About Archuleta County, CO

It’s been a busy past week. Last weekend, I had four buyers come to work with me. On Saturday, I had appointments at 10:00 a.m., noon, and 3:00 p.m.. Sunday at 9:00 a.m. was the icing on the cake! So far, two have written contracts to buy homes. The third is close to buying, and the fourth has been a marathon run. I have been working with these clients for three years, and they will buy when the “time is right and the right home comes along”. In today’s market, this amount of activity is truly special. To go along with this good fortune, I have recently listed several good properties.

One of our best values out there is The Enclave. Last summer, these units were listed at roughly $215,000. Because of a large inventory reduction sale about to come online, you can pick up a brand new, 3 bedroom, 2 ½ bath unit with a double garage for $159,200.

Yesterday, I went out with a first-time buyer - a young man and newlywed of a year and a half. First time buyers are especially enjoyable and rewarding to work with. They need extra help understanding the process. My son is going through the process right now as well. The good news for both of these new families is the $8,000 tax credit the government is offering as part of the stimulus package. This is a refundable tax credit for first-time home buyers. It is a credit and not a deduction, which means that if someone owes $2000 in income taxes in 2009, and they buy their first home before December of this year, the home buyer will receive a tax refund for the difference – in this example, $6000. What a great incentive for young people to own, not rent!

Not only is my business good, but we are getting ready for two weddings. My daughter, Heather, is getting married on Father’s Day at our home, so we are working on our punch-list. We are painting parts of the house, rocking two fireplaces, planting lots of flowers, and working through all the catering preparations.

Laurie and I took a little side trip to Steamboat Springs where Heather was born almost 30 years ago. We were multi-tasking this trip. One task was to find a restaurant to have Patrick’s Rehearsal Dinner on September 11th, and the second was to celebrate our 33rd Wedding Anniversary.

Hopefully, all of these good omens are green shoots to start off a great summer. We sure have had enough rain this spring to start them off. The wildflowers are beautiful and the grass is very, very lush.

As you look at the stats for the last couple of months, there has not been much change. Still, sales are very sluggish. Hopefully, this summer season will be the corner we’ve been waiting to turn. I think buyers are ready. Interest rates are still low, but starting to rise. Inventory is almost at its peak for good selection. Prices are down and very attractive. There are still quite a few bank repos available, but they are disappearing. Repos are still the product affecting the market the most. Inventory of REO’s or repos is about 3% of inventory and 30% of sales. Hopefully, we will clear out this low-end product soon to allow the rest of the market a better chance to rebound. I am optimistic we are close to a bottom.

I hope you and your family have a fun summer. Please let me know if I can be of any help with your Real Estate needs or questions.

As always, the latest statistics are available on my website, ISellPagosa.com

The past month leaves me with little to report in the Pagosa market. Overall sales numbers have increased over the last month. This is largely due to activity in the residential sector, so we are beginning to see some "green shoots" in the market. For the buyers, great deals abound. The Colorado dream is now more affordable than it has been in several years.

The stats tell the story this month, and you'll find them below. Have a happy Mother's Day!

As always, the latest statistics are available on my website, ISellPagosa.com

I feel a little "greener" mentally than I did a month ago. This is in part because I can see my grass for a change and a few flowers poking their heads out.

The financial markets are also showing a little more green, as the stock market has rebounded about 20% in the past few weeks. I am refinancing my home and locked in at 4.75% with no points, which will save me about $300 per month. Mortgage rates are the lowest in recent history. I know we are not out of the woods yet, but my consumer confidence is better. We have also heard a few positive things from the National Real Estate Market. New home sales were up in February. I had three deals close last week, two of which were bank repos. Currently, there are 17 residential repos on the market with 5 contracts pending. From a seller's perspective, the sooner we can get the repos out of the picture the better.

If you have some money sitting on the sidelines that you can afford to invest, real estate is a great option with potentially some great upside. Five out of my last six home sales have been bank repos, which are selling at 30% to 50% below market value.

You may notice in the stats that there is a big gap in the available inventory for condos between this year and last year. Last year, we had about 30% more condo listings in April. The reason for the gap is that a couple of the big condo developers have pulled their unsold units off the market. I have a hunch that we may see some of these units relisted in the future, only as bank repos this time around.

In the meantime, I am trying to work smarter and be efficient in both my business and personal spending habits. In the background, I am saving for two weddings coming up. My daughter, Heather, is getting married on Father's Day. What a present to make that day special! My son, Patrick, is getting married in September. At 61, I'm ready for grandkids. I am very excited, but also preparing for those costs that come along with the process. The bottom line is I am trying to become smarter in all my financial dealings, budgeting, spending, saving and investing.

I had a major sadness this month. My mother of 83 years just went to her Maker. She loved HGTV, and was very fond of drawing floor plans and remodeling. She would get her graph paper out and draw up her dreams. We had a cottage in New Hampshire which was one of her special projects. Mom has moved on, but she has passed many of her dreams and real estate thoughts on to me for future generations. Thanks, Mom!

As always, the latest statistics are available on my website, ISellPagosa.com

If you have already received this newsletter by mail, I apologize. However, this e-mailed edition contains updated stats for March, which you may be interested in.

As the snow begins to melt in Pagosa, I contemplate the uncertain future. Just like most Americans, I worry about the economy. Most of the time, I worry about things that never come to pass. Whenever possible, I try to catch myself as I'm thinking this way, and I try to change my mindset by thinking of something positive. One of my problems is I watch too much TV. Except for Sunday morning on CBS, almost all the news is negative. One of the biggest problems we have with our current economy is a lack of consumer confidence.

The reason I am writing this letter is to make myself available as a consultant to discuss any of your real estate questions. Here are a few of the questions I might be able to help you with:

1- Is now a good time to refinance?

Personally, I am hoping for rates to go below 5% again, as I am locked and loaded to refinance my home and save about $600 a month on my mortgage. Professionally, I may be able to help you decide when and whether to pull or not to pull the trigger on a refi.

2- What is my current real estate worth in today's market?

Not that this is the best time to sell, but you should know the value of your property. I can provide information that may help with financial and estate planning, protesting your taxes, or it may just satisfy your curiosity.

3- What if I am considering upgrading or remodeling my home?

Some upgrades will directly increase the value of your home, while others will have little influence. I can help you decide which improvements will be financially rewarding.

4- What if I am considering buying or selling property in other parts of the country, and I need to find a top-notch Realtor in that area?

I have access to a pool of great Realtors called Certified Residential Specialists, the top 4% of all Realtors in the country. I can connect you with the Specialist best suited to serve your needs.

5- What if I am stressed-out and real estate poor? I'm worried about losing my property, and I need some direction?

During these trying times, I come into contact with a lot of folks who are about to give up. They are panicked about potentially losing their home or property, and they don't know where to turn for help. If this is you, I want to encourage you to call, write, or e-mail me. You may have more options than you realize, and there may be resources out there to help you. I would be happy to discuss this with you; all information will remain confidential.

Other people may be in a better situation and have some cash available, but they don't want to play the stock market, and don't like the low rates the banks are currently offering. If this is you, I have some good news for you. There are some tremendous real estate buys out there right now. Check out my website, ISellPagosa.com, where all the bank repos in town are presented with just a click. Beyond repos, there are many properties out there priced way below the general market. Some sellers bought several years ago, and now they are ready to make a good deal.

Well, so long for now. I hope this letter finds you well. Remember to think positive. Hopefully the Obama Stimulus Package will turn things around, but I believe in making my own luck by thinking smart. Please call, write, or e-mail me if I can assist you in any way.

As always, the latest statistics are available on my website, ISellPagosa.com

This newsletter will be short and sweet. To get right to the point, not much has changed in the Pagosa market over the last month. Winter is typically our slow season, and this winter is a particularly slow one. It seems to me that most of what is selling are repos and screaming deals. Out of all the sales currently pending around town, one third of them are bank-owned properties. Personally, I have four deals going right now, and three of them are repos.

It’s a great time to buy. Go to my website, ISellPagosa.com, and check out my new repo page. It lists all the repos currently on the market.

I hope everyone is having a great 2009 so far,

Lee Riley

P.S. 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.