Real Estate Statistics - Montrose Colorado MLS

What is Making Buyers Pause? – October Real Estate Stats

October 18, 2018 Atha Team

Montrose Colorado Market

The 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

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

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, 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 Blog

What to Know About the Mortgage Loan Process

September 24, 2018 Atha Team

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.

Some 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

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

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.

Real Estate Statistics - Montrose Colorado MLS

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

September 13, 2018 Atha Team

Montrose Market

The 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.