Purchasing a Summit County Property: A Guide

CHL-summit county sunrise

Table of Contents

Summit County is a beautiful place, highly sought-after due to its closeness to outdoor recreation, vibrant communities, and excellent schools. It has a growing real estate market, and buying a property here is a great investment.

But, as with any real estate purchase, it can be overwhelming. That’s why we’ve put together this comprehensive buyer’s guide to purchasing property in Summit County. Whether you’re a first-time homebuyer or an experienced investor, this guide will help you understand the market, prepare financially, find the right property, and successfully close the deal. So sit back, grab a cup of coffee, and dive into the world of real estate in Summit County.

Understanding the Market

CHL-Understanding the real estate market of Summit County

Understanding the real estate market in Summit County is important before you start looking for properties.

Real Estate Trends in Summit County

Summit County’s real estate market is constantly evolving. Some areas may be experiencing a rise in property values, while others may be experiencing a slowdown. Staying up-to-date on market trends can help you make informed decisions when purchasing a property.


Summit County has several different neighborhoods. All are close to ski resorts and outdoor recreation, each with its own unique characteristics.

  • Breckenridge: Known for its picturesque downtown and ski resort, Breckenridge is a popular neighborhood for outdoor enthusiasts and vacationers full of ski-in/ski-out condos and luxury homes.
  • Frisco: Frisco is a charming mountain town near several popular ski resorts. It has lots of single-family homes, townhouses, and condominiums.
  • Keystone: Keystone is another popular ski resort town with a vibrant community and stunning mountain views. Properties here range from cozy cabins to luxurious ski chalets.
  • Silverthorne: Silverthorne is a smaller town near lakes, hiking trails, and ski resorts. It offers a variety of properties, including single-family homes, townhouses, and condominiums.
  • Dillon: Dillon is a scenic mountain town near several popular ski resorts and lakes. It offers a range of properties, including single-family homes, townhouses, and condominiums.

Research the different neighborhoods to determine which one best suits your needs and budget before making a purchase. Some areas, like those in Breck, have luxurious properties that can cost up to 1.2 million, according to stacker.com. On the other hand, Dillon offers more affordable properties.

Evaluation of Property Prices

Summit County property prices can vary greatly depending on the location and size of the property. It’s essential to work with a real estate agent or lender to determine what you can afford and to evaluate the asking price of the properties you’re interested in. This will help you make an informed decision and avoid overpaying for a Summit County property.

Preparation and Budgeting


Getting Pre-approved for a Mortgage

Before you start looking for properties, getting pre-approved for a mortgage is important. Many Summit County buyers are in a unique position to purchase their property without a loan. But given today’s low mortgage interest rates, many choose to secure a loan for their purchase.

Work with a local lender before starting your search; they will help you understand your financial position and available loan programs and confirm your budget. This way, you can search and negotiate confidently, knowing your budget’s limits and that you’re qualified to buy property.

Setting Realistic Financial Goals

Setting realistic financial goals when purchasing a Summit County property is essential. Aside from the cost of the property itself, you should also include the cost of purchasing requirements, closing, home insurance, and any necessary repairs or upgrades. Your real estate agent or lender can help you estimate these costs and set a budget.

Budgeting for Closing Costs and Other Expenses

Closing costs and other expenses can stack quickly, so it’s important to budget for them in advance. Closing costs typically include title insurance, property taxes, and real estate agent fees. In Colorado, the average closing costs for buyers range from 2% to 5% of the purchase price. Buyers using a mortgage are likely to pay closer to the high end due to loan-related fees.

Finding the Right Property

CHL-Find the property that suits your needs

The next step in the process of purchasing property in Summit County is to find the right property. There are several key elements to consider when searching for the right property:

Evaluating the Property

When evaluating a property, it’s important to consider factors such as location, size, style, and condition. You should also consider the property’s future potential and its value in the current market. Take the time to walk through the property and ask questions to get a good understanding of its features and any potential issues.

Finding the Right Real Estate Agent

Working with a real estate agent is highly recommended when acquiring a Summit County property. Real estate agents are experts in the local market with access to the latest listings. They can provide valuable advice and purchasing property tips, help you find the right property, and help you navigate the buying process from start to finish.

Making an Offer

Once you’ve found the right property, it’s time to make an offer. Your real estate agent can help you determine a fair offer price based on current market conditions and the property’s features. They can also help you negotiate the terms of the offer, such as the closing date, contingencies, and other important details.

Due Diligence and Closing Process

CHL-Ensure the property's condition

Performing due diligence before finalizing your property purchase ensures the property’s good condition and clear title. This may involve:

  • Reviewing Home Owner Association (HOA) documents
  • Checking the title commitment
  • Performing a home inspection and
  • Testing for radon
  • Reviewing the survey
  • An appraisal from the lender
  • Research property insurance

Reviewing the Title Report

The title report is a document that lists any liens, encumbrances, or other legal claims against the property. You must review the title review to make sure the property is free and clear of any issues that may impact your ownership rights.

Completing the Closing Process

After completing your due diligence and reviewing the title report, it’s finally time to seal the deal. It will involve signing the closing documents, transferring the property ownership to you, and paying closing costs. You can meet your agent at the title company or have them send the documents for you to sign and mail back for closing. Your closing attorney and real estate agent will guide you through the process and answer your concerns. You’ll soon be holding the keys to your new Summit County home.

Key Takeaway

Purchasing property in Summit County is a rewarding experience, but it’s important to be prepared and informed. You’ll need to understand the market, prepare the budget, work with a real estate agent, and make an offer, among others. You’ll also have a lot to think about the property you’re purchasing. But with the right team on your side, you can make an informed decision and purchase your dream Summit County property.

Come live in Summit County.

Summit County is the place to be for outdoor recreation and relaxation. The rich scenery, fresh air, and majestic mountains will be good for your mind and body. When you’re ready to buy property here, contact Cedar Home Loans, a top Colorado mortgage company. With our 20 years of experience and local expertise, we can get you the best mortgage rates that suit your needs. Contact us today.

About the Author:

Andrew McBryan

Andrew McBryan is the owner and founder of Cedar Home Loans LLC, where he brings over 27 years of experience in the mortgage industry to his role. Andrew has successfully expanded the company across Colorado, including offices in Telluride, Vail, Summit County, and Boulder. His dedication to providing innovative mortgage solutions and his commitment to staying informed on the latest industry trends make him a trusted advisor to clients and referral partners alike.

When not focused on his business, Andrew enjoys the unique sport of burro racing and relishes the time spent skiing in Colorado’s beautiful terrain. Above all, Andrew is a devoted father, finding joy and inspiration in his daughter’s growth and happiness. 

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