Is The Real Estate Market Rebounding?
Year to date foreclosures are more of less flat (183 vs. 188). Bank owned properties are receiving multiple offers that drive the sales price over list regularly. Short sales are going under contract like never before and selling. We continue to have extremely low interest rates which are acting as an incentive for buyers to borrow and purchase. The question becomes, when will the foreclosures and short sales begin to decline? What we do know, buyers are buying and we are busy. We are at the bottom and although we do not know for how long, we believe there will continue to be great opportunities to buy throughout the summer. If you are a buyer, be prepared to act quickly. Having your financing lined up will give you an edge that you will need to compete against other offers. The real deals are no longer on the market for weeks or months. The last bank owned listing we had received three offers and went under contract after only 1 day on the market.
Below are the detailed area market updates as of May 11th which you are accustomed to seeing plus the Eagle County Trends Reports:
As you know, the valley is very diverse and all areas, neighborhoods and pocket neighborhoods are performing differently. We hope the above information is helpful and do not hesitate to contact us for additional information, questions or concerns. You also have access to the Vail Board of Realtors MLS at www.eaglevalleyrealty.org. Click this link and the search is located on the right navigation. This information is updated daily and contains every active residential listing with detailed information, photos and videos of properties from Vail to Gypsum.
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