- More people can work from home for long enough periods that it makes sense to get a place in Steamboat and be here now.Email Jon Wade
- More people can move here full-time now that their jobs are remote. They feel comfortable doing so with our great community, excellent schools, and they have fewer reasons to be where they lived before.
- Even when the virus will slow down, more people and companies will continue to be comfortable with remote work. 30% of our local workforce was location neutral before the pandemic, so we don’t see this as a temporary effect.
- Interest rates are low and are likely to be for 2-3 years.
- Fiber internet lines have been laid by Luminate Broadband, which is owned by our local electric company, up to Steamboat Lake, all around Steamboat, and are coming to Hayden and Stagecoach. We hear that more will light up in 2021. Space X’s Starlink internet service is delivering 120/50 internet during their initial Beta phase. This is a new low orbit satellite service with plans to eventually cover the whole US. This will make the town of Steamboat more attractive, and will also be a big plus for our rural areas that are already seeing increased demand.
- What could cause prices to stabilize or go down? One thing would be more inventory, however it would take a lot more inventory. We never know when there will be a recession or an event that causes the economy to take a turn. As such, it is best to look at owning in Steamboat as a long term option and be comfortable owning it during a downturn. As we know there will be recessions over time, so it's important to have reserves to weather it out.
- That said, it comforts us to know property owners in Steamboat, as a whole, have a lot of equity. The combination of property appreciation, a common trend of mainly cash buyers (in the range of 50%), and most loans having pretty stringent underwriting (unlike in 2007) helps our market be more resilient in challenging times. In the end, we recommend you learn the market, consider how you feel about the economy, and think about how long you plan to own.
If you would like to know more about our market, what we see as the key trends, and how those could impact the value of a property you own or aspire to own, feel free to reach out for a low key conversation. We will listen to your questions and goals then share our experience and thoughts.
Click the button below to Email Jon Wade at Jon@TheSteamboatGroup.com or text to 970-819-6930.
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