May Snow Pack Magazine

MAGAZINE SNOW PACK

SPRING 2023

As the snow melts away and ski resorts close their doors for the season, we welcome the month of May with open arms Here in Summit County, Colorado, the transition from winter to spring is always a special time. The ice on Lake Dillon thaws, making way for sailboats and paddleboards to take over the lake. The surrounding trails become more accessible for hiking, and warmer days are on the horizon.

As we bid farewell to winter and look forward to the warmer months ahead, we invite you to explore all that Summit County has to offer. In this month's edition of Snow Pack Magazine, we'll be taking a closer look at the local real estate market and providing insights into buying and selling property in the area.

Whether you're a longtime resident or a visitor to Summit County, we hope you'll find our magazine informative and enjoyable

Best regards,

Madeline

THEGREATMELTOFFOFMAY

FRISCO NEWS

Full-Time Residents

OPPORTUNITY KNOCKS

Greetings, readers! I have some exciting news to share with you about the town of Frisco In an effort to maintain the town’s year-round population, the Frisco Town Council has established a new program that will offer low-interest home improvement loans without monthly payments to permanent residents. The loans, which can be for up to $50,000, are intended for home repairs or energy efficiency upgrades, and can only be used by full-time residents who live at the property they own in Frisco

The goal of the program is to help residents who have been living in their homes for a long time and have built up significant equity but lack the cash for emergency repairs. Rather than monthly installments, the applicant must prove they have adequate equity in their home and would repay the loan from equity upon a refinance of the mortgage or upon the sale of the home The loan would have an interest rate of 3%, and the default rate of prime +3% would apply if the property ceases to be the full-time residence of the property owner, and the loan would have to be repaid within a year. The program will benefit residents who cannot qualify or afford a conventional loan, and it aims to help the town reach its goal of increasing the proportion of full-time residents to 50% It is open to both market-rate and deed-restricted properties, including condominium properties Frisco officials have yet to announce the program's start date, but they plan to market it through various channels, including blog posts, emails, ads, a media release, and social media

Overall, the program is part of the council's larger efforts to address housing affordability and maintain a year-round population. The loans will help long-term residents stay in their homes, especially those who have been forced to sell due to required repairs they couldn’t afford So, if you are a permanent resident in Frisco who needs help with emergency repairs, keep an eye out for this program

SNOW PACK SECOND HOMES

Are you still using CASH YOUR EQUITYIN

Are you a second homeowner in Summit County, Colorado? If so, now may be the perfect time to consider selling your property.

As we previously discussed, owning a second home has become increasingly popular due to remote work during the pandemic. And if your second home is in Summit County, Colorado, it may be considered a luxury property This is because Summit County is home to world-class skiing, stunning mountain views, and a desirable location

However, if you're no longer using your second home, it may be time to put it on the market As the Institute for Luxury Home Marketing (ILHM) reports, demand for luxury homes, including those in Summit County, is still strong And owning a luxury property in Summit County is becoming increasingly desirable for affluent individuals who consider it a necessity in their asset portfolio

So, if you're a second homeowner in Summit County who's not using your property, now's the time to consider selling With demand still high for luxury homes, there are still buyers in the market who are looking for a property like yours Contact a real estate agent familiar with the Summit County area to learn more about selling your second home in today's market.

Summit County, Colorado, is a highly desirable location with a lot to offer But if you're not utilizing your second home, it may be time to sell and take advantage of the current market

Contact Snowpack Colorado | eXp Realty llc for a Realtor familiar with second homes and marking your property to the highest level.