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Montrose CO Real Estate Blog

September 2017 – Montrose Colorado Real Estate Market Update

Local Market

Real Estate Montrose Colorado - Atha Team Keller WilliamsThe Montrose Colorado Real estate market is still in high gear as homes continue to gain in value and sell with minimum days-on-market, reflecting the ever-tightening housing inventory. The marketplace saw a back-to-school lull but picked right back up; 30 homes went under contract in Montrose County September 1st through 8th. They ranged from a $142,000 charming downtown house on a corner lot, to a $795,000 luxury home on 20+ acres with mountain views.

Residential properties that sold in Montrose County between September 1st and 8th ranged from a spacious doublewide in Cimarron Creek at $107,500 to a $315,000 Waterfall Canyon home with 3,000+ sq. ft. The majority of recent activity is occurring within the $200,000 – $300,000 price range.

The month of August experienced an astounding gain of 14.5% in sales price relative to last August. This gain gets ironed out when the quarterly and yearly gains are taken into consideration as a whole. Comparing Q2 of 2017 with Q2 of 2016, a more holistic gain of 6% can be observed.

Several note worthy trends are worth mentioning when comparing Q2 2017 with Q2 2016: a substantial decline of 9% in housing inventory, paired with an impressive 24% drop in median days on market, both pointing to an increasingly heated market.

Comparing the last 3 years, the number of homes sold in August is relatively flat.

National Market

Atha Team Property for Sale - Sold Atha TeamThe National real estate market is gaining in equity quickly as well due to the shortage of inventory. Sellers in select US housing markets are making profits of over 50% on the sale of their homes within 7 years of original purchase. The metro area of Oakland California, experienced gains of 78% when homes owners recently sold their properties that were purchased during the bottom of the housing crash (2009-2010). Other note worthy areas with astounding equity increases are Portland Oregon at 65% over a 9-year period and San Jose California with a 57% gain in approximately 10 years (These Americans made a profit of 50% or more selling their homes).

 

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Image of monthly market stats for real estate market in Montrose, Colorado by the Atha Team

 

Thinking about Buying or Selling? Call or Text: 970-417-9375

 

Atha Team Montrose Colorado Keller Williams Real Estate ImageCopyright 2017 Keller Williams Colorado West Realty, LLC. If you have a brokerage relationship with another agency, this is not intended as a solicitation. Equal opportunity housing provider. Each office is independently owned and operated. For sale by owner data not included in research findings. Sales data reflects sales from homes not limited to the Atha Team LLC. This information was gathered from Keller Williams, The National Association of Realtor, CoreLogic data analysis firm, Montrose Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2017. All Rights Reserved.

Montrose Co Real Estate
Montrose CO Real Estate Blog

How Do Neighbors Affect Your Montrose CO Home Value?

How Do Neighbors Affect Your Home’s Value?

Montrose-coWhen you’re working hard to get your house on the Montrose CO real estate market, you’re well aware of the importance of curb appeal. Making your house look its best from the street by tidying up the yard and making sure that everything is in good repair is a no-brainer. And if you’re a buyer, you also know that what you see on that first glance makes a crucial impression that determines whether you’ll call for a showing or not.

Curb appeal isn’t just about your own house, though. It also takes into account the whole neighborhood, and your neighbors can have a big effect on your property value because of this. After all, you can’t “unsee” the peeling paint or pile of junk next door — and you can’t control it, which makes neighbors a particularly sticky problem when it comes to a home’s value.

The Good

Some neighbors are wonderful, and they can help to sell your house just by being there. People who take good care of their property by tending their lawns and keeping things tidy make your whole neighborhood more desirable. If you count a great local school or nearby transit as your neighbors, you may enjoy a boost to your property value, as these are highly sought-after features for many buyers.

The Bad

On the other hand, bad neighbors can bring down your property value by 5 to 10 percent. Bad neighbors are ones who don’t keep up their properties or create an unpleasant living situation with loud music, parties or even crime. If you’re stuck with a bad neighbor, you might be able to get some help by reporting illegal activity — or at the very least, sending a note asking them to clean up.

The Ugly

Some neighbors go well beyond just being messy or uncouth. If you live near several foreclosed or abandoned homes, or something undesirable like a landfill or power plant, your property values will be affected. Having a registered sex offender in the neighborhood can also bring down your home’s value. Unfortunately, there’s not much to be done about these neighbors.

If you’re interested in trying to improve your home’s value in Montrose CO, start by tending to your landscaping and the exterior of your house. You can also consider working with neighbors to clean up litter, host a block party and establish a play area that will attract future buyers to your street to join something that’s clearly very special.

Real Estate Questions? We’re Here to Help!

Diana Atha: 970-417-9374

Atha Team Montrose Colorado Keller Williams Real Estate ImageCopyright 2017 Keller Williams Colorado West Realty, LLC. If you have a brokerage relationship with another agency, this is not intended as a solicitation. Equal opportunity housing provider. Each office is independently owned and operated. For sale by owner data not included in research findings. Sales data reflects sales from homes not limited to the Atha Team LLC. This information was gathered from Keller Williams, The National Association of Realtor, CoreLogic data analysis firm, Montrose Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2017. All Rights Reserved.

Montrose Co Real Estate
Montrose CO Real Estate Blog

July 2017 – Montrose Colorado Real Estate Market Update

High Octane Summer

The Montrose Colorado Real Estate market is still running on all cylinders this summer as housing inventory shortages prove to be the prevailing headwind for 2017. The median sale price in Montrose for last month was $216,000. The number of units sold was up 15% from the same time last year while the number of days on market was down 22%, a substantial reflection of just how heated the housing market has become. The majority of homes priced under $300,000 are going under contract within 2 weeks of listing. While this is music to the ears of sellers, buyers are in a conundrum regarding limited housing options.

Real Estate Price Range Activity in Montrose Colorado
  1. $150K – $299K (assuming current homes under contract close)
    • 37 homes selling per month
    • 3.9 month supply of inventory
  2. $300K – $399K (assuming current homes under contract close)
    • 11.7 homes selling per month
    • 3.4 month supply of inventory
  3. $400K – $499K (assuming current homes under contract close)
    • 3.7 homes selling per month
    • 12.3 month supply of inventory
  4. $500 – $600 (assuming current homes under contract close)
    • 3 homes selling per month
    • 11 month supply of inventory

 

National Market

montrose-real-estate-market-statsNationally, the real estate market is very similar to Montrose, reflecting extremely tight inventories and looming concerns surrounding affordability. The national median days on market dropped to just 27 days in May. New home construction is occurring, but in the higher price ranges where builders are attracted to potentially higher profit margins. The median sale price for new construction in May was at $345,800. This new build sale price is the highest seen since the metric has been recorded. The majority of new builds in Montrose involve baby boomers constructing or purchasing new homes, which at retirement age have nest eggs to invest in new housing rather than sift through existing inventory. (Buyers Fuel Market for New Homes)

 

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Thinking about Buying or Selling? Call or Text: 970-417-9375

Copyright 2017 Keller Williams Colorado West Realty, LLC. If you have a brokerage relationship with another agency, this is not intended as a solicitation. Equal opportunity housing provider. Each office is independently owned and operated. For sale by owner data not included in research findings. Sales data reflects sales from homes not limited to the Atha Team LLC. This information was gathered from Keller Williams, The National Association of Realtor, CoreLogic data analysis firm, Montrose Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2017. All Rights Reserved.

Montrose Co Real Estate
Montrose CO Real Estate Blog

6 Questions to Ask Before Buying New Construction in Montrose

6 Questions to Ask Your Builder Before Purchasing a New Home Build

What could be more exciting than being the owner of a brand new home? For real estate in Montrose CO, choosing to build new instead of buying what’s available can make a lot of sense, especially if you have a highly specific idea of what you want in a home. As with any real estate transaction, though, you’ll need to ask the right questions and do your homework to make sure the house you get is a lifestyle booster — not a lemon.

1. How Much Customization Will You Allow?

Not all builders are interested in custom design changes. If you’re buying a house in a new development, know that the builder may offer a limited selection of finishes and designs, all designed to keep their costs down and their schedule moving. Make sure you know if you’ll be able to get what you want before committing.

2. Do You Offer a Warranty?

Many builders will guarantee their workmanship with a warranty for at least one year. This allows enough time to uncover any problems that might pop up with changes in the season — a leaky basement during the spring rains, for example. Understand your coverage under this important policy.

3. What Will the Neighborhood Look Like in the Future?

If your builder has a master plan for the neighborhood, ask to see it. If not, do a little research into local ordinances and community planning to see what your area is zoned for. This information will help you avoid any unpleasant surprises down the road.

4. Can You Give the Final Price Ahead of Time?

Not all builders will commit to a final price before the house is complete, which helps them cover themselves for changes in the plans, custom finishes and unforeseen delays. This uncertainty can cause problems with your lender and your budget, so it’s important to nail down these details as much as possible ahead of time.

5. Can I See the Fine Print?

Your real estate agent and a lawyer should look over the construction contract to make sure everything seems fair and correct. These documents can get complex, so it makes sense to have someone on your side looking over the wording.

6. When Can I Have an Inspector Take a Look?

Just as you would do a walkthrough with your real estate agent and an inspector before finalizing the sale of an older home, you’ll also want to have an inspector check everything out in new construction.

If you’re interested in new construction, talk to your real estate agent to get started on finding a building project that you’ll love to call home.

 

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Kevin L. Johnson
Vice President – Business Banker, Montrose Branch

NMLS# 1208350
Address: 1561 Oxbow Drive | Montrose CO | 81401
Branch Tel: (970) 240-5489

Cell: (970) 596-0934
Website: www.timberlinebank.com

 

Copyright 2017 Keller Williams Colorado West Realty, LLC. If you have a brokerage relationship with another agency, this is not intended as a solicitation. Equal opportunity housing provider. Each office is independently owned and operated. For sale by owner data not included in research findings. Sales data reflects sales from homes not limited to the Atha Team LLC. This information was gathered from Keller Williams, The National Association of Realtor, CoreLogic data analysis firm, Montrose Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2017. All Rights Reserved.