Eagle County’s residential real estate market continues to improve and shift toward a more balanced market, with inventory approximately 21% higher than the same time in 2023. Home buyers, who have waited for more properties or interest rates to retreat, have been rewarded with a good supply of homes and rates continuing to come down, now hovering in the low to mid-6% range (as a reminder, historical mortgage rates are about 7.38%).
Market fundamentals have also returned. Condition, location, and price continue to be the drivers of properties that garner multiple offers versus those that remain on the market beyond our current average (July averaged 72 days on market). Properties coming to market can expect to see the most interest and traffic from immediate buyers so positioning your property to sell from the onset is vital.
Key elements to factor in to sell quickly include pricing to market value, staging, professional media (photography, video, and immersive/virtual tours), and advertising. This is where the value of working with an experienced, local broker can make the difference between a smooth and timely sale versus one that sits on the market and ultimately, prompts a price drop to sell. The most concentrated number of showings will occur almost immediately (or should), so it’s important to be well-positioned from the onset.
The Eagle County market continues to stay active and is expected to continue to remain strong through the fall. Many owners who wanted to enjoy their residences for the “last summer” will list their homes this fall/winter, and we often see an uptick in buyer activity as the leaves change and people look to secure their mountain retreat for the winter season. What the current market means for buyers and sellers: Crystal Jay Seatvet, broker associate with Berkshire Hathaway HomeServices Colorado Properties, notes that the luxury/resort market has a pool of buyers, and they know what they want.
“This buyer is savvy, and they aren’t willing to overpay,” Seatvet said. “Sellers who are overpricing and assuming — or wishing — the market was as hot and aggressive as previous years are finding their homes sitting. “Yes, we all want to get the highest return, but sellers have to be smart,” Seatvet said.
“Overpricing doesn’t get you there and ultimately leads to lowering the price. If a seller is serious, they need to start off on the right foot with the right price and let the market dictate the value. When listed and presented in the best possible light, we are seeing multiple offers for properties.
” Seatvet cites a Homestead neighborhood seller she represented who did it right. “The owner had the home completely updated, furnished nicely, and priced correctly. We had multiple showings which resulted in a cash buyer offer in less than a week.
” While inventory is on the rise, the market is still very strong for sellers in the Edwards/ Eagle/Gypsum markets and there continues to be a pool of buyers, particularly in the under $1 million price points. Scooter Slaughter, broker associate with Berkshire Hathaway HomeServices Colorado Properties’ Gypsum office, echoes Seatvet’s sentiments that while buyer demand is still high, they won’t overpay. “Sellers who price their properties right are still seeing multiple offers in the under $850,000 price range,” said Slaughter.
“Conversely, sellers who list outside of market value are seeing little to no offers, losing important initial listing momentum. This ultimately leads to having to lower their price if they are serious about selling. Slaughter agrees with Seatvet about today’s buyer’s mindset.
“Buyers are willing to pay but only for the right property at the right price,” Slaughter said. Slaughter also advises buyers to take advantage of the lower interest rates as soon as possible. “As buyers have come to accept higher — but still below historic norms — interest rates, more and more are deciding it’s time to buy,” Slaughter said.
“If it’s a financed offer, be sure to have all your pre-approvals in place so you can make a competitive offer when the right property comes to market. The longer buyers wait, the more likely they are to face competition down the road, particularly if interest rates continue to come down.” A case in point is one of Slaughter’s recent clients, who received multiple offers on their home.
The one they accepted allowed for a contingency to sell their current home. “The deciding factor for the sellers on choosing this client’s offer was their flexibility with closing, and the amount of money that they would have for a down payment from their sale,” Slaughter said. After their offer was accepted on the purchase property, Slaughter listed their current home at a competitive price and had nine offers, which drove the final purchase price up more than $25,000.
The moral of the story: Price your home right and it will sell. Price your home too high, and it will sit..
