We have been doing some extensive research in the real estate market here in the Resort Community of Summit County Colorado. As a secondary home market, we trail the Denver Colorado market by about 3-8 months; and Denver is HOT!!!
Our associates in Denver are seeing record breaking numbers of home sales, multiple offers on the same home, and sometimes 10-15% above the asking price while the number of days on the market continues to plummet.
Yesterday we held a meeting with a variety of agents who are scratching their heads. The economy seems to be at an all time high, job numbers came out today and show the lowest un-employment since 2001, and investors are making a mint on buying up homes to flip.
All these indicators point to the fact, life is good. But if you’re smart, you know cycles are a part of Real Estate. It can’t be good forever.
Some of our research is showing the lowest inventory of homes on the market since the MLS kept track, and the YTD comparison chart is showing a shorter runway of days on market for almost a year. (down 37.2% from last year)
While this is just one month, the year on year states are interesting to say the least.
With lower inventory, and higher demand than ever, it may be time to start releasing some of the leverage in your real estate portfolio to begin protecting your investments for the upcoming cycle that is sure to come.
That’s why our team is helping home owners wrestle through the difficult decision of selling a secondary home in the short term. While you may not be at the absolute top of the market, no one can predict a dip in the economy. One thing we know for sure, it’s coming.
So if you’re looking to sell your secondary real estate investment, it may be time to seriously begin thinking about taking some of your chips off the table, wait for the market to dip, and then come back to re-enter at a later date. Buying low. Selling High. It’s the first chapter in every economic text book.
This may be your time.
If you’re in a place where you’d like to begin talking about divesting a bit in property, our team here would be happy to help think through this process with you.
But if you’re still in the market to get a second home in the mountains, we are dedicated to helping you enter the market as well. And you can rest assured, we’ll have this conversation with our buyers AND our sellers to make sure you have all the information at your fingertips to make an educated decision.
If you’d like to talk through the process, please don’t hesitate to reach out to our professional team at firstname.lastname@example.org, and we would be delighted to help you further your real estate goals