August 2009 Newsletter

I have some good real estate news. Things have been very busy in my office lately. I think we may have hit bottom in the housing market. About the time I decided to take a summer vacation two weeks ago, the genie came out of the bottle. Most of the activity is on single family homes. It reminds me of two or three years ago. I’m not sure why things have picked up so much, but if I might speculate, here are a few possible reasons. First, the media is sounding more positive.  I have heard reports on several occasions suggesting that housing might have reached a bottom. Denver is doing better than other parts of the country. Second, we have more people in town this time of year. Third, interest rates are still very low. Fourth, the stock market has been rallying and consumer confidence is improving.

Buyers are still focusing on repos and great deals, and there is a good selection to choose from. Currently, the number of available repos is down, while short sales are up. Banks are taking longer before pulling the plug on owners. There are a lot of foreclosures in the pipeline, but they are taking longer to come to market, thus keeping the supply down.

Hopefully, this will continue and expand. Activity on vacant land and condos is still slow. Our office, Jann C. Pitcher Real Estate, took over a townhome project known as The Enclave and The Cottages 60 days ago. With very aggressive pricing, they are selling pretty fast. Touch base with me if you would like further info.

If you haven’t checked out my website lately, ISellPagosa.com, you should do so. I will show you all the properties on the market which are in the MLS (Multiple Listing Service.) Don’t miss the Bank Repos, which are right at the top of the page. Several great deals can be found here.

It feels good to be doing some business again, and I hope that this economic activity will spread to the rest of our little town.


Lee Riley
GRI, CRS
2011 & 2014 Realtor of the Year
Phone (970) 731-4065
Fax (970) 731-4068
Cell (970) 946-3856
Email: LeeRiley@ISellPagosa.com