragland Capital.

Easy credit might sound good in theory, but some loans were adjustable-rate mortgages with a low “introductory teaser” rate. And once the introductory rate ended and the loan adjusted to a higher rate, some buyers could no longer afford their monthly payments.

“Subprime borrowers in particular who suffered a job loss had little to no accumulated equity in their homes,” says Ragland. So when the economic downturn came, they were immediately underwater on their loans and many defaulted.

None of these conditions is true now. Today, almost half of all homeowners have more than 50% equity.

“Laws were passed in 2010 to strengthen verification of a borrower’s ability to repay a loan,” says Ragland.

And the drivers of today’s home prices are entirely different.

“The 2020 to 2022 price increase was driven by an inventory shortage and unusually low interest rates,” says Bruce Ailion, attorney in Atlanta.

2. Owners have such good rates, they will never sell

One of the biggest complaints about today’s housing market is that there just aren’t enough homes for sale. And given the unbeatable interest rates available two years ago, when many bought or refinanced, what would make sellers budge?

“Mortgage rates were forced lower than they should have been, lower than they likely ever will be again,” says Ailion. So when you look at it from the seller’s point of view, it doesn’t make sense to give up a low long-term rate.

But in reality, there are always life events that force homeowners to sell.

People get new jobs and have to relocate. Growing families need more room or want to be in a particular school district. Retirees downsize or move to a better climate. Seniors move to be closer to family or go into assisted living. And their home will go up for sale.

3. As rates rise, home prices will drop

Many would-be homebuyers have hoped that higher interest rates would bring down home prices. But the relationship between interest rates and home prices is complex.

“Interestingly, the increase in interest rates has not resulted in a decline in prices in most markets,” says Ailion.

In fact, home prices have been all over the place this year and vary from city to city. Home prices are still being driven by inventory. And in the most popular locations, an updated home that’s move-in ready might still get multiple offers.

“Some buyers are dating the rate and marrying the house,” Ailion explains. “Today’s high interest rates can be refinanced in the future. And today’s housing prices will likely be higher when those lower interest rates return.”

4. Good-credit buyers are subsidizing buyers with bad credit

This myth blew up over a misunderstanding about government-backed Fannie Mae and Freddie Mac loans and a new fee structure.

Fannie and Freddie are government-sponsored enterprises (GSEs) on a mission to make mortgages more accessible to first-time homebuyers with lower incomes but good credit. They don’t issue loans directly but work with lenders to lower their risk by guaranteeing certain loans should the borrower default.

The organizations also purchase other lenders’ loans on the secondary market and sell them to investors as mortgage-backed securities. This allows lenders to keep lending to new borrowers.

Fannie and Freddie are essential organizations in the mortgage industry. About 70% of all mortgages are GSE-backed. So they can set requirements and establish fees.

The new fee structure eliminated upfront fees for first-time homebuyers. At the same time, it increased fees for other loans that are outside the organizations’ stated mission and borrowers who don’t need a leg up: namely, second-home loans, high-balance loans, and cash-out refinances.

It really had nothing to do with a borrower’s credit score.

“It’s a myth,” says Ailion. “Buyers with poor credit always pay a higher interest rate than buyers with good credit.”

Read more at Realtor.com

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Home Prices Fell in July for the First Time—This Is Good News for Buyers as the ‘Market Is Healing’

 
 

Median home prices fell in July, marking the first-ever seasonal decline in a month that’s typically a peak time for home sales.

The national median list price dipped from $445,000 in June to $439,950 in July, according to a new monthly housing report by Realtor.com®.

This downturn can be attributed to a sluggish summer housing market, with buyers and sellers looking for more economic breaks before making a move.

“As mortgage rates fell in July to their lowest since March on expectations that the Federal Reserve will cut rates as early as September, we suppose some homebuyers may be holding out for lower rates over the next few months,” says Realtor.com senior economist Ralph McLaughlin in his analysis.

With many buyers watching mortgage rates from the sidelines, home sales are now moving at the slowest rate since 2020.

This hesitancy among buyers likely also contributed to prices being slashed on 18.9% of listings in July, up from 15.5% a year ago.

“Sellers are becoming more grounded with patience and price expectations,” McLaughlin adds.

Indeed, the share of listings with price cuts is the highest since 2022.

This all adds up to good news for buyers who have been waiting for home prices to come back down to earth.

Increase in homes for sale

While many homebuyers sat out July, those who did venture into the housing market fray had more listings to choose from than the same time last year.

The total number of homes for sale in July was 36.6% higher than the year prior, marking the ninth consecutive month of growth.

It “now sits at a post-pandemic high,” says McLaughlin. “It’s a welcome sign that the housing market is normalizing, and it tells us the market is healing.”

All four regions of the U.S. saw an increase in active home listings, with the South leading the way at 47.6%, followed by the West at 35.4%, the Midwest at 22.7%, and the Northeast at 14.7%.

Metros that saw the largest increases in the number of homes for sale included Tampa, FL, at 94.9%; Orlando, FL, at 78.7%; and San Diego at 77.7%.

Much like home prices, the jump in inventory is likely the result of one main factor: mortgage rates.

“The decrease in mortgage rates seen in July likely contributed to an increased pace of growth in listing activity,” says McLaughlin.

Where the fresh listings are

Newly listed homes surged 3.6% above last year’s levels, reflecting a notable increase in seller activity.

Buyers looking for the most fresh housing choices should head West, where there are 7.3% more newly listed homes than in July 2023. New listings also grew by 3% in the Northeast and 0.9% in the Midwest.

Only the South saw fresh listings fall, with 0.5% fewer new listings this July than last.

The metros that saw the largest increase in fresh listings compared with last year included Seattle, at 37.3%; San Jose, CA, at 30.8%; and Columbus, OH, at 17.4%.

The home price paradox

Despite the overall decline in the national median list price, it remained stable compared with the same time last year, when it was $440,000.

“However, when a change in the mix of inventory toward smaller homes is accounted for, the typical home listed this year has increased in asking price compared with last year,” says McLaughlin.

This somewhat confusing data is due to the fact that the median price per square foot continues to rise, increasing 3.1% in July compared with the same time last year.

The price per square foot in the 50 largest metros shot up between 24.1% and 81.9% compared with July 2019.

However, the rise in price per square foot has a silver lining for budget-minded buyers.

“This indicates that the inventory of smaller and more affordable homes has grown in share,” McLaughlin explains.

In July, as in the previous five months, the growth in homes priced in the $200,000 to $350,000 range outpaced all other price categories, as the number of homes for sale in this range grew by 47.3% year over year.

Homes are still lingering on the market

The typical home spent 50 days on the market in July, five more days than the same time last year and five more days than last month.

“July marks the fourth month in a row where homes spent more time on the market compared with the previous year as inventory continues to grow and home sales remain sluggish,” says McLaughlin.

However, this trend might change soon.

“We expect selling activity to continue to normalize as rates inch their way down over the next year, with potentially an unusual uptick in September if the Fed decides to cut rates,” McLaughlin predicts.

Read more at Realtor.com

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