If we learned anything from 2020 it is how much we depend on each other to get through life. From all the essential workers to our friends and family whether we got to see them in person or not, it truly takes others to get through a day. I am so blessed to have my soul mate with me, praying we make it to the vaccine intact. Without her I do not know if I could have maintained sanity. Amazingly we have grown closer.
Did you know?: In 2020 Summit County Real Estate Sales Broke All Records! August, September & October were the busiest months in history, each breaking the previous month’s record. November 2020 was up 117% over November 2019. For the Year 2020, was up 17% over 2019- our previous record year. It was a blessing for some of us that we were able to maintain our income. So many people are struggling right now that I am overcome with gratitude for escaping both the virus and the economic downturn. I hope you and your family are all doing well too.
So, what’s the prognosis for the next 12 months? My belief is the world is straining to spread their wings and tourism will blast apart all records. I know I am ready to hit the bucket list hard. Switzerland, scuba diving, Cirque Du Soleil in Vegas, bring it on.
According to a new study published in the journal of Tourism Analysis, frequent travelers are happier than people who do not travel at all. It found that people who regularly travel were 7% happier than those who said they travel very rarely or not at all. I think they underestimated. People I know who travel frequently are more like 1000% happier. Living in a tourist area maybe I am just lucky to come in contact with happier people all the time. The study also found that just talking about traveling can boost people's happiness and mirrors a lot of other, prior studies that showed the same thing, including a Cornell study from 2014 that found money spent on doing rather than money spent on having tends to provide more happiness. Amen!
How about real estate? Will we break all the new records? While we are at our traditional seasonal low for listings inventory (most homes come on the market from March - July), we are at an ALL TIME low! Levels will most likely remain low because of current high demand. The massive surge in demand for resort real estate recently is driven by both use and lifestyle. Many people found they could work remotely and chose to live here. Additionally Baby Boomers are still buying retirement homes. Millennials and Gen X are at their peak earning years and dreaming of second homes. All said, with interest rates predicted to remain rock bottom demand should remain strong through 2022.
It’s plain to see that this is the best time in history to be selling a mountain home. Today, sellers are in a great position. How long will it keep up? Many predicted the crash of 2008, many didn’t see it. We all wish we had a crystal ball. In the mean time stay safe and stay close to those that matter.