Aspen Updates from Sally Shiekman

Navigating the peaks and valleys of the Aspen and Roaring Fork Valley real estate landscape over the past 30 years has provided me with "Mountains of Experience.” It has taught me one thing: adaptability is critical. This year's big discussion? Inflation.

According to a recent Forbes article, the latest reports from the Labor Department give us some respite. Inflation, which hit a 40-year high of 9.1% in 2022, has declined for 12 months, landing at 3% in June. Thanks to the Federal Reserve's vigilant rate hikes, we're steering away from the jagged high inflation terrain.

Now, let's zoom in on housing. Nationally, shelter costs have risen, marking a 0.4% increase month-over-month and 7.8% compared to June last year. This is critical as we chart our course as housing continues to rise. 

However, the economy is walking a tightrope. Higher interest rates, while battling inflation, have increased borrowing costs, putting a brake on economic activity. The New York Fed puts the chance of a U.S. recession within the next 12 months at 67.3%.
Quick read more or view full article />
That said, optimism prevails on Wall Street. S&P 500 entered a bull market in June and continues to ascend, with the technology sector making a solid rebound after a tough 2022.

The caveat? This bull market appears narrow, with just seven of the largest S&P 500 components driving the most gains. This suggests a need for cautious optimism and careful strategy.

With the next Federal Open Market Committee meeting looming and key economic indicators on the horizon, we remain vigilant. Let's keep our strategies flexible and continue to navigate this dynamic market with savvy.

https://www.forbes.com/advisor/investing/current-inflation-rate/   Read Less

## Property Taxes in Pitkin County: Understanding and Challenging Your Property Valuation

Homeowners in Pitkin County (actually in all counties), Colorado, may have noticed a dramatic surge in their property valuation notices. It's a trend many residents share, and it could potentially impact your tax obligations. Although this situation might cause some concern, options are available to address it.

## A Surge in Property Valuation - What's Going On?

Property values across Pitkin County have been rising consistently, which is typically good news for homeowners. However, this increase in value also means an increase in property taxes, as your property taxes are directly related to your property's assessed value. As the values rise, so do property taxes. 

The state of Colorado requires county assessors to re-evaluate property values every two years, and this year it seems that property owners will experience a jump in property value and potentially in property taxes. 

## What You Can Do About It 

If you're concerned about this sudden increase in your property's valuation, Quick read more or view full article you can challenge it. To make a strong case, you'll need a list of comparable sales in your neighborhood or a similar area. As an experienced local real estate expert, I am offering to compile a list of comparable properties free of charge. 

However, keep in mind there is a timeline for this process. You must file your protest against the increased valuation by June 8th. Given the time it will take to gather the necessary data and prepare your case, it is crucial to start the process as soon as possible. 

## Ready to Take Action? 

If you've decided to challenge your property's valuation, don't delay. Reach out to me today and utilize my offer to assist you in gathering the necessary data for your protest. I am available at 970-948-7530 and ready to put my “Mountains of Experience” to work for you. 

Remember, the deadline for filing your protest is June 8th. Start early to ensure you have a strong, data-backed case against your property's valuation increase.
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Aspen is a beautiful resort town in Colorado that has long been a desirable destination for those seeking the perfect blend of luxury, adventure, and stunning natural surroundings. However, like many other rural resort towns, Aspen has struggled with issues related to affordable housing, which can be a significant barrier to entry for many people looking to make a life here.

Recently, there has been a lot of discussion about a bill known as More Housing Now, which is currently making its way through the Colorado legislative process. The bill aims to increase the availability of affordable housing in rural resort towns like Aspen by requiring local governments to allow for higher density and more affordable housing options.

While this bill has the potential to address some of the housing affordability issues in Aspen, it has also sparked controversy and concern among some members of the community. In fact, the city of Aspen has already announced its opposition to the bill, citing concerns over the loss of local control over land use decisions Quick read more or view full article and the potential negative impacts on the community.

As a realtor with over 30 years of experience in Aspen, I have seen firsthand the positive impact that housing affordability can have on the local real estate market. While Aspen is known for its high-end luxury properties, there is also a significant demand for more affordable housing options, particularly for those who work in the service industry or who are just starting out in their careers.

The More Housing Now bill could help to address this issue by requiring local governments to allow for more affordable housing options. However, it is important to note that the bill is still in the legislative process, and its impact on Aspen specifically is not yet clear.

As someone who is deeply invested in the local community and in the real estate market in Aspen, it is essential to approach this issue with an open mind and a willingness to work together to find solutions that work for everyone. While there may be concerns about the potential impact of the More Housing Now bill, it is important to remember that the goal of the bill is to increase the availability of affordable housing in rural resort towns, which is a goal I believe we can all support.

Ultimately, the key to addressing housing affordability issues in Aspen and other rural resort towns is to take a comprehensive approach that includes a range of different strategies, from incentivizing developers to build affordable housing to exploring innovative financing options for buyers. By working together, we can help to ensure that Aspen remains a vibrant and thriving community that is accessible to people from all walks of life. Read Less

As an Aspen real estate agent with over 30 years of experience under my belt, I've seen the market go through many twists and turns. While recent financial events like the closure of Silicon Valley Bank (SVB) don't directly impact our local market, they do remind us of the need to stay flexible and adapt to changes. In this blog post, I'm excited to share some insights on the current state of Aspen's real estate market and offer tips for buyers and sellers on how to make the most of it.

What's Happening in the Market?

Buyers, Buyers Everywhere!
No matter what's happening in the financial world, Aspen continues to be a hot spot for people seeking luxury properties, investment opportunities, or just a beautiful mountain getaway. This steady demand helps keep our real estate market bustling with chances for buyers and sellers to make their dreams come true.

Home Loans: Variety is the Spice of Life
Although the SVB closure doesn't directly affect Aspen, it's a good reminder to explore various Quick read more or view full article mortgage financing options. Luckily, our local banks and credit unions have many loan products designed specifically for Aspen's unique market, so buyers have plenty of choices when it comes to financing their new homes.

Tips for Buyers and Sellers

Price it Right, Sellers!
In today's market, it's essential for sellers to get their pricing strategy just right to attract those eager buyers. By checking out similar properties and teaming up with a seasoned Aspen Realtor (like yours truly), sellers can be confident their homes are priced to sell.

Buyers, Do Your Homework!
For buyers, it's crucial to research the market, understand the available financing options, and work with a friendly and knowledgeable Realtor. This approach will help you spot great opportunities and negotiate the best deals on your dream properties.

Conclusion

Aspen's real estate market is always changing; staying on top of those changes is key. Buyers and sellers can successfully navigate the Aspen real estate scene and achieve their goals in our stunning mountain haven by keeping an eye on market trends and adjusting our game plan accordingly. 
Call me today, and let me put my "Mountains of Experience" to work for you. 

Sally 
970-948-7530
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It's tax season, and while it's easy to get caught up in the numbers game, it's important not to forget about protecting one of our most valuable assets: our homes. One of the best ways to do that is through homeowners insurance. But with rising building costs, inflation, and natural disasters becoming more frequent, it's important to ensure your insurance policy covers your home's true replacement cost.

Make sure you understand the difference between the cost to rebuild and market value. Review your policy regularly, and make sure to factor in any improvements or changes to your home. Also, pay attention to your dwelling limit, and don't be afraid to ask your insurance agent to raise it if necessary.

It's also important to consider the location of your home. Your coverage could be expensive if you live more than 10 miles from the nearest fire station. Insurance carriers will want to see a water source and preventative measures, such as an internal fire suppression system and fire mitigation efforts around your house.

Quick read more or view full article /> Don't wait until it's too late to find out if you have sufficient coverage for your home. Give your insurance agent a call and ask questions, ask for quotes, or even ask for better coverage. Protecting your home is protecting your investment.
For more information, see this article from our sister branch in Steamboat Springs. 

https://www.steamboatsir.com/blog/2023/01/31/rest-insured-adjusting-your-homeowners-insurance-to-todays-market-prices/  Read Less

It’s impossible to live in Aspen and not consider yourself an environmentalist. It is almost a cliche, with the natural beauty that surrounds us. But where philosophy meets implementation is often in government regulation. And government regulation usually means higher prices for our already high-priced real estate.

According to The Aspen Times, the city of Aspen has taken a significant step towards sustainability by updating its building code. The city updates building codes every six years, and the latest update focuses on environmental efforts, including energy conservation, wildfire resiliency, and lowering emissions. The building code update is a key component of Aspen's mission to reduce greenhouse gas emissions by 63% by 2030.

Buildings are responsible for 58% of greenhouse gas emissions in Aspen, making it essential to take action to reduce their impact on the environment. The city's chief building official, Bonnie Muhigirwa, emphasized that reducing energy loads and emissions are essential first steps to make electrification more feasible moving forward.

The council unanimously supported the code updates, which faced a first Quick read more or view full article reading on January 10, and then took a moment to celebrate the years-long effort with staff. The Mayor of Aspen, Torre, highlighted the community's appetite for environmentally-friendly initiatives from the city and how it has changed over the years.

Dallas Blaney, the CEO of the Community Office for Resource Efficiency, voiced his support during the public hearing but emphasized that there is still more work to be done. Blaney stated that there are six years and 341 days left to reach the climate-action goal of reducing greenhouse gas emissions by 63%, and the building code update is just a key component of that effort.
In my opinion, Aspen's updated building code is a positive step towards reducing greenhouse gas emissions and making the city more sustainable. The community's support for environmentally-friendly initiatives shows that sustainability is becoming a priority, and there is no time to lose. 
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Pitkin County saw yet another year of record-high real estate prices and an extreme lack of inventory throughout the entire Roaring Fork Valley. The number of real-estate sales in Pitkin County in 2022, however, was down compared to 2021, with Aspen down 17% and Snowmass Village down 36%, according to Sally Shiekman, an Aspen Snowmass Sothebys International Realty broker. 

Read the full article here: https://www.aspentimes.com/news/year-in-review-pitkin-county-real-estate-sees-record-low-inventory-and-sky-high-prices/

For Buyers who need financing to purchase a property in Aspen or the Roaring Fork Valley, I have great news for you: Your buying power may have just increased!

The FHFA announced that it’s raising the Conforming Loan limits for Fannie Mae and Freddie Mac to $726,200. What does this mean for you? Higher loan limits give homebuyers purchasing within this price range the opportunity to qualify for a Conforming Loan instead of a Jumbo. A Conforming Loan typically comes with a lower rate and a smaller down payment, which increases your buying power.

If you are looking at homes in a higher price range, the new 2023 high balance conforming loan limits just came out. See below for the limits in the three counties of the Roaring Fork Valley:

Pitkin County: $948,750
Eagle County: $1,075,250
Garfield County: $948,750

Please let me know if you have questions or how I can help you with a real estate purchase or sale today! 970-948-7530, sally.shiekman@aspensnowmasssir.com, www.sallyshiekman.com.