Is Now the Time to Buy Jackson Hole Real Estate?
When deciding to purchase a home or even an investment property, timing is always a concern. Historically, Jackson Hole prices have recovered over time from market downturns and have proven appreciation over the long-term. Waiting for ‘perfect timing’ or ‘the bottom’ often results in missed opportunities because, historically, prices quickly turn upward when the market hits true bottom. In fact, this is exactly what we are seeing today. And though history does not provide certainty of future results, when a buyer gets over the psychological pricing hurdle and plans on at least a 2-5 year horizon, the Jackson Hole real estate market has been consistently rewarded.
Is now the time to buy Jackson Hole real estate?
Sale statistics show the Jackson market in most segments hit ‘bottom’ about mid-2011. Over the following year we saw a steady increase in the number of sales as many buyers jumped off the fence to take advantage of the bottom of the market while prices remained low. 2013 ended with a fantastic increase in sales with overall number of sales increasing by about 25% over 2012. An increase in sales coupled with an extreme lack of inventory is already beginning to drive prices up. Opportunities for buyers in the under $500,000 segment are becoming few and far between with an enormous amount of buyer competition. The biggest hurdle buyers will face in 2014 is a lack of quality inventory and as buyers wait for that “just right” property, prices will rise. A preliminary study from our appraisal department indicates the market, in general, is appreciating at about 1% per month. This figure varies depending on the exact segment of the market, but prices are rising to some degree in most segments of the market. View our latest Real Estate Market Report to get detailed information on Jackson Hole’s real estate market conditions.
We strongly encourage anybody who is considering purchasing real estate this year to be prepared to make a move when the right property comes along. In order to compete with the other buyers it is important to have pre-approval for any financing you will need.
In a competitive market such as this, new inventory, particularly in the under $500,000 segment, can receive offers within the first couple of days. Time is of the essence in these situations and can make all the difference between getting the home you desire and missing out on the opportunity. We are in constant communication with our peers and can often learn about properties for sale before they come out on the open market.
The fact that only about 2 ½ % of the land in Jackson Hole is privately held, surrounded by world famous National Parks, and Wyoming’s tax friendly atmosphere, Jackson Hole will always be one of the most desirable places to call home.
Working as your Buyer´s Agent, we will give you, the Buyer, a duty of utmost good faith, loyalty, and fidelity. We will negotiate on your behalf and work to show you properties that meet your criteria. At our company, Jackson Hole Real Estate Associates, LLC – Christie’s International Real Estate, we are proud to be part of a network of agents which often results in knowledge of value priced properties before they are even made public. We have access to all properties listed by all real estate firms in the area through the Teton County Multiple Listing Service (MLS) and will show you all properties that may fit your needs whether it is our listing or not. Because of our personal experience and vast knowledge of the area, 25 years in the business and our local connections we take it a step further than most agents. In addition, we will cater the search to your specific criteria and keep an “ear to the ground” for potential deals and new listings. We currently know of several properties that we believe can be purchased at prices that will represent real long term values. Without any cost to you, we believe our knowledge of the market can save you, the buyer, thousands of dollars.
