Tag Archive for: Jackson Hole real estate market

Research Is Suggesting That Large Homes May Become A Thing Of The Past – In Jackson Hole?

/in , , ,

Red housesRecent data is showing that homes being built today are smaller than they were in the beginning of 2008. In the third quarter of 2008 median home size was 2,090 square feet, down from 2,629 square feet in the second quarter of 2008. With housing prices dropping and the economy weakening, homeowners may be looking at homes with less unused space, more energy efficiency and a home that better fits their overall needs. There is more of an interest in economizing space and making one room of the home a more flexible space that can be used for a myriad of activities. Outdoor kitchens and entertaining areas are becoming more popular as square footage decreases.

Of course this is national data – what is going on in Jackson? For one thing the Town of Jackson is attempting to limit the size of homes on standard Town of Jackson buildable lots. The standard size lot in town is 50 X 150. The current proposal would limit house sizes to 3,000 square feet. As this is debated by the planners we will keep you up to date.

Do Christy and I see a pattern of smaller houses? Not yet but we believe this could be contributed to a lot less construction taking place in the valley. According to the Teton County Planning and Building Department and the Town of Jackson, February permits for new homes and remodels dropped considerably from January. January had 23 permits issued and February had just 13 issued for a total of 36 for the year compared to 54 in 2008. Another interesting fact is that the Town of Jackson has not received one application for new construction in 2009. We will keep you updated on any trends in new construction in the Jackson Hole real estate market.

Research shows that builders are paying very close attention to what buyers want. The National Association of Home Builders is reporting that 88% of homebuilders surveyed plan to build more smaller homes, and that 89% of homebuilders surveyed claim that they plan to build lower-priced homes.

For additional information on the current Jackson Hole real estate market and current events in the Town of Jackson and Teton County, Wyoming feel free to call the Jackson Hole Experts, Christy and Garth Gillespie, Jackson Hole real estate associates for Sotheby’s International Realty – Jackson Hole Brokerage toll free at 877-739-8056.

Weekly Jackson Hole Mortgage Update

/in

In today’s post we though we would update you on what’s happening on a national level with the banking industry. We have been hearing from almost all media outlets that there is still a lending issue with the banks. As a matter of fact two nights ago Donald Trump was on Larry King Show and he said multiple times that banks are not lending. His suggestion to the viewers were to get owner finacing. In a future post I’ll highlight owner fiancing – how it works, when it works and who is offering owner financing in Jackson Hole.

When reading through the Federal Reserve Survey of Lenders, Winter 2009 statement it was found that 58% of lenders have upped the credit standards for consumer loans in just the past three months. That said, consumers with good credit can still borrow- Car loans is a good indicator: in October of 2008 less than 80% of consumers with good credit were qualifing for car loans. Today that has increased to over 85%. How about home loans? According to the Mortgage Bankers Association, March 2009 there was $138 billion in home loans for purchases in the first quarter of 2009 but it is estimated that about $250 billion will be loaned during the second quarter!

In local Jackson Hole mortgage news we like to ask the “mortgage expert” T.R. Pierce at the Bank of Jackson Hole. Below is the banks current rates and report:

Conforming interest rates are unchanged again this morning after Citigroup surprised Wall Street by delivering its first profit statement in more than a year. The company reported net income of $1.6 billion for the first quarter… up from a loss of $5.1 billion a year ago! General Electric also posted a first quarter profit of $2.9 billion. With businesses ranging from manufacturing to finance to media, GE is seen by many as a proxy for the broad U. S. economy and their profitability is a strong indication that the economy may be recovering!

BANK OF JACKSON HOLE
Residential Mortgage Rates for April 17, 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
4.375%
6.875%

10/1 ARM
4.750%
7.875%

7/1 ARM
4.250%
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: 4.875%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.915%

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.

Jackson Hole Mortgage Update – Jackson Hole Expert’s Report

/in , ,

For some interesting reading on “Record Low Mortgage Rates” go here.

Another interesting article about the New Mortgage Reform Bill.

Then there is the HOT STUFF report from T.R. Pierce at the Bank of Jackson Hole. T.R. produces this report when there is interesting and informative information about the “World of Lending”.

The more you know…
UNDERWRITING CHANGES
It would be an understatement to say that the mortgage industry is changing everyday… and so we wanted to share a couple of the more recent changes we are seeing from a couple of our secondary market investors.

RESERVE REQUIREMENTS – Some mortgage loan programs require that the borrower have sufficient liquid asset reserves to cover two (2) months principal, interest, taxes and insurance (PITI) payments at time of closing. This has always been a requirement on owner occupied conforming high balance (over $417,000 up to $625,500) loans. Now we are seeing that borrowers of second homes will be required to have two (2) months PITI reserves on all conforming loans (regardless of loan amount) and for investment homes the PITI reserve requirement is six (6) months.

Plus, the borrower will have to have two (2) months reserves for each additional financed second or investment property! The thought behind these changes appears to be an effort to insure that borrowers have sufficient reserves for their new mortgage payments.

INTERST ONLY LOANS – This week we received our first announcement of the elimination of interest only loans with one of our secondary market investors. Now, this is just one of many investors we have, but often times we see one investor make an underwriting change and then the rest of the mortgage industry follows. This change appears be an effort to give borrowers the opportunity to reduce their principal with principal and interest payments… especially in markets with declining real estate values.

It is important to note that these changes are just with a couple of our secondary market investors and we still have investors with no reserve requirements and we still have investors who offer interest only loans. Just want to keep you informed of the changes we are seeing that might have an impact on your borrower’s qualifications.

Great stuff T.R.!!! Check back later this week for our weekly Mortgage Rates Update.

If you would like information about the Jackson Hole Real Estate Market please visit www.JacksonHoleExperts.com or call Christy and Garth Gillespie toll free at 877-739-8056. Have a great day!

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

/in , , ,

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?

/in , ,

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.

Jackson Hole Mortgage Rates and Comments – March 11, 2009

/in , ,

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.

Jackson Hole Local Residential Mortgage Rates for March 6, 2009

/in ,

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 rates are unchanged while conforming ARM rates are down this morning after it was reported that the unemployment rate rose to 8.1% with 651,000 people loosing their jobs in February. Even as the unemployment rate reaches the highest mark since December 1983… there are still 141,748,000 gainfully employed Americans working hard everyday!

BANK OF JACKSON HOLE

Residential Mortgage Rates for March 6, 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
5.250%
7.875%

7/1 ARM
5.000%
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: 2.154%
Rates and fees are subject to change without notice. Annual Percentage Rates (APR) are not included.

For more information on Jackson Hole and the Jackson Hole real estate market please feel free to call or email the JacksonHoleExperts at 307-739-8056.

Housing and the Stimulus Package – Jackson Hole Status Report

/in , , , , , ,

February 17, 2009

Christy and Garth Gillespie, the “Jackson Hole Experts” have reviewed the Stimulis Bill and Treasury announcements made last week and being signed today and here are our thoughts.

We were in support for a $15,000 tax credit but that was defeated. We are very excited to report much of what the National Association of REALTORS campaigned for was introduced and kept into the bill and are equally excited to see the already established tax breaks stay in effect.

So here’s what is part of the package: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000, 3) the bill has over $50 billion in it for foreclosure mitigation, 4) Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

In addition, the Government preserved what we have – mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion).

We also reviewed where the $727 billion dollar stimulus package was being spent – unfortunately NOT in Teton County, Wyoming or Idaho….

We will continue to update the benefits of the Stimulus Bill as more details are released. For more information on the Jackson Hole Real Estate market please feel free to contact us at 307-739-8056 or send us an email to gillespie@NUMBER1EXPERT.com.

Real Estate Articles of Interest – Related to Jackson Hole? Sort of…

/in

As we know, Jackson Hole has a very large “second-home” market. Is it being effected by the economy slow down? We will have stats to discuss in an upcoming report but here is some interesting reading:

High-End Housing Market Ravaged by Stock Selloff

How about some positive news?

Pending Home Sales Post Increase of 6.3%

Current news about mortgage rates:

Mortgage Rates Hold Steady According to Freddie Mac’s Weekly Survey

Finally – how about a link to the Gillespie Real Estate Feb. Newsletter?

The Gillespie Real Estate Jackson Hole News Letter!

For more information about the Jackson Hole real estate market or just general real estate thoughts please call us at 877-739-8056 or email at garth.gillespie@sothebyshomes.com.

Overall Market Update – Real Estate – Jackson Hole, Wyoming

/in , , ,

Preliminary Market Update for Year End 2008
Sotheby’s International Realty – Jackson Hole and Christy and Garth Gillespie, the Jackson Hole Experts, have been busy looking back at 2008 putting together final real estate market numbers which are not quite finished. In the meantime we thought we would update the most current information we have gathered and give out the preliminary market update.

November and December were the 2 worst sales months in the past 10 years! With the election, economy downturn and the credit crisis in full swing the housing market nationally took a huge hit and Jackson Hole was not immune to the crises. There were 9 sales in November and 12 sales in December. November unit volume is 51% below that of 2007 and 55% below that of 2004. Sales volume fell 39% to $460 million compared to $750 million in 2007. All five regions (Teton Village, West of the Snake River, North of Town, Town of Jackson and South of Jackson) of the Jackson Hole real estate market saw major declines in activity through the first 11 months. The strongest segment was the Town of Jackson with 110 (-43%) transactions and $120 (-14%) million in sales volume. South of Jackson took the biggest hit with sales volume down 64% and unit sales down 61%! The large decrease in activity in the South of Jackson category is explained by a huge reduction in sales at 3 Creek Ranch and the now bankrupt Snake River Sporting Club.

If we look at sales by property type we see that vacant land sales had the largest decline with sales volume down 47% and unit sales down 67%! Overall the averages were Condos down 33%, Single Family homes down 42%, and Vacant land down 47%. The bright spot in the market has been Commercial listings with sales volume up 35% and unit sales only down 24%.

Active inventory has been trending upward with a slight decease in November 2008 due to sellers removing listings from the market. When we look back we see that active listings have been trending upward since May of 2007. This increase in listings is market wide with active listings under $3 million at 548 and greater than $3 million at 150.

Do we see any positive trends? Of course – we have to find some positives in this market. First and foremost we have great inventory to show potential buyers and the prices are starting to trend downward. There have been many times in the past ten years that Jackson Hole has offered a very limited number of options for buyers in the market. Well that has changed! We also are starting to see some very unrealistic sellers adjusting their pricing. We have a new page on our website at www.jacksonholeexperts.com that offers our “Top Values” – check it out! Another trend we are starting to see is an increase in interest in our market. The Christmas / Holiday season was very busy in Jackson Hole. Most of you may have heard but the Jackson Hole Mountain Resort received over 5 feet of snow between Christmas and New Years. Many visitors filled a day or two of their visit with a real estate agent. Showings increased two-fold and real estate inquiries doubled at Sotheby’s. To turn this market around we need interested parties so this was a good first step. Stay tuned for more information and thanks for reading — please send comments to garth.gillespie@sothebysrealty.com or give us a call at 307-739-8056.

QUICK LINKS

Our Properties
Communities
About Us
Contact

CHRISTY GILLESPIE

Associate Broker
Cell (307) 413-5242
Office (307) 732-7610
christy@jhexperts.com.com

GARTH GILLESPIE

Sales Associate
Cell (307) 413-5243
Office (307) 732-7611
garth@jhexperts.com

STAY CONNECTED

Christy & Garth Gillespie is a team of real estate agents affiliated with Compass Real Estate, a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

© Copyright 2018-2023 Christy & Garth Gillespie. All rights reserved.