Real Estate At A Glance
Many local realtors I have spoken with lately think that maybe we are now in a buyer’s market here in Garfield County. Many feel that the additional inventory coming on the market every day is forcing sellers to negotiate on price and seller concessions. Many realtors have seen a drop in the number of people inquiring about homes for sale. I recently spoke with a couple of local lenders who say they have also felt the pinch, and they seem to think that all of the negative publicity surrounding the mortgage industry issues may be keeping buyers away. Many loans are still available to those who qualify, including 100% first time homebuyer loans and down payment assistance programs. Nationally, real estate sales were down significantly for the month of September, according to Lawrence Yun, the Senior Economist for the National Association of Realtors. “Mortgage problems were peaking back in August when many of the September closings were being negotiated, and that slowed sales notably in higher priced areas that rely more on jumbo loans. The good news is that mortgage availability has markedly improved in recent weeks with interest rates on jumbo loans falling, and more people are applying for safer and conforming FHA mortgage products. Some of the canceled transactions will move forward as buyers apply for other loans.” said Yun.Garfield County saw a drop in the number of transactions for the month of September, with 232 transactions, down 20 % from September of 2006 which saw a total of 292 transactions. Total dollar volume for September 2007 was $94 million, up 3% from September of 2006 which had $91 million in sales. Year to date, Garfield County is still ahead of 2006, with total sales of $920 million, up 26% from 2006 which had $727 million in sales through September. Year to date transactions through September 2007 are 2,233, up 4% from 2006 which had 2141 transactions.
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Interstate 70 through Glenwood Canyon closed around 9 p.m. Thursday for a flash flood warning.