Durango Real Estate: Trends for 2017 and how that effects you
Ok, so it has begun… You have started looking into buying or selling a home. There are a million questions going through your mind: Is this the right time? Will I get a better deal in a year or 2? Should I get an agent? If so, who should it be? The list goes on and on, and as depressing as it sounds most people don’t know what is going to happen in 2017 let alone 2018… Though here is some food for thought, Durango Real Estate trends and how they effect you.
More new homes
We have all seen it, driving through Three Springs there are numerous construction sites. Downtown currently is saturated with high demand and even higher home prices. Causing new home owners to find alternative means of living in Durango. Newer homes means more inventory, combined with the fact that newer construction is being built of town this means prices are more affordable.
You may say, “I do not want o live out of town?”
Here is the skinny: Moving to the Three Springs area is an investment, and that area is where the city is growing. You can estimate in the next 10-20 years there will be a new school district, shopping, restaurants and more. The “commute” Durangatangs call going into town will no longer be there. Although, you may not have the downtown lifestyle, you will not be plagued by the ever growing traffic issues downtown is facing.
Don’t panic, the bubble I speak of is not the 2007 burst. Call this a Baby Bubble, filled with high priced homes, and too many on the market to for buyer to purchase. This is ok, Real Estate is swings between a buyers and sellers market. Currently we see a sellers market: High prices getting the most for their sell.
Here is the skinny: Although we do not know when the transition from Sellers market to Buyers market is going to happen we feel within the next couple years. This is because the market can only hold inflated prices for so long. It is bound to burst, as these prices have stayed high for a few years now.