August 2014 Pagosa Springs Real Estate Newsletter

Hello From Pagosa Country…

…By way of North Carolina! I’m out here celebrating my son-in-law’s graduation as a Green Beret. It was a very moving ceremony. We are all very proud and excited for him.

I’m a military brat myself; my dad served for 30 years in the Air Force, so I know what it’s all about. I think many of us tend to take for granted the sacrifice that our service members make to keep us all safe. I would like to thank everyone who serves now and who has served in the past.

It has been a busy month for Laurie and I. In addition to this trip, we also went to Alaska. We got to see some whales and catch some salmon, but the highlight of the trip was a visit to Katmai National Park. We flew in on a small plane and after a short hike, we got to see about 20 Grizzly Bears. At one point there were nine of them all around us. The most memorable sighting was a mother and two cubs playing about 50 feet away from us. We got to sit and watch them for about 30 minutes.

So much for my summer vacation! July has been a very busy month in the real estate business, too, even if you might not see it by looking at the stats sheet. What you don’t see is that there are now 78 pending sales in the hopper, up from just 45 sales on August 1st of last year. August should put up some impressive numbers this year.

One question that I always get is, β€œIs this a buyer’s market or a seller’s market?” In most cases, we still have a buyer’s market. The available inventory out there is excessive, especially in the higher price classes. Interest rates are still very attractive. I keep expecting rates to rise – and they will eventually – but they have stayed low for a very long time. Right now you can still get 4.25% on a 30-year fixed and 3.5% on a 15-year fixed. As the economy continues to improve, the rates will eventually go up.

In local news, the Wal-Mart building site is very active. They’ve been moving tons of dirt over there as the big machinery preps the site. I expect to start seeing walls going up soon. I believe they intend to have the store open by next spring.

We’ve been getting lots of rain this summer, making up for the drier than normal winter. Everything is very green, and the fire danger is low. Town has been extra busy the last couple months. Traffic has been a bit troublesome going down Putt Hill as you go by the library. Some recent changes to the light and the lanes have resulted in traffic backing up the hill when it gets busy. If you know somebody at the highway department, be a squeaky wheel for us!

I hope everyone is having as good a summer as I am. Now I’m ready to get back to work!


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