The Family Business: How the daughter of two ski
industry legends paved a way in real estate – and
how her father brought her back into it.
Real Producers Magazine recently highlighted our very own Colorado Landmark, Realtors agent Amy Scott. Amy and her father, David, also a Colorado Landmark agent, worked separately for a while but they each saw a great opportunity in working together as a team. It has worked well. “My ability to reach people my age, my peers, and him for his, opened up a fantastic opportunity to serve the whole public in a really neat way. We connect with every generation of clientele and serve all their different interests.”
Read the entire article here, starting on page 21, and join us in celebrating this Landmark Moment!
Joel Ripmaster, REALTOR Emeritus, has been named the Boulder Area Realtor Association’s Broker/Manager of the Year! This award recognizes individuals that serve as the backbone of incredible Real Estate organizations. Nominees provide wisdom, guidance, and valuable information to help Realtors grow and maintain successful businesses.
Being presented with this award is a true Landmark Moment, and a testament to Joel and the incredible leadership that he has exhibited over the past 43 years as the President of Colorado Landmark, Realtors. Our Landmark agents adore him, their nominations described him as a true leader who is always there for them with qualities such as integrity, kindness, and a great sense of humor, and they praised him for the wonderful family company that he has built.
Luxury Portfolio International® has released its latest report, which delves into luxury real estate trends and the effects of COVID-19.
Real estate is the next big buy: 61% of those surveyed indicated their next big buy will be a home-related investment.
The seller’s market: The current ratio of buyers-to-sellers, on average, is 3 buyers for every 2 sellers.
Face-to-face preferred: 61% of affluent buyers and 57% of affluent sellers noted that they prefer face-to-face property tours, with the expectation that agents enforce safety protocols.
PLUS: Most popular amenities by home price and generation.
View the entire digital version here!
For years, real estate has been considered the best investment you can make.
A major reason for this is due to the net worth a household gains through homeownership. In fact, according to the 2019 Survey of Consumer Finance Data from the Federal Reserve, for the average homeowner:
“…a primary home accounts for 90% of the total wealth of a family in the U.S.”
How do homeowners gain wealth?
Click here to read the entire article and find out!
Ready to buy but need time to sell? Move on your terms with a Transitional HELOC.
When you work with Colorado Landmark Realtors, you get access to the Transitional Home Equity Line of Credit (HELOC) program from Elevations Credit Union, the No. 1 credit union mortgage lender in Colorado.
Access your home equity without rushing to sell.
With this customized short-term loan that’s similar to a Bridge Loan, you get access to the equity in your current home so you can make an offer on your next home — without rushing to sell. After your home is sold, the proceeds are applied to pay off your Transitional HELOC.
A Transitional HELOC is a flexible solution.
While Elevations tailors each loan to the buyer’s needs and best interest, consider a Transitional HELOC if:
- Your money is tied up in the equity of your current home.
Fund the down payment or mortgage payments for your next home with a Transitional HELOC — a great option in Colorado where properties are in high demand.
- You need to renovate your current home.
Move out before your home becomes a construction zone so you can boost your home’s value and get ready to sell.
*Offers of credit are subject to credit approval. Available equity is dependent upon the difference between your current home value and your current mortgage balance(s) to include all loans that are secured by your current home.
Check out this fantastic article about the background and passion for real estate of Lynn Saul, Jordan Saul-Peterson and Kaylyn Thueson of The Saul Team out of CLR Louisville, by Ashley Sowell of Real Producers Magazine.
These women are doing some incredible things and have beautiful families and stories to share. Read the full magazine and article starting on page 12 here.
by Aaron Staufer
NMLS: 501268 | LMB: 717246
No doubt you’ve been seeing commercials on TV or hearing radio spots advertising rates that seemingly can’t exist and you’re wise to be a bit skeptical. At the end of the commercial you’ll undoubtedly see a screen of text in .2 font that can hardly be read. So how do you know when it makes sense to refinance and what should you look out for? I’m taking a bit of time to hit the high points…
One of the first things I ask a member when we start the refinance conversation is, “how long do you plan on being in the property for?” and the second question I ask is, “what do you intend to do with the property once you move out?”
Refinances always have closing costs, sometimes they are rolled into the loan amount and sometimes they are wrapped into a higher rate, but rest assured they always exist. If somebody is only going to be in the house for a year or two and they are planning on selling after that time, refinances rarely make sense. The longer that you have the loan, the longer you’ll benefit from reducing the rate or term. So if you’re thinking about moving soon and you don’t have interest in being a landlord then you’ll want to think long and hard before paying the costs associated with a refinance.
Another important variable is to consider how much you owe. Closing costs on a refinance are fairly static. The difference in closing costs for a $100,000 mortgage and a $500,000 mortgage are typically only a couple hundred dollars. But somebody with a $100,000 mortgage is going to save 1/5th the amount of somebody with a $500,000 mortgage. Since the costs are almost identical in both scenarios the larger mortgage is going break even with costs in far less time. If you don’t owe a lot expect your break even point to be quite a bit higher. Owing less money is a great problem to have but it can pose a problem when it comes to refinancing.
Make sure when you’re hearing about refinances that you keep an eye on a few things.
1) The term of the loan. I see commercials all the time and my poor wife has to listen to me rant and rave every time one comes on TV because you’ll hear them advertising, “2.5% with no points!” but if you read the fine print you’ll see the rate that’s being advertised is for a 15 year mortgage. It’s not that 15 year mortgages are bad (I love 15 year mortgages) but if your goal is to reduce your payment there’s a good chance that loan will not accomplish your objective.
2) The costs associated with the rate that’s being offered. Points are a bit confusing but in short 1 point (also known as discount points) is 1% of your loan amount. Points are the cost (or credit) associated with the rate that’s being advertised. You can pay higher costs (points) and obtain a lower rate. It’s extremely common for lenders to advertise rates with points being paid. Keep an eye on the costs associated with the refinance and as your lender for a “no point option” for comparison sake. A loan officers’ job is to present options, not to decide for you.
3) The program they are advertising. Another common ploy lenders will use is they will advertise programs that are seldom used because they have a lower interest rate. The next time you see one of those commercials on TV see if the letters “FHA” show up anywhere. If so, the program that’s being advertised is a Government loan that has a multitude of potential down sides. Just as 15 year mortgages aren’t bad nor are FHA loans. They have their place in the world and can be quite helpful for the right situation. But if you have good credit or 20% or more equity in your house then FHA is not a program we’d typically explore. It has higher costs both up front (known as up front mortgage insurance) as well as on a monthly basis (monthly mortgage insurance). While they may come with a lower rate the potentially higher upfront and monthly costs usually outweigh the benefit.
If you’re going to have the loan for an extended period of time and you can recoup the costs associated in short order (I usually hope for 18 months or less though it does depend case by case) then a refinance may very well make sense. Keep an eye out for misleading advertising and make sure you’re working with a reputable lender.
Ask for a Loan Estimate or Closing Cost Worksheet to ensure you’re getting a full break down of the costs associated and make sure to read the fine print!
A HUGE congratulations is in order for our agents who are listed on the 2020 Real Trends “America’s Best” for Colorado!
Marybeth Emerson – #29 Individual Sales Volume & Number 1 in Boulder!
Kim Thompson Group – #27 Small Team Sales Volume & Number 4 in Boulder!
The DRF Team – #79 Small Team Sales Volume & Number 8 in Boulder!
A big round of applause for these women and their hard working teams!
Check out the full list of winners here!
It is our great pleasure to to announce the four incredible agents that have worked so hard and have been honored with this years 5 Star Professional Award and Rising Star Award! These agents have been recognized by their clients for professional excellence and outstanding service.
Congratulations to Maria Scroggs, Jennifer Fly and David Scott for earning The 5 Star Professional Award and to Phil Booth for receiving The Rising Star Award. Way to go team! Give yourselves a well deserved pat on the back!