About The Gongloff Group
The Gongloff Group opened in 1996 to offer Clients complete real estate coverage for lucrative investing. She is a full-time, Summit County Realtor with over 30 years of experience in residential, commercial and development in Colorado.
She has a Real Estate degree, Mortgage Broker’s License and a Business Professionals degree, along with various professional affiliations: Luxury Home Expert, Certified Distressed Property Expert, New Construction Expert, Eco Broker Designation, Summit Board of Realtors, and Member of National Association of Mortgage Brokers.
2022 Finale!
After a few years of printing press money from the Feds and artificial economy boosting, rates are finally on the rise.
As of the Fall of 2022, we can see that the effects of rate hikes has slowed home sales down significantly, and will continue to slog the market through at least the Spring of 2023.
As a real estate company in Summit County, CO, we see more cash buyers than any other time and the investor-buyers are resurfacing looking for smoking deals.
Are there smoking deals? Not yet. Prices remain quite high and every month we see trends shifting both up and down. The amount of depreciation in Summit is largely dependent upon how long the Feds continue hiking up rates.
Raising rates isn’t the only factor in our housing sales slowdown. Another factor in the decrease in buyer interest is the attack on short term rental permits from almost every entity in the County. The towns have come to believe that if property owners are limited to long term rentals, that they will ease the increasing housing shortage dilemma by renting to locals.
If you are a Summit County homeowner, and you would like to rent your vacation home to a local for 12 months or during ski season instead of using it with your family, let me know!
So far…we haven’t found anyone who has an interest in this prospect.
There is, in answer to this problem, a new rental term called “Mid-term” Rentals anywhere between 30 days-6 months. As the program becomes more popular, we might see homeowners who are willing to rent their homes out during years that they do not plan on coming up to the mountains for skiing.
In any event, the snow has started to fall and…winter is coming.