There’s no denying the housing market is undergoing a shift this winter. And with what you are hearing in the news, you may be wondering if this is a good time to sell your vacation home. But here in the Roaring Fork Valley, the climate of the real estate market isn’t necessarily the same as the rest of the country. In this article, we will look at key factors that make this time the perfect time to sell your vacation home!
“Before you make the decision to sell, you will want to make sure you are fully prepared. Working with an Engel & Völkers advisor will give you an advantage. Their in-depth, specialized knowledge and understanding of the market will provide you with a range of services that will fully equip you for a successful sale.”
To start, here are three key questions you may be asking – and the data that helps to answer them – as you make your decision to sell your vacation home.
1. Should I Wait to Sell?
Even though the supply of homes for sale nationwide has increased slightly in 2022, inventory is still at historic lows overall. That means it is still a sellers’ market here in the Valley.
The graph below helps put the inventory growth into perspective. Using data from the National Association of REALTORS® (NAR), it shows just how far off we are from flipping to a buyers’ market:
While buyers have regained some negotiation power as inventory has grown, you haven’t missed your window to sell. Your house could still stand out, especially if you list now while other sellers hold off until the spring season.
2. Are Buyers Still Out There?
If you’re thinking of selling your vacation home but are hesitant because you’re worried buyer demand has disappeared in the face of higher mortgage rates, know that isn’t the case for the Roaring Fork Valley.
In this market, we are seeing new luxury buyers emerge. Each one poses a variety of distinct needs unique to their lifestyle and personal definition of luxury. If you own a luxury home, it could be a great time to list your house today while demand is so high.
You may ask, “Where is this heightened demand for luxury homes coming from?” In 2020, we saw a 2.2% growth in the number of individuals with a wealth of over $5 million in net value, but in 2021 that number grew by an outstanding 19.8%.
This total increase has resulted in the introduction of over 660,000 new individuals into the high net-worth bracket. Combine that with the existing affluent looking to both diversify and add new properties to their portfolio, and that provides a true insight into why the demand for luxury properties has skyrocketed.
So, if you’re looking to make changes to your real estate portfolio, it may be a great time to list and benefit from the high demand for luxury homes today.
3. Can I Afford To Buy My Next Home?
If current market conditions have you worried about how you’ll afford your next move, consider this: you may have more equity in your vacation home than you realize.
Real estate investors/owners have gained significant equity over the past few years and that equity can make a big difference in the affordability equation, especially with mortgage rates higher now than they were last year. According to Mark Fleming, Chief Economist at First American:
“Homeowners, in the aggregate, have historically high levels of home equity. For some of those equity-rich homeowners, that means moving and taking on a higher mortgage rate isn’t a huge deal.”
We can see that:
1 – NOW is a good time to sell when inventory is still low
2 – There are luxury buyers looking for vacation homes year-round in desirable areas like Aspen, Snowmass, and the Roaring Fork Valley
3 – Higher equities make buying a new home a viable option even at higher mortgage rates
The next step is to partner with a luxury real estate brand that can represent your assets to a global market.
A Marketing Advantage with Engel & Völkers Aspen-Roaring Fork
Engel & Völkers is committed to providing every client with unmatched resources and marketing assistance in selling their properties. In fact, our multi-pronged in-house marketing team has propelled Engel & Völkers Aspen-Roaring Fork to be one of the most recognized real estate firms in the Roaring Fork Valley.
Our marketing efforts begin with our instantaneously-recognized “White Box” Sellers Engagement Vehicle (SEV) which showcases the power of our marketing efforts at the outset of our Advisors working with a client.
Engel & Völkers Aspen-Roaring Fork advertising efforts include various local print outlets along with robust digital and social campaigns. This ensures that buyers are aware of listings through:
- photography
- video
- 3-D renderings
- customized marketing materials
- traditional and digital advertising campaigns that identify potential target buyers through our exclusive MAX system
Engel & Völkers also ensure that listings are disseminated to nearly 1,000 sites around the U.S., North America, and globally. This international reach is critically important in a luxury-dominated market like ours.
“The Engel & Völkers brand provides a global reputation with a boutique feel that allows for quality service and personal attention.”
All of these tools and resources are elevated by Engel & Völkers' investment in local communities and global reach.
We recognize the important role our Advisors play in the lives of our clients as well. We utilize technology to provide our Advisors and clients with unmatched resources to guide and advise through the often-complex and emotional process of buying, selling or renting a property.
Selling your vacation home with Engel & Völkers gives you the advantage of working with one of the top luxury brokers in the world.
Another Reason to Sell
Home Prices Continue Upward
With demand for homes up and inventory down, the conditions remain favorable for sellers to get ideal prices.
In the affluent upvalley areas of Aspen and Snowmass, international destinations, the average single-family home sales price continues to rise as shown in the graphs below.
Reports from ABOR (Aspen Board of REALTORS®) indicate that the average sales price of an Aspen single-family home in October 2021 was $8,960,292 and was on the market for 113 days. Jump to October 2022, and the average sales price of an Aspen single-family home was $17,563,889 and was on the market for 41 days.
The Roaring Fork Valley will always remain a desired place to live and relocate to and remains a highly sought-after vacation mecca. No matter how the market changes (for better or worse), people will always be relocating here. And with the current market conditions of home prices and days on the market, selling to the affluent buyer just may be the answer.
Engel & Völkers Gives you the EDGE
Not all properties are created equal, yet Engel & Völkers equally values every home our advisors represent and will dedicate the expertise, time, and tailored marketing strategies to help you sell your vacation home to the right buyer at the right price.
Our Extensive Domestic & Global Exposure (EDGE) platform provides unprecedented reach to get your property in front of qualified consumers whether they’re next door, in North America or abroad—because they deserve to see it & you deserve to sell it.
It’s All About You
Engel & Völkers has always been about the people we serve. This mindset transcends time and borders. Every person and every location we serve is distinct, and we believe there’s more to real estate than simply a transaction. It’s about the experience. It means handcrafted attention to every detail, expert knowledge, insight, and meticulous service tailored discreetly for you.
“It’s our standard of service exhibited by our real estate Advisors that sets us apart and our standards are high.”
Contact Engel & Völkers Aspen – Rolling Fork Valley today to learn more about selling your vacation home, there’s no better time than NOW!
