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Summit County Market Report for November, 2018
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The Market: With only a few weeks left in 2018, the average sold price remains at a 10% increase over 2017. November sales decreased by about 25%, bringing down annual sales to a decrease of 9%. Properties are still selling fast at an average days on the market of 51.
Condominium Sales: Condo sales are down 15% in every town in Summit County. That's an additional point drop over last month. The average sold price for a condo in Summit County is up 15% to $486,000.
Home Sales: The number of homes sold in Summit County has slowed even more and, in fact, dropped an additional couple of points over the last month (home sales are now down 5%). The average sold price for a home is up almost 4%: about $1.2 million.
Interesting: At this time in 2017 the number of sales were up 5% and the average sold price was up 8%.
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What is Your Home Really Worth?
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| How has the price of your home changed in today's market? How much are other homes in your neighborhood selling for?
If you’re wondering about prices in your area, or thinking of selling your home, I can help.
Just call my office at 800-289-7005 or email me at kelli@kellisells.com for a professional price analysis. There is absolutely no obligation.
I’ll give you honest feedback about the value of your home. And I’ll also give you the inside scoop on what’s happening in the housing market in Breckenridge, Dillon, Frisco, Silverthorne, and Keystone.
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| Attention Sellers: What Buyers Want |
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Today's television lineup is packed with shows about property ownership. From remodeling to purchasing to flipping homes, HGTV and other channels have inundated homeowners with ideas about real estate.
As a result, many buyers now have high expectations as they search for a potential home. They've seen the magazine-worthy houses on TV and that's what they want to find when they view a home. Things should be picture perfect to grab their attention. Fresh paint, new kitchens and bathrooms, neutral décor, and modern conveniences top the lists of many buyers.
It's important for sellers to keep these standards in mind as they prepare to place their homes on the market. To get that coveted buyer, sellers must give buyers what they want.
Invest in upgrades for outdated interiors. Allow a professional to stage the home. Take the time to boost
curb appeal. Ask a real estate agent for recommendations to decide what changes would make the best investment.
As sellers make these changes, one concept is essential to keep in mind: location. While upgrades can help sell a home, it's important that sellers not price themselves out of their neighborhood. Remodeling and redecorating should be appropriate for the location.
If a seller builds an addition and updates a kitchen with all the bells and whistles, the home might be beautiful, but also overpriced. The seller may have created a $250,000 home in a $150,000 neighborhood.
Again, it's important to consult with a local real estate agent who can determine what projects should be completed to properly prepare the home for the market.
With the right upgrades at the right budget, sellers are more likely to sell the home quickly and get top dollar for their property. |
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Kelli Bennett
RE/MAX Properties of the Summit
220 South Main Street
P.O. Box 4600
Breckenridge CO 80424
970-390-9311 Cell
800-289-7005 Office
970-453-7365 Fax |
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| www.kellisells.com |
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| kelli@kellisells.com |
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| License # 40008935 |
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| Breckenridge Events |
Saturday, December 8. Reindeer Run, 4:20 p.m.; Race of the Santas, 4:30 p.m.; Lighting of Breckenridge, 5:00 p.m.; Meet Santa, 5:30 - 7:00 p.m.; Caroling Karaoke, 7:30 - 9:00 p.m.
Thursday, December 13 - Sunday, December 16. The Dew. The six-day event includes the world’s best skiers and snowboarders competing in individual Halfpipe and Slopestyle competitions, Dew Tour’s signature Team Challenge, and Streetstyle competitions as well as a calendar of fan-based activities. Past competitors include Olympic gold medalist and Dew Tour champions Chloe Kim (USA), Nick Goepper (USA), Shaun White (USA), Red Gerard (USA), Gus Kenworthy (USA), Dara Howell (CAN) and others from around the world.
Monday, December 31. New Year's Eve celebration. Torch Light Parade and Fireworks.
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| Want to Sell Your Home Fast? Get My Free Guide |
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Preparing your home for sale can make the difference between getting the price you want - or ending up disappointed.
Discover some easy things you can do by requesting my free guide, "50 Tips to Prepare Your Home for a Speedy, Top-Price Sale." |
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| Just reply to this email and I'll send it right out to you. |
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| Click here to see a web copy of this newsletter |
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| Ask Kelli |
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What is a "buyer's market" and what is a "seller's market"?
In a seller's market, there is high demand for homes, which drives up prices.
This demand is often caused by an influx of new residents, downward-trending interest rates, and low inventory/lack of new construction. A seller's market may also be created by a quick spike in interest rates. This can cause waffling buyers to take the plunge due to a fear that the upward trend will continue and they will lose their window of opportunity to buy.
On the flip side, reduced demand and declining home prices create a buyer's market. A decline in demand can be caused by high unemployment, climbing interest rates, lots of inventory/new construction, and natural disasters. |
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