$6500 for Non-First Time Home Buyers

I have found that most folks know and understand that the $8000 credit for first time homeowners was extended by Congress in early November through April 30, 2010. But, less well understood is the new $6500 credit passed in that same legislation available to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010. Perhaps you have no immediate plans to purchase another home, but I hope this information will be helpful to you or to someone you know.

Who Qualifies for the $6500 Credit?

Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight potentially qualify for the $6500 credit.

The Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much is Available?

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Determined?

Each home buyer’s tax credit is determined by two additional factors:

1. The price of the home.
2. The buyer's income.

Price

The $6500 credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

If a Buyer's Income Exceeds these thresholds, can that Buyer still receive a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify if a Closing doesn't occur until after April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the $6500 tax credit need to be repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

You can reach me, Don Ricedorff, at The Wells Group, Durango, Colorado, 970-375-7014 or at
don@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.

HOLiDAZZLE comes to Durango for the 6th year!

What is Holidazzle you might be asking? Our great little town really gets into the holiday spirit by bringing 36 days (Thanksgiving to New Years) of holiday good times to the downtown area. At least 100 bright-red posters hang in store windows, and other holiday decorations and many lights abound. There are 45 family-friendly events to enjoy, and a total of $4000 in give-aways will be awarded by participating merchants. In short, the 200 individual shops, galleries and restaurants stand ready to welcome you to downtown Durango during this exciting season. An especially festive evening is "Noel Night,"on December 10, when more than 80 shops are open until 9:00 pm, in-store refreshments are available and various entertainment is available up and down Main Street.

As I've said many times, I'm proud to be from Durango, Colorado and I feel lucky that my job allows me to help others make this their home too. The Holidazzle promotion in our fabulous Durango downtown is just one more of the many benefits of special community.

You can reach me, Don Ricedorff, at The Wells Group, Durango, Colorado, 970-375-7014 or at
don@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.

8 Easy Ways to Seal Air Leaks Around Your House

Take a look at this great article on 8 Easy Ways to Seal Air Leaks Around Your House. You can contact me, Don Ricedorff, at The Wells Group, Durango, Colorado, 970-375-7014 or by visiting my website at durangorealproperty.com

• 
  
  
  
  
  
  
  
  

  8 Easy Ways to Seal Air Leaks Around the House

  
  

  For what the typical family wastes every year on air leaks—about $350—you can plug energy-robbing gaps, start saving money, and enjoy a more comfortable home. Read

  
  
  
  

Visit houselogic.com for more articles like this.

© Copyright 2009 NATIONAL ASSOCIATION OF REALTORS®

Market Statistics for October look Good!

October sales of La Plata County residential properties showed a significant change in the market. The 2009 October residential sales showed an increase in market volume of 2.6% versus October 2008, and the average price increased 5.7% versus last year. The transactions were nearly even with 67 transactions this year and 69 transactions last year. The median price was down 13.8% compared to last year, which suggests greater affordability now, and perhaps explains the increase in market volume and the improvement in transactions.

These October results reverse the trends compiled through September 2009. In the first nine months of 2009, the market has been trending -36% in volume and –30.5% in transactions. The October results may be indicating the bottom of the market in September, as buyers have returned to the market. The inventory levels of residential homes throughout most of La Plata County remains high, which offers buyers greater selection.

The good news in the last week with the expansion and continuation of the first time homebuyers credit should assist in a market turnaround for the remainder of 2009 and the beginning of 2010.

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.

Real Estate Trends

The National Association of Realtors (NAR) has recently released information regarding trends among home buyers. You might find the following data of interest:

87% of home buyers nationally are using the internet to identify homes.
32% of home buyers nationally found the home they purchased on-line.

81% of home buyers use full service Realtors.

60% of home buyers nationally were born after 1964.

92% of home buyers nationally say energy efficiency in a home is important to them.

The majority of home buyers are seeking walkable neighborhoods, ample storage space, master bedroom suites, updated kitchens.

Also of interest, NAR reports that nationally real estate sales are up.

NAR is very active in pursuing extension of the $8000.00 first time home buyer's tax credit which is currently set to expire on November 30, 2009, and is optimistic that the credit will be extended into 2010.

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.

Do you have a "Wish I Would Have" List?

Don't let investing in Durango, Colorado be on your "Wish I Would Have" List!"

I believe the recession is over and that we are at the bottom of the market in Durango, Colorado. Now is the time to buy, not just because interest rates continue to be at historic lows and inventories are at historic highs, but because we only have UP to go from here and by sitting on the sidelines, you may miss the best opportunity you will ever have to purchase property in this incredibly beautiful part of the country.

Here are my reasons for believing the recession is over:

1. The Index of Leading Economic Indicators for the US rose 0.6% in July, for its fourth consecutive gain.

2. Global economies are recovering as indicated by the 33 member countries in OECD which recorded its largest indicator increase in June since inception in 1962.

3. The job market is improving with the unemployment rate easing from 9.5% to 9.4% in June.

4. The stock market has rebounded 50% from its March lows.

5. The Federal Reserve's efforts to stabilize the financial system worked.

6. Bank lending is increasing.

7. Expectations for 2010 economic growth continue to improve. In a recent Wall Street Journal survey, 80% of economists said they believe the recession has ended or will have ended by September.

8. Housing has bottomed. Sales of US homes jumped in July to the highest level in almost 2 years. The Case-Shiller home price index advanced 2.9% in the second quarter.

9. Manufacturing is on the rebound. The Fed has said that industrial production rose 0.5% in July, the first increase in 9 months.

I believe the recession is over. But, no doubt there will be bumps in the road to full recovery. However, I truly believe that you will look back and think that NOW was the time to buy real estate in Durango, Colorado! Don't let it be on your "Wish I Would Have" list!

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.

Lake Nighthorse A Reality After Decades!

A New Lake in our Area Nears Completion!


Lake Nighthorse, named for the former Colorado United States Senator Ben Nighthorse Campbell, is now 20% full. If all goes as planned, water being delivered to Lake Nighthorse from the Animas River will fill it by the year 2011. This may seem like a long ways off, but the reality is that this is a project that culminates literally decades of discussion, negotiation, design and construction, so the year 2011 actually seems unbelievably close to those of us who have watched or heard about this project for many, many years!


Lake Nighthorse is located in an area called Ridge's Basin which is southwest of Durango. Once filled, it will have a surface area of approximately 1,500 acres or roughly two square miles. The intended use of Lake Nighthorse is primarily for diversion and water storage for the seven "sponsors" of the Animas-La Plata compact that was formed in the 1960s. Those sponsors include the Southern Ute and Ute Mountain Indian Tribes and the Navajo Nation, as well as water management entities in both Colorado and New Mexico. The sponsors will each receive water from the project for approved uses according to complex agreements that were negotiated as part of the Animas-La Plata compact.


Lake Nighthorse has also been approved for recreation, fishing and wildlife uses, although my understanding is that the specifics, timelines, rules and regulations of this recreation piece are still being fiercely negotiated by various interested parties, including environmental groups. Funding for recreational use is obviously a critical piece and not yet in place. The new lake will most likely be off limits to the public until the questions about funding and approved recreational uses have been resolved.


In summary, after decades of debate and hard work, completion of Lake Nighthorse is just around the corner and will open a grand new resource for Durango and the surrounding region. It is a new resource that I look forward to with anticipation!

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.

Let's Go Green

I hear the words "Green Products" and "Sustainability" a lot nowadays and I imagine that you do to. Just what do these words mean? Well they actually incorporate the same thought: i.e. that the long-term cultural, ecologic and economic health and vitality of individuals, companies, governments and other organizations is tied to using what resources we have more efficiently and minimizing negative impacts on our common environment.


My research indicates that there is a growing desire among home owners and home purchasers for green or sustainable products. More and more Americans are truly thinking about the economic, social and environmental consequences of the household decisions we make every day. For instance, people are buying more energy-efficient light bulbs, appliances and electronics. They are also buying more energy efficient cars. And in my industry, real estate, more and more buyers are looking for energy efficient, green built homes.


Is there a top reason why today's buyers are searching out greener homes? Well, the bottom line is probably the pocketbook! Certainly, greener homes are good for the Earth, but, consumers are finding that they are also easier on the wallet over the long term. The savings on maintenance and energy can mean thousands of dollars over time, not to mention the re-sale value such a home will most likely have compared to an older home that does not have energy-saving features. I see more and more of my clients being knowledgeable and asking questions about the true cost of a home. In my opinion, the true cost is not what they pay up front, but what it will cost them to own, operate and live in it on a daily basis.


So, how does a home become Green? Here is a list of just some of the ways:


1. More durable roof coverings.
2. Energy efficient windows.
3. Fiber-cement siding.
4. Increasing the amount and R-value of insulation.
5. Incorporating passive solar design features.
6. Engineered wood products that conserves trees.
7. Recycled plastic lumber for decks, porches, etc.
8. New toilets designed to use less water.
9. Energy efficient appliances.
10. Factory built components, reducing waste on job site.
11. Insulated foundations.
12. Efficient, correctly sized heating, cooling and water heating equipment.


Warranties and Certifications to look for to know that you are truly getting a Green built, sustainable home include the following:


LEED Certification: This is the recognized standard for measuring building sustainability. Achieving LEED certification is the best way to know that a home is truly "green."


Energy Star: Energy Star is a government-backed program that identifies and labels energy efficient products. Builders can advertise an Energy Star rating if the home scores at least 85 or below in this climate zone on the HERS Index (described below).


HERS (Home Energy Rating System): This is an index scoring system in which each 1 point decrease in the HERS Index corresponds to a 1% reduction in energy consumption. A typical code built home scores approximately 100 on this scale. A home with a HERS score of 85 is 15% more efficient than a home rated at 100 on the HERS Index.


Durango boasts many home builders who understand the importance of the above ratings and designations in today's market and who have made a conscience choice to build green. Artistic Homes is one such example, and I've written before about the new, affordable homes being built by that company in Durango.


Don't hesitate to contact me if you have questions about Green Built homes in the Durango market or if I can assist you in any other way with respect to your real estate needs. 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.

Beware New Appraisal Rules

Choosing your Lender carefully is more important than ever!

By now many of you have read or heard that lending became more complicated with some lenders when a new law, called the Home Valuation Code of Conduct (HVCC), became effective on May 1, 2009 and created confusion and frustration with respect to the appraisal process. I recently attended a leadership summit in Chicago sponsored by the National Association of Realtors (NAR) and I can tell you that trying to address and fix the problems this new law has created is a primary legislative focus for NAR during the upcoming year.

It is ironic that this new law created such a firestorm, because its intent was, on the surface, a good one, i.e. to prevent those who stand to profit from a real estate transaction from putting undue pressure on the appraiser. It sounds so simple, but in practice the new law apparently has caused untenable delays across the nation and with many frustrated buyers backing out of real estate transactions. Some of the horror stories relate to some of the larger underwriters engaging national appraisal clearinghouses that send in "out of area" appraisers unfamilar with a local market resulting in appraisals that don't reflect local market conditions. Or sometimes, the problem has been that a local appraiser is engaged, but the national underwriter places the appraisal in a never-never land of "appraisal review." I've encountered several deals like that this summer involving a Durango sale that is placed in "appraisal review," presumably somewhere on the East coast and several weeks can go by before we ever hear back. In some instances, we never heard back! Fortunately, the Buyers in those instances were able to move to superb local lenders who got their purchases over the finish line. However, this did require the cooperation of the Sellers to extend out the Closing dates to accommodate starting over with new lenders!

I have always been an advocate of using local lenders familiar with our Durango area real estate market. Many of the local lending companies knew about this new law and had systems in place to make a smooth transition well before the May 1, 2009 effective date. The customers who work with those lenders don't seem to be experiencing as many, or any problems resulting from the new appraisal process. Now more than ever I recommend that Buyers carefully review with the lender of their choice how the appraisal process works for that lender. Some questions to ask are: Are only local appraisers on the panel of appraisers that must be selected from? Are the underwriters to be used by the lender also local in nature so that if something is sent to "appraisal review" it will be reviewed by an entity familiar with the Colorado market and in particular, the Durango market? What is the lender's recent track record with appraisal issues and closing delays because of appraisal issues?

If you have any questions, please do not hesitate to contact 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.

Durango's Vibrant Downtown!

I'm very proud of Durango's historic downtown, which continues to be vibrant and teeming with activity. In fact, in my work as a Realtor, I can't count the number of times folks have told me that our "real" downtown is one of Durango's greatest attractions!

In these times of economic downtown, the community has embraced many efforts to keep the heart of Durango, our amazing downtown, alive and well.

For instance, the City of Durango has invested in the construction of an 8000 square foot transit center - the largest in the region - to serve as a hub for all forms of public transportation. The new Transit Center is nearing completion and sits on Eighth Street between Main and Camino del Rio.

Durango has also long been involved in making its downtown pedestrian and bike friendly and a new "streetscape" program, which will begin this fall, will allow for replacement of sidewalk segments and the redesign of intersections. Also, 36 new bike racks will be added to the 70 already in place. New trees will be planted and a new energy -efficient LED (light emitting diode) streetlight program, among the first in the state, will be implemented.

Also in the works, although still in the planning stages, is "Railroad Square" which will feature a Grand Central Hotel and Conference Center to be located near the Durango & Silverton Narrow Gauge Railroad. The 26,000 square foot conference center that will be a part of this project will accommodate sit down dinners for up to 600 and the hotel will feature some 200 guest rooms.

We also contintue to see exciting live-work projects whenever historic buildings are remodelled such as in the 700 block of Main Avenue where a fire in 2008 burned three historic buildings. These structures have been rebuilt with main street facades matching the old-time Durango heritage, but with sophisticated and technologically up-to-date interiors.

Downtown business owners are now, more than ever, commited to making shopping downtown a unique and pleasurable experience. A spirit of keeping local dollars in town seems to be pervading our Durango community.

In short, I'm proud to call Durango my home and proud of all of the community efforts to keep our Historic Durango Downtown the best it has ever been.


If you have any questions, please do not hesitate to contact 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.

Some Good News From The Durango Colorado Real Estate Market:

Sometimes the overwhelming attention to the "Bad News" overshadows some of the Good News that really is out there. For instance, did you know that the National Association of Realtors has recently announced the third straight month of pending home sale have increased nationally. Does this mean our economy is out of the woods? Probably not, but it does signal that we may be moving in the right direction.

You might also be interested in this Good News that doesn't get much press time:
*30% of American home owners have NO mortgage!
* Of the 70% who do have a mortgage, over 96% ARE NOT in foreclosure.
*It is a very small percentage of homes that are in default.

I continue to see the Good News in our Durango market for buyers:

1. We have lots of inventory for buyers to choose from.
2. Interest rates continue to be at all time lows.
3. Pricing is extremely competitive.

If you are a buyer, we suggest you take advantage of this great opportunity, and beware of the risks of trying to "time" the market. Remember, a 1% increase in interest rates is equivalent to a 10% change in value!!

If you have any questions, please do not hesitate to contact 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.

$8,000 First Time Home Buyers Credit Is Awesome Opportunity For Durango Colorado Real Estate Buyers!

This is a great time to buy a home, condo or townhouse in Durango Colorado with the new $8,000 housing tax credit. This is available for first time home buyers, if you purchase by November 30, 2009. As mentioned in previous blogs, if you every wanted to buy a home, now is the time. It is like a giant sale right now in the real estate market! For the first time in the Durango Colorado market, we are seeing deep discounts on listed prices, and more negotiation from the sellers. When you couple that with the current low interest rates, you have the best deals seen in years! First time homebuyers are defined as not having owned a primary residence in the last three years, so if you question whether you are eligible, check with your accountant. Also, if you have grown children, have you thought about helping them purchase their first home. One of the key new items of the $8K tax credit is the repayment requirement has been removed. It is doubtful that we will have another time the government will see the need to stimulate the real estate market by offering an $8000 tax credit, fully refundable.

TIME IS RUNNING OUT...When this was first announced, November 30th sounded a long ways away. Buyers should plan on at least 60 days for the new and more difficult lending process, and a minimum of 30 days for any issues that may come up. For example, if there were major inspection issues, it may be necessary to choose another property, or it may require additional negotiation time. In some cases, a lender may be more constrained by lending practices, and it has not been uncommon for buyers to have to find a better lender match. If you make a change in your lender choice, it will take more time.

By subtracting 90 days from November 30th, the process should be finalized by August 31, 2009. Buyers should be looking for the opportunities right now, and throughout July and August. Don't be caught with insufficient time to make one of the most important decisions of your life, and with the short remaining time, other buyers may impact the available choices.

If you have any questions, please do not hesitate to contact 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.

SENIOR SPECIAL: NO MONTHLY PAYMENTS!!!

One of the best kept secrets of the federal Stimulas package is the opportunity for Seniors (age 62 and older) to purchase a home under a federally insured program which allows a purchase with a formulated amount of down payment and NO monthly payments thereafter. THIS IS A REVOLUTIONARY WAY FOR SENIORS TO PURCHASE REAL ESTATE! For instance, my understanding is, that subject to rates published regularly, an eligible Senior purchasing a $400,000.00 single family residence to be used as a primary residence can put an approximate $136,000 down and then make ABSOLUTELY NO MORTGAGE PAYMENTS THEREAFTER.

Mark Wherry, an Investment Advisor located in Durango, has published numerous materials on how this federal program works and has told me that he would be happy to help explain this exciting financing program to any interested persons. In fact, Mark will be offering FREE Workshops about this program on Thursday, July 7th, 2009 at the Strater Hotel here in Durango at 1:00 pm, 4:00 pm and 7 pm. Mark Wherry's number is 970-259-6788

If you are a Seller currently marketing your home for sale, or a Buyer aged 62 or older, I strongly encourage you to become familiar with this program as a possible financing option to bring your residential deal to the Closing table!!

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.

Durango Colorado Real Estate Update

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.

Artistic Homes In Durango Colorado!

Artistic Homes has selected Durango Colorado as their newest location to offer their popular and award winning homes. Artistic Homes is a regional home builder located in Albuquerque New Mexico, and they are the largest homebuilder in the state. Since 1966, they have built over 13,000 homes.

These new homes are offered in Sky Ridge, one of the finest neighborhoods in Durango. It is a convenient location to Fort Lewis College, five minutes to Hillcrest Golf course, and close to all K-12 schools, and shopping. Residents enjoy the many outdoor activities offered in Durango, and hiking and mountain biking trails are accessed from the subdivision. In addition, a City Park with tennis courts, playground, and activities field is only a block away.

Artistic Homes is dedicated to the science of home building, and they utilize the latest and best techniques and materials for building high efficient, high perfomance, and safe & healthy homes. Justin Erickson from E3 Energy, a rater and provider for home science and energy, has been quoted to say: "There is no better site built home in this price range in the United States".

The energy efficiency of the Artistic Homes is way beyond the average code built home. Homes are rated with the Home Energy Rating System (HERS), and a typical code built home scores approximately 100 on the scale, and many older homes are much higher. The HERS Index is a scoring system in which each 1 point decrease in the HERS Index corresponds to a 1% reduction in energy consumption, so a home with an Index of 85 is 15% more efficient than a home rated at 100 on the HERS Index. Builders desiring to participate in energy efficient homes can advertise an Energy Star Rating if the home scores at least 85 in this climate zone, and the Builders Challenge from the Department of Energy has places 70 on the HERS Index to meet that certification. The average Artistic Home is 55 on the HERS Index, 45% more energy efficient than an average code built home! Every Artistic Home is 100% documented for the homeowner. This is the new neighborhood bragging right, as energy usage of an average home is equivalent to operating 5 automobiles, and homeowners should be proud of owning a more environmentally friendly home, with a lower carbon footprint. These homes are built green and they meet the standards to be LEED certified. (LEED certification is the recognized standard for measuring building sustainability, and achieving LEED certification is the best way for you to demonstrate that a home is truly "green")

A solar option is available in some markets, and it may be offered in Durango. Depending on the climate zone, the solar option (a $40,000-$50,000 upgrade) can provide a Net Zero on the HERS Index, which means the total energy consumption is replaced by the solar. How would you like to compare your utility bills with your neighbor if you had the Net Zero home?

How is Artistic Homes able to build to these higher standards? The choices for materials and building practices must work together, and these homes are engineered from top to bottom. The key is building tighter homes, utilizing the best materials and techniques. Artistic Homes are built with 2" x 6" construction, R 23 insulation in the walls, R50 insulation in the ceiling, and they have replaced headers over windows, and instead, they use engineered mini-trusses which can be insulated. They build with an advanced engineered framing system, three stud corners, which allows the corners of the home to be insulated, and they utilize slab insulation. The choice for windows are Andersen Windows. They are beautiful, high quality windows, Low E, very durable, and Andersen is a leader in the window industry. The 95% efficient furnaces, and the tankless water heaters are more efficient. The ducts are sealed and tested for air loss, and every penetration is foamed and caulked.

The challenge of building tight homes is air quality. The EPA estimates the inside of homes may be 20 times less healthy than outside the home. The key is "Build it tight, and ventilate it right". Artistic Homes uses the Venmar Heat Recovery and Ventilation System, which replaces the inside air of the home with outside air. This system replaces 30% of the air every hour, so the total air is replaced in just a few hours. In addition, they have a garage air ventilation system to remove the toxic air from the garage, and a passive radon mitigation system is also included. This makes the Artistic Homes the safest and healthiest choices for new homes.

Artistic Homes have one of the best warranties in the industry. Each home receives the 2-10 Home Buyers Warranty. It basically provides a "bumper to bumper" warranty for the first year, covers all of the mechanical, electrical, and plumbing systems for the second year, and it has 10 years of structural coverage.

Here is a list of certificates each home will receive:
HERS Rating
Energy Star Certification
EPA IAQ Air Quality Certification
E-Scale Dept of Energy Certificate
LEED-H Green Certification

Did I mention they are also AFFORDABLE? Most of these homes are offered with a final cost of $309,900 to $349,900 with the $30,000 pre-construction discount. How can this be? These are the best quality home at affordable prices. Currently, we have five models available, and only 12 potential homes to be built in Sky Ridge. If you are interested, don't wait, choose the model and your lot now.

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.

A Letter To The Owners Of The Wells Group

Dear John, Jim & Mike,

In these tough and difficult economic times, and with the stress of owning the largest real estate brokerage company in Durango Colorado, I thought it was appropriate to tell you what I appreciate about The Wells Group…

I appreciate that the owners of this company have had foresight and the commitment to make the best real estate company that Durango has ever seen.

I appreciate that the owners have take very little return on their investment, and they have utilized those savings to provide us the very best tools to be successful.

I appreciate that our weekly meetings are meaningful, and that we receive high quality instruction, market information, and positive marketing practices.

I appreciate that I have been mentored by the best.

I appreciate that we have an attractive Main Avenue office in a historic building, and I don’t have to write a check for the rent!

I appreciate the team of real estate brokers and assistants is of the highest caliber, and that we have a group of people who like each other, treat each other with respect, and honor each other.

I appreciate that we have a fun working environment with no shortage of laughter.

I appreciate that service, commitment, honesty and integrity are not just words at The Wells Group.

I appreciate that we have a second location in Bayfield, with experts in the area, to better provide for our clients.

I appreciate that I have quality systems in place including the phone system, the Z Drive, conference rooms with smart boards & projectors, and copy & fax machines.

I appreciate that The Wells Group stays at the forefront of technology, providing us with those exceptional tools.

I appreciate the work of The Wells Group in providing high quality customer oriented seminars, open house tours, client parties, and the annual forecast.

I appreciate that The Wells Group honors the agents with recognition of their successes.

I appreciate The Wells Group philosophy regarding community service, striving to make our community a better place to live.

I appreciate The Wells Group philosophy regarding education, and providing national level real estate speakers, and on-going education to sharpen our skill levels.

I appreciate that The Wells Group has never been satisfied with the status quo, and is always looking for opportunities to provide a point of difference for our clients.

I appreciate that our sales manager has a legal and financial background, and that he has provided professional guidance to us, and solid sales leadership.

I appreciate that our accounting office gets it right, makes it fun, and they have an agent first mentality.

I appreciate that Shannon greets our customers, and she is a great reflection on all of us.

I appreciate that we have the best advertising program in the area, that we have an expert in advertising on staff, and that Jonathan coordinates all of the advertising, and it does not require any additonal effort on my part.

I appreciate that we have one of the most searched websites for marketing our properties..

I appreciate our other support personnel who provide high customer service with statistics, and all of the “extra” projects that are constantly being conducted, and for Frank, who keeps this place looking good.

I appreciate the ability to offer beverages to our clients, and that there is always caffeine available!

In conclusion, I appreciate that The Wells Group has provided an outstanding place for me to spend the majority of hours that I am awake, and has given me the opportunity to be successful in my profession.

Sincerely,

Don Ricedorff

New Property Tax Valuations Due For Durango Colorado Real Estate:

The La Plata County tax assessor is sending out the new tax valuations for all real property in the Durango Colorado area, and for the entire county. It will come as a shock to many when they see the new valuations. Most homeowners have seen the tougher residential market, and the price reductions on homes in their neighborhoods. In most cases, their new tax valuation will be higher than competing homes on the market. The key difference is the time table that the county can legally use. They must have comparable sold properties during the period from January 1, 2007 until June 30, 2008, a period of 18 months. They can not utilize properties that sold before or after those dates. This period is the top of the market for price comparisons. Statistically, the median price has held strong, but when you compare values on the market currently to those that sold in this 18 month period, it is going to look like an unfair valuation.

The good news is that affects all of the market, and although the value of your home may look too high, it is going to be similar for other homes in the market, and it may not have a big impact on the amount of property tax due. The residential assessment rate is currently 7.96% for residential, and 29% for land and commercial properties. With the current residential tax structure, the Assessor takes the valuation of the property, multiplies it by 7.96%, and then multiplies that number by the mil levy for that specific area. For example, a $300,000 residential property is assessed at $23,880 by multiplying the 7.96%, and then multiplying by the mil levy. For Durango, the mil levy is approximatley 27.012 so the $23,880 is multiplied by .027012 for a taxable amount of $645.05. It is possible that the mil levy could be reduced from the 7.96%, and effectively lower the taxes for all residential properties. The 29% for commercial and land properties has been mandated by the voters of the State of Colorado, and so it will not change without a vote of the people.

The last bit of good news is that oil and gas pay for a total of over 50% of the total tax dollars collected, and La Plata County taxes are some of the lowest in the State of Colorado.

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.

First Quarter Statistics For Durango Area Assocation of Realors:

The statistics for La Plata County have been released for the first quarter of 2009. The closing transactions were at a four year low, and demand was stagnant following the economic turmoil during the 4th quarter of 2008.

Only 38 Durango Colorado homes closed in the first quarter, down from 100 in last years first quarter. The breakdown of the 38 homes sold was:

In Town Durango: 9

Durango Country Homes: 19

Durango Condominiums: 10

In Bayfield, there were 23 sales, with six Bayfield In-Town homes, and 17 Bayfield country homes. This compares to last years sales of 15, showing a nice improvement.

We have seen a spark of interest during April, with a number of homes under contact. It appears some confidence is returning to the market, and that demand is increasing. It also appears that the first time home buyers tax credit of $8,000 is beginning to take affect. We have worked with several buyers looking to take advantage of this wonderful opportunity. The inventory of homes continues to grow, offering buyers a great number of choices.

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 SpecialistSRES,
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.

Do you have a distressed property in Durango Colorado? If so, this is important to read!

I recently completed the course work to achieve the CDPE (Certified Distressed Property Expert) Designation. In these difficult times I have found that sometimes homeowners in distress don't always know about options other than foreclosure. The old adage that knowledge is power could not be more important than today with our current market conditions.

There are numerous options that may be available to a distressed homeowner. Two of the most frequently discussed are Foreclosure and Short Sale. Foreclosure is a court supervised process where a mortgage company or other lienholder institutes a legal proceeding against a homeowner who is in default. A Foreclosure process may ultimately result in a public sale of a homeowner's property. A Short Sale, on the other hand, occurs when the homeowner enters into negotiations with the mortgage company or companies to accept less from a third party purchaser than the full balance of the outstanding loan.

What many people do not know is that there are very important differences in homeowner consequences between Foreclosure vs. Shortsale. Let me outline some of those differences:

Issue: Future Fannie Mae Loan - Primary residence. In a Foreclosure, a homeowner who loses a home is ineligible for a Fannie Mae backed mortgage for a period of 5 years. A homeowner who successfully negotiates and closes a Short Sale will be eligible for a Fannie Mae backed mortgage after only 2 years.

Issue: Future Fannie Mae Loan - Non Primary. An investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years.
An investor who successfully negotiates and closes a Short Sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.

Issue: Future loan with any Mortgage Company. On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" This will affect future rates. There is no similar declaration or question regarding a Short Sale.

Issue: Credit Score. With a Foreclosure score may be lowered anywhere from 250 to over 300 points and typically will affect score for over 3 years. With a Short Sale only late payments on a mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale's affect can be as brief as 12 to 18 months.

Issue: Credit history. A Foreclosure will remain as a public record on a person's credit history for 10 years or more. A Short Sale is not reported on a credit history. There is no specific reporting item for "short sale." The loan is typically reported as "paid in full, settled."

Issue: Security Clearances. A Foreclosure is the most challenging issue against a security clearance outside a conviction of a serious misdemeanor or felony. If a person has a foreclosure and is a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance, in almost all cases clearance will be revoked and position will be terminated. A Short Sale on its own does not challenge most security clearances.

Issue: Current Employment. Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A Foreclosure in many cases is ground for immediate reassignment or termination. A Short Sale is not reported on a credit report and is therefore not a challenge to employment.

Issue: Future Employment. Many employers are requiring credit checks on all job applicants. A Foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge future employment. A Short Sale is not reported on a credit report and is therefore not a challenge to future employment.

Issue: Deficiency Judgment. In 100% of Foreclosures (except in States that do not provide for deficiency) the bank has the right to pursue a deficiency judgment. In some successful Short Sales it is possible to convince the lender to give up the right to pursue a deficiency judgment.


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.

Demand For Durango Colorado Real Estate Was Soft In January & February

The times are changing! January and February residential transactions were very low, while the inventory level on the market remains at nearly all time highs. For example, 43 homes have been reported sold in the MLS system for the two month period in La Plata County, and there are 982 homes on the market. This demonstrates the polar differences between supply and demand.

Of course, if you are buying, this is great news, and it is being reflected in tougher negotiations and significant price reductions. For example, Copperhead Camp homes in Edgemont Highlands have announced a price reduction on eleven of their homes ranging from a savings of $60,000 to $130,000. These homes are now priced from $299,900 to $549,900. If you have any interest in these homes, or other deeply discounted deals in the Durango area, please let me know.

If you are selling, this information shows the challenge. The questions to ask yourselves are:
1) Is my property priced aggressively in this market?
2) Am I making the most of any showing? Does it show well? Is it clean, and have the minor painting and updating projects been completed?
3) Am I being flexible in allowing showings per the buyers request?
4) How is the curb appeal, does a buyer want to come in?

In many cases, sellers are able to negotiate deeper if they are able to make it up on the next home, and if prices continue to decline, it is better to reduce the price early and get the home sold, rather than “riding” the market down.

We will survive this market adjustment. The stimulus plan combined with the low interest rates and the first time homebuyer credit offer buyers a great opportunity to buy, and it may give us the traction we need to get this market moving.

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 SpecialistCRB, Certified Residential BrokerCCIM,
Certified Commercial Investment Member
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.

Lifestyle And Amenities Are The Key To The Market On Homes Over $500,000 In Durango Colorado Real Estate!

As a Durango Colorado real estate broker, the homes in the price range over $500,000 are fun to represent, as it is all about life style. Most of the buyers in this price range are looking for enhancements to their busy life, and they have been drawn to Durango Colorado for the life style choices that are offered. It may be a primary home or a second home that one is choosing, but it is almost always about the great choices surrounding us. This is sometimes called the amenity driven market, and it is what attracts people to Durango Colorado. Often it begins with a visit to historic downtown Durango, with a heritage back to the old west and mining in the nearby mountains. The Durango Silverton narrow gauge train is a destiny for many, and it is a sight to see when it traverses through Durango and the Animas Valley. Many people are drawn to Mesa Verde national park, with the cliff dwellings of the Anasazi. Durango is a portal for the entire southwest, with easy access to Moab, Lake Powell, Canyon Lands, Monument Valley, and the high desert of New Mexico. Durango also offers abundant cultural events, unique for a town of its size. There are on going opportunities for music through the Fort Lewis College concert hall, nearly 20 art galleries in Durango, a community art center, Music In The Mountains, and exciting events all year long. Fort Lewis College offers wonderful musical performances, theater, and life long learning lectures, making Durango an exceptional cultural experience. In addition, the culinary standards are quite high in Durango, with many choices for people who like to dine in fine restaurants. It is said that Durango has more restaurants per capita than San Francisco.

Living here is about choosing the life styles and amenities that you would appreciate. With the approximately 300 days of sunshine in Durango, outdoor activities are in abundance. There are large communities of cyclists and mountain bikers, golfers, a community tennis group, skiers, snow boarders, fly fishing enthusiasts, kayakers, hikers, backpackers, and ice and rock climbers. Just last weekend, we went to Ouray and watched the world renowned ice climbing, and at the end of January, my son and I backpacked into Dark Canyon near Hite Utah.

Durango is special with its relationship with the Animas River, which flows right through town, and actually has good fishing. The river walk has been extended in recent years, and just this week, agreement was reached to extend it further north.

There are numerous rivers, high mountain streams, large reservoirs, and alpine lakes to fish. One of the favorite locations for many fishermen is the gold waters of the San Juan River.

There are many choices for life style in this price range. Some people choose to be in town in neighborhoods like Sky Ridge, Rockridge, Timberline View Estates, or perhaps a loft downtown or a historic home in the historic district. The in town homes are the most convenient for taking advantage of all of the dining and cultural events of Durango, and for families, the neighborhoods are close to schools, churches and shopping. Some of these neighborhoods offer greater privacy with larger lots and some with huge views of the peaks.

There are many people looking for that Colorado feel of being in the Ponderosa pines, and yet within 10 to 15 minutes of town for the convenience. Areas like Edgemont Ranch, Edgemont Highlands, Shenandoah, and King Mountain Estates are some of these choices. They tend to be on small parcels or on small acreage, with a value on views and privacy. Often, hiking or biking trails are available as amenities.

Some people choose the larger acreage parcels, generally in the 35 to 40 acre range, and some of the ones close to Durango include Durango Ridge, Rancho Mira Sol, Trappers Crossing, and open agricultural properties on the Florida Mesa. Buyers of these properties generally want long views, and privacy, or perhaps equestrian use.

North of Durango, the choices for amenities include golf communities at Dalton Ranch or Glacier Club, and skiing and other winter activities at Durango Mountain resort. The summer activities are centered around the national forest, and appreciating the great outdoors. There are many home choices in these communities.

We also have a few river or stream properties in the area. They tend to be scarce, but it is possible to live near or have access to a fishable stream in southwest Colorado.

I would love to assist you with your life style choices. My promise is to listen to you, find out what the important attributes that you would like to have, and match up your interests with the property choices in our area. This is an exciting time in Durango, and living here has never been better.

If you would like to have further information on Durango Colorado real estate, please contact 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
ABR, Accredited Buyer RepresentationR
SPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist
CLHMS, Certified Luxury Home Marketing Specialist

He is also an active volunteer. He is the President Elect of the Durango Area Association of Realtors, and he is involved in the community and in his church. His personal interests include spending quality time with his family (wife and three children), playing tennis, fly fishing, hiking, boating, and water skiing.

The Stimulus Package Expected To Make A Difference In Real Estate, And It Should Help Us In Our Local Area, Durango Colorado!

I have just returned from the Colorado Association of Realtors winter meetings in Denver Colorado. There are a number of provisions in the Stimulus Plan, but this article will be limited to a few.

First, the $8,000 1st time homebuyers tax credit will help to put people in homes around the country. The National Association of Realtors expects this part of the plan will provide an additional 300,000 housing units to be sold! The income limits are $75,000 for single individuals, $150,000 for those who file jointly, and they phase out from $150,000 to $170,000. This is an improvement over the tax credit last year, as it does not have requirement for repayment, and of course, it is a little bit higher. The tax credit may be taken on the 2008 or 2009 tax returns. It expires on November 30, 2009, so the purchases must be from now until then. Each of these purchases should increase other economic activity by $60,000, from home improvements to furniture.

Second, the agency jumbo rates decreased at the first of the year, as the rules changed from 125% of median income up to $720,000, to 115% of median income to $625,000. They are now going back to the higher limits. This may help us get back up to $443,750 for FHA loans locally, from the current $379,750. This is preliminary and not final. The National Association of Realtors expects this to increase units sold nationally by 150,000 units.

Third, the next batch of TARP funds, utilized to buy back Freddie Mac and Fannie Mae loans, and help to keep low interest rates are expected to increase sales of homes by 400,000 units, according to NAR.

Last, investor limits on loans have been raised from four loans maximum by Fannie Mae and Freddie Mac to ten loans. This will assist in keeping investors interested in buying up properties for rental use.

All of these provisions in the Stimulus Plan will assist us in selling more real estate. Now, we need to spread the word of the timeliness in purchasing real estate. This is the perfect time to purchase with the high level of inventories of homes for sale, the depressed real estate market, the deeper negotiations offered by sellers, and it is critical for buyers to buy this year, while they can take advantage of the tax credit, and the artificially low interest rates.

If you would like to have further information on Durango Colorado real estate, please contact 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
ABR, Accredited Buyer Representation
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist
CLHMS, Certified Luxury Home Marketing Specialist

He is also an active volunteer. He is the President Elect of the Durango Area Association of Realtors, and he is involved in the community and in his church. His personal interests include spending quality time with his family (wife and three children), playing tennis, fly fishing, hiking, boating, and water skiing.

Luxury Home Sales And Residential Investment Properties May Be Affected By Lending Practices. Durango Colorado Real Estate News!

Lending practices have been significantly impacted since the financial debacle in the 4th quarter of 2008. The governments take over of Fannie Mae and Freddie Mac in September has helped to provide the lowest interest rates in decades for conforming loans, but they have not improved the lending practices and rates on loans above the conforming limit. Conforming loans are mortgage loans under $417,000.

Loans above the conforming limit are classified as jumbo loans, and they have always carried a higher interest rate, for the additional risk, and they have not been supported by the United States government. Jumbo rates are for loans over $417,000, but please note that the national conforming limit may differ in some higher priced markets, so be sure to check with your professional mortgage lender for your area. Historically, there have been pools of money raised by investment groups to purchase jumbo loans, and the rates were relatively close to the conforming limits, perhaps 1/2 % higher on average. As we know, many of these jumbo loans have fallen into foreclosure in this down real estate market, and with the loose or predatory lending practices in the news. Today, financial institutions can not easily raise the investment funds for purchasing these types of loans. Consumers have not considered them to be a safe haven, and they have not had a desire to have them in their investment portfolios. Consequently, many of the sources for jumbo loans are no longer offering them, and those that do provide for them have much higher interest rates. For example, the Wells Fargo internet site today listed the 30 year fixed mortgage conforming loan rate at 4.875%, and the 30 year jumbo rate at 7.875%, three full percentage point difference! Lets look at the difference this makes. Let's assume that we have an $800,000 home and a 20% down payment, which would give us a $640,000 mortgage. Based on todays 30 year jumbo loan rate, 7.875%, the monthly payment for only pricipal and interest would be $4,640. If this was a conforming loan rate of 4.875%, the monthly payment would be $3,387. This impacts the cost of living in more expensive homes, but it also restricts the number of buyers who can afford to purchase the more expensive homes, thus lowering the total market of buyers. It also provides a challenge for homeowners who have variable loans that would like to convert to the safer 30 year fixed loans, and can not afford to make the change. This can and will dramatically impair the upper end of the real estate market.

On a positive note, there are some options. A borrower can take out a conforming loan and a second mortgage, and often save money with a blended rate between the two mortgages. Other options include variable rate mortgages, or shorter fixed rate mortgages, such as 5 year fixed, then a variable rate. These have lower beginning rates, but place the risk of future higher interest rates on the borrower. Also, the higher end buyers often purchase homes with cash, or they don't need more than the conforming limits for loans, and so they are not subject to the lending issues.

Investment real estate lending has also been through some major changes. The most noticable is a limit on the number of mortgages to receive conforming lending. An investor can now have only a maximum of four mortgages. As before, it is possible to have more than one unit to a mortgage. For conforming loans, up to four units can be in one mortgage. This change will limit investors who invest heavily in real estate.

The second change is pricing. Historically, there has been over par pricing on non-primary residential mortgages. A borrower could pay approimately 3/8 of a percentage higher rate with no points, or they could pay approximately 1 1/2 points to get the conforming rate. A point is 1% of the mortgage amount. For example, if a loan was $300,000, a point is 1% or $3,000. (ie. If the conforming rate was 6%, they could either get this rate on investment properties by paying 1 1/2 points, or they could increase the rate to 6 3/8%, and not pay any points). Today, the choice of paying the difference in the rate does not make sense, and a borrower is faced with paying approximately 3 points with a 20% down payment, or as low as 1 3/4 points with much higher down payments.

These changes make it more difficult for some investors, but again, on a positive note, the interest rates are at their lowest rates in decades, so the monthly mortgage amounts are lower. Most importantly, investors need to be aware of the need to pay points as part of the loan.

This article has been inspired by J.R. Spies of The Mortgage Link. He is a mortgage broker with years of experience, and he is widely regarded as one of the top mortgage lenders in the Durango area. Before you make any decisions on purchasing or choosing a mortgage, please speak to a competent mortgage lender, who will provide you with the education and choices available. Please also note that your individual credit history, and credit ratings will have a big impact on your choices, and the cost of your loans. If you want to reach J.R. Spies, you can contact him at 970-259-8600, or jr@linkdurango.com.

If you would like to have further conversations on Durango Colorado real estate, please contact 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
ABR, Accredited Buyer Representative
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 personal interests include spending time with his family, playing tennis, fly fishing, hiking, boating, and water skiing.