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The valley has sprung to life with summer activities and events happening in earnest. Strong activity has also been seen in Eagle County’s real estate market with more new inventory becoming available daily and showing activity increasing. We expect this to continue and see even more properties coming to market over the next few months.
Year to date, sales in the valley are up 7.5% and dollar volume is higher by 16% when compared to last year. Properties continue to command strong prices when priced based on market value and comparable sales (versus listing prices). This also includes factoring in condition, location, views, and amenities.
For sellers wondering if this is the right time, you may be surprised at the value of your property. If curious, talking to an experienced real estate broker who can provide a detailed analysis of your property in today’s market can give you a realistic outlook and how to price your property to sell. For buyers, this time of year is a great opportunity to make a move with more choices throughout Eagle County and in all areas and price ranges.
Resort, luxury market
Mark Weinreich, broker associate with Berkshire Hathaway HomeServices Colorado Properties’ Beaver Creek Villa Montane office, notes that the resort markets of Vail, Beaver Creek, Arrowhead, Singletree, and Cordillera have more inventory options for buyers than in the past two years.
“In addition to more inventory, days on market are also increasing,” Weinreich said. “It’s not because of lack of interest, it’s more due to sellers pricing their homes above market. What this means for buyers is potentially more room to negotiate. Homes that are priced right are selling quickly, sometimes with multiple offers.”
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Weinreich’s recommendation to buyers is to be up to speed on what you like, what you want, your budget, and be ready to move quickly.
“We’re still looking at mostly cash offers and buyers who are investing in the lifestyle as much as the home,” he said. “For sellers, limited inventory doesn’t mean you can overprice. Buyers know the value. If you price it right, you get more interested buyers and looks and typically more offers.”
A case in point was a homeowner Weinreich worked with last year who started with an over-market listing price. An offer was made about $300,000 below the asking price. He didn’t counter because “it was so far off.” The home sat on the market all winter and ultimately sold in March for just slightly over the initial offer in the fall.
“If you’re serious about selling, listen to your broker. They really do have your best interests at heart,” Weinreich said.
Midvalley, downvalley market
The inventory rise and more sellers listing their homes are also happening in the midvalley and downvalley markets of Edwards, Eagle, Eagle Ranch and Gypsum, offering some much-desired relief for local buyers.
“We’re seeing more inventory in these markets from the $600,000+ price point,” said Kira Taylor, managing broker for Berkshire Hathaway HomeServices Colorado Properties’ Edwards office.
The inventory rise in these lower price points is also contributing to a rise in buyer activity including multiple offers, particularly in the lower price points.
“Given demand, it’s really important for buyers to be ready to make an offer when they find a home they like,” Taylor said. “This includes having all your pre-approvals in place if financing. Taylor also notes that it really helps to work with an experienced local broker who knows the market and how to put together an offer that is the most compelling for the seller.
“Every sale and seller are unique, and an experienced broker can be the difference between a sale and offer that is a win-win for both parties or an offer that goes south or not accepted,” Taylor added.
Taylor cites a recent sale in Gypsum that had nine offers, all with escalation clauses and appraisal gaps.
“Ever since school got out there has been strong activity and people are ready to buy. As with the luxury market, it’s still the properties that are priced to market that are selling and getting these kinds of offers. Buyers are smart and they will only pay as much as they believe the home is worth.”
Michael Slevin is the president and owner of Berkshire Hathaway HomeServices Colorado Properties, started by his father, John, 53 years ago. The company has grown to 12 offices in 10 Western Slope and mountain resort communities, spanning from Grand and Eagle Counties to the Western Slope. The company also became the network’s top-performing Colorado brokerage firm in 2023.
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This article was originally published by a www.vaildaily.com . Read the Original article here. .