Matt Jones and Andrea Nachtrieb purchased a 1,200-square-foot home in 2007 for $350,000. Several years and two children later, they believe now is the right time to upgrade to a larger home, they said.
The couple is buying a 2,000-square-foot home at 2604 Arroyo Drive for $499,000. The price is within the family’s budget, and the home is in a neighborhood the couple likes.
“We knew what we wanted,” Jones said. “I feel that we got a great price specific for our needs.”
The home they are buying was on the market just two days when they agreed to buy it.
Local Realtors are expecting there will be a lot more of those quick turnaround deals in 2014, too.
“I think it’s going to be a much better sellers’ market for in-town homes,” said Realtor Max Hutcheson, who showed the couple the home they are buying. “From 2008 to 2014, there is 40 percent less inventory.”
Jones is hoping to make a quick deal on the family’s current home as well.
Their 2007-purchased home at 2032 Delwood Place will be put on the market for $365,000.
Hutcheson believes once the home goes on the market, it won’t be available for long because of the high-demand of families searching for an affordable, in-town home, he said.
Jones and Nachtrieb will close on their new home in March and hope to sell their present home before then. If the home doesn’t sell by then, Jones said the family will be able to carry two mortgages until May. After May, however, he said the family could be in a bind.
Still, he said the family is confident their home will sell promptly; they’ve already met interested parties through friends and acquaintances.
The local real estate market is the best it has been in seven years. according to the end-of-the-year numbers from the Durango Area Association of Realtors.
Housing prices are also better for many buyers. Data show 85 percent of homes in La Plata County sold for less than $500,000 in 2013, making that year the most affordable for homebuyers – especially first-time buyers – since the Great Recession.
Additionally, the median price for in-town homes in Durango was $370,000, with 186 homes sold compared to the 161 sold in 2012, real estate numbers show,
With fewer homes available, people are quick to spring into action once a fitting home finds its way into the market.
In-town homes under $400,000 are the most desirable, especially for families, Hutcheson said.
vguthrie@durangoherald.com
