Your Home Is Worth More Than You Think!
When it comes to real estate, things actually aren’t so bad here in Durango. I will guide you through the myths and realities of the Durango market and show you why. I will have several post that talk about what is going on in our market.
Myth Now’s the time to score a good deal on local foreclosed properties.
Reality While there may be opportunities; many bank-owned homes have serious drawbacks and can be difficult to land anyway and take much more time and frustration. The wave of bank-owned homes coming to market, which is now ebbing, gave prospective buyers the impression that they could buy a home in Durango cheap. There may be scattered examples of this, but it’s not often the case. There are a low rate of short sales and foreclosures in La Plata County From what I have seen in our local market and talked to friends around the country trying to buy foreclosures, they are often not priced all that much better than other listings, are often in extremely poor condition, and may require you to wait months for the bank to approve or respond to an offer. People do not have money for the payment let alone the money to maintain the home. Often when the original owner leaves their anger is taken out on the home… Foreclosed homes, too, frequently are not in the areas you want to buy in and need just as much work. Making the average listed home just as good as a deal. I have seen a few foreclosures go under contract in the last three weeks. Like I said it is a small percentage in La Plata County making up for less than 1% of sales, but buyers must be prepared and act fast to land them. The competition is strong as the media and perception is that a short sale or foreclosure is the best deal. Having an agent that knows the market well many times can find someone who is ready to get out of there property a good price to the buyer. Please contact me if you want to find out about our local opportunities.