Buyers can probably think of a hundred reasons why not to buy a luxury Steamboat home now, although here are a few reasons why you should.
1. Now that ski season is winding down, you may find you have more negotiation room for that high-end Steamboat ski in/ski out condo than when you here during high season.
2. It’s a buyers market here in the US and in Steamboat. There are 314 Steamboat properties for sale over $1M, and 86 have sold in the past year. That’s 3 1/2 years of Steamboat inventory over $1 million. Go ahead, make an offer.
3. You’ll get exactly what you want. The majority of buyers are sitting on the fence waiting to do what everyone else does. If you buck the trend and buy when everyone else isn’t even looking, you’ll get what you want at a price you want to pay.
4. To lock in low interest rates. Interest rates play a huge role in affordability. As an example, a $1.1M mortgage at 5.75% would mean a $5,252 monthly investment. If interest rates rise to 6.5%, your monthly investment goes to $5,688. With the US government stopping the purchase of mortgage-backed securities and interest rates expected to rise, you might want to see what financing terms you can get now.
5. Because you’ve been thinking about owning a Steamboat vacation home for years, and now it makes sense.