Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

What is Making Buyers Pause? – October Real Estate Stats

Montrose Colorado Market

2 story real estate home - Photo by Sarah Jane from PexelsThe Montrose housing market has been on a steady leveling trend over the last month. Homes that would have been under contract within several days after going live on the market, are now taking several weeks. The overall subjective feel for the market, local agents are reporting, is that buyers are purely catching their breath. Local Buyers have also been re-adjusting their home purchase budgets and monthly payment thresholds given the recent rise in mortgage rates. Buyers who were already at the top of their housing budgets are now lowering their overall purchase price to make up for the increase in mortgage rates. An increase of 1% in rates roughly equals a $150 jump in monthly payments on a home mortgage of $250,000.

With the increase of days on market, buyers now have better chances getting into homes they desire, rather than facing heavy competition that was seen over the last 12 months. The market is still experiencing civilized competition and multiple offer situations, albeit less of them over the last month.

National Market

Colorado cabin for sale - Atha Team Real EstateThe national market is also experiencing a trend of flattening price gains, hovering at around 6%; July was the fourth consecutive month of tapering equity. According to the most recent NAR data, the National median sale price was $267,300 in August while inventory levels remained uniform. Mortgage rates are now sitting at a 7-year high of 5%. Although this is still a historically low rate, buyers are re-calibrating based on the new rates when lock-in periods expire.

Next Buyers Market?

Boomers, being a massive population segment in the US, have been the movers and shakers of change. Recent data suggests that 2026 may be the year for the next shift from a Seller’s market to a Buyer’s market. Given 20% of all homeowners in the US are boomers; they are indeed the lion’s shares of homeowners. A 2018 Fannie May report is predicting this generation’s exit from the single family housing market into assisted living retirement homes and rentals. This massive shift may cause a wave of inventory to penetrate the housing market around 2026 (U.S. Home-Price Gains Decelerated in July), (The Boomer Bust).

 

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October Market Updates for Montrose, Ouray Ridgway Colorado Real Estate

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

 

Atha Team Montrose CO Keller Williams Real Estate AgentsCopyright 2018 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 2018. All Rights Reserved.

Montrose Co Real Estate
Montrose CO Real Estate Blog

What to Know About the Mortgage Loan Process

Home Buying in Colorado takes time - Atha Team Montrose Real Estate

Buying a house is exciting, but getting a mortgage often isn’t. Sometimes it can be downright stressful, and other times, it simply makes life difficult for a little while until an approval is granted by the bank or other lender. But the more you know about the mortgage loan process before buying real estate in Montrose, the more easily you can move through the process and get into your new home. Here are some of the most important things you need to know when it comes to getting a mortgage loan.

You’ll Be Asked for a Lot of Documents

There will be plenty of documents required for your mortgage, and you’ll be asked for a lot of them up front. Then, over the course of the process, you’ll be asked for a lot more documents, too. It may seem a little bit never-ending, but there will be light at the end of the tunnel. Be patient, and ask for a list of needed documents up front. Get together as much as you can, because the more you provide up front, the easier it will be for you throughout the process of getting your loan.

Nothing Will Go as Fast as You Expect

You want to buy your house and get moved in. That makes complete sense, but you’ll need some patience. It generally takes 30 to 45 days from an accepted offer to the closing of a house purchase. Things will drag sometimes, and you could get frustrated. That’s a pretty normal reaction to the process, and the more you’ll be able to go with the flow of getting your mortgage, the easier it will be for you. Don’t let getting a mortgage stress you out.

Mortgage application for buying a home in Montrose Colorado - Atha Team Real EstateSome Things Will Happen Last Minute

Even though it seems like things are going too slow or taking too long, some things will still happen at the last minute. That seems to be the case with a lot of mortgages, and you’ll eventually get a call that the lender needs a few, last minute things. Those “last” things might turn into a few more, depending on what the underwriter is asking for and what your documents indicate. Be prepared for last minute changes, adjustments, and document requests. The faster you can provide what’s asked for, the faster your mortgage approval can be completed.

In the End, You Can Change Lenders if You Need To

In some cases, you just don’t work well with a particular lender. Not all of them move through the mortgage process the way they should, and some of them make more mistakes than others. If you’re really having a difficult time, it’s possible to change lenders throughout the majority of the process. You may eventually be asked to “lock in” with a rate and with the lender, but make sure you’re happy with the lender and that you read everything carefully before proceeding. That can help protect you, and give you a lot of peace of mind as you prepare to close on your new home.

Lynn Whipple Guild Mortgage Loan Consultant Montrose, CO - Recommended by the Atha TeamLynn Whipple

Guild Mortgage

Senior Loan Consultant/Sales Manager

620 E. Main St. Montrose, CO 81401

970-628-7065

Email Lynn

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

Atha Team - Keller Williams Colorado West Realty LLC - Montrose, Ouray Ridgway

Copyright 2018 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 2018. All Rights Reserved.

Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

What is Causing the Major Shift in Real Estate Sales? – September Real Estate Stats

Montrose Market

Montrose Colorado Residential Real Estate Sales - Atha TeamThe overall Montrose market remained relatively flat in homes sales for the month of August. Increases were seen in the luxury price range ($500-$800) from January through August, up 8 from last year with a few sales in August. A major shift occurred this year in the $400-500 price range with a 55% increase in the number of units sold over the last 8 months of 2018. This is fantastic news for these homeowners who were once in the softest market in Montrose. There were 27 homes sold in the $400-500 range in 2017 (Jan –Aug) and a total of 60 units sold so far this year.

National Market

Montrose Colorado Residential Neighborhood Real Estate Sales - Atha TeamNationally, consumer confidence is still at an 18 year high. Wages are up close to 3% year-over-year while inflation has increased recently as well. American’s personal net worth is quite high due to equity gains in home values and also gains in stock portfolios. Retailers are also reporting strong numbers due to increased consumer spending. All signs point to an economy reaching its prime in the economic expansion period.

There has been a general slowing in the National housing market (price gains and sales), which the Federal Reserve commented on during their July 31st meeting. Further, the National Association of Realtors reported recent numbers illustrating a downward trend of falling home sales over the last 4-consecutive months. Keep in mind that this national housing slow down in price gains is less than 0.5% relative to the same time last year. The National housing indexes are pulling data from excessively swollen metro prices, which tend to overshadow housing data trends of rural communities. With relation to business cycles, Montrose has historically trailed 1-to-2 years behind major metros like Denver. Overall, it looks like mid-range home shoppers are still ready, willing and able, but have taken a small breather, along with the market (U.S. Home-Price Gains Decelerate).

 

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Residential Home Statistics Sold in Montrose Colorado - August 2018 - Atha Team Stats

 See other housing market stats posts by the Atha Team HERE.

 

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

Atha Team Montrose CO Keller Williams Real Estate AgentsCopyright 2018 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 2018. All Rights Reserved.

Montrose Co Real Estate
Montrose CO Real Estate Blog

7 Ways to Get the Home You Really Want

Curb appeal, get the dream home you want - Atha Team in MontroseGetting a new home can be exciting, whether it’s your very first one or you’ve bought and sold plenty of houses before. No matter how many homes you’ve owned, though, it’s always important to get the house you really want. You can do that more easily by paying close attention to a few simple tips. Here are seven things you need to know, to increase the chances of getting the house you want.

1. Remember the Value of Location

Even if you really love a house, if it’s not in the right neighborhood, it may not be something you’ll love for the long term. Getting the house you really want means getting the location you want, too. Don’t give up on finding the right spot.

2. Focus on a Fair Budget

Your budget is important, and it will probably be a main issue when you buy a house. Unless you have a nearly unlimited budget, how much you can spend on a house matters. Stick to your budget when searching, and you’ll be more likely to get what you want most and can afford.

3. Keep Fixer-Uppers in Mind

Fixing up a house can make it into something perfect for you. With that in mind, finding a home that needs work in the right location can mean a house that you can make into your own over time. Staying open to the idea can help you find the right place for your new home.

Google Satellite view of prime real estate property - Atha Team agents4. Work Closely With Your Agent

Let your real estate agent help you find the right place. That’s what they’re there for, and what they want to do. They can show you plenty of homes for sale that could work for you, and make it easier to find one faster than you might be able to do on your own.

5. Be Prepared to Walk Away

While it can be hard to walk away from a house you really like, you shouldn’t overpay or settle for something that isn’t going to be right for you long term. Instead, be prepared to walk away from any house you can’t get the right deal on. In the end, you’ll be glad you did.

6. Be Open to New Ideas and Plans

Even if you’re sure of what you want in your house, be willing to look at other things. You don’t have to compromise or give in and buy something you don’t like, but it’s possible you might find a home you like better than what you had in mind. That can help you get a great house, sometimes unexpectedly.

7. Check New Listings Right Away

You need to make sure you take a look at new real estate listings right away, so you can get in to see a home before others do. You don’t want to miss out on a great house because you didn’t take a look in time. That won’t always be what gives you the right house, but it can help you find what you’re looking for and give you an advantage.

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

Atha Team - Keller Williams Colorado West Realty LLC - Montrose, Ouray Ridgway

Copyright 2018 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 2018. All Rights Reserved.