For Breckenridge homes and Summit County real estate the basic principles of Colorado Mountain property investments are still sound. In recent years we have not experienced the over-development, mass speculation by builder/developers that other parts of the country have.
It seems that what Breckenridge Colorado and Summit County are currently experiencing is a wide separation in price between sellers & buyers in regards to the market value of real estate. The majority of sellers in the Breckenridge and Summit county area don’t have to sell and the majority of buyers don’t have to buy. This puts buyers and sellers at an odd impasse when trying to negotiate a transaction. Sellers are beginning to realize and accept that selling their property in this market means having to negotiate on their bottom price (something they have not had to do in years). But the sellers’ idea of negotiating and the buyers’ idea that we are in a Florida market price is just not matching up. Breckenridge Realtors are trying to prepare their sellers for low-offers but sellers have been pretty clear that although they will negotiate, they will not “give” their property away. This still leaves buyers in a good position. All in all they are getting a good discount.
Inventory has started to climbed second quarter. There have been about half the numbers of buyers in the market our first quarter, but buyers seem to be coming out of the woodwork. With our market inventory high, investors have a great choice of fine ski area properties to choose from and have the buyer’s market for negotiating. There really are some great deals out there—these are some of the best deals our market has seen in years. After experiencing this type of market over the past 30 years, it has been my experience that buyers aren’t sure they want to purchase a second home— In a couple of years they will be saying “I should have bought something in 2009.” I realize some buyers are trying to wait for the bottom of the market but how do you determine where and when that is? You may miss it. I believe with all types of investments it is about time in the market instead of timing the market. With prices down, and interest rates at a fantastic rate (all time low) my opinion is if you are searching for a second home purchase for your family…NOW IS THE TIME TO CONSIDER A PURCHASE IN BRECKENRIDGE OR THE SUMMIT COUNTY AREA.
Please contact: An experienced real estate professional, Jonna Beardsley 970-390-2533 “I am only a phone call away.”jonna@breckenridgeassociates.com
Posted by: Editor
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