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
Real Estate Statistics - Montrose Colorado MLS

June 2017 – Montrose Colorado Real Estate Market Update

A Tight Spring Market

The Montrose Colorado Real Estate Market has tightened this spring while sale prices continue to increase. The number of homes for sale in Montrose has floated around 250 units for the past few months, reflecting a decrease of about 50 units (20%) from the same time last year. New homes are indeed coming onto the Montrose market, but near the same rate as those being sold. This is great news for Sellers and local home builders looking to meet demand.

Different Prices – Varying Activity

Comparing the last 3-months from a year ago, the sales volume in Montrose has decreased 4% while prices have increased 4%. The first quarter of 2017 experienced a 9% increase in sale prices along with a 15% drop in sales volume, relative to the same period last year.

Inventory levels and sales volume drastically differ in Montrose Colorado depending on the price range. Homes between the $400,000-$500,000 rage have the highest saturation rate, reflected in a 1.2-year (14.46 month) inventory of homes. There are currently 45 homes actively for sale in this price range with only 18 selling within the last 6-months.

The housing hot spot is within the $150,000-$300,000 range, reflected in the low median days-on-the-market (51 days). By subtracting (40 days) the typical time it takes for a home to close, one can observe that homes in this price range are going under contract within the first 11 days of going active on the market. This is fantastic news for those looking to sell in this price range. Some sellers in this price range have even experienced not only multiple offers but multiple backup offers!

National Shift –  Renters Are Now Buyers

Nationally, there has been a shift from renting to buying. This is the first time in 10-years that new home formations (home purchases) are outpacing new rental agreements. These first-time home buyers now account for 42% of the total buyer market, up 11% from 2015. (Fannie-Mae defines first-time home buyers as those who have not owned a home in the last 3-years). (The Next Hot Housing Market: Starter 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

5 Things to Look for in a Colorado Hobby Farm – Before You Buy

Colorado Hobby FarmIt’s easy to get caught up in the romance of the self-sufficient Colorado life. The idea of working outdoors in the fresh air, finally giving up your commute for good and living off the land, can be highly appealing — especially in a place like Colorado, where the natural world is truly special.

If you’re determined to buy a hobby farm, though, know that it’s crucial to look before you leap. Whether you’re interested in personal homesteading or turning a profit from your new venture, make sure to do your due diligence before signing on the dotted line.

1. Understand the Zoning

If you’ve found an ideal farmhouse with several acres of fertile land, first check that it’s zoned for agriculture. Local bylaws will determine everything from the number of chickens you can have to whether you can sell vegetables on a farm stand at the street.

2. Know Your Water Rights

If you plan to farm in earnest, you’ll need access to plenty of water to irrigate your crops and keep your animals healthy. Make sure you understand the ins and outs of Colorado water rights for any property you consider, since this could make or break your hobby farm.

3. Plan for Storage

You have your eye on a gorgeous piece of land, but are the outbuildings sufficient for your needs? Consider the number and condition of sheds, barns and outbuildings to protect both livestock and equipment.

4. Get Ready to Negotiate

Be sure you know exactly what parts of the farm come with the sale of the land. Are there machinery components or animals that the seller is willing to part with? Negotiating a farm sale can be complex: make sure to work with an experienced real estate agent to guarantee the deal is spelled out clearly.

5. Don’t Forget the House

Colorado Hobby FarmWhen you’re looking for a hobby farm, don’t focus so much on the land that you forget all about the house. Is it in good condition? Will you be able to live there comfortably while you wait to turn a profit? Don’t forget your daily quality of life when considering a major move.

When you are ready to look for your ideal hobby farm or homesteading real estate in Montrose, CO, be sure to work with an agent experience in farm sales. This is a special transaction that — when done right — can put you on a path to a whole new life.

Get Your Home Sold Now! 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

Top 10 Home Trends – Homes for Sale Montrose Co

What do Montrose Co Home Buyers Want?

While homes are often valued by their square footage and the neighborhood in which they are located, homes that have been updated tend to sell more quickly and for a higher price. It may not be feasible or financially advisable to update an entire house before it’s sold; however, there are improvements that can be made that will help your home look more attractive to potential buyers.

 

1. No Brass Fixtures

Whether it’s the knobs on your cabinets, your light fixture, or even the trim on the glass of your shower door, buyers have moved away from the shiny brass craze of yesteryear. Removing the brass fixtures and replacing them with brushed nickel or aged bronze is more likely to give a space an updated appearance. Don’t forget areas like doorknobs and bathroom faucets.

2. Countertops and Backsplashes

There’s nothing that makes a beautiful kitchen with expensive finishes look cheaper than a substandard countertop. While various types of laminate and formica offer cost effective alternatives, some of them detract from the overall look of the kitchen. Other alternatives include concrete, stainless steel, soapstone, tile, butcher block, composites, and of course granite and marble. Matched with a backsplash, a beautiful countertop can make any kitchen feel high-end. A less expensive alternative is to hire a professional to paint and seal the existing countertops.

Check out this granite overlay process that turns old countertops into new ones!
And for the more brave renovator, try this trick to make laminate countertops into concrete countertops with very little money!

3. Kitchen Cabinets

They seem to be in the majority of homes – the reddish inexpensive cabinets that scream “builder’s grade”. Custom cabinets made from upgraded wood such as alder add instant appeal to a house. Stay away from ornate edges or wooden cutouts. Clean and simple is what’s “in”. Replacing cabinets with new custom cabinetry is quite expensive, and the selling price of the home is not likely to justify such a large cost. However, there are alternatives. Cabinets can be painted or stained to give them a whole new look. Try Rust-oleum’s cabinet refinishing kit! New hardware will help, too. Make sure to find new pulls or knobs that will match the existing holes in the cabinets, or fill the holes before you stain and re-drill!

4. Matching Stainless Steel Appliances

Nothing makes a kitchen look more pulled together than matching appliances. If they’re all stainless steel, even better! White appliances tend to make a kitchen appear more outdated, but if they match the rest of the appliances it probably won’t be of financial benefit to replace them all. If you have mismatched appliances, or simply want an update, try painting them with Liquid Stainless Steel (http://liquidstainlesssteel.com/) or a similar product. Certain stainless steel paints can only be used on things like refrigerators, so be sure to research the product you choose thoroughly to make sure it matches your intended application!

 5. Undermounted Kitchen Sink

Kitchen sinks that are mounted so that they are under the countertop are trending right now. The undermounted sink alleviates crumbs and moisture where the countertop and sink meet. This clean modern look is best accomplished by a professional. The sink must be able to bear the weight of dishes, so not all countertops are ideal. Undermounted sinks work best with solid countertops such as granite, butcher block, concrete, or marble. If an undermounted sink is not feasible, you can give your existing sink a facelift by installing a new brushed nickel faucet.

 6. Walk-in Shower with Tile Surround

A walk-in shower in a master bathroom is very desirable in the current Montrose Market. While shared bathrooms that children use still need a traditional bathtub with a showerhead, more and more master bathrooms are being built with a separate tub and walk-in shower. The walk-in shower should be tiled to give it the best look. If you don’t have a walk-in shower, the area above your bathtub can be tiled to give it the same feel.

 7. Soft-Close Drawers

Soft-Close Drawers give any space a custom feel. This simple upgrade can be done to any drawer, and for a low cost. The pieces can be retrofitted onto existing drawer systems with little cost and time. The same goes for pantries and cabinets. This is not limited to kitchen spaces. Drawers all throughout your home can benefit from this simple upgrade.

 8. Flagstone

While making adjustments in your home before listing it for sale, make sure to pay attention to your outdoor spaces as well. If you do not already have a patio of some sort, consider making one with flagstone pavers. Flagstone is an attractive way to create character in an outdoor space. There are many options that range from small square flagstone tiles, to large naturally shaped pavers. Design something that fits with the space you have. Try something that moves your eyes around the outdoor space. Multi-levels add interest and depth. This can be an expensive endeavor, and you’re unlikely to recoup the costs in the sale of your home. An alternative is to clean the existing yard, and give it defined seating areas with well-placed patio furniture.

 9. Natural Flooring

There are more flooring alternatives today than ever before. If you’re in the market for new flooring, consider something natural like hardwood or bamboo. In kitchens or bathrooms, tile is always an attractive choice. Avoid black and white checkered tile and go with something more natural looking. Laminates have progressed significantly in recent years. Laminate hardwood can be better in some situations than even natural hardwood. It stands up to kids and pets well. Choose a laminate that looks hand-scraped and has many variations in the pattern. Laminate tiles are also becoming increasingly popular. They can withstand things being dropped on them better than traditional tile. There are some great options that can even be grouted to give them a more realistic look. Linoleum tends to be the least desirable flooring choice. If you have existing linoleum in a limited space such as a bathroom or kitchen, consider finding an inexpensive tile to replace it. Laying tile can be accomplished DIY relatively easily and cost effectively.

10. New Windows

While this is not the most exciting adjustment that can be made to update a home, it is one that brings value. Updated windows are more energy efficient than old ones, and eventually the difference in your utility bills will make up for the initial cost of the windows. This is a great change to make if you plan to stay in your home for a few more years. If you are listing your home now and replacing the windows makes less financial sense, try dressing them up with ceiling to floor drapes that are hung so they extend starting at the far edges of the window frame. This will give the window a larger and more dramatic feel. If the existing screens have unsightly holes, remove the screens before listing your home and store them in your garage.

Bonus Tip – The tried and true tricks of painting walls neutral colors, giving your house a deep clean, and removing approximately 75% of your belongings from the home will help prepare your house to be listed for sale.

Is there anything in regards real estate that we can help you with?

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