Is Summit County in a seller's market?

It's a tough market.  Let me explain.  Summit County never suffered the downturn experienced in metropolitan areas where companies closed and jobs were lost.  We still averaged 3-4% appreciation in the first 3-4 years of this century, regardless. 

Second homes are not subject to the same economic factors that affect primary residences.  Lost jobs mean people lose homes, or move to find other work.  It prevents many from buying or moving up, or they remain cautious in the face of uncertainty.  On the other hand, those with disposable income continue to come to resorts to purchase their little bit of heaven on earth. 

Low interest rates also fueled continued purchasing power.  But, that has ended, the economy in general is improving, and inventory is down.  It's down because the market has been hotter than it's been in the past decade.  There was no typical slowdown this winter. 

So, why do buyers not understand, or want to understand, that?  Well, many are coming from markets like Denver that are still cool, where bargains are plentiful.  They still think they can, in spite of the best advice, get a deal, and force a seller to take it.  But, that's not the case. 

Except for properties priced even higher than this hot market, good properties are selling in days, not months.  One of our buyers found their dream condo yesterday.  Rather than make an immediate offer, they decided to go back to Denver and consult with their "Realtor friend".  By the time they called this morning to make an offer, it was too late.  The property was gone.  This is only one example, but it is not unusual.  We've had six buyers go through similar frustration in the past month.

Perhaps we should be twisting arms instead of simply imparting knowledge about the market.  But that's not our style.  Some people really do have to lose 2-3 deals before they accept reality.  But, it is truly too bad.  We will continue to help, to offer our best advice, and perhaps if you read this post before you go shopping with us, you'll be better prepared.  We hope so. 

If you have an interest in purchasing property in Summit County, please visit our website.  All the property listings are there.  When you live or visit here, you will know "Snow Place Like Home".