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.
Monday, June 29, 2009
Friday, June 26, 2009
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.
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.
Monday, June 22, 2009
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.
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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