February 15, 2018
Is Now a Good Time to Sell Your Summit County Real Estate?
With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring and summer. Buyers are out looking for homes right now – and there is very little for them to see.
If you are looking to sell this year, and you wait until spring or summer to list, you’ll have the greatest competition among buyers.
Reach out to me today, and we can discuss the ideal timeline for your particular situation. what your home could potentially sell for in the strong seller’s market that defines most subsets of the market today, and what I can do to help you get your home sold.
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. Or read 5 Reasons to Sell this Winter.)
Is Now a Good Time to Sell? 5 Important Considerations
1. Inventory Levels are Low and Demand is Strong
Summit County is still experiencing very low inventory levels. 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 might be surprised at what other homes in your area are selling for.
I take a very analytical, numbers-based approach to real estate. Please know that, if you are weighing the option of selling, I’m always happy to provide a detailed analytical perspective on your subdivision or neighborhood. Just email me to request this custom market analysis. 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 aren’t planning to sell anytime soon.
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.
You’ll never feel 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 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.)
In 2017, the Average Sold Price for all residential real estate in Summit County was up 17%.
And the number of sales was up +6%
Mortgage Interest Rates are Projected to Increase
Four major entities (Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors) are still projecting that rates will increase by the fourth quarter of the year.
With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will be closer to 5% by this time next year.
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