Although I work out of my real estate office in Montrose, CO, I also live in Ridgway, Ouray County, Colorado, a county with a population of less than 5,000.   I get the occasional listing or buyer looking in this area, which alway pleases me, since I love living here so much.   This past May Day, as I worked from my beautiful home with the spectacular view of the Cimarron Mountains, I thought I'd take a look at the residential active and sold listings for Ouray County on our MLS.  

I found 262 such listings, of which 28 sold in the last 6 months.    That represents less than 11% of the inventory.  Of the active listings, prices range from $99,000 to $7,995,000.  Average asking price is $603,916, and median asking price, $408,000.   Average days on the market is 332 (and counting).

Of the sold listings, the prices ranged from $99,000 to $770,000.  The average sale price was $306,579, and median sale price, $260,000.   Average days on market was 225.

Out of the 262 listings, 17 are bank-owned (foreclosures), which represents less than 7% of the total market.  Of these 17 listings, 10 sold within the last 6 months, ranging in sale prices from $148,000 to $328,000.  Those 10 sales out of the total of 28 sales means that almost 36% of the sales were foreclsoures. 

Of the 7 active foreclosure listings, 3 are under contract ranging in asking price from $144,900 to $292,500.  The 4 remaining active listings not under contract range in price from $155,000 to $450,000.  The latter started out with an original price of $750,000!

Clearly, what is moving in Ouray County are the real bargains (i.e., bank-owned) or more relatively affordable homes for Ouray County, i.e., close to $300,000 and under.  While it is a great time to buy in Ouray County, in fact, there is not a whole lot of bargain or affordable inventory.  Such inventory that exists goes quickly.  So, if you're thinking of buying in Ouray County, you will need to keep a close eye on the market and move quickly to take advnatage of these good deals. 

Do you live in Ouray County?  Are you buying or selling?  Let us know what your experiences have been like in this market

Ninah

P.S.  Do you recognize this photo?  It's in Ouray County.  If you've never seen this in person, you may have seen it in the original John Wayne movie, True Grit. 

Thinking of buying a home?  If so, there are 3 essential steps you must take before even beginning your home search.  Otherwise, you may besetting yourself up for dissappointment, or just even selling yourself short:

1.  Obtain a copy of your credit report, and your credit score.  Better yet, get these from all of the 3 major credit reporting bureaus: TransUnion, Experian, Equifax.  Under federal law, you are entitled to get a free report once a year.   AnnualCreditReport.com is the official site to order your free report.  Bear in mind, this does not include your credit score, which you'll have to pay for.  It's about $8 per company.  You can get free credit scores by signing up for free trials on various credit monitoring sites.  Just Google search "credit score" or "credit score free" for such sites.  For a terrific report that explains the credit scoring process and some of the myths associated with that process, read the special credit report, Revealed, by Dan Beck of Credit Management Specialists.

2.  Review all of your credit reports carefully, and make sure all of them are accurate.  If you notice something you don't recognize, investigate and make sure it is legitimate.  If you see something that you know is not yours, that has been paid, or is incorrect, you can formally dispute it.  Ideally, all of your credit reports should be accurate before applying for a loan.  Otherwise, you could be denied a loan or not be qualified for the best one, or simply delay your approval.

3.  Meet with a local lender to get pre-approved, not just pre-qualified, for a loan.  You should not take this step until you know your credit reports are accurate.  When you ask for a copy of your credit report, it will not count as an "inquiry."  Inquiries from third parties do have and adverse affect your credit score, especially if there have been several in recent months.  When you meet with the lender, bring copies of your credit report(s) and score(s), information and verifying documents regarding your employment, income (pay stubs, tax returns), monthly household expenses, and monthly debt.  Your lender may have a questionnaire or list of things they will need from you, which will help you gather the necessary information.  Your lender can then give you and idea of what type of loan and amount you might get.  This is a pre-qualification, based on unverified information.  To get pre-approved, the lender will need to submit your application, review your documentation to verify the information, and order a credit report (which is an inquiry).

Being prepared in this way, you can then begin searching for homes,  with the peace of  mind knowing you can actually buy the one you want when you find it.

The main attraction in Montrose, Colorado may not be shopping.  So, it’s a good thing I’m not much of a shopper.  We do have of a few big box stores, like WalMart and Home Depot.  We also have couple of relatively new shopping centers, Oxbow Crossing and River Landing with Target, J.C. Penney, Sports Authority, famous footwear, and the Natural Grocer, and a local favorite, The Looney Bean coffee shop.  Oxbow Crossing is where you'll find a medley of specialty stores and restaurants, along with a couple of fitness centers.  But my most favorite place to shop in Montrose is . . . believe it or not . . . Murdoch’s Ranch & Home Supply!

If you’re new to Montrose, Colorado, or even just visiting and have never been to a Murdoch's, be sure to stop into this store.  It does have, in fact, a great inventory of ranch equipment and supplies.  For that reason, you'll find a lot of real cowboys and ranch hands.  There is, however, a lot to offer the homeowner, as well, such as patio furniture, garden supplies, yard art, portable fire pits, fencing and supplies, garden equipment and tools.  Murdoch's in It also carries all your horse supplies, including a pretty good assortment of tack.  You can find everything you need for cats and dogs and other small animals in the pet section.  You can even buy your baby chicks in season at Murdoch’s in Montrose.

Murdoch’s  wonderful gift department is one of my favorites, featuring beautiful western style jewelry, pottery, paintings and prints, blankets, handbags, greeting cards, and other knick knacks.  Murdoch’s is definitely the place to go to get yourself outfitted in western apparel, whether you’re the real McCoy or just an urban cowboy.  You'll find plenty of both kinds in Montrose, Colorado. 

Actually, Murdoch's to me is a rather good reflection of the wonderfully rural, active, and diverse lifestyle we lead on the Colorado Western Slope.   It is also all I need in one-stop shopping.   And for those of you for whom it is not, well, there is always Mesa Mall in Grand Junction.

~Ninah

Learn more about living, working, playing, and investing in real estate at NinahHunter.com

Such a hot deal on a 1-acre homesite in Divide Ranch and Club in Ridgway, Colorado doesn't come along very often, even in this down market. It is priced at only $35,000, when the median price of all lots for sale in Divide Ranch is about $180,000. 

This nicely wooded lot sits across the road from the 14th tee of the Divide Ranch and Club Golf Course, offering up spectacular views of the San Juan Mountains from all angles through the tall Ponderosa trees. 

For more information, photos, and a virtual tour, click on this link:  Divide Ranch and Club Homesite in Ridgway, CO For Sale.

Then call me today to make it yours today!

NINAH HUNTER
Keller Williams Colorado West Realty
(970) 318-0064
Ninah@NinahHunter.com
NinahHunter.com

Search here for more Ridgway, CO homes and land for sale.

  We've been hearing for quite some time that it's a buyer's market and a great time to buy.  That is probably not going to change any time soon in 2011.  So what happens if you're a seller or thinking about selling?  Are there good reasons to sell now?   Here are 5 reasons why now may be a good time for you to sell:

1. Buyers are buying.   If the increased buyer activity I experienced locally in the 2010 fourth quarter and through the holiday season is any indication, buyer confidence is being restored.  As the real estate market continued its downward trend in 2010 and more foreclosures hit the market, it appears buyers are finally realizing there are some good deals, even hot deals, out there that they need to take advantage of.  The percipitous jump in mortgage rates over a 2-day period in the last quarter may have also contributed to this activity.  So, why not put your home in front of these buyers who are seriously looking?

2. You plan to buy another home once you sell yours.  If you plan to buy another home, particularly a move-up home (i.e., bigger, more expensive), then whatever you may lose by selling  now will  be made up upon your purchase.  You, too, can take advantage of the buyer's market.  What you need to consider is how much equity you have in your home today, not compared to 3-5 years ago at the top of the market.  Value is relative to current circumstances.  To illustrate, let's say you bought your home 10 years ago for $150,000.  In 2006, it was worth $300,000, but now it's only worth $250,000.  You've still realized a gain of $100,000!  Forget about  the hypothetical,  paper loss of $50,000.  Again, by selling now, you will also be buying a home that also may have been worth $50,000+ more 3 years ago.

3. Interest rates are still low, but will go up as the market improves.  Now this may seem more advice to a buyer than a seller, but what a seller needs to keep in mind is that the more interest rates go up, the less a buyer can afford to buy.  A rule of thumb is that for every 1% the mortgage interest rate goes up or down, a buyer's buying power goes up or down $10,000.  So, assume the interest rate  is 4.75% today and a buyer qualifies to purchase  a home at $300,000.   If in 6 months the interest rate goes up to 5.75%, that same buyer (assuming no other changes in circumstances) could only buy a  a home for $290,000.  If in a year the interest rate increased to 6.75%, the most the buyer would could afford is $280,000.   If you wait another 6 months to a year, you may have to lower the asking price from $300,000 to $280,000 to get it sold.  In short, it is somewhat of a gamble to wait 1-2 years to sell in hopes that the appreciation in your home's value will exceed the effect of increasing interest rates.

4.  It will cost you less to rent than to keep paying your mortgage and other housing expenses.  Most of us have bought into the "American Dream" of home ownership and, in fact, have enjoyed the real  emotional and financial benefits of home ownership in years past.  Unfortunately, during the boom years, too many Amercians also used their homes as ATM machines or collateral to finance other purchases or investments that were not appreciating or income-producting assets.  With the burst of the real estate bubble and the economic depression taking on global proportions, many people have now started questioning the American Dream as a right versus a privilege, or even as a wise investment given a someone's economic and personal situation.  So, if you find yourself with a refinanced mortgage or 2 or more mortgages with combined payments that exceed the monthly rent of a comparable home, then maybe now is a good time to sell and rent something cheaper.  If you can do so and put away the difference into savings or use it to pay off other debt, this could make more economic sense until your financial situation and the economy improve.

5. You have to sell.  Okay, I realize need or distress does not make this a good time to sell, but it does make it a reason to sell now.  And reasons number 1 and 3 come into play.   If you find you can no longer make your mortgage payments, the worst thing you can do is bury your head in the sand or hope for some miraculous turn of events, i.e., you find a new job, get a huge pay raise, win the lottery, inherit a small fortune, or whatever is needed to get you out of your distressed situation.  I've experienced too many sad cases lately of people getting much less for their homes or being forced to walk away with nothing by failing to  seek expert advice and act promptly and reasonably upon it.  That included failing to price a home very competitively to get it sold promptly which caused it to  languish on the market as the market continued to trend downward.  Even though there are signs of an improving market, reason number 3 may prevent you from getting top dollar for your home if you wait too long to sell or do not price it competitively in today's market.

So why might it not be a good time to sell now?  Well, that would be if you don't have to sell, don't plan to buy another home, your mortgage payment (principal, interest, taxes and insurance) plus maintenance costs are equal to or less than the rent payment (for which you get no tax deduction) on a comparable home, or you simply want and can afford to live in your home for at least another 3-5 years, or indefinitely, until the market improves.

Building "green" may be a modern day buzz word, but it's something to be taken seriously when considering what to buy or invest in or where to spend your money when remodeling an older, less energy-efficient or environmentally friendly home for resale purposes. To see what buyers want most in the way of green features, read below the research survey results from Keller Williams® Realty:

Oct24 - KW Research

Hello, all my ActiveRain friends!

I've been absent for awhile, primarily due to focusing on Facebook and other social media, not that I was purposefully neglecting ActiveRain.  But now I'm making a commitment to get back into the ActiveRain swing of things, since I truly believe this is one of the best places for fellow real estate professionals to connect, share, network, and learn.

For those who don't know, last month, I closed my Century 21 office.  Hated to make that decision, but it was a smart thing in light of these ongoing economic difficulties (disaster?).  I was coming up on my 4th anniversary of owning the business and looking at another year of loss with no real relief in sight any time soon .  While doing some business planning, I read a good article on that subject (I think from Inman News), specifically, about cutting back expenses.  One of the suggestions was simply "close the office."  Well, that was an epiphany for me, because I'd been slashing expenses right, left and center, and pretty much had no more I could slash.  It dawned on me that closing the office was, in fact, the quickest, most sensible way to eliminate a tremendous amount of monthly overhead, while I could still remain in the real estate business.  So, I made the decision quickly, but not without first exploring my options at other real estate brokerage firms in town, Century 21 no longer being an option.

I knew about Keller Williams from when I lived in California.  I have always admired its business model and read all of Gary Keller's books.  I started with a bit of research on the internet.  This franchise has not been very well known on the Colorado Western Slope, and the Montrose office was less than a year old.    A few months ago, one of my dear friends and fellow real estate brokers closed her independent real estate office and merged with the KW office in Montorse.  I met with her and her team leaders out of Grand Junction, and it didn't take them long to convince me to join them.   Fortunately, most of my broker associates followed me over, so we really haven't lost a beat, other than increasing our real estate family and the energy, and enthusiasm in our new Keller Williams office.  I'm coming up on my first month with Keller Williams, and I can honestly say, I made the right decision.  I am pleased to be a part of a healthy, agent-centric franchise that has actually grown and profited during the turmoil of the past 4 years of global economic challenges.

So, if you happened to notice the change in my colors from gold to red, that's why.  And I share this in case other brokers here may be considering making a similar move.  It was, in fact, difficult getting to the decision, but once the decision was made, it was easy to move forward, knowing I had done the best I could for my business and my agents, and knowing that we will continue and prosper together this point forward.

NINAH HUNTER, now with Keller Williams Colorado West Realty in Montrose, Colorado

As the expiration of the First Time Homebuyer Tax credit approaches (April 30th), there have been varying reports on how much this tax credit has really stimulated housing purchases. The consensus seems to be it has helped those who already were considering buying to get off the fence and do so; otherwise, it hasn't been a big factor.  That has been my experience as well in Montrose.

The problem continues to be the buyer's ability to qualify for financing, as well as the overall affordability of home ownership. Those who have bought their first home may have been surprised by some unforeseen new expenses, as noted in this article from RISMedia.  However, one thing the survey does not address is the benefit of the mortgage interest and property tax write-offs. First time home buyers should be surveyed again in a year after they have been able to take advantage of the write-offs, which in most cases will more than make up for the additional overall expenses of home ownership.  For more info on these tax benefits, you should consult with your tax advisor.

Tax credit or not, home ownership still continues to be one of the best investments and the American Dream.  That has also been my experience in Montrose, even in this continuing challenging market.

~Ninah