Durango Real Estate Update

A look at the real estate market of a beautiful mountain town

Tuesday, May 5, 2009

7 Home-selling Blunders to Avoid this Spring

Okay so I have admittedly slacked off. Now, I am back in the saddle. Hopefully you will approve of the information and it will help. Have a great day. This comes from U.S. News and World

7 home-selling blunders to avoid this spring
Buyers continue to have the upper hand, which means you’ll have to play it smart. Your first move? Avoiding these common pitfalls.
By U.S. News & World Report

Amid falling home prices, near-record-low mortgage rates and even an $8,000 tax perk from Uncle Sam, prospective buyers have plenty of reasons to dive into the real-estate market.
But with the teetering economy and financial markets, real-estate experts don't expect an aggressive bounce in sales this spring. "I don't think (home) sales will really pick up until the job market has stabilized — and that won't be this spring," says Mark Zandi, chief economist at Moody's Economy.com. Despite some encouraging housing data, buyers will continue to have the upper hand in this home-selling season. But that doesn’t mean your house won't sell; it just means you'll have to make smarter moves to land a buyer.
With the help of several experts, U.S. News & World Report compiled a list of seven home-selling moves to avoid this spring.
What's your home worth?

1. Thinking your home is the exception: It's natural to be emotionally attached to your home, especially if you've lived there a long time. But allowing this affection to obscure the realities of today's real-estate market is a serious mistake. If your local market is declining in value, you'll need to price your home at a compelling level. That will require a painful decision: to price the property at or below comparable homes in the area, even if the price point is less than what you think your home is worth. "There are still sellers out there who think that their house is the exception," says Judy Moore of Re/Max Landmark Realtors in Lexington, Mass. "They think that the other houses that are on the market are really overpriced, yet when you get to their house, they think that it should have a higher price because it is better." Overpricing a home because of an emotional attachment only makes selling it that much more difficult.

2. Not scouting the competition: Another reason sellers might price a home too high is that they're simply unaware of the dynamics of their real-estate market. To sell your home, it's essential to have a firm grasp on the conditions in your area. Sellers should study the pricing trends and sales data in their local market. But the data tell only half of the story. To fully understand the market, sellers should get a first-hand look at the nearby homes that are also up for sale. "I would recommend my sellers go look at open houses so they see how [their homes] really compare," says Ron Phipps, a broker with Phipps Realty in Warwick, R.I.

3. Not checking your agent's references: An effective, experienced real-estate agent can be a big help in selling your home in today's sluggish market. But finding such a broker may not be easy. "[Real-estate] agencies these days are pinching pennies, too," says Joshua Dorkin, founder and chief executive of BiggerPockets.com, a real-estate networking and information site. "A lot of them think you can just put something on Craigslist and it [will] sell, and that's not how it works anymore." To ensure you're doing business with a solid real-estate professional, contact some of his or her previous clients and ask about their experience.

4. Not prepping the property: Since buyers have many options these days, home sellers need to ensure that their property is in tip-top condition for showings. That means making any and all home repairs, ensuring that the indoor and outdoor portions of the property are immaculate, and removing clutter. "It is a very picky buyer right now, and they are ready to seize on any little thing that they see," says Elizabeth Blakeslee of Coldwell Banker Residential Brokerage in Washington, D.C. "You want your house to look cared for."

5. Being present during open houses: It's important for the sellers to be away from the home during open houses, as their presence can be unnerving to would-be buyers. "Some sellers have the mistaken idea that they are the best people to sell their house, and that is absolutely not the case," Blakeslee says. If a seller remains at home during an open house, she says, "buyers will have an uneasy feeling, and that is the feeling that they will take away from the house."
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6. Taking negotiations personally: The negotiation process can be tough on sellers, as buyers may demand concessions such as price reductions or help with closing costs. Although such requests might be irksome, it's important that sellers consider them just another part of a business transaction. "It is not meant to be personal; the buyer is looking to buy as carefully as they can and pay as little as they can," Phipps says. "It is not about you, it is about them."

7. Sneering at offers: Even if you aren't crazy about a buyer's offer, don't dismiss it out of hand. "You need to be willing to negotiate with anyone and everyone who puts in an offer, even if it is one of those low-ball offers," Dorkin says. "Don't ignore it, because those people might really want the property."
This article was written by Luke Mullins of U.S. News & World Report

What this goes to show is that the marketplace has changed drastically, and yes this applies even in Durango and La Plata County.

Thursday, April 9, 2009

What A Business Owner Can Do?

I know that it has been more than a few days since my last post. So, I will be back with a vengeance (ha ha yeah right!) This is from an article that I read a few days ago and it seems to be pretty timely concerning where business is, even in Durango.

What Can A Business Owner Do
1.) Talk to major customers face to face, making sure that you know the CEO as well as the guy who buys your stuff and that you deal with on a regular basis.
2.) Add services, add value to your particular product or service
3.) Focus on what's made you prosperous in the past
4.) Communicate with your customers over any necessity of rising prices
5.) Meet with vendors to anticipate any cost increases
6.) Meet with your banker to determine if there is any way to reduce loan carrying costs
7.) Re-establish quantifiable objectives
8.) Hold everyone accountable

If just one of these is able to help you, then it is worth it.

Tuesday, March 31, 2009

Monday, March 30, 2009

A Great Article About Durango, CO

There was a great article in the Durango Herald from March 29, 2009 that can be read on their site. Use the following link Here is a link to an article about Durango that re-inforces what a great city it is to live in.http://www.durangoherald.com/sections/News/2009/03/29/Friendliness_and_recreation___attract_newcomers_to_Durango/

Thursday, March 26, 2009

Mortgage Rates Dropping!

Mortgage rates drop to record low Rates on 30-year mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.http://www.msnbc.msn.com/id/7148582/from/ET/
Let me know if I can help you with anything that might be of help to you. Have a great day all!

Wednesday, March 25, 2009

Featured Listing of the Week- 409 Alkali Gulch Road

I am trying to promote some of my listings, and maybe some other ones if you know of some that belong on here. I am starting with 409 Alkali Gulch Road: A little bit off of the beaten path, it is a little piece of paradise. Read more about it below:

Have you ever wanted your own piece of tranquility in the wild, where you could build your dream home? This 37.26 acre parcel is it. With wonderful views of
the La Plata Mountains and one-of-a kind valley views. There are several building sites and many amenities on the property.You can also live completely off
the grid while you build. There is a 700 sq.yurt that has solar panels to make your electric bills next to nothing. See it today, it is worth it.

Also on the property is a Native American sweat lodge, a wood-burning hot tub, several storage sheds, a partially completed studio, and a Zen rock garden.
Also included is a tank to haul water. The yurt has bamboo hardwood floors and a state-of-art solar panel system.You have room to breathe here. A
seasonal creek runs through the property and runs into two pools that have water in them all year. You could have horses or other livestock. The sky really is
the limit with this property. Only 25 minutes from Durango.

Thursday, March 19, 2009

Homeowner Affordability and Stability Plan

Here is some more information that I believe could useful: Let me know what you think:

The deep contraction in the economy and in the housing market has created devastating consequences for homeowners and communities thought-out the country. While we in the Durango area have not been hit as hard as other parts of the country, efforts being made by congress might benefit some in our community.

The Homeowner Affordability and Stability Plan is part of the President’s broad, comprehensive strategy to get the economy back on track. The plan will help 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure. In doing so, the plan not only helps responsible homeowners on the verge of defaulting, but prevents neighborhoods and communities from being pulled over the edge too. The key components of the
Homeowner Affordability and Stability Plan are:

1. Affordability: Provide Access to Low-Cost Refinancing for 4 to 5 million Responsible Homeowners
Suffering From Falling Home Prices

· Reducing Monthly Payments: For many families, a low-cost refinancing could reduce mortgage payments by thousands of dollars per year.

2. Stability: Create A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners

· Helping Hard-Pressed Homeowners Stay in their Homes: This initiative is intended to reach millions of responsible homeowners. The Homeowner Stability Initiative helps those who commit to make reasonable monthly mortgage payments to stay in their homes – providing families with security and neighborhoods with stability.
· No Aid for Speculators
· Protecting Neighborhoods
· Providing Support for Responsible Homeowners
· Providing Loan Modifications to Bring Monthly Payments to Sustainable Levels: The Homeowner Stability Initiative has a simple goal: reduce the amount homeowners owe per month to sustainable levels.

For more information please see: www.treas.gov.