Demoted

One of the more interesting conversations I’m having is with buyers and sellers who are trying to figure out what's to come. Locally, I’m observing several things in the first quarter of 2023.

There's two sets of buyers battling right now: those who are information driven and those who are ill-prepared. Buyers who can balance macro-economic concerns with local data and know their needs and wants are seizing opportunities and outmaneuvering buyers who cannot navigate this market.

I sound like a broken record, but inventory is still low. That's keeping pressure on prices.

Most buyers are getting a discount on price, but bidding but wars are still happening. Here’s a breakdown of the percentage of homes that sold for less than the list price: 85% in Aspen, 86% in Snowmass, 71% in Basalt, 76% in Carbondale, and 65% in Glenwood.

Sellers who base their list prices on recent comparable sales are selling quicker. Many try to price in line with the competition, but that's not always the best strategy because your competition could be overpriced, which leads to longer days on market and typically less money.

We have a lot of cash buyers in our valley. There were 75% in Aspen, 71% in Snowmass, 71% in Basalt, 59% in Carbondale, and 30% in Glenwood.

You’ve no doubt heard there’s been a lot of movement in interest rates and are probably wondering how that impacts you, your life, and your family. In my 20+ years of advising buyers and sellers, the only time I’ve seen a significant decline in home values is when I've seen significantly more supply than demand. That's not happening right now.