Pagosa Springs Foreclosures E-mailed to you

  If you are in my business (or any related business for that matter) your ear has been tuned well to pick up any chatter of real estate market activity. Some of the coffee shop talk that I have found myself in lately has been aimed at the seepage of information coming from Southern California about the jump in home sales from August to September. The real estate boom that we experienced in the first half of this decade was tied closely to the California market…as was the real estate slowdown. Many times over I have customers contact me from various parts of the West declaring they are going to buy in Pagosa whenever they sell in…fill in the blank.

   The most recent uptick in the markets out here in the West has not made a lot of press as of yet. It is still too early to say “the market is changing”. (no one wants to risk crying wolf) One thing is becoming apparant  -  CASH investors are dipping their toes in the water, and testing the new lows. Pat Kitano has outlined some of these resourvces in one of his recent posts.

   One of my sources, recently let me know that Pagosa has seen about a 66% increase in foreclosures in 2008 compared to 2007. As a Realtor® one of the more frequent inquires that I am getting is about new foreclosures in our market. in response to this, I have provided a way to automatically e-mail my customers and clients foreclosure properties as soon as they become available on the market.

If you are interested in getting foreclosures E-mailed to you when they become available on the market, join my E-mail list below, and when prompted choose the “Foreclosure Information” option.

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Real Estate investors in Pagosa Springs waiting for the checkered flag

  I just added another potential  buyer to agrowing list on my IGoogle homepage. I am running into the same scenario time and again, and I am hearing my colleagues say the same thing. This summer and fall I have had many customers head down the exploratory road with me, get excited about purchasing a property or two, and then opt to sit on the sidelines. I don’t really blame them for being a little timid or even confused at all of the mixed economic signals floating around out there. What goes up must come down, and we have been watching prices slide slightly for a while now. Even on a National level August gave us a breath of fresh air with a higher than expected pending contract report.

 I feel like many buyers are waiting for the signal, the checkered flag of real estate….The proverbial “bottom”. The slight problem with that is that no one knows the bottom until it has already come and gone.

  I do however know that the investors who are prudently looking at price but also looking at other factors such as optimal financing, time of year, and practical circumstances are winning in our current market.

  The overall economic grey sky is causing some sellers to get really serious about home pricing. For example- This 3 bedroom 2 bath single family home hit the MLS just this morning for $125,000. In an area where average home sales are in the mid $250’s, this home is priced well enough to stand out far and away from it’s competition.

This home is listed by Jan Pitcher Real Estate and not Jerry Driesens Real Estate

 

Someone will grab this little house up, possibly rent it for a cash-flow profit or simply have a great little starter home…..It may be my potential  buyer #15…or someone else’s.

WWMMB (What will my money buy) $200,000 – $250,000

While working in Pagosa Springs real estate I often get the question what will (fill in the blank) buy me in your area? I get it often enough that I thought it might warrant a little blogging on the topic. So here is the first post of my WWMMB? series.

Single Family Residential

This is the begginging price range for single family homes in the “PLPOA” or Pagosa Lakes Property Owner’s Association. This area is what some refer to as the core area of single family living. It is comprised of several subdivisions that are in close proximity to fishing, golfing, hiking, biking, x-country skiing, grocery, coffee shops and other shopping.

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Condo Residential

For the condo buyer this offers the second tier of buying options with many used and new units, up to 3 bedrooms, mountain views and extremely convenient locations to service your vacation or part time living desires. Many of these units offer a garage for super convenience during the winter months.

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Get on Caraven and expose yourself

 Now that the clocks are put in such a position to maximize sunshine there is a creeping sense of Spring in the air. I have started making the list to re-organize my garage and get the pencil sharp for a flower-bed-planting session. Just like this weather change brings about a restlessness for increased outdoor activity, it also spawns home sellers to present their homes to the public for purchase.  The season change always brings about an increase in home listing activity for REALTORS.

   I found myself in conversation this weekend with one of my clients that has a 35 acre piece for sale. We were having an on-line discussion about a new year strategy. As I was giving out the methods in which I use to gain my clients listings the most exposure, I thought about one that many times goes un-discussed but that is a very powerful way to have your home known by the real estate pros and have it make a lasting impression on them…The REALTOR Caravan Tour.

  Every Tuesday morning, barring an overdose of snow, a group of REALTORS who belong to the Pagosa Springs Area Association meet at the PSAAR office with info in hand and a singular desire of the minds- To inform and be informed.

The Caravan tour is designed to allow listed homes in a predetermined area to be pre-viewed for exposure, and critiqued for marketability by participating brokers and agents. It is a wonderful opportunity for us to brag on our clients homes and point out all of the attributes that are found within.  In return, we are able to get a professional panel of active real estate agents to give direct feedback of their opinions, and constructive criticism which may lead to creative solutions to help sell our clients homes.

For the individual agent, it is a remarkable way to help keep us up-to-speed on the inventory in a very memorable way.

If you are reading this and are trying to sell your place here are a few ideas that may give your home a little more staying power in the minds of the tourer’s.

• Clean, Clean, Clean- First impressions are everything so make sure you put forth the extra time and effort to have everything sparkle prior to a REALTOR Caravan tour. It’s not a bad idea to speak to multiple senses so if a candle needs to be lit for an extra boost of fragrance, fire away.
• Highlight 3 attributes- In a perfect world we could spend hours meandering around all of the wonderful homes on the market but that is simply not the case. Many times we only have a few minutes in each home so get with your real estate agent before the tour and decide on the 3 best attributes of your home. Have him or her point those out  so that they may stick in the minds of the agents touring the home.
• Leave-If at all possible don’t be around when your home is being toured. You won’t get the same kind of feedback because agents may be afraid to step on toes. One of the main purposes is to get good unbiased opinions which can be hindered if the owner is present.
• Cookies are good- This headline is only for slight humor. The longer that we linger at your place, the more your home is imprinted on our minds. Prepare some coffee, tea, cookies or pastries so that there is more reason to hang around.

In general have your place in good showing shape and take away all possible curb appeal negatives. Anything that can be done to positively bookmark your home in the minds of the Caravaners is a plus- be it with sight, sound, taste or smell. Ask your agent to make sure your home gets on the Caravan tour and then take some time to consider the feedback. This can be a productive way to get a good grasp on the market position of your home so that you can make necessary adjustments to obtain the end result…a successful sale!

Real Estate Year End Comparison-2007

As the end of another wonderful year in Pagosa Springs comes to an end, my thoughts begin turning toward a little reflection. I tend to do this in all parts of my life. Reflection of my faith and what I have been taught this year, a review of relationships good and bad and business practices with an eye toward improvement.

   For my on-line readership I thought I would give a snapshot of our Real Estate market, a year end comparison of sorts. I have compiled the SOLD  data from our local MLS system in order to see a general trend for the past 5 years.

 I have broken down the numbers into two major categories, Residential and Vacant Land. Residential is comprised of all stick-framed homes and sub-categorized by acerage  or partial acreage size. The Vacant Land can simply be understood as differing sizes. All data is county wide.

 

 

 

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470 Heath Drive- Colorado Timber Ridge Ranch-$999,900

Colorado Timber Ridge Ranch offers the finest of Pagosa Springs. Luxury mountain living just minutes from the core uptown area. Panoramic mountain views, rolling hills, incredible mature evergreens all with paved roads and complete with underground utilities.

  470 Heath Drive -81147 is a fine example of what is available in Colorado Timber Ridge Ranch. Over 4200 square feet of custom Colorado charm. Have this haven of Rocky Mountain living all to yourself, or bring up to 23 of your closest friends! Complete with 6 bedrooms 4.5 baths, over-sized deck for entertaining, jaccuzie, 4 stall garage, media room, game room and located on 3 private acres. Contact Chris Liverett or Jon Johnson for a private showing.

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Using the absorption rate to determine the months of inventory

   Last week I wrote about the general stability of real estate values that we are seeing in Archuleta county. I also mentioned that although home and land prices are remaining very strong, the rate at which they are selling has significantly decreased. After the publication of that article I had a few conversations in which I was asked about the rate of sales, and what that really means for us in real estate. I decided to address that topic here on my blog.

   One of the measurements frequently used to understand liquidity of inventory is known as the absorption rate. This is basically the rate in which a specific sector (usually price range) of the market sells in a given time frame. An easy way to understand this is to look at it in one month increments. For example- If we were looking at home sales between 100,000 and 200,000 and we found that 60 homes have sold in 2006, this would be an absorption rate of 5 per month. (60/12 = 5) This number does us little good unless we put it in more tangible terms. When we take the number of current active listings and divide it by the absorption rate we can determine how many months of inventory we have. For our example above if we have 39 active listings then we have a 7 month inventory.

   As a general rule 6 months supply  of inventory is a balanced market. More than that and we are considered to be in a buyer’s market, less and we are in a seller’s market.

   As I mentioned last week we are in a buyer’s market right now which up until this point has not affected our sale prices, but has affected our months of inventory. Simply put, It will take a lot longer for you to sell your home if all factors remain equal.

I have compiled the charts below from the numbers found in the CREN MLS system from Nov 1st 2006-2007.

Listed below are the current months of inventory for residential listings in Archuleta County.

Here are the current months of inventory for vacant land in Archuleta County.

 

   The first two questions I get asked when preparing to list  property is 1- “How much is it worth?” and 2- “How long will it take me to sell?” Once I determine how much a home or property “should” sell for I always go to the numbers found through absorption rates and months of inventory. Then  I encourage my seller’s to determine their list price by deciding how long they are willing to wait to statistically be able to sell their property.

   If you currently have your home or property on the market and are unsure about the price in which it is listed, ask your REALTOR® about the months of inventory for your price range. If you are not currently working with a REALTOR® give me a call and I will be happy to discuss the pricing of your property with you.

 

65 Granada Drive Pagosa Springs Colorado- Rental Investment

65 Granada Drive – Great Rental investment!

Location: Pagosa Lakes

Bring ALL your friends. This fun home was designed to house and entertain a troop (up to 18). Inside, a huge great room including kitchen, living room,breakfast nook and dining room are on the main floor. Downstairs, a giant playroom and party space will afford you and your guests hours of enjoyment.

Oversized decks and a double lot are a great bonus and all this is located minutes from the core area. Five bedrooms, 3.5 baths, 2 fireplaces and a cozyforest setting.

This bright and open home is currently being used as a short term rental property by it’s owners. It is their most popular rental. Why not enjoy the home fory ourself and allow others to help with your carrying costs? Situated in ever popular Twincreek Village, this home has so much to offer. Please schedule your visit right away.

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Chris Liverett

970-903-0481

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Asking Price: $519,000

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65 Granada Drive
Pagosa Springs , CO 81147
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Features

Bedrooms: 5

Bathrooms: 3.5

Year Built: 2000

Subdivision: Twincreek Village

Lot Size: Approx .5

Garage Size: 2

School District: Pagosa

Square Footage: 3750

Agent Name: Chris Liverett

Broker: Jerry Driesens

MLS #: 594756

Brokerage Firm: Jerry Driesens Real Esate

Attributes

Appliances

Range/Oven

Full Refrigerator

Dishwasher

Microwave

Interior Amenities

Fireplace

Kitchen Island

Vaulted Ceilings

T and G Ceilings

Exterior Amenities

Jacuzzi

Decks

Landscaped

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FSBO, Just the facts.

Every year a percentage of home sellers decide to throw caution to the wind and brave the market alone without the help of a real estate professional.

 This diminishing group of FSBO’s (pronounced fizz-bows) venture bravely into the land of marketing, screening, qualifying, scheduling, showing, relentless calling, emailing  and paperwork. All for the common goal…to save money in their home selling transaction. It’s often an experience found a little less than rewarding.

The numbers gathered by NAR  (The National Association Of Realtors) tell the story.

In 2006 12% of home sellers in the United States chose to go this route. This is down from 20% in 1987. More telling than this decline is the fact that 40% sold their home to someone that they already knew prior to this transaction.

“Yeah, but isn’t it as easy as putting out a sign, waiting for the calls, and rolling your wheelbarrow to the bank?”

According to NAR 18% of FSBO sellers indicated that preparing their home or investment property was the most difficult task when it came to selling without the aid of an agent. The next most daunting task was listed as keeping up with paperwork which came in at 16%, and selling within the desired time-frame at 15%.

“Well, the bottom line is WE SAVED MONEY, right?”

Again, citing NAR, homes sold by owner do NOT statistically come out financially ahead.

In 2006, sellers leaning on the aid of real estate professionals sold their property for an average of 32% more than FSBO sales. The median sold price of single family, stick framed homes that I gathered from our MLS looking back at the last 12 months was $274,500. Taking this as our baseline and using the number of 32%  puts an average savings of nearly $66,500 in each home seller’s pocket!

I suspect that some of these figures may reflect a number of different things. Among the top of the list is the fact that selling your home is an extremely emotional and sometimes physically draining process. It’s your nest-egg, life investment or possibly your retirement that we are dealing with here. In real estate, much like many areas of life it is important to have a third party that is un-connected emotionally to help guide us in our decision making process. Someone who can stand back objectively and speak into the situation with a little more clarity about the subject, unclouded by strong emotions. Additionally, no matter how much time, energy and research you may put into selling your home, you will be hard pressed on equaling the effort of a licensed real estate agent. A Realtor that is working full time is doing just that-putting a full time effort in understanding our ever-changing market.

The bottom line is, according to the numbers, it pays to have a real estate professional on your side when selling your home in any market.

7080 N Pagosa Blvd, Pagosa Springs Colorado

New Home in Pagosa Highland Estates

Location: Pagosa Highlands Estate

Brand new home from Randall Creek Homes with great Pagosa Peak Views! Walk to National Forest and lake Hatcher. Charm built with quality construction. Wood siding, composition roof, exterior rock work and 12ft great room ceilings to name a few of the extras. Beautiful home scheduled to be completed in late summer of 07. ONLY 174$ per sq Ft for NEW construction!

Purchase now and choose your own finishings! Floors, carpet, tile, cabinets, paint colors…you name it.

Click 7080 N Pagosa Blvd for full featured flyer!

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Chris Liverett

970.903.0481

chrisliverett@liverettmtn…

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Asking Price: $236,900.00

Additional Pricing Information: This is a great value if pre-purchased as a semi-custom home. Choose your interior preferences now and have it completed this year!

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