Vail Housing Market: Low Inventory Raising Prices
It's a standard example of supply and demand: if the amount of homes is decreasing, then those homes that are available are going to be a lot more precious, so the prices go up. This is what is happening in the Vail housing market right now.
With low inventories and low interest rates, the price tags on Vail homes are steadily going up. This is actually a really good thing for both buyers and sellers, and I'll tell you why.
If you are a buyer in this current climate, you are getting in before prices are driven too high and at the upswing of this trend, which is great for resale values down the line. And if you're a seller, the market is fairly competitive as far as inventory goes, so you can rest assured that you will see your current sale value go up to a fair market value.
Also, if you're thinking about putting your house on the market and you're just not sure, now might be a good time to do that. With buyers out there wanting to close, the right property can produce a multiple offer situation.
Vail housing market inventories are down over 34 percent than they were in the first quarter of 2012. Foreclosures also fell to a statewide low, with the lowest February foreclosure numbers since 2007.
We are finding the trend in the market right now is that of an improved economic climate, steadily gaining ground from the drop off in 2008 and 2009.
So, whatever boat you're in, don't let the decreased inventory bring you down. Think of it as a good thing, and remember that this can be great for buyers, sellers, and those on the fence.
How do you feel about the current climate of the Vail housing market? Do these figures scare you, excite you, or not impact you at all? In any case, we want to know. Leave us a comment in the comment section below.