Olympic season makes us think of records set and records broken, and here in Summit County we are setting some interesting records. Inventory is as low. Like record settingly low. In the last seven years, the greatest amount of available listings for both Breckenridge and greater Summit County occurred in August of 2011. As of on February 9th, we have just over 17% of those listing numbers available. To be fair, summer is always the busiest season for real estate, but this gap is shockingly wide. If you are thinking about selling, this would be the time to jump.
For the majority of ski town dwellers, references to bulls and bears bring to mind the bull moose and brown bears we are likely to see while out hiking, but perhaps with this particularly Olympian run of gains and losses in the stock market, bulls and bears may merit second thought here in the high country. Financial experts are calling this current market everything from a correction to a hiccup to an economy in the later stages of its business cycle. While the Fed failed to raise interest rates in the January 31st meeting, CME Group Fed Watch Tool assigns 75% odds that the rate will be raised at the March meeting. If you are in the process of buying or refinancing, get that rate locked. Keep in mind that mortgage rates often move in anticipation of rate hikes, so the sooner the better.
Breckenridge Associates Real Estate is also setting records. In a crowded real estate market, Breckenridge Associates Real Estate continues to participate in almost 30% of all real estate transactions in Summit County…and still manage to be some of the best skiers, bikers and golfers out there (If best is counted by who is having the most fun). So the one message that isn’t mixed? Imagine a giant X. Side one running from left to right, bottom to top, represents the next 20 years of ski town real estate market probable growth. Side 2, right to left running from top to bottom. That’s your knees. They are the youngest they’ll ever be.
Play that Olympic theme song in your head, and stride into ski town real estate with all the determination of our young athletes. Low inventory, a variable market, and potentially rising interest rates – this is the stuff heroes are made of! Get out there with your Breckenridge Associates Real Estate Broker/Owner/Coach by your side and go for the gold.