I just completed compiling the Durango real estate sales statistics for the first six months of 2010. I traditionally do this study at the end of six months, nine months and 12 months of each year and compare those statistics for the same time period the year before. The complete spreadsheet for that analysis is located on the following link: Durango Real Estate Statistics.
2010 has seen a significant improvement over the 2009 sales statistics. Total residential dollar volume in La Plata County increased by 52% while the average sales price increased by 10%. In terms of units sold, it went from 210 units the first six months of 2009 to 293 units in the first six months of 2010. That which represented an increase of 39.5%. There was an increasing number of units sold in every single price range. The smallest increase was 27% but it happened to be in the most popular price range of $200,000-$400,000. Last year's complete "dead market" was anything from $800,000 and up where only seven properties sold in the first six months of 2009. This year 15 properties sold in that price bracket, although one buyer bought three in that price range.
In our business we often refer to the term "absorption rate" which is the period of time it would take for all active listings to be sold, assuming no additional properties would come on the market, based on the current rate of sales. For illustration purposes, let's say 10 homes sold between $400,000 and $600,000 in the last 12 months. Currently available on the market are 30 homes in that price range. That would be a three-year supply or absorption rate. The higher the absorption rate the more the market is benefiting a buyer; the lower the absorption rate, then we would call it a sellers' market. In 2009 the residential absorption rate was 3.29 years which is extremely high. This year it dropped all the way down to 2.34 years, which still is pretty high. Typically, we like to see it at about one year or less.
Where did the buyers buy in 2010? Durango in town sales were 111 units, while Durango country properties represented 104 units. Bayfield in town came in at 19 units and Bayfield rural actually dropped this year down to 23 units. Clearly Durango is the market maker but with the slowdown in the Bayfield area I would think there would be some very good values out there available for somebody who is especially budget conscious.
It is a very common question to be asked of our team members "Is it cheaper to build or to buy an existing home in Durango?" Even with builders and other contractors giving great deals right now because they are not busy, financially, it is a far better deal to buy an existing home. We are finding builders/sellers who are selling their properties for well below their cost. I met with another broker in town this past week who did a study on all of the foreclosure property sales in La Plata County this year. We have heard figures from places like Phoenix, Aurora and Pueblo were that percent would reach 35 to 50% of all transactions were sales where the bank was the seller. This fellow broker looked at every sale for the year 2010 and came up with a 7% figure for La Plata County. That was certainly an encouraging number.
Again here is a link to the full Excel spreadsheet: Durango Real Estate Sales Statistics
With over 1380 homes to choose from in La Plata County, a Team Lorenz buyer broker would love to help you in your efforts to buy a home in Durango. Lisa and Nicole are the very best and statistically have been the number one top-selling team since January of 2006 for the CREN MLS system (Durango, Grand Junction, Cortez, Delta,Montrose, San Luis Valley). It's one thing to talk and say you're good it's quite another to actually do it. And they are the best so please give us a call we are here to help.
Showing posts with label Durango homes for sale. Show all posts
Showing posts with label Durango homes for sale. Show all posts
Saturday, July 10, 2010
Friday, November 06, 2009
More Info On Homebuyer Tax Credits
As predicted yesterday, President Obama has signed the legislation to not only extend the $8000 First Time Home Buyer Tax Credit but has added a new tax credit of up to $6500 for what we are going to call the Move-Up Buyer Tax Credit.
Many of you are very aware of the First Time Home Buyer Tax Credit and there have been some changes in that program. Here are the important points: (1) The credit is for 10% of the purchase price of the property, but not over $8000 if you're married filing a joint return, or $4000 if you are married filing tax returns separately; (2) A first time homebuyer is defined as someone who has not had any interest in a principal residence for the past three years prior to the closing date; (3) There are income limits, namely $125,000 in annual income for a single person or $225,000 annual income for a married couple and there is a phase-out of the credit as income increases; (4) the home must be under a binding contract of sale by April 30, 2010 and the property must close on or before July 1, 2010.
The Move-Up Buyer Tax Credit is for people that have lived in their principal residence five consecutive years out of the previous eight years. That wording is a little interesting, because what that means is you could have sold the home two years ago and been renting in the meantime, and as long as you can close on another property, by the deadline date outlined below and in such time that you don't negatively impact the five-year rule, then you can go ahead and get the $6500 credit. Even though we call this the move-up buyer tax credit, the replacement property does not have to be a higher price than your previous home. We do know that the value cannot be over $800,000, however. Income levels appear to be the same as above. The time frame in which to put a property under a binding contract and close is the same as the above as well. The credit amount is a maximum of $6500 or $3250 if married filing separately.
I'm sure there will be many more questions and clarifications that will come up just like we did this last year when a first-time buyer credit came out. Buying real estate in Durango, or any other part of the country, is complex and we would certainly like to help you in your endeavors to buy Durango real estate. Over the years Durango Colorado homes have been a very good investment and Team Lorenz is here to help you whether you are buying or selling. Give us a call at 970-375-7007. If you'd like to look at all of the Durango homes for sale feel free to click this link and it will take you to my Main website buydurango.com.
Many of you are very aware of the First Time Home Buyer Tax Credit and there have been some changes in that program. Here are the important points: (1) The credit is for 10% of the purchase price of the property, but not over $8000 if you're married filing a joint return, or $4000 if you are married filing tax returns separately; (2) A first time homebuyer is defined as someone who has not had any interest in a principal residence for the past three years prior to the closing date; (3) There are income limits, namely $125,000 in annual income for a single person or $225,000 annual income for a married couple and there is a phase-out of the credit as income increases; (4) the home must be under a binding contract of sale by April 30, 2010 and the property must close on or before July 1, 2010.
The Move-Up Buyer Tax Credit is for people that have lived in their principal residence five consecutive years out of the previous eight years. That wording is a little interesting, because what that means is you could have sold the home two years ago and been renting in the meantime, and as long as you can close on another property, by the deadline date outlined below and in such time that you don't negatively impact the five-year rule, then you can go ahead and get the $6500 credit. Even though we call this the move-up buyer tax credit, the replacement property does not have to be a higher price than your previous home. We do know that the value cannot be over $800,000, however. Income levels appear to be the same as above. The time frame in which to put a property under a binding contract and close is the same as the above as well. The credit amount is a maximum of $6500 or $3250 if married filing separately.
I'm sure there will be many more questions and clarifications that will come up just like we did this last year when a first-time buyer credit came out. Buying real estate in Durango, or any other part of the country, is complex and we would certainly like to help you in your endeavors to buy Durango real estate. Over the years Durango Colorado homes have been a very good investment and Team Lorenz is here to help you whether you are buying or selling. Give us a call at 970-375-7007. If you'd like to look at all of the Durango homes for sale feel free to click this link and it will take you to my Main website buydurango.com.
Thursday, November 05, 2009
$8000 Tax Credit Extended
Late this afternoon both the Senate and the House passed the extension of the $8000 first time home buyer tax credit. It was part of an unemployment benefits extension legislation. The first time home buyer tax credit is now extended through April 30, 2010as a deadline to be under contract and the property must close by the end of June of 2010.
A new, move-up homebuyers tax credit of up to $6500 was also part of that legislation. A person would have to have lived in their home five out of the prior eight years as their primary residence and the home that they purchase must be $800,000 or less.
Both of these tax credit are only available for primary residence which can include condominiums, but it would not include second homes or vacation homes. More details will be coming out and as they are I will be sure to include them in this blog.
Please feel free to call Team Lorenz as we would be happy to help you in your Durango real estate endeavors. Our phone number is 970-375-7007. If you would like to look at homes for sale in Durango please click this link and it will take you directly to all of the homes for sale.
A new, move-up homebuyers tax credit of up to $6500 was also part of that legislation. A person would have to have lived in their home five out of the prior eight years as their primary residence and the home that they purchase must be $800,000 or less.
Both of these tax credit are only available for primary residence which can include condominiums, but it would not include second homes or vacation homes. More details will be coming out and as they are I will be sure to include them in this blog.
Please feel free to call Team Lorenz as we would be happy to help you in your Durango real estate endeavors. Our phone number is 970-375-7007. If you would like to look at homes for sale in Durango please click this link and it will take you directly to all of the homes for sale.
Near Biking Trails And Downtown Durango
One thing that I've always found interesting about Durango real estate is the wide variety of Durango homes for sale. We have hand peeled log homes in the forest overlooking lakes; we have cattle and horse ranches with a river running through it; we have irrigated farmland; we have stately Victorian homes in downtown Durango; and we have a number of different styles of condominiums and townhomes to suit almost anyone's tastes.
Durango Real Estate Blog's featured property is a condominium located in the southeast end of the town with very easy access to Fort Lewis College, Horse Gulch hiking and biking trails (right across the street) and it is even within walking distance to downtown Durango. Built in 2004, this Santa Rita town home has all the amenities and upgrades one would hope for. Essentially, there are two master suites on the top floor as well as an additional half bath on the main level. The kitchen is top notch with cherry cabinets and granite tile countertops. You will love to cook with the GE profile appliances. On those winter nights when the snow is coming down, you will enjoy curling up with a glass of wine in front of the gas-fired fireplace in the living room. This unit was the builder's model so you know he paid extra special attention to every detail during construction. This is a small townhome complex with only 13 units in it, most of which are owner occupied.
The lower-level is an oversized one car garage with a tank-less water heater to help save on your utility bills, yet there is plenty of room to store your kayak, bicycle or camping equipment. The entire home is protected with a fire suppression system. Condo dues are quite reasonable at $100 per month which includes snow removal, outdoor maintenance, exterior insurance and a mailbox system.
To obtain more information on this Durango Home for Sale please click this link.
Team Lorenz is more than happy to help you with any and all of your real estate needs. For the third year in a row, Team Lorenz has successfully taken more buyers to the closing table than any other team, mega agent, and in many instances, even entire companies. During this time when so many transactions fail due to financing, appraisal issues, etc. we are proud to say that we are able to get the job done and our record proves that very fact. Our phone number is 970-375-7007.
Durango Real Estate Blog's featured property is a condominium located in the southeast end of the town with very easy access to Fort Lewis College, Horse Gulch hiking and biking trails (right across the street) and it is even within walking distance to downtown Durango. Built in 2004, this Santa Rita town home has all the amenities and upgrades one would hope for. Essentially, there are two master suites on the top floor as well as an additional half bath on the main level. The kitchen is top notch with cherry cabinets and granite tile countertops. You will love to cook with the GE profile appliances. On those winter nights when the snow is coming down, you will enjoy curling up with a glass of wine in front of the gas-fired fireplace in the living room. This unit was the builder's model so you know he paid extra special attention to every detail during construction. This is a small townhome complex with only 13 units in it, most of which are owner occupied.
The lower-level is an oversized one car garage with a tank-less water heater to help save on your utility bills, yet there is plenty of room to store your kayak, bicycle or camping equipment. The entire home is protected with a fire suppression system. Condo dues are quite reasonable at $100 per month which includes snow removal, outdoor maintenance, exterior insurance and a mailbox system.
To obtain more information on this Durango Home for Sale please click this link.
Team Lorenz is more than happy to help you with any and all of your real estate needs. For the third year in a row, Team Lorenz has successfully taken more buyers to the closing table than any other team, mega agent, and in many instances, even entire companies. During this time when so many transactions fail due to financing, appraisal issues, etc. we are proud to say that we are able to get the job done and our record proves that very fact. Our phone number is 970-375-7007.
Saturday, June 06, 2009
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.
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.
Friday, March 20, 2009
EXCELLENT STARTER HOME
Anyone who has looked for houses in Durango very long, knows how hard it is to find a Durango home for sale under $300,000 that is even livable. I recently listed one of my properties that I own that is located in Durango West 2 about 7 miles west of downtown. This is a single level home with three bedrooms and one and three-quarter bathrooms and a two car attached garage. Built in 1979, there've been a number of improvements in the last four years: new refrigerator, new stove, new washer and dryer, new carpet and laminate flooring throughout, new sliding glass door, and even interior paint last year. This is not a modular or manufactured home; it is a built on-site house.
This would be an excellent starter home or for an empty nest couple. I have used it is a rental and get $1500 per month plus all utilities. If you qualify for the $8000 tax credit as a first time home buyer, this would be a great property for that. FHA financing would be available with 3 1/2% down payment. This home is priced at $285,000 and here is a link to that property: Durango Home for Sale
This would be an excellent starter home or for an empty nest couple. I have used it is a rental and get $1500 per month plus all utilities. If you qualify for the $8000 tax credit as a first time home buyer, this would be a great property for that. FHA financing would be available with 3 1/2% down payment. This home is priced at $285,000 and here is a link to that property: Durango Home for Sale
Subscribe to:
Posts (Atom)
Posts
