December 2020 Market Update

In the mad dash to close out 2020, we want to share a couple quick tidbits of what is happening in Grand County. 2020 was the year of many new and unprecedented events. As we move into 2021, we will continue to overuse the words 'pivot' and 'shift' in our daily lives along with everyone else on the planet. From making ski reservations at our favorite ski resort to enduring more virtual meetings, we are determined to make the new year a great one. It's been a quieter month in Grand County for new listings and under contracts. This is not a function of the pandemic so much as a trend we almost always experience at the end of each year. Homeowners are sitting tight in hopes of enjoying holidays and winter activities and/or enjoying peak rental income. We anticipate a trickle of new listings mid January 2021 and continued Buyer demand for the limited inventory. The recent forecast by the top economists at the National Association of Realtors predicts an escalating home buying trend. This is largely due to strong nancial positions of many (equity in both real estate and the stock market), low interest rates and people desiring new/different space as they continue to work from home. 30 year mortgage rates nished out the second week of December at a record low of 2.71%. This gure reects new purchase rates, not renances. Our friends at Fannie and Freddie are padding their pockets with an additional fee or rate bump for those looking to renance. While these rates are still very appealing, make sure you ask your lender about this rate to make sure it makes sense for you nancially. Year to date, there have been over $685 Million in sales in Grand County, not counting private sales off of the MLS. We at Real Estate of Winter Park are proud to toot our horn as stakeholders in $275M of those sales. We appreciate the patience and perseverance of everyone this year and have several hopes for next year. Besides the obvious wishes of good health, happiness and a pandemic free world, we hope you will help the local community by supporting our businesses and wildre remediation efforts as many businesses and residents are suffering insurmountable nancial losses in Grand County. We hope you can wrap up this calendar year with less of a hustle and frantic scramble to get things done and enjoy the peace and quiet. We look forward to seeing your full faces in 2021. To appreciate the beauty of a snowake, it is necessary to stand out in the cold -Aristotle