Here’s some information about the real estate market in Breckenridge, Colorado
The above chart shows Breckenridge single family home prices (in blue), for January – October, for the years 2021, 2022, and 2023. It also shows similar information for condos in Breckenridge.
Thinking about selling your house? Wondering if you should question your property tax assessment? Just curious about the current value of one of your biggest investments? According to a recent poll conducted by NerdWallet, nearly three-quarters of Americans say knowing the value of their home is important to understanding their overall financial health.
There are a number of reasons to look into how much your home is worth and quite a few ways to track down that information. Here are some tips!
If you’re looking for a general estimate of what your home is worth, an online home valuation service may be a good place to start. You can also get an instant online estimate of your home price through our RE/MAX website. Other websites like Zillow and Trulia take into account information you provide as well as public records to approximate your home’s current market value. These services are fast and usually free, although not as accurate.
Recent sales and current listings in your area are a strong indicator of what you could sell your home for, and there are several ways to find that information. Again, the Internet is a good place to start. To look up sale prices for specific properties in Breckenridge, try Real Estate ABC or Summit County Assessor’s website. While less scientific, going to open houses, or events like the Summit County Parade of Homes, can also help you get an idea of the local housing market. Keep in mind that past sales should carry more weight than current sale prices.
If you’re serious about selling your home, a professional local real estate agent can help you more accurately estimate the current market value of your home. He or she will compare your home to similar properties – carefully considering factors like square footage, age, amenities, upgrades, condition and location – and help assign value to what makes your home unique. First-hand knowledge of the local market and assessing your home in person will provide a more accurate valuation than the Internet.
Like a real estate agent, a licensed appraiser will visit your home and closely inspect the property to assess the market value. An appraiser will evaluate the local real estate market, your property and comparable properties and provide an official report. Banks require an appraisal as part of the mortgage process, but you can hire an appraiser at any time. The average cost of an appraisal for a single-family home is $300-$500.
If you have questions about how to determine the value of your home in Breckenridge or have other real estate questions, contact The Moen Team. We are here to help!
Renting out your second home or investment property in a popular vacation destination like Breckenridge, Colorado is a tempting proposition for so many reasons. Here are some pros and cons – from our pros – to consider when you’re thinking about renting your Breckenridge property.
Rental income is the biggest advantage of renting your investment property or vacation home. You’ve already invested in the real estate and outfitted your mountain retreat; renting the unit can deliver an immediate cash return when all of the pieces fall into place. Services like VRBO can help you determine how much to charge for renting your vacation home based on features like location, number of bedrooms and extra amenities.
There are a lot of things that need to happen to successfully rent your investment property. Factor in marketing, managing reservations and maintenance when planning and budgeting to rent out your place. If you’d prefer to have someone else handle the day-to-day details, consider a full-service vacation rental management company.
If you decide to rent your property, you’ll find more and more resources on the market these days to help you. Companies like Airbnb and Turnkey can help you connect with potential renters. Fees for web-based services can also be lower than traditional rental managers if it’s the right fit for you and your property.
Restrictions on short-term rentals are a hot-button topic in many communities. Towns like Breckenridge are exploring how to balance the needs of owners who want to rent out properties with full-time residents who don’t want short-term renters for temporary neighbors. Be sure to research any rules in your HOA or community charter that might influence your plans for renting your investment property.
If you’d like your investment property to do double duty as your vacation home and a rental property, remember that rental interest and income is likely highest during the times when you may want to stay there yourself.
It’s important to weigh the pros and cons, as well as do your research before purchasing an investment property in Breckenridge. Feel free to look into our other investment property resources, or contact The Moen Team to find your dream investment home in Breckenridge!
Related Reading: Breckenridge to Revamp Rules for Short Term Rentals