30 Mar Buying a Home in Breckenridge: 4 Things to Know
We’ll just come right out and say it: Breckenridge is a total flirt. It dazzles visitors with its enchanting looks, but the attraction doesn’t stop there. Breck boats infinite possibilities for exploring the outdoors both on the mountain and off. Plus, it’s a foodie’s paradise. Main Street is lined with coffee shops, restaurants, bars, and bistros – many with sweeping views of the rugged landscape. Tack on summer concerts on the lawn, art festivals, and cultural events and buying a home in Breckenridge sounds pretty darn appealing.
We could go on for days about the perks of living here. But as your real estate agent, it’s also our job to tell you about the logistics of buying a home in Breckenridge. Here are four things to consider as you start thinking seriously about relocating to Summit County.
Cost of living
Ah, budget – that pesky detail that wedges itself between you and your dream home. There’s no sense in hiding the fact that the overall cost of living in Breckenridge is on the steep side. While groceries, healthcare, utilities, and transportation are right in line with the U.S. average, housing costs tip the scales. The average price of a home in Breckenridge is just over a million dollars. Before you rule it out, though, contact a luxury realtor in Summit County to learn about more affordable options. Home prices are lower in nearby Blue River and Frisco and in Breck’s affordable housing neighborhoods like Wellington and Blue52.
It’s important to do your research on the local market before buying a home in Breckenridge. Not only does this give you an idea of where prices are heading now, year-over-year data offer insights that’ll be important when you eventually decide to sell. To give you a snapshot of the current market, 18 homes went up for sale in February, bringing the total active listings in Breck to 76 homes. That’s down nearly 50 percent from last year. Combined with a 22 percent increase in sales price, it’s clear we’re in a seller’s market. This is when having squeaky-clean credit, getting pre-approved, and working with a realtor becomes crucial.
Best time to buy
In our opinion, there’s never a wrong time to buy a home in Breckenridge. However, we tell our clients to start looking in spring and stay on top of new listings as they come on the market in mid- to late-April when the ski areas close. Historically, this is the time of year when inventory increases and buyers have more options. When you work with us at Dwell Summit, we can notify you of new listings the moment they hit the market – and sometimes sooner!
What sellers want
When there are more buyers than available homes for sale, a full-price offer often doesn’t cut it. Well-priced houses in Breckenridge almost always receive multiple offers, so buyers need to put in extra effort to snag their dream homes. Sellers want the process to be quick and easy, so contingencies and concessions are off the table. Consider making a larger down payment than required by your mortgage program, and put down a strong earnest money deposit to show that you’re a serious buyer. Oh, and don’t ask the seller to throw in that sparkly chandelier in the bathroom. Just don’t.
Is buying a home in Breckenridge on the horizon?
If you made a New Year’s resolution to buy a home in Breckenridge, it’s time to make good on that promise. Summer is just a couple of months away and there’s so much to do and see when the snow melts! The end of ski season is a perfect time to start your home search, settle into your new house, and get to know a quieter side of Summit County. When you’re ready, give us a call. At Dwell Summit, we help hopeful homeowners find their dream properties in Breckenridge all year round. We’re positive the right home is waiting for you. We look forward to connecting!