RIVER TRAIL: La Plata County commissioners Tuesday approved a $100,000 supplement to the 2007 budget for a 2.3 mile extension of the Animas River Trail to Three Springs development. The supplemental funds will be added to a multi-agency effort to ented the trail from the point where it currently ends at River Road near Home Depot.
The SMART 160 Trail is a collaborative effort among Trails 2000, the Colorado Department of Transportation, the Bureau of Land Management and the governments of La Plata County and the City of Durango. SMART is an acronym for safe, multi-modal, aesthetic regional transportation.
The expansion work is estimated to cost just less than $2 million. Laurie Blanz, Region 5 Planner for CDOT, said that if the federal funding comes by June or July as expected, construction of the 2.3 mile trail extension should be completed by September 2008.
To learn more about Durango real estate and our wonderful area visit our websites:
http://www.HomesInDurango.com or http://www.DurangoRealEstate.biz
Wednesday, February 28, 2007
Monday, February 26, 2007
DURANGO MOUNTAIN RESORT: We had an opportunity last week to tour the new townhouse/condominium developments under way at Purgatory. The mountain is booming! From Engineer Village, Black Bear Townhomes and Cascade Creek to the Alpenglow and the Lodge at Purgatory construction is everywhere. According to sources at the mountain sales have been very strong.
Particularly impressive was architectural rendering of the new lodge and plaza area. The lodge is a multi-story structure with retail shopping and dining on the main level, time share condominiums on the mid levels and full ownership units on the top level. A exterior heated pool with a heated deck is only one of the extravagant features planned. The new plaza will be landscaped with a running stream down the center. From what we saw and were told the new lodge will be unlike anything Durango Mountain Resort has seen.
Impressive, very impressive. If you're thinking about a mountain vacation property or even a full time residence, give us a call. We'll be glad to show you why we're excited about Durango real estate. To learn more visit our websites : http://www.HomesInDurango.com or http://www.DurangoRealEstate.biz
Particularly impressive was architectural rendering of the new lodge and plaza area. The lodge is a multi-story structure with retail shopping and dining on the main level, time share condominiums on the mid levels and full ownership units on the top level. A exterior heated pool with a heated deck is only one of the extravagant features planned. The new plaza will be landscaped with a running stream down the center. From what we saw and were told the new lodge will be unlike anything Durango Mountain Resort has seen.
Impressive, very impressive. If you're thinking about a mountain vacation property or even a full time residence, give us a call. We'll be glad to show you why we're excited about Durango real estate. To learn more visit our websites : http://www.HomesInDurango.com or http://www.DurangoRealEstate.biz
Wednesday, February 21, 2007
THE WEB: A study in 2006 by the California Association of Realtors provides unequivocal evidence that the Internet approach to buying a home is now the overwhelmingly consumer favorite.
For example:
** 92% of Internet buyers found their agent on a web site; 63% found them through an Internet search engine; 0% of Internet buyers found their agent through brochures, flyers, yard signs or mailers to their home.
** In 2000, 28% if people said that they used the Internet as an important part of their home buying and selection process. In 2006, 70% said they did.
** 86% of home buyers started using the Internet as part of their process before they started looking for a specific home; the other 14% did after they started but before that contacted a real estate agent; that means that 100% of buyers surveyed started looking at homes first, agents second.
** 69% of Internet buyers said response time was extremely important. 83% of those buyers chose email as their favored communication method with their agent. 0% chose "in person."
** Internet buyers were more satisfied with their agents: 4.3 to 3.3 for traditional buyers, on a scale of 5 where 5 is "exceeded expectations."
Mary & I recognized in 1998 that the real estate industry was changing. (Something that many agents, to this day, haven't realized.) The consumer had not only the desire but also the ability to be in control. By embracing and developing this technology we are able to provide a superior product to both buyers and sellers in helping them with their needs in Durango real estate.
In viewing our web stats, I can see that we have individuals in Germany, Korea, Taiwan and Great Britain regularly visiting our websites http://www.HomesInDurango.com and http://www.DurangoRealEstate.biz looking at real estate in Durango. It's amazing!
Drop us an email if we can help.
For example:
** 92% of Internet buyers found their agent on a web site; 63% found them through an Internet search engine; 0% of Internet buyers found their agent through brochures, flyers, yard signs or mailers to their home.
** In 2000, 28% if people said that they used the Internet as an important part of their home buying and selection process. In 2006, 70% said they did.
** 86% of home buyers started using the Internet as part of their process before they started looking for a specific home; the other 14% did after they started but before that contacted a real estate agent; that means that 100% of buyers surveyed started looking at homes first, agents second.
** 69% of Internet buyers said response time was extremely important. 83% of those buyers chose email as their favored communication method with their agent. 0% chose "in person."
** Internet buyers were more satisfied with their agents: 4.3 to 3.3 for traditional buyers, on a scale of 5 where 5 is "exceeded expectations."
Mary & I recognized in 1998 that the real estate industry was changing. (Something that many agents, to this day, haven't realized.) The consumer had not only the desire but also the ability to be in control. By embracing and developing this technology we are able to provide a superior product to both buyers and sellers in helping them with their needs in Durango real estate.
In viewing our web stats, I can see that we have individuals in Germany, Korea, Taiwan and Great Britain regularly visiting our websites http://www.HomesInDurango.com and http://www.DurangoRealEstate.biz looking at real estate in Durango. It's amazing!
Drop us an email if we can help.
Friday, February 16, 2007
BAYFIELD: The Trustees at Bayfield's Town Board meeting denied approval of a revised sketch plan for the Dove Ranch Subdivision, which would include about 300 units in a high density residential plan north of U.S. Highway 160 and east of County Road 501.
In explaining his reason for voting against the project, board member Daryl Yost said, You want to see city living in Bayfield, this would be city living. I'm just against any project that's this high in density."
Our view - if you want affordable housing higher density is part of the answer.
Visit http://www.HomesInDurango.com and http://www.DurangoRealEstate.biz for more information about Bayfield and the Durango area.
In explaining his reason for voting against the project, board member Daryl Yost said, You want to see city living in Bayfield, this would be city living. I'm just against any project that's this high in density."
Our view - if you want affordable housing higher density is part of the answer.
Visit http://www.HomesInDurango.com and http://www.DurangoRealEstate.biz for more information about Bayfield and the Durango area.
Wednesday, February 14, 2007
BAYFIELD: The town of Bayfield has grown in recent years, but an unpleasant reality may force things to slow down.
Ed Morlan, speaking before the Town Board, said that the town's sewage treatment plant reached its capacity in December and there's only one way to fix it. "We need a new plant, " said Morlan, chairman of the Bayfield Sanitation District. Morlan said plans are under way to construct a new sewage treatment plant near the high school, but only $2 million of the $7 million needed for construction has been raised. About $1 million was raised through tap fees and the other $1 million comes from a recent grant from the State Department of Local Affairs' Wastewater Enhancement and Treatment Initiative. He and the sanitation district board are counting on the remaining $5 million to come from a state revolving loan fund that targets communities in need.
Ed Morlan, speaking before the Town Board, said that the town's sewage treatment plant reached its capacity in December and there's only one way to fix it. "We need a new plant, " said Morlan, chairman of the Bayfield Sanitation District. Morlan said plans are under way to construct a new sewage treatment plant near the high school, but only $2 million of the $7 million needed for construction has been raised. About $1 million was raised through tap fees and the other $1 million comes from a recent grant from the State Department of Local Affairs' Wastewater Enhancement and Treatment Initiative. He and the sanitation district board are counting on the remaining $5 million to come from a state revolving loan fund that targets communities in need.
Sunday, February 11, 2007
ECONOMY: When looking at the data available for 2006, the La Plata County economy fairs very well. According to the Bureau of Labor Statistics, the annual average wage in our count in 2005 was $32,163, compared with the state average of $41,601 ( a little more that 75%.)
The latest available unemployment rate locally is 2.9%. Although this is considered very low, which is typically seen as a good thing, it also indicates that some local employers may have trouble finding workers; that might put upward pressure on local wages. Those industries that pay the highest wage in the county are mining (including oil and gas extraction), followed by transportation and warehousing, information and wholesale trade.
Major employers in La Plata County include firms in the construction industry, service, retail and government. These industries, which include tourist activity, continue to drive the local economy. The 2006 data for retail sales, passengers both using the Durango-La Plata County Airport and the Durango/Silverton Railroad, visitors to Mesa Verde and lodger's tax revenue all show increases over 2005.
Agriculture still remains an important contributor to our economy. Hay production and cattle and sheep ranching remained strong. Other contributors to our economy are Fort Lewis College, the construction industry and the real estate industry. Residential real estate prices continued to increase in 2006, but it appears price increases are flattening out. With the development progressing at Three Springs, expect construction to remain strong.
Finally, bank deposits, which are an important indicator of the ability of financial institutions to make loans, continued to increase in La Plata County. According to the FDIC, the first six months of 2006 showed a 16.7% increase over the same period in 2005.
Please feel to contact us for additonal informaton regarding Durango real estate and our economy or visit our websites http://www.HomesInDurango.com and http://www.DurangoRealEstate.biz.
The latest available unemployment rate locally is 2.9%. Although this is considered very low, which is typically seen as a good thing, it also indicates that some local employers may have trouble finding workers; that might put upward pressure on local wages. Those industries that pay the highest wage in the county are mining (including oil and gas extraction), followed by transportation and warehousing, information and wholesale trade.
Major employers in La Plata County include firms in the construction industry, service, retail and government. These industries, which include tourist activity, continue to drive the local economy. The 2006 data for retail sales, passengers both using the Durango-La Plata County Airport and the Durango/Silverton Railroad, visitors to Mesa Verde and lodger's tax revenue all show increases over 2005.
Agriculture still remains an important contributor to our economy. Hay production and cattle and sheep ranching remained strong. Other contributors to our economy are Fort Lewis College, the construction industry and the real estate industry. Residential real estate prices continued to increase in 2006, but it appears price increases are flattening out. With the development progressing at Three Springs, expect construction to remain strong.
Finally, bank deposits, which are an important indicator of the ability of financial institutions to make loans, continued to increase in La Plata County. According to the FDIC, the first six months of 2006 showed a 16.7% increase over the same period in 2005.
Please feel to contact us for additonal informaton regarding Durango real estate and our economy or visit our websites http://www.HomesInDurango.com and http://www.DurangoRealEstate.biz.
Wednesday, January 24, 2007
MERCY: Representatives of Mercy Housing, Mercy Regional Medical Center and other involved dignitaries held a groundbreaking ceremony Tuesday to celebrate the Pinon Terrace affordable rental housing project adjacent to the new hospital in Grandview. Pinon terrace will be built on a 4 acre parcel donated by Mercy and will provide housing for 66 families. Dick Banks is the CEO of Mercy Housing, a national organization founded by Sisters of Mercy, who also founded Durango's hospital of the same name. Banks said most of the families who will live in Pinon Terrace will have annual incomes in the $15,000 range, which is even below the 60 percent of median income required to qualify for affordable housing. Pinion Terrace should be completed by the end of the summer.
If you have questions about Durango real estate or our area in general, please call (800) 834-8445 or visit our websites http://www.HomesInDurango.com and http://www.DurangoRealEstate.biz.
If you have questions about Durango real estate or our area in general, please call (800) 834-8445 or visit our websites http://www.HomesInDurango.com and http://www.DurangoRealEstate.biz.
Thursday, January 11, 2007
FORECAST: After bottoming in the fourth quarter of 2006, existing home sales nationally are expected to gradual rise through 2007 and into 2008 according to the latest forecast by the National Association of Realtors.
David Lereah, NAR's chief economist, said annual totals for existing-home sales will be fairly comparable between 2006 and 2007. " We have to keep in mind that we were still in boom conditions during the first quarter of 2006 with a high sales volume and double-digit price appreciation," he said. "We are starting 2007 from a relatively low point, so even with a gradual improvement in sales it'll be pretty much a wash in terms of annual totals. The good news is that the steady improvement in sales will support price appreciation moving forward."
Even better news is that, as existing-home sales improve in the major markets, our Durango real estate economy can only get stronger. We have numerous clients ready and anxious to purchase a home in the Durango / La Plata County area just as soon as they are able to sell their existing residence.
Stay abreast with the Durango real estate market on our websites http://www.HomesInDurango.com and http://DurangoRealEstate.biz.
David Lereah, NAR's chief economist, said annual totals for existing-home sales will be fairly comparable between 2006 and 2007. " We have to keep in mind that we were still in boom conditions during the first quarter of 2006 with a high sales volume and double-digit price appreciation," he said. "We are starting 2007 from a relatively low point, so even with a gradual improvement in sales it'll be pretty much a wash in terms of annual totals. The good news is that the steady improvement in sales will support price appreciation moving forward."
Even better news is that, as existing-home sales improve in the major markets, our Durango real estate economy can only get stronger. We have numerous clients ready and anxious to purchase a home in the Durango / La Plata County area just as soon as they are able to sell their existing residence.
Stay abreast with the Durango real estate market on our websites http://www.HomesInDurango.com and http://DurangoRealEstate.biz.
Wednesday, January 03, 2007
RADON: Radon is an odorless, radioactive gas resulting from the natural decay of uranium. Uranium occurs in rock (particularly granite), soil and water. The gas is dispersed into the air outdoors but is suctioned into closed buildings and homes the same way air seeps in. It enters a home through concrete and miniscule cracks in foundation floors or walls, through hollow walls and openings around floor drains, pipes and sump pumps. It also enters in the water, particularly a well-water source.
The better insulated the home, the more the radon seeps in, is trapped and builds up to toxic levels. The amount of radon in the soil is determined by the geology under and near the home. Colorado homes are ranked at high risk for radon by the EPA.
Testing for radon is simple and inexpensive. The short term test involves hanging a postcard size envelope in a designated area for 3 to 5 days; then seal and mail. Results are sent to you within a week. Mitigation is recommended if the level is greater than 4. Elevated levels of radon in homes is documented as the number 2 cause of lung cancer. If you don't know the level in your home, we recommend a short term test.
The better insulated the home, the more the radon seeps in, is trapped and builds up to toxic levels. The amount of radon in the soil is determined by the geology under and near the home. Colorado homes are ranked at high risk for radon by the EPA.
Testing for radon is simple and inexpensive. The short term test involves hanging a postcard size envelope in a designated area for 3 to 5 days; then seal and mail. Results are sent to you within a week. Mitigation is recommended if the level is greater than 4. Elevated levels of radon in homes is documented as the number 2 cause of lung cancer. If you don't know the level in your home, we recommend a short term test.
Monday, January 01, 2007
WATER: Unable to persuade the city of Durango to reduce the amount of water it wants for a kayak course on the Animas River, the Southwestern Water Conservation District moved last week to acquire water rights itself.
By a 5-1 vote, the district board members authorized its attorney and engineer to ask for 30,000 acre feet of water annually to satisfy the needs of users upstream who don't have court decreed water rights , as well as to meet future demands.
About 20,000 acre feet presently are used annually by those upstream who already have court ordered water rights.
Water rights in southwest Colorado are a contentious issue. A number of entities, including public and private groups, filed statements of opposition after Durango filed its application in February. It was hoped that negotiations between the district and the city would make a scheduled court trial in May unnecessary. The water district's action apparently is in self defense.
Visit http://www.HomesInDurango and http://DurangoRealEstate.biz for additional information regarding Durango real estate.
By a 5-1 vote, the district board members authorized its attorney and engineer to ask for 30,000 acre feet of water annually to satisfy the needs of users upstream who don't have court decreed water rights , as well as to meet future demands.
About 20,000 acre feet presently are used annually by those upstream who already have court ordered water rights.
Water rights in southwest Colorado are a contentious issue. A number of entities, including public and private groups, filed statements of opposition after Durango filed its application in February. It was hoped that negotiations between the district and the city would make a scheduled court trial in May unnecessary. The water district's action apparently is in self defense.
Visit http://www.HomesInDurango and http://DurangoRealEstate.biz for additional information regarding Durango real estate.
Tuesday, December 26, 2006
COMMUNITY SPIRIT: The motto of the Manna Soup Kitchen is "In a comunity of plenty, no one should go hungry." On Christmas Day, that motto never rang so true. Nearly 300 people gathered at the ktichen on Avenida del Sol for an old fashioned holiday feast and Christmas party.
The menu included ham, scalloped potatoes, green beans, salad rolls and a myriad of desserts all donate by area restaurants, stores and individuals, said Ruthie Wilrick, the program director of the Manna Soup Kitchen. Wilrick said that an army of volunteers numbering about 70 started at 8:30 a.m. wrapping presents, setting up tables and cooking food, getting it all finished in time to open the doors to the public at 11:30 a.m.
Manna's Board President Jim Heasley said that Monday's feast was just a high profile example of what goes on every day at the kitchen. "It's a total ourpouring of the community - small townism at its best," he said. "We provide everyone who wants one a meal, every day of the year. And you don't have to be homeless; you just have to be hungry."
Durango, it's a special place to live. Call us if we assist with your Durango real estate needs. To explore more of Durango visit http://www.HomesInDurango.com and http://DurangoRealEstate.biz.
The menu included ham, scalloped potatoes, green beans, salad rolls and a myriad of desserts all donate by area restaurants, stores and individuals, said Ruthie Wilrick, the program director of the Manna Soup Kitchen. Wilrick said that an army of volunteers numbering about 70 started at 8:30 a.m. wrapping presents, setting up tables and cooking food, getting it all finished in time to open the doors to the public at 11:30 a.m.
Manna's Board President Jim Heasley said that Monday's feast was just a high profile example of what goes on every day at the kitchen. "It's a total ourpouring of the community - small townism at its best," he said. "We provide everyone who wants one a meal, every day of the year. And you don't have to be homeless; you just have to be hungry."
Durango, it's a special place to live. Call us if we assist with your Durango real estate needs. To explore more of Durango visit http://www.HomesInDurango.com and http://DurangoRealEstate.biz.
Friday, December 22, 2006
SNOW: Snowfalls like that which hit our area earlier this week create all kinds of problems for rural drivers and homeowners, but nothing like those encountered by the county workers whose job it is to keep the roads clear.
There are more than 600 miles of La Plata County roads to plow, so officials with the county's Road and Bridge Department have to make decisions about which roads get plowed and how often. As the road maintenance superintendent for the county, Doyle Villers is usually the man with the final say.
Villers said the county has indentified county roads 240 (Florida Road), 501, 141 (Wildcat Canyon Road), and 310/318 as the main arterials that receive top priority during winter storms. Those roads are paved and sanded as often as conditions dictate by the county's 10 large dump/plow trucks, whose drivers work 12 hour split shifts to clear roads 24 hours a day, often covering a combined 1,500 miles during a given storm.
After the main roads are addressed, Villers said motor graders attack the gravel roads that are the access to many rural subdivisions. Lower volume roads, in general, are not plowed until major roads have been cleared.
Villers said the road crews' task is to clear snow from the center line of a road to the side, and that often can affect cars, mailboxes and driveways that are in the path of the snowplows. The right of way on these roads is 30 feet from the center line, and the county is not responsible for any damage to objects inside that right of way. The county recommends that residents never park in the right of way when snow is expected.
As we have seen this week from the storm that hit the front range, keeping the roads clear can sometimes be a very difficult task. We are very lucky to have not only dedicated, hard working county road crews but also the CDOT crews that maintain our highways. Thanks guys!
http://HomesInDurango.com
http://DurangoRealEstate.biz
There are more than 600 miles of La Plata County roads to plow, so officials with the county's Road and Bridge Department have to make decisions about which roads get plowed and how often. As the road maintenance superintendent for the county, Doyle Villers is usually the man with the final say.
Villers said the county has indentified county roads 240 (Florida Road), 501, 141 (Wildcat Canyon Road), and 310/318 as the main arterials that receive top priority during winter storms. Those roads are paved and sanded as often as conditions dictate by the county's 10 large dump/plow trucks, whose drivers work 12 hour split shifts to clear roads 24 hours a day, often covering a combined 1,500 miles during a given storm.
After the main roads are addressed, Villers said motor graders attack the gravel roads that are the access to many rural subdivisions. Lower volume roads, in general, are not plowed until major roads have been cleared.
Villers said the road crews' task is to clear snow from the center line of a road to the side, and that often can affect cars, mailboxes and driveways that are in the path of the snowplows. The right of way on these roads is 30 feet from the center line, and the county is not responsible for any damage to objects inside that right of way. The county recommends that residents never park in the right of way when snow is expected.
As we have seen this week from the storm that hit the front range, keeping the roads clear can sometimes be a very difficult task. We are very lucky to have not only dedicated, hard working county road crews but also the CDOT crews that maintain our highways. Thanks guys!
http://HomesInDurango.com
http://DurangoRealEstate.biz
Sunday, December 17, 2006

RECIPE FOR A MERRY CHRISTMAS: Take the crisp cold of a December night, add two generous parts of snow, stir in air so clear it tinkles. Into a generous heart, mix the wonder of a little girl, the sparkle of a young boy's glance, the love of parents, and set gently before the chimney side. Add the lightest touch of a reindeer's hooves, a sprig of holly, a scent of fir. Set the mixture to rise in the warmth of a dream of good will to men. It will be almost ready to serve when it bubbles with warmth and good feeling. Bedeck with the light of a star in the East, garnish with shining balls of gold, silver and red. Serve to the tune of an ancient carol in the middle of the family table. This recipe is sufficient for all the men and women your will ever meet.
Mary and I wish all of you the best in this holiday season. May the joy and peace of Christmas be yours.
Monday, December 11, 2006

PURGATORY: Discriminating customers may be on the horizon for Durango Mountain Resort. Purgatory has been selected as one of the top 20 resorts in North America in the December 2006 edition of Conde' Nast Traveler.
The list was selected by readers who were invited to evaluate 104 North American ski resorts that they had visited in the past three years, and rank the resorts on terrain and conditions, lifts and lines, town ambience, dining and apres ski/activities. Only resorts that received a required minimum number of responses were eligible for inclusion in the rankings.
Purgatory received the 20th spot on the list, receiving an overall score of 64.3. Terrain and conditions were the highest ranked area for the resort with a score of 71.9, with town ambience close behind with 71.0 and lifts and lines rounding out the top three with a score of 68.8
For more information about Durango real estate visit http://www.HomesInDurango.com and http://www.DurangoRealEstate.biz. Check out the Mountain CAM at Purgatory.
HOW MUCH HOME CAN YOU AFFORD? There are two ways to determine how much you can afford to spend on a home. You can calculate a general estimate for what you may be able to afford, or you can work with your banker, lender or realtor to be preapproved for a specific loan amount. Here, you can make two estimates to help you investigate home buying, check out the homes you can afford and plan for down payment.
You should be preapproved for a loan when you are serious about home buying. Being preapproved tells you exactly what you can afford and helps to speed up the buying process. It establishes stricter (or sometimes more generous) limits on what homes you should be looking at.
Estimate 1: Calculate the total home cost you can afford.
To calculate the total home cost you may be able to afford, multiply your gross annual income by 3.5.
For example:
$50,000 X 3.5 = $175,000.
$75,000 X 3.5 = $262,500.
$100,000 X 3.5 = $350,000.
This is a rough calculation of the amount you might qualify for, assuming a 20 percent down payment and that you do not have a lot of debt.
Estimate 2: Calculate the monthly mortgage payment you can afford
To calculate the monthly mortgage payment you may be able to afford, multiply your gross monthly income by 0.38 and subtract your current monthly debt payments. Debt payments include student loans, car payments, credit card and other credit payments.
For example:
Gross monthly income is $4,000 ($48,000. divided by 12)
Monthly debt: $750.
$4,000 X .38 = $1,520
$1,520 - $750. = a mortgage payment of $770
The .38 ratio is used when you can make a 20 percent downpayment on your home. With a downpayment below 20 percent of the purchase price, reduce the ratio to .33. As you can see, the amount of debt you have can greatly reduce the maximum monthly payment you may qualify for. In addition to saving for a monthly payment and closing costs, you may also need to reduce debt. (As a general rule, you should pay down debts before saving for a down payment. This strategy will also dramatically reduce your total interest costs.)
We recommend visiting with one of our local loan officers to determine precisely how much you can afford and which loan program best works for you. Give us call. We'll be glad to give you names and numbers.
More information can be found at http://www.HomesInDurango.com and http://DurangoRealEstate.biz
You should be preapproved for a loan when you are serious about home buying. Being preapproved tells you exactly what you can afford and helps to speed up the buying process. It establishes stricter (or sometimes more generous) limits on what homes you should be looking at.
Estimate 1: Calculate the total home cost you can afford.
To calculate the total home cost you may be able to afford, multiply your gross annual income by 3.5.
For example:
$50,000 X 3.5 = $175,000.
$75,000 X 3.5 = $262,500.
$100,000 X 3.5 = $350,000.
This is a rough calculation of the amount you might qualify for, assuming a 20 percent down payment and that you do not have a lot of debt.
Estimate 2: Calculate the monthly mortgage payment you can afford
To calculate the monthly mortgage payment you may be able to afford, multiply your gross monthly income by 0.38 and subtract your current monthly debt payments. Debt payments include student loans, car payments, credit card and other credit payments.
For example:
Gross monthly income is $4,000 ($48,000. divided by 12)
Monthly debt: $750.
$4,000 X .38 = $1,520
$1,520 - $750. = a mortgage payment of $770
The .38 ratio is used when you can make a 20 percent downpayment on your home. With a downpayment below 20 percent of the purchase price, reduce the ratio to .33. As you can see, the amount of debt you have can greatly reduce the maximum monthly payment you may qualify for. In addition to saving for a monthly payment and closing costs, you may also need to reduce debt. (As a general rule, you should pay down debts before saving for a down payment. This strategy will also dramatically reduce your total interest costs.)
We recommend visiting with one of our local loan officers to determine precisely how much you can afford and which loan program best works for you. Give us call. We'll be glad to give you names and numbers.
More information can be found at http://www.HomesInDurango.com and http://DurangoRealEstate.biz
Tuesday, December 05, 2006
HOME PRICES: According to the Colorado Association of Realtors Colorado home prices have come down .7 percent in the third quarter from a year ago, however they are still higher than 2004. Home sales have dropped two straight years when comparing the single-family unity sold in the 3rd quarters of 2004 (6.5%) and 2005 (17.2%). However Lawrence Yun, senior forecast economist for the National Association of Realtors, says there are brighter day ahead saying elevated inventories will be worked off over the next two quarters, wages are rising at better than 4 percent and jobs continue to be created and with home prices falling, the demand will inevitably pick up. Yun predicts the low point will be the fourth quarter of this year. "Sales will then steadily climb and with it will come strengthening home prices. In summary, the housing slump is nearly over."
Durango has fared much better than the rest of the state. The number of 3rd quarter home sales is down 20.9% compared to 2005 but our median price has increased a whopping 32.0%.
Durango real estate - please call (800) 834-8445 if we can help or visit http://www.HomesInDurango.com or http://www.DurangoRealEstate.biz.
Friday, December 01, 2006
CONSERVATION: Private U.S. landowners have set aside land comparable in acreage to the state of Georgia for conservation purposes.
A new tally of U.S. private land conservation efforts finds a boom in the number of smaller, local land trusts, particularly in the West, seeking to compensate for the 2 million acres of farms, forests and open spaces developed nationally each year.
Nature areas, wildlife habitat, open spaces, waterways, wetlands and other lands conserved through private means rose to 37 million acres - roughly the size of Georgia - from 24 million acres conserved as of 2000, the Land Trust Alliance said Thursday.
http://www.HomesInDurango.com and http://DurangoRealEstate.biz -Your Durango real estate information source.
A new tally of U.S. private land conservation efforts finds a boom in the number of smaller, local land trusts, particularly in the West, seeking to compensate for the 2 million acres of farms, forests and open spaces developed nationally each year.
Nature areas, wildlife habitat, open spaces, waterways, wetlands and other lands conserved through private means rose to 37 million acres - roughly the size of Georgia - from 24 million acres conserved as of 2000, the Land Trust Alliance said Thursday.
http://www.HomesInDurango.com and http://DurangoRealEstate.biz -Your Durango real estate information source.
Tuesday, November 28, 2006
TEXAS: We've just returned from our annual pilgrimage to Texas to see the grandbabies. The only positive thing about the trip (other than the grandkids) is it serves as a reminder that our Durango area is truly a special place to live.
The first morning we stepped out of the hotel with the pups, all you could smell was automobile exhaust. We were reminded that the haze that lay over the city was not fog, it was pollution. Cars and people, people and cars - and everywhere, lots of noise.
Happiness is Texas in the rear view mirror. On the return trip home, as we dropped down into Bloomfield, the snow capped La Platas let us know we were home and the tensions began to ease. We were welcomed by a beautiful blanket of snow.
Durango, you're special. See why at http://www.HomesInDurango.com and http://www.DurangoRealEstate.biz.
The first morning we stepped out of the hotel with the pups, all you could smell was automobile exhaust. We were reminded that the haze that lay over the city was not fog, it was pollution. Cars and people, people and cars - and everywhere, lots of noise.
Happiness is Texas in the rear view mirror. On the return trip home, as we dropped down into Bloomfield, the snow capped La Platas let us know we were home and the tensions began to ease. We were welcomed by a beautiful blanket of snow.
Durango, you're special. See why at http://www.HomesInDurango.com and http://www.DurangoRealEstate.biz.
Wednesday, November 15, 2006

WILDLIFE: According to a recently released insurance survey, collisions between automobiles and deer is an increasing problem on U.S. roads. Deer related car crashes, including wrecks involving elk and moose, are up almost six percent compared to last year's deer season.
Deer collisions become more frequent during the fall and winter due to animal migration and the mating season, which typically occur from October through December.
About 1.5 million deer/elk vehicle collisions happen each year in the United States, according to the National Highway Traffic Safety Administration. Those accidents cause about 150 deaths and $1.1 billion in property damage annually, according to NHTSA.
In Colorado, the Highway 160 corridor from Mancos to Pagosa Springs leads the state in the number of animal related crashes. Also, as the elk leave the high country and settle into the Animas Valley for the winter, automobile/elk collisions increase significantly. Increasing deer and elk populations together with continued encroachment into their natural habitat have added to the risk.
Drivers should slow down and use high-beam headlights as much as possible and be aware that deer and elk travel in groups. Where there is one, there are probably others close behind. "Deer whistles," devices that attach to the vehicles' front bumper have been shown to be ineffective. The best prevention is to use a little "common sense" when on the road.
http://HomesInDurango.com
http://DurangoRealEstate.biz
Friday, November 10, 2006
PRICING: One of the more difficult things in working with a homeowner in the marketing of their property is arriving a proper offering price for the home. It's hard, and sometimes impossible, for the owner of a home to emotionally detached him or herself from the years of memories, personal experiences and, often, just lots of hard work that they put into the property.
There are many, many reasons why homes are put on the market. We see homeowners downsizing after the children are grown. Medical conditions sometimes place individuals in situations where the sale is a must. Selling a home to retrieve equity to supplement retirement is also common.
One thing is true in every situation. The amount of money needed for retirement, medical expenses and the like has no bearing on the value of the home. A homeowner who insists on pricing the home based on current or future financial needs rather than true market value is only worsening the situation.
It's our job, as professional brokers, to assist the homeowner in analyzing current market conditions, reviewing comparable sales and determining the highest and best price for placing the home on the market.
Our clients have found our websites http://www.HomesInDurango.com and http://www.DurangoRealEstate.biz to be very beneficial in keeping up with the Durango real estate market.
There are many, many reasons why homes are put on the market. We see homeowners downsizing after the children are grown. Medical conditions sometimes place individuals in situations where the sale is a must. Selling a home to retrieve equity to supplement retirement is also common.
One thing is true in every situation. The amount of money needed for retirement, medical expenses and the like has no bearing on the value of the home. A homeowner who insists on pricing the home based on current or future financial needs rather than true market value is only worsening the situation.
It's our job, as professional brokers, to assist the homeowner in analyzing current market conditions, reviewing comparable sales and determining the highest and best price for placing the home on the market.
Our clients have found our websites http://www.HomesInDurango.com and http://www.DurangoRealEstate.biz to be very beneficial in keeping up with the Durango real estate market.
Subscribe to:
Posts (Atom)