Dana Harris - Jackson Hole Real Estate

As noted in the Hole Report (see earlier post), sales this year have been much lower than last year. While activity in the lower end has been almost non-existent (below $1M) the sales in the upper end (above $2M) have been somewhat more favorable. These sales have had the effect of pushing up average and median prices in most of the categories. As the economic recovery continues and government policy begins to have an effect we expect to see an increase in activity as we move toward summer and into the second half of 2009. This will be driven by both sentiment as well as historically low prices and interest rates. As we caution our clients and potential buyers don't expect the rates to stay this low. The very actions that help the economy recover will start to drive interest rates back up. If the amount you pay for your mortgage is a major consideration for you then now is the time to start seriously looking at Jackson Hole Real Estate.

Recent Sales of Single Family Homes in Jackson Hole - January 2009

Location ListPrice Sold Price

Melody Ranch $1,375,000 Undisclosed*

Town of Jackson $1,895,000 $1,535,000

*Wyoming is a non-disclosure state and for privacy some sales are not reported. Based on current market factors assuming a decrease of the listing price 15-20% would be a reasonable ball-park estimate.

The Hole Report, long viewed as one of the valley's authorities on local real estate, is now available. The report is authored by my colleagues, David and Devon Viehman at our firm Jackson Hole Real Estate & Appraisal. The report can be read directly on my website now and copies were mailed this past week to everyone in the valley. The report summarizes market activity for the first half of 2008 as compared to the first half of 2007 (as far as the statistics go). As those of us who practice real estate here know the market has slowed and the dynamics have now set up and incredible buying opportunity as a favorable combination of pricing and interest rates currently exists. If you or someone you know is in the market to buy or sell real estate in Jackson Hole, give me a call.

Read the report at: http://www.livinginjacksonhole.com

Many times over the years I've lived here people have asked me what is so special about Jackson Hole. For the most part they are friends who live in the city and many times people who have never visited Jackson Hole even once. When I stop and really think about it the answer is probably the same as it would have been back in the early trapper days of Davey Jackson, the towns namesake. To me its the people and the human spirit, plain and simple. It seems the same things that attracted people to the area hundreds of years ago continues to attract similar people to this day. Gritty, determined, adventurous people who are on mission to change both their worlds, and others, in a very profound way. They are not egoists or selfish people but passionate and self-empowered and always thinking about the greater good or the bigger picture. It's this character that makes this mountain town such an incredible place to be a part of and call home.

I've been following some friends on-line on one such mission, to bring renewable energy to impoverished schools in Mexico. I won't tell their story here but will invite you to visit their site and read about what they have created, Project Greenscool. Watch the video's and get involved if for no other reason that it just makes you feel good. Keep up the great work guys!

Read the story and watch the videos on Patagonia's The Cleanest Line

http://www.thecleanestline.com/2009/01/the-guaymas-project-sharing-solar-energy-with-greenscool.html#more

For more information about the organization visit Greenscool at http://web.me.com/greenscool/Greenscool/Greenscool.html

Interest rates continue to hover at an all-time low making this an unprecedented opportunity for home buying. According to Fannie Mae these are the lowest rates they've seen since they began tracking their index back in 1971. Some owners are also taking the opportunity to lower their payments by refinancing. One of our appraisers at Jackson Hole Real Estate & Appraisal reported he is also seeing an increase in appraisals for refinancing. As housing has continued to slow, 30 yr. fixed mortgage rates have continued to ease over the last few months. In the Fall of 2008 they peaked up to about 6.4% and are now down to about 5.13%. There is always another side to the story, however, and according to Holden Lewis, a senior reporter for BankRate.Com, "Mortgages are near historic lows. At the same time, Treasury yields are rising. One of those things has to change. Guess which". Like Mr. Lewis most analysts are predicting these low rates won't last as more liquidity enters the market and demand for money from banks begins to increase. For the most part mortgage rates have always correlated with Treasury yields but right now there is hardly any correlation. If you look back at my blog on December 7, 2008, many of the 5 things I outlined that need to happen for our economy to begin to correct are indeed starting to take shape. Namely, the stock market volatility has decreased and credit markets are begging to see money move. As for the other items on my list, President-Elect Obama and his team have a plan to address those issues as well. Although the economy continues to slow, due to its lagging effect, we should start to see some signs of improvement as the year progresses. If you would like to track mortgage rates and get mortgage news try looking at Bank Rate.Com. If you're in the market to buy or sell Jackson Hole Real Estate please give me a call or email me for more information.

For Immediate Release

January 8, 2009


The Living In Jackson Hole Team Joins Jackson Hole Real Estate & Appraisal

Living In Jackson Hole is proud to announce the that we have become a part of the Jackson Hole Real Estate & Appraisal (JHREA) brokerage. JHREA is Jackson Holes oldest and largest locally owned real estate company, with over 40 years of knowledge and experience to service client’s. According to Dana Harris, founder of Living in Jackson Hole, “The unexpected shutdown of Real Estate of Jackson Hole in December created significant opportunities for brokers and realtors in the valley. Many have taken a step back and taken a hard look at their business models. Its become obvious to many that bigger isn’t always better.”

JHREA is a smaller specialized firm that also offer appraisal services. Although brokers and owners, David Viehman and Brad Andrews, brought several agents over from the defunct REJH firm, they declined to become too big, sticking closely to their business model to ensure they could survive market slowdowns like we’re experiencing now. The team at Living in Jackson Hole is excited to be a part of this innovative and high energy firm.

About Living In Jackson Hole

Living In Jackson Hole (LIJH), was originally developed in 2007 by its founder, Dana Harris. LIJH is the real estate site for the team who are licensed sales associate’s with Jackson Hole Real Estate & Appraisal. The site was created to give buyers and sellers in the Jackson Hole real estate market better access to tools and information to aid them in the purchase or sale of their property. They will continue to roll out new features and technology into 2009.

About Jackson Hole Real Estate & Appraisal

Jackson Hole Real Estate and Appraisal's skill and experience provide you with the most concise, objective and factual information to make critical real estate decisions. They have the most comprehensive real estate data base (even better then local government agencies) with over 40 years of history. They also have every single deeded property in Jackson Hole and Star Valley, Wyoming cataloged with over a 130 different search fields for each deed. So, whether buying or selling our customers and clients are well informed.

They provide competent objective analysis and valuation based on our years of intensive training, business experience and familiarity with the local and Rocky Mountain area. This is a specialized activity where professional market interpretation can be even more informative than a mere dollar amount.


Contact : Dana Harris, Living In Jackson Hole
Phone : (307) 690-5702
Email : info@livinginjacksonhole.com
Web : www.livinginjacksonhole.com