Greeting from Telluride,
Spring is traveling across the country and we hope that this finds everyone safe and sound at home, preparing for their next life adventures. We are taking this time to step up our business, stay positive and prepare for the future. We hope this is just a small set back for our town and the world.
There is a lot of talk about our current economic state, but the news has been fairly quiet regarding Real Estate. With travel screeching to a halt, the Telluride real estate market has slowed down, but not shut off. The biggest changes thus far in our market are owners taking their homes off the market, for either a “reset” or a “wait and see”. Thus, inventory is way down. There continue to be closings and properties contracting, which makes us feel more than ever that people believe in our special town. We continue to work everyday and look forward to sending you virtual tours, discussing real estate and chatting about life soon. We believe in gaining strength through adversity and we are here for you.
If you are looking for a 'deal', you may not want to wait until the S&P solidifies. Between now and June, during the greatest time of uncertainty, will be a great time to think hard about making offers and securing your piece of paradise. As you can see in the charts below, every recession does not bring a reduction in real estate prices.
We sure hope you come to visit this summer, hike the mountains with us, have coffee and croissants from Butcher and Baker and help us create an incredible summer vibe.
Stay safe,
Josh & Katja
The fundamentals of the current housing market couldn't be more different than those during the Housing & Mortgage crash of 2007-9. In the lead-up to the Great Recession, just about anyone could get a mortgage. Today, credit scores need to be higher, debt-to-income ratios need to be lower, and lenders verify incomes much more carefully.
Additionally, during this time, there was a vast oversupply of homes. So when the market crashed, there were not enough qualified buyers to purchase them, homes foreclosed, and prices plummeted.
But today, there's a housing shortage that's keeping prices high.
The biggest wildcard in this current situation is how quickly the economy bounces back. What we do know is that Telluride is a fantastic place to be if you have to be quarantined to home and the outdoors. If you are considering a move or a second home, please get in touch with us soon so we can be ready should prices change over the next few months.
