Real Estate Articles

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Thinking About a Purchase in Breckenridge in 2024?

Why Breckenridge in the Summer?

First off, let’s talk about why summer in Breckenridge is an absolute gem. The snow may have melted, but the town blooms with life in a different yet equally magical way. Imagine lush green trails for hiking and biking, serene spots for fishing in the Blue River, and lively festivals that bring the streets to life. And let’s not forget the cooler temperatures—a blissful escape from the scorching heat elsewhere.

The Real Estate Market Awaits

Summer 2024 in Breckenridge is expected to be bustling. With the pandemic gradually becoming a thing of the past, more and more people are looking to either settle down or find their dream vacation home in the mountains. What does this mean for you? It’s time to act swiftly but wisely. Properties in Breckenridge, from cozy condos to luxurious mountain homes, tend to sell quickly due to the town’s popularity and limited space.

Tips for Your Purchase

Here are a few insider tips to guide you through your real estate journey in Breckenridge:

  • Start Early: The early bird gets the worm, or in this case, the dream home. Begin your search as soon as possible. The summer market can be competitive, and you want to be ready to make an offer when the right opportunity presents itself.
  • Know Your Priorities: What’s more important to you? Proximity to downtown, a stunning mountain view, or perhaps direct access to trails? Knowing your must-haves will help narrow down your search.
  • Budget Wisely: Breckenridge is a premium location, and prices reflect that. Ensure you have a clear budget in mind, and don’t forget to account for property taxes and maintenance costs, especially if you’re eyeing a second home.
  • Hire a Local Expert: A local real estate agent who knows the ins and outs of Breckenridge can be invaluable. They can provide insights into the market trends, help you navigate the buying process, and even uncover hidden gems. Did you know that Roger and Teresa Moen have 27 years experience in the Breckenridge real estate market?
  • Visit in Person: If possible, visit Breckenridge before making a purchase. Explore different neighborhoods, get a feel for the community, and maybe even meet some locals. It’s the best way to confirm that you’re making the right decision.

Embrace the Community

Buying a property in Breckenridge is more than just a real estate transaction; it’s joining a close-knit community. Summer is the perfect time to immerse yourself in local events, from the National Repertory Orchestra concerts to the Breckenridge Food and Wine Festival. Engaging with the community not only enriches your Breckenridge experience but also helps you feel at home.

Final Thoughts

Purchasing real estate in Breckenridge during the summer of 2024 is an exciting opportunity to own a piece of paradise. With its unbeatable combination of natural beauty, community spirit, and endless outdoor activities, Breckenridge offers more than just a home; it offers a lifestyle. So, gear up for this adventure with patience, research, and a bit of local guidance. Your dream home in the mountains awaits!

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Interest Rates for your mountain home

First off, Happy Holidays to all of our clients past, present and future!

We hope you are enjoying all this great snow. We are having a ball and you know what they say, “If you are lucky enough to live in the mountains you are are lucky enough” We try to never forget this and truly believe it.

According to Freddie Mac, the national average for a 30-year fixed rate mortgage as of December 14, 2023, dropped below 7% for the first time since August, currently around 6.95% which is still pretty cheap money. It is difficult to remember this as we are got pretty spoiled with those 3 and 4% interest rates we have seen for the last couple of years.  On Wednesday, Dec 13, 2023, the Federal Reserve announced that it would not be raising interest rates. YAHOO! This is good news!

Many believe that this means the Feds are halting the  twenty-one month crusade of interest rate hikes against rising inflation. That crusade saw 11 rate hikes since March 2022. The  Fed’s rate hikes affect borrowing and savings rates consumers experience on a daily basis. 

We’ll keep you posted.

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Should I Drop My Listing Price?

 

How To Set your Listing Price

This question of whether or not to drop your listing price comes up often. Of course, everyone wants to get the best price possible for their home. We also know that if a house is priced too high, it signals to the market that a seller is not ready to sell and your house may be ignored by some potential buyers. So it’s important to know how to set the price…and know when to drop the listing price.

Pricing your home requires a specific formula, but a key factor is your competition – other properties listed nearby. For example, let’s say you are selling a 10-year-old post and beam home with 5 bedrooms and 5-1/2 baths. We would look at other similar homes that are currently on the market. You would assume that a potential buyer would see all other post and beam homes in that price range. You must think like a buyer. Buyers are always trying to get the most for their budget. Which one would you buy?

Secondly, we would also look at similar homes that have sold in the past year. This gives us an idea of the average length of time homes in this price range are on the market, as well as an average cost per square foot.

So now that you’ve set your listing price, how do you know when its time to drop the listing price?

Dropping your price on a house is a decision that clearly affects your net proceeds. When we take a listing we always tell our sellers to leave some room for negotiation, and plan on a couple of price reductions if needed. So always have that bottom line in your mind when you are pricing. Many times the sellers here in the mountains will just wait until the market reaches their asking price. Our resort real estate market in Breckenridge is not the same as a primary residence market, where you have to move by a certain date for a job change or children transferring schools etc.

You should also have an idea of how quickly you want to sell. Are you in a hurry to sell, or are you ok with carrying it a while longer? Can you continue paying the mortgage or taxes and any other ongoing obligations? These things should be into consideration when dropping the price also.

Keep in mind that when negotiating on a house, if you have reduced your listing price, the buyer will not see that as a negotiating concession that benefits them. A potential buyer is making an offer on the current price only (but their agent will likely share the listing history with them).

Signs That It’s Time To Drop Your Listing Price

Should I drop my listing price

One of the biggest indicators that a listing price is too high is feedback from other Realtors. If you are getting feedback after every showing that your home is priced too high, then we know that it is true. Of course, you will always get a few people saying this but if we are consistently getting this feedback, it’s important to pay attention to it.

Know that dropping your listing price is not uncommon. It doesn’t mean your home has a stigma or something is wrong and that is why it isn’t selling. While this may be the case in many areas, we are a seasonal resort market. We have a constant flow of buyers different times of the year and from different parts of the country, so it isn’t the same as when there is a fixed group of local buyers looking at a particular neighborhood and waiting for something to go on the market.

Another time you should think about dropping your listing price is if the homes around you or in the same basic price range are selling and yours is not.

The bottom line is: if dropping your price gets you to the next place you want to be, then it is the right thing. If you can hold on longer then at some point the market will rise (hopefully) to meet it.

Roger and Teresa have 22 years of experience selling properties in Summit County and have learned the ins and outs of pricing. They can walk with you through the process of choosing a listing price. Let this expert real estate team sell your home in Summit County and get you the best price possible.