I get this question from just about everyone who knows that I am a real estate agent in Estes Park. The answer is a bit more complicated than a “Good” or a “Could be better!” answer.
Headlines proclaiming the latest astonishing statistic about the state of the real estate market can be found just about everywhere you look. Foreclosures, short sales, and distressed properties dominate the marketplace and media space in most parts of the nation.
Why is Estes Park Different?
The Estes Park real estate market marches to the beat of a different drum because it is a second home market. Typically, property owners who buy real estate in Estes Park are usually very well qualified to do so. Most buyers have 20% or more of the purchase price to contribute toward a down payment.
This financial strength among property owners (who eventually become sellers) tend to diminish urgency when it comes time to sell the property. Typically, they don’t have to sell immediately to avoid foreclosure, bankruptcy or to avoid some other financial catastrophe. Sellers are willing and able to wait longer to get their price.
Sellers who are financially able to wait are actually helping the market by not allowing drastic price reductions. Properties that are selling are still getting fairly close to their asking prices even if they are taking longer to sell.
What kind of activity is taking place right now?
Attractive properties at attractive prices are still selling. However, there are also a growing number of properties sitting stagnant without a lot of action from buyers.
Activity on the Buyer side has picked up quite a bit since Christmas. EVERYONE is looking for a “deal” and it is very common for offers to be 10% to 15% or more off the list price. Most times these offers never even come together, but from time to time a buyer gets lucky.
The biggest problem buyers are running into these days is financing…but that is a topic for another day.
Here are links to more information about the Estes Park Real Estate Market:
- 2008 Comprehensive Market Statistics
Still can’t find what you are looking for? Contact me with your specific questions.
Graphic provided by http://bigphoto1.blogspot.com/
