our Philosophy is to stay on top of market trends, continually strive to offer cutting edge advertising and keep our client’s best interest paramount.
Daily Computer Search for your property
- We have the only daily search engine of it’s kind in the world. Every deed in Teton County and N. Lincoln (Star Valley) County is in our data base and when one is listed, whether it’s our listing or not, the computer picks it up and determines if it meets your needs and then emails you all the pertinent information. This will give you a big leg up on other buyers in a very tight market. Submit your search criteria >
Buyer or Intermediary relationships – We will represent you in every transaction except when it is in-house in which case we will be an intermediary agent.
Up to date comparable sales – Because we maintain the most current data base in Teton County and Star Valley, you will have current comparable sales to help you determine the value of any property before you make an offer. No one wants to pay more than market value!
Specialist in Jackson Hole – We concentrate all our efforts in Jackson Hole only. Because of this fact alone, we know more about this market than anyone, really!
Real Estate Consulting – We are happy to offer our option and advise on any segment of this market whether you plan to purchase real estate or not.
Individual Service – We do not have a team of assistants to do our work. Devon and I are hands on and will always be there when you need us. One on One! If you would like an information package on Jackson Hole (schools, commerce, recreation, or real estate brochure) then click here.
If you would like information about specific types of property then please Click Here and complete as much of the following form as possible.
The more information you give, the better we can assist you. You may email specific questions to davidviehman@jhrea.com.
Buyer’s Market in 2012:The Perfect Buyers’ Market: Conventional wisdom could say the Perfect Buyers’ Market occurs right after the market bottoms out. The problem with this scenario is three fold. One; it takes six months after the market truly hits bottom to actually verify. Two; once the market truly hits bottom Sellers lose their motivation and start raising their price, trying to recapture all the equity they can. Three; every other Buyer starts bidding.
Contrary to popular belief the following is what actually makes the Perfect Buyers’ Market. NOTE: The Jackson Hole real estate market has never seen all of the following components at the same time:
• Demand is slowly increasing: The number of overall sales is down 45% when compared to the same period in 2007. Depending on what segment of the market you are looking in, like single family homes, do not expect this Buyer’s market to last much longer, as the law of supply and demand is kicking in.
• Interest Rates are at an all-time low: The interest rates being offered today haven’t been this low since the late 1960’s. While lending guidelines have tightened in the past 18 months, there are excellent loan opportunities for Buyers with good credit. In fact, first time home buyers can work with the FHA or VA to qualify for low down payments and may qualify for as much as an $8,000 tax credit. Jumbo loan limits are higher in Jackson Hole. This means you can now borrow up to $693,750and still be considered low risk. The end result with low interest rates and higher limits; increased buying power for locals!
• Inventory levels are high: Jackson Hole inventory is down 11% when compared to the same period in 2010. Look back just a few years though, to 2007, and the current inventory is up 53% (388 versus 593 properties on the market).
• Motivated Sellers: (Any seller with a strong incentive to make a deal): While it’s impossible to guess just how many motivated Sellers there are, one thing is for sure, the number is growing. Some need to sell to survive the recession; some want to take advantage of another real estate market, where properties are being sold for way below replacement cost; others need to sell for personal or family reasons.
• Property values have dropped to 2004-05 levels: While a large percentage of the current inventory is still priced close to the all-time high (fall 2007), the properties selling are priced at 2004-05 levels. NOTE: Jackson Hole has not seen an across the board reduction in real estate prices since 1985.
According to Christie’s International Real Estate savvy buyers are recognizing opportunities in this challenging economic climate by acquiring real estate while prices are at historic lows and inventories are high. “I believe people will look back on 2009 and regret not buying real estate,” says Kay Coughlin, President & CEO. “Trophy estates are being offered for sale, some of which have not been on the market for generations. Prevailing economic forces are creating a value proposition for qualified home buyers that will not be available for long.”
Advice to Buyers: Figure out what a particular property is worth to you right now considering your top parameters and goals. Forget about timing the market and buying at the bottom, as there are exceptions to all trends. Come up with an offer that makes sense to you, regardless of asking price, comparables, appraisals, competitive market analysis and the unsolicited advice of your overly opinionated brother in-law in Florida.
Advise to First time home buyers: There has never been such a Perfect Buyers’ Market for first time home buyers. Low interest rates, increasing inventory of affordable housing, motivated Sellers and an $8,000 tax credit. If you can’t afford the down payment ask your parents to help, or make them a partner in the investment. You can also form a partnership with one or more friends. The bottom line is doing whatever is needed to take advantage of this Perfect Buyers’ Market.
Copyright 1995 – 2012 by David E. Viehman, dba Jackson Hole Real Estate Associates LLC. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicit written permission from David or Devon Viehman.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
*All statistics quoted in this newsletter are based on sales in 2010 compared to 2011.
*This report is published and updated twice a year. Because of our fast moving market most of the statistics in this report are obsolete within two weeks. Therefore, you should not rely on this report to determine the value of a property, instead call me for a free market analysis.
