So you’ve decided this might be the year you actually do it. You’ve skied here, hiked here, maybe rented the same condo three years in a row. And somewhere between the chairlift and the après ski, the idea turned from “someday” into “maybe this year.” Welcome to the beginning of one of the best decisions you’ll ever make! Here’s what to expect when house hunting in Summit County.
House hunting in Summit County
Summer is a great time to start house hunting. The Summit County market typically has more inventory to choose from and the weather is great for house hunting. This summer is looking to be no exception. Inventory is beginning to build. This summer is expected to see more properties for sale than there has been in years. Plus, longer days give you the opportunity for a morning hike and to still check out a home or two in the afternoon.
The Summit County market feels calm
Just about every real estate market in the country was ridiculous during the pandemic. Buyers were rushed. Sellers were able to sell above list price in a weekend. That chaos is over. The market feels so much calmer, so much more stable.
On average, homes are sitting on the market about 75 days right now. There are no bidding wars on most properties. Sellers are negotiating. Buyers have time to think, ask questions and make a thoughtful decision rather than a panicked one. That doesn’t mean great properties sit forever. Great homes at great prices can still sell quickly. It’s still important to take action once you find the right property.
What’s most important?
How you will use your home can dictate where you home is located.
- If you buy an Epic Pass every year, a home closer to Keystone or Breckenridge might be best.
- If you are a sailor, Dillon might be your best bet.
- Do you prefer city life with restaurants just down the street, or to be off the beaten path?
- If you hate driving in snow, being on the bus route might be the most important thing.
- Are short term rentals part of your equation? Every area has different rules regarding rentals.
There are no wrong answers. But having some thoughts about what you want before you start looking will not only help find the right place, but it will help you see how a Summit County home will actually work for you. House hunting in Summit County is a process. It’s important to understand that as you look at properties, what you think is most important to you might start to change. Be honest and open to that and don’t worry, we’ll help you find a great place.
Financing your Summit County home
Buying a Summit County home can be different than buying a home in a primary market. Lenders are often more skittish when lending on a home that the mortgage holder doesn’t live in all the time. Higher down payments, around 20% or more, are common, as are jumbo loans. Condo complexes and short term rentals can cause some properties to not fit so neatly within the lender’s requirements. A local lender, that is familiar with the Summit County properties, will generally know these things up front and keep surprises to a minimum.
We’re happy to point you toward Summit County lenders if you need some guidance.
The homebuying process
Most of our buyers don’t find their home on the first trip. They look at several properties, get a feel for different areas and price points, and come back a second time with a clearer picture of what they want. That’s completely normal.
Here’s a typical timeline for a Summit County purchase:
- Browsing phase: A few months of online research, getting a feel for the various areas when in town.
- Active search: Touring properties seriously. This usually takes a few visits but sometimes the right property is found on day one. The real estate rules have changed and a commission agreement with an agent is now a requirement prior to looking at homes.
- Under contract: Once you find the right property and come to an agreement with the seller., things move quickly. Inspections, title, financing all happen within the contract period
- Closing: Typically 30–45 days from contract
It’s realistic to own a Summit County home before ski season starts. Your dreams could be reality in just a few months!
We are here to help
Summit County real estate can be so much different than the last home you bought somewhere else. We know about the STR rules, what’s happening in towns and neighborhoods, and recent concerns. We know the questions to ask and how to find out the answers. We handle all the details so you don’t have to figure them out on your own.
When you’re ready to start house hunting in Summit County, or even just ready to start thinking about starting, reach out. Conversations cost nothing and come with no pressure.
Leave a Reply