Home Buying in 81401>Question Details

Noreen Billow, Home Buyer in Lake Arrowhead, CA

Curious as to prices in Montrose, Co. Looking at a new home but price seems to be a bit on the high side.

Asked by Noreen Billow, Lake Arrowhead, CA Tue Apr 8, 2008

No address listed on house or on MLS, (brand new home) otherwise would be able to do some more reseach on my own. Any help would be appreciated.

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Hi, Noreen,

Montrose is a fast growing community and enjoyed rather significant increases in home values from about 2003 through 2007, until the market started flattening out. Values have remained fairly static since 2007, the good news for home owners being that there hasn't been any depreciation in values. The average sale price last year was about $217,000. Right now the "magic number" is $200,000, meaning homes in that price range or under are still moving fairly well, even though we're down in sales volume by about 34% since last year.

It's actually a great time to buy in Montrose right now, because there is a lot of inventory, from brand new construction to very old homes, and interest rates are still quite low. A new or newer 3 bedroom, 2-bath home can still be had for under $200,000, but most are running in the low $200,000's. What I see happening in this market is that buyers are too optimistic about getting great deals and are making very lowball offers, which are rejected, and sellers still think we're in the hey-day of 2 or 3 years ago and price their homes too high. But there is definitely some room to negotiate. You are right not to believe that an asking price actually reflects true market value or what a seller might be willing to take.

Most real estate brokers and offices have what is called IDX (information data exchange) on their websites (such as mine), which will allow you to search the entire local MLS. You can also sign up to be sent automatically new or changed listings that meet your criteria. That's a good way to get a feel for the market, especially, for homes that suit your needs and price range. I hope you find what you're looking for.
0 votes Thank Flag Link Wed Apr 23, 2008
Thanks Cyrus & Kurt for the responses. Even though I live in California, Montrose has been my 2nd home all of my life, most of my mom's family live there. I saw the house with the listing agent and am just a bit nervous of his unbiased opinion of the sales price. I am an escrow officer is California and know (especially in this market) that listing price and actual value can be quite different. Kurt, I love Delta but would like to be in Montrose, Ouray or even Ridgeway. I know there has been a huge growth spurt in the entire area but was unaware of Montrose being in the top ten. Thanks again for the answers.
0 votes Thank Flag Link Wed Apr 9, 2008
Montrose is in a strong growth cycle at the current time. It was ranked in the top ten for fastest growing "micropolis" cities, wich is a smaller town than say grand junction or Denver. On that note GJ was #9 fastest growing metropolis city.
Have you looked into Delta Colorado? A few minutes North of Montrose? I work in that area and you can absolutley get more house for your money relative to Montrose.
0 votes Thank Flag Link Tue Apr 8, 2008
Only an experienced and inpartial local agent will know if that is the case, even appraisers can be way off. Trust a professional for accurate valuation.

It's not that you're not capable of resaerch, you just need a Real Estate License to access the Sold comparables and the mitigating details included in the MLS database.

Remember there is nothing to be gained by going it alone. I costs you nothing to have an agent represent you as a buyer. It can cost tens of thousands if you go in blind.

That's just my opinion, you can take it or leave it. Good Luck!
0 votes Thank Flag Link Tue Apr 8, 2008
Montrose is a beautiful place to retire or raise a family. The price of homes is very reasonable here. For instance, an older home today estimated around 200,00 will retain its value and within a year be worth 1.5% more. This 200,000 older home is an investment if purchased in the favorable parts of the town. I am not a realtor or investor. I am a homeowner in Montrose just trying trying to give good advice.
Flag Wed Jun 25, 2014
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