Below are some brief thoughts on the real estate market here in Steamboat. As always, there are many variables to analyze for different market segments. As well, there are very few cookie cutter locations, styles and quality. Each property is distinct, so I encourage you to call or email if you have questions and would like some advice. We advise our friends, family and clients daily.
Real Estate is, and always will be, a long-term asset. In the current volatile economic market, it is nearly impossible to accurately estimate the market value of your property. When you look at Steamboat’s market as a whole, there are many contributors to market value and each segment of the market, both type and price categories are impacted differently. In the link below you can see activity from the past 30 days (Pandemic Period): A) New Listings, B) New Pendings, and C) Closed Properties.
Click Here to View Active Listings from Past 30 Days
Click Here to View Pending Listings from Past 30 Days
Click Here to View Closed Properties from Past 30 Days
As you can see, real estate activity for some property types continues to move forward. We are seeing several different reactions from the buying and selling market.
1. "Hold/Wait and See" is the largest segment.
2. Buyers optimism - pricing that was not available 30 days ago (for certain properties).
3. Seller uncertainty.
We are actually fielding some new inquiries in the past 30 days, particularly from a segment of the market that favors a rural, dynamic community like Steamboat, with a highlight on buyers that have been pursuing a purchase here, yet, have not accomplished that goal yet. We will continue to see buyer demand from those that have careers that are location neutral as well those that are isolated or benefiting from the challenges in the economy. It's not a surprise that the concerns of a pandemic could encourage some buyers to finally make a move away from the city to "their new home in Steamboat" where there is room to roam and recreate and enjoy the mountain view out the back window!
We all hope to see this pandemic in the rear-view mirror very soon, for the good of all. However, if this persists, there will downward pressure on pricing for those that the pandemic has negatively affected household income, or, for those with low savings and a financial back stop. We could see increased motivation to sell as economic struggles persist. Staying power is key to riding this out if you are a seller. We are seeing some sellers become more aggressive on pricing now, ahead of a market that could lean more toward buyers for the year ahead. If you are a buyer, you should be on your toes. The current times could have a humbling effect on sellers’ expectations. I don't expect it to be severe.
Bottom Line. Every circumstance is different, each property is different, and your situation is different. I’m happy to discuss and advise. I've learned a lot in 30 years which included other crisis situations. This one will be different. However, many key principles remain.
Nick Metzler, Colorado Group Realty
970-846-8811 | firstname.lastname@example.org