How to Be a Landlord Class Coming up

Are you one of those people that has been interested in the possibility of buying a home to use as a rental property? Real estate is the single greatest wealth producer in the country, so it would certainly be something that I would encourage you to do. Many times people don't know the ins and outs of being a landlord and owning a rental home. If you would like to learn about becoming a landlord, I will be teaching a class in conjunction with the Wells Fargo Real Estate Exposition to be held on Saturday, July 18 th. This will be at the La Plata County Fairgrounds and I will be teaching the class from 1 PM till 2 PM. The title of the class is: “So you want to be a landlord? Investing in single family homes." There will be a 20 page handout that you will find very helpful. This will cover everything from the right kind of properties to buy, special clauses you want to make sure you have in your lease to when you want leases to expire and so much more. For everyone attending the class, I will give away a free autographed copy of my book “How to make your Realtor get you the best deal…Durango Colorado edition”.

The purpose of the Wells Fargo Real Estate Expo is to get homebuyers, or potential home buyers, into the marketplace. There will be a number of Realtors exhibiting and some properties will be held “open-house” for the day so that a buyer can come in and look online at the property in the Fairgrounds, and then go right out to the house and take a look in person. In my 33 years of doing real estate I've never seen an Expo quite like this and I think that buyers will find this very helpful. In addition to the class that I will be teaching at one o'clock, there will be a first time homebuyers class taught at noon.

Searching for Durango CO homes for sale can be a daunting task because you really need to know the areas and subdivisions, the schools, and what the mineral situation might be for a particular property and so many more items of concern. Our Team has two full-time dedicated buyer agents who do nothing but work with buyers and probably preview a hundred properties per month. Knowing the inventory is certainly an important function for a good real estate broker. For the last 2 1/2 years, my two buyer agents have successfully closed with more buyers than any other broker or team in La Plata County. Whether you're a first-time home buyer or an investor buying your 10th property, we would love the opportunity to help you in that venture. To go directly to Durango homes for sale, click this link: Durango CO real estate and it will take you to my listings section of my BuyDurango.com website.

Interest Rates Are on the Rise

Have we finally hit the bottom of the low interest rates? Only time will tell us the answer for sure, but it looks like we probably have. So if you've been sitting on the fence hoping for the rates to go down, it looks like your fence sitting should end. All of us know that the federal government is borrowing money like crazy to deal with the federal budget deficit. That act alone, in the quantities that are being borrowed, has put an upward pressure on interest rates. I talked with David Fountain our local Wells Fargo representative, and he provided the following information for interest rates over the last 120 days.



As you can see by the above spreadsheet, interest rates dipped to their lowest level in years between 30 and 60 days ago. Those rates have risen considerably... 7/8ths of 1% to be exact... in just the last week. From 30 days ago to today, the monthly payment for a $250,000 loan has increased over $116 per month. Another way to look at it is to ask: “How has my buying power been affected by the increase in rates?” That can be determined by looking at the following chart.




As you can see in the last 30 days a person approved for $1,400 a month payment had their buying power reproduced by $21,346. And since buyers are approved on the monthly payment amount, not on the total loan amount, that really equates to a buyer having to look at homes in a much lower price range.

All buyers want to buy when the prices are the lowest and when interest rates are the lowest. The reality is that those people who look into that crystal ball often end up eating glass. Clearly we can see that rates are on the rise and in Durango, the home prices, depending on the exact area you're looking, have stayed quite strong and steady. The average in town Durango home price has actually risen. Don't be the person that regretfully says: “Oh, I wish I would have bought in the spring when interest rates were the lowest. Now I have to buy a less expensive home with fewer features." The fence sitting time is over. As we often say in this business “It is time to pull the trigger."

Team Lorenz would love to help you in your search for Durango Colorado homes for sale. We have two full-time buyer specialists who do nothing but work with buyers. They are experts in your search for Durango Colorado real estate. To take a look at some of the homes that we have for sale click the following link. Durango CO homes for sale.

Condominiums Are the Hot Market Currently

When looking for Durango CO homes for sale, many buyers are finding great values in condominiums, especially when looking in the under $350,000 price range. Most of these homes tend to be newer and close to town, which are characteristics that many buyers are looking for. Our Team happens to have 4 condominiums or townhome for sale, all of which are under $350,000.

Terrace Gardens Condominiums $139,900

Located on Florida Road, this condo would be perfect for college kids because it's just a short drive to school. With two bedrooms and one full bath, it has all the necessities your college kids would need. Community laundry room is close by and the heat is included in the Homeowners Association Dues. This is basic living but at $139,900 it is a good deal.


Ferringway Condominium $225,000



We are definitely moving up a notch when we come to Ferringway. This project is located directly across the street from Fort Lewis College and comes fully furnished with his two bedrooms and two full baths. Use it as a vacation retreat and then you can rent it out through on-site property management to generate a little income. Ferringway has a clubhouse and outdoor pool and would be a short bicycle ride to town. For more details click: Durango CO home for sale

Santa Rita Townhomes $300,000


As they say in the famous TV show, we are “moving on up” now. Granite tile countertops, cherry kitchen cabinets and GE Profile appliances are part of the package in this town home located just off of eighth Avenue. There are two master suites on the top floor and a freestanding gas-fired stove for those winter nights in the living room. The one car attached garage still leaves room for you to store your bicycle, kayak etc.

The Boulders at Escalante $339,000

With nearly 1700 ft.², this would be the largest unit of the group. There is an attached two-car garage plus bedrooms and an office. Kitchen counters are all granite tile and along with his stainless steel appliances and hardwood floors make this a real sharp unit. There is a playground at the Boulders for the kids as well. This town home is located near the Animas River south of town, providing you good proximity to the hospital as well as shopping.