Ask a Broker: With so little supply, is now the time to sell?
Ask a Broker
Question: The Vail real estate market is flooded with buyers and very little supply. Is now the time to sell?
Answer: If you are a homeowner and have owned for longer than three years, you no doubt have experienced rapid appreciation and huge equity growth in your home. Selling when the market is at an all-time peak is something to seriously consider. Of course, 2020 and 2021 have broken pricing records for many luxury markets nationwide and even globally. Why not sell?
The decision to sell your home should not be a reactive or impulsive decision. It should never be rushed, no matter how much profit you expect to make. There is obviously a lot to consider before you decide to put your home on the market. Aligning with trusted advisors to help you navigate the pros and cons is essential.
There are so many different circumstances that would be favorable to a move. For example, if you have family and live in a less expensive market, and you would like to live closer to them, start there. If you are an empty-nester and now feel like your home is too large, maybe it’s time to consider downsizing. It’s very important to be aware of the homeowner’s associations and their regulations, quarterly fees, and possibly any assessments before buying a condo.
You may also want to consider your long-term future, such as retirement. If this a property you plan to live in as you enter old age, there is a lot to consider. You might not want a lot of stairs, a long driveway, a yard to maintain or have to do home maintenance at all — that’s where elevators and on-site managers come in handy.
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At Slifer Smith & Frampton, we are seeing that the millennials are jumping in as buyers in the luxury real estate market. If you are a successful young couple and want to a bigger home with more space for a growing family, start searching now. You may be able to cash out and make a better deal on a single-family home in the western end of the valley in communities like Edwards or even as far as Gypsum. If lifestyle and quality of life for your family is more important than proximity to the lifts, this a great way to go.
Finally, never assume. You can never do too much research or be overprepared. Even though inventory is limited, there are still great opportunities for buyers out there. You just have to work with an experienced Realtor — someone who will help do the work.
The bottom line is you shouldn’t make a major life decision without taking the time to do your homework.
With over 35 years of combined experience serving clients throughout the Vail Valley, Lissa Tyler and Jack Affleck are broker associates for Slifer Smith & Frampton Real Estate. For more information, visit OwnYourVail.com or call 970-331-3686.