Although in most markets, home prices continue their downward spiral, some areas have seen an increase in market activity; for those who are interested in purchasing a home, affordability continues to be the most important issue. According to a recent article in the Los Angeles Times, activity has increased in some markets, like Phoenix, where bidding wars have occurred over foreclosures and short sales. According to reports, Phoenix has more homes for sale than at any time after 2006, and prices seem to be on the way to firming up. Buyers are coming back, attracted by the large sale discounts offered by foreclosed and distressed properties. However, home prices continue to drop in most parts of the country, but signs like those in Phoenix are a cause for optimism in the national real estate market.

The main concept is the affordability of homes in multiple locations. “Affordability is a huge topic of conversation today. And affordability has improved quite a bit in the past several years all around the country. In Phoenix and similar markets, there is no better time than now,” says Wayne Yamano, John Burns Real Estate Consulting’s Senior Manager.” The ratio between housing costs and income is currently at it’s best. In certain markets, like Phoenix, it can be more cost effective to buy a home (if you take into account the money saved by the tax advantages) than it is to rent the average price apartment”, he says. “When the peak selling period occurred, the prices were too high and the gap was huge.”

“But now,” he continued, “in many markets, we’ve crossed that threshold, so it’s cheaper to own a home than to rent.” Since interest rates on home loans are still quite low, this opportunity is even more attractive. Yamano says it’s quite hard to time the market. Consider your home to be a shelter rather than an investment. Don’t try to time the market; just make the leap and buy the house, especially if it suits the needs of your growing family. If you wait, you may find that even if real estate prices drop, interest rates may rise! “Interest rates are especially low now and we doubt that they’ll remain there for too long. In fact, in the last two weeks, we were looking at a considerable increase. Yamano mentions that, while it is possible that prices could decrease a little more, if you see interest rates begin to go up, then it won’t matter because you’re home payment would end up being the same.

Jonna Beardsley – Breckenridge Associates “Home town Team – World Class Service” is one of the many industry inside sources that have been put together to create Breckenride Real Estate More Affordable. For almost thirty years now in Breckenridge and Summit County, Jonna has been assisting investors with their real estate requirements. You can get in touch with Jonna through e-mail; jonna@breckenridgeassociates.com or cell 970-390-2533. Be sure to check out her web site: jonnabeardsley.com.

Only 20 percent of Summit County real estate is private property.  Surrounded by the White River National Forest and other government-regulated lands, our homes in Breckenridge, Dillon, Frisco, Silverthorne, and Montezuma are nestled in a Rocky Mountain haven with six major Colorado ski areas.  They include Breckenridge, Keystone, Copper Mountain, Arapahoe Basin, Vail, and Beaver Creek.

In addition to the scarcity of developable land, more people are seeking vacation homes and second homes.  First, the nearby population of metropolitan Denver, about 85 miles to the east, continues to expand.  Summit County is a convenient weekend-vacation spot.  Secondly, baby boomers are only just beginning to drive the second-home and vacation-home markets.  The top end of the generation has started retiring but the younger set, in its prime earning years, is out shopping for places to relax and to enjoy family memories.

Essentially, this is the right time to buy property here.  Today, there are great values at every price point coupled with low interest rates.  As build-out closes in, prices could very well begin surging as they did in Aspen.  The Source reports, “There is still land available, beginning at about $120,000 for a home site.”  We have empty lots, great places to build a family estate, dream home, duplex or fractional, or hunting cabin.  Single-family homes can still be lassoed for about $400,000 and condominiums for $220,000.  For those with distinctive taste, there are condominiums and townhomes for about $2M and single-family homes with exclusive appointments into the multi-millions as well.

With Vail Resorts sinking millions into mountain improvements and development of the Breckenridge Ski Resort bases and gondolas, the resort in certain to appreciate.  A primary gondola accesses Main Street.  That is where wonderful community events, art shows, festivals, and concerts are held annually and to celebrate our 150th birthday this year.  Then we offer fishing in the Blue River, hiking and mountain biking over the Continental Divide and on the Colorado Trail, and many more exciting and relaxing activities for every age.  Come build family memories with us.

Jonna Beardsley of Breckenridge Associates offers a wealth of information about Colorado Rocky Mountain real estate.  Call Jonna at (970) 453-2200 for friendly, professional assistance.