Real Estate Information Archive

Blog

Displaying blog entries 1-2 of 2

HARRY'S BI-WEEKLY UPDATE

by Harry Salzman

Stationery header

Visit Website

November 20, 2013

 

 

HARRY’S BI-WEEKLY UPDATE

            A Current Look at the Colorado Springs Residential real estate Market

 

 

As part of my Personal Service, it is my desire to share current real estate issues that will help to make you a more successful and profitable buyer or seller.

             

   

 

IT’S TIME AGAIN TO GIVE THANKS….

 

…and I start with you, my readers, clients and friends.  My relationship with you, whether on a personal, professional or combination level of both is reason for me to give thanks every day—not just once a year.  In my 40 plus years in the real estate business, I’ve been so fortunate to have met so many families whose lives I’ve helped enhance through home purchases or investments.  You have trusted and allowed me to help you make some of the biggest monetary decisions of your lives and I in return have had the pleasure of seeing your families grow and prosper.  In fact, today I find myself working with children and grandchildren of some original clients.  And I continue to help relocate those same original clients to either homes more suitable to their “empty nest” situations or to other cities to be closer to family or friends. 

 

For your confidence, your referrals and most importantly your friendship, THANK YOU…THANK YOU…THANK YOU.

 

I wish you all a very special holiday and to all my Jewish clients, I want to add a “Happy Chanukah” since these two holidays coincide this year for a once in our lifetime event!

 

 

LATEST QUARTERLY METRO AREA REPORT SHOWS STRONG GROWTH CONTINUING

Realtor.org 11.7.13

 

The majority of metropolitan areas represented in the recently released quarterly report from the National Association of Realtors continue to show robust year-over-year price gains. 

 

“The median existing single-family home price increased in 88 percent of measured markets, with 144 out of 163 metropolitan statistical areas (MSAs) showing gains based on closings in the third quarter compared with the third quarter of 2012.

 

Lawrence Yun, NAR chief economist, said market momentum is changing. ‘Rising prices and higher interest rates have taken a bit out of housing affordability,’ he said.  ‘However, we have the ongoing situation of more buyers than sellers in the market, so lower sales will help to take the pressure off home price growth and allow them to rise slowly at a single-digit growth rate in 2014.’

 

The national median existing single-family home price was $207,300 in the third quarter, up 12.5 percent from $184,300 in the second third of 2012, which is the strongest year-over-year increase since the fourth quarter of 2005 when it jumped 13.6%.”

 

Colorado Springs had a strong quarter with sales prices increasing 7.8% over the same period last year.  It is important to note that while our area has had a consistent 5.8% annual sales price growth over the years, we were not as badly affected by the downturn as many cities.  The last four quarters were 2% greater than our long term appreciation. 

 

For a detailed look at the full three page report from NAR, please click here.  If you have any questions concerning this report please don’t hesitate to call me at 598.3200.

 

 

TOP LENDERS FORECAST housing market GAINS DESPITE NEW ABILITY-TO-REPAY RULES

Realtor.org 11.11.13

 

As I’ve been telling you, the “Qualified Mortgage”, or ability-to-repay rule, goes into effect in January 2014.  While this more than likely means longer turn-around times and heavy documentation requirements, Realtors were told to expect continued market growth in 2014 by some of the biggest names in mortgage lending.

 

The new rules will likely affect first time Buyers the most and lenders are preparing new learning tools to help these consumers be ready even before they find the house they want to purchase.

 

Doing your homework is going to be more and more important in this new environment where significant documentation will be required of Buyers and lenders will face strict penalties if a loan is made outside of the specific criteria.

 

That’s where I come in.  My relationship with lenders has always been a plus for my Buyers and Investors and it will certainly pay off in this “new’ environment.  It is going to be a common goal for me, you, and the lenders to find the way to make home buying and selling as stress free as possible while complying with new regulations. 

 

Let me point out that there is still a little time left in 2013 to take advantage of not only the continuing low interest rates but also to slide in under the need for more documentation and longer closing times. 

 

If you or any family member or co-worker is in the market today, don’t waste another minute.  Give me a call at 598.3200 or email me at Harry@HarrySalzman.com and let’s get the dialog moving.

 

 

FORECLOSURES SLOW IN THIRD QUARTER

 

Colorado Springs has continued its slow foreclosure activity due to an improved economy as well as a price rebound that has helped property owners avoid foreclosure. 

 

While we have had fewer foreclosures than many markets in the U.S., those homeowners who were at one time underwater are now seeing their home values increasing and allowing them to have enough equity to sell or refinance. 

 

 

JOKE OF THE DAY  (Doc-Doc Joke)

 

A man is sitting at home one evening when the doorbell rings.  He answers the door to find a six-foot-tall cockroach standing there.  The cockroach immediately punches him between the eyes and runs off.  The next evening, the man is sitting at home again when the doorbell rings.  He answers the door, and the same cockroach is outside.  This time, it punches him, kicks him and karate-chops him before running away.  The injured man manages to crawl to the phone and call an ambulance.  He is rushed to the hospital where the doctors save his life.  The next morning, a doctor asks him what happened.  The man explains the attacks by the six-foot-tall cockroach.  The doctor thinks for a moment and says, “Yes, I hear there’s a nasty bug going around.”

 

 

FEATURED LISTING       

 

Image Unavailable

10859 Huron Peak PL

Price: $360,000

Beds: 5

Baths: 4

Sq Ft: 4290

Fabulous Home, 2-story, Dynasty Model with finished Basement* Stunning and spacious with all your wants and wishes* Dazzling Pikes Peak Views* All stucco exterior* 5BD, 4BA, 3 Car Garage* Central Air* Crown molding* Ceiling Fans* Home has hardwood f...

View this property >>

 

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 

 

Stationery Footer

 

HARRY'S BI-WEEKLY UPDATE

by Harry Salzman

Stationery header

Visit Website

November 4, 2013

 

 

HARRY’S BI-WEEKLY UPDATE

          A Current Look at the Colorado Springs Residential real estate Market

 

 

As part of my Personal Service, it is my desire to share current real estate issues that will help to make you a more successful and profitable buyer or seller.

EVERYDAY IS VETERAN’S DAY…

 

November 11th is the day we officially celebrate Veteran’s Day.  However, there isn’t a day that I’m not grateful for the many sacrifices made by the men and women in our military, both past and present.  Living in Colorado Springs with all its military population, there is a constant reminder of just how many families are affected by the service these people provide.  I go to bed each night secure in the knowledge that the life I have been allowed to live is due in great part to the sacrifices made, both today and in the past.  Let’s all take a minute today to appreciate and recognize the Veterans in our lives and communities.

 

 

AND NOW FOR OCTOBER’S GOOD HOUSING NEWS

Statistics provided by the Pikes Peak REALTORS Service Corp, or its PPMLS

 

October is historically a slower month in real estate, but this October didn’t follow that trend.  If you look at the numbers below, you can see that things are still moving in a positive way for El Paso and Teller Counties.  It’s interesting to note that 75% of the total sales in these counties are for homes sold for $300,000 or lower. 

 

Some highlights of the latest report, comparing October 2013 to October 2012 in PPAR include:

                     

                        Single Family/Patio Homes:

 

  • New Listings are 1,172, Up 6.0%
  • Number of Sales are 929, Up 17.0%
  • Average Sales Price is $247,712, Up 3.2%
  • Median Sales Price is $218,000, Up 3.0%
  • Total Active Listings are 3,913, Up 11.4%

 

                        Condo/Townhomes:

 

  • New Listings are 135, Up 13.4%
  • Number of Sales are 133, Up 23.1%
  • Average Sales Price is $151,209, Down 2.5%
  • Median Sales Price is $129,900, Down 3.6%
  • Total Active Listings are 438, Up 16.5%

 

In El Paso County, the Median Sales Price was $219,900 and the Average Sale price was $250,509.  Homes sold for 97.8% of the listing price.  You can look at the chart below to see where your neighborhood was trending in October.

 

COLORADO SPRINGS AREA MONTHLY SALES ANALYSIS*

 

                                                Median Sales Price               Average Sales Price

Black Forest                             $369,000                               $380,144

Briargate                                   $301,500                               $309,363                   

Central                                      $159,950                               $175,361

East                                           $165,000                               $191,931

Fountain Valley:                       $190,000                               $198,096

Manitou Springs:                     $400,000                               $400,380

Marksheffel:                             $220,000                               $250,299

Northeast:                                $220,000                               $239,110

Northgate:                                $245,000                               $390,465

Northwest:                               $307,500                               $341,558

Old Colorado City:                  $263,500                               $266,538

Powers:                                    $215,000                               $228,944

Southwest:                               $247,000                               $288,246

Tri-Lakes:                                 $391,884                               $416,863

West:                                         $216,250                               $285,555

*Statistics provided by the Pikes Peak REALTORS Services Corp,or its PPMLS.

 

To view the complete breakdown on any area listed here or to read the entire 12-page monthly report, please click here

 

More on this later, but as you can see, folks are beginning to understand that NOW is the time to sell and trade up, buy rather than rent or buy for investment purposes.  Housing prices are going up and new laws are soon going into effect that could prevent or prolong prospective buyers from obtaining financing.  And, with most houses still selling quickly, choices are becoming more and more limited.  Also, it’s worth noting that foreclosures in the Colorado Springs area have dropped to a ten-year low.  Considering we had fewer than most areas to start with, it appears the improved housing market has helped us in this area too.  However, that also means there are very few “bargains” to be found by Buyers or Investors. 

 

As a Seller if you want to take advantage of today’s market, it’s very important to price your home realistically and be creative and innovative in order to get it to closing before year’s end.  That’s where my 40 year plus experience can be invaluable.  I understand the market and am here to help you make the right financial decision for you and your family.   Call me at 598.3200 or email me at Harry@HarrySalzman.com today and let’s start talking.  Time is running out and if you’ve been waiting, either for better rates or higher prices for your present home, wait no more.  I can guarantee that after January 1 it’s going to be tougher for everyone due to the changes in the law, which I explained in detail in my last eNewsletter.

 

 

MORTGAGE RATES FALL AGAIN

 

According to Freddie Mac, October 31 saw the following national average in mortgage rates—the lowest levels since this past June.

 

  • 30-year fixed-rate mortgages averaged 4.125%
  • 15-year fixed-rate mortgages averaged 3.25%
  • 5-year hybrid adjustable-rate mortgages averaged 2.75%

 

That’s a big WOW and certainly a great incentive to those wanting to act now.  These rates won’t be around for long and all signs point to rates moving up at least one percentage point by this time next year.  And that’s even if you can get the financing, due to the new regulations.  I can’t reemphasize enough that this is the time to act.  None of us know exactly how the new law will effect rates and the ease of obtaining financing but we do know that it’s going to cost more and that credit worthiness will not translate to mortgage loan availability. 

 

 

BUYING CHEAPER THAN RENTING

 

In the 100 largest metro areas, buying a home is 35% cheaper than renting according to Trulia economist Jed Kolko.  This is one of the reasons that home prices are still going up, although at a slower pace than earlier in the year. 

 

“Home value appreciation is better when it’s boring,” says Stan Humphries, Zillow economist.  “It’s good to see the pace of home value appreciation moderate, allowing the market to get back into a more sustainable balance and not topple over.”

 

What does this mean to you?  If you are a renter, now is the time to start considering a starter home.  If you wait until after the first of the year, things are sure to be tougher in terms of interest rates and/or getting loan approval.  Call me soon so we can see if there’s a way to move you from a Renter to an Owner and put some extra money in your pocket at the same time. 

 

 

BUILDERS ARE TARGETING HIGHER END

 

According to an article in last week’s Wall Street Journal, “newly built homes in the U.S. are getting pricier as better-heeled buyers have rebounded more quickly from the recession than entry-level buyers, spurring home builders to go upscale to match the shift.”

 

This is the case in the Colorado Springs area, too.  However, don’t despair.  There ARE some homebuilders who are still providing more affordable homes for first-time buyers.  The biggest problem now is going to be the financing available as I mentioned earlier.  If you are in the market for a home now, it’s probably going to be in your best interest to consider a previously owned home as a starter because you will more than likely be able to get in sooner and not be affected by the new lending regulations.  This is a personal decision and one I will be happy to discuss with you in order to help you make a sound financial decision. 

 

 

real estate MARKET PREDICTIONS FOR 2014—HOUSING FORECAST, OUTLOOK AND TRENDS

homebuyinginstitute.com 10.26.13

 

Some interesting thoughts from an article I recently read:

 

Eight Housing and real estate Market Predictions for 2014

 

  • Home prices will continue to rise in most U.S. cities—various sources have predicted gains of 4%-5% in 2014. 

 

  • The hottest markets of 2013 will cool in 2014—places like San Francisco, Las Vegas and Phoenix—those that saw the biggest drops in housing values

 

  • Local economics will drive housing trends in 2014, as they have since the market crashed

 

  • Florida’s housing market will be one of the big stories of 2014—inventory there is finally dropping due to job gains and other economic improvements

 

  • Investors will back off, leaving more room for “regular” Buyers—as prices rise there will be less “flipping” and investment buying due to fewer type of “deals” they seek

 

  • Market conditions in most cities will continue to favor Sellers over Buyers—fewer available homes will increase competition and “realistic” selling prices will continue to benefit Sellers

 

  • The QM (Qualifying Mortgage) rule will define the mortgage marketthis is significant to Buyers and refers to the Dodd-Frank Act that I previously mentioned,  which takes effect on January 10, 2014.  The purpose of the Act is to make loans less risky, but in doing so, it’s going to be tougher and tougher to get loan approval, even with great credit.  Again—if you have been waiting—better ACT NOW.

 

  • Mortgage rates will rise above 5% sometime in 2014—nothing new here.  We’ve been predicting this for awhile now.  The Housing Stimulus Program is expected to taper off later this year or in early 2014 and with it will go the historic rates we see now.

 

Obviously these predictions are based on current conditions in the housing market and such conditions are subject to change.  They are the equivalent of an educated guess, but I’ve always felt it better to be “safe than sorry”.  And for the final reminder in this eNewsletter—if you are on the fence—time to jump—or at least to call me and discuss the possibilities.  The more regulation—the more complicated it is going to be.  Let me help take you over whatever hurdles necessary while there is still time.

 

 

JOKE OF THE DAY  (ode to the end of another Baseball Season)

 

Two 90-year old men, Moe and Sam, have been friends all their lives.  Sam is dying, so Moe comes to visit him.  “Sam,” says Moe, “you know how we both loved watching Sky Sox baseball all our lives?  Sam, you have to do my one favor.  When you go, somehow you ‘ve got to tell me if there’s Sky Sox baseball in heaven.”

 

Sam looks up at Moe from his deathbed and says, “Moe, you’ve been my friend for many years.  I’ll do that for you.”  And with that, he passes on.

 

It is midnight a couple of nights later.  Moe is sound asleep when a distant voice calls out to him, “Moe…Moe…”.

 

“Who is it?” says Moe, sitting up suddenly.  “Who is it?”

 

“Moe, it’s Sam.”

 

“Come on.  You’re not Sam.  Sam died.”

 

“I’m telling you,” insists the voice.  “It’s me, Sam!”

 

“Sam?  Is that you?  Where are you?”

 

“I’m in heaven,” says Sam, “and I’ve got to tell you, I’ve got some good news and some bad news.”

 

“Tell me the good news first,” says Moe.

 

“The good news,” says Sam, “is that there is Sky Sox baseball in heaven.”

 

“Really?” says Moe.  “That’s wonderful.  What’s the bad news?”

 

“You’re pitching Tuesday!”

 

 

FEATURED LISTING       

Image Unavailable

1237 Timber Run HT

Price: $180,000

Beds: 3

Baths: 3

Sq Ft: 1625

Beautiful 2-story end unit townhome, half brick* Attached two car oversized garage* Views from the second story of the Front Range & historic Air Force Academy Chapel* UL 3 large BR, 2 1/2 BA* Master bedroom with vaulted ceiling* Twin vanities in bo...

View this property >>

 

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 

 

Stationery Footer

 

Displaying blog entries 1-2 of 2

Syndication

Categories

Archives

Contact Information

Photo of Harry A Salzman Real Estate
Harry A Salzman
ERA Shields / Salzman Real Estate Services
5475 Tech Center Drive, Suite 300
Colorado Springs CO 80919
719-593-1000 or Toll Free: 800-677-MOVE(6683)
Cell: 719-231-1285
Fax: 719-548-9357

Quick Search

Listing Alerts

Be the first to know what's coming up for sale in the Colorado Springs real estate market with our New Property Listing Alerts!

Just tell us what you're looking for and we'll email a daily update of all homes listed for sale since your last update. You can unsubscribe at any time.

Get Notifications

Contact Us

Our office is located at:
5475 Tech Center Drive, Suite 300
Colorado Springs, CO 80919

719-598-3200
719-598-4210
Harry@HarrySalzman.com

Contact Us Online