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Home Buying in Montrose : Real Estate Advice

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  • Home Buying7
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Activity 9
Sat Aug 27, 2016
Sally Grenier answered:
No. The home isn't necessarily for sale. This site is full of bogus "foreclosure" listings. This site is just a database that pulls info from various sources. In this case, the bank has filed an NED (notice of election & demand) with the county and it shows up in their public records (and then gets pulled by search engines such as this one). If you're interested in buying a home, I suggest you hire a local REALTOR as your buyer's agent. He/she can search all available foreclosures, which will be listed in your local MLS. ... more
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Wed Mar 4, 2015
Claudia Williams answered:
Thu Dec 25, 2014
kddunbar asked:
My house is located at 62815 Jeremy Road MOntrose, CO 81401. It has 3 br/2ba, but your site says 3 br/ 1 1/2 ba. Since you would not change the incorrect info, I asked for it to be blocked,…
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Tue Oct 7, 2014
Galia Taneva answered:
Start by finding out how much house you can afford. You can start by checking this online just so you have a general idea. There are a lot of websites you can use. After that you will need to talk to a lender to get all of the details and pre-approval. With your pre-approval in hand you can find a good local agent that will help you with the process every step of the way. Ask friends and family for a referral or research local agents online.
Good luck!
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Sat Oct 5, 2013
whirledcanyons answered:
Yes, the year-round creek, La Sal Creek has 2 adjacent 5 acres pieces for sale - beautiful!
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Thu Aug 18, 2011
Suz A answered:
Hello Jannakae,
Generally, I suggest you try a few dry runs before you actually bring your financing and start bidding. Go and watch. You can learn from others who attend these auctions. And, you do want to carefully inspect all information as well as the properties.

SuZ
PML
of Longmont, CO
... more
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Sat Jun 7, 2008
Don Tepper answered:
Your tax assessor's office can explain exactly how yours are calculated.

In general, though, in many parts of the country, property taxes begin with a tax assessment. Note: This is not the same as an appraisal. An assessment is an estimate/calculation of your house's value for tax assessment purposes only. And, as a practical matter, tax assessments often are 10%, 20%, or even more above or below a property's real value.

A tax assessment often originates when a property is bought. Let's say you pay $400,000 for a property. Many jurisdictions, upon the beginning of the new tax year, will adjust whatever assessment there is on your property to $400,000. As the years go by, though, usually the assessment is adjusted up or down based on the rise or fall of house prices in your general area.

So, the first component of property taxes is your tax assessment.

The second component of property taxes is your tax rate. Different types of properties (residential, commercial, industrial) may be taxed at different rates. Let's say that the residential rate is $1 per $100 of assessed value. If your house is assessed at $400,000, then the property taxes would be $4,000 per year.

There generally isn't much you can do about the tax rate. Often, cities or counties arrive at that number through a reverse process. They look at what was collected last year from property taxes. They see whether their spending needs have increased or decreased. Then they'll adjust the tax rate to bring in more, or less, money in order to balance their budget.

What does stir up controversy, though, are the individual tax assessments. Let's say your home is assessed at $400,000. But there are three identical houses in your neighborhood that sold in the past year for $350,000, $360,000, and $370,000. So you might feel that your assessment is too high. And if you can bring down your assessment, then you can reduce the property taxes you pay.

Your local tax assessor can tell you the procedure for appealing your assessment. Many jurisdictions also include an explanation and instructions along with the annual assessment. The very general procedure is that you have a limited period of time in which to appeal. And your appeal must be supported by evidence justifying your argument...such as information on those three recent sales. Your appeal is evaluated and, if it's found to have merit, your assessment may be reduced.

Again, what I've presented is just the very broad outline of how it works. Your tax assessor's office can provide precise information on your exact questions.

Hope that helps.
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Wed May 7, 2008
Charlene Sandoval answered:
In todays real estate market it is often possible to get a owner contract, or possibly a 2nd mortgage, You are then looking for a home that as an owner that is not not in dire straits and perhaps has already moved on and has two house payments. Depending on the sellers financial needs some can be fairly flexible. You should expect a credit ck and to provide proof of employment to show that you can be successful at the purchase. ... more
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Wed Apr 23, 2008
Ninah Hunter answered:
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.
... more
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