If two years ago in Summit County real estate the market seemed too crazy to believe, you are not alone. The huge increase in interest in mountain buildings and the lack of supply has led to a dramatic increase in prices, not unlike the dramatic increase you see in gasoline and other consumer goods. Couples that with the world increasing interest rates and strong economic slots face to face, and things seem to be ready for change.
According to the owners-owners and the Nelson Walley Real Estate, the local market is in the process of transition – prices are likely to continue to rise, not so much, and – its-hot-private-long-term market experience. for the past two years, especially in vacation resorts, it will be restored a step or two.
“You will see what I would call a reduction in quality, and a return to pre-Covid buying patterns,” explains broker-owner Ned Walley. “There should still be a growth in character this year, not the 24% in one year as we saw in 2021. Consumers have returned to their original CoVID waiting period in May and June to see as rates increase. I hope we will see a return to the same pre-COVID patterns where buildings start to be picked up in July and August. We will have to wait until the end of July to see the first signs if we see a return to normal buying patterns. Will prices fall, or will there be still slow growth? Call me a month later for answers. “
Breathing time – for a while
With that in mind, broker owner Debbie Nelson says she and Walley are helping clients understand that they have more time to market their homes – if they want to take advantage of prices still high – and to do less. A lot of research has to do with how to find the ultimate value outside of their properties.
“One of our clients called me recently and asked me,‘ is this the highest price we will ever see? ’… And I said,‘ No, but you are not going to continue to see strong solid growth. two years ago, ”says Nelson. “Growth will be similar to a few years before COVID, which is still making the buildings a lot better than the stock market. But I do not see a significant decline in prices, as we did from 2009 to 2011.”
Nelson said the Summit County real estate market faces the outcome of three key factors, all of which will help determine the value and speed of future growth in the business.
“First of all, the increase in interest rates is particularly affecting our full-time employees, who are not expecting to buy – or want to buy – as their purchasing power is low,” he explained. “But with the majority of buyers out here raising money from the stock market to diversify their property from their real estate agents, the sharp decline seen by Wall Street in recent years is making a significant difference in the decline of Summit County’s. Property values. is stopping the type of people who wanted to buy just because they could rent, so they are more likely to be cautious about their purchases. “
Prices still attract sellers
Despite the economic and legal challenges, Walley said the local market still offers a great deal of real estate, at the right time. And that means enlisting the help of a long-term real estate company to help better understand what could help find a top seller for their dollar home.
“In 2020, the average cost of land was $ 441 per square foot. This year, about $ 831 per square foot, ”he says. “We think of this, and our approach to all of this is different from other real estate companies. We have five staff members with building licenses, all of whom are busy making arrangements and prices. We are one company, serving one customer. And there is both science and technology in everything involved, like the researcher, not just the gut. We look at pending sales, comps and can determine if items such as another garage or similar item will produce high value in a particular area. “
Nelson said he is proud to offer an in-depth look at vendors from years of personal involvement in the Summit County market.
“For us, the price of housing is scientific. You can’t just take numbers from the air. Sometimes, it takes three to four weeks to sell a building, and we have to expect change over time, ”he says.
