Forgive me . . . I’m a broken record. The Seller’s market remains incredibly strong and buyers need to act fast and have all cash and financing lined up before making an offer.

Prices have increased approximately 25-30% in the last year (depending on the location and property type). We do anticipate that interest rates will continue to rise and probably hit 4.5-5% by the end of 2022.

It is unlikely that we will see any price decreases this year, but will likely continue to see increased prices, although maybe at a slower pace given the interest rate increases.

Below is the link to the real time Average Sales Price graph thru April 2, 2022.

average sales price real estate summit county 2022

And below is the Median Sales Price graph.

median sales price real estate summit county

Sellers: As I mentioned last month, there has never been a better time to sell. If you own your property as an investment property, and want to do a 1031 exchange, check out my article below about cash flow opportunities across the country. Some of you will be hearing from me this month about the current value of your properties. If you EVER want to connect to discuss the value of your property, without having to use Zillow, please reach out.

Buyers: Get on an auto-search (we can help!) so you can see what properties cost, and how quickly they go under contract. Get your financing and down payment cash lined up. And read my article about how to compete in an ultra competitive buyer’s environment. Then, we can help you to present your best offer when the property and time is right. Expect more properties to hit the market soon – we usually have more listings in May.

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