In the world of real estate here in Breckenridge the summer proved to be better than expected. We had a surge of activity in the spring and then things got quieter in the summer. I understand this was a nation-wide lull. The beginning of fall, things picked up again and we have seen buyers coming into town. Most of our buyers have been cash and relatively quick closings. I was somewhat surprised to see the cash purchases, given the incredibly low interest rates of around 4% (or even lower) for those that qualify. To me, this is an indicator that people have been waiting for the great deals out there and are starting to come forward. 😀
Just to share our experiences with you. We recently sold a beautiful home that was originally priced at $3,999,000 and was incrementally reduced to $2,799,000. The home just closed for $2,050,000. (You can see it on our website at www.themoens.com — it is the castle of Breckenridge). The buyers were thrilled for us to have sold their home in this market. Was the home worth more? I would say yes, but a home is only worth the price that the market will bear. This is our difficulty in pricing lately. In 2006 and 2007, homes were selling for about 97% of asking price. When people ask me these days about asking prices vs. selling, it is a more involved answer. How many times has the seller reduced the price? What are the comparable sales in the area? Was it cash? It has certainly become a more competitive market and more complicated. That is where we come in. Our job is to figure out what the best price is for you to pay for your mountain property. So, give us a call and we can talk more about how to do this. In the meantime, life is good here!!
It’s a beautiful day in Breckenridge,
PS: Oh by the way – we have a new video introducing ourselves – check it out!