Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.

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DSNews Reports–

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.

More…

The air in Pagosa Springs is crisp and cold. Everywhere you look, you see ski boots, out-of-state license plates and happy, laughing people. Winter is upon us, and with the falling of the snow, the tourists have arrived in force. We welcome all our visitors, winter or summer, as they help our local economy thrive and grow. In fact, we hope some of the visitors decide to stay and become locals — and with Real Estate sales up for this quarter and for the entire year — it looks like we’re growing again.

The real estate market in complex, and there are a number of variables to look at in any transaction including price, location, and demand. We can provide you with some data that may give you a good idea of what to look for, how soon to act when buying and what the real estate trends are looking like. (See Charts)  We’ve also given you more data to review — sales statistics that may help you with some of the many important decisions you face when buying or selling in Pagosa.

Are you looking for Pagosa Springs Real Estate? We’ve got what you need — Friendly, Experienced Agents who know Pagosa Springs. We’re here for you! Click any agent name to the left to contact them via email.

Easy Property Search By Area: Click here to view searchable map.

Featured Photo, Taken October 2011

Mountains, First Snow 2011 Photo Courtesy of Katie Vining

2011 Data:

• Total Residential Sales, 2010 vs 2011
• Average Days on Market/Residential
• Homes Sold in 2011: Listing vs Sale Price
• Homes Sold in 2011: Homes Listed vs. Homes Sold
• 2011 Sales Roundup: Real Estate Sale and Price Trends from 2008 to 2011.

Home Sales Are Up in 2011!

MLS data comparing 2010 and 2011 Residential Sales (by area) in Archuleta County.

PS01: Old Pagosa Springs

PS02: Central – Township 5699

PS03: Pagosa Lakes

PS04: Aspen Springs

PS05: Pagosa West

PS06: Pagosa North

PS07: Highway 160 East

PS08: Upper 84

PS09: Lower 84

PS10: Pagosa South

PS11: Navajo Lake

PS14: Mineral County

Visual Representations of Home Sales
Real Estate Trends

The graph below represents residential sales (homes that sold) in 2011: The Number of Listings and the Number of Days On The Market. If you’re looking at a particular home, you can see that the homes between $100k and $200k sell more quickly than more expensive homes, and that there are more offerings in that price range. This might help you decide how quickly to move on that dream home.

Listing Price vs. Selling Price

How much should you offer for the home of your dreams? Sellers generally list the home at what they think its worth, but in this economy, many are willing to take less than their asking price in order to sell. This graph may also help sellers when pricing their homes — knowing what you’re likely to be offered might help when fixing a price.

Homes Listed vs. Homes Sold in 2011

Not every home that is put up for sale is sold in one calendar year. As the buying market evens out, these numbers should trend closer together.

Real Estate Sales Prices, Trends from 2008-2011

As you can see from the graph below, Real Estate Sales Prices have been generally trending downward, with the exception of Commercial Property, which is incredibly varied. The sample size of this graph is shown in the graph below it, titled "Real Estate Sales, 2008-2011".

Data Source: Pagosa Springs MLS

Area Sampled: Pagosa Springs MLS

Please note: The data contained in these graphs is deemed reliable but not guaranteed. Please check with your Jim Smith Realty Agent for more information.

Any Jim Smith Realty Agent will be happy to discuss the market trends with you at your convenience. Give us a call or email for more information and a free CMA.

PAGOSA NEWS

Late 2011/Early 2012

WOLF CREEK SNOW REPORT: http://wolfcreekski.com/wolf-creek-snow-report.php

UPCOMING EVENTS: http://pagosasprings.com/

COMPREHENSIVE PAGOSA SPRINGS WEBSITE: http://pagosa.com/

JIM SMITH REALTY: http://jimsmithrealty.com

REQUEST A FREE PRINTED AREA GUIDE: http://pagosa.com/pagosa-springs-visitor-guide/

IS WAL-MART COMING TO PAGOSA SPRINGS?

In early January, 2012, during a crowded meeting of the Pagosa Springs Town Council, it was announced that Pagosa Springs would be getting a 93,000 square foot Wal-Mart store in the near future.

The "Big Box" debate has been waged in Pagosa Springs for many years, with locals weighing the convenience and affordability of a large discount store with the threat to long-established businesses and the Pagosa way of life.

Although the meeting indicated no precise timeline and no formal announcement, many believe that this time the big box will actually land in Pagosa Springs. The debate as to whether the store will be "good" or "bad" for Pagosa still rages on, with opinions being presented as fact on both sides.

TOURISM INCREASES IN 4TH QUARTER OF 2011 AND IN 2011 OVERALL

Pagosa Springs has one majoy "industry": Tourism! With the draw of Wolf Creek Ski Area, small-town life, gorgeous mountain scenery, great hunting and unbeatable outdoor sporting opportunities, Pagosa has a lot to offer those from other states and areas of Colorado. Besides counting the number of people in ski pants in the local stores and observing out-of-state license plates, a good way to measure the influx of tourists is by an analysis of the "Lodgers Tax", the tax that the Town places on hotel rooms. This year’s numbers show that tourism in the 4th quarter of 2011 and in 2011 overall has increased, with more tourists than ever visiting Pagosa Springs.

Please feel free to contact any Jim Smith Realty Agent with questions or comments.

We look forward to visiting with you either in person or over the phone to help you get ready for your next Pagosa Springs real estate transaction!

Jim Smith Realty – Pagosa’s Oldest/Largest Real Estate Firm

445 San Juan Street

PO Box 1680

Pagosa Springs, CO  81147

(970) 264-3200

Existing-home sales continued on an uptrend in December, rising for three consecutive months and remaining above a year ago, according to the National Association of Realtors®.

The latest monthly data shows total existing-home sales¹ rose 5.0 percent to a seasonally adjusted annual rate of 4.61 million in December from a downwardly revised 4.39 million in November, and are 3.6 percent higher than the 4.45 million-unit level in December 2010. The estimates are based on completed transactions from multiple listing services that include single-family homes, townhomes, condominiums and co-ops.

Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”

For all of 2011, existing-home sales rose 1.7 percent to 4.26 million from 4.19 million in 2010.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to another record low of 3.96 percent in December from 3.99 percent in November; the rate was 4.71 percent in December 2010; recordkeeping began in 1971.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said more buyers are expected to take advantage of market conditions this year. “The American dream of homeownership is alive and well. We have a large pent-up demand, and household formation is likely to return to normal as the job market steadily improves,” he said. “More buyers coming into the market mean additional benefits for the overall economy. When people buy homes, they stimulate a lot of related goods and services.”

Total housing inventory at the end of December dropped 9.2 percent to 2.38 million existing homes available for sale, which represents a 6.2-month supply² at the current sales pace, down from a 7.2-month supply in November.

Available inventory has trended down since setting a record of 4.04 million in July 2007, and is at the lowest level since March 2005 when there were 2.30 million homes on the market.

“The inventory supply suggests many markets will see prices stabilize or grow moderately in the near future,” Yun said.

Foreclosures³ sold for an average discount of 22 percent in December, up from 20 percent a year ago, while short sales closed 13 percent below market value compared with a 16 percent discount in December 2010.

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MLS: 664209, 664210, 664206, 664205, 664207, 664208, 664212, 664211

.41-7.23 Acres
$46,000 to $878,000

Firesale prices on Pagosa’s Upscale Business Park  located at the HWY 160/Piedra Road intersection — one of Pagosa busiest intersections. Great investment opportunities. Prices & taxes recently slashed. More pictures, plat details, etc. By D. West Davies of Jim Smith Realty. 970-398-0022.

Jim Smith Realty has been the leading real estate firm in Pagosa Springs for 20 Years!

Pagosa has experienced a fantastic summer tourism season this year. The streets have been busy with out of state plates enjoying our beautiful high altitude destination. The summer visitors have gone, and this week, the droves of hunters are standing in line at the grocery store stocking up to prepare themselves for those amazing San Juan Mountains!
Pagosa Springs real estate is in it’s fall season now seeing some moderate gains in sales volume.  The overall Archuleta County sales of stick framed, or conventionally constructed homes, has experienced an increase of sales to the tune of 29% in the first 3 quarters of 2011. Looking at the same time frame we can determine a 33% increase in total dollar volume sold.

Also, the total average sales price of these single family homes bumped up from $219,310 to $227,077 relative to the prior 12 months. That’s  about a 3.5% increase in value.
Our neighboring city, Durango, has experienced a similar growth pattern.
Look at the charts below to get a little more information on the Foreclosure market in Pagosa Springs.This sector is going to be the determining factor as we march forward in time concerning home values.

Click here to view an easy to use searchable map.

Fall Colors in Pagosa Country Are in Full Swing

Photo Courtesy of D. West Davies

Visual of Home Sales
  It Helps to See it!
The charts below represent the single family homes sales market as a reflection of the past 7 years. They are measured two ways.
1. The first one represents units or actual homes sold.
2. The second represents volume or the cumulative amount of dollars measured in millions.

GOOD NEWS IN THE FORECLOSURE MARKET

The foreclosure market has kept downward pressure on the prices of many single family home sectors going on 4 years now. The number of foreclosure starts in the first 3 quarters of 2011 is down from the same time period in 2010. This year we had 123 new foreclosure filings, while last year in the same time period we had 178 new filings. That represents a decrease of REO homes of about 31%

To get an idea of sales tempo, notice the total home sales and volume compared to the same reference of foreclosed homes.

By looking at the sales trend both from units sales above, and volume of sales below, this recap shows continued shift in sales pace toward the positive. The number of homes sold this year is keeping pace with that of 2007.

Wolf Creek kicks off 11-12 season with fresh powder

Pagosa’s ski area has earliest open ever!

By REAL VAIL

Real Vail- October 8, 2011

Wolf Creek Ski Area in southern Colorado opened this morning with 32-inch mid-mountain base and 35 inches at the summit, becoming the first ski resort in Colorado to open for the 2011-12 ski season.
Wolf Creek, which has received nearly four feet of snow since Thursday, set a new record for its earliest open ever. Its previous mark was Oct. 27, 2006. About 1,300 snow riders came out to make tracks on 600 skiable acres served by three chairlifts.
"Colorado only ended its 2010-11 season in July, and here we are in early October already celebrating a resort opening," Melanie Mills, president and CEO of Colorado Ski Country USA, said in a release. "At this rate, Colorado is practically a year-round ski destination. READ THE FULL REVIEW 

The Alpine Haus Welcome Video

Wolf Creek Opens October 8, 2011

Enjoy this opening day video by contributor Benton Inscoe!

Wolf Creek Opening Day 2011

Where have prices moved when looking at sizes of homes?

Find a visual breakdown below of home sales by square footage.

Many times we have Buyer’s and Seller’s ask us about the value of a particular home when compared to like homes or "comps". We have put together a chart showing SOLD homes based on the size to help answer this question on the broad scope.

Below you will find 4 sectors of the Archuleta County area market grouped together in similar square footage.

You will notice that 1 of the 4 sectors statistically is starting to see a slight average increase in value from Q1-Q3 of this year. This is the first time we have seen this in several years.

Below is a chart that reflects the average sales price of a particular range of homes based on the square feet.

We look forward to visiting with you either in person or over the phone to help you get ready for your next Pagosa Springs real estate transaction!
Sincerely,

Jim Smith Broker/Owner
Jim Smith Realty

970-264-2200

Are you looking to buy a new home? Are you thinking that now’s a great time to find bargains? That’s true, but it pays to know a little about the seller’s situation before you make an offer.

If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.

You’re a good candidate for a short-sale purchase if:

· You’re very patient. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.

· Your financing is in order. Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set. If you’re preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.

· You don’t have any contingencies. If you have a home to sell before you can close on the purchase of the short-sale property—or you need to be in your new home by a certain time—a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.

If you’re serious about purchasing a short-sale property, it’s important for you to have expert assistance. Here are some people you want to work with:

· Experienced real estate attorney. Only about two out of five short sales are approved by lenders. But a good real estate attorney who’s knowledgeable about the short-sale process will increase your chances getting an approved contract. Also, if you want any provisions or very specialized language written into the purchase contract, a real estate attorney is essential throughout the negotiation.

· A qualified real estate professional.* You may have a close friend or relative in real estate, but if that person doesn’t know anything about short sales, working with him or her may hurt your chances of a successful closing. Interview a few practitioners and ask them how many buyers they’ve represented in a short sale and, of those, how many have successfully closed. A qualified real estate professional will be able to show you short-sale homes, help negotiate the purchase when you find the property you want to buy, and smooth communications with the lender. (All MLSs permit, and some now require, special notations to indicate that a listing is a short sale. There also are certain phrases you can watch for, such as “lender approval required.”)

· Title officer. It’s a good idea to have a title officer do an initial title search on a short-sale property to see all the liens attached to the property. If there are multiple lien holders (e.g., second or third mortgage or lines of credit, real estate tax lien, mechanic’s lien, homeowners association lien, etc.), it’s much tougher to get that short sale contract to the closing table. Any of the lien holders could put a kink in the process even after you’ve waited for months for lender approval. If you don’t know a title officer, your real estate attorney or real estate professional should be able to recommend a few.

Some of the other risks faced by buyers of short-sale properties include:

· Potential for rejection. Lenders want to minimize their losses as much as possible. If you make an offer tremendously lower than the fair market value of the home, chances are that your offer will be rejected and you’ll have wasted months. Or the lender could make a counteroffer, which will lengthen the process.

· Bad terms. Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially desperate sellers. In that case, the sellers may refuse to go through with the short sale. Lenders also can change any of the terms of the contract that you’ve already negotiated, which may not be agreeable to you.

· No repairs or repair credits. You will most likely be asked to take the property “as is.” Lenders are already taking a loss on the property and may not agree to requests for repair credits.

The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.

* Not all real estate practitioners are REALTORS®. A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS® and is bound by NAR’s strict code of ethics.

Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Copyright 2008. All rights reserved.

MLS # 658181
306 Rainbow Road
Price: $312,000

Great value on this contemporary, energy-efficient home on the Blanco River …
More Pictures & Details

By D. West Davies of Jim Smith Realty. 970-398-0022.

Pagosa Cabin With Big Mountain Views

MLS # 656929
567 Echo Drive
Price: $399,000

Big mountain views, gorgeous landscaping, 3 acres, 2 car garage …
More Pictures & Details

By D. West Davies of Jim Smith Realty. 970-398-0022.

………………………………………………………………………………..

MLS #657978
1350 County Road 335
Price: $249,000

Super private, wooded 11 riverfront acres on the restored Blanco River 12 miles south of Pagosa Springs.
More Pictures & Details

By D. West Davies of Jim Smith Realty. 970-398-0022.