Montrose Co Real Estate
Montrose CO Real Estate Blog

Is Refinancing Right for You? 5 Questions to Ask Yourself

Refinancing Your Home - Atha Team Real Estate Montrose ColoradoWhen discussing real estate in Montrose, CO, you’ll find it’s almost always more exciting to talk about buying a house than it is to think about the money. Still, refinancing is a topic worth discussing, especially since it can save significant sum over the years. Those savings could even lead you to a bigger and better house later, if that’s what you want.

Should you refinance? Consider your answers to these five questions to see if it makes sense for you.

1. Can You Get a Lower Interest Rate?

Interest rates have been on the increase lately. For most people, however, a refi only makes sense if it lowers the rate by at least 0.75 percent over the current rate. Doing so will cut your costs enough (in the long run) to make the closing costs and hassle worthwhile.

2. Can You Get Rid of Your PMI?

If you have an FHA loan and are paying monthly insurance premiums, having your home appraised may boost your equity. If you can get a high enough valuation that you have 20 percent equity, you may be able to get a conventional loan and kiss that extra payment goodbye. This could save you thousands of dollars per year.

3. How’s Your Credit Score?

If you don’t have an excellent credit score, you likely won’t get a good interest rate — and that can make your refinance much less valuable to you. If your credit score has room for improvement, continue making perfect payments to boost your score and reassess in six months.

4. How Long Will You Stay in Your Home?

It does cost money to refinance your loan, and those costs may or may not be rolled into the principal. Either way, it takes most people about 15 months to break even on the closing costs. If you plan to move sooner than that, your choice to refinance could actually end up costing you.

5. Do You Have a Home Equity Line of Credit?

Since a HELOC is also based on the equity built up in your house, you might need that lender’s permission to refinance. It gets complicated once you have more than one claim on the house as collateral, so you’ll need to do some research about your existing terms if you’re in this situation.

If you’re considering refinancing your Western Slope home, make sure you get great advice from a qualified loan officer. Just as you would work with a real estate agent to buy a house, so too should you work with a professional to get a clear picture of your finances before making the leap.

 

Gaye CoxGaye Cox NuVista Credit Union Montrose Colorado

NuVista Federal Credit Union

SVP of Construction and Morgage Lending

2711 Commercial Way, Montrose, CO 81401

970-497-5328

Email Gaye

NMLS: 502132

 

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
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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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

 

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 Ways to Go Green in Your Home

6 Ways to Go Green in Your Home

Whether you’re shopping for a new home or just want to spruce up your old one, lowering your carbon footprint and making your home a little greener is a worthwhile investment. An eco-friendly house is more likely to attract buyers looking for real estate in Montrose, CO, and green upgrades will save you money on your utility bills for as long as you live there.

Try these green home improvements to make your home more environmentally friendly:

Solar Panel Image1. Cool the Roof

If you can have solar panels installed on your roof, go for it! You may be able to get most or all of your electricity from this renewable resource. Even if you can’t, upgrading your roof to a cooler one can help green up your house. Consider white or reflective “cool roof” coatings to lower your energy use by keeping the sun’s heat out.

2. Add Insulation

This isn’t one of the most exciting projects, because insulation is hidden in your walls and in your attic. However, proper air sealing and insulation can cut your heating and cooling bills in half. Best of all, you may even be eligible for rebates or subsidies for these green projects.

3. Replace the Windows

If your house has drafty old windows, replacing them will also provide serious savings on your utility bills. This project is a little more fun, since you can choose the color and style of your new windows to reflect your taste while buttoning up your home from the elements.

4. Cut Water WasteImage of a Shower Head

If your toilets and shower heads are older, they’re probably wasting water. New toilets use only 1.6 gallons per flush, compared to 2.5 gallons for ones built before 1992. In addition to replacing your toilet, try installing a low-flow shower head and sink aerators to save even more water.

5. Decorate With Found Objects

Few things are as satisfying as remodeling a room, but gutting your kitchen ends up sending a lot of material to the landfill. Try using salvaged wood, hardware and other materials from older homes that you can find in a salvage yard or resale store. These items can add real character while being completely environmentally friendly.

When you remodel with an eye towards using eco-friendly materials and making your home a more energy-efficient place, you’ll feel great about your project and know you’re doing the right thing for a more sustainable lifestyle.

Real Estate Questions? We’re Here to Help!

Diana Atha: 970-417-9374

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

April 2017 – Montrose Colorado Real Estate Market

Home Prices Reaching Possible Breaking Point

With consumer confidence at a 16-year high and Montrose Colorado real estate values gaining monthly, anticipation is expected as to what 2017 will bring. Along with the booming equity in home vales comes the reality that Montrose home prices are reaching a possible breaking point for local buyers in the $150,000 – $300,000 price range (see inventory levels below).

Anxious Buyers and Apprehensive Sellers

Wage growth, at 2.5%, has failed to match increases in real estate price gains. This is the most evident for first-time home buyers and reflects the declining trend in US home ownership. The steep increase can be attributed to, once again, lack of new housing inventory. Further, the lack of new construction can be linked to the tight lending requirements for construction loans. National inventory levels are at a 20-year low (Property Buyers Face Hard Spring). Potential homes Sellers are now becoming reluctant to put their homes up for sale in fear of purchase options once they do sell. The current housing market has created a curious cocktail of anxious Buyers and apprehensive Sellers.

As home prices increase, the volume of sales is taking a hit. The median days on the market in Montrose has dropped to 69 days. Subtracting an average of 45 days to close, homes are now residing on the market for 3.4 weeks before they go under contact. Further, the average number of homes sold in Montrose Colorado dropped last month from 58 to 46 units sold. Still, home equity gains are relatively modest in comparison to the 14% gains seen in 2005 before the Financial Crisis. Last years equity gain in Montrose topped out at 7%.

Mid-Range and Luxury-Housing Inventories

On a brighter note for Montrose, current inventory levels above $300,000 are drastically improving. We’ll see if this trend continues through the spring and summer, but relative to a year ago, mid-range and luxury-housing inventories are looking much healthier.

Current Saturation Rate 10/4/16 – 4/13/17 (6-months):

  1. $500- 900K (assuming current homes under contract close):
    1. 2.33 Homes selling per month
    2. 24/2.33 = 10.30 months of inventory
  2. $400-$500K (assuming current homes under contract close):
    1. 4.33 homes Selling per month
    2. 34/4.33 = 7.84 months of inventory
  3. $300 – 399K
    1. 8.16 homes selling per month
    2. 54/8.16= 6.61 months of inventory
  4. $150 – 299K
    1. 24.5 homes selling per month
    2. 51/24.5 = 2.08 months of inventory

A healthy housing inventory, when buyer demand and seller supplies are equal, is considered to be around 6-months.

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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.