Why does the News media always portray such doom and gloom, because that is what sells News.  You can’t always believe what you read, in fact when the Press is analyzing the housing market, they are just talking in generalizations and are not specialists in every market.

It’s important to understand that Summit County has been one of the hottest real estate markets in the country…with continued increases in value averaging in the 10-20% range year after year. But unlike the rest of the country, the foreclosure rate is remaining low (the lowest in Colorado) and selling prices have not declined.

There was a correction in the market in 2008 on  listing prices.  These prices  declined last year because early in the year (when people generally list properties…and prior to the credit crunch), people were still listing their properties based on the 10%-20% annual increases they had seen over the previous 5+ years. When the properties didn’t sell, people either pulled the listings or lowered the prices to the 2007 levels.

We have definitely moved from a sellers market to a neutral market…or even perhaps one that is slightly favoring the buyer…but we are not seeing the foreclosures like the rest of the country and we’re not seeing the huge discounts and/or price reductions as people sell to avoid foreclosure.

If you keep waiting until you think prices are going to drop further, you may regret your decision.  Interest rates are at an all time low, and there are some great properties out there to choose from.  Please feel free to search the MLS and my website.  Leah Baxter can be contacted at 970-389-6367 or leah@leahbaxter.com

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