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If recent headlines about the housing market cooling and buyer demand moderating have you worried you’ve missed your chance to sell, we’re here to tell you: buyer demand hasn’t disappeared! It has eased a bit in intensity, but nothing about this gorgeous location that we get to call home will ever stop buyers from wanting their own little slice of heaven, or “key to the Rockies” 😉
Over the past two years, mortgage rates hit record lows, and that spurred a significant rise in buyer demand. Suddenly, it became accessible to buy, when it may have seemed previously impossible, or at least wasn’t quite on the radar. This year, as the rates have increased due to factors like rising inflation, buyer demand has slightly softened as a result. That being said, locally, inventory levels remain very low. Because of this, prices continue to be strong, and are still escalating in high-demand areas like ours.
As mentioned in our previous blog, Looking To The Past To Understand The Future, context and data are important to get the full picture of where today’s market stands. While 2020 & 2021 were an absolute real estate frenzy, current activity is still beating pre-pandemic levels – and those pre-pandemic years were great years for the housing market! This data + our aforementioned note of the unique luster for living in Summit County shows that there’s still demand if you sell your house today.
Right now, most experts are forecasting home price appreciation in 2023, but at a much slower pace than the last two years. When we look at the shift taking place along with what experts are saying, we can conclude that the national market may be slowing down, but still recognize that our area is unique and must be assessed as so. That is why working with a local agent, especially one with 30+ years experience, is key to an informed and streamlined process
The key to selling in times of change is understanding where the housing market is now. It’s not the same market we had last year, or even earlier this year, but that doesn’t mean opportunity has passed! While things have noticeably cooled a bit, we are still very much in a “seller’s market”. We suggest working with your trusted local experts (that’s us!) to price your house at the appropriate market value and properly stage it for viewings so that you can sell fast, and for top dollar!
If you are ready to sell or have been pondering on the idea, reach out today! We’d love to share our expert local knowledge and help you through this process.