Buyer’s Market Report – 2020
Since Memorial day, shops have been open and the valley is buzzing! Listings and showing have been extremely active, with August 2020 being one of the busiest months in a while. There appears to be a great exodus from cities to our mountain community as more people are working from home and are seeking both life-style and comfort in their new mountain home.
Interest rates remain low, giving buyers optimal conditions to buy. After the first round of government stimulus checks, mortgage applications rose as purchasers focus on the predictability of a steady monthly income. Inventory was up in June and July, a sign of a strong summer, with sale-to-list prices remains steady at just over 97% of asking price, but there is still some room for negotiation.
Buyers are still getting some great deals, with affordable mountain condos and both short and long-term rentals. Some of the best deals are with vacant land and great opportunities for new builds, though this will likely drive the cost of building up as contractors become more in-demand.
Inventory is slowly declining as we enter the fall, however, which is leading to multiple offer situations and may cause a bump in increased home prices.