22nd Mar, 2012

Summit County Anticipates Resort and Second Home Buying

Real estate agents in Breckenridge, Keystone, Frisco, and Silverthorne anticipate improvements in the 2012 resort and second-home market.  As the low interest rates edge up, and could double over the next year, Summit County homebuyers who are dependent upon mortgages are out shopping.

What fuels the Breckenridge real estate market in Summit County?  Vacationers fall in love with the charming Victorian community.  Visitors to the world-class ski resort comprise most buyers of Breckenridge homes, including Blue River Colorado homes, and Breckenridge golf homes in the Highland area.  There is a similar dynamic in Keystone real estate.

A good number of partially retired folks enjoy their beautiful Summit County real estate in between attending meetings or working remotely.  For some, what began as a vacation home turns into the primary residence at some point.

Lawrence Yun, chief economist of The National Association of Realtors, recently presented details suggesting an upswing in the second-home market.  Yun encouraged realtors to communicate data to the public so buyers have an understanding of what is happening in the real estate market.  The National Association of Realtors Resort and Second Home Symposium on Kiawah Island set the stage for Yun’s comments.

Sales are up across the nation.  Factors affecting the rebound in the housing market include job creation, stabilizing stock market, and increasing rent prices.  According to Yun, the traditional resort real estate market is also experiencing reduced inventories, which will lead to higher prices.

Baby boomers are an increasing dynamic in the resort and second-home market.  However, young professional families are increasingly jumping into the second-home market.  According to Lauren Ratcliffe of Charleston Regional Business Journal on March 20, 2012, two demographics are emerging.  There are the aging boomer/savers and a younger spectrum who are inheriting wealth from parents who saved and invested.

Colorado resort real estate also benefits from the upswing in metropolitan Denver.  A large percentage of timeshare, fractional, condominium, and single-family homebuyers in Summit County reside in the nearby cities.  The high-end market in Denver is steadily improving as is the overall housing market.

Although many resort areas in warmer climates, especially those with deflated foreclosure prices, saw dramatic sales increases in the past year, our more stable market and year-round destination sales continue to improve. Movement across the nation is allowing buyers who qualify and those who pay cash the flexibility of taking advantage of the today’s values for years of tomorrow’s vacation memories.

Come on out to find Summit County Colorado real estate for sale fits your budget and dream.  For information about buying real estate in the scenic mountain villages, call Barrie Stimson, Breckenridge Realtor® at (970) 390-2560.

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