Vail Daily column: Is now the right time to buy?
My wife and I are finally feeling confident enough about the economy and our income that we are ready to buy a home in the valley. However, there seems to be very little available in a mid price range that is within easy bus access for skiing. Do you think there will be a lot more properties come on the market starting in June or July? I have heard that ski area sellers often wait until the first of July to list, as they consider that the start of summer. Should we wait and see what comes on the market or just look harder and/or expand our budget and radius of our search right now?
The good news is that a lot of people are feeling the same way you are about the economy and their investments and income are up considerably from what they have been. The bad news is, that many people are feeling the same way you are about the economy and their investments and their incomes are up, too. That is bad news for you because those are the ones waiting to put their property on the market this summer (June or July) when they believe they can finally get more for their home than in the past few years. Therefore, my best guess is, yes, there will be more inventory available on the market, but the properties will be at higher prices than we have seen for sometime. So, it definitely is important to take a good look now. This is important information for would-be sellers, too. I would say to those who are thinking of selling this summer, if you want to sell this year, put your property on the market now. Not only will you beat the competition of the summer rush to market, but you can be certain that your buyer can take advantage of still record low interest rates, which may or may not be here in the coming months.
I think you are right in asking your Realtor to expand the radius of your search. Then you will, at the very least, have more comparisons for figuring out your best way to go. Remember, being on the bus route is not just in Vail, it actually goes all over the valley now. If you want to be within a few minutes of skiing, that is a different story and you will need to stay closer to Vail, Beaver Creek or Arrowhead, whatever your skiing preference is. Once again a great Realtor, hired as your buyer broker, can show you the advantages and disadvantages of each property for your use and for resale. That Realtor can help you find a seller that is on the market or may be coming on the market soon, but has not listed yet, so that you can find a motivated seller. As always, a motivated seller and a qualified buyer can almost always make a sale work with the negotiating skills of a seasoned Realtor. We know you will discover something soon that you and your family can enjoy for years to come. Best of luck to you!
Joan Harned is an owner/broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or http://www.SkiAndTeeHomes.com.