Looking at 2020

The real estate market has had its ups and downs in 2020. When COVID hit in March, the market came to a standstill.  But that changed in the summer—and buyers are out in full force, driving major increases in both home sales and home prices, even during the winter.

According to data from the National Association of REALTORS®, in October, existing home sales were up nearly 27 percent from October 2019. And the median existing home sale price in October was $313,000. That’s up from $271,100 in October 2019—an increase of nearly 16 percent! 

With more families homeschooling and working from home, why not live somewhere you love! 

COVID-19 vaccines, stock market soaring and with mortgage rates hovering around 3%, this real estate growth will continue. 

The Takeaway:

So, what does that mean for you? Buyer demand is extremely high, which is driving up sales, competition, and prices—so if you’ve been thinking about selling your home give me a call. Carrie Summers 979-759-2540 MancosHomes.com 

Helping Others!

 

Join me in helping others!

 

The Piñon Project

The Piñon Project Family Resource Center helps over 3,000 families and their children in SW Colorado every year.

Piñon Project programs include an Early Learning Center, early childhood education and parenting programs, youth services programs (Mentoring and Sources of Strength), Emergency Assistance Coalition (homelessness prevention), Access to Health programs (Eating Smart Being Active) and Family Programs (Successful Families).

Mancos Giving Tree

Christmas trees displayed around town have ornaments to choose from. Ornaments provide the option to buy gifts, food, or help pay utilities for families in need.  Drop off gifts or checks at my office, Colorado Ranch & Home Realty 145 Grand Ave in Mancos.

Salvation Army

Have you put money in the red kettles?  The money raised here in Montezuma County stays here and helps with food, utilities, clothing and emergency shelter. 970-564-4228.

Good Samaritan Center

Can you put together a nonperishable food box?  The Good Samaritan Center food pantry is located in the “pink building” at 30 N Beech Street Unit C, in Cortez, CO. They are open 12pm-2pm Monday-Thursday each week for curbside pickup of food boxes.  For more information go to goodsamscortez.org

Turning our hearts toward home!  MancosHomes.com

What is a Final Walkthrough?

 

A final walkthrough is an opportunity for a home buyer to inspect a home.   The final walkthrough before closing ensures the buyer’s new home is being delivered as spelled out in the purchase contract.

During your final walkthrough you will check to see that the home is in the same condition as you last saw it, the seller has performed any negotiated repairs, everything is in working order and there is no new damage to the home.

WHEN DOES THE FINAL WALKTHROUGH HAPPEN?

A final walkthrough should be done just prior to closing.  Anywhere from just before closing to 48 hours before closing.  

The time to do your final walkthrough is after the sellers have completely vacated the property. 

Ideally, if the home seller vacates a day or two early that is best for the homebuyer.  But in reality, sometimes the seller’s move goes right up to the closing. 

You want the home vacated for the walkthrough so you ensure items are not left behind for you to trash and you can easily inspect the home.

Start talking about the final walkthrough 7 days prior to your closing. 

This allows time to set expectations for both the buyer and the seller.  If they vacate a day before closing this allows time to fix or negotiate any walkthrough issues.

WHO ATTENDS THE FINAL WALKTHROUGH?

You and your real estate agent should both attend the final walkthrough. Often the seller’s agent will be present as well. But, really anyone can be present.

On occasion, the home seller will be present.  Though as a buyer’s agent I prefer they don’t attend.  The final walkthrough just prior to closing is for your benefit and I don’t want my homebuyer’s distracted with idle chit chat.

Sometimes, if there are items like a hot tub, generator, etc… is present the seller can give a quick tutorial of how to run the equipment if they are present.  That can be done at the final walkthrough or at a previous get together.

WHAT TO EXPECT DURING THE LAST RUN THROUGH OF THE HOME

As you are walking through the home you should expect the following as spelled out in your purchase and sale agreement:

• The home is delivered in the same condition as you saw it in during your last visit.  Check for damage from the seller moving and it appears to be in the same condition as you last saw it.
• The home is delivered free and clear of all personal belongings and debris. The seller should not be leaving anything that is a burden for you to remove.  This includes construction materials, old paint and chemicals, unwanted items the seller thought was to burdensome for them to remove.
• The home is clean.  In your contract, your real estate agent should specify windows, rugs, cabinets, walls, etc. 
• All appliances and fixtures that are supposed to stay with the home are in place.  Fall back to your purchase contract about what is staying and what is going.
• Any negotiated items are in place.  Sometimes items like play equipment, garage tools and even furniture are negotiated as part of the sale.
• There has been no new damage to the home.   Occasionally storm damage, a pipe bursts, or other damage occurs to the home.  If this has happened you should have been notified and the problem fixed under the seller’s homeowners’ insurance.

WHAT TO BRING TO YOUR FINAL WALKTHROUGH

Be prepared with the following before walking through your new home before closing.

• Your real estate agent!  Make sure your real estate agent is in attendance.  To be honest a good buyer’s agent will bring everything that needs to be brought with you.
• Your purchase contract.  It spells out the details of how your new home is to be delivered.
• A notepad or some means of taking notes.
• A camera to document any issues.

I've got a great checklist to make sure we don't miss anything.  I'm here to help! Carrie Summers 970-759-2540  MancosHomes.com

  

How To Make Your Home Smell Great

When it comes to selling your home, it’s important to make a good first impression with potential buyers. An important thing to work on is the way your house smells. Even if you have decorated and staged your home perfectly, if potential buyers walk in and detect an unpleasant odor, they could leave fast! On the other hand, good scents can entice them to linger.

 Everyone has different thoughts on what smells good, so it’s important to keep scents subtle and not overpowering. Here are some tips for making your home smell amazing before home buyers arrive.

Clean
 The first step to a good-smelling home is to get rid of any unpleasant odors. Scrub all surfaces, wash the rugs, clean the carpets, and take out the trash. Without doing this, you’ll only be masking bad smells.

Bake
Throw on an apron and bake a batch of chocolate chip cookies, or banana bread. The smell of freshly baked cookies can evoke a warm and homey feeling. Not only will this make your home smell enticing, but it can also double as a snack for potential buyers.

Simmer Scents
If you don’t have time to bake, you can create another appealing sweet scent by simmering vanilla extract diluted in water on the stove. You can also mix 5 cinnamon sticks, 1 teaspoon vanilla, 2 tablespoons cloves, 3 bay leaves, and an orange rind to a pot of simmering water for a pleasant fall-like smell.

Just Add Soap 
Take your unused bars of fancy soap you’ve been gifted over the years, and place them in a pretty bowl on the bathroom counter. Dove brand soap also works great for this. This can fill a room with a clean scent for weeks.

Essential Oils 
Essential oil diffusers can be very useful as well. Fresh, neutral scents such as lavender and lemon are best. If you don’t want to invest in a diffuser you can dab a drop of oil on cold light bulbs before turning them on. As the bulb warms up it will give off a subtle fragrance. Avoid using plug-in air fresheners or candles as they can be too strong.

Clean Air 
If you have an air purifier, use it! They can be extremely effective in removing any lingering odors. Also, open the blinds, and crack your windows to allow fresh air inside.

Fore more tips on how to make that first great impression, give me a call- Carrie Summers 970-759-2540.

August Newsletter

What to Repair Before Your List

When you’re getting ready to list your home, it’s of the upmost importance to ensure you are showing it in the best light. Taking time to highlight its strengths and fix up some of its possible weaknesses can make a big difference in how fast it sells. Here are our top five recommended repairs to make before selling your home.

Repaint walls.

Giving your home a fresh coat of paint is one of the most cost-effective ways to spruce it up, and generally, it can be a do-it-yourself project. Make sure cover any walls with scratches and chips and consider updating any accent walls with a more neutral coat.

Repair floors.

Hardwood floors are a very desirable feature in a home, so you want to ensure they look their best by fixing scratches or dull areas. If your carpet is worn or stained, consider replacing them. And don’t forget the tile in your kitchen or bathrooms. Re-grouting can go a long way in making dingy tile work look brand new!

Refresh the landscaping.

Show buyers your home is the full package by dressing up the outside as well as the in. Clean walkways and driveways, plant seasonal flowers and plants, trim hedges and trees, install outdoor décor pieces and fill in mulch and gravel.

Fix your fixtures.

Leaky faucet? Rusted drains? Loose drawer handle? Making these small fixes can make a big difference to potential buyers with detailed-orientated minds. Improve your kitchen. An outdated kitchen can be a real eyesore in a home. Updating cabinetry, repairing or replacing countertops, and installing new faucets and sinks may be worth the investment

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Hidden Costs when Buying a Home

Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don't forget there will be other costs associated with your purchase then the price of the home. Here are 5 fees to keep in mind as you begin to budget. 

1. Home inspection. This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. Generally, you can expect to pay between $300 to $500 depending on the home and the location.
2. Title services. Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure to no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home.
3. Appraisal fee. Before getting a loan, you will likely be required to get an appraisal of the home to determine its estimated value. This will be conducted by a third-party company and the cost can land anywhere between $300 and $1,000, depending on the size of the home.
4. HOA fees. Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. Typical HOA fees are around $200 per month.
5. Taxes. The taxes each buyer pays at the closing table differ, but it is not uncommon for it to be up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.
6. I'm here to help make the process of buying a home go smoothly! Carrie Summers 970-759-2540

Buy vs. Rent

Cost of Living: Mancos vs Durango, Colorado

Mancos, nestled in between Durango and Mesa Verde National Park has a wonderful small town atmosphere.  From art galleries, breweries, a revitalized downtown, and endless supply of outdoor fun, Mancos is a great place to live.  If you are thinking of moving here, it's essential to know the cost of living.  Cost of living includes all the necessities like cost of transportation, housing, food and utilities. Knowing the cost of these basic items can help you decide how much you can expect to spend on a monthly basis, and how much you'll need to earn in order to live a good lifestyle.

Mancos housing costs are 48.8% lower than in Durango and it's only 30 minutes away.  That is huge when you are looking to move.  The median home cost for a home in the Mancos (81328) zip code is $326,400 vs Durango it's $470,800!  Your money goes a lot farther in Mancos!

Right now with 30 year fixed loans hovering around 3% and 15 year at 2.5%, now is a great time to move!

What makes Mancos magical?  The people.  We are an eclectic group of young farmers, ranchers, artists  and young families who want a slower pace and wide open spaces.  The town of Mancos now has about 1600 people, one stoplight, a grocery store, natural food store, several excellent restaurants, brewery, and an excellent school Pre K-12.

Let me help you fall in love with Mancos!

The Difference between Home Warranty and Home Insurance

When purchasing a new home, it’s important to do in-depth research on all facets of the homebuying process. One thing you’ll need to understand is how to best protect yourself and your investment if anything were to go wrong. Check out the information on home insurance versus home warranty below to educate yourself on your options.

Home Insurance

Homeowners insurance pays for any accidental damages and loss that are caused by fire, lightning strikes, windstorms, and hail, however, damage from earthquakes and floods is typically not covered. It also covers the replacement of personal property in case of theft or damage and liability if a person were to get injured in your home or on your property. According to American Home Shield, the average annual cost of a homeowner's insurance policy ranges between $300 and $1,000, and the bank usually asks you to obtain a policy before the mortgage is issued. Make sure to keep in mind that each type of coverage in the policy is subject to a limit and, in most cases, you will have to pay a deductible.

Home Warranty

A home warranty is designed to cover the cost of repairs and replacements of larger appliances and crucial systems in your home that may fail or break due to age and wear and tear. This includes but isn’t limited to HVAC, electrical, or plumbing components, kitchen appliances, and your washer and dryer. With a home warranty, you are required to pay premiums year-round, even if you do not use it, and it won’t cover damages if appliances were not maintained properly or if the damage is from a fire or other disaster.

How to buy your first investment property

Home Chat

Time to Prune!

Curb appeal is very important.  If you are thinking of selling, now is the time to take a look at your place thru new eyes.  Do you have trees that are growing too close to your home, or fruit trees that need trimming? 

I highly recommend Underwood Forestry.  Steve Underwood and his crew do an excellent job.  I had Steve do fire mitigation around my home and my pear trees at my office are prolific due to regular pruning.  Call Steve at 970-560-9800 for all your tree business.  This is money well spent because a home that has beautiful trees is more valuable than a house with trees that are dead or unruly.  

Need other ideas?  Call me, Carrie Summers with Colorado Ranch & Home Realty 970-759-2540.  I'm here to help!

Turn your tax refund into a new home!

Excited about getting a tax refund and thinking about the 60" TV you can buy or thinking of buying that new couch?  Well how about using it to buy a home!

Renters are typically paying more per month than home owners!  Many people think they need a down payment equal to 20% of the purchase price to buy a house.  Well, that is definitely NOT the case! There are FHA programs than require 3.5% and also first time home buyers programs with just 1% of the purchase price!

Let's say you were looking to purchase a home for $250,000.  This means your down payment for a conventional mortgage of 20% would be $50k.  Many lenders have loans for less than 20%.  FHA program loans requiring 3.5% down payment would be $8750 or home assistance programs would be $2500!  There are also closing costs to be paid, but you may be able to negotiate for the sellers to pay a part or all of the closing costs.  

If you're tired of renting, use your tax refund to buy a place of your own. The 60" TV can wait until next year when you have your own place to put it in!  

I'm here to help!  Carrie Summers MancosHomes.com  970-759-2540

Country Living Home for Sale