As the season changes from summer to fall with winter on our minds, we’re seeing some shifts in the local real estate market pertaining to both buyers and sellers. It's time to get serious about moving forward with your mountain property.
Buyers, let’s get serious about ski season. If you want to make a move and lock down a property in time for ski season, you need to act now. This is your chance, and this is the year. Not only are mortgage rates at all time lows, great deals are to be had and sellers are reviewing their prices and may be more motivated to sell as summer comes to a close.
The difference between a rate of 4% and 5% on a 30 year mortgage loan of $600,000 can amount to $128,000 over the life of the loan, or $350 each month. Current mortgage rates have dropped as low as 3.625%.
If you are waiting for the Real Estate market to drop another 1% or 2% before you buy, consider the following. If rates go up just ½% you will possibly pay $15,000 less for that $750,000 house and end up paying $63,000 more in interest over the life of the loan.
Sellers, let’s get serious about price. Now is the time to try and attract those serious buyers. Consider revisiting and reviewing your home’s sale price with your Broker and discuss what steps can be made to sell your home now.
Inventory has declined, which works in your favor. Now, let’s make sure your home is positioned the best it can be heading into the fall. Home staging may also help in the sale of your home. A small investment may make your home sell faster and for more money. A recent Home Staging article in the Denver Post reported staged homes spend 45 percent less time on the market than non-staged homes and sell for about 6 percent more.
Let's talk about getting serious. Contact your Breckenridge Associates Real Estate Broker/Partner today to talk real estate in Breckenridge and Summit County, Colorado. 800.774.7970 or 970.453.2200. Click here for the latest news about Breckenridge Real Estate.
Source: Kevin Berkley - CPA and Mortgage Loan officer with Colorado State Bank and Trust in Breckenridge, Denver Post, July 7, 2012