How New Ordinance Affects Summit County Buyers And Owners
Here’s what you need to know about the new short-term rental moratorium.
Do you own a short-term rental property in Summit County? New moratoriums could have a big impact on your home’s value, so today I want to explain how the new law affects homeowners.
A few months ago, the Summit County Board of Commissioners passed a temporary moratorium on new short-term rentals targeted at vacationers. Recently, the commissioners passed a nine-month moratorium. Here’s how it works:
Keystone, Copper Mountain, Tiger Run, the Skiwatch Condos, and some unincorporated areas of Four O’clock Run Road are NOT affected by this new moratorium. On the other hand, the neighborhood zones ARE affected. Essentially, the local government has chosen some areas that are more suited to resort living and others that are suited for neighborhood living.
"It’s still a great time to buy or sell in Summit County."
I’ll continue to keep you updated on this issue, but for today, no new short-term rental licenses will be accepted until February 2023. What does this mean for you if you’re buying? You can still buy or rent in Summit County, and you can still buy a property and rent it out. However, you have to list it as a long-term rental.
If you’re thinking of selling, will this impact demand for your home? There’s definitely been a small drop in demand. Many buyers interested in our area don’t want to live here full time. Making their property available as a short-term rental while they’re gone is a big perk of owning a home in Summit County that is no longer available. That being said, home prices haven’t dropped, and I don’t expect them to anytime soon.
If you have questions about today’s topic or anything else related to real estate, please call or email me. I am always willing to help.