Grand Junction, CO

This is a question I hear almost daily. The vacancy rate was at 1.6% for the second quarter according to a survey released Thursday by the Colorado Division of Housing. Grand Junction came in at the lowest vacancy rate out of 1,600 rental districts in the State. It is especially hard to find short term rentals. Currently, A 2 bedroom and 1 bath duplex with 800 square feet in somewhat bad repair, is renting for around $950 in the Redlands Area. By comparison, a newer 3 bedroom and 2 bath home with 1200 square feet in good repair is renting for around $1350 in the Southeast area.

As I look at this and the prices of real estate, right now. I can't help but think that if you are renting this is a great time to look into buying a home. For example, right now, you can buy a newer 3 bedroom 2 bath home in the Southeast area and your monthly mortgage payment would be the same as your rent. There is a lot of inventory out there and it is considered a buyer's market.

I know, I know, I can hear you saying, but I don't have good credit. Most people think there credit is worse than it actually is. There are many lending options available even to the people who don't have stellar credit. It is free to talk to a lender and you many be surprised at what you can afford. Stop throwing your money away on rent! On average, nationwide, real estate has appreciated 6% annually over the last 40 years. Home ownership is a proven, great long term investment!

Looking for a place to rent? Good Luck? - Daily Sentinel Article

The barbecue to benefit the Roice-Hurst Humane Society was a huge success. Not only did we sell a bunch of hotdogs, but we managed to find a new home for one very lucky dog. Not bad for four hour event! Thanks again to Ace Hardware in Clifton(next to City Market). They supplied all the hotdogs, buns, and soda. We were then able to sell the hotdogs for a donation and let me tell you there are some generous folks in Clifton. I, also, need to thank the men at the grill. It was a warm day, a hot job, and they smiled the entire time. I've included some pictures of our day.

No. Not Really. What do you define as a lot?


We have seen an increase in foreclosures in Mesa County, but not even close to the amount the national media is making it out to be. I recently read this http://kevinwade.blogspot.com/2008/06/foreclosures-its-going-to-be-okay.html and found it very interesting that just 4 states accounted for more than half of the country's foreclosure activity.


You might find the following links interesting:

• For more homes currently in the foreclosure process, in Mesa County - Mesa County Assessors Office, Public Trustee



• Forbes article - Smart ways to Profit from Foreclosures

This is a summary of May's Real Estate Market Statistics, for more detailed statistics check out the graphs at http://grandjunctionrealestate.blogspot.com. Please note, there is a substantial difference in inventory and days on the market for homes priced over $500,000.

• The Summary for May 2008 looks like this - 1345 active listings(homes for sale), 337 homes sold, and the average days on the market(DOM) is 113.
  
• There was a slight increase in sales last month. Most noticeably, in the $200,000-$300,000 price range.
  
• There has been a steady increase in the number of transactions(homes sold) each month, since January.
  
• The median price of homes sold this month went down by $17,156.

The US Housing Housing Market Index, from Office of Federal Housing Enterprise Oversight, has Ranked Grand Junction Colorado at #2 for Home appreciation in the last year. Our homes went up by 9.08% this year. We did come in behind Thibodaux, Louisiana, they had a whopping 11.22% for home appreciation this year. Coming in the top 6 were #3-Wenatchee, WA, #4-Austin-Round Rock, TX, #5 Billings, MT, and #6 Provo, UT. As a whole, the state of Colorado came in at #23 with 2.29% increase this year, 1% this quarter, and 18.22% over the last 5 years. The big picture for Grand Junction real estate looks like this, .14% increase this quarter, and over the last 5 years a 64.42% increase. Grand Junction was listed as #3 last quarter.

Our office has been watching this closely. We had a slower winter than we have had the last couple of years, but we knew our housing market was still doing fine. Now we have the statistics to prove it. I think that the one thing this proves is that real estate is still a good investment in Colorado. You would have trouble getting those returns on any other type of investment.