July 2016 Pagosa Springs Real Estate Newsletter
Happy 240th birthday, America! The 4th of July is the busiest time of year for Pagosa Springs. We represent small-town America at its finest. The party starts off with a parade and then an arts & crafts fair. The carnival is going on, and the Red Ryder Rodeo is happening. The finale of the celebration is the spectacular fireworks display downtown.
Unfortunately, this year we were out of town. My wife, Laurie, was having a family reunion up in Steamboat Springs, and we had a great time. Comparatively, Pagosa Springs does a much better job of showing off. If you’ve never celebrated Independence Day with us, you’re missing out on a great time.
Now for the latest real estate news. There were no big changes in the market from last month. Sales are up 10% over last year. Local builders are very busy right now. There have been 58 new home construction permits issued this year, compared to 31 through this time last year. Pending sales are up quite a bit as well. We’ve got 106 sales currently pending compared to 86 last year at this same time. Check out this graph that shows the change:
The other big news is interest rates have gone down again. Following the revelation that Great Britain is going to exit the European Union, the rate for a 30-year fixed mortgage has fallen to 3.375%. It reminds me of the movie Groundhog Day. Over and over again, the experts keep predicting that rates are going to go higher, and once again we are at historic lows. This is great news for the real estate market. If you’re getting a loan, everything is on sale. If you’ve got money sitting in the bank, you may be losing money after you factor in inflation. Help a local Realtor, and go buy some real estate today. (Ha ha!)
That’s all for now. Have a great summer!