Hello from the heart of the Rocky Mountains! 

 

As real estate brokers, we’re asked a dozen times a day, “How’s the market?”  For some interesting information that goes below the surface and beyond the obvious sound bites that are bantered around town we go to the

Summit Real Estate Myth Busters! 

 

Myth #1:  Prices have fallen 50%. False.  No, Summit County has not been immune from the national (and global) recession, but prices haven’t exactly plummeted.  The average price of a single family residence in Summit County in 2009 through November 2009 was $991,000 which was actually up from an average in 2008 of $950,000.

 

The average price in the condominium/townhome market in 2009 has dropped more significantly - $389,000 in 2009 vs. $476,000 in 2008 – an 18% drop, which indicates the market coming back to reality after the irrational growth of 2006-07.  Adjusting? Yes.  Landslide? No.

 

Myth #2: Inventory has skyrocketed.  Not exactly.  While it’s true that inventory is quite high right now and there are lots of properties to choose from, the overall number of properties on the market has dropped from a 20 year high point last year.  We have returned to seeing the seasonal fluctuations that we typically detect in inventory – higher in the summer, dropping during the winter.

 

Myth #3:  Properties are being sold at huge discounts off of listing prices.  In some cases, yes, but not across the board.  The average list to sell ratio in 2009 was 94.2%- or less than 6% discount off of the listing price. 

 

Myth #4:  Foreclosures in Summit County are widespread. Hardly.  The total number of properties in the foreclosure process in Summit County is very small.  The total number of properties that will actually go all the way through the foreclosure process is extremely small – less and 20 recorded in 2009!

 

Myth #5:  It’s not a good time to buy a second home in this market.  Misleading.  Buyers who take the time to know the market and work with a Buyer Specialist who knows the ins and outs of what’s happening, can find some wonderful properties at great values.  Many sellers today understand the market has changed and have priced their properties at market value.

 

Myth #6:  There’s no point in selling right now because financing is impossible.  Partly true.  As you have undoubtedly heard, financing regulations have tightened up considerably and many lenders are simply not able to lend on many of the condo projects we have in Summit County.  That being said, we have a handful of local lenders with private money that are closing deals all day long!  As always, using lenders familiar with Summit County is the very best way to go.

 

Myth #5:  It doesn’t matter which Real Estate company I choose, they are all the same.  Couldn’t be further from the truth!  At Summit Real Estate we have the experience and specialized education to stay ahead of our changing real estate market - no matter how snarly it gets!  We offer the services of 3 full-time Buyer Specialists whose primary focus is to sell our listings.  Our Team environment ensures one thing: That the most important real estate transaction in Summit County is YOURS! 

 

We look forward to helping you navigate the intricacies of our market.  Go to www.SummitHomeBuyer.com for a list of properties that meet your dream criteria, or www.SummitHomeValue.com for info on the value of your place here.

 

You’ve always known that Summit County is different from anyplace else.  We’re here to help guide the way to your home in the mountains!