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Understanding a Housing Bubble

Is there going to be a housing bubble in Breckenridge?

A housing bubble is a temporary event, but it can last for years. Usually, it’s driven by something outside the norm such as manipulated demand, speculation, unusually high levels of investment, excess liquidity, deregulated real estate financing market, or extreme forms of mortgage-based derivative products—all of which can cause home prices to become unsustainable. It leads to an increase in demand versus supply.

If we look at who is buying the properties up here in the mountains none of these apply. We are not seeing a manipulated demand, or deregulated real estate financing for example. I cannot of course say how long this type of market will last but so far we are seeing no signs of stopping.
Covid of course started the ball rolling with people fleeing the cities but also I think Covid changed how Americans do business in many ways. The one that affects us the most is the fact that so many people can now work at home given the option and of course technology is making this possible as well.

First quarter 2022 stats for homes and condos

Here are some of the first quarter statistics for homes and condos in Breckenridge. Our phones are ringing off the hook still asking if we think the market will stay the same in 2022. The answer is YES!
If you look at the appreciation rate of 37% it is beyond what anybody would have thought. We are still seeing growth with no signs of slowing down. People believe this to be a bubble but it is not. I will explain more about that in my next blog.
  • Number of Sales: The number of home sales are down  26%.
  • Average Price Increase: The average sold price increase was +37%!
  • Inventory: Today there are only 59 single family homes for sale in all of Summit County. The average list price of the homes for sale is $4,944,975.
  • Percent of List to Sold Price: The average percent of the list to sold price is 100%.
  • Number of Sales: The number of condominium sales are down 26%.
  • Average Price Increase: The average sold price increase was +26%!
  • Inventory: Today there are only 43 condominiums for sale in all of Summit County. The average list price of the condos for sale is $1,176,495.
  • Percent of List to Sold Price: The average percent of the list to sold price is 103%.

Try Something New!

Downhill skiing in Breckenridge is a real thrill and a draw to our charming mountain town. But are you aware of the other compelling experiences to be had here?

Try sitting and relaxing slope side, nordic skiing, scenic road trips, jumping on a horse-drawn sleigh, live theater are just to name a few exciting options off the slopes and chair lifts. Read more about Breck activities here.

And when you are ready to talk about that new investment property call us! Roger and Teresa Moen are here to help with all things real estate and investment in Breckenridge. Be safe out there!

Pick me! Pick me! I want to be the Buyer!

I have shared some tips on how to make yourself, as a buyer, more appealing and less risky to a seller. We have talked about how everything has changed in the past couple of years in Real Estate. So what we are seeing are “escalation clauses” written into offers in a multiple offer situation [which is every offer I have written in the past 2 years].
An escalation clause can help a buyer compete, and ultimately offer more than the highest bidder. For a seller who is mainly interested in their bottom line, the highest bidder might be the one to win the house. 
This is of course not always the case but it is most common these days. Here is an example:
PRICE ESCALATION: Buyer offers $449,000 as the Purchase Price. However, Buyer will increase Purchase Price over any other written and signed Offer that Seller receives, to exceed any other such purchase price by $10,000, up to a maximum Purchase Price of $552,000. Seller agrees to provide a copy, with appropriate redactions, of the competing offer within 2 calendar days of MEC (mutual execution of this contract). Upon acceptance of this Offer, Buyer and Seller agree that the final offering price, up to a maximum of $552,000, will become the contractual Purchase Price.

The Market for 2022

I may sound like a broken record…

Here we are in 2022. And many of our clients have asked us how we think the market will be in 2022….

Today’s market is defined by an intense sense of urgency felt by buyers and buyers’ agents. Compared to last year, inventory is lower, demand is greater, and interest rates are rising.
I cannot emphasize enough how important it is to be prepared if you are purchasing a property in Breckenridge or other areas in Summit county to have everything lined up and ready to go.

  • Cash is king (usually).
  • If you are getting a loan a local lender will feel less of a risk to the seller.
  • Get a Pre-Qualification Letter before hand so that we can present it with the offer.
  • Quick closing, or put in a clause that gives the seller some choice on the closing date.
  • Offer above asking price and have an escalation clause (I will blog on what that is next).
  • Make the offer clean, in other words don’t put a lot of pressure on the seller. An example: leave off something small like ‘carpets to be professionally cleaned’.
  • Seller can rent back after closing if needed
  • Offering higher amounts of earnest money (normally 2%) will show the seller you are less apt to walk away from a deal with lots of money on the table and the risk of losing it if you don’t perform as contract dictates.
  • Another option is to state that earnest money goes “hard” after all contingencies are met. This shows, again, you are a serious buyer.
  • If you are buying investment property in Breckenridge the seller may have rentals on the books at the time of closing. Be flexible on those as far as closing after the bookings or letting seller keep what is on the books already, etc.

There are many tricks to make an offering that is appealing to seller. Roger and Teresa Moen, with eXp Realty have been doing this for 25 years. We are in a new world as I have said before, so we have to forget everything we thought we knew about buying and selling real estate in Breckenridge (which I know is difficult). We, Roger and Teresa Moen, have had to change with the times. We wouldn’t ask you to do what we are not willing to do ourselves.

Fun Things to do in Breck!

Try These Activities When You Want to Change Things Up 

There are so many attractive and exciting things to do in Breckenridge. Of course downhill skiing is the best! However, what about Nordic Skiing, Sledding, Sleigh Rides, Classes, Date Night activities and more!

And after you enjoy an epic day or evening out, call Roger and Teresa in Breckenridge to talk about buying an investment condo! That means no more long drives home in heavy traffic. It could be just a short walk  to your nice warm condo or town home. Call soon!

Market Statistics

Here are some interesting numbers to look at. I thought I would write about the condos and townhomes today. (Remember this is for all of Summit County.) Many of the sales are new construction in Silverthorne. As you can see the sold listings are down, I believe it is because of the low inventory and the  average days on market are down, again I believe this is because the demand is higher than we have seen in a while. The new listings, well again, demand is higher than the supply. It’s the same story. The median price is up +20%. Great for Sellers! So pretty much the same as I have been saying for 2022. I will keep you posted. Roger and Teresa Moen are still here for you (we are working on our 26th year!) so if you ever have any questions about the real estate market and sales in Breckenridge or any and all of Summit County just give us a call.

We Can Help with your Real Estate Needs

If you are looking for a realtor near you, look no further as Roger and Teresa Moen serve all of Summit County with Breckenridge as our speciality but since the inventory is low right now, all the action seems to be in Silverthorne as the building just keeps on happening, and selling out I might add. So if that is a possibility for you let us know and we can let you know of new projects.

So not only do we, Roger and Teresa Moen serve Summit County but also Chaffee County. This is Salida, Poncha Springs, Buena Vista and Nathrop. Because the inventory is low and the prices are high many of our clients are considering Chaffee County since it is
• slightly lower elevation
• Monarch Mountain Ski and Snowboard Resort is not far
• the prices are about half of Breckenridge real estate prices
Also people in Chaffee County really value their land so many times you can also have more acreage around you. Just a thought I would put that out there, so you know that your favorite local realtor can also help in other places.

Working at Home in Breckenridge

So this is the new world!  Many of us work from home. Roger and I love it. For many of you it may be a new and exciting concept. If you are wondering about working from home and buying a condo in Breckenridge, or a single family residence, you might be wondering how that would work for you. 25 years ago, when we first moved to Breckenridge, the cables to our internet were laying on top of the snow outside, much like a third world country. Things have changed I am happy to say. We do have great options, as far as providers for your internet needs, and the speeds.

Then the question is, do you want to live in a town that you love to vacation in? Sometimes a person’s needs are different. When I moved to Breckenridge and bought a home I wasn’t sure if this would suit my needs all year. Well, here I am 25 years later. Because Breckenridge has so much to offer in the way of restaurants, culture, the arts, (The Riverwalk) has great concerts and we have first class theater (The Back Stage Theater) and we have professional actors that come from New York much of the time. Great shopping, not to mention of course skiing in Breckenridge is incredible. I could go on forever on what I love about Breckenridge. We are grateful to live in an international destination as it makes living here so much more interesting. One of our concerns was also the fact that we need to travel a bit and Denver airport was only an hour and a half away so if was very convenient. I guess my point is, if you are wondering about this, give us a call and we can answer any questions or concerns you might have. The saying goes “if you are lucky enough to live in the mountains, you are lucky enough.”

Sellers this is your time!!

Some things to think about.

When my phone rings it is usually people asking me if I have any listings coming onto the market. We are in a new world and people are working from home and want to do it from their Breckenridge condo, so they can ski anytime they want.
A big question is: What is the market going to do in 2022? It is still early but so far it is looking a lot like 2021. The Federal Reserve board is likely to raise interest rates several times this year, but interest rates are still going to be low.
If you are a seller and you are thinking in your head about a price for your “Breckenridge condo sale” this is the time to give me a call! Let’s talk about it because you may think it is an impossibility, but I have seen so many changes in this high demand town of Breckenridge that it boggles my mind. It doesn’t hurt to call me and ask. You have nothing to lose and I would love to hear from you.
Also, because you are in a sellers’ market you can still sell your condo, if it is on a rental program, you can always negotiate the closing date so that you can keep your winter rentals, and close when the season is over. That way you can keep your income and not have to worry about finding a buyer during off season, or having a bunch of people in your place while trying to sell your Breckenridge condo.  There are many options to consider, and I am here to help.