Buy and hold. Three words — that’s it.The national housing outlook is positive. The consensus of a panel of economists is that due to low inventory, low housing construction in recent years and pent-up buyer demand, that over the next 10 years we can expect prices to go up around 40 percent or +/-3 percent a year, which is in line with past average appreciation.
Prices in Summit County have plummeted since the peak. The economists mentioned above stated that nationally prices have fallen 33 percent. Here is what is happening in Summit County. Minimum drop in prices- 20 percent. Typical drop in prices – 25 percent. Very common drop in prices – 30 percent. The largest drop in prices – 40 percent.
In other words, everything is on sale right now. No matter what you buy, you are getting a deal. Summit County price appreciation lags the rest of the nation.
There have been three market slumps. The first started in1973 and lasted four years. The next one started in 1981 and dragged on for seven years. And, of course, the current one that started here in 2008 (two years after the rest of the nation). Based on my experience, our market lags the rest of the country going into and coming out of real estate slumps.
Stewart Seeligson’s business education and diverse real estate experience set him apart from other real estate brokers in the Telluride region.