As you know real estate markets across the country are busy and often described as crazy. Our goal here is to dig deeper and explain what we are seeing here in Steamboat along with the top level reasons behind it. Things are busy in Steamboat and we are seeing multiple offers on most but not all properties that come on the market. We talk with brokers across the country in our key feeder markets like Denver, Houston, Minneapolis etc., other resorts, and the big cities on the coasts. So far things are much more reasonable in Steamboat than most of these cities but it does feel crazy to us.
Steamboat has always been a great place to be and now more people have the flexibility to be here since they can work from home. Location neutral workers in Steamboat have gone from 30% in 2019 to well over 40% now. Long term, the experts are predicting that over twice as many people will continue to work from home as in 2019. I’ll add that this also means people that could be here 1-4 weeks before can now be here 2-4 months a year.
The real story on the demand side is that more people can now be in Steamboat for extended periods of time or full time. Most people who planned to be here can do it earlier now. Nearly everyone who is buying plan on using their home and it is not just for investment. Buyers have been very well qualified for their loans unlike in 2007 and 50% or more are purchasing with cash.
On the supply side the amount of new building has been much lower than demand for a long time. There has been very little new development (neighborhoods) for a long time. In addition, some people have waited to sell given the events of the last year, and others are concerned that they won’t be able to get something else if they do sell. If you fall into the later, please reach out with questions. We have strategies that work well to address selling and buying here in Steamboat at the same time.
As you look at this report you will see some pretty dramatic increases. However, many of these increases can be described when looking at the specific details behind just the numbers. We encourage you to look next to each graphic for the story behind what is happening in each part of the market.
As we work with Buyers we are having deep discussions on what is happening in the market and their goals. When the right property comes on the market we coach them on winning strategies along with the tradeoffs involved. Then they can make the best choices for them as they choose the price and terms to make an offer that is much more likely to be successful. We are also having a fair amount of success reaching out to owners of properties that our buyers are looking for and reaching a deal before they hit the market so ask us if that is appealing to you.
For Sellers, we know most things will sell quickly, but at the same time it is even more important to nail the marketing then get it in front of the most qualified buyers that are looking for similar properties immediately. Because with more offers we can significantly increase your chances of getting not only a higher price, but getting you an appraisal gap, waiving the appraisal or a cash offer along with limited contingencies so you have a smoother closing process.
Right now many brokers are taking just a few pictures, often with a cell phone, skipping most of their already limited marketing tools, not doing a 3D tour so people out of town can see if it is fit etc. We know that while the property will likely still sell we are committed to go above and beyond to get you a great result. We believe it is time to keep improving, continuing to work hard to set the highest standard for marketing, target the most likely buyers to create excitement / get more offers, and are doing even more now to get our clients the best terms. If you are looking to sell and then buy another property, we have several strategies to make this work so don’t give up, give us a call and we can discuss how to achieve your goals.
We hope that you find some insights in this report that are useful to you. At the same time, the market is very granular so if you want to know about your property or the ones you aspire to have please reach out. We will listen to your questions and give you personalized insights with absolutely no pressure. We know that if we take care of your needs when you are ready we will be successful too.
When Results Matter, Contact The Steamboat Group.