Main Content

2020 1st Qtr Statistics Durango MLS

The current spread of coronavirus (COVID-19) and the efforts to contain it have impacted almost all aspects of daily life – and real estate transactions are no different.

When it comes to COVID-19 and real estate, no one can accurately predict what the future holds. But in the current moment, I am seeing a small movement in the Durango market. We have had 62 residential properties going under contract/sale pending, and 89 residential properties sold in La Plata County since March 20, 2020.

Under the Stay at Home order Attorney General’s office in Colorado does not consider in-person showings and open houses to be a critical business/service. We are seeing a few buyers writing offers on homes sight-unseen. Once the properties are under contract/sale pending then we can proceed with showings, home inspections, appraisals, and final walkthroughs. The Stay at Home order is currently issued until April 26th.

I anticipate that we will see buyer interest pick up over the first couple of months, proceeded by a slow re-adjustment period once we re-open the economy.

I am expecting that there will be a movement of people looking for more space, or people will hate their current home after being locked inside for eight weeks. People will be looking to move closer to work to avoid commuting, or if they realize they can work remotely, they’ll be looking to move out of cities. We are already seeing website inquiries from buyers from bigger metropolitan cities (Southern California, Washington DC, New York) contacting us with questions about the Durango real estate market and lifestyle.

The lending industry is changing rapidly, and I am finding out that different mortgage brokers and banks have are offering different programs. If you are thinking about refinancing or purchasing a property, be sure to talk to a few lenders. It may be surprising how their requirements vary (amount of down payment, interest rates, credit score requirement, and the loan cost). We have never seen such variety in the mortgage industry before in this unprecedented market.

Here are a couple points I received from Danielle Anderson from Waterstone Mortgage:

Misconception #1: Jumbo Loans aren’t available anymore
Truth: Some lenders have pulled out of jumbo loans starting 04/08/2020 (Suntrust and BBT are two I know of) However, JUMBO LOANS ARE STILL AVAILABLE. Some options that Waterstone Mortgage has.
i.      Minimum Credit score on jumbo options is 680 (Higher credit scores necessary for lower down payment/ loan to values)

ii.      Loan options up to 2 Million (reduced loan limits depending on down payment/Loan to value)

Misconception #2: Minimum credit scores for all loan options are 680
Truth: Some lenders have increased their minimum credit scores to mitigate risk. However, there are still loan programs available for credit scores above 640, Waterstone still has 640 credit score options for borrowers.

Where are interest rates at? Interest rates for highly qualified borrowers (great credit and 20% down) have been staying in the mid to low 3% range for several weeks (Jumbo loans have been priced a bit more conservatively – higher than conforming loans). What’s unprecedented is the dramatic swings in rates on any a given day and how they’re not following normal pricing patterns. Checkout interest rate averages for the last month here. Interested in learning more about what’s going on with interest rates during Coronavirus click here for another article published by Mortgage News Daily this week.

Please feel free to contact Danielle with any lending questions at:

Danielle Anderson
Loan Originator
NMLS #184267
1120 Main Avenue Suite 3 Durango, CO 81301
O: 970.290.7494 F: 480.635.3144
TF: 800.354.1149
Email: Danderson@WaterstoneMortgage.com
Visit Danielle’s Website

Finally, here are the 1st quarter statistics released by our Durango Association of Realtors:

Testimonials
Reviews

Gabi is hands down the best realtor we have ever worked with. She knows everything about the marketplace, the local service providers needed for support, and is absolutely delightful to work with. She was completely committed to making sure we got a ...

Remax Logo
Reviews

We were SO fortunate to randomly connect and work with Gabi in purchasing our home. Not only is she completely knowledgeable of the area but also made the process of buying a home such a stress free process. Of 4 offers on our hopeful home, we were...

Remax Logo
Reviews

Gabi is the best! She was a great resource for us while we were preparing our house prior to listing it for sale. She is very experienced, highly professional, and has always responded to all of our questions promptly. Through her vast network of ...

Remax Logo
Reviews

I have purchased and sold numerous properties over the years and worked with a variety of very good real estate agents. Gabi is the best of the best. I was an out of town property owner selling a 2nd home. Having a good agent was very important to...

Remax Logo
Reviews

We have had two business dealings with Gabi and she is the most professional realtor we know! She is consistent , courteous and extremely knowledgeable about her listings and the area. She answers any questions in a very timely manner, sometimes befo...

Remax Logo
Reviews

Gabi is a professional, competent, and pleasant realtor to work with. I highly recommend her.She presented a professional written marketing plan, including comparisons that supported her recommendations for a selling price.She was available and time...

Remax Logo
Reviews

Gabi was such a pleasure to work with during our selling process. We sought her out after seeing her price point accuracy, yet received so much more as she is always so positive and professional! The advice she offered at various points along the ...

Remax Logo
Reviews

Gabi was extremely knowledgeable and professional. We were very impressed with her ability to handle many items and issues at once. We would routinely receive e-mails from Gabi late at night answering questions or providing us with information.Than...

Remax Logo
Reviews

We first met Gabi Bergstrom when she was showing a home we were interested in purchasing. She was friendly, professional and informative while still giving us enough time to look around and get a feel for the property. When the time came to sell ou...

Remax Logo
Reviews

We have used many realtors both buying and selling properties over the years. Gabi is hands down the best we have had. We met Gabi as she was representing the sellers in the house we live in now. WE liked her then, and decided to use Gabi on the...

Remax Logo
Gabi Bergstrom Durango Real Estate Remax Logo
970.946.7522 GabiBergstrom(at)gmail(dotted)com RE/MAX Pinnacle
1221 Main Ave. Durango, CO. 81301
News letter
Sign up for our newsletter to receive latest updates about our exclusive listings.