Home Buying in 81211>Question Details

Lisa Clark, Home Buyer in Buena Vista, CO

I am wanting to purchase a home in Buena Vista, Colorado, do you think home prices will go down?

Asked by Lisa Clark, Buena Vista, CO Wed Aug 29, 2007

An acquaintance who lives in Fort Collins, Colorado said home prices there are expected to fall due to the overpricing of homes and the sale of such homes to under qualified buyers and then the predictable rise in forclosures. Do you think this sort of thing will affect a small, mountain, tourist town?

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Homes in this area stay on the market for at least a year before they sell. We have seen that some homes have been on the market in both Buena Vista and Salida for over three years. We rented and I am relieved we did. We are re-thinking buying here because it would be very difficult to sell in case we needed to. If, however, you plan to live and work in this area, and are sure you want to do so, you could probably get a great deal by making someone an offer. It appears that folks are willing to consider offers in this bad economy.
1 vote Thank Flag Link Fri Oct 16, 2009
Considering how tight the rental market is, you should be able to cash flow your investment even if you cant sell. I can provide you with a spreadsheet that forecasts cash on cash returns and equity buildup over a range of time. You should make your decision based on whether your investment makes since whether you see appreciation or not. Over time real estate has historically risen in value if you can wait. Small, mountain tourist towns are a great place to invest, because they contain moderately priced, single family homes in owner occupied neighborhoods. Email me at Andrew@buyeadville.com.
0 votes Thank Flag Link Tue Apr 1, 2014
Prices are still readjusting and we are seeing many still coming down even more but on the other hand, very desirable homes that are priced correctly are bringing close to asking price. The key is to have an experienced broker who will work for you and keep his eyes open for the the property that will match your needs and is willing to negotiate on your behalf. Bottom line-if it's priced right, it will sell. If not it won't and will have to adjust.
0 votes Thank Flag Link Tue Jun 12, 2012
Check the comparibles. Prices did come down a bit over the last year of two but as Mary Kale states, they have rebounded somewhat and seem to have settled in at about $188-$190 per square foot plus location and ammenities. It's just taking longer to sell. Word has it on the street that there is more than enough pent up desire to reduce the inventory greatly but these buyers normally have a home elswhere in a slow or depressed market to sell first.

We live in the best kepted secret in Colorado and although we like that, it's not going to be that way forever and once buyers relize, especially retired people or second home/vacation home buyers, how great it is and the true value of the market here, it won't be long before the values start to rise. One must also consider that there isn't that much private land compared to the state, and fedral land owned in the valley. As as mentioned below, once the Climax Mine is back in full swing there are going to be a whole new set of buyers and renters on the market.

My home is for sell and has a supposed market value pushing $365,000.00 but we just reduced it to $325,900.00 but not due to falling values, we just need to move to a lower altitude and a warmer winter climate.
0 votes Thank Flag Link Sat Apr 14, 2012
After 2 1/2 yrs of our market falling because of the recession; I truly believe we are now on the upside, we see consumer confidence and buyers out there now ready to purchase. So no I do not think the prices will fall anymore this year.
0 votes Thank Flag Link Thu Mar 17, 2011
Hi Lisa,
It takes longer for homes to sell in the rural areas because there isn't as many buyers moving down there. Unlike the metro area, there aren't enough jobs in those areas to support a huge flux of people moving in and out, but boy is it gorgeous.
0 votes Thank Flag Link Wed Feb 2, 2011
No! because people who come here for Special event have in past years and will continue to do so. With the ever goings on with Climax Mine, the new hiring and all and the world events with Egypt the climax will take off regardless of what some think. Kow your Bible and world events as they are showing us, God is still our maker and not some Idol that people are making opinions of do not count on them and there words. I Know it has to happen and what else is here. The Prison and workers ocasionally repairing and minor building of Houses. The price should stabalize and I say hold out for this reason unless you nust sell property.
0 votes Thank Flag Link Wed Feb 2, 2011
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0 votes Thank Flag Link Fri Jul 24, 2009
The Front Range is not necessarily a good gage for our area. Although prices have dropped in Chaffee County, it hasn't been as drastic as many other areas in the state to this point. It is difficult to predict which way the market will go in the coming months, but in the last two months we have seen an increase in activity in Chaffee County which may indicate a turn around is on the horizon or it may be a temporary trend. I think many people are taking advantage of the lower interest rates and current buyer's market conditions. One certainty is that this is more of a buyer's market than Chaffee County has seen in many years. Prices have adjusted downward and sellers are more aware that in a slow market reasonable offers should be seriously considered. Keep in mind that interest rates are very favorable right now. If interest rates go up a point or even more in the coming months that will negate the savings of a decrease in home prices. The bottom line is with lower interest rates and prices than we've seen in years this is a better time to buy than a year ago so it may be advantageous to take advantage of the savings that exist today. Prices may go down more, but if prices or interest rates go up the opportunity is lost. I would be happy to discuss further or assist you in keeping any eye on the market in Chaffee County.
0 votes Thank Flag Link Sun Feb 15, 2009
My goodness that is a loaded question and the answer is what we know for sure is what is happening right now in our communities. What will happen 6 months from now is not known and really can't be accuratly predicted. I will say that the more an area was effected by the icredible up tick of home values is an area that might be more effected by the down tick as well. That is really just an opinion generated by reading articles in the paper and on the internet. I know that this is not the answer you probably wanted, but it is really the most honest one I could come up with.
0 votes Thank Flag Link Mon Sep 17, 2007
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