Hi, everybody! Wondering how the local real estate market is doing in Breckenridge, Colorado? Here’s the answer: it’s a strong buyer’s market. There’s plenty to choose from, prices are rolled back to 2006 or 2007 levels, and sellers are motivated. If you’ve been wanting to invest in Summit County, CO, now is the time! The chart below shows the number of residential sales (homes, condos, townhomes, duplexes, and vacant lots), from the first of the year to August 13th of each year.
- 2005 was the peak year for number of transactions
- 2009 is the lowest year for number of transactions
- The number of properties sold to date in 2009 is down 42% vs 2008, and is down 67% from the five-year-average of the number of properties sold from 2004 to 2008
- The prices of properties sold to date in 2009 are down roughly 15% to 25% from the peak prices, which occurred around 1/1/2008
Here is an update on what is going on here in Breckenridge.
First, for my Buyers out there:
These bullets below are all examples of how very different the real estate market is, in Breckenridge right now. It is a very strong buyer’s market, with so many properties to choose from. Today there are 388 homes on the market and 429 condos – both much higher than usual. You are in the driver’s seat for the first time in a very long time!
- You need to stay in constant contact and watch the market updates and activities that I send so you will know when a great deal comes along. I can send you automatic listing updates. Knowledge is power.
- Make sure you know of the recent interest rates – they are still near historic lows.
- Don’t forget the $8,000 tax credit being offered if you are a first time buyer (or you haven’t owned a home in several years)
- Buyers have been picking their top 3 choices, and I call to interview the listing broker to see which seller is the most motivated. This insures you the best deal.
- In some cases, offers are being presented verbally and once all parties agree to the terms then contracts are being written and signed.
- Buyers are going to more open houses (there are a ton) so that you can be aware of what is available
- If you are looking at properties in a particular price range, bump up your price range, because properties are selling for less than usual, as a percentage of listing price. You might be able to get into a nicer condo or home than you think you can!
- Get pre-qualified before you start looking at homes, as the lending community is much more particular and requires more information than they have in the past.
- Feel terribly lucky to have such a great realtor. Just threw that in for fun! 😉
Next time, look for information for my Sellers! We aim to inform and please!
Teresa and Roger Moen
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