A look at the numbers for the first half of November, mortgage hikes set to rise as affordability finally improves and the winter season begins in the Vail Valley. This is an archived edition of our weekly news brief. Visit our Vail Valley Real Estate News page for the latest from the Rocky Mountain Home Team.
The Vail Board of Realtors recorded 54 residential property sales in Eagle County for the first 15 days of November 2016, for an average sale price of $409 per square foot. The average sale price per square foot for was $491 in 2015 and $360 in 2014.
In October, sale price per square foot for the Eastern Valley fell below $500 for the third time in 2016. The combination of low interest rates (for now) and slightly lower prices saw transaction volume continue to rise for the third straight month.
How much is your home worth in today’s market? Depending on when you purchased your property, you could be looking at major equity gains. Combined with low interest rates likely to climb in the near future, it might be time to put an offer in on that “move up” home you have been looking at. The Rocky Mountain Home Team can help you sell your home for the most money in the least amount of time, and negotiate the best deal on the purchase as well.
Despite conventional wisdom, there are some advantages to selling your home over the holiday season, particularly in the Vail Valley. As the ski and snowboard crowds return to Vail and Beaver Creek for the winter season, your home might be just what a visitor hoping to become a resident is looking for.
Visit our Vail Valley Real Estate Market Report page for more detailed information on Vail Valley Real Estate.
As the fixed-rate mortgage creeps from the high 4.1’s into the low 4.2 range, Mortgage Applications are in decline. Given the support of both the incoming Trump administration and the Federal Reserve for hiking the Fed’s interest rate, it’s worth a reminder that rates are still historically very low – and there’s every indication they will be rising in 2017.
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