Monthly Archives

November 2011

4 Reasons To Invest In Your Durango Future

By | Buying Right | No Comments

There is really no better time (price, financing rates, incentives) then now for buying Durango real estate. Between lower prices, motivated sellers, financing rates and other incentives, the local market is ripe for a good deal. At some point this will change, and once sellers realize buyers are back, prices go up, inventories drop and negotiations get harder and deals skinnier.

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New Jet Service to/from Dallas, Texas

By | All About Durango | No Comments

Fantastic news. As of June 9th, 2011, Durango’s La Plata County Airport has begun service with American Eagle (subsidiary of American Airlines) with daily non-stop flights to/from Dallas, TX. The flights leave Dallas, TX at 8:25am and arrive in Durango, CO at 10:15am. Turn-around flights leave Durango at 11am and reach Dallas at 1:55pm. Flights will be aboard a 50-passenger regional style jet.

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Qualifying for a Home

By | Buying Right | No Comments

Spending time looking at properties without knowing what you qualify for (and are comfortable with) is like the preverbal “cart before the horse” analogy. This scenario leads more often than not to a letdown for all parties (You, the Seller and the Realtor(s)).

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30-Year Rates Hit Record Lows

By | Buying Right | No Comments
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It’s almost unbelievable, but it’s true. As of November 2011, Mortgage rates are at all time lows across the board. When I read this article earlier this morning, I was aware of the fact that rates have been low for a while, but sometimes seeing it on paper (or a screen) can have an additional impact.

In an online article by the Associated Press, posted on Yahoo Finance, the writer describes the historic low rates in the mortgage and home markets (30-year fixed @ 4.00%, 15-year fixed at 3.31%, and a 5/1 ARM @ 2.96%), and the Fed’s intentions of leaving the Fed Funds Rate at near zero. In addition, they are planning to shift more money into longer-term Treasurys, which pushes mortgage rates lower.

I did some quick math and ran a couple of scenarios on what that means for people buying Durango real estate, primarily based upon our median In-town home prices. It’s pretty remarkable:

In an apples to apples comparison, if you purchased a home in 2007 when 30 year fixed rates were hovering around 6 percent, and that home you bought for $375,000 with 20% down ($75,000), your total principal and interest payments over the entire term would be roughly $647,514. That same home (at hypothetically the same price today), with rates at 4 percent would cost roughly $515,608 over the full term. This is an astounding difference. Couple this with the fact that Durango real estate prices are down from the peak in 2007, and it seems like there is good value on a number of levels in buying these days.