The Steamboat real estate market has seen marked improvement over the first half of 2009 when our real estate market was in a state of paralysis. As prices retreat from past highs and people feel comfortable with the way the economy is progressing, more buyers are entering the market and are snapping up well-priced real estate.
Only a portion of the offers being written are making it to the signed contract stage. There is still a buyer/seller disconnect when the buyer wants a discount and the seller is unwilling–or unable because of outstanding mortgage balances–to lower the asking price.
There are more short sales coming on the market in Steamboat. Just because a seller is underwater on their loan does not mean the property can be sold as a short sale. The seller generally has to demonstrate a hardship (loss of job, divorce, etc.) to get the lender to agree to a short sale.
Buyers need to be aware that just because a property is listed as a short sale, there is a possibility the bank will not accept the offer. If a seller has other assets, equity in another home, or income sufficient to cover the mortgage, then buyers are wasting their time writing an offer on that property.
If you are interested in Steamboat real estate, please contact us . You can also call 970.819.6372.