The Peak Report
Real Estate Blog for the “High Country”
“Now May Be the Right Time To Buy”
With everything that is going both politically and economically, one could make the argument to take a wait and see attitude towards purchasing that primary or secondary residence. I think that, because of all the uncertainty now may be the perfect time to buy into the real estate market. The High Country real estate market has slogged its way through over seven torturous years of cool to tepid sales. We all knew that the second home market was going to struggle and we did our best to advise our sellers responsibly. If we had known that the slump in the housing market was going to run for this long and this deep, many of us would have made our peace with the market years ago, taken our losses and moved on; but alas, many did not. They chased the market downward, lowering their listing price but never lowering it enough to catch that buyer. The optimism in us kept clinging to any bump in the market as if it were a life line when in actuality we kept drifting further behind, taken by an economic tide that kept a safe landing just out of reach. Slowly and painfully sellers began to realize that it wasn’t coming back quickly. The hopeful tsunami of economic recovery has been nothing more than an ebbing tide that has finally reach bottom, (crossed fingers), and is slowing rising. The buyers are back, not clutching a no doc loan or handfuls of cash, but they’re back. Patiently perusing the Multiple Listing Services, comparing and evaluating and calculating what the smartest choice might be. They have always wanted a mountain home, they have always wanted a cool retreat from the oppressive heat of the summer and they are beginning to buy. Condo sales tripled in 2015 over 2014 At the Reserves at sugar Mountain. Prices are beginning to creep back up and the astute buys, the ones who have been watching and waiting are beginning to make their move. Interest rates will begin to inch up, the stock market will bounce around 17000 as oil prices keep energy stocks from making a rebound. The economy is resilient, jobs are slowly coming back and real growth, though not stellar, is staying north of unacceptable.
Lastly, people are tired of doom and gloom, those that survived and were able to maintain their worth are wanting to finally have a place they can call their own. Remember, this all started eight years ago. For many it’s time to make their dreams a reality.