Secrets to Buying A Home in Aspen Right Now

Aspen, CO has been the center of high end real estate for decades, with little sign of giving up its popularity as a winter wonderland. When setting out to buy a home in Aspen, it’s rarely a simple affair. To be successful in your endeavor, you have to keep your eye on the housing market, find a qualified agent, and ultimately make an offer at the right time of year.

No matter where you are at in your real estate journey, you need expert insights into the market before you can be sure that you’ll get a good deal. Come along with us as we discuss everything you need to know about buying a home in Aspen. Let’s get going!

We all know that every city and every region of the US has its own unique real estate market. But when is it a good time to buy real estate in Aspen? The answer, as you might expect, is complex.

When we look at the housing data from 2022 through 2023, the median sale price for single-family homes in Aspen is down. In June of 2022, the median price was $11,400,000. As of June 2023, this price fell to $7,550,000.

Yet that’s not the whole story. There are a wide range of houses and condos available across Aspen, a range which can somewhat distort the decrease in average sale prices. The median sale to list price ratio sits quite high at 96.2% as of 2023. That means only 3.8% of all homes have been sold for less than asking price. This sobering data point tells us that the luxury properties in Aspen are perhaps not seeing such a dramatic drop off in sale prices, while more modest houses are. As more and more high end homes get constructed in the Aspen area, we’re sure to see the buyer’s market turn more toward the advantage of sellers.

Now that we’ve covered the basics of buying a home in Aspen in 2023 (and shared that now is, in fact, a great time to join the real estate market), let’s dive into the details. Here are a few important tips to keep in mind as you begin your home buying journey.

 

This piece of advice may just be the most critical to get right if you want to buy a home in Aspen and close on a deal on your own terms. A realtor works on commission, so it’s in their best interests to negotiate for a deal that makes both you and them happy. Plus, they can provide you with all the granular insights to the Aspen neighborhoods where you can find your next dream home. Lastly, a realtor will be able to connect you with a huge variety of real estate professionals in your area like contractors, attorneys, home inspectors, and more.

 

There was a time, especially before the pandemic, when the months of June and July were the most hotly anticipated times of year for Aspen home buyers. The market for the most elite real estate in the city has always been bustling, but it’s even more complicated now that more and more people are choosing to live here for longer periods of time. Remote work has made it possible to expand the selling season for much longer than it used to be, so keep your eyes open for good deals and a boost in available inventory at all times of the year.

 

Any buyer looking to join the real estate market needs to be organized. This is especially true when it comes to buying Aspen homes. That’s why it’s important that you have a clear idea of what you want to achieve with your home purchase. Draft a list of your non-negotiables, which could include a maximum budget, floor plan, total square footage requirement, necessary amenities, and number of beds and bathrooms. Armed with your priorities, it will be much easier for you and your real estate team to narrow down your options and make a move on a house that exceeds your dreams.

 

Gone are the days when Aspen was a lonely outpost high up in the Rocky Mountains. The Aspen of today has grown to include satellite neighborhoods and communities which, together, have enlivened the city and made it the luxury chalet town that it’s known for around the world. As such, it’s vital that you do some research on the different districts in Aspen to find the ones that seem to fit into you and your family’s lifestyle.

There you have it: our complete guide to the secrets of buying a home in Aspen. If you would like to learn more about the luxury real estate market or want to start your search for homes for sale in Aspen, contact Jessica Hughes, Aspen’s top-producing real estate agent.