As our beautiful, oh-too-short summer wanes into the season of yellowing aspen trees, frosty mornings and white dusted peaks, it’s a fine time to take a breath before the end-of-year push. Typically we have “dips” in showings and activity with families settling into back-to-school routines, and while our mountain weekend activities become less grandiose. This slight lull allows us to reflect on the good, the bad and the ugly of the summer of ’16 and how we, as professionals at REWP, can better serve, educate and enlighten.
1) The Good: Epic condo and town home sales dominated the greater WP area market the last 90+ days. Inventory in these sectors has diminished. We wish developers could keep up with the demand for new product under 500K so we all had more places to sell. The face of Highway 40 is changing and the town of Winter Park has voted to fund a permanent stage in Hideaway Park to be completed spring 2017. Local businesses should be well-positioned financially coming off of a high traffic, crazy-busy summer.
Interest rates are still historically low. With the Brexit financial fiasco last month, we enjoyed some of the lower interest rates of the last 12 months. Jobs reports have been strong but it’ll be interesting to see how interest rates play out with the imminent election/new future POTUS and Congress/House electorate.
2) The Bad: (See “The Good”)
There is not enough inventory in Winter Park and Fraser to meet the current demand of condo and town home shoppers.
The 300K and under price range has been the hottest segment in the marketplace. Multiple offer situations, while not BAD for Sellers, have been frustrating for Buyers and a lot of work and stress on behalf of yours truly at REWP. Nobody likes to lose out on their dream and we all have the skills to help Buyers “win” such bidding wars AND to help Sellers identify the most likely to close on time for the best price and least hassle, but it’s not easy.
3) The Ugly: Appraisals.
Imagine booking your dream vacation and having to schedule time off work, perhaps find childcare and/or pet sitting, arrange transportation, hotels, tours, etc. You have the dates in order and are told days prior to leaving that you are now departing three weeks later. Sounds like fun, huh? No blood pressure medication needed…
This silly scenario is analogous to just about every financed transaction we deal with these days. Appraisers are on the endangered species list. They can’t keep up with demand and because of this, sellers and buyers must pencil in moving trucks, contractors, work schedules in order to be prepared to change plans at a moments notice.
The Good Again:
Because we always want to focus on the good: the benefit to being a member of this great community, we bring you this insight in hopes that you’ll reach out to us if you have more questions or just want to chat about what’s going on in the market, around town, at the ski area, at the trailhead, etc.
There are so many wonderful things happening here in Grand County. Our gem of a landscape and community is growing in many positive ways: jobs are increasing, transportation is improving and more people are discovering that being here is a fun, relaxing, healthy, enjoyable place to live or visit. We at REWP are grateful and appreciate our mountain life each day.