The Durango Colorado real estate market has continued to fall on hard times. The residential inventory is high, and the demand in the first half of the year has been low. The impact of the national economy, consumer confidence, and the inability for sellers to sell their homes in the gateway markets for Durango, have all combined to make this one of the slowest markets in decades, and it has made it the best time to buy real estate.
Here are some statistics through May 2009, for the residential real estate market in La Plata County.
Total Active Residential Listings: 1,264
Compared to last year, May: 1,181
Average Days On Market: 209
Compared to last year, May: 191
Total Number of sales: 171
Compared to last year, thru May: 268
Median sales price: $325,000
Compared to last year, thru May: $292,500
Difference in price: -10%
Why is this a buyers market opportunity?
Savvy homeowners or potential homeowners recognize that the total cost of housing is impacted by the initial cost of the home, mortgage & interest costs, and tax benefits. When buyers are able to beat the market by purchasing at costs similar to 4-5 years ago, and to take advantage of historically low interest rates, they will eventually reap the rewards of pent up inflation, while maintaining low mortgage payments. In addition, buyers have the home interest write off on their taxes making it much more appealing than renting, and the 1st time homebuyers incentive of $8,000 is a huge advantage.
Buy now and reap the future rewards!
If you have any questions, please do not hesitate to call me. You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com.
Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado. He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients. The designations include:
CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES,Senior Real Estate Specialist
He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.
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