The Market Still Makes Sense If You Look Hard

The number of potential buyers is still relatively strong; they just need to see homes that are in pristine condition to be pursued to purchase.

Although sales numbers were down (71 sales recorded during May 2023 vs. 129 during May 2022) and market days increased (76 days being listed versus 27 in May), real estate fundamentals have returned. They are driving sales and success for both sellers and buyers. Homes priced competitively before coming on the MLS and real estate market attract significant buyer interest, while those able to respond swiftly are rewarded.

Overall real estate prices continue to move slower than last year (to be expected). This can be explained by low inventory levels and the seller's (or potential seller's) worries regarding replacing the nearby property.

Attracting multiple offers at market price houses demonstrates buyer interest, and demand remains strong even amid economic headwinds on a macro-level. Mortgage rate projections predict their decline over the coming twelve months could increase demand; with inventory shortages, values remain steady; some market areas have experienced softening due to affordability or prices too high relative to condition and area, though.

What it Means for Buyers and Sellers: In the Resort/Luxury Market of Vail, Beaver Creek, Arrowhead Singletree Cordillera is currently experiencing low inventory levels, which creates opportunities.

Alida Zwaan of Berkshire HomeServices Colorado Properties' Vail/Lionshead office states that buyers tend to be more selective today. She states they tend to look for newly constructed or renovated properties when making decisions in this market.

"Buyers still value demand, which is great news for sellers; however, most don't wish to purchase property that needs remodeling," noted Zwaan. Resort market buyers enjoy using cash as they wish whenever purchasing products they like, and as building costs continue rising significantly over time, most will opt instead for brand new properties over those needing remodeling work."

Zwaan notes that buyers' changing purchasing behaviors have also affected sellers; an out-of-sync listing in terms of area and condition prices increases days on the market drastically; homes priced appropriately tend to sell quicker.

"Buyers won't pay more than what they consider fair market value for your home, not what the seller thinks he or she deserves," Zwaan asserted. This test represents real-world experience: If you want to sell, seek expert advice from an established broker rather than one eager for business; market statistics show properties on the market were priced appropriately."

As summer nears, Laurie Slaughter of Berkshire Hathaway HomeServices Colorado Properties Gypsum advises those considering living further into the valley that offers warmer temperatures may find lower costs and new possibilities for construction. "People looking into moving further inland might discover cheaper living costs as well as new possibilities," Slaughter adds.

Slaughter stated, "Haymeadow in Eagle and Siena Lakes in Gypsum have both started construction recently with low early construction prices with minimal down payments - perfect options for people needing flexibility with their move-in date and financing arrangements if the ideal property comes up for sale! Homes priced correctly often attract multiple offers."

From a seller's point of view, Slaughter emphasizes the need to price their home accurately so it will sell successfully.

"Sellers should list their home within its market value," Slaughter cautioned. Real estate brokers understand what's happening and can assist sellers in setting prices that enable faster home sales. Each indicator shows that houses that are priced properly sell faster than those priced incorrectly - even though supply levels might seem limited at present, buyers remain patient as they search for suitable properties at reasonable costs."