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Are you thinking about buying a mountain home? If it crossed your mind, I’d like to provide you a couple of valuable points to consider – although, as I have mentioned before: My crystal ball seems broken or at least cracked, however the following key points may be helpful after all:
1 -Short Term Rental Regulations are “here to stay—"for now” in most Resort Communities.
Seasonal or monthly rentals are an option. Rent to a family? Several families? Friends or group?
Did you know that... any rental over 29 days is considered LONG TERM?
Example:
1 BR $2500-$3500
2 BR $4000-8000
3 BR $5000-8000
Please note..average rental rate County wide - not a specific locale.
2 - Interest Rates:
Rates have stabilized and have been decreasing.
If the rates go lower after you have purchased, refinancing is always an option.
3 - Summit County prices have show an upward trend over the past 20 years, please click here for MARKET TRENDS
Average Price 2013 $490,000 and 12/2022 1,200,00. YTD $1,100,000
4 - Inventory—that is where your local Realtor is worth their weight in "GOLD". We know our market and know who may be ready to sell by “MINING” (pun intended) our clients, friends, and locals. Local Realtors have local knowledge. Need a Restaurant for a family gathering, planning a wedding, looking for a place to hike, want to listen to live music, take a ride on a boat, bike or horse? We ca help you with your choices!
The Locals typically came to our Mountains for the winter and have stayed for our Summers.
The weather is never too hot, frequent afternoon showers, bring Wild Flowers. There is live music for entertainment, sailing or boating on Lake Dillon, outdoor patios are open for dining.
Ready to Buy…Now is the time when we typically see more inventory come on the market and since the market is more balanced..price may be negotiated, inspections and appraisals —you can ask for an inspection, negotiate for repairs, and an appraisal if you are obtaining a loan.
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