Is It Time to Buy?

Dear Joan,

My husband and I own ​a​ home outside of the U.S. and one home in the U.S. on the ocean. We love to come to Vail to ski in the winter, but like most​ other​ people, we rent. This year, we came out for the Fourth of July and stayed with friends who own a home here. I was not looking for a third home, but my whole family has now really fallen in love with Vail this summer. They already loved it in the winter. Would it make any sort of economic sense for us to buy here? Since we would be here less than six months, more like four months, would we be better off renting, financially​?​

Dear Newly in Love,

You have joined the ranks of thousands of us who came for the winter and stayed for the summers in the Vail Valley. It is difficult to explain to anyone who has not been here, but the beauty of the valley in the summer, the gorgeous ​pine and aspen​ trees, grasses, wildflowers, bright blue sunny skies, with snow covered peaks in the distance ​with​ the crisp cool nights​,​ are hard to beat. Not to mention the mountain biking, hiking, fishing, rafting and golfing on stunningly beautiful courses. ​There is one more undefined reason for the strong attraction,​ and I am sure you felt it already. It is the warm​,​ ​friendly ​culture of this mountain community. Nowhere else I have been have I seen such a sense of community where people are so giving and willing to help and support their neighbors in time of need. People you meet on the slopes, trails and your neighbors become life-long friends. This nurturing environment can not be totally defined nor can you put a value on it.

BETTER OFF RENTING

​Now, to your question as to whether you would be better off financially by renting, the answer is​ yes. It is very difficult to do anything other than break even by renting short term on most luxury properties in this valley, or any resort for that matter. Visitors that become local luxury homeowners do it to enjoy all the area has to offer, not to make a lot of money off rental income. Now, it is definitely possible to have your savvy, professional real estate broker find you a good buy and then you can make your financial gain when you sell. A lot of money has been made by people that have the ability to get in on a good new project or have the means to buy in a down market when many are selling. If you buy and rent​ out your property​, as a general rule of thumb, then you can cover your HOA fees, taxes and utilities. That, of course, is a huge generalization. Your competent Realtor can get comparable rental information so you can make an educated guess on the return on any given property. However, don’t forget all of the beauty, adventures, fun​,​ family memories​ and friends​ you will be making ... priceless! Good luck to you.

Joan Harned is an owner and broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions atJoan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.com.

Originally published 7/17/15 in the Vail Daily and can be seen here as published.

How do we get back into home ownership?

Dear Joan,

We lost our home in 2008 during the financial crisis. We had just purchased it in 2006 and then my husband was laid off work in late 2008. We could not keep up with the payments so we called a Realtor who was a wonderful help getting us out with a short sale. We were one of the fortunate ones that did not have a deficiency judgment to pay afterwards, so it could have been much worse. However, we have been renters ever since. We both have good jobs now and have been saving all we can and would love to buy a home. What will we need to do to qualify? We are a little embarrassed to start looking and don’t know what questions to ask. Thank you for any advice.

Dear Embarrassed,

I am thrilled you are getting back into real estate. Please realize that you were one of many. In fact, last Sunday’s article from Jill Schlesinger in the Business Section of The Denver Post stated that: “According to the real estate information company RealtyTrac, from 2007 to 2014 some 7.3 million Americans lost their homes to foreclosure or to short sales.” My hope is that most of those people will come back, realizing that real estate has historically been one of the best investments the average person can make. And it has made veritable fortunes for the clever or lucky ones that have been in the right place at the right time.

All you really need are two things. Actually, I am prejudiced, so I will say all you really need is one thing — another knowledgeable Realtor, like the one that helped you get out as gracefully as possible with your short sale. Tell your Realtor the whole story. This Realtor will give you two or three names of mortgage lenders that can pre-qualify you and let you know exactly where you stand in the credit world. The lender will tell you what, if any, steps need to be taken to get you qualified for your next home. I believe your timing is excellent because the lenders I know say you can qualify most easily if you wait seven years. You are probably there, or at least close enough to start the process, depending on the final date of your sale and release of liability. Fortunately, the interest rates are excellent now and there is a little more inventory to choose from at this time of year. My only advice would be to establish your own parameters once your lender has told you what you can afford. Even though the economy is growing, you might err on the side of caution this time and buy a “stepping stone” — a home that is very nice and takes care of all of your needs but still allows you room to cover your payments when the inevitable economic shifts come in the future. Later, you can sell this home and “step up” to the next one. Best of luck to you!

Joan Harned is an owner-broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned at Joan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.

Originally published 7/10/15 in the Vail Daily and can be seen here as published.

Does unusual floorplans harm a home's value?

Dear Joan,

My spouse and I have been looking at homes in mid-valley for over nine months. There is one home in particular that we like that has not sold in all of that time. We haven’t made an offer yet because we are concerned with the floor plan. We like everything else about this home, but the floor plan is unusual, and although we think we can easily make it work for us, we wonder if it will be harder to sell someday because it is obviously different. If the location is good and the finishes are great and the size is good, how important is an unusual floor plan in the future?

Dear “Make it Work,”

When you say “unusual floor plan,” that could mean a lot of different things. In general, there are two main reasons why properties don’t sell when they are put on the market. Of course the first and most obvious is that the price is too high for the home, the location and the current market. The second reason is new this decade: Poor presentation on the Internet and consequently online searches that lead to eliminations from the photographs. As Marni Jameson, a real estate writer in last Saturday’s Denver Post, says about her personal house hunting: “This process is exactly like online dating. If the house didn’t have photographic appeal, promise and potential, or if it was geographically undesirable or had obvious chronic issues, we hit delete.” Therefore, if the Realtor did not use a professional photographer, or the selection of pictures shows features that appear undesirable on the Internet, then the public never comes to look at the property.

“This process is exactly like online dating. If the house didn’t have photographic appeal, promise and potential, or if it was geographically undesirable or had obvious chronic issues, we hit delete.”Marni JamesonThe Denver Post

Possibly this unusual floor plan feature is prominent enough on the Internet that there are very few showings. Many times professional staging will make the home look and actually live much more comfortably, which can be a quick and easy fix.

In your case, if it appears the pictures, presentation and staging are good, then you need to consult your professional Realtor on why this home has lingered and how does she feel about resale in the future? Find out from your Realtor what the price per square foot is that homes​, in general, are selling for in the neighborhood. ​Then, talk to your Realtor about the unusual floor plan criteria that you see, i.e. multi-level​, bi-level, single level​ with no family room, basement with no egress,​ or whatever you may consider unusual.

Whatever it is​ that you are concerned about​, ask ​your Realtor​ to see what other homes in that area, that have similar features​,​ have sold for​ in the past​. Presuming there are some other homes that have ​somewhat the same​ floor plan feature, (and there usually ​are), you will start to get a sense of what you can offer to buy it right to protect yourself in the future when you sell. Your talented Realtor can help you fashion an offer that should protect you, yet not insult the seller​s. Skillful​ negotiation on the part of your Realtor will pay off for everyone in the transaction.

Hopefully you will be pleasantly surprised to find the seller cooperating in a realistic sale and you get your beautiful, non-traditional home at a great price! Best of luck to you!

Joan Harned is an owner and broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-376-1356 or visit us at www.TeamBlackBear.com.

Originally published on 6/26/15 in the Vail Daily and can be seen here as published.

Condo or house for a young, new buyer?

Dear Joan,

My daughter is considering buying her first home in the near future. ​She is set on getting a single-family home with a garage and a yard​. She is an adult, but she often comes to me for consultation and advice on important issues in her life. I usually​ am a sounding board and usually support whatever she wants to do.​ However,​ I am worried​ that she want​s​ to bite off too much this time and would be better off starting with a small condo or maybe even a town home. I would like to hear what you have to say.​ Don’t you think a young woman would be better off with a condo with no outside maintenance? Thanks for any words of wisdom.

Dear Advisor,

You should feel very special that you have a relationship with your adult child that includes important life decisions. You are also very wise to give consideration before answering the question. There are a lot of things to consider. Is your daughter a capable, responsible young adult who has been managing her life and money well for ​her​ age? I suspect so, or she wouldn’t be considering one of the most important decisions of her financial life. To stop paying rent, start acquiring equity and receive tax benefits is often the first step to financial independence in today’s economic environment.

A knowledgeable, concerned Realtor ​is​ the key to your daughters success​ in picking the right property. ​Ask around, find someone good who will work hard to help her find what she needs and wants.

According to Heather Perlberg and John Gittelsohn in the Bloomberg News, “Home prices have gained about 25 percent nationally since early 2012.” Where can you make an investment that pays those kinds of dividends? ​Financial benefits will apply no matter what type of property she chooses to call home. I can speak highly of both investments. If you look at ​the financial/Wall Street world, there are lots of REITS (Real Estate Investment Trusts) that acquire huge blocks of apartments and condos for terrific rental income. There are also ​huge​ investment trusts that buy large blocks of single family homes. Sunday’s paper last week spoke of Cerberus Capital Management purchasing 4,200 single-family homes for rentals in the near future. So there is income value in both types of homes.​ ​

As far as which type of home to buy for your daughter, it will depend on her desire and ability to care for a single-family home. As a general rule of thumb​,​​ for resale​,​ ​single family homes sell quicker and easier than multifamily homes. That being said, many factors such as​ the buyer’s​ age, ​desire to ​travel, maintenance concerns, etc., make multifamily homes more desirable to a certain segment of the population, especially in a resort area.

I​ would just help her weigh all of the pros and cons for each and then direct​ her​ to a seasoned Realtor who can also show her all the advantages and negatives of many properties so that she can make an informed decision. The Realtor will also direct her to get pre-qualified​ for a loan​ so that she will know what price range to consider​. Once she has seen the payments​,​ HOA fees, taxes​,​ condo fees (if applicable) and estimated maintenance costs​, she will have a more realistic picture of what her first home purchase entails. ​A knowledgeable, concerned Realtor ​is​ the key to your daughters success​ in picking the right property. ​Ask around, find someone good who will work hard to help her find what she needs and wants. Thanks for asking. ​

Joan Harned is an owner and broker for Keller Williams Mountain Properties and heads up her own real estate team. Harned has sold real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact her with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.

Originally published in the Vail Daily on 6/20/15 and can be seen here as it appeared.

Choosing the right type of representation

Dear Joan,

I am looking for a Realtor to work with to help me find the best property at the best price. I have actually been interviewing Realtors and have discovered something I would like to understand better. One Realtor said that they would work with me as a “transaction broker.” If I understood correctly, they would just show me properties, but would not be my advocate, nor be able to tell me any insider information they knew about the property or the seller because they would technically be neutral, just trying to put a deal together between two parties.

Another Realtor said they would be my “buyer’s agent” and represent me, divulging all insider information they knew about the properties and the sellers and they could check a box on their form that said I was not obligated to pay any commission to them. They went on to say they felt it was more advantageous to me that I would sign a buyer listing agreement that said I was obligated to pay them a commission but it would be highly unlikely I would ever need to pay. Can you help me understand this better before I make my final decision?

Dear Wise Buyer,

I think it is great that you are choosing carefully who will represent you, and I do think it is best, in most cases, to be represented by an agent working for you rather than a functionary, putting the deal together. There are exceptions to this that we could discuss another day.

The Realtor that told you that you would be better served by signing an exclusive right-to-buy listing contract/buyer agency with the check mark in the box at 7.3.1 that says “listing brokerage firm or seller may pay, buyer is obligated to pay” would be the one I would choose, all other talents being equal. This box not only encourages your agent to show you all properties that they may know about that aren’t listed, or that are for sale by owners, or expired listing, etc., but it also gives the agent the legal right to work on getting the commission, in these cases, from the seller rather than you.

The 7.3.1 clause explains that the “broker is authorized and instructed to request payment of brokerage firm’s fee from the listing brokerage firm or seller.” That sentence allows your agent to negotiate so that the commission is paid by someone other than you. Without that clause, the Colorado Real Estate Commission will not allow the commission negotiation to be a part of any contract offer. The 7.3.1 clause does go on to say that “buyer is obligated to pay any portion of brokerage firms fee which is not paid by the listing brokerage firm or seller.”

You will know in advance, prior to signing any offer on a property, that you might be obligated to pay any or all the commission to your agent at closing. In some cases it is worth the (usually tax deductible) money to get the home you want at a great price. The chances of this clause ultimately obligating you to pay are probably less than 5 percent and it allows your agent the coverage to do their job to the best of their ability. You will be glad you took the time to understand and choose the best agent to represent you. Happy hunting!

Joan Harned is an owner and broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions atJoan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.

Getting Started in Real Estate Investing

Dear Joan,

I have a mature friend who has made a lot of money just investing in real estate over many years. He told me that real estate was tangible and simple to understand, so he just invested in what he felt he knew. He said Wall Street and stocks, bonds, mutual funds and annuities weren’t anything he felt he could see, touch and feel, so he never went there. I have now reached a point in my life where I feel I can invest some money, and I guess I feel just like my friend did. I would like to get started investing in real estate, but I am worried about making a poor investment and losing everything I have saved. There is a ton on the Internet and lots of books with conflicting advice, so I thought I would ask your opinion. You usually seem to take a plain, uncomplicated approach to things, so please point me in the right direction.

Dear Anxious Real Estate Investor,

I am delighted with your story and will take the fact that you think of me as relatively simple as a compliment. I am a big fan of investing in real estate, and I feel you should diversify within your real estate investment portfolio in locations and types of real estate. I also feel it is good to eventually have a little backup in some traditional investments that can be quickly liquidated if need be.

EASY, SAFE OPTIONS

Now back to the plan for you. You have heard me say before that the first real estate investment you make should, in almost all cases, be your home. Hopefully you have already done that. After that, I personally think it is easiest and safest to buy smaller, less expensive, residential rental properties.

If you can afford a lower end, smaller single family home in a good neighborhood, that is almost always easy to rent and then resell. Townhomes and condominiums that are in a good area and at a good price work well, too. Your goal is to have the rental pay for itself. If you pay cash, it is much easier to find rentals that can pay all their own expenses (upkeep, taxes, HOA fees, etc), but if you have a loan, you also want to know that the rental rate will pay for the mortgage in addition to the expenses.

INVALUABLE TOOL

This is where a great real estate agent is invaluable. The experienced agent can help you find the right property, in the right location, at a price that will work for you.

The Realtor can also recommend professional lenders and management companies, if you do not want to handle the rental process yourself. Your Realtor will also help you gather all the facts, run the numbers and allow you to make an intelligent decision.

As your real estate portfolio grows, you might look at some commercial investments, too. Small office buildings, or commercially leased land or storage can bring in substantial income, in many cases.

I think your next, most important step is finding a knowledgeable, professional, interested Realtor who will take the time to get you all of the facts, knowing it may take some time for you to decide on your first purchase. I am excited for you and know you will enjoy the process and reap the rewards!

Joan Harned is an owner and broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions atJoan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.

Originally published 5/22/15 in The Vail Daily and can be seen here.

Should we continue to rent?

Dear Joan,

My wife and I are in the millennium generation and we decided when we got married three years ago that we would just rent, and not saddle ourselves with a mortgage and a property to care for. We felt it would save us money that we could use to travel and purchase whatever we wanted. Plus, we could easily move if we had career opportunities open up in other cities. Now, after living in Eagle County for two years, we are rethinking our decision for many reasons. Do you think our reasons still have some merit? We feel we are at a confusing juncture in our life plan.

Dear Confused,

I commend you for taking a second look while you are still young enough to have great benefit from modifying your plan. I think many people in your generation have a distorted view of what home ownership means and can do for ​them​. I think there is much more freedom derived from owning your own home than there is from being at the mercy of a landlord who can sell the property you are living in out from under you, as well as raise the rents annually. Besides the probable significant tax benefits that often go with owning your primary residence, it is like a forced savings program that can have large and sometimes huge benefits.

Rent vs. Buy Real Estate

My husband and I made our first purchase in a neighboring ski county. We were able to buy a one bedroom condo after being married for a few years. We then sold that and were able to buy a two-bedroom very modest older condo in Eagle County. We sold that in a few years and were able to buy a home with a little land in Western Eagle County. We eventually sold that (after some major remodel) for 13 times what we paid for it. We would have never “saved” that much money in a bank account nor would our saved money have increased in value like it did in our home.

Most people move every five to seven years; we didn’t. So what if you do stay​? Then you will be paying​ someone else’s mortgage for three, five, seven or 30 years? What do you have to show for all of your monthly payments? There are many statistics tied to financial success and home ownership. There are ​successful people in rental properties​, but most wealthy individuals own at least one home​ and usually an investment property as well​. As far as finding other opportunities in your careers and needing to move, you can either sell or rent your property and have someone else pay your mortgage! Right now, interest rates are lower than I have ever seen them in 29 years selling real estate in this valley, and rents are climbing at a fast pace. There are loans for first-time home buyers that require little or no money down. I strongly suggest you find the best Realtor you can to help you see all of the opportunities available to you. Congratulations for not being one of the sheep headed for a financial demise in ​your not too distant​ future. Best of luck to you!

Joan Harned is an owner/broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.

Article originally published March 21, 2015 and can be seen here as it was published.

Two important questions!

Dear Joan,

We have decided to list our property for sale this spring/summer and need direction on the two decisions that we think are paramount in the success of our selling our home for the most money, which is of course our goal.

We would like some parameters for the following:

• How can we know when the best time to put the property on the market will be?

• How do we pick the best real estate agent when we know so many?

Dear Soon-to-be-Seller,

I will address your No. 1 question first, although if you use the correct criteria for choosing your Realtor in No. 2, then your Realtor will be able to answer No. 1 for you. My answer to your first question is that the market is always a dynamic moving target. This year, I would say list right now. I don’t know all of the reasons, but 2015 has come out with a running start in sales. It may be the improved economy in general, the many spells of warmer weather, lots of sunshine and many sellers and buyers that wanted to get a jump on spring — we are never sure of all of the factors. We have had quite a few sellers talk about the aforementioned reasons for selling this summer, but they are still waiting for the actual beginning of the new season. They are guessing the market might continue to get better ... but going off the law of supply and demand. The sellers that are waiting now may have a lot more competition in the next few months, which actually might reduce the money they will capture with their sale. The reduced inventory in certain segments of the valley is definitely helping the sellers right now.

Now back to the second question, which often seems difficult for sellers with lots of Realtor friends in the valley. If you look at it purely as a business decision (and a very important business decision!), then it becomes much easier. You want someone who is successful, happy and enthusiastic. These characteristics may seem like an interesting grouping, but they are actually an essential combination. First of all, according to a recent Harris Poll, only 33 percent of the population reports that they are very happy. And, according to the editor of Inc.com, “happy people are more successful people.” So eliminate the two-thirds of your Realtor friends who are negative, complainers and gossiping victims of life’s circumstances. You are now looking at the one-third that are cheerful and optimistic. Have each one of them come to your home and interview them about what they think about the market, your home in relationship to the market and how they would go about marketing your home. If they speak mainly of print advertising, then I would say you are still looking. You want someone who will concentrate on all the facets of the Internet and social media coupled with copious high-quality photography to be placed on all of the Internet sites. I think by this time in your selection process you will know who will best protect your investment by working to get you the most money possible in today’s market. Best of luck to you!

Joan Harned is an owner, broker and Operating Principal for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 orwww.TeamBlackBear.com.

How does skiing affect market value?

Dear Joan,

My question to you is about the value of skiing to real estate in this valley. I don’t ski, by choice, and my husband says he loves to ski. But, frankly, when we come to the valley in the winter, he finds more excuses not to ski then there are days to ski. He actually seldom goes on the mountain in the winter, and when he does he goes late and quits early. We both love to hike and ride bicycles in the summer, and we love the social and cultural events, not to mention the dining opportunities year-round. Now, after years of renting, we are ready to buy and feel we will be retiring here in the not too distant future. He thinks we need to spend the extra money to buy a home with skiing access because he “loves to ski” plus he says that if we buy something that is not associated directly with skiing, we will spend less, but we will have a hard time selling if we decide to in the future. Can you weigh in on this?

Dear Non-Skier,

All properties will sell at market value. Market value varies with the location, construction and what the market is doing at the time of sale. If you buy with ski access, then you should pay more, and sell for more. If you buy without ski access, then you probably will get more home for your money, and it should sell accordingly when you are ready to sell. There are a couple of other points you two might want to consider. First, you don’t have to ski to enjoy watching your friends, family and others ski. Just as you don’t have to golf to enjoy living on a golf course, enjoy the scenery and watching others golf. Plus, homes with ski access usually are close to the hub of stores, restaurants and activities. This makes for a pleasurable time to be able to walk to many of your daily and evening events. You definitely don’t have to ski to greatly enjoy living in Vail Village, Beaver Creek or Arrowhead.

Secondly, if you choose to not be located on the ski hill, you are not alone. Many families are enjoying alternative winter activities (cross-country, snowshoe, snowmobile, snow biking, etc.) plus numerous summer activities (golfing, fishing, biking, hiking, gardening, etc.) more than skiing these days. Golf has become an important reason for many buyers here from climates with hot summers. The whole world in general is exposed to and enjoying new winter and summer sports all of the time. Any “good” location should hold its market value now and in the future. My suggestion is to find a great Realtor who can show you what your choices are. I am sure you will know when you see the right one. Welcome to the valley — you are going to love it all year long!

Joan Harned is an owner/broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.

Published in the Vail Daily on 3/7/15 and can be seen here.

Why so many opportunities in the western part of county?

Dear Joan,

I own a second home in Beaver Creek and for the first time I am giving thought to doing a development venture in Eagle County. I have checked with a Realtor and discovered numerous opportunities for sizable developments in the Eagle and Gypsum areas. Why are there so many opportunities for sizable tracts of land in Western Eagle County and how does that fit with what is happening in the resort areas?

Dear Property Owner,

The fact that almost all of the new development opportunities are in Western Eagle County is not too difficult to figure out if you look at the property ownership and the geography of the area. As many locals know, over 80 percent of the land in Eagle County is owned by the government, either National Forest or Bureau of Land Management. The other approximate 20 percent of privately owned land i​s mainly located in the valley floors (river and creek drainages). Armed with this information and​ a map​,​ you can see that the Gore Creek/Eagle River valley widens as you proceed west from Vail to the mouth of Glenwood Canyon​, a​s do the tributaries, Brush Creek and Gypsum Creek​. Therefore, there just is more usable, privately owned land as you move ​from East Vail to Gypsum. Now you add the fact that most of the land that was developed first was around the ski areas, and once again you are looking west for more new development of any size.

​The above facts are no secret, so​ many forward thinking developers started ​purchasing Western Eagle County land years ago and even got several plans approved for large residential and/or commercial developments west of Edwards. The economic slowdown put many of them on hold​ and or sank some of them​. Currently, with the economy ​picking up on many fronts,​ interest has returned, along with multiple opportunities for investors right now. ​Many of these large parcel​s​ ended up in the hands of lenders, who do not care to own land, but had no choice with non-payment in a difficult economy.​ It is very pleasant to now see that the investors are coming in with interest​ that​ we have not seen for many years.​ Be sure you find a knowledgeable Realtor that knows the area and has the history to inform you about everything that is on the market and may be coming on the market in the near future.​

​As far as how this fits with what is happening in the actual resort areas, to me it is an essential part of the resorts success. When most of us moved here (some of us in the ’70s) we lived in or near Vail. As time passes, many of the original reasons for moving to the valley expand. Singles get married and have families, ​those who stay single decide they want a dog, a yard and a garage. And many of the “original settlers” decide they would like to play more golf, shovel less snow and have more oxygen to breathe on a daily basis. Western Eagle county is almost 2,000 feet lower in elevation than Vail and therefore provides many differences in a short amount of distance on a great interstate. The towns west of Vail provide the “affordable luxury” to be able to have more amenities for changing lifestyles. We appreciate you and others looking forward into the future to have this valley provide accommodations for a wide variety of wants and needs of our ever growing population. Best of luck to you!

Joan Harned is an owner-broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.

Originally appeared in the Vail Daily on 3/1/15 and can be seen here as published.

Should you have a 24/7 Realtor?

Dear Joan,

I know you have been asked something like this before, but I need a specific answer to end an argument my wife and I have going. Not really an argument, but a difference of opinion on what the availability of our real estate agent should be. We are trying hard to find just the right home in a neighborhood we like. It seems the good houses aren’t on the market long. We saw one come on the market, called our agent and he said he could show us after the weekend, and you know the story, it was under contract by Monday. I realize real estate agents have families and a life, but I think this is a 24/7 or at least a 12/7 day a week job.​ This is a really important purchase for us and I would like special attention to the sensitive timing of finding the right home. ​My wife​ thinks it is unfair to expect​ our Realtor to always be available. Am I right?​

​Dear 24/7 House Hunter,

​You are sort of right. I do agree that finding the property that you want, in your location, takes a great deal of diligence and you need to be ready to make your move as soon as the opportunity presents itself. No Realtor can, or should, be available every day, every minute, but they should be able to have someone on their team that is available at all times to show you the property. There are many of us that do have our own teams, but even if the Realtor doesn’t have a specific team, they need to have a network within their company, or if a single-person brokerage, then a network with other associates. You should not have to miss the opportunity to purchase a property because your Realtor was gone or unavailable for a day or more. On the other hand, you need to be ready, too. If you are simply looking and your broker has dropped everything several times to show you property and then he discovers you are not mentally or financially ready to buy, he probably won’t accommodate you the next time. If you don’t have the cash to make the purchase, are you pre-qualified for a loan with a lender? Do you need to sell your house first, and you have not put it on the market yet? Does your wife want a big new home and you are looking for a smaller fixer upper? Have you made nothing but low-ball offers on homes you have liked, even though your broker advised you the offers were too low? Make sure you are not the reason your Realtor is often “busy” because he does not think you are serious. If you are serious, and prepared, make sure your Realtor knows that. If he/she is still unresponsive, then find a new Realtor that will get you in every property you want to see, as quickly as possible. Best of luck to you!

Joan Harned is an owner-broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.

Originally published 1/24/15 and can be seen here as in the newspaper.

Should I rent if I can’t sell?

Dear Joan,

We have​ moved to another state and have​ a​ home ​listed for sale​ in the Eagle/Gypsum area that has not sold in over six months. I am now getting calls to rent it every week. I really want to sell it​,​ so​ I feel​ renting is a poor second choice. However,​ we are anxious to buy a home in our new location and might be able to qualify if we rented our home there. Can you give us your insight on what direction you think the market is going so we can make a decision on this property​?​

Dear Stalled Seller,

In the immortal words of the owner of ​the international company​ my franchise is associated with​, “If a home is not under contract, the price is too high!” This quote is easily defensible, but there can be reasons the seller can’t or won’t lower the price and ​also ​more reasons why some properties take longer to sell. ​Your location, the size or condition of your home or other special factors may be reasons for no sale yet. ​I think you are wise to take into consideration the direction of the market​ to help with your decision.

If you throw out the crystal ball, and the old 8 ​ball​​ that used to have all of the answers, and just listen to the economists, ​we​ ​are still​ guessing. But we can make an educated guess.​ So ​here goes with my best guess​: Looking at this every day for the last 29 years in real estate in the valley,​ I believe ​our economy is improving at an excellent pace.​ Last week’s Wall Street Journal​ Sunday article spoke of three factors nationally that I believe support this positive theory:

2014 was the strongest year in job growth in the last 15 years;

The unemployment rate was down to 5.6 percent at the end of December, the lowest level since June of 2008;

Apartment rents rose 3.6 percent for the year, but the average rent was the highest it has ever been (since records were noted in 1980) and the vacancy rate was the lowest since 2000.

Now, if you move this information to our microcosm of the Vail Valley, I would say we can see all of these things happening here. There are many more jobs than we have had in the last five years. This is largely due to increased construction and all of the businesses construction supports. Not surprisingly, this affects the unemployment rate, which has drastically gone down, with many employers lacking employees. And, lastly, I would say our long-term rental market is as strong as it has been in the last five years, with rents rising 5 to 15 percent in the Eagle and Gypsum areas this past year.

Therefore, I would have a serious talk with your listing broker and see what price she (or he) believes would actually get an offer on your home in the next 30 to 60 days, then make the price adjustment necessary, if at all possible.​ If this lowered price does not work for you, then you might consider renting. However, being a long distance landlord has its challenges. Best of luck to you with your sale and in your new location!

Joan Harned is an owner-broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.

Originally published on 1/17/15 in the Vail Daily and can been see here.

Is Winter a good time to purchase ranches?

Dear Joan,

My family and I came for another holiday vacation in Vail, and I have finally decided to pursue my dream of owning a small ranch property in Colorado. Of course the family would like the property to be within an hour of Vail and/or Beaver Creek. So, after searching the Internet and making broker phone calls, I have found a property that might be just perfect for what I want. Here is my question: The listing broker said the property actually had other interested buyers right now. You can’t even access the property easily this time of year due to unplowed roads. Is it that likely that there are other buyers looking at this right now? I hate to sound suspicious, but this seems unlikely in the dead of winter!

Dear Suspicious,

In Eagle County there is no such thing as the “dead of winter.” Winter is our top visitor and selling season. Summer is becoming more and more popular, but still has not overtaken winter.

The Western Slope ranch land here is still a bargain for the buyers, although the market is getting a little stronger.

Let’s ​look at the facts​: You are, or were recently, here, and the desire for beautiful Colorado property was reignited in you by the winter visit. It is equally beautiful and fun here in the summer and winter​,​ and personally I love the fall. At any rate, back to your question, most of the brokers I know in this valley are definitely honest. I sell ranch property and I currently have multiple buyers interested in outlying property that may or may not have winter access. There is something very magical about a snow-covered ranch on a bright sunny or snowy day. The wildlife, the wide-open space to make your own tracks snowmobiling, snowshoeing or cross-country skiing all are true pleasures. ​That is not even considering the ranch aspect. ​

The Western Slope ranch land here is still a bargain for the buyers, although the market is getting a little stronger. The largest multi-million dollar ranches we have sold had buyers who originally came in the winter​ and saw the property for the first time then​.

My advice to you would be to pursue the property now, if at all possible. By spring, it could very well be under contract. You can see about viewing the property in various ways (snowmobile, ranger, have road​s​ plowed, snowshoe, aerial drone pictures or helicopter if the price warrants the expense). And/or you, with the help of your seasoned ranch broker, can write a creative contract that would allow you to delay closing until you could drive on the property with a series of monetary compensations for the seller to delay the closing. There is almost always a way to work out a situation where a seller wants to sell and a buyer wants to buy, if both parties are guided by experienced brokers that work toward a win-win situation. Do not pass up your opportunity without exploring your options. Best of luck to you!

Joan Harned is an owner-broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.

Originally published in the Vail Daily on 1/10/15 and can be seen here.

How to Choose Best Realtor Among Your Friends in Trade.

Dear Joan,

I have several friends that are Realtors and they​ ​​all​ work for different companies. As a matter of fact, a couple of them have worked for two or three different companies during the past few years. I have not cared about this until now, when I am getting ready to sell my property and need to choose one of them to list my ​home​. My two dilemmas are, should I choose by the company they are with or the person​,​ and when I choose, how do I tell the others I did not choose them?

Dear Friend Dilemma,

This is not an uncommon problem in a small valley where so many people have real estate licenses. Most every homeowner knows multiple Realtors. In answer to your first question, you choose by the person. If you know one friend to stand out from the others in integrity, work ethic and people skills, then that is the one. A Realtor might be with the largest, or most flashy company in the valley, but if they do not have an honest reputation, ​would rather play than take care of their business and are selfish to the point of annoying others, you will not get your home sold in a timely fashion for the highest possible price. You already know a lot of their qualities just because you have spent time with all of them. If one does not stand out, head and shoulders above the others, then tell them all you are interviewing for one of them to sell your home and ask them to please contact you to make an appointment to give you their listing presentation. If any of them don’t call to set an appointment, then that could be a clue. Hopefully, they all will call and you will have a chance to hear all of their marketing plans and experience their negotiating skills. I doubt it will be a hard decision in the end.

The very worst thing you can do is pick one without ever talking to the others and not giving each of them a chance, and having them drive by and see a real estate sign in your yard.

Now, the more difficult part is letting one or more of your friends know you have not chosen them to represent you. They may very well know they did not do a great presentation or they may realize they may not be a good fit for you or your property. It is my opinion, after 29 years of seeing all sides of this, that they will respect you for talking to them and giving them an opportunity show you their marketing and sales abilities. Even though they may be greatly disappointed, they will know that you attempted to be fair and most of all that you are actually listing your property so that they have a chance to bring a buyer and still make half of the commission. The very worst thing you can do is pick one without ever talking to the others and not giving each of them a chance, and having them drive by and see a real estate sign in your yard, or see it on the MLS “Hot Sheet,” with no warning. That is a difficult blow to friendships. Good luck!

Joan Harned is an owner and broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Joan Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.

Originally published 12/13/14 in the Vail Daily and can be seen here.

Should I sell before I buy?

Dear Joan,

I want to look at homes in the Vail Valley to buy, but I am not sure if I should start yet. My house is ready to go on the market (in another ​area​) but it is not listed yet, nor do I know when I would ​find​ a buyer. I ​don’t​ have to sell ​my home​ to be able to make an offer on another ho​use​, but I would feel much more comfortable if it were sold and I wouldn’t be having to deal with two mortgages. On the other hand, I am afraid to put it on the market for fear it will sell soon and I don’t have any place to move to. Any suggestions on which comes first and how to navigate this uncharted territory?

Dear Stuck in the Middle,

Needless to say, this is a very common problem. The good news for people who are just “window shopping” is that they can do that online now, viewing lots of homes and interior pictures on Realtor.com or individual broker websites (these websites are all much more current than the commercial aggregated websites).

In your case, you are a serious shopper, and an experienced, knowledgeable broker can help you find what you need, as well as help you structure an offer to work for your situation. So, I would suggest that you list your home with a competent broker in your area as soon as possible. If you are very worried it will go under contract right a way, then put a clause in the listing agreement that any accepted offer would be contingent upon you finding (and putting under contract) an acceptable replacement property in seven days after the contract on your current home is mutually agreed upon or you have the right to terminate and not sell your present home.

​Simultaneously, you need to find that​ innovative Realtor that is familiar with the Vail Valley that can help you and start looking at properties. You need to explain your situation so that they know you may have to do some creative contract writing when you find the home you want and may not ​​have your home under contract yet.

If you ​know​ that you could get a second mortgage and still qualify for a loan, then you can write an offer that is not contingent upon the sale of your current home. However, in order to increase your chances of getting your home under contract and not having two mortgages, you could write the contract​ so​ that you would not close for​ 60 to​ 90 days or possibly a little more. Then you can adjust the price on your current home to make it very attractive to a buyer so that you have a good chance of doing simultaneous (one right after the other) closings on your current home and your new home. You might be surprised how often we can make this work, if you take a realistic approach to pricing your current property. Check with more than one Realtor if need be, until you feel confident you have found one that has the desire and skills to help you in your situation. Best of luck to you!

Joan Harned is an owner and broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or www.TeamBlackBear.com.

Originally published in the Vail Daily on 11/15/14 and can be seen here.