Jackson Hole Bank Update – Mortgage Rates for March 27, 2009

One of the finest loan representatives in the Jackson Hole area is T.R. Pierce from the Bank of Jackson Hole. T.R. Pierce is the senior vice president loan officer at the largest “local” bank in Jackson Hole and for the past few years has been educating the Jackson Hole real estate agents on the current local mortgage rates. As part of our weekly updates we will be posting T.R.’s report about once a week. This should give readers a good idea of local rates. We of course recommend calling T.R. Pierce, SVP Residential Loans, 307.734.8111 for an appointment if you would like additional information on mortgages. Today’s report is below:

Conforming interest rates are down this morning after consumer spending rose in February… rebounding for the second straight month! The Commerce Department reported that spending by individuals rose 0.2% last month after a revised increase of 1.0% in January. Some economists feel that “the majority of the declines in consumer consumption are behind us” and another indication that the economy may be improving is the 20% gain in stocks Wall Street has enjoyed in last three weeks!

Residential Mortgage Rates for March 27, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $625,500
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING

(Loans to $417,000)
JUMBO
(Loans over 417,000)

30 Year Fixed
4.500%
7.875%

15 Year Fixed
4.500%
6.875%

10/1 ARM
5.250%
7.875%

7/1 ARM
4.625%
5.000%

5/1 ARM
4.125%
4.750%

3/1 ARM
5.250%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.000%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 2.010%

Thanks T.R. for the report. We appreciate the updates. Christy and I are excited about those 4.5% rates on conforming 30 year fixed! This should motivate all of you first time home buyers or owners that want to move up or around in Jackson. Guess what? This weeks movement in the stock market motivated a few buyers. We saw a piece of vacant land go under contract! We also heard of a contemporary townhome that went under contract! Great news…

If you would like additional information on the Jackson Hole Real Estate market please contact us – the Jackson Hole Experts – Garth and Christy Gillespie. Feel free to call us toll free at 877-739-8056.

Good News On Housing! Anything Happening with the Jackson Hole Real Estate Market?

We woke up this morning to good news on Wall Street as reaction to the new “Toxic Asset” program was cheered by traders with big movement in the financial sector. Wall Street is also reacting to better than expected housing data. The interesting stat to notice is that this is the first time housing sales and median price both increased at the same time since May 2008.

What about the Jackson Hole real estate market? Well, so far the month of March could be labeled the “Month of Showings”. Activity has been quite strong with buyers looking at property but not yet pulling out their wallets. The news out of the federal government is great for home buyers as mortgage rates are very low, there are extremely favorable tax credits for first time home buyers and financing is becoming a little easier to find. All of this should add up to some transactions but currently we are waiting. Prices in Jackson Hole are still holding fairly strong but we are seeing some movement just not an overall pattern.

Data includes: Current inventory staying about the same since March 3rd with a slight increase (3%) to 732 listings. The big increase came into the residential market with an additional 16 listings. There have been a total of 45 price reductions since the start of March. As for buying activity — slow go. Only 1 confirmed pending transaction in March — Aspen’s Condo 2B/2B priced at $595,000.

For additional real estate information on Jackson Hole -please feel free to email or call us at 877-739-8056. Christy and Garth Gillespie, Sotheby’s International Realty, are ready to answer any questions.

Mortgage Rates in Jackson Hole, Wyoming — March 19, 2009

Rates are dropping!

The story in Yahoo goes as follows – Rates on 30-year mortgages plunged this week to the lowest level since January, and are poised to fall further after the Federal Reserve launched a new effort to prop up the flailing housing market.

T.R. Pierce’s report from the Bank of Jackson Hole tells a similar story with rates in Jackson Hole also falling. Christy and Garth Gillespie from Sotheby’s International Realty Jackson Hole are seeing prices fall throughout the market. The Jackson real estate market has probably reached a bottom as far as activity is concerned with only 3 deals in February so now is the time to start watching the market!

T.R. Pierce’s – Bank of Jackson Hole mortgage report: Interest rates are lower this morning as initial claims for unemployment benefits fell last week. Claims for unemployment were down 12,000 from the previous week and there are 5,473,000 people receiving unemployment benefits. But, there are still 141,748,000 Americans with jobs that are keeping our economy going and growing every day!

Residential Mortgage Rates for March 19, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $625,500
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING
(Loans to $417,000)
JUMBO
(Loans over 417,000)

30 Year Fixed
4.625%
7.875%

15 Year Fixed
4.500%
6.875%

10/1 ARM
5.000%
7.875%

7/1 ARM
4.750%
5.000%

5/1 ARM
4.000%
4.750%

3/1 ARM
5.000%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.000%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 2.006%

Thanks T.R.! If you are looking for more information about the Jackson Hole real estate market please feel free to call Garth and Christy Gillespie, the Jackson Hole Real Estate Experts, at Sotheby’s International Realty in Jackson Hole – 877-739-8056 (toll free). You can also visit our website as it is full of valuable information.

Best Deals in Jackson Hole Real Estate?

Christy and I just updated our Top Picks of the Week!

It sure feels nice to watch the stock markets rebounding a bit. As with everything and everybody the downward pressure the stock market has been under has certainly created a little negative energy to say the least. The pressure has assisted sellers with their pricing situation as we have started to see more reasonable pricing on the newest listings hitting the market. When you visit our Top Picks you will see that we also highlight Jackson’s “Closed Listing of the Week”, Jackson Hole’s “New Listing of the Week” and the “Price Reduction of the Week”. All of which should be informative for our readers.

Related to the “Closed Listing of the Week” we highlight the fact that 6 substantial closings have taken place in the past few weeks. Seeing activity is a welcome sign.

Jackson Hole Mortgage Rates and Comments – March 11, 2009

One of the finest loan representatives in the Jackson Hole area is T.R. Pierce from the Bank of Jackson Hole. T.R. Pierce is the senior vice president loan officer at the largest “local” bank in Jackson Hole and for the past few years has been educating the Jackson Hole real estate agents on the current local mortgage rates. As part of our weekly updates we will be posting T.R.’s report about once a week. This should give readers a good idea of local rates. We of course recommend calling T.R. Pierce, SVP Residential Loans, 307.734.8111 for an appointment if you would like additional information on mortgages. Today’s report is below:

Conforming fixed rate and short term ARM rates are unchanged this morning as stocks continue their rally with financial shares leading the surge. Citigroup and Bank of America jumped more than 10% after Treasury Secretary Geithner said the government will use capital injections to spur lenders to sell distressed securities. The stock market is also responding positively to the $410 billion bill passed by Congress which will boost domestic spending, loosen the trade embargo on Cuba and fund thousands of congressional pet “earmark” projects!

BANK OF JACKSON HOLE

Residential Mortgage Rates for March 11, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $625,500
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING

(Loans to $417,000)
JUMBO
(Loans over 417,000)

30 Year Fixed
4.875%
7.875%

15 Year Fixed
4.625%
6.875%

10/1 ARM
5.500%
7.875%

7/1 ARM
5.250%
5.000%

5/1 ARM
4.125%
4.750%

3/1 ARM
5.000%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.000%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 2.258%

For information on the Jackson Hole Real Estate Market keep checking into this Blog! You can also visit our excellent website Jackson Hole Experts where we provide you with Market Updates, Newest Listings, our Top Picks of the Week!
Call Garth at 307-739-8056.

Wyoming Ranks As One Of the Happiest States In The Country

If you know Christy and me you know we love it here in Jackson Hole, Wyoming. The fresh air, the majestic mountains, the incredible community, the recreation, the restaurants, the arts the list goes on and on. Jackson Hole is a special place. Well, the residents for the rest of our great state, must feel the same way because in a recent Gallop poll Wyoming was rated the third happiest state in the country only behind our neighbor, Utah and the beautiful islands of Hawaii. I have attached the link to the article.

In other news – Christy and I attend the PAWS furball this weekend at the Four Seasons Resort and we had a blast. Thank you to the Four Seasons Resort – Jackson Hole as they put on a great show with fabulous food, cocktails and atmosphere. As for PAWS – cheers to you. It was one of the finest run charity events we have attended. The marketing was top notch, the event was extremely well planned and all we saw were smiling faces though out. Not to mention an incredible auction where we witnessed the bidding for the coveted front cover of the PAWS calendar reach record amounts and finishing with the “Auctioneer” Leland Christenson saying, “and the winner with the final bid of $47,500.00 wins the front cover for the 2010 Paws Calendar” We witnessed a few “high-fives” after that in the room.

Thank you Jackson Hole! Christy and Garth Gillespie just won the “Best Husband and Wife Real Estate Team” in the Planet Jackson Hole Weekly first annual “Best Of 2009”. We are honored and humbled by your votes and will continue to provide the best real estate service in Jackson Hole. We appreciate your votes!

If you need any assistance with real estate questions or thoughts please feel free to call 739-8056 or email the JacksonHoleExperts – we are here to help.

Where’s the Jackson Hole Real Estate Market Headed – Feburary Review

That’s a good question. Currently we are at a stand still as transactions are almost nonexistent. The month of February will go down as a month to forget or should I say a month that was forgotten. Totals for sales volume and units sold are unbelievably small.

Okay – enough baiting. When looking back on the month of February for sales in the entire Teton County Multiple Listing Service we find a grand total of 3 transactions! Since there are only three I can actually list them: 1. Fractional Sale at the Teton Club, 2. 1 Bedroom Condo, 500 square feet in the Town of Jackson for close to $300,000 and 3. a small single family home with development potential for a little over $600,000. That’s it. Sales Volume totaled close to $1,000,000.

How about new activity? Well, we did see some activity in Melody Ranch. 2 homes which were priced at, or above $1,000,000 this past summer, had some very aggressive price reductions which motivated a couple of buyers. Both transactions, if they close, with be under $700,000. There are a total of 41 pending residential transactions. Interesting to note – of the 41 pending transactions almost 30 of them are in the construction phase of development. 6 of the pending transactions are priced above $1,000,000 and 1 of those transactions is listed for $10.5 million! There are also 4 fractional units pending.

Current active inventory is at 708 listings, 506 of which are residential, 48 are fractional units and there are 152 building sites. Of the 152 building sites there are 5 pending transactions (2 in my opinion are suspect) and the other 3 are Commercial properties.

Where are we headed? …as I mentioned above – Good question. It is our opinion that until we see some light at the end of the tunnel with our economy our real estate market will stay in hibernation. We are still waiting to see some significant price reductions – especially on the lower/lowest end of the market. Christy and I see a solution to get our market moving but that takes the low end to move another 20% to 25% downward. This would stimulate first time home buyers. From there, the sellers of these properties could make a move at the next tier and so on.

The stimulus plan does give some incentives for first time home buyers ($8,000 tax credit) and interest rates are at historically low-low rates (under 5%). Incentives, low interest rates and lowering prices – bring it on. Christy and Garth Gillespie are eager to help. We want to be part of the “Jackson Hole Stimulus Plan”. Call us and let us help you make a move in this market. Read our blogs, our top picks or call for a free consultation.

How Did Jackson Hole Real Estate Compared to Aspen Real Estate in 2008?


2008 Real Estate Resort Market 2008 sales data has just been released by the Rocky Mountain Resort Alliance with not so surprising results.

The Rocky Mountain Resort Alliance consists of Aspen, Whistler, Park City, Steamboat Springs, Summit Co., Sun Valley, Telluride, Jackson Hole, Vail, McCall, Idaho, Grand Co. and the Lake Tahoe region. The Rocky Mountain Resort Alliance is composed of boards of REALTORS of destination ski resorts in the Rocky Mountain West. The alliance was formed in January of 1996.

As mentioned above the market updates from all of these locations slow a dramatic decrease in activity. All of the “Statistics” compare year end totals from 2008 to 2007. Active listings have increased in all locations with the exceptions being Sun Valley (-10.5%) and Vail (-25%).

The number of “units” which include Homes, Condos, Land and Other, decreased in every market. As we will see in a pattern the best performing market was Vail, Colorado with only a 10% decrease in transactions with strength in land and “other” sales. The worst performing market in transactions was Steamboat Springs with 57.3% decrease. The other results – Aspen (-55%), Whistler (-39%), Park City (-45.3%), Summit County (-45.3%), Sun Valley (-46.7%), Telluride (-50%), Jackson (-51%) and Grand County (-33.6%). Notable transaction numbers include a (-92%) decrease in land transactions in Aspen, a (-65%) decrease in Home sales in Telluride and a (-65%) decrease in Condo sales in Streamboat.

As for Total Multiple Listing Service sales volume numbers, the strength again was in Vail with only a 24.3% decrease in dollar volume to a total of almost $2 billion! Seeing the largest drop in sales volume was Telluride with a 56.6% decrease to a total of $225 million. The strongest change in sales volume came from Jackson Hole where the commercial segment saw an 84% increase.

When looking at all the markets Vail is by far the largest with total sales volume of $2 billion and the smallest being the McCall, Idaho market with $100 million in sales. Totals include: Aspen – $917.75 million, Whistler – $400 million, Park City – $1 billion, Steamboat $455 million, Summit County – $800 million, Sun Valley – almost $300 million, Telluride – 225 million, Jackson Hole – $525 million, Grand County – $261 million, and Tahoe – 734 million.

Hope you find this information interesting and for additional statistics feel free to email or call us at 877-739-8056. You may also visit the Jackson Hole Experts website for additional information including our latest Top Values!

Jackson Hole Town Square Real Estate – Want to Buy a Corner of Jackson Hole History?

For Sale - 98 Center Street - $6.97 million - Listed w/ Teton Village Realty

For Sale - 98 Center Street - $6.97 million - Listed w/ Teton Village Realty

In the past few weeks something unusual has happened in the Jackson Hole real estate market – 2 commercial properties on Jackson’s Town Square have become available for purchase. In the 15 years Christy and I have been in the real estate business we can not remember a time when 2 corners of the famed Town Square have been for sale at the same time.
15 East Deloney, currently owned by Sharon Davies and Terry Reid, is one of the most recognizable properties in Jackson Hole. A designated historic building, which used to house the Jackson Drug Company – known by Christy and I for their milkshakes – is currently run as a high-end rug and gift store. The building was built in 1937 and offers about 3,000 square feet of retail space, 2,500 square feet of storage space (basement), and an almost 3,000 square foot private residence on the second floor. The residence is four bedrooms, 2.75 bedrooms.

98 Center Street - Northeast Corner of the Town Square - Listed by Scott Shepherd Real Estate

98 Center Street - Northeast Corner of the Town Square - Listed by Scott Shepherd Real Estate


The other “piece” of the Town Square is in the northeast corner and is listed for $2.25 million. This commercial parcel has a long term lease established and is almost 4,000 square feet in size.

There are other opportunities on the southside of the Town Square so if you would like additional information on Jackson Hole commercial property or more specifically Jackson Town Square real estate please contact us – the JacksonHoleExperts!

First Time Homeowner Tax Credit – Explained – How Does It Help Jackson Hole Homebuyers?

Information about first time home buyer tax credits as amended by the American Recovery and Reinvestment Act of 2009 (HR 1).

We highly suggest that you please consult your tax advisor / accountant to determine whether you are eligible for this tax credit before making any decisions or changes to your tax status. This website is for information only and should be verified by a tax professional.

The 3 changes to the first-time home buyers tax credit program include:

Tax credit has been increased to $8,000.
Homes have to be purchased between January 1, 2009 and December 31, 2009
No repayment/recapture clause for homes sold after 36 months of occupancy and ownership.

The Tax Credit is for home buyers (either spouse if filing jointly) who have not owned a principle residence during the three-year period prior to the purchase.

The maximum credit is $8,000 or 10% of the home purchase, whichever is less – not an issue here in Jackson Hole or Teton Valley, Idaho.

The credit is available for homes purchased on or after January 1, 2009 and before December 31, 2009.

To qualify for the full tax credit, married couples’ modified adjusted gross income should be under $150,000 and single filers’ modified adjusted gross income should be less than $75,000. Partial tax credits may be available for married couples with modified adjusted gross incomes of over $150,000 but under $170,000 and single filers with incomes over $75,000 but under $95,000. If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each on their tax returns.

Home buyers who qualify for this program, but who do not intend to purchase a home till the end of 2009, may elect to alter their tax withholdings (up to the amount of the of the tax credit) in order to save up money for a down payment. However, if the purchase of the home does not occur, the taxes must be repaid to the IRS.

There is no recapture or repayment clause IF the home is owned for at least 36 months.

The effective date of purchase for new construction (even if buyer owns title to the lot) is the date the owner first occupies the house. So even if construction began in 2008, as long as the home and buyers qualify for the tax credit, they will be eligible if they take possession any time during 2009. However, new construction bought from the builder is only eligible if the settlement date (closing) takes place between January 1, 2009 and December 31, 2009.

The law allows taxpayers to elect to treat qualified 2009 purchases as a 2008 purchase so that they can receive the tax credit on their 2008 tax returns.

The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes.

The American Recovery and Reinvestment Act of 2009

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