Home Real Estate: Why it’s Still a Good Time to Buy
Local broker associates offer insight into common questions homebuyers ask, seeking mountain properties, and amid the Colorado market at large.
It’s no secret that inventory levels across the country are, for the most part, at all-time lows and multiple offers on homes commonplace. As a result, one of the most frequently asked questions among buyers is, “should we just wait?”
Waiting, in almost all instances, only creates frustration for buyers in the long run.
In our more than 70 years’ collective experience working with buyers and sellers in the Vail Valley and Eagle County, and watching trends across the country, waiting has not been the optimum way to go.
Yes, Vail and Eagle County — and other resort and popular destinations — have low inventory, yet buyers are finding and purchasing properties with the help of experienced brokers who know where and how to look, and have established relationships with other brokers.
Home ownership in today’s market still outweighs that of renting and not owning at all, even in a competitive market. The pride of ownership, financial benefits of owning versus renting, favorable interest rates, tax benefits, and the ability to live in a mountain or other resort community, continue to be reasons enough to “keep your name in the hat” in becoming a homeowner.
It could be argued that, while the process of purchasing a home has changed in the last year-plus, the benefit of today’s market has been felt by both buyers and sellers and has created more of a sense balance than what the headlines portend.
The question buyers need to ask themselves is, “How long am I willing to wait to enjoy having a place to live in, use, and enjoy?”
Waiting, in almost all instances, only creates frustration for buyers in the long run — as the realization of missed opportunities occurs, increased values take place, and discovering they will still end up competing with all the other “let’s wait and see” buyers for that one property they have waited on in an effort “to see what happens.”
There is only so much supply in the resorts and in Eagle County, and the general consensus is these destinations will continue to experience an active market for quite some time.
The question about “When is the right time to buy?” really comes down to “When you are ready.”
Yes, there are challenges when entering the market for first time, whether it’s the resort/luxury market, or more moderately priced areas. Yet, the increased values, gains, and the enjoyment and pride of new ownership witnessed over the past couple of years has far outweighed the frustration and challenges buyers have experienced.
The question buyers need to ask themselves is, “How long am I willing to wait to enjoy having a place to live in, use, and enjoy,” whether it is for you and/or your family.
Yes, you might have to step up, settle for something less than perfect, not as desirable as you had hoped for and/or lower your expectations. It costs you nothing to speak with an experienced broker who has the longevity and has experienced the ebbs and flows of this market. You can then, make the decision if you should ‘through your hat in the ring.’
(Photos and descriptions, courtesy of: Berkshire Hathaway HomeServices Colorado Properties.)
Jennie Longville May and Craig Denton are award-winning broker associates with Berkshire Hathaway HomeServices Colorado Properties in the company’s Edwards and Vail offices respectively. Both are members of the coveted Chairman’s Circle several years running, bestowed upon the top .5% of all Berkshire Hathaway HomeServices brokers nationwide. Denton’s five-year streak also earned him a coveted Legends award. They can be reached at firstname.lastname@example.org or 970-390-6617 or email@example.com or 970-376-0087.