Crested Butte is a great place to be for the holidays, especially if you are looking for a white Christmas, that's pretty much guaranteed. Right now, the ski conditions are excellent! The feeling I am getting about next year is excitement. People are hopeful about new conditions in Washington, and the economic growth that should bring. People are anxious to be finished with 2016, for many a bad year, and on to 2017. I wish everyone prosperity and happiness in the New Year and hope we can all come together. 

The Federal Reserve finally raised interest rates yesterday, after a year long break. The rate rise was a shoe-in at this point, given that people had fully expected it since September. Rates had already risen in anticipation, in fact, the 10-year note has been trading around 100 basis points above where it was just a month or two ago with anticipation of both this rate rise, and a stronger economy with a business person taking the White House in January. What does that mean for real estate? Well, higher lending rates certainly, and probably more and freer lending by financial institutions  that have been handcuffed by almost zero rates for about a decade. In other words, people will have higher rate mortgages, albeit at relatively low levels in the long term scheme of things. The offset is that the economy should be stronger, and inflation will likely come back to more normal levels. That means more and better jobs, higher wages and greater potential for some people to get loans. Coupled with the higher rates are a stronger dollar. Not good for people coming to the US, but for us, a great chance to travel overseas at lower prices. The US will remain a safe haven place for international investment, and additional households will be eligible for loans if the anticipation of a stronger economy comes to fruition. So in general, pretty good for real estate, but you won't be seeing loans under 4% again for a long time. 

We have had decent snow so far this winter season, with quite a bit more snow expected later this week. It's always exciting when you hear forecasts in the feet rather than inches, and it's just whether or not it comes to fruition that will be the difference between gleeful powder days or disappointment. Either way, for most of the visitors heading this way for Christmas/New Year's, the conditions are good on the mountain. Cross country skiing has also been nice, with soft conditions and good coverage. More downhill terrain is opening every week, and the groomers and patrollers are doing a fine job. Restaurants that have been closed for the shoulder season are starting to reopen, and in a couple of weeks, crunch time will be here! I relish seeing our town filled with happy visitors, enjoying the snow and shopping, just make sure you have good rubber soles on your shoes so you don't go home with an injury.
​Happy hollidays, everyone!