Home News How have STR regulations affected Steamboat’s real estate market?

How have STR regulations affected Steamboat’s real estate market?

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even with regulations Steamboat Springs short term rentals are new and just past Junelocal realtors are already noticing some impact on buyer preferences for homes.

Steamboat Sotheby’s International Realty managing broker Jill Limberg said short-term rentals are permitted for properties listed in areas where short-term rentals are restricted or not permitted. I explained the real estate situation that we have not received as many offers as in the area No restrictions.

Limberg has compiled a weekly real estate report, but statistics comparing real estate listings in different zones in the new short-term rental overlay map have yet to be recorded.of overlay map Place limits on the number of short-term rental licenses issued within a given area of ​​the city.

Limberg doesn’t have concrete statistics yet, but she said she’s seen first-hand how overlay zones are changing the market.

“The properties in the overlay map section are not allowed for overnight rentals and are not potential grandparents.These properties are on the market,” says Limberg. “They’re on the market, so the prices of those properties are starting to come down somewhat.”

Properties that were legally operated as short-term rentals during the year prior to passing the overlay zone may apply for legal non-compliance status.

Steamboat Group co-founder Jon Wade said: Airbnb.com When VRBO.com The nature of Steamboat vacation rentals has changed.

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“It used to be a fragmented market,” says Wade. “Properties south of Walton Creek didn’t have very high short-term rents. Airbnb and he thought when VRBO was born, it would be well-equipped with the right properties south of the creek.” All of a sudden properties started renting out very well.”

He said overlay zones are likely to have had some impact on the real estate market, but he believes it will take another few months or years to get an accurate picture.

“We used to be north of Walton Creek and had to have amenities,” Wade said. “So it seems like we’re going back in time in some ways, except for my grandfather’s unit.”

Limberg and Wade agreed that the national and Loot County real estate markets are slowing due to a variety of factors, including rising interest rates, inflation, volatile stock markets and uncertainty surrounding the Ukrainian civil war.

The Steamboat housing market, in particular, has been cooling for months after a two-year stretch that saw real estate booming more than ever, according to Wade and Limberg.

“Since COVID hit, we were all worried that the market would go away.

After Steamboat was inundated with buyers during the pandemic, Limberg explained that it became routine to receive a flood of offers within 24 to 48 hours of listing a property.

“This market was raging prey to a frenzy, but real estate agents went to see sellers to list their homes, and sellers said their neighbors’ homes were on the market at this astronomical price, and very quickly. I heard it sold,” says Limberg. He said.

The sale price, which measures the average sale price compared to the listing price of real estate, was 98.4% in August. Redfin.comAugust was the first month since December 2021 that list price sales were below 100%. So August was his first month of 2022, and on average, properties sold for less than list price.

“There was absolutely no basis for why people were setting prices on their homes,” says Limberg. “They were taking full advantage of the market, because there were enough cash buyers in the market. When someone pays cash, they’re paying cash, so it doesn’t matter if the house assesses.” It doesn’t matter. They don’t need to be evaluated.”

However, Limberg said it appears to be in the rear-view mirror at the time, as properties receive fewer offers and buyers have more influence.

According to data compiled by Redfin.com, the average number of days in the market identifying the typical time it takes for a property to sell was 13 days for Steamboat in August. The Steamboat market was the highest since his January.

“People have time to make decisions,” Limberg said. “Buyers wanted to give us the best possible offer, so we have the opportunity to put in inspection clauses that we couldn’t do before.”

Property listings averaged 14 days on the market in January, a historically low number, but homes sold even faster through August. The months following January recorded median values ​​of 10, 8, 7, 7, 7, 8 and 13 days.

Both Limberg and Wade say they have more leverage now than at the beginning of the year because buyers are more capable of factoring contingencies into contracts and demanding inspections.

“Moderation has to be done at some point,” said Wade. “We’re seeing healthy moderation right now. That might change one day, but so far it’s encouraging and we’re very resilient.”

Both Limberg and Wade say they expect local realtors to return to their traditional workflow after more than a year of handing over properties at such a fast pace.

“Once you get the list, you can deal with all these offers,” says Limberg. “Now, when you put the property on the market, you will see a show.

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