The National Association of Realtors has agreed to a settlement of a lawsuit involving commissions in real estate transactions. The two major parts of the settlement are that sellers or their agents cannot offer compensation to buyer’s brokers within multiple listing services (MLSs) after August 17th. Additionally, after that date, Buyer’s brokers must execute a written agreement with their … Continue reading...
When Will Market Shift to Buyer’s Market?
The Southwest Colorado market is in a transition period from a Seller’s market to a Buyer’s market. Many prospective buyers ask me when values will start moving downward. No one knows for sure; however, it will not be a specific point in time, rather the transition period currently underway. Additionally, the transition periods will be different for the various areas and price ranges within La … Continue reading...
HIGH DEMAND AND LOW INVENTORY RESULTS IN HIGHER PRICES
The year-end statistics for La Plata County were released recently; prices increased sharply in all La Plata County geographical areas and property categories. Continued high demand coupled with low inventories has driven up median property values well over double digits in every category of homes. The overall median price for La Plata County increased by 21.4% from $449,000 to $545,000, with the … Continue reading...
TODAY’S BUYERS ARE NOT MAKING ADJUSTMENTS FOR FLAWS
The value of a particular home or real estate should be adjusted either positively or negatively based on how the property compares to other similar properties that have recently sold. Residential property appraisals are based on this concept; the appraiser makes positive and negative dollar adjustments to the sales prices of the similar homes to determine what the subject property is worth; the … Continue reading...
