Beware the headlines: Real estate trends in other markets may not be applicable here (column)
Markets, whether the stock market or the real estate market, are constantly changing. By their nature, markets are generally up or down, but they can also move sideways for a period and then shift again.
The media’s reports of changes are often amplified by headlines and their need to have a new message each day or week or month. While stocks can rise and fall quickly during the day, real estate generally shifts over time — and these trends are what we focus on to help buyers and sellers make the best decisions for their specific needs.
Even within the valley, micromarkets can move at different rates and over different timeframes, even if there are some commonalities. Locally, a variety of factors influence the Vail Valley’s real estate climate. Local broker knowledge of specific deals and the possible impacts of macroeconomic changes and how they affect or impact the valley’s micromarkets can provide valuable insights to buyers and sellers.
For example, in Vail, Berkshire Hathaway HomeServices Colorado Properties broker Adam Bartlett has seen a shift in the market since late summer, where buyers are starting to come in with lower offers. Bartlett attributes this to a healthier market, where neither the buyer nor seller has the upper hand.
“Buyers are being careful not to foolishly buy at the top price point, which is also somewhat influenced by rising interest rates,” Bartlett said.
Downvalley in Eagle, buyers are waiting until they find exactly what they are looking for, even with low inventory numbers. According to Mary Gorski, Berkshire Hathaway HomeServices Colorado Properties broker in the Eagle office, “Buyers are not in a rush to buy a property just because it’s in their price range. Sellers should be conscious of the condition of their home and consider staging services to ensure their home shows in its best possible light to homebuyers, as well as making sure it’s priced right.”
In Gypsum, Mallie Kingston, Berkshire Hathaway HomeServices Colorado Properties broker, said she is seeing a lot of demand and interest for homes priced at less than $500,000.
“There still isn’t much inventory in this price point, but even so, it’s the right priced house that’s going to sell,” she said.
So when you see headlines about interest rates or market shifts in other areas and they generate questions, contact a local broker to discuss what is happening in that respective market. It is likely that the headline may not be applicable to where you live or looking to buy, and a local broker can shed some invaluable light and provide you with a clearer picture based on your specific goals.
Michael Slevin is the president of Berkshire Hathaway Colorado Properties. Learn more at http://www.bhhscoloradoproperties.com.
The Vail-based Gore Valley Citizens Alliance has announced it has filed for “judicial review” of the town’s decision regarding the Booth Heights workforce housing project. That request was filed in 5th Judicial District Court in Eagle.