WELCOME To My New Format
Fewer words. Concise content. Quick read. 470 words. 3 minutes-not including links
REAFFIRMATION. PROGNOSTICATION.
For more than a year now, supply has been at its historic lows and demand has remained high. Thus, values continue to rise slowly and steadily. The supply will increase as it usually does in the spring, but I believe it will not increase enough to curtail the rising market values. I expect 2023 to look at lot like 2022 (see chart below, right).
WHAT'S CHANGED
What has changed over the past year is the feeding frenzy -it has dissipated. Overpricing successfully and getting multiple offers does not occur much anymore. Yet, overpricing still occurs…
SELLERS ARE OVERPRICING…WHICH IS ‘OK’
Price reductions do not indicate lessening market values. Rather, it is just a correction to overpricing. Sellers have been overpricing all winter and I would, too. In this low supply/high demand market, overpricing should be implemented if you fear leaving money on the table and/or you have time to test the market. I call that strategic marketing. Overpricing and fully expecting to achieve that number, I would call fishing.
>>OVERPRICED LISTINGS are easy to identify. If you’re interested in buying an overpriced listing, my strategy is to present a data-driven, logical offer. It works.
52% VALUE GROWTH IN 3 YEARS. Since prior to the pandemic, February 2020, Eagle County property values have increased an average of 52%! Astonishing (see chart below left for geographic detail). The only downside is taxation.
>> In Colorado, it is time for reassessing property taxes. And thus, you can expect a substantial increase in your forthcoming property tax bill. I am happy to field basic questions from you but for a deep dive into how it works, check out Eagle County’s web site, which is very thorough, Eagle County Assessor.
