Market Insights: A great time for buyers
Special to the Daily
This article is not going to make me too many friends. The phone calls from my colleagues will probably sound like this, “Daniel, what in the heck are you doing? You shouldn’t be giving away this sort of insider information; at least don’t put it in print.”
My mother taught me to tell the truth. My clients know that I will always be brutally honest with them. And those of you who are regular Market Insights readers tell me you appreciate hearing exactly what is going on in the market.
So why is now a great time to buy? Simple: sales slow down in autumn. The peak sales season is summer. After the Labor Day long weekend, the trend is for showings to reduce. This makes the sellers nervous, which results in additional price reductions.
Buyers, you have about two months to get that deal. Many of those people who really want to sell are thinking, “Darn it. The summer is over and my place has not sold. I don’t want to deal with another winter. If it is not sold by the end of October, I’ll lease it out for the winter and start again next spring.”
Here are some of the ‘red flags’ that indicate the seller wants an offer:
• Phases such as “motivated seller” and “bring all offers”
• The property has been on and off the market two or three times
• The property is vacant
• A recent price drop
Right now in Summit County, based on my analysis, there are 31 properties ranging from $129,900 to $2,200,000 that are advertising, in print, “motivated seller.” Of these, my favorite is a 756-square-foot condo built in 2001 that is in excellent condition. You can tell from the photos nobody is living there; a really good sign this seller wants an offer. Other indicators are the unit has recently been painted and has brand new carpet; all for under $200,000. The right buyer will be very happy with this purchase.
If you are serious about buying, make sure you have a top notch Realtor who has years of experience and knows the local market trends representing you. In addition to this advice, I encourage sellers to be prepared for an offer by asking your Realtor to prepare a current price analysis of your property.
Daniel Webster Johnson is a broker associate at Resort Brokers Real Estate in Breckenridge. He can be reached at (970) 393-3300 and/or Daniel@YourMountain
*Data provided by the Summit Association of Realtors.
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