Prices have come down along with a slight decrease in our market inventory. This pricing change reflects a "meeting of the minds" between buyers and sellers. It seems that sellers are tired of waiting for a better deal and in some cases, so are buyers.
As a seller, it isn't easy to "cut your losses" and take the deal but carrying costs are a significant factor and need to be considered when looking at the big picture. The question becomes; "How long will I carry this property if I do not take this deal?" In this second home/ vacation market that question is answered one of two ways. The seller will decide to hold on to and even rent the property to recoup some carrying costs or they will calculate future expenses and decide to take less and close the deal.
Here at Okemo many owners do not "need" to sell. This is a hard concept for some of our buyers who have been watching the market with diligence waiting for the right time to get a great deal. Many are disappointed when a seller will not let a property go. A fair deal may not always be the bargain you hoped to get; but before walking away from a fair deal consider some important points.
How long will I own this property?
How often will I use the property?
Is this location going to make life easier for my family when we arrive on a Friday night after a hectic week?
What are you really saying "no" to when you walk away from negotiations? If it isn't right, don't' try to make it work. However if it is the right property for you, finding a "steal of a deal" isn't more important than a fair deal.
Both on and off the mountain, short sales and foreclosures are few. The entire state of Vermont is 50th in the country with the least number of short sales and foreclosures; this has translated to a more stable market than in some of our other New England states. Although we know the market isn't going to fully recover back to 2005-2006 pricing any time soon, we do believe that we are seeing an upward turn.
Consider the fair deal. Even if you do not come across the "steal of a deal", now is the time to buy at Okemo.