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| Lee Riley's Real Estate Report |
| Lee Riley | 7/16/12 |
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| Back to the News Summaries |
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Hello From Pagosa Country!
As many of you are aware from my last newsletter, I was away from home the first half of June on a 12-day Mediterranean cruise. In all, I was out of Pagosa 18 days. My wife, Laurie, and I have been dreaming about European adventure for years, and we wanted to do it before we become too old and feeble. It was fun. We saw a lot of old churches, castles, statues, and a lot of narrow streets. After seeing all the ancient history, the USA seems like just a baby. 18 days is too long for me. After about 10 days, I'm ready to get back to Pagosa.
While were were gone, June was exceptionally dry. We had the biggest wildfire I've seen here since we moved here in 1983. The Little Sand Fire consumed about 25,000 acres. Thankfully, the monsoons kicked in on the 4th of July, and we have had several good rains since then.
Unfortunately, the rains didn't come early enough to save our 4th of July fireworks. The show had to be canceled due to fire risk.
Real estate was slow in June after a good spring. But it's picked back up this past week with lots of activity. Having the 4th of July fall in the middle of the week may have been a positive factor. It seems like a lot of people just spent the whole week here.
I'm including a graph showing pending sales, which is a good indicator of current market conditions. Repo homes are way down from a year ago, but we have lots of land repos.
The other big change in the numbers is the inventory of homes on the market has risen by 100 over the past 60 days. This is normal, with many sellers waiting for green grass and flowers before they put their home on the market.
I'm having a good year so far, and was fortunate to put a ranch under contract a few days ago.
If you are looking to buy, the time is now. Inventory is at it speak. The last time I checked, there was 3.75% money for a 30-year fixed mortgage, which is up from 3.5% two weeks ago. Finally, I feel good about saying we have hit a bottom in pricing.
Bank Repos are currently a major force in our market. If you're looking for a deal, repos are a great place to start. You can see all the current bank repos by clicking here.
I distribute this list via email on a weekly basis to those who are interested. If you'd like to get on the repo mailing list, let me know.
Remember, with my CRS referral network, I can provide you with a top notch Realtor anywhere in the country. CRS stands for Certified Residential Specialist, a professional designation that only 4% of the Realtors in the country have earned. If you or someone you know is relocating, I can refer you to a certified CRS agent.
Pagosa Springs real estate agent Lee Riley has regularly been one of the area's top selling Realtors® in recent years and offers a wide selection of real estate facts and information on his web site at ISellPagosa.com. Lee is part of the Jann C. Pitcher Real Estate team. |
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