When To Buy
When Is The Best Time To Buy?
The real estate market in Breckenridge and Summit County is quite cyclical. Over 70 % of all real estate transactions occur during the summer months. This is because many people will visit Breckenridge or the area in the ski season. They are generally with their family and friends and here for skiing. They then get curious about owning property here and invariably walk into a real estate office or pick up one of the local real estate magazines. They will probably want to see one or two properties, but not take up too much time from their ski vacation. The Realtor will try and show them a few properties which in ski season it can be difficult. Many condos especially are occupied with guests and obtaining access is either impossible or limited. So if the Realtor and potenital Buyer are lucky, they may get into one or two properties. However, the Buyer many times feels as though they did not see all the properties they wished to see or did not have time to investigate more thoroughly. They will end up coming out in the summer to see what Breckenridge and Summit County are like. Of course, when they do that they absolutely fall in love with the area! When they visit in the Summer there are more properties on the market as most Sellers will put there property up for sale after the ski season. 70% of all rental income is earned during the ski season, so this is one of the main reasons the majority come on the market at that time.
This means there is more choice available for a Buyer to look at in the summer. So, most of the sales occur from June through October, before the next ski season. This is why even in a very hot market, the average days on market for a property to sell is approximately 180 -200 days (if it is priced right) according to the MLS (Multiple Listing System) statistics.
There are situations though that buying at different times of the year can leverage a Buyers advantage. Buying at the end of summer is sometimes a good time. The Seller has not sold his or her property and knows that the selling season is coming to a close and chances are they will have to wait until next summer to sell it. If a Buyer makes an offer on a property in winter, the Seller may think that there will be less competition now than in the summer and may be more willing to negotiate. Also buying in winter, the Buyer starts immediately to obtain rental income as a running start to their ownership, if the property is in a rental program.
Ultimately though, a Seller's motive can change at any time and if a Buyer sees a property that they really likeand they are serious, they should put an offer in!