The deals are disappearing from the Summit County Real Estate Market!

The single family home market is always the “last in and first out” when the market corrects. We are definitely seeing this occur in Summit County. Most of the incredibly low priced single family homes have been absorbed. Opportunities continue to arise but these are rare cases and are immediately purchased by savvy Buyers waiting for such a deal to become available. This absorption has definitely shown that the single family home market has reached the bottom. Prices have stabilized.

The condominium and vacant land market historically lags behind home sales. Although Buyer activity has recently strengthened dramatically, there are still some incredible opportunities for you now. Financing has become available for both condos and vacant land. This has opened the market up to a large amount of Buyers who were not able to pay cash for the property in 2009. Since many financial experts are predicting interest rates will rise, this is also causing many Buyers to purchase now and thus lock in their interest rate for 30 years.

Since Buyers are buying, there are actually less properties on the market this Spring than we have seen in previous years. With this pent up Buyer demand the Summit County real estate market is quickly changing. Soon, the inventory of great deals will be totally depleted and prices will begin to rise.

If you have been waiting for the right time to purchase your mountain property, be careful not to miss this opportunity. There are still some quality properties available at deeply discounted prices but they are quickly being purchased.

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