In an article published by Rich Levin, a National coach & speaker, dated 7-20-11, Rich asks the burning questions of the day. “Is it a good time to buy?” “Is it a good time to sell?”
In regards to Buying, Warren Buffet says, “I buy when people are selling and I sell when people are buying.” In Durango’s real estate marketplace, people are selling (an abundance of inventory for sale). That means prices are down. Interest rates are at historical lows, down payments are relatively low (FHA at 3 1/2% down) and selection is the best it has been everywhere in the county in years.
It is a perfect time to buy! If you are ready to purchase, talk to your favorite lender, get pre-approved for a mortgage loan and begin your search for a new place to call home! Remember that your credit score is very important. It will affect many different aspects of your life. By checking your credit report for accuracy and keeping your credit impeccable, these two items will open up more opportunities for you.
In regards to Selling real estate in La Plata county, that is a little more elusive. If your property is standard with nothing to make it irreplaceable, now is not a good time to sell. If you do not have to sell, it is a better time to wait for the distressed properties to be absorbed and prices to stabilize. If, however, you are selling here and want to purchase in an area with lower prices, now is a good time sell. With the historical low interest rates and lower sales prices, although you may lose a bit on the sale, you will make up for the loss on the purchase side by getting a deal that sometimes only comes along once in a life time.
If you need specific information about your current real estate situation, please contact us so we can give you a thorough real estate analysis on your specific situation. We would enjoy the opportunity to answer all of your questions.
Elizabeth Webb, Broker Associate