Durango Colorado Real Estate

Thursday, May 23, 2013

Representing Your Properties With Complete Marketing Coverage

As the summer season rapidly approaches, activity in our local Real Estate market is heating up as well.

We pride ourselves in representing your properties with the best marketing possible to reach potential buyers wherever they may be.

One important vehicles in our marketing approach is our website at www.DurangoRealProperty.com. We constantly focus on our search engine optimization to ensure that buyers get the information they need. A recent look at Google Analytics over the last 30 days has shown that we've had 2419 visits from 1520 unique visitors. By coupling that with the success of www.WellsGroupDurango.com and our increased social media presence - we feel our online presence is 2nd to none.

In addition to a strong web presence, we know that in our unique market, print advertising is equally as important. We have a commitment with the Durango Herald for full page ads bi-weekly, and A-Section advertising on the off weeks of the full page ads.

We will continue to implement the best possible marketing of your property to connect with buyers and facilitate a sale.

Thank you for choosing us to represent your Real Estate interests.

Thursday, May 2, 2013

Correct Mold Issues For Health ... Of Your Home.

This week we want to flag for you an inspection issue that can be completely avoided just by looking ahead. Over the years we have found that the word "Mold" can have one of the most negative impacts on negotiating inspection resolutions between buyers and sellers. It is the most likely inspection problem that will cause a buyer to terminate the contract and further, lenders become very skittish unless the repair and remediation of mold is handled very carefully. However, truly in this area, we find that most mold issues are not really the serious kind of mold that can lead to health and safety issues. But once the word is introduced in the inspection process, many buyers have a difficult time overcoming the negative connotation.

Most often, if an Owner monitors their home over time by periodically checking crawl spaces for standing water or mildew and dealing with such issues as they appear, genuine mold issues never arise. We believe it is in any owners best interest to do regular spot checks on the underpinnings (or in attic areas) of their home as the usual cause of mold is moisture retention which can cause structural integrity and/or decomposition problems. Those kinds of problems can be far more serious to correct than the actual mold.

You already know our thoughts on pre-inspection: we think it is a great idea for all Sellers to consider doing a pre-inspection before marketing their home. Let me give you a recent example of a Seller who decided not to do a pre-inspection. The Seller negotiated what they believed to be a fair price for their home and entered into the contract for sale. During the inspection period, the Buyer's inspector flagged a mold and moisture issue which had caused structural problems under the home. The Buyer provided to the Seller a bid from a "certified" mold specialist for remediation at a cost of nearly $20,000.00. Had the Seller known of this problem they would have dealt with it before marketing their home, most likely at a much reduced cost to them, and they would have built this cost into what they believed was the best price for their home. This story had a happy ending as we were able to help this Seller find less costly mold remediation solutions that were acceptable to the Buyer and to the Buyer's lender and the Buyer did not terminate the contract.

Wednesday, April 17, 2013

1st Quarter Statistics for La Plata County

La Plata County home sales had a robust first quarter with a 17.4 % increase in the number of homes sold, and a 9.2% increase in median price. In most areas of the County, the number of homes sold and median price increased. The anomaly in the statistics is in the Durango In-Town Homes. The statistics make it appear the market is sluggish, and the median price is virtually flat. Those are not the facts! The Durango In-Town market is strong, and it is a lack of inventory creating the illusion of nearly flat sales. The median prices for the neighborhoods serviced by Needham, Riverview and Park schools are up $40,100 in median price, which equates to a 13.1% increase. As of April 15, 2013, the inventory of homes in these neighborhoods is 67 homes and 29 of them are under-contract, which is a very low inventory of homes considering the market demand. The variance in the statistics is in the Three Springs area, near the hospital. The builders in Three Springs have been offering some
smaller homes, which drove the median price down $25,000. Overall, the rebound in the economy, and the continuance of low interest loans is sparking the housing market across the country. Land sales were robust, as buyers continued to take advantage of the lower values in the market place. Commercial activity was also a bit stronger in the 1st quarter, with 7 sales versus 5 last year.

Friday, April 12, 2013

The Effects Of Supply & Demand On Our Local Real Estate Market

Several people have asked us lately about what type of market we are currently experiencing. The answer is that it depends. In La Plata County, we have several different situations in terms of the market type and those are determined by location and price point.

The way a market type is determined is by the amount of inventory. If an area or price point has little inventory (less than 5 month supply) - you get a Seller's Market. If there is a modest inventory (5-7 month supply) - a Balanced Market appears. In areas or price points that have a large inventory (over 7 month supply) - a Buyer's Market is present.

For example, for Durango In-Town properties priced at or below $400,000 we are experiencing a Seller's Market. With smaller inventory available in that location and price range, the Seller's are the ones who are dictating the terms of sales.

Consider Durango as the epicenter of our local market, and then picture concentric circles radiating out in 5-10 mile increments. The further away from the center you go, the more inventory there is. The market shifts as you move from the center outward from a Seller's Market to a Balanced Market to a Buyer's Market.

Likewise, the market tends to change in regards to price as well as inventory. As the price points increase, the market changes from a Seller's Market in the lower price ranges to a Buyers' Market in the upper price ranges.

If we can offer any more explanation for you, please feel free to contact the office.

Thank you.

Thursday, March 28, 2013

Major League All-Star Darryl Strawberry Comes To Durango

Updated Tuesday March 26, 2013 by YBSWC.

Nine Time MLB All Star Darryl Strawberry will be speaking in Durango, Friday April 19.
Free Admission. Whalen Gym, Fort Lewis College.
Doors open at 5:45 p.m.
Darryl will be discussing his rise, fall and redemption.
There will be raffles for autographed jerseys and photo opportunities.
Don’t miss this opportunity to experience a huge part of baseball history
right here in the Four Corners April 19th at Fort Lewis College!
For more information about Darryl Strawberry:

http://youtu.be/PUumHVdKL4w

http://youtu.be/MXPnAxXSUO4
Strawberry will also be dedicating the Alpine Bank Youth Sports Complex Little League
baseball fields by the ALP pumping station just north of the Centennial Center
on Saturday morning from 9-10 am April 20th.

Don Ricedorff, Broker Associate, GRI, CRS, CCIM, ABR, RSPS, CDPE

E-Mail: don@durangorealproperty.com

Direct: 970-375-7014

Fax: 970-259-5007

Web: www.DurangoRealProperty.com

Member of Rocky Mountain Commercial Brokers
http://www.rockymtncommercial.com/

Thursday, March 21, 2013

2013 Wells Group Forecast

The Wells Group hosted the 13th Annual Real Estate Forecast on Wednesday of this week. The forecast presentation, led by local appraiser Bob Allen and Wells Group owners Jim Wotkyns and John Wells, summarized key market conditions in La Plata county and predictions for the local real estate market for the 2013 year. All of the forecast information is based on numerous statistical studies done by Mr. Allen and such statistics were analyzed during Wednesday's program.

To recap the Forecast presentation, the news is mostly all positive:

*Population and household growth are "up" in La Plata county which continues to drive demand for housing.

*Tourism has held steady despite of some unfortunate events such as the Mesa Verde fire in 2012.

*National negative housing news has dissipated and national housing media attention is almost entirely positive.

*An over supply of inventory has decreased.

*Mortgage rates continue at historic lows.

*Investors and 2nd home buyers are coming back to the market.

*Foreclosure filings and sales have declined.

*The real estate markets in "feeder" areas to Durango, i.e. Phoenix, Denver, California and Texas, have improved, allowing Sellers in those markets to sell and transition as buyers to Durango.

*New inventory is going to be available in Edgemont, Three Springs and the Twin Buttes area.

Additional positive business indicators for the La Plata County area were highlighted, including that air transportation has doubled in the last decade allowing easier access to Durango; Mercy Regional Medical Center continues to be an outstanding provider of medical services to the entire region; Fort Lewis College brings a vibrant college population and also generates school related visits to the Durango area continually throughout each year; Mercury Payment System, a large national company, headquarters in Durango and is investing in new corporate offices near the Durango Mall; and the City of Durango will soon be upgrading the entire business district with high speed internet access.

However, there were some negatives in the Forecast, including:

*Natural gas prices have been persistently low which impacts the local energy industry which is major economic player in this market.

*Private construction remains low.

*Credit conditions remain challenging.

*The decreasing inventory is a potential problem in some parts of the market in order to meet demand.

*Appraisals may become challenging as sales and pricing improve but existing comparables are scarce.

Mr. Wells concluded the program with his predictions for the 2013 year which included the predictions that real estate sales will continue to increase and that real estate appreciation will be 5-7% overall.

The full 2013 Forecast presentation is available for your review on the Wells Group website: wellsgroupdurango.com A password is required so if you are interested please give our office a call and we will give you the password.