March has been a busy month in Durango. I am currently in the top ten out of 265 agents in La Plata County; I surely hope this continues.
Many of the Durango real estate professionals believe that the market is close to the bottom in our area. The inventory of homes, mainly in the affordable price range and the desirable areas (Animas Valley), is reduced significantly. There are multiple offers and back-up contracts (in real estate, a backup contract is simply a transaction that does not take place unless the “primary” contract falls through) for well-priced properties.
The other factors to consider when buying a home are the interest rates. A 1% increase in rates will influence your monthly payment the same as a $40,000 price increase on a $400,000 home. I have been talking with a number of local lenders and the consensus is that rates will rise significantly; the only question is “when”. The interest rates are not going down. The interest rates increased in the last two days from 4.875% to 5% for a 30-year fix mortgage.
I would like to share my personal story with you. My husband and I sold our townhome last month that we bought in 2004. Now, we are in the process of buying a single family home located in the City of Durango. Tierra Group, LLC, a Southern Ute company is building twelve brand new, high-energy efficient homes. Nine of twelve homes are already sold. If we had purchased the home a few months earlier, we would have saved at least $8,000, as the developer increased the prices since the demand is higher that the supply. In addition, my mortgage rate would have been around 4.6% versus 5% for a 30-year fix mortgage.
Foreclosures/REO properties for sale in La Plata County:
Click Here to View Listings
If you’re looking for a property to buy in Durango, here are a few links with properties that are worth checking out:
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Lastly, the spreadsheet below does not show an increase of sales compared to last year. However, we should see an increase of sold properties in the next couple of months, as there is 11% of the inventory currently under contract/sale pending in Durango.
MLS statistics YTD ending March 2011
Click on the spreadsheet to enlarge.
NEWS YOU CAN USE:
1) Best Places to Put Your Outdoor Life First from The Men’s Journal, April Issue: Durango, Colorado
1) Best Places to Put Your Outdoor Life First from The Men’s Journal, April Issue: Durango, Colorado
In its taste for fleece and proximity to awe-inspiring mountains, Durango often gets compared to Boulder 20 years ago. But with its isolation, modest size and population (16,000), and a down-home, just-folks genuineness, Durango clearly doesn’t aspire to Boulder’s growth, and it will never be a bedroom community for any metropolis. Tucked down in the southwest corner of Colorado, where the San Juan Mountains meet the arid Colorado Plateau, Durango has plenty of trademark Rocky Mountain beauty. Please click here to read the whole article, and scroll down.
2) The market has bottom out in Durango from the Durango Herald.
2) The market has bottom out in Durango from the Durango Herald.
This year could be pivotal for would-be homebuyers who’ve been sitting on the fence, waiting for the right time to buy. That was the contention of Wells Group real estate executives last week during the public unveiling of its 11th annual Real Estate Forecast. For investors and someone looking for a long-term place to call home, “we’ve reached the point of maximum financial opportunity,” said broker John Wells. “The evidence is showing us that the market has bottomed out.”
Bob Allen, owner of Allen & Associates – a real estate appraisal, consulting and research firm, presented his annual statistical analysis of the local real estate market and economy at Fort Lewis College before a full house of movers and shakers in the real estate industry March 30. Chart after chart, Allen’s presentation showed visual depictions of recent years’ real estate and economic boom and bust, with a slight uptick in 2010 figures from what he and other real estate executives assert was the market bottom in 2009. Please click here to continue reading.
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I am looking forward to hearing from you; if you have any questions about your property, or if you are interested in learning about properties for sale, please contact me.
As always, thank you for your business and anyone you have sent my way! The highest compliment you can give me is the referral of your family and friends. I will make sure to give them the great service you have come to expect from me.
