Steamboat Springs is located in the northwest corner of Colorado near the Wyoming border. It’s a sought-after ski resort town
, full of local charm and fresh air adventure. It’s easy to see why it's so popular when you see the beautiful mountain terrain. The town averages 171.3 inches of snowfall per year. It’s a great location for any ski enthusiast or anyone looking to spend their vacations in the fresh air of the rocky mountains. Steamboat Springs real estate is always a good investment because of its proximity to skiing opportunities, but if you’re planning to either buy or sell, you want to make sure you’re getting the best possible return on your investment.
How to increase your Steamboat Springs home’s ROI
Sell when demand is high
When demand increases, it drives the prices up, which is good if you’re looking to sell. You want to sell your Steamboat Springs real estate when there’s a seller’s market. A seller’s market is when there are more people who want to buy than there are Steamboat Springs homes for sale. The buyers will need to compete with each other by increasing their offers, which will yield a bigger profit. How can you tell when there is a seller’s market? One way to tell is if the asking prices are increasing. If homeowners in the area are asking for more for their homes, it’s most likely because they know buyers are willing to pay that much. The current median listing home price in Steamboat Springs is $850,000, which is up from $504,500 just three years ago. If you’re looking to sell, it could be wise to do so while the market is in your favor. If you’re looking to buy, this is an encouraging trend in the long term. Although the homes may be more expensive, they will likely continue increasing in value. This ensures that you will profit from your investment whenever you’re ready to sell.
Sell when mortgage interest rates are low
If you’re selling, why should you care whether or not the current mortgage interest rates are low? Potential buyers will care. If the mortgage interest rates are low, buyers may be inclined to offer more for your Steamboat Springs real estate because they know they won’t have to pay as much in interest. Current Colorado mortgage interest rates for the most expensive range available
, for homes worth $700,000, are on average 3.74% for a 30-year fixed-rate mortgage.
As mentioned previously, the current median listing home price is $850,000. This isn’t a spectacularly low mortgage rate, but it is ideal that the 30-year fixed mortgage interest rate is below 4%. As expected, the 15-year fixed rate and 10-year fixed-rate mortgage interest rates are even lower, with the 10-year fixed-rate mortgage being at 3.365% on average. These relatively low interest rates could incentivize buyers to offer more for your Steamboat Springs real estate and cause them to buy sooner rather than later. The Federal Reserve is going to increase interest rates later this year
, and mortgage rates are likely to be included. Buyers know this, and they are going to try to buy before this happens. Now is the time to sell if you want to make the most return on your investment.
Increase your home’s value by remodeling
Remodeling your house is a great way to increase your home’s value in a way that is totally within your control. Regardless of external economic factors, a house that looks nice is always going to sell for more. If you bought your Steamboat Springs real estate over a decade ago, it might be time to change the interior design. It’s easy to become used to the way a home looks and not realize that the furniture or the floor plan is outdated. Consider consulting an interior designer to see which design choice would look best with your home. Maybe you want to go for something rustic in this ski resort town. Turn your home into something that resembles a warm log cabin, and don’t forget to fix anything in the house that may be broken.
Buying or selling Steamboat Springs real estate?
If you’re looking for a second home or vacation home, this is a great location. Cheryl Foote knows the area and local market well and will be able to get you the best possible return on your investment. Don’t wait until they get even more expensive to get in on this investment opportunity. If you’re ready to enjoy the mountain air and the small-town feel of Steamboat Springs, get in touch with trusted local agent Cheryl Foote