As real estate professionals, we like to keep a pulse on national news. Sometimes the real estate news differs in the local market; other times we see similar trends. Here are a few recent headlines we found interesting and applicable:
Mortgage Rates Dip: This is a big topic. For several weeks this year, we were noting the steady increase in mortgage rates. At the end of last week, they dropped again, making it the fourth drop in the past five weeks. An NAR article states: “‘The decrease in borrowing costs is a nice slice of relief for prospective buyers looking to get into the market this summer,’ says Sam Khater, Freddie Mac’s chief economist. ‘Some are undoubtedly feeling the affordability hit from swift price appreciation and mortgage rates that are still 67 basis points higher than this week a year ago.’ Overall, Khater says the economy and the housing market are on “solid footing” this summer, which should support continued strength in housing demand. ‘Home price growth is still high, but is expected to moderate, and while sales activity has slowed, it’s primarily because of stubbornly low supply,’” Khater says. (https://magazine.realtor/daily-news/2018/06/29/falling-mortgage-rates-offer-affordability-relief).
The Older Single Female Homeowner: This demographic has been on the rise as homeowners. According to Realtor.com, “Since 1981, single women over 55 have been the fastest-growing demographic of home buyers when compared with a multitude of other categories, according to an analysis of U.S. Census Bureau data by Ralph McLaughlin, founder and chief economist at Veritas Urbis Economics in Alameda, Calif. Married couples are by far the largest group of home buyers, and single women the next largest group. But last year, single, older women made up 8.2% of all home buyers, roughly double the percentage of 20 years ago, Mr. McLaughlin says. These women also buy homes at nearly twice the rate as their male counterparts” (https://www.realtor.com/news/trends/rise-older-single-female-home-buyer).
Durango One of the Top 10 Coolest Small Towns in America: This one isn’t directly related to real estate, but it’s always fun to see Durango make headlines and “best of” lists. Here’s what Budget Travel says about Durango: “Hiking in San Juan National Forest. Savoring downtown’s restaurants and art galleries. Taking a ride on the Durango & Silverton Narrow Gauge Railroad (beautiful any time of year, but especially so in autumn). Durango, in southwestern Colorado, not far from the New Mexico border, boasts as many outdoor activities per capita as any town in America, ensuring that vacationers have a nearly endless choice of daily activities. But when you’re not skiing, hiking, or mountain biking, Durango’s downtown offers historical walking tours and an array of great restaurants, theater, music, and art galleries. We love that you can choose between staying in an alpine cabin or a luxury hotel (with plenty of options in between), and that this small town offers refreshingly convenient public transportation for maximum relaxation,” (https://www.budgettravel.com/video/coolest-small-towns-america).
We agree with Budget Travel! Durango is the best place in the world to work, live, and play. It’s why we love the work we do, and why we are privileged to help our clients make Durango home. As always, please let us know if you have any questions.