Welcome home: Now, or in 20 years? | SummitDaily.com

Welcome home: Now, or in 20 years?

theteam@elich.comspecial to the daily

At the end of 2009, we got a call from a customer. That’s not so unusual… customers call all the time to ask questions, to inquire about buying and/or selling, even to get some help moving heavy things..! The last time this customer called, however, was 20 years ago! In 1989 or so, he wanted to buy some Summit County real estate, but he got talked out of it. Since then, he’s wished he’d ignored that advice! But now, 20 years later, he’s under contract to buy his little piece of heaven in the high country, something he’s been thinking about for a LONG time. Why now, after 20 years? Well, his rationale was that as opposed to any time in the last few years, NOW is a great time to BUY! Maybe he read our articles…? If you take a look at the graph and stats included here (thanks to chief and master stats man, Jeff Angell) you can see that the ride is flattening out, and we’re currently in a low spot. Extrapolating the data would lead a prospective buyer to believe that the next 4-5 years may be positive ones in terms of appreciation. Many believe that the curve will cruise along the bottom for awhile… not unlike the curvy break you get on a roller coaster, just before the next big hill. The columns of data describe the number of single family homes sold per year, per area. The far right column describes the absorption rate, or how long (in years) it will take to absorb the current inventory. This number has grown longer in recent years, and will accelerate only when list prices are lowered to meet the price expectations of buyers. Once that starts to happen with some frequency, the curve will tilt upward again. Wouldn’t it be a shame if you missed this opportunity and waited until 2030 to buy your resort retreat? TheTeam@Elich.com is at Re/Max Properties of the Summit, 305 Main Street in Frisco. Butch Elich & Paula Parker are longtime locals providing real estate customers with award winning service. Find them at http://www.elich.com or search for them by name on Google, Twitter, or Facebook.

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