In the middle of difficulty lies opportunity – Albert Einstein
Regardless, I believe it hits the nail on the head when talking about our present real estate market in the beautiful region of Winter Park, CO. If you are in the market to purchase a mountain property, there simply hasn’t been a better time than now to buy. Why? First, current real estate prices are close to where they were in the late 1990’s. Second, 30 year fixed-rate mortgages are at their lowest levels since record keeping of them started in 1971! (4.27% for 30 year, fixed rate; 3.72% for 15 year, fixed-rate – the lowest since 1991. October 8, 2010, page 6B, The Denver Post.) Third, there is a large inventory of available properties across the entire real estate spectrum. Meaning you have a huge selection to choos from mo matter what you’re looking for – condos, single family homes, vacant land, etc. Bottom line, we are currently in a buyer’s market and there are a number of fantastic buys available.
However, if you’re waiting for the bottom to hit the real estate market before making the move to buy your dream mountain property – it can be a costly exercise. Timing the rise and fall of any type of maket is anything but an exact science. Therefore, the decision to buy now or wait is answered best by the wise statement of the late Indian politician Ahsan:
The most important time in life is the present.
In other words, if not now – when? My mom use to tell me, “The early bird catches the worm.” You’re right. Yuck. The thought of eating a worm sounds gross, however, getting the buy of a lifetime on your mountain dream home. Count me in!