Second home real estate markets are different
Today I had an offer on a property that was $75,000 less than the asking price, which was just over $500,000. The Seller was insulted and wanted to know what the Buyer was thinking! I know what he was thinking; that is is a Buyer’s market, which is what all the media outlets are telling people.
Our market is a second home market, and like most other mountain resorts, having record sales. The Buyer was from another state, and perhaps where he lives, he can make offers like that. Yes, our transactions have not increased over this time last year, but last year was a record year and our lack of inventory is the only thing keeping the transaction numbers from growing. You can’t sell what you don’t have!
The dollar volume has actually gone up by 17% over a year ago, so I think we could safely say we have a Seller’s market!
