Summit market remains strong
February 13, 2008
Are national news headlines causing you fear and trepidation about the real estate market? The local market here in Summit County is still going strong. Trends are still on the upswing with people buying and selling. If you are thinking of selling the average prices for properties in Summit County are up. The average price for condominiums went from $204,305 in 2006 to $384,831 in 2007, a 30.8% increase. Home prices rose from $792,390 in 2006 to $927,315 in 2007, a 17.0% increase.According to Jeff Angell, Broker-Owner of RE/MAX Properties of the Summit in Frisco it has been and continues to be a win-win for buyers and sellers. If one would have purchased an average priced property in Summit County in 2003 they would have realized an average gain of $198,495! By town that average gain would look like this: Breckenridge – $272,639, Frisco – $215,356, Silverthorne – $179,915, Dillon – $85,644, Copper $124,640 and Keystone $146,668.In Summit County that comes to an average of approximately $40,000 a year for five years one gained simply by owning an average property in Summit County that five years period. That is more than most people make in a year and has been gained or reaped simply by taking on the risk of ownership in our little neck of the woods.According to the Denver Mortgage Company rates for the federal funds rate are at record lows. “Hot on the heels of its surprise inter-session rate cut of 75 basis points last week, the Federal Reserve cut key interest rates again, the fifth straight cut since September 2007. The time to act is now. Don’t wait for interest rates to drop even further, chances are they won’t. Long-term mortgage rates, the lowest we’ve experienced in years, could actually increase based on historical performance and recent trends. Also according to the Denver Mortgage Company your best chance to lock in the lowest rates since 2005 is now. Getting your application in process now will allow you to capture a great rate before it’s too late. So what does this all mean to folks in Summit County? It appears that buying real estate in the mountains is still a very stable long-term investment. According to Paula Parker a broker from THETEAM@ELICH.COM the cost of borrowing money is at historic low, also, prices tend to spike as ski season winds down. So to maximize your borrowing power the time to act is now. Welcome Home! is compiled using various industry sources by TheTeam@ELICH.COM. Butch Elich has been helping people with their real estate needs in Summit County for over 20 years. His team includes Associate Broker, Paula Parker, a Summit resident for 23 years who has been a licensed broker for 4 years and assistant Laura Combrink. Find the TheTeam@ELICH.COM at RE/MAX Properties of the Summit in Frisco, or on the web at http://www.elich.com.