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HARRY’S WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

Surprise, it's already Monday AGAIN!!  Hope everyone enjoyed their holiday with friends, family and TURKEY.  Last week's update went out and we found that many of our readers started their holidays quite early, so...we decided to share last week's information with you again. Of course , we always want all of our readers to be kept up to date on all the latest real estate news. So for the really fresh stuff come by our office or just give us a call. Enjoy.

HERE ARE SOME FORCASTED STATISTICS FROM THE 2012 NATIONAL REALTORS CONFERENCE AND EXPO

            RISMedia, DSNews.com, Realtor Magazine, 11.12.12

• The housing market recovery should continue through the coming years, assuming there are no more limitations on the availability of mortgage credit.

• According to Lawrence Yun, chief economist of the National Associate of Realtors, “Existing-home sales, new-home sales, and housing starts are all recording notable gains this year in contrast with suppressed activity in the previous four years and all of the major home price measures are showing sustained increases.”

• Yun also sees no signs of increased inflation in 2013 but predicts it to be in the 4-6 percent range by 2015 due to the federal budget deficit likely pushing up borrowing costs and raising inflation well above 2 percent.

• Inflationary pressures are being raised due to rising rents, qualitative easing (the printing of money), federal spending outpacing revenue, and a national debt which is roughly equal to 10 percent of Gross Domestic Product.

• Mortgage interest rates are forecast to rise gradually and should average 4.0 percent next year and 4.6 percent by 2014 due to the inflationary pressure.

• Meaningful higher home prices are predicted by Yun. This is due to rising demand and an ongoing decline in housing inventory.  The national median existing-home price should rise 6.0 percent to $176,100 for all of 2012 and increase another 5.1 percent next year to $185,200.  He forecasts comparable gains in 2014.

• Yun said, “real estate will be a hedge against inflation, with values rising 15 percent cumulatively over the next three years, also meaning there will be fewer upside-down owners.  Today is a perfect opportunity for moderate-income renters to become successful home owners, but stringent mortgage credit conditions are holding them back.”

• Home sales and construction depend on steady job growth which we are seeing, but  we have thus far only regained half of what was lost during the recession. 

• Yun indicated that four years from now there will be a much greater disparity in wealth distribution.  “People who purchased homes at low prices in the past couple years, including many inventors, can expect healthy growth in home equity over the next four years, while renters who were unable to get into the market will be in a weaker position because they are unable to accumulate wealth,” he said.  “Not only will renters miss out on the price gains, but they’ll also face rents rising at faster rates.”

For those of you who have been reading my eNewsletters, this is not anything new.  I’ve been telling you for some time that this is happening and sitting and “waiting it out” isn’t an option anymore for those who are looking to buy, either first homes, moving-up homes or simply for investment.  Prices are on the rise, rental rates are up and continuing to go up and mortgage rates won’t be this low for much longer.  Need I say more?  Give me a call at 598.3200 and let’s discuss how you can benefit from the above statistics.  It’s my job to help all my clients be in top tiers of that wealth disparity that Yun is talking about.

THIS WEEK I'M GIVING THANKS FOR YOU

As Thanksgiving approaches, I'm aware of the many things for which I have to be thankful.  And right at the top of that list is you-- my friends, clients and readers--new and old--who have let me into your life and have shared so much with me.  I have developed long term relationships with many of you and find myself now working with your family members to help them in the same manner in which I have always tried to help you.  I am thankful for your support and friendship and look forward to continue working with you and your family for many years to come.

I wish all of you a very Happy Thanksgiving.

WE’RE HERE TO SERVE ALL YOUR real estate NEEDS

Whether you’re considering buying, selling, investing or simply need help in making an informed decision about what fits your individual housing or investment needs, we’re here to help.  Just give us a call at 598.3200 or 800.677.MOVE (6683) today.

And if you have a friend, family member or co-worker who wishes to buy or sell local real estate, or who is planning a move to the Pikes Peak region, remember—I’ve got more than 40 years of experience in providing relocation and Real Estate services to clients throughout the world.  I am uniquely qualified to assist them in making the best decision for their individual wants and needs and always take that into consideration when negotiating on their behalf.  Have them contact me at Harry@HarrySalzman.com and I will be happy to add them to our eNewsletter list, or better still, send me a note with their email address and I will take care of it right away.

JOKE OF THE WEEK

There was once a young man who, in his youth, professed a desire to become a “great” writer.  When asked to define “great” he said “I want to write stuff that the whole world will read, stuff that people will react to on a truly emotional level, stuff that will make them scream, cry, wail, howl in pain, desperation and anger!”

He now works for Microsoft writing error messages.

FEATURED LISTING

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

email: Harry@HarrySalzman.com

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs 

Visit Website

November 19, 2012

HARRY’S WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

HERE ARE SOME FORCASTED STATISTICS FROM THE 2012 NATIONAL REALTORS CONFERENCE AND EXPO

            RISMedia, DSNews.com, Realtor Magazine, 11.12.12

• The housing market recovery should continue through the coming years, assuming there are no more limitations on the availability of mortgage credit.

• According to Lawrence Yun, chief economist of the National Associate of Realtors, “Existing-home sales, new-home sales, and housing starts are all recording notable gains this year in contrast with suppressed activity in the previous four years and all of the major home price measures are showing sustained increases.”

• Yun also sees no signs of increased inflation in 2013 but predicts it to be in the 4-6 percent range by 2015 due to the federal budget deficit likely pushing up borrowing costs and raising inflation well above 2 percent.

• Inflationary pressures are being raised due to rising rents, qualitative easing (the printing of money), federal spending outpacing revenue, and a national debt which is roughly equal to 10 percent of Gross Domestic Product.

• Mortgage interest rates are forecast to rise gradually and should average 4.0 percent next year and 4.6 percent by 2014 due to the inflationary pressure.

• Meaningful higher home prices are predicted by Yun. This is due to rising demand and an ongoing decline in housing inventory.  The national median existing-home price should rise 6.0 percent to $176,100 for all of 2012 and increase another 5.1 percent next year to $185,200.  He forecasts comparable gains in 2014.

• Yun said, “real estate will be a hedge against inflation, with values rising 15 percent cumulatively over the next three years, also meaning there will be fewer upside-down owners.  Today is a perfect opportunity for moderate-income renters to become successful home owners, but stringent mortgage credit conditions are holding them back.”

• Home sales and construction depend on steady job growth which we are seeing, but  we have thus far only regained half of what was lost during the recession. 

• Yun indicated that four years from now there will be a much greater disparity in wealth distribution.  “People who purchased homes at low prices in the past couple years, including many inventors, can expect healthy growth in home equity over the next four years, while renters who were unable to get into the market will be in a weaker position because they are unable to accumulate wealth,” he said.  “Not only will renters miss out on the price gains, but they’ll also face rents rising at faster rates.”

For those of you who have been reading my eNewsletters, this is not anything new.  I’ve been telling you for some time that this is happening and sitting and “waiting it out” isn’t an option anymore for those who are looking to buy, either first homes, moving-up homes or simply for investment.  Prices are on the rise, rental rates are up and continuing to go up and mortgage rates won’t be this low for much longer.  Need I say more?  Give me a call at 598.3200 and let’s discuss how you can benefit from the above statistics.  It’s my job to help all my clients be in top tiers of that wealth disparity that Yun is talking about.

THIS WEEK I'M GIVING THANKS FOR YOU

As Thanksgiving approaches, I'm aware of the many things for which I have to be thankful.  And right at the top of that list is you-- my friends, clients and readers--new and old--who have let me into your life and have shared so much with me.  I have developed long term relationships with many of you and find myself now working with your family members to help them in the same manner in which I have always tried to help you.  I am thankful for your support and friendship and look forward to continue working with you and your family for many years to come.

I wish all of you a very Happy Thanksgiving.

WE’RE HERE TO SERVE ALL YOUR real estate NEEDS

Whether you’re considering buying, selling, investing or simply need help in making an informed decision about what fits your individual housing or investment needs, we’re here to help.  Just give us a call at 598.3200 or 800.677.MOVE (6683) today.

And if you have a friend, family member or co-worker who wishes to buy or sell local real estate, or who is planning a move to the Pikes Peak region, remember—I’ve got more than 40 years of experience in providing relocation and Real Estate services to clients throughout the world.  I am uniquely qualified to assist them in making the best decision for their individual wants and needs and always take that into consideration when negotiating on their behalf.  Have them contact me at Harry@HarrySalzman.com and I will be happy to add them to our eNewsletter list, or better still, send me a note with their email address and I will take care of it right away.

JOKE OF THE WEEK

There was once a young man who, in his youth, professed a desire to become a “great” writer.  When asked to define “great” he said “I want to write stuff that the whole world will read, stuff that people will react to on a truly emotional level, stuff that will make them scream, cry, wail, howl in pain, desperation and anger!”

He now works for Microsoft writing error messages.

FEATURED LISTING

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

email: Harry@HarrySalzman.com

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs 

Visit Website

November 12, 2012

HARRY’S WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

ON VETERANS DAY….LET US ALL BE THANKFUL

I would be remiss if I didn’t start by paying my respects to Veterans and those currently in the military.  Living in Colorado Springs among a big military presence, I am reminded every day of the debt we all owe to the men and women who have served and continue to serve our Country. 

I have many friends and clients among them, and to all of you I want to say….Thanks.  It’s because of you that all the rest of us can go to sleep at night and go about our day without the worries so many people in the rest of the world experience.  It is because of you we can have a Presidential election peacefully, and power can change hands without bloodshed.

So, while I am aware of this on a daily basis, Veterans Day gives me the opportunity to publically say again….Thank You.

3^RD QUARTER METRO AREA STATISTICS SHOW STRONG INCREASES, SALES UP

The just published “Median Sales Price of Existing Single-Family Homes for Metropolitan Areas” from the National Association of Realtors (NAR) has great news all around. As always, we track  comparison of the Colorado Springs metropolitan area against the other 148 metro areas in the survey.  This information is so important that many other publications provide their take on it.  I will share some of that in a minute.  This most important hightlights are:

• Median home prices across the USA are 7.6% higher than a year ago
• Colorado Springs Metro Area is up 6.4%--a major gain for our area as I will explain further on

Lawrence Yun, NAR chief economist has said the growth in home prices gets down to supply and demand.  “Housing inventories have been gradually trending down from a record set in the summer of 2007, and earlier this year a broad equilibrium began to develop in most areas between the home buyers and sellers, which led to a sustained upturn in home prices.  We expect fairly normal appreciation patterns in 2013, but there is a risk of price acceleration if builders are unable to increase supply to meet the needs of our growing population and household formation.”

Nationally, the median exisiting single-family home price was $186,100—up 7.6% from $173,000 a year ago.  This is the strongest year-over-year increase since first quarter 2006 when the median price rose 9.4%. 

NAR President Moe Veissi of Miami said affordability conditions are a big factor in rising sales.  “Historically low mortgage interest rates are encouraging many buyers who were on the sidelines,” he said.  “Sales this year are notably higher than the levels seen in 2008 through 2011, so we’re clearly in a recovery phase with rising sales, declining inventory and rising prices.  Of course, the recovery would be stronger and more stable if we could return to safe but sensible mortgage underwriting standards.”

The Wall Street Journal  wrote last Thursday that this survey is the “latest evidence that the real-estate recovery is gaining momentum and breadth…All told, low home prices, rising rents and a slowly improving economy have given more Americans the motivation and confidence to become homeowners.  About 72% of respondents said it was a good time to buy a home, according to a monthly survey Fannie Mae issued Wednesday.”  They went on to say that “while many consumers expect home prices to rise only modestly over the next year, they believe rental rates will continue to climb, further motivating them to buy.”

Click here to view the survey in its entirety. 

Now about Colorado Springs…..as I’ve told you in the past, our Metro area has never been among the highest appreciating cities, nor one of the cities that was considered “upside down negative” during my 40 years in this business.

Locally, the long term appreciation has been almost 6.0% per year.  The current median sales price of existing single-family homes for Colorado Springs is 6.4% compared to a year ago, a percentage derived through all MLS sales during that 12 month period in our area.  Our median price is now $206,100, up from $193,700 at the end of 3^rd quarter last year.

A good reason that the national median price gain is above our local one is that most metro areas in the survey had a much lower price drop in the past few years than we did.  Therefore, the gain we see from our traditional one is a good sign that we are doing better than normal in single-family sales.

Again, folks, look at the trend and remember what I’ve been telling you….there is no better time than now if you are in the market for a single family home, whether to live in or for investment purposes.  Call me at 598.3200 and let’s talk about your options before prices and interest rates start climbing higher.

HERE’S A BRAND NEW JUSTIFICATION TO BUY A HOME TODAY

We don’t believe you’ve heard this one yet, but The Wall Street Journal has been writing that:

• Investors are more optimistic about the housing sector than about the broader economy, remaining bullish on home builders
• Stock market prices of home builders have surged
• Optimists say they believe the US housing recovery is still in it’s initial phase, leaving plenty of room for those stocks to keep rising
• New home sales jumped 5.7% in September
• Prices of new homes are always higher than re-sale homes.  More people are buying new homes today since the years 2006-2007.

The Dow Jones U.S. Home construction Index is up 80.3% as of October 26, 2012 from January 1, 2012.  The Standard and Poor over the same time of almost ten months increased 12.3%.  Therefore, shares of public companies in the home building industry performed higher than 500 companies in S&P by almost 7 times better in 2012.

Since public investors are stating loudly that “Now is the Time” that more buyers are purchasing a home, heed their advice (and ours) and take a closer look at today’s real estate market from your personal perspective. 

Call us to compare your options of buying a home today vs. other investments you could make (i.e. mutual funds, stocks, bonds, etc.).  As always, we suggest you check with your personal accountant in addition to talking with us. 

RESIDENTIAL real estate SEEN AS A GREAT WAY TO BUILD WEALTH

In the past week, NAR has published several articles explaining why Residential real estate is again in the forefront of buyers minds when they consider funding their retirement.  A number of first time investors are looking at their purchases an a supplement to their present income while considering the possibility of increased value at the point when prices rise high enough for them to sell.

Reasons include:

• the rental market’s strong performance and the vacancy rate dropping to a 10 year low in the 2^nd quarter of this year
• the percentage of Americans who have been waiting to buy a home because of concerns over the economy has dropped by more than half since 2010
• low mortgage rates

We’ve been telling you much of this over the past year and for good reason—we don’t want you to miss out on a great opportunity to invest while the market is hot.  These opportunities won’t be around forever and if you’ve been thinking about investing, the time is NOW. 

WE’RE HERE TO SERVE ALL YOUR real estate NEEDS

Whether you’re considering buying, selling, investing or simply need help in making an informed decision about what fits your individual housing or investment needs, we’re here to help.  Just give us a call at 598.3200 or 800.677.MOVE (6683) today.

And if you have a friend, family member or co-worker who wishes to buy or sell local real estate, or who is planning a move to the Pikes Peak region, remember—I’ve got more than 40 years of experience in providing relocation and Real Estate services to clients throughout the world.  I am uniquely qualified to assist them in making the best decision for their individual wants and needs and always take that into consideration when negotiating on their behalf.  Have them contact me at Harry@HarrySalzman.com and I will be happy to add them to our eNewsletter list, or better still, send me a note with their email address and I will take care of it right away.

JOKE OF THE WEEK

I have been in many places, but I’ve never been in Cahoots.  Apparently, you can’t go alone.  You have to be in Cahoots with someone.

I’ve also never been in Cognito.  I hear no one recognizes you there.

I have however, been in Sane.  They don’t have an airport; you have to be driven there.  I have made several trips there, thanks to my friends, family and work.

I would like to go to Conclusions, but you have to jump, and I’m not too much on physical activity anymore.

I have also been in Doubt.  That is a sad place to go, and I try not to visit there too often.

I’ve been in Flexible, but only when it was very important to stand firm.

Sometimes I’m in Capable, and I go there more often as I’m getting older.

One of my favorite places to be is in Suspense.  It really gets the adrenalin flowing and pumps up the old heart.  At my age I need all the stimuli I can get.

And, sometimes I think I am in Vincible but life shows me I am not!

FEATURED LISTING

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

email: Harry@HarrySalzman.com

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs 

61 Newport CR 61 & 63

Duplex* Desirable Broadmoor area* Very private and quiet* Super location* Great income possibilities* Currently tenant occupied* Cul-de-sac with Mountain Views* Private fenced back yard* UL and ML Units, each with own LL single garage with garage do...

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