“What’s going on the real estate world?” I am commonly asked this question daily by clients, friends and family. Is ANYthing selling?
A great question and the answer can change on a weekly basis.
In the past 2 weeks here are some of the things I have seen in “the real estate world” of Durango.
I have seen a lot offers come in and out of our office. Some prices made on these offers were much lower then the listing price, not many (if any) seller’s were willing to drop their prices dramatically. The offers that negotiated back and forth did go under contract working toward closings.
Interest rates are still low but slowly on the rise, this is why I feel people are starting to buy. People want to lock in a low interest rate…a wise choice in my book.
Something else I have noticed is the buyers “waiting until the prices go down more” have lost the houses that were top on their lists. More and more buyers are finding the good deals that are currently on the market are starting to go under contract and close. The majority of the homes that are selling are under $400,000.
* My advice to buyers…
#1 If you know the house you want, go for it, don’t wait or you might lose your opportunity.
#2 Be in close contact with a local lender to make sure you will have solid financing before you make your offer.
#3 Make a decent offer with a little wiggle room for negotiations. Get the house you want at a good price but more importantly, a good interest rate. Your Realtor can give you more information on why this is important.
If you have more questions or would like more info on this Blog, feel free to comment or call our office.
Thanks for reading!
Shaheen Hangval
Blue Ribbon Properties