After about a year of stagnation, the market in Summit County, Colorado is finally coming to life. Buyers are taking advantage of the current Buyers market. The few quality properties which have highly motivated Sellers are being absorbed quickly. Once the "deals" have all been bought, prices will increase as the inventory is absorbed. However, there are still some quality properties available at deeply discounted prices.
Although 2009 has seen price devaluations, they have not been as sharp as many other parts of the country. This exemplifies the strength of the Summit County Real Estate. In an accelerating market, double digit appreciation is gained year after year. During the worst recession since the great depression only a couple of years gains were lost, and that is, of course, only if you sold your property. Most property owners are riding out the storm. Even the Sellers who would like to sell are not willing to significantly lower prices. It is only the relatively few property owners who are experiencing a personal financial hardship are discounting prices. These properties represent the buying opportunities.
In the luxury market, prices in general have dropped about 10% from 2008 values. Ski in ski out home prices dropped 19% from 2008. However, the number of transactions has decreased sharply.
In summary, as we head in 2010, the combination of fabulous property choices, low interest rates & drastically reduced prices, may prove to be the best time to buy in many years. If you have been thinking about buying, Act Now!
Thursday, October 29, 2009
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