When Is the Best Time to Buy?

That is a great question but it's also the one I have an answer for. Having been in the real estate business for 33 years... and over 25 of them in Durango in particular... I know the market here extremely well. Once you hit Labor Day, the first week of September, sellers get very nervous and you see even more price reductions. In addition, buyers are often able to negotiate much harder with the seller because they know that seller really wants to be out of that house before the snow flies. Generally speaking, the inventory is down a bit because of the summer sales, but this year we have seen more properties come on the market and because of the slowness of the market the inventory has not been reduced.

That combination of high inventory and motivated sellers really will help buyers. This is not the time to be sitting on the fence trying to make up your mind, but rather, it's a time to go out and select your new home.

So many people always say that they want to buy at the bottom of the market, but the problem is the only way to know you're at the bottom is when it's on the way back up... which means you missed the bottom. New home sales across the nation have increased for the last four months in a row. Inventories in the big cities like Phoenix and Los Angeles which are our feeder markets, are being eaten up by buyers. Those are all signs that we have hit the bottom and are going the other direction. I don't think any sane person out there feels interest rates can stay this low when the federal government is running a deficit like it is right now. Interest rates will have to go up and they will be forced up by the huge deficit spending. Nobody is talking about a balanced budget in Washington so that will continue to drive rates up and keep them up. It's back to that same concept: The time to buy is now, it will only get more expensive in the future.

Buying real estate in Durango has long-term been a very good investment. I don't see any reason why that will not continue. People live in Durango because they want to live in Durango, not because they got transferred here because of their job. It's not like a job transferred or Detroit (now I can say this because I was raised there) where you might even consider quitting your job just so you didn't have to take the transfer. People want to live here because of all of our outdoor activities, the great feel of the town, the natural beauty of the mountains around us in because the people are so friendly. We offer a diverse cross-section of real estate, with everything from modular homes on acreage to 8000 ft.² mansions in the mountains. And there are lots of homes in between of course. It is our job as Team Lorenz to help you find just exactly the right property so that you'll be able to have that Durango Colorado real estate experience. Please give us a call and I'll set you up with one of my two buyer agents who for the third year in a row have successfully taken more buyers to the closing table than any other agent, mega agent, or team in the entire County. They know the inventory and they'll find you your home.