Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

What Happened in 2017? – Recap of the Montrose Housing Market

2017 Recap of the Montrose Housing Market

The Montrose Colorado real estate market held par with the previous 4 years of growth through 2017. The market experienced price gains of approximately 7% over the calendar year, keeping up with the previous annual gains of 7%, median year-over-year, since 2012. In total, 742 homes sold in 2017.

 

Homes sold according to price range in Montrose ColoradoThe hot spot in the Montrose market continues to reside under $300,000; 74% of sales occurred in this price range, keeping pace with 2016. Prices jumped 7.3% in sales under $300,000, while the number of homes sold was relatively flat in comparison to 2016. An interesting note to mention: paralleling 2016 to 2017, the $0-200,000 market saw a 22% drop in the number of homes sold, while the $200,000-300,000 felt a 14% increase in units sold.

 

The upper-end real estate market is still soft, but a few trends are worth mentioning. The $500,000-600,000 range had 45% more sales in 2017, while the $600,000 plus market saw a 29% decrease in homes sold. The $400,000-$500,000 market was quite soft this year due to a flood of inventory in this price range. Inventory levels/saturation rates were over a year in this range as well.

 

Moving Forward – 2018

 

City and county building permits Montrose ColoradoThe real estate market, continuing momentum from the busy fall, started strong going into the New Year. A spike in December activity (which is typically unheard of) is translating into a robust January. Lack of housing inventory is an obvious concern for the real estate market moving into 2018. The 3.4-month supply inventory of existing homes in November was a record low nationally.

Affordability is still a concern as prices are driven up by strong demand with wage growth lagging behind. Nationally, even as new-construction numbers are trending upward toward pre-recession levels, “demand is expected to continue to outpace supply until 2023, even after demand has reached its peak” (A Bullish Year For New Home Building).

 

Montrose Colorado city and county building permit valuationFigures 5 and 6 illustrate building permits and building permit valuation in Montrose. Total building permits are up to 158 from 136 the previous year. Total building permit valuation has increased to $14,951,843 from $9,410,657. Single family home permits are up to 50 from 33, and single family home permit valuation has increased to $8,739,080 from $5,477,563.

 

 

 

 

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, CMU Department of Business and Economics, 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

Should You Check Your Credit Report Before Buying A House?

Order credit report before buying real estate in Montrose Colorado Copyright: <a href='https://www.123rf.com/profile_wirojsid'>wirojsid / 123RF Stock Photo</a>When you’re thinking about buying a house there’s a lot to consider. Finances are a large part of that, but while you’re focused on whether you have a down payment and how much the house costs, you might be neglecting something very important. You also need to check your credit report. Even if you’re never done anything negative that could show up on your report, credit bureaus can and do make mistakes. You want to catch any of those, and ensure that everything is accurate, before you start applying for a loan to buy a house.

How Do You Get a Credit Report?

You can get a credit report from one or all of the three main bureaus: TransUnion, Equifax, and Experian. You can also get them from free credit reporting sites, but make sure you’re choosing one that’s actually free, and doesn’t require you to sign up for monitoring or other services. If you want those kinds of options they are available, but you shouldn’t have to pay for them to get your report. They are free to everyone once per year, and many people get them from one credit bureau at a time, so they can get a report every few months. If you haven’t checked yours recently, it’s time to do that before you buy a house.

What Kinds of Things Should You Look For?

Look for anything that’s negative, such as late payments, charge-offs, over-limit problems, and settlements where you didn’t pay the full amount you originally owed. If these things are on your report and they’re actually yours there isn’t much to be done about them except to give it time. You can work on building good credit since that problem occurred, and if it has been a while since any credit troubles those issues may not affect your score too much. Sometimes a person with a very similar name or social security number can have accounts that end up on your report by mistake. Or you could have been the victim of identity theft. Either way, you want to make sure you get these incorrect items removed from your report so your credit score can be higher.

How Do You Fix Problems or Errors?

Real Estate Montrose Colorado - Atha Team Keller WilliamsIf there are negative items that don’t belong to you, you’ll want to dispute them. If the credit bureau can’t prove those items belong to you, they must remove them and send you a corrected report. Additionally, if you have items that belong to you but that you feel have been handled incorrectly, you can also file a dispute on those. While it may not get them removed from your report, it will allow you to tell your side of the story and will become part of your credit file. That can help anyone looking at your credit report and score decide if there are extenuating circumstances that will affect your ability to buy a house. This can work to your advantage in some cases.

 

Atha Team Montrose CO Keller Williams Real Estate AgentsCopyright 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
Real Estate Statistics - Montrose Colorado MLS

December 2017 – Montrose Colorado Real Estate Market Update

Fewer Foreclosures and a Strong Sellers Market – Seize the Market!

Local Real Estate Indicators

 

Montrose Colorado City and County Building PermitsThe local real estate market is performing at a solid pace.  It is not as strong as the Mesa County or general Colorado market but population and labor force growth prohibit a large expansion of housing in Montrose.  The average number of days on the market for homes has fallen from 70 days to 53 days, indicating a strong seller’s market.  Home values are up, with the median home price for Montrose County increasing to $219,000 from $215,000, or an increase of 1.9%.  Foreclosure filings have fallen from 18 to 16, Single family home sales are up 5.1%.  Of the homes that sold in the 3rd quarter, 30.6% were cash transactions.

Montrose Colorado Foreclosure Filings and SalesThe best news for Montrose County real estate is in the building permit and building valuation.   Figures 4 and 5 illustrate building permits and building permit valuation.  Total building permits are up 180 from 106 the previous year.  Total building permit valuation has almost doubled from $12,499,616 to $24,065,436.  Single family home permits are up 75 from 35, and single-family home permit valuation has more than doubled to $12,257,860 from $5,687,202.

National Market

The national real estate market has some backlash for buyers purchasing with a mortgage. 28.8% of U.S. home sales this year have been cash transactions, up from 28.6% last year. Why does that make it difficult for buyers with a mortgage? Sellers are more attracted to cash transactions for quicker closings and lower risks. However, most buyers purchasing with a mortgage are aware of the many cash buyers and are willing to offer thousands above asking price to get in the game. Being pre-approved and doing your homework upfront can alleviate some time consuming tasks and therefore help level the playing field for mortgage buyers.

 

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
Real Estate Statistics - Montrose Colorado MLS

November 2017 – Montrose Colorado Real Estate Market Update

Bidding Wars Make Their Way to the Western Slope

2445 Shavano Cir. Montrose, CO 81401 - Atha Team Real Estate Golf Property for Sale2017 has been quite the year for real estate in Montrose Colorado. Bidding wars finally made their way to the Western Slope from the Colorado Front Range; the Atha Team experienced an abundance of bidding wars on homes that were listed by Sellers working with the Atha Team as well as buyers on the purchasing side. The bulk of this auction type activity occurred bellow the $200,000 price range. The Montrose market has shifted indeed, to a hyper sellers market under $250,000. With that said, homes that are overpriced are still over looked by distinguishing buyers.

A few people have recently asked, “Will this type of market activity continue?” Others have asked, “Are we in a real estate bubble like 2007?” The market activity, when speaking of price increases, may continue. The sustained equity gains in the market depend on inflation and wage growth eventually matching housing costs. Currently, housing costs are outpacing wage growth and inflation of other goods such as food and automobiles due to lack of housing supply. If new housing construction starts continue to lag behind consumer demand, and prices continue to escalate, affordability may act as a ceiling to the impressive gains experienced over the last 5 years.

Aerial View 18858 6495 Rd Montrose Colorado 81403 - Atha Team House For SaleReal estate bubbles, as with any asset bubble, are typically fueled by speculation. In essence, the difference between 2007 and 2017 is purchase motivation. Today’s consumers are purely attempting to move, up-size, or downsize to meet household needs, rather than acquire a balloon loan, speculate future gains, and attempt to re-sell in 2 years for a quick buck. The credit products that fueled the previous bubble’s hype are just not available today; ask any millennial with student debt or a Gen Xer with bad credit. Supply (lack-there-of,) and demand (consumer necessity) are the driving principles behind this vigorous real estate market, not credit-fueled speculation and enthusiasm.

 

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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.