Where is the best value for your hard earned money in the Steamboat Springs real estate market? Steamboat Foreclosures, bank-owned and short-sales come to mind for most buyers.
There’s a mistaken perception among many buyers that they should buy a property that is bank owned, in foreclosure or a short sale. If they don’t buy a distressed property, they are missing out on “a deal” or at least the best deals available. But what buyers need to remember is WHY they are buying the property. Will it be their home or is it a financially sound investment with a good return?
Most people buy real estate as a shelter with the intent of owning the property for several years. So buying “the deal” can become a disappointment if it doesn’t meet their needs and it never really feels like home. During the past eight years of selling real estate, I have sold many homes to people based on the gut feeling they experienced when they walked through the front door. Buyers who had carefully thought about what they desired from a home and what’s appealing to them. Does every home buyers buy meet all their requirements? No, but they fell in love with the house and bought it anyways and I have yet to hear a regret.
Now I’m not saying that buying a distressed home is a bad idea. What I’m saying is don’t get so distracted with buying “the deal” and purchase something that doesn’t meet your desire or needs. And don’t narrow your search to just distressed properties. There are many non-distressed sellers willing to sell for great prices.
There is also extra stress and time involved when purchasing a property in the foreclose or short sale process. For many people with busy lives the extra hurdles and often disappointment are not worth their time and energy.
Foreclosure and short sales have already benefited buyers by driving down the comparable prices in every neighborhood in Steamboat Springs. Research by the Land Title Guarantee Co. office in Steamboat Springs shows that in the preceding 14 months, 205 residential units have sold for less than $300,000, and of those, 83 were priced lower than $200,000. In January and February, there were 18 home sales of less than $200,000. The declining prices for existing housing inventory here also can be seen indirectly in the fact that year-to-date dollar volume was off 23 percent at the end of February while year-to-date transaction volume was up almost 30 percent.
Lower sales prices means a seller whose home is not in foreclosure can either leave their property on the market at the price they feel it is worth and most likely wait at lot longer for a buyer or reduce their listing price to be more competitive. Many properties outside the foreclosure process are very aggressively priced in Steamboat Springs and the surrounding areas of Stagecoach, Oak Creek, Hayden and Clark which means there’s ample “good deals” a for buyers right now.
—For more on this topic or questions regarding Steamboat Springs real estate in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: firstname.lastname@example.org.