High demand and low mortgage rates are just a few reasons why buying luxury property in Aspen is an excellent investment.
Are you ready to invest in real estate in 2021? Whether you are looking to buy a primary or vacation home, or are interested in purchasing a property to rent and earn additional income, you need to consider Aspen and Snowmass Village for your next real estate purchase.
The real estate market is booming in this area of Colorado, and now is the time to take advantage of the growth. Here is why buying Aspen and Snowmass luxury real estate is recommended and how you can find a resort home that meets your needs.
Snowmass and Aspen Luxury Real Estate is in Demand
The pandemic led to a rush in buying Snowmass Village and Aspen real estate, causing inventory to drop dramatically. This was prompted by record-low mortgage interest rates and migration by those who were able to work remotely to resort towns such as Aspen. Although the effects of the pandemic are easing, there is still a lack of condos for sale in Aspen. As of April 2021, there were only 244 properties for sale in the Aspen area — representing a decline of more than 21% from the previous year. While it may take time and effort to find a home that meets your needs in the area, know that your property can be easily rented or sold due to the high demand for housing in Aspen.
Prices and Values Continue to Increase
The median list price of homes in Aspen in April 2021 was $1.6 million, up nearly 73% from one year previously. Though real estate experts aren’t anticipating such a drastic spike again in 2021, they are confident that the prices and values of property in the Aspen-Snowmass area will continue to increase. When you buy a condo for sale in Aspen, you can be confident that your investment will steadily appreciate in the coming years.
Aspen-Snowmass Remains a Popular Tourist Destination
No matter what is going on in the world, tourists will continue to flock to the Aspen-Snowmass area due to its beauty, recreational opportunities, and laid-back, luxury lifestyle. Aspen offers world-class skiing with endless opportunities and terrain for experts and beginners alike. The Roaring Fork Valley is also a popular destination among hikers and cyclists and outdoor enthusiasts who enjoy horseback riding, rock climbing, fishing, and more.
Aspen also hosts several popular events throughout the year that attract visitors of all types. Highlights include the X Games Aspen in January and the Food and Wine Classic, the ultimate culinary experience, every June. If you are looking to buy Aspen real estate for the purpose of renting it out short-term, you will find plenty of interested visitors in need of a place to stay.
Mortgage Interest Rates Remain Low
If you’re ready to buy a condo for sale in Aspen for personal use or to rent for additional streams of income, when it comes to mortgage interest rates, you will not find a better time than right now. As of May 13, the rate on a 30-year fixed-rate mortgage is just 2.991%, while pre-approved and a 15-year fixed mortgage offers a rate of only 2.105%. While those taking out second loans for vacation or rental properties will pay slightly higher rates on a mortgage, they still will benefit from an unprecedented opportunity to save money on interest and monthly payments. Though no one can predict the future, Aspen real estate professionals know these rates cannot last forever — and are encouraging their clients to buy now before they increase.
Tips on Buying Snowmass and Aspen Luxury Real Estate
Ready to take the next step and start looking at condos for sale in Aspen? Here are some tips to help you make the buying process a successful one:
Get notified early about new listings. In a hot seller’s market, it’s vital that you learn about properties as soon as possible. To get a jump on the competition, work with a well-connected Aspen real estate agent who can let you know when properties have been newly listed, will be listed soon, or won’t be listed to the public at all.
Get pre-approved. In a competitive market, sellers will usually not even consider an offer by a prospective buyer who is not pre-approved for a loan. Before you start looking at condos for sale in Aspen, get a pre-approval letter that you can take with you to each show. To get pre-approved, you will need proof of income, proof of assets, a credit score of at least 620, employment verification, and various other documents, including your driver’s license and social security number.
Let perfection go. While you may have the image of the perfect property in your head, it’s unlikely that you will find that home in this type of competitive market. Instead of holding out for perfection, make a list of what you must have in Aspen real estate as well as a wish list of preferred features. Keep in mind that you can renovate your home after you buy it to align with your ideal.
Make a clean offer. When you’ve found a luxury property for sale in Aspen you’re interested in, you need to make an offer that the seller will consider. This means not offering below the asking price, leaving out contingencies, and not requesting special favors like a short closing. You may also want to include a personal letter with your offer telling the seller why you would be the ideal new owner for their property.
Work with an experienced Aspen real estate agent. A professional local realtor will be able to help you find properties that match your criteria, make an offer that will appeal to the seller, and assist you throughout the entire closing process.
Ready to take the next step and start looking at condos for sale in Aspen? Reach out to an experienced local Aspen luxury broker like Steven Shane, who can help you find the right property and make an offer that beats the competition.
