Why Buy A Home In The Rocky Mountain Real Estate Market? – Christa Madrid
On this episode of The Closing Table, we sat down with Christa Madrid!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Christa Madrid…
The conversation began with Christa revealing aspects of her life beyond the realm of real estate. She proudly identifies as a mother and grandmother, treasures the bonds of friendship, and finds solace in an active lifestyle that includes activities like hiking and working out. Her interests span the spectrum from the solitary pleasures of reading and writing poetry to the joy of social interactions. Now, let’s delve into the real estate landscape through her perspective.
Christa’s real estate services primarily cater to the Denver Metro area, encompassing multiple counties. However, her reach extends beyond the metro area, with transactions spanning as far as 72 miles to the northwest and two hours northeast, including locations like Brush, Colorado, and Pablo, Colorado. She’s also provided valuable consultations in Trinidad, Colorado, her hometown.
In this unique real estate landscape, both in Denver and across Colorado, the market’s dynamics are heavily influenced by fluctuating interest rates. Christa notes that the recent increase to approximately 7% has sparked concerns among potential buyers. With each percentage point rise, the purchasing power of buyers decreases by an average of $50,000. To illustrate, individuals initially seeking homes in the $500,000 range may now find themselves searching for properties priced around $400,000. In this high-demand, low-inventory market, where the median entry price is already steep, such shifts can profoundly impact house-hunting options.
Christa’s advice to her clients is straightforward: find the right home, marry the home, and date the interest rates. She emphasizes that refinancing is a viable option down the road. Additionally, she highlights that some lenders are going the extra mile by offering innovative solutions, such as complimentary refinancing or excluding their commissions from loan costs, to assist buyers in securing their desired homes.
When it comes to clients seeking second homes, vacation properties, or investment opportunities in the mountains, Christa acknowledges these unique demands but clarifies that she does not specialize in mountain real estate herself. She emphasizes the need for a specialized approach, emphasizing her commitment to ensuring her clients receive the expertise they deserve.
Christa recognizes that mountain living is distinct from metropolitan living in many aspects. Specialized agents are crucial for these transactions due to the unique price points and loan requirements involved. Mountain regions may lack access to public utilities such as water and sewage systems, requiring the use of specialized mountain utilities. Even basic services like Internet connectivity can be challenging in remote mountain areas, where options from third-party providers are limited.
Drawing from her experience, Christa mentions that she has assisted clients living at the foothills of the mountains, where third-party internet providers offer limited connectivity. Given these complexities, she underscores the importance of entrusting such transactions to agents with the expertise required to navigate these specialized markets effectively.
Christa’s experience extends to situations where unconventional property features initially deterred potential buyers but ultimately revealed hidden potential. One notable instance involved a sprawling 3000 sq. ft. home that languished on the market for two years. This unique property boasted an open floor plan and an unexpected feature—an indoor swimming pool. Unfortunately, the pool had fallen into disuse and disrepair, obscuring the property’s potential.
To revive interest in the home, the solution was to cover the pool, transforming the space into a more versatile living area. Additionally, the property required not one but two solar systems to power its expansive size. Situated on a perfectly square acre of land, its intriguing history added to its allure. Originally, the property served as a bomb bunker owned by the US Air Force, which later expanded it to include a garage.
Remarkably, this property was strategically located to avoid severe weather events, sheltered from hail and tornadoes. Its unique position, both in terms of history and geographical location, made it a captivating listing. It stood in unincorporated Arapahoe County, distinct from the surrounding Aurora area, owing to its former military ownership. This captivating narrative showcases the ability to transform an unconventional property into a remarkable opportunity.
In her role as a Senior Residence Specialist, Christa has navigated the emotional challenges of helping clients downsize. She highlights the profound attachment many seniors have to sentimental items, often their last tangible connection to family. As people age, familial visits tend to decrease, making these cherished possessions even more precious. Christa’s experiences underscore the delicate balance of compassion and practicality required in such situations. Helping seniors part with cherished items often means helping them let go of a piece of their hearts. This emotional aspect of downsizing represents a significant obstacle, but Christa’s guidance focuses on easing the transition for her clients.
In a profession that involves frequent interactions with various individuals, safety can sometimes become a concern. Christa recounts an unsettling incident from earlier in the spring, highlighting the vulnerability of some elderly clients. During a property viewing with an investor, they stumbled upon an unexpected and unsettling discovery—a man hiding in a closet within the 900 sq. ft. home they were exploring.
This unnerving experience led to a quick and instinctual response. Christa promptly secured the door, preventing any further intrusion into the property, and questioned the individual’s presence. The man, already in his early 70s, explained that his agent had advised him to stay out of the way during the showing.
When asked about the most elaborate gift she’s given or seen given to a client upon closing a property, Christa’s perspective on “elaborate” is refreshingly subjective. She explains her approach to closing table gifts, which centers around humor and practicality. These gifts consist of house-shaped boxes containing easy-to-prepare food items, designed to simplify the moving process for new homeowners. The thoughtful gesture not only brings a smile to her clients’ faces but also eases the transition into their new homes. Christa emphasizes that her elaborate gifts often extend beyond material possessions and frequently involve services like home warranties, purchasing appliances, or offering babysitting and pet sitting services. For her, the essence of an elaborate gift lies in its ability to enhance the client’s experience, whether through convenience or care.
Christa’s brokerage may not dictate participation in local events, but she and her business partner actively engage with the community through various initiatives. She expresses her enthusiasm for events and the opportunity they provide to connect with people. By being visible at such events, they convey a commitment to their community, fostering a sense of trust and reliability among potential clients. This involvement ensures that when people require consultations or referrals, they know they can rely on agents who actively show up and engage with the community.
The conversation wraps up with Christa reflecting on her journey. She shares significant lessons she’s learned. First and foremost, she discovered her innate knack for connecting with people, a trait that might have surprised those who knew her during her 19.5-year stint in the tech field. She recognizes the importance of balancing her love for people with her need for personal time and the ability to gauge her own patience and energy levels.
In terms of the industry, Christa views it as a dynamic and ever-evolving entity. She emphasizes that it is a living, breathing creature, challenging any notion of static stability. She draws upon her experience of entering the real estate market nine years ago, where she encountered a highly competitive landscape with soaring interest rates and an abundance of offers on homes. This contrasts with the subsequent period of low interest rates, which sparked heightened demand and escalated home prices. These experiences underscore the industry’s constant state of flux, requiring adaptability and a keen understanding of market dynamics.
Check out Christa Madrid:
Facebook: https://www.facebook.com/cmad100
Facebook Business Page: https://www.facebook.com/christamad
Instagram: https://www.instagram.com/christa.madrid/?hl=en
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