Dear Craig and Jennie,
I keep hearing about the low inventory and challenges for anyone wanting to buy a home in the Vail Valley. Wondering as a hopeful buyer, why it’s worth putting my name in the hat for a property or if I should just wait it out until the market settles. Is it still a good time to buy?
Dear Hopeful Buyer,
We appreciate you bringing up this topic as it seems to be top of mind for many other prospective buyers. In our more than 70 years’ collective experience working with buyers and sellers in the Vail Valley and Eagle County, waiting has not been the optimum way to go. Yes, we have low inventory, yet buyers are finding and purchasing properties with the help of experienced brokers who know where and how to look and have established relationships with other brokers.
Home ownership in today’s market still outweighs that of renting and not owning at all, even in a competitive market. That means it’s always a good time to buy! The pride of ownership, financial benefits of owning versus renting, favorable interest rates, tax benefits, and the ability to live in our mountain resort community, continue to be reasons enough to “keep your name in the hat” in becoming a homeowner.
It could be argued that while the process of purchasing a home has changed in the last year-plus, the benefit of today’s market has been felt by both buyers and sellers and has created a sense of more balance than what the headlines portend.
Waiting in almost all instances only creates frustration for buyers in the long run, as the realization of missed opportunities occurs, increased values take place, and discovering they will still end up competing with all the other “let’s wait and see” buyers for that one property they have waited on in an effort “to see what happens.” There is only so much supply in the resorts and in Eagle County and the general consensus is we will continue to experience an active market for quite some time.
The question about “When is the right time to buy?” really comes down to “When you are ready.” Yes, there are challenges when entering the market for first time, whether it’s the resort/luxury market or mid-to-down valley. Yet the increased values, gains, and the enjoyment and pride of new ownership witnessed over the past couple of years has far outweighed the frustration and challenges buyers have experienced. The question buyers need to ask themselves is “How long am I willing to wait to enjoy having a place to use and enjoy,” whether it is for you and/or your family.
Yes, you might have to step up, settle for something less than perfect, not as desirable as you had hoped for and/or lower your expectations. It costs you nothing to speak with an experienced broker who has the longevity and experienced the ebbs and flows of this market. Ask them if its a good time to buy or if you should wait. You can then make the decision if you should through your hat in the ring.
Jennie Longville May and Craig Denton are award-winning broker associates with Berkshire Hathaway HomeServices Colorado Properties in the company’s Edwards and Vail offices respectively. Both are members of the coveted Chairman’s Circle several years running, bestowed upon the top .5% of all Berkshire Hathaway HomeServices brokers nationwide. Denton’s five-year streak also earned him a coveted Legends award. They can be reached at firstname.lastname@example.org or 970-390-6617 or email@example.com or 970-376-0087.
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