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Market Update – The Cost Of Waiting For The Bottom To Hit

Posted by Breckenridge Associates Real Estate on Monday, February 21st, 2011 at 11:59am.

Are you a buyer waiting on the sidelines for the bottom to hit on real estate pricing? It’s a tough position to be in, knowing when to make the move to buy. But you don’t want to be looking back in a year thinking “That’s when I should have jumped at the opportunity.” like many buyers do – looking back on what was a great buying opportunity.

While we can’t guarantee prices won’t fall more in the Breckenridge market, we can say buyers should consider focusing on the broader scope of a real estate purchase with a hard look at what’s happening in our market. Let's take a closer look at what we know in terms of real estate sales combined with what current interest rates actually mean to the bigger picture of the purchase.

Here’s what we know:
1.) Breckenridge real estate in 2010 closed with an increase in sales volume, a surge in condo and townhome sales, a drop in inventory and a clear spike in 4th quarter pending real estate sales.
2.) Nationally, single family home prices have remained stable when comparing the 4th quarter of 2010 to the same time period in 2009.
3.) Recent news has shown upward pressure on mortgage rates pushing a 30-year fixed-rate mortgage to the highest since April 2010.

What this means:

If prices continue to fall another 10 percent this year and mortgage rates go up another point, the cost of the home will increase. With the current real estate market happenings and mortgage rates on the rise, there is no better time than now to consider a home purchase. Contact your Broker/Partner to learn more about real estate in Breckenridge and the surrounding areas.

Source: 2010 MLS Data, Keeping Current Matters, National Association of Realtors (NAR)

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