Is Now a Good Time to Sell Your Summit County Real Estate?
Updated March 21, 2017
** If you own a property in Summit County, request the latest Market Report for your complex or subdivision. This report will feature properties currently for sale, properties under contract and sold properties, along with year-to-date and historic sales and trends. These are nice to look at, even if you are not planning to sell anytime soon, and I’m happy to provide it. Just email me. **
There are a number of individual variables that affect whether now is a good time for you, personally, to list your home or property. These include everything from the balance on your mortgage to the amount your home can net in a rental program to how urgently you wish to move on. We can talk about each of these variables on an individual basis.
Below, I’ll share with you whether the general conditions of the market indicate that it is a good time to sell. (Click here for more details and statistics on the current real estate market in Summit County.)
Is Now a Good Time to Sell? 5 Things to Keep in Mind
1. Inventory Levels are Low and Demand is Strong
It’s a good time to take advantage of the buyer activity in our market.
We are experiencing very low inventories. Yet interest in Summit County real estate remains high. There are a number of prospective buyers looking for that just right property to come on the market. With relatively few properties available, you could potentially be a bit more aggressive in your pricing right now.
Healthy job growth and labor markets mean more buyers who are ready and able to purchase property in Summit County. Now might be the time for you to take advantage of the demand in our real estate market.
I’m always happy to talk with you about the pricing possibilities for your property – to help you decide whether now is the right time to sell.
2. How much equity do you have in your property?
Some homeowners were unable to sell over the past few years due to a negative equity situation. Now that home prices are rising (click here to find out how much, by area and price range), homeowners are now seeing a return to positive equity.
So how do you know what your house could sell for, given today’s market conditions? Just give me a call or send me a quick email. We’ll have a quick conversation in which I’ll ask you some important questions about your home. I’ll prepare a preliminary analysis and then we can meet at the property so that I can take a look and talk with you about your options.
I promise that you’ll never feel at all pressured and there is no obligation or commitment whatsoever to moving forward in listing your home. Sometimes it’s just nice to know what your home could be worth in today’s market. We’ll talk about where the market is headed in terms of appreciating values, and we’ll have a discussion about what the best course of action might be for you, whether that action happens now or at some point in the future.
3. New construction sales are strong in Summit County.
Builders are back, with renewed confidence in the market, and the homes they are putting on the market have been very popular among buyers. Many of the Summit County residential properties that are under contract today are new construction. (The rest are resale properties.) The new construction that is under contract is split fairly evenly between the Silverthorne and Breckenridge areas with a few in Keystone and Frisco. (See all new construction currently for sale in Summit County.) More of these homes will be coming on the market in the next year, adding more homes to compete with yours.
4. Is there a home you wish to buy?
If you are staying in the area and moving up to a larger, more expensive home, consider that prices are projected to appreciate over the next year. (Of course, this may be a reason to hold on to your current home, too, but it’s also a consideration if you wish to take on a larger mortgage.)
If you are moving to a higher priced home, it will end up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. Mortgage rates are low but are expected to rise. Even a small increase in rate will have a significant impact on your housing cost.
Prices Are Trending Upward.
Prices in our real estate market are trending upward. (Click here for more details and statistics on the current real estate market in Summit County.)
What will happen to Summit County’s average sold prices in 2017? Of course, that all depends on a variety of factors. As shown in the table below, Last year, across Summit County, we saw a 7.9% increase in Average Sold Price. Breckenridge’s Average Sold Price was up 9.4% and Keystone’s was up 9.1%.
Mortgage Interest Rates are Also Trending Upward
Another factor that will increase your cost of buying: Interest rates are projected to increase as the year moves forward.
Here are some predictions on where rates will be by the end of 2017:
HSH.com: “We think that conforming 30-year fixed rates probably make it into the 4.625 percent to 4.75 percent range at some point during 2017 as a peak.”
Svenja Gudell, Zillow’s Chief Economist: “I wouldn’t be surprised if the 30-year fixed mortgage rate hits 4.75 percent.”
Mark Fleming, the Chief Economist at First American: “[I see] mortgage rates getting much closer to 5 percent at the end of next year.”
Lawrence Yun, NAR Chief Economist: “By this time next year, expect the 30-year fixed rate to likely be in the 4.5 percent to 5 percent range.”
Getting a mortgage while rates are low means you can get more house for your money.
5. Is it simply time to move on?
What is the ultimate reason you want to sell in the first place? Is it worth waiting? Whether the primary reason involves family, health, or freedom, or maybe you just want to move on to another home, make sure you pinpoint exactly why you would think about selling. We can talk about it more on an individual basis, and I can share what I know about the marketplace and what it means to you and your unique personal circumstances.
You might also like:
Is This a Good Time to Buy Summit County Real Estate?
Susie’s Tips for Listing and Selling Your Mountain Home
Find Out How Much Your Home is Worth
Why List Your Property with Susie
Read more Summit County Real Estate FAQs