Hi friends, clients and family,
People ask me what I think the market will do, or is this the bottom, or what about the lenders etc………………….
So is your crystal ball fuzzy? Mine is a little.
Here is what I think……….
The lending market is at the bottom I believe. When was the last time you saw interest rates at 4.25%? After the terrible time in 2008 and 2009, the lenders are starting to loosen up a little and feel more comfortable about lending money and wanting the business. Keep in mind the interest rates on a second home or investment property are about a quarter point higher.
I am also seeing more people pay cash for their vacation or rental properties. This is great for sellers as this is usually a quick closing and they feel more secure when there is not a loan involved or an appraisal. This is great for the buyers because “money still talks!”
There is a flood of inventory so sellers are having to lower their prices. Supply and demand!!!! This is a buyer’s market so if you don’t have to sell, my advice would be to sit on your property until the market is more in your favor. Timing is everything after all!
Overall, the market is improving thank goodness. The sales in Breckenridge alone are up 42% over last year at this time. Don’t just take my word for it! See for yourself.
So, bottom line is, we are not going anywhere, Americans are extremely resilient and I believe there is pent up demand and people want to be here in the mountains enjoying life again. I know I do. 😀
See you next time and remember: if you know of anybody that is interested in real estate in Breckenridge, we are Your Mountain Realtors!
Oh by the way – we have a new video introducing ourselves – check it out!