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You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!
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INTERESTING STATISTICS FOR REAL ESTATE IN SUMMIT COUNTY
- 2021 will go down as one of strongest real estate markets ever recorded, with average sold prices, county wide, appreciating 25.15% year over year.
- And, 2022 will go down as the year when the Summit County real estate market began to normalize back towards more balanced pre-covid conditions.
- Year over year, 2022 recorded a 13.63% appreciation in average sold prices for all of Summit County.
- However, the bulk of that appreciation occurred in the first two quarters of 2022.
- Average single family sold prices set all-time records at $2,829,617 in Q1 for Breckenridge.
- And, average single family sold prices peaked at $2,994,000 in Q2 for Keystone.
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The Federal Housing Finance Agency (FHFA) just announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2023.
In most of the U.S., the 2023 maximum conforming loan limit for one-unit properties will be $726,200, compared to $647,200 in 2022 (a $79,000 increase).
Many counties in Colorado are eligible for elevated loan amounts, due to higher median home prices. These high-balance (conforming) loans can be beneficial as an alternative to Jumbo loans and other specific underwriting guidelines. See the table below for 15 Colorado counties and their 2023 conforming loan limits (11 have high-balance conforming loan limits).
These loans may afford you the ability to:
• Have a lower down payment; sometimes as little as 5%
• Qualify for a larger loan
• Submit less required documentation for underwriting
• Be approved with lower credit scores
• Make a more competitive offer
• Close more quickly (faster underwriting turn times)
• Secure FHA and VA loans for higher-priced homes
• Use a Temporary (2-1) Buydown to lower mortgage payments for the first two years
Let's connect on these expanded possibilities, so your dream home can be in reach.
County - Summit
Conforming Loan Limit - $726,200
Conf (High Balance) Loan Limit - $953,350
Jumbo Loan Start At - $953,351
Here are market highlights for September:
Please note that Land Title Guarantee Company data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate.
Here are market highlights for August:
Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate.
What to expect for the rest of 2022 and beyond
The last 24 months has certainly been quite the roller coaster in the Summit County real estate market. From the easing of lockdown in June 2020 to the beginning of 2022, the market was on a remarkable upward trend that saw prices appreciate over 40% in many markets. High demand and low inventory meant many properties benefited from multiple offers and above list closing prices.
The story since the spring of 2022 has been quite different. Macro and micro economic influences have played a major role in reshaping the real estate market. Inflation, interest rates and mid term elections all have their influences. Couple this with the short term rental restrictions that have been either introduced or are in the works, and we have a recipe for downward pressure on what was a red-hot market.
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