The start of the New Year is showing positive signs for the Vail Valley real estate market, presenting opportunities for both buyers and sellers. A recent announcement that national new home starts increased 16.9% in December to a 13-year high corresponds to more new product coming into the Vail region’s pipeline for spring and summer. This is positive news for buyers who have been faced with limited inventory, now at approximately 600 current listings in the MLS.
What this mean for Sellers
With new product expecting to debut this spring and strong buyer interest already in place, now is the time to proactively market or put your house on the market. With minimal inventory (competition) in many Vail Valley real estate markets and a strong buyer pool, home sellers can take advantage of the supply crunch to attract buyers now. The caveat here is pricing – limited supply does not mean unrealistic pricing – it equates to less time on the market and a solid selling price.
What this means for Buyers
Take advantage of an active market to find a local broker that can assist you in your search. Clearly define your goals and needs with regard to location, size, new or existing construction, and price range. The more specific you can be, the more qualified the homes will be that your broker shows you. A knowledgeable broker should also have a pulse on the Vail Valley real estate market and can often find out from connections about homes that are getting ready to go on market. This provides buyers with an added advantage of seeing a home even before it gets listed. While new inventory will present more options, new construction and pre-signing deals will continue to make it a competitive market, particularly if you’re in the $2M or under market.
Buyers and sellers can reap the benefits of a positive economic outlook for the coming year as long as they are prepared with pre-approvals and market based offers and pricing.
For more information on Berkshire Hathaway HomeServices Colorado Properties, our offices, brokers and listings, visitwww.bhhscoloradoproperties.com or call 970-329-2482.
Michael Slevin, President Berkshire Hathaway HomeServices Colorado Properties