It’s a Seller’s Market in Colorado

There is no doubt about it: 2020 was one for the history books. Amid the turmoil of the election, the civil unrest, and the unknown outcome of the pandemic many industries became unstable. One industry that did not falter however is real estate. Here at Legacy Properties West, and indeed throughout Colorado records were broken in number of contracts, days on market, and amount of inventory. Colorado is officially a seller’s market, which means there are more buyers than there are houses. According to the Colorado Association of Realtors, in November, the most recent month tracked Colorado only had 7,235 single-family homes and 3,266 townhomes/condos on the market. According to one publication, the current supply of affordable (under $300,000) homes in LaPlata county is about ten days, while the overall supply is 2.2 months. Active listings are down more than 65% compared to last year.

Inventory Will Continue to Remain Low

2020 saw Colorado’s available housing inventory reach record lows. This trend is largely being driven by low-interest rates. With rates currently hovering in the 2 – 3% range buyers are racing to lock-in a long-term mortgage at a record low rate. Current homeowners are capitalizing on the strong rental market and snapping up investment properties. While first-time homebuyers are seeing an opportunity to enter the market.

What This Means for Buyers:

Work with an agent who will be as aggressive as the market. Search for homes early and often and be prepared (and prequalified*) to put an offer on a house immediately after touring.

What This Means for Sellers:

You’re likely to sell quickly and fetch a good price for your home. In a seller’s market, it’s not unusual to receive multiple bids or receive a price that is above your asking price.

Prices Will Continue to Increase

Last year we saw a 16% sales price increase in Colorado homes compared to the year before. It’s unlikely that with the record-low, inventory-led appreciation in home prices will slow down in 2021. Given the rate of growth in housing prices, it is likely that this year will see the average home price rise higher as the year progresses.

What This Means for Buyers:

Work with an agent who is committed to helping your lower your closing costs and commission fees if possible. If you’re buying at the top of the market, buyer rebates can help soften the blow of the price you are paying.

What This Means for Sellers:

Consider tackling some of those key home improvement projects that will help increase the value of your home. Keep an eye on market fluctuations and be ready to sell before the supply and demand level out.

2020 was a surprising success story for real estate in Durango and Colorado as a whole. And all indicators are that the real estate market will continue to hold strong well into 2021. If you’re looking to buy or sell a home, start planning now and continue to monitor the market as we head into the new year. To help you, we produce a quarterly Market Report.  You can view our most current Market Report online to help keep you informed. At Legacy Properties West, we look forward to working with you to make your home buying or selling dreams come true in 2021 and beyond.

Winter Activities

Top Winter Adventures Near Durango

By now you’ve probably heard that Durango is one of America’s top 10 ski towns, but if you’ve been here during the winter chances are you’ve already hit the slopes. So if you’re wondering what other winter adventures Durango has to offer, the answer is a whole lot. At Legacy Properties West we love winter so we wanted to share with you some of the more unique cold-weather activities in the area. Whether you’re looking for a thrilling adventure or family fun, there’s something for everyone here.

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The Festival of Trees

Durango is a town that loves its Christmas traditions. After all, there are so many to choose from with events like Noel Night and the Polar Express. But at Legacy Properties West, one of our favorites is the Festival of Trees. An annual event headed by Community Connections or CCI, a local organization that has been creating opportunities for people with developmental disabilities in our community since 1985. 

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Our Gratitude

Gratitude is a powerful theme during the holiday season. At Legacy Properties West Sotheby’s International Realty, we have so much to be grateful for.  Our families and the people we love, our wonderful coworkers, and the incredible landscape we enjoy year-round. Not to mention the relentless “nothing can keep us down” attitude of our community here in Southwest Colorado.

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Purgatory Resort 2021 Improvements

There’s a chill in the air today that can only mean one thing, the winter season is almost upon us. Here at Legacy Properties West, that means we are dusting off our skis, waxing up our snowboards and getting our snowshoes ready. One of the best perks of living in Durango, CO is our proximity to Purgatory Resort. Last year, I think we’re all aware that we lost some precious end-of-season days on the mountain due to COVID-19 concerns, but this year the Purgatory team has made improvements and changes to ensure a safe and fun season for all. 

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3rd Quarter Market Update

3rd Quarter Market Update

This summer has proved to be a unique setting for real estate, where both buyers and sellers are seeing favorable benefits.  Low mortgage rates are a strong positive for buyers right now, and sellers are seeing an influx of new buyers. The Durango area real estate market began heating up the beginning of July and reached a boiling point by month-end that continued through September.

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Hunting Season

Hunting Season in Southwest Colorado

Fall means different things to different people, but to some residents of Durango, CO it means Hunting Season. It’s the time of year when those of us at Legacy Properties West see the mountains filled with hopeful hunters looking to claim their tags for the season. Depending on which season you’ve put in for, archery, muzzleloader or rifle, deer, elk or moose, bull or doe the season extends from September to December. If you’re an avid hunter, imagine owning your own piece of hunting heaven. We have several properties that make for great hunting retreats. 

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Technology of Real Estate

The Technology of Real Estate

These days the real estate industry is thriving in a digital culture and the technology of real estate is advancing at the speed of light. Legacy Properties West is no stranger to these trends in technology and today we wanted to talk to you about some of the ways we use technology to improve your real estate experience. Whether you’re a seller wanting top dollar for your home, or a buyer looking for a new home, the new technology shaping the real estate industry will probably affect your experience significantly.

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How to Experience the Fall Colors in Durango

We’ve got the inside scoop on how to experience the fall colors in Durango. For a lot of us at Legacy Properties West, fall is one of our favorite seasons. Along with cooler days and crisp nights comes a transformative change that turns the surrounding forests into visions of red and gold that shimmer in a way that nothing else does. With the approach of the official first day of autumn looming near leaf-peepers are getting excited to see this year’s offering of colors.

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Recently Sold

Preparing Your Home to Sell

Here at Legacy Properties West, we know preparing your home to sell can be a big task, but it’s also a rewarding one. Selling a home isn’t like selling other items. A home is the largest investment many people will ever make. True, you can get your home listed fairly quickly, but it won’t position you for success by any means. You don’t want to just list without any advance preparation. A prepped home is more marketable, and a few minor projects can go a long way towards making a favorable impression. Homes that are clean, and in top shape tend to command a higher price than properties in less desirable conditions. Prepping your home before listing is an effort that can translate to a faster sale. 

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