Breckenridge Real Estate Blog – Market Opinion Winter 2023
We’re going to call this one Breckenridge Real Estate Blog – Market Opinion and STR Updates: Winter 2023 as we discuss what we hear and what we’re actually seeing so far. The author of this blog is Stacy, Dina’s husband, and I’m more of the web and media guy, so I try to summarize what the overall conversations are like that Dina is immersed in. But, read on to see how you can see more of Dina on the socials.
Dina’s New Instagram Profile
Dina is now more active on Instagram and is off to a great start of sharing tips and other relevant information. You can find those videos and more on her Instagram account that you can find by clicking here.
I come from a property management background and jump in as back up to Dina and the Mountain Habitat effort in a number of ways. One of them is by making sure our blog has valuable information and links that are easy to find later on. Click on the blog link in the menu and scroll through the articles we think are worthy of a look. Skip it all by contacting us via your preferred method. Click here for our CONTACT page.
Is the Breckenridge Real Estate Market Crashing?
I’ll start off with what everyone wants to know, and that’s if the market is crashing. The simple answer is no, it’s not. But, there are some changes. Look at the stats below, provided by the Summit Association of Realtors. Take a look at that, read through the blog below to see STR updates and other market opinion comments. Once you have questions about anything you’ve read, please reach out so we can do our best to explain our point of view.
“The soaring heights of our market in January 2022 make the 34% drop in the average single- family home price one year later seem dramatic. In Summit County, an average priced home at $1.85 million is down about $238,000 from last month. Prices dropped throughout the first half of 2022, but actually started to rise a bit after August of last year. These are signs of a market settling down,” said CAR Spokesperson Dana Cottrell. Get the full story here: http://ow.ly/yYbb50MW3Fj
Here’s one more graphic that shows an upward trend over time with home prices.
Federal Rates and Mortgage Rates
One of the things we’ve learned is how the media can affect your perception of what’s happening. The media mentions rising federal interest rates. And, for those not aware, that doesn’t directly mean that real estate mortgage interest rates are rising, although it can have an indirect, sometimes delayed relationship.
Inflation and Recession Fears
One way the powers that be work is that rhetoric helps fuel fear of a recession and the rising costs of living and practically everything we buy. So, let’s say that in turn, the mortgage interest rates increase, and that can affect buyers, causing them to wait for better, lower we will say, rates to come back. That puts a pause in the market, but that’s only for the buyers that need a loan. Cash buyers are still out there and are very active while there’s less competition.
The word on the street is that this is more of a market normalizing and that’s actually a good thing, as the way the market was operating was not sustainable. Buyers have more options with more inventory and sellers are possibly having to consider lower and / or any offers that come in.
Homes Priced Well are Selling
There are bidding wars still happening and we’re seeing that competitively priced homes aren’t sitting very long. Homes that have great views, are maintained well or are new are not seeing major price reductions at this time.
There are properties out there that seem to be priced a bit too high, as they are on the market longer, and may not have any offers coming in. The market speaks and if you don’t have any action that means something needs to happen to spur movement. Some sellers appear to be ok holding at their price, perhaps as the investors have time and aren’t pressured to sell for any offer that is presented.
Coming in at close to listing price is always a good buying strategy as those coming in too low aren’t being considered and are dismissed. I won’t spill all the beans on how Dina talks with clients as that’s private and each deal is different anyway. What works for someone else may not work for you. Contact Dina Sanchez, Breckenridge Real Estate Advisor to start a conversation about creating a possible successful home purchase.
Is Now a Good Time to Sell?
With fears of a recession and possible future layoffs, increased costs of living and other rising inflation related costs, that could mean fewer qualified buyers and buyers may be less motivated to make a move next year. If you’re ready to move on and unload that home or property, then talk to us and we can work out a plan that will create your next life opportunity.
Short Term Rental (STR) Updates for Summit County:
This is from the Summit Daily News, the local newspaper for the Summit County area. This article in particular discusses the restrictions and regulations for the unincorporated areas of Summit County. You can find offical links to all the municipalities on our blog, see below.
Previous related blogs, newest to oldest:
- Will the Breckenridge Real Estate Market Crash?
- How to Search for a Breckenridge Short Term Rental Investment Property
- 7 Reasons Why Now is the The Time To Buy
- Short Term Rentals in Breckenridge
- How to Buy a Property in Breckenridge, Colorado
- Short Term Rental Property Management in Breckenridge
- Breckenridge, Colorado Real Estate Market Opinion – Winter 2021
- Breckenridge Real Estate Investment Analysis for 2020
The information below originally appeared in a social media post, which can be found by clicking here.
Summit County passed new short-term rental regulations yesterday. Here’s a snippet of what you need to know:
There are license caps for various areas of Summit County, and those range from 5% to 18% for the county’s various basins. Note: This only applies to unincorporated areas of the county and does not apply to Keystone or Copper Mountain.
There is a cap on the number of individual bookings a short-term rental owner can have per year, and that is 35.
There are occupancy limits for short-term rentals in neighborhood areas.
Read our story for the full lowdown on the new regulations: https://www.summitdaily.com/news/summit-county-commissioners-approve-package-of-short-term-rental-regulations-despite-complaints-ending-a-monthslong-initiative/
Check back to see a blog dedicated to Dina’s recommendations on a Redfin Blog titled 12 Home Renovations That Don’t Add Value (and What to Do Instead), which you can find by clicking here.