Is it a good time to buy real estate?

silverthornerealestate — Mon, 10 Nov 2008 19:29:51 +0000

Nationwide home prices have fallen an average 18% from their peak in the first quarter of 2006, and are expected to fall an additional 10-15% between now and mid-2009. Note, this is a national average, and so some areas have seen a greater decline, and some not so much … like ours. The now widely accepted reason for the decline in values across the country is the “credit crisis.” According to the credit agencies, at the end of September about 5% of mortgages were at least 30 days past due, up from 4.6% in the second quarter and 3.5% a year before. In some weaker markets, the number is more like 8-10%. However, there are some prime locations that have not experienced any significant declines in value, and resort markets are notoriously stable at times like these.

Why? Modest leverage, and location, location, location! Communities where buyers are able to acquire properties without using financing, or by financing less of the overall price are more likely to weather a real estate slowdown than areas where properties are highly leveraged. Summit County is a less-leveraged real estate market and so less subject to the de-leveraging forces at play in other areas of the country. Even though the cost of borrowing money is still low, savvy investors recognize that real estate holdings have the potential to appreciate at a greater rate than other instruments, plus they can be personally enjoyed to a greater degree than, say, a stock portfolio. The other factor in real estate pricing is location. Properties in the most sought-after locations will appreciate well in good times and hold value in bad times. People escape real life in resort locations; by purchasing a part of their favorite pastime, investors help to drive our local, resort-driven economy.

According to an Oct. 17, Smart Money Magazine article by Brad Reagan and Elizabeth O’Brien, this idea is not just for resort towns. “Location appeal” applies to other places familiar to Coloradoans. Reagan/O’Brien say, “Upscale buyers are flocking to Cherry Creek, the tony neighborhood that’s home to Neiman Marcus and the Cherry Creek Arts Festival, one of the country’s top urban arts fairs. Here, prices leaped 16% in the past year, according to Integrated Asset Services, an firm specializing in mortgage investments. The area’s popularity illustrates a common theme in U.S. housing markets: established, close-in neighborhoods are often holding up better than suburbs, because they didn’t endure overbuilding and because higher-income owners were less likely to need subprime or adjustable-rate mortgages.”

Also from the Smart Money piece, Reagan/O’Brien report that a recent survey of luxury homeowners found that 17% of people surveyed said they’ve considered moving to get into a certain address or zip code … a reminder that the attraction of a good school, a well-heeled neighborhood, or maybe … a great powder day, helps to move homes even in a shaky economy!

Numbers of Summit County real estate transactions are down quite a bit vs. a year ago, but we have yet to see widespread price declines in Summit County. With a few exceptions, prices could be called flat… as opposed to double-digit appreciations commonly seen in the past several years. This presents an opportunity for Buyers. It’s hard to be absolutely certain, but if history is any prediction of the future, this may be the best opportunity to buy real estate than any time in the previous 30 years.

“Welcome Home” is compiled using various industry sources .

Courtesy of www.summitdaily.com

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silverthornerealestate — Mon, 18 Aug 2008 04:09:32 +0000

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