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HARRY'S BI-WEEKLY UPDATE

by Harry Salzman

February 25, 2013

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

 

 

4th QUARTER METRO AREA HOME PRICES--STRONGEST PERFORMANCE IN 7 YEARS

National Association of Realtors

 

 

The just published “Median Sales Price of Existing Single-Family Homes for Metropolitan Areas” from the National Association of Realtors (NAR) has great news again. As always, we track  comparison of the Colorado Springs metropolitan area against the other 152 metro areas in the survey.  This most important highlights are:

 

  • Median home prices across the USA are 10% higher than a year ago

 

  • Colorado Springs Metro Area is up 11.5% from a year ago, which translates to 15% better than the median sales prices across the USA

 

 

The median existing single-family home price rose in 133 out of 152 metropolitan statistical areas and Colorado Springs is one of those that showed significant performance. 

 

Lawrence Yun, NAR chief economist, said all the conditions for strong price growth are at play. “Home sales are on a sustained uptrend, mortgage interest rates are hovering near record lows and unsold inventory is at the lowest level in 12 years,” he said.  “Home sales are being fueled by a pent-up demand and job creation, along with still favorable affordability conditions and rents rising at faster rates.  Our population has been growing faster than overall housing stock, so supply and demand dynamics are very much at play.”  He added that more housing construction is needed to relieve some pressure to keep home prices from overheating. 

 

NAR’s national annual Housing Affordability Index, with breakouts for metropolitan areas rose to a record high 193.5 in 2012 from 186.4 in 2011.  The index is calculated on the relationship between median home price, median family income and average effective mortgage interest rate.  The higher the index, the stronger the household purchasing power.

 

An article in The Gazette this past Friday reiterated these same statistics, saying that U.S. home sales in January rose to the 2nd highest level in 3 years.    And REALTORMag reported that 88% of U.S. Cities have seen prices for single-family homes rise in the 4th quarter of 2012.

 

I’ve been telling you for more than a year to expect this and now it’s all happening even faster than I might have predicted.  As positive as this report is, there are now some problems arising.  Compared to the last few years, there are fewer homes on the market, days on the market are vastly shortened and rents are rising.  If you are considering buying a home, trading up or purchasing for investment purposes, NOW is the time.  It is going to take a bit longer to find what you are looking for in this market but fortunately you have me, with my 40 plus years of experience.   I have always enjoyed doing your homework for you and that gives you an advantage over the Buyers and Sellers who work with most other Realtors. 

 

To see the report in it’s entirety and to compare Colorado Springs to the other 152 metropolitan cities, please click here.  As always, I am here to answer any questions you many have from this survey or any real estate questions in general.  Just call me at 598.3200 or email me at Harry@HarrySalzman.com and I will be happy to help in any way I can.

 

 

FOREIGN BUYERS ARE JUMPING INTO THE U.S. SINGLE-FAMILY RENTAL MARKET

 

Several publications have reported that foreign firms are starting to snatch up single-family homes at a rate not previously seen.  Some of these are groups of private investors, others are large companies, but all have the same idea—either buy a number of foreclosures at a discount from the present mortgage holders or simply purchase directly from local Realtors and convert these properties to rentals in exchange for hoped for large gains when the U.S. housing market fully recovers. 

 

The Wall Street Journal reports that “the business of buying and renting houses, long dominated by local mom-and-pop investors, has morphed over the past two years into one of the hottest investments on Wall Street.  Investors from countries whose currencies are strong can outbid U.S. investors because they also are hoping to make money from foreign-exchange rate fluctuations.”

 

What does this mean to you?  Clients who I’ve talked with lately have considered either buying more investments properties or buying their first one.  Well, the time is ripe and with rental prices on the rise, I’ve got two things to tell you.  One--more renters are starting to look at home buying options.  Two--those renters that can’t qualify will be looking for a long term lease on a home.  

 

I am available to help in either scenario.  If you know someone who is currently leasing and tired of rising rents, have them call me and let’s see if we can help them get into a home of their own.  And for those of you looking for investment property, don’t wait too long.  Your choices are narrowing each month.  Haven’t you earned the right to receive a good rate of return as an investor/landlord?  If it’s a consideration, just call me at 598.3200 and I’ll help you determine the right financial option for you.

 

 

2013 WILL BE THE YEAR MANY BUY THEIR FIRST HOME

The Gazette/Wall Street Journal/Sunday, 2.24.13

 

Yesterday there was an interesting article reprinted in The Gazette from the Wall Street Journal that provided good suggestions to those who are considering buying their first home.  I was happy to see it in our local paper and find it especially appropriate advice for anyone looking to buy in today’s competitive, fast paced buying market.  Here are the highlights:

 

  • Stay Calm.  Don’t spend more than you can really afford and don’t get caught up in a bidding war.  Don’t wait until the last minute to look for a home you need NOW.

 

  • Make Your Best Offer.  Be realistic and bold, if necessary.  There is a danger of over-paying a little but if it’s the RIGHT house for you, you might go for it.  Don’t spend more than you can afford, though.

 

  • Check Credit.  You should know your credit report and credit score prior to meeting with a lender.  That way, any discrepancies can be cleared up and with a higher score you are in a better position to negotiate for your mortgage.  Credit reports can be checked at AnnualCreditReport.com where you are entitled to one free report annually from each of three credit-reporting companies at this site.

 

  • Account For Assets.  Obtaining a lender’s pre-approval is always a good idea and if you intend you use “gift or transfer funds” you need to be able to document that you are not simply borrowing that money or it will not be counted towards a down payment.

 

  • Bring A Big Down Payment.  If possible, bringing more than 20% for the down payment will help keep your offer competitive.

 

  • Be Nice.  This might include showing some flexibility on the closing date.  If all else is equal, the seller might be more concerned with a little flexibility on the part of the buyer rather than a little extra money.

 

  • Find A Good Agent.  That’s where I come in.  With more than 40 years experience in the local real estate arena, you know I’ve got your back and will make certain that you don’t make any costly mistakes.  This goes for first time buyers as well as those I’ve sold many homes to and for over the years.  I will always put your needs first and make certain that I can help you make a financial decision that is within your means, can satisfy your wants and provide a good, safe investment for you and your family.  I’m simply a phone call away at 598.3200 anytime you, your family members or friends are looking for a qualified real estate agent who will work for YOU. 

 

 

 

NOW A WORD TO SELLERS….THERE’S GOOD NEWS FOR YOU, TOO

 

With so much happening in the real estate market at once, I know some of you who have been waiting for your home values to rise are wondering if maybe now’s the time to think about listing your home. 

 

In the Colorado Springs market, sellers have more of an edge than they have had in many years.  The biggest reason is that the number of existing homes on the market has dropped dramatically and continues to do so.  Also, homes are selling much faster. 

 

I would be happy help you by doing a Fair Market Value Analysis of your home to determine it’s present value and whether or not it’s the right time for you to list it.  Just call me at 598.3200 and we can get the process started. 

 

 

SOMETHING TO THINK ABOUT….SOONER THAN LATER WOULD BE BETTER

 

No one likes to think about dying, but as it’s a fact of life, there is no better time than the present to think about your end-of-life-planning.  There are many things to be considered and your accountant and lawyer are among those who would be your best advisors in that area.  I’ve witnessed many problems that can occur when considerations about titles, home ownership and other such things haven’t been thought out in advance. 

 

In today’s tech savvy world, we’ve got things to consider like passwords, and on-line account information that needs to be protected as well as documented in case of death. 

 

There are usually unexpected financial hassles after a death, and it’s always a blessing when someone has taken the time to deal with as many of the foreseeable issues as possible.  I am not in a position to advise you as to the best way for you to handle your individual estate planning, but I always advocate that it’s better to be safe than sorry.

 

 

 

JOKE OF THE WEEK

 

 

Why did the chicken cross the road?

To get the New York Times.

Get it?

No.

Neither do I.  I get USAToday.

 

 

Why didn’t the hen cross the road?

Because she was too chicken.

 

 

Why did the baby cross the road?

She was stapled to the chicken.

 

 

Why did Colonel Sanders cross the road?

He heard there was a chicken on the other side.

 

 

Why did Colonel Sanders cross the road again?

He was being chased by a million finger-lickin’chickens.

 

What do you get when you cross a chicken with chewing gum?

Chicklets.

 

 

What do you get when you cross a hen with a banjo?

A chicken that plays a tune when you pluck it.

 

 

Why was the chicken so bad at baseball?

The kept throwing fowl balls.

 

 

Why didn’t the turkey finish his dinner?

He was already stuffed.

 

 

Why did the chicken cross the road in Texas?

To show the armadillo how it’s done.

 

 

Why did the Roman chicken cross the road?

She was afraid someone would Caesar.

 

 

Why did the muddy chicken cross the road and then back?

He was a dirty double-crosser.

 

 

What do you call it when a chicken stumbles as it crosses the street?

A road trip.

 

 

 

FEATURED LISTING


 

 

HARRY'S BI-WEEKLY UPDATE

by Harry Salzman

February 11, 2013

 

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs

Residential real estate Market

 

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HAPPY VALENTINE’S WEEK…

…and if you’re looking for a different kind of Valentine’s present….have you ever considered buying a new home for your family?  It’s the kind of gift that just keeps on giving!

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Need I say more?  If you or anyone you know are looking for that unique Valentine’s present…just give me a call at 598.3200 and let’s see how we can make that dream a reality.

 

A WONDERFUL JANUARY FOR real estate SALES

Quite often the weather in Colorado Springs this time of year is not always conducive to productivity in real estate sales.  However, this year is proving to be just the opposite.  Whether it’s the milder temperatures or just simply the booming Real Estate climate, we haven’t seen this amount of sales activity in January since 2007.

It’s been a number of years since I’ve had multiple offers on a one-day-old listing which ended up selling for over the listing price but that’s just one of the deals I handled last month.  I’ve been telling you for quite some time that this is where the real estate market is headed and it appears that we have crossed the threshold into happier times. 

To illustrate that, here are some highlights of the January 2013 PPAR Report for Single Family/Patio Homes (Year-over-year comparing January 2012 to January 2013)

  • Number of Sales660.  Up 39.2%
  • Average Sales Price---$227,575.  Up 11.1%
  • Median Sales Price---$205,000.  Up 19.0%
  • Inventory of Active Listings--2930Down 7.2%

Once again, these numbers demonstrate that now is the time to buy.  If you choose to wait, your housing cost will probably be higher and your choices not as good as what’s available today. 

To look at the PPAR Report in its entirety and see how your area is performing, please click hereAs always, I am available to answer any questions you may have or to help in any way you might need concerning your real estate needs.  Just give me a call at 598.3200 or email me at: Harry@HarrySalzman.com.

 

Home Builders had a great January too.  Pikes Peak Regional Building Department’s Report for January shows 178 permits compared to 85 permits in January 2012.

A strong rate of return to homeowners is one of the best indicators of a strong community such as Colorado Springs.  All signs point to a very positive and strong local housing sector and I’m proud to have been a “local” real estate Broker here for more than 40 years. 

I’m always happy to discuss our local market conditions and help not only those who reside here, but also those who are considering a move to our community.  If you know of anyone who is considering a move here, please give them my phone number or email and you know I will provide them with the same excellent level of service that I pride myself on giving to you all.

Some of you have been waiting to experience today’s increase in Fair Market Value and I am happy to meet with you to provide a Competitive Market Analysis of your current home.  You might be surprised at the probable sales price, along with the potential of additional proceeds this might entail.

Yes, the climate has already changed and we are no longer realizing a “Buyer’s Market” per se.  The pendulum seems to be right in the middle at the moment between Buyer and Seller.  What that means to you is that with a Market Value in the $200,000-250,000 range, the Seller is beginning to edge out the Buyer.  So, I’ll say it again.  Now is NOT the time to wait if you are thinking of selling, buying or investing.  Just give me a call so we can begin today.  As you can see, the tide is turning and you don’t want to be left out. 

JUST OFF THE PRESS…

THE SOUTHERN COLORADO ECONOMIC FORUM’S QUARTERLY UPDATES & ESTIMATES

Being a supporter of UCCS Southern Colorado Economic Forum, I received this quarterly update just two days ago and wanted to share it with our Readers even before general publication.  The full report is 17 pages long and you can click here to read it in full.  Here are some of the highlights I thought you would find interesting:

 

  • The best performing indicators included here are the new single-family permits (up 26.1%) and consumer sentiment (up 29.8%).  In addition, sales tax collections in Colorado Springs were up 8.9% over a year ago.
  • Analysis of the El Paso County Residential housing market (6 pages) shows that new residential permits were 819 higher in 2012 than in 2011 (up 58.5%).  2013 is starting off strong and support for residential construction is attributed to pent up demand, attractive pricing and record low mortgage rates.
  • While still early in the year, combined single-family permit activity is off to a strong start for 2012.  The Forum expects there will be approximately 420 more detached single-family and townhome permits issued in 2013 than in 2012.
  • At its Sixteenth Annual Forum in September 2012, the Forum forecasted growth in single- family home permits would be 6.5% in 2013. 
  • In MLS Activity, low inventory levels (listings) may constrain sales growth in 2013.  The decrease in supply of homes for sale coupled with an increase in sales of homes suggests equilibrium is returning to the local housing market.  As expected, this was accompanied by an increase in the price of homes sold.
  • The ratio of homes sold to total single family homes in El Paso county has proven to be a good indicator of strength/weakness in housing.
  • Market forces appear to have driven supply/demand to equilibrium as of June 2012.  The movement toward supply/demand balance was noted in the last several issues of the QUE.  Continued improvement in housing prices will depend on low mortgage rates and income and job growth.

The next several sections of the report include:

  • Colorado Springs Airport Trends
  • Colorado Springs Sales Taxes
  • New Car Registration Trends
  • Employment Trends and Wages
  • National Expectations
  • Misery Index (cute!)

It is with pleasure that Salzman real estate Services is able to share these statistics and forecasts with you as soon as they become available, each and every month or quarter, as applicable.   I would be happy to answer any questions you might have concerning the detailed reports and how they might affect you personally or just any question you might have concerning Real Estate in general.  Just call me at 598.3200.  Questions of a more personal nature might be better addressed to “Dear Abby”.  (cute?)

 

DOING THE HOMEWORK FOR YOU…JUST PART OF OUR JOB

In the past two weeks alone, I’ve attended three local presentations that have included Annual Forecasts based upon last year’s performance. 

We at Salzman real estate Services have always attended similar meetings in order to provide you with the most current Residential Real Estate Market conditions and forecasts.  Looking at the past is a very accurate way to predict the future and our business is no different than any other in that regard.  There are ups and downs and we want to help our clients take advantage of whichever market will serve them best.  That’s an important part of our job and one we take particular pride in doing well.

So you can rest assured that no matter which way the market swings, I will find a way to make it work to your advantage whenever possible.  Just remember….I provide you with this information so you can make informed decisions and what I’m telling at the moment is….NOW is the time to act if you have any thoughts of buying, selling or investing.  It’s a lot easier to help you when the market is starting to trend upwards than when it is on the way down!  Just some Salzman Sense for you.  Call me at 598.3200 and let’s get started.

JOKE OF THE WEEK

A man walks into a diner carrying a dog under his arm.  He puts the dog on the counter and announces that the dog can talk.  The man says he has $100 he's willing to bet anyone who says he can't.  The head cook quickly takes the bet, and the dog's owner looks at the dog and asks, "What's the thing on top of this building that keeps the rain out?"

The dog answers, "Roof".  The cook says, "Who are you kidding?  I'm not paying."

The dog's owner says, "Double or nothing, and I'll ask him something else."  The cook agrees and the owner turns to his dog and asks, "Who was the greatest baseball player ever?"

The dog answers "Ruth."

With that the cook picks them both up and tosses them out on the street.  As they bounce on the sidewalk in front of the diner, the dog looks at his owner and says, "DiMaggio?"

HARRY'S BI-WEEKLY UPDATE

by Harry Salzman

 

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January 14, 2013

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

 

 

 

A NEW YEAR…SOME PREDICTIONS…AND SOME CHANGES

 

I’d like to share some of my predictions for this new year…something I’ve liked to do over my forty, yes, FORTY, years in the Pikes Peak real estate arena.  My forecast, after researching various industry publications is this:

 

  • Current low mortgage interest rates will continue to attract homebuyers
  • Credit worthiness as defined by lenders will be on the conservative side for borrowers
  • December’s Median and Average Home prices are unbelievable—up an average of 14% in one month—this is an exciting trend that is likely to continue

 

So, in essence….if you are thinking of buying a home, either for yourself or for investment purposes, you might want to push up your timetable a bit…especially when you read further on about the changes in lending rules that will soon be in effect.

 

As for changes, here’s a surprise for you, my readers.  After publishing this eNewsletter on a weekly basis for many years, I’ve decided to give you a break in reading and I will now publish and email it to you on a bi-weekly basis.  There are several reasons for this, but mostly, with the market on the upswing, I find myself very busy helping and advising you, my clients, and feel that my time is best spent doing more of that.  Some issues might be longer than others because of this change and I will continue to provide you with whatever real estate news that I feel might have an impact on your home ownership decisions.  As always, I am available every day to provide you with my personal brand of customer service and can be reached at 598.3200 or 800.677.MOVE or emailed to Harry@Harry Salzman.com.

 

On that note, I wish to take a minute to thank you for all the listings, sales and additional success I’ve achieved in 2012.  I have reached my goals through your continued support and referrals and I thank you again for allowing me to assist you in achieving your own personal home ownership goals---buying, selling or investing.  As I like to say around here—it’s given me a real Rocky Mountain High to be your personal Realtor and I look forward to much more of the same in 2013 and beyond.

 

 

HOME LENDERS TO SEE SWEEPING CHANGES TO MORTGAGE RULES

RealtorMag 1.11.13

 

As mentioned earlier, within the next year, homebuyers are going to see numerous changes when it comes to home financing.  Last Thursday, the Consumer Financial Protection Bureau unveiled new mortgage rules and all companies that issue mortgages will be required to follow the new guidelines in order to receive protection from lawsuits filed by buyers of mortgage-backed bonds or troubled borrowers.  Interest-only mortgages and loans on which the principal balance rises over time, as well as a few others, will be excluded from these rules.  Loans that meet the agency’s new lending criteria will now be called a “qualified mortgage” and will consist of the following:

  • Lenders must prove that income and assets are sufficient to repay the loan (this applies to jumbo loans as well)
  • Borrowers must be able to document their jobs
  • Credit scores will have to meet a minimum standard
  • Borrowers will have to be able to show that they can still afford other debts associated with the home, such as home equity loans as well as property taxes
  • Lenders will consider borrower’s other debts before issuing a mortgage too, such as student loans, car loans, and credit card debt
  • Monthly payments must be affordable to the borrower

 

All of the rules have not been spelled out in full yet, but by the time this takes effect in a year one thing is for certain—it’s going to be much harder to get financing—especially for first time borrowers or those with borderline criteria.  And you can certainly expect closing costs to rise along with all of this. Whatever it costs the lenders to implement these rules will surely be passed on to borrowers, as always.

 

Bottom Line---again—if you are looking to buy, sell or invest—this is the year to do it.   And as always—I’m here to advise and help in any way I can.  Just give me a call at 598.3200 and let’s discuss your options before they go away.

 

 

PRICES CONTINUE TO RISE WITH HOUSING RECOVERY

 

Most every article I’ve recently read has been very optimistic about the housing “recovery” and it’s effect on the economy in general, including the job market.  Housing prices continue to rise and that’s great news for those who might have been affected by the downturn in the market, but it’s not so great for those who have put off buying in hopes that prices might go lower still. 

 

I’ve been telling you for some time to expect this and now the time has come.  With rising prices, low inventories, new regulations on our doorstep and at the moment still low interest rates….it’s now or never for some folks.  If you are one of those…there’s still time…but the clock is ticking and you don’t have long.  Or you do, but it will cost you more in sales price and possibly mortgage rates to do so. Call me today and find out how we can make your home ownership goals a reality.

 

 

PERSONAL HOUSING NEEDS CHANGE OVER TIME

 

If you are like many of my clients, your home ownership needs change over the years.  With your first home purchase you are likely to need less in a home that you do when you start a family and later in life you may again want to downsize when you have an “empty nest”.  There are many reasons why folks sell their present home and look for another.  It could be that a two story home is no longer practical for health reasons or you just want to downsize because you are spending more time traveling and less time at home. 

 

Or, you might want to move into a larger home because you are now caring for a parent or other family member or your kids need more room.  Whatever the reason, moving into a different home often is something you need to consider and along with it, the costs and considerations involved.  I’ve moved many of you into multiple homes over the years and if you are in need of another change, for whatever the reason, I’m here to help in any way I can.

 

 

 NO JOKE OF THE WEEK THIS WEEK…IN MEMORY OF JIM KRACK WHO STARTED THE “JOKE OF THE WEEK”

 

It is with a very sad and heavy heart that I write about the passing of Jim Krack this past week.  Jim was the editor of our eNewsletter practically from its inception until his untimely illness in June of this year and it was he who started publishing the “Joke of the Week” that our readers like so much.  But more than just an editor, Jim was my special friend. 

 

We first met in the 1970’s when we both worked out at Lynmar Tennis and Racquetball Club on Vickers Drive.  We were there 4-5 days a week and our friendship began in the locker room where we talked as we got ready to go to about our day.  In those days, he and his wife, Donna, owned the Sunrise Kennel, which they later sold but never gave up their love of animals.

 

In fact, their love of animals was the reason I sold their 5-acre home in Black Forest—it wasn’t large enough for all their pets.  They implemented my suggestions to sell that house and recent life has been on 40 plus acres for Jim, Donna and lots and lots of animals. 

 

Jim worked as Executive Director for a non-profit pet organization for over 20 years and communication with potential kennel owners was his specialty.  There wasn’t anyone who met Jim that didn’t like him.

 

I was thrilled when Jim decided to become the editor of my eNewsletter.  Our weekly meetings to discuss current real estate, as well as “personal”, news, was something I looked forward to and Jim always found a way to make me laugh. 

 

I miss these meetings and I miss Jim.  Mondays just aren’t the same without him.

 

 

FEATURED LISTING


 

 

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4346 Sammers VW 28

Price: $199,900

Beds: 3

Baths: 3

Sq Ft: 1982

GATED COMMUNITY TOWNHOME, IMMACULATE POPULAR RANCHER W/FINISHED BASEMENT WALK-OUT, MOUNTAIN VIEWS, VAULTED CEILINGS, FANS AND SKYLIGHT, UPGRADED KITCHEN WITH EXTENDED GRANITE COUTERTOPS, BREAKFAST BAR, ALMOST NEW STAINLESS STEEL APPLIANCES, VAULTED ...

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 

 

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Harry Salzman, Salzman real estate Services, Ltd
538 Garden of the Gods Road, Colorado Springs CO 80907
719-598-3200 or Toll Free: 800-677-MOVE(6683)

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HARRY'S WEEKLY UPDATE

by Harry Salzman

 

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January 28, 2013

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

 

 

relocation IS ON THE UPSWING WITH THE MARKET UPTURN

 

I’ve been quite busy lately…not only with my local clients, but also helping a number of new folks relocate from their present locales to new places all over the globe.  One is leaving France for Fort Lauderdale; another from Jacksonville, FL to Scottsdale while another is going from Chicago to Detroit.  These folks represent just a small portion of those that I helped in their relocation process during the past week.   And how do I do this you may wonder?  Well, as a long time member of the Relocation Directors Council I have made contacts with Realtors all over the country….and the world…and because of that I am able to be assured that those who are relocating somewhere other than the Colorado Springs area will receive the same brand of personal service that I provide to my clients. 

 

If you or anyone you know is considering a move anywhere….please give me a call and I will make certain that you are in capable hands wherever the move might be.  I can be reached at 719.598.3200 or emailed at Harry@HarrySalzman.com.

 

As an aside, as I speak with Realtors all around the country I’ve found that while a lot of the USA is just starting their housing turnaround….we in the Colorado Springs area are way ahead.  Part of that is because we never fell quite as low as many areas, but in any event, our recovery is proceeding well above the US norm I’m happy to report.

 

 

FOURTH QUARTER 2012 WAS VERY ACTIVE AND INDICATORS ARE ENCOURAGING

Data provided by the Pikes Peak Realtor Services Corp, from Pikes Peak MLS

 

Where you are a current home owner and curious about the current value of your home or someone who is thinking about buying….Hear Ye!  Hear Ye!

 

Here are the just published local real estate statistics for homes in the Pikes Peak Area.

 

Things are continuing to look up in the local real estate market.  In a nutshell:


New Listings                            +6.4%,

Sold Listings                            +10.4%,

Median Sales  Price                +11.1%.

Average Sales Price               +8.9%

% of Sold to List Price              +.5%

Days on Market                      -17.9%

Active Listings                         -6.1%

Months Supply                        -13.5%

For a complete overview of the entire 2012 year quarter to quarter, please click here.

You will be happy to see where you are today as compared to a year ago.  I’ve been telling you all year that this was going to happen and here with real market worthiness.  If you already own a home, this should bring a smile to your face.  On the other hand, if you have been thinking about buying your first home or trading up to your next home, market conditions represented in this report will justify that now is the time to buy a home.

 

Along with all this general information, also included are statistics for each individual area of  the Pikes Peak region.  Now you can compare different areas in our community to any other, if you desire, or simply satisfy your curiosity as to how your specific area is doing.

 

 

HERE ARE SOME 4th QTR. YEAR OVER YEAR STATISTICS FOR THE PIKES PEAK AREA*

 

 

                                                Median Sales Price               Average Sales Price

Black Forest:                         +16.7%                                    +19.1%

 

Briargate:                               +11.4%                                     +7.1%

 

Central:                                  +10.8%                                     +3.6%

 

Divide:                                    +61.4%                                    +46.1%

 

East:                                      +14.3%                                    +19.7%

 

Falcon North:                         +9.1%                                      +4.5%

 

Florissant:                             +14.0%                                     -2.8%

 

Fountain Valley:                     +4.7%                                      +7.4%

 

Manitou Springs:                  +38.9%                                    +23.0%

 

Marksheffel:                            +2.4%                                       -4.5%

 

Northeast:                                +4.3%                                      +5.7%

 

Northgate:                               +5.9%                                      +2.0%

 

Northwest:                                -1.8%                                       -5.1%

 

Old Colo.City:                         +3.4%                                       +7.3%

 

Powers:                                   +12.3%                                    +12.2%

 

Southeast:                                 -0.9%                                       -0.7%

 

Southwest:                               +6.4%                                       +2.2%

 

Tri-Lakes:                                 +8.8%                                       +2.9%

 

West:                                      +25.4%                                      +5.4%

 

Woodland Pk:                          +6.5%                                    +14.9%

 

*Statistics from the Pikes Peak MLS, provided by the Colorado Assoc. of REALTORS.

 

 

As you can see, things are starting to move rather quickly and the housing recovery in our area is already on its way.  To see the complete breakdown on any area listed, click here.  As always, I am here to answer any questions you may have about these reports or any real estate concerns you may have.

 

And, as I mentioned earlier, if you’re in the market for a new home, NOW is the time.  With a very limited inventory and percent of days on the market quickly going down, I’m finding multiple buyers for homes I have listed in record times.  To be certain you can get exactly what you are looking for at a price that fits your budget, call me today at 719.598.3200 and let’s start talking. 

 

 

A NOTE TO STRUGGLING HOME OWNERS

 

As reported in last week’s Wall Street Journal, US Banks are going to have to do more to help struggling mortgage borrowers keep their homes under final rules released last week by the Consumer Financial Protection Bureau. 

 

If you or anyone you know is having a problem with keeping your mortgage current, be sure to contact your service provider and find out what type of relief can be provided. 

 

 

ALL SIGNS POINT TO HOME PRICE SURGES—HOME SALES ROSE TO 5 YEAR HIGH IN ‘12

 

There’s good news in most all real estate and general publications I’ve read lately concerning the housing recovery and home prices being on the rise.  In fact, USA Today headlined that “Housing set to give economy a boost in ‘13”  and went on to quote Moody’s Analytics chief economist, Mark Zandi as saying that he “expects housing to contribute a fifth of the economy’s growth this year, while in 2009 it subtracted more than 1 percentage point from the GDP growth”.

 

While several publications reported a dip in home sales in December, they were not referring to the Colorado Springs market in which homes sales increased 7.8% over the same month a year earlier.  In fact, according to the report by Pikes Peak Association of Realtors,  Colorado Springs area homes sales totaled 9,146 in 2012—the most since 2007. 

 

WITH RISING PRICES, INVENTORIES FALLING

 

As I mentioned earlier, along with the good new of rising prices comes the reality of low inventories and fast turnaround times with multiple offers. 

 

The lower inventories can be attributed to several factors including home owners being hesitant to sell if they are not in a position to make a profit or if they don’t have enough equity to trade up.  Another factor is that investors are continuing to snatch up properties.  In the past, they may have fixed up the home for resale, but now many are choosing to hold on to and rent them instead.  And, while home building is up, it still has not rebounded as quickly as hoped.

 

This should come as no surprise to most of you as I’ve been telling you for some time to expect this and now the time has come.  With rising prices, low inventories, new regulations on our doorstep and at the moment still low interest rates….it’s now or never for some folks.  If you are one of those…there’s still time…but the clock is ticking and you don’t have long.  Or you do, but it will cost you more in sales price and possibly mortgage rates to do so. Call me today at 719.598.3200 and find out how we can make your home ownership goals a reality.

 

AND FINALLY…..A HONOR FOR ME AND A THANK YOU TO YOU

 

Once again in 2012  I was honored to be selected to the Peak Producers Club as one of the Pikes Peak Top 10% of real estate Agents.  This is something I owe to all of you, my friends and clients, whom it has been my pleasure to serve as your Real Estate Broker.  The long time relationships I share with so many of you make it such a pleasure for me to work with you and obviously make is easier for me to know just what your individual needs and wants might be. 

 

If any of you, or any of your relatives, co-workers or friends are looking to buy, sell, or invest in real estate, I’d be honored to help make these dreams a reality.  Please call me at 719.598.3200 with any of your needs or refer me via phone or email at Harry@HarrySalzman.com.     

 

 

JOKE OF THE WEEK

 

A Little Christian Humor (from a “nice Jewish guy”)

 

Jesus and Satan were having an on-going argument about who was better on the computer.  They had been going at it for days, and frankly God was tired of hearing all the bickering.  Finally fed up, God said, 'THAT'S IT!  I have had enough. I am going to set up a test that will run for two hours, and from those results, I will judge who does the better job. So Satan and Jesus sat down at the keyboards and typed away.

They moused.

They faxed.

They e-mailed.

They e-mailed with attachments..

They downloaded.

They did spreadsheets.

They wrote reports.

They created labels and cards.

They created charts and graphs.

They did some genealogy reports.

They did every job known to man.

Jesus worked with heavenly efficiency and Satan was faster than hell.

Then, ten minutes before their time was up, lightning suddenly flashed across the sky, thunder rolled, rain poured, and, of course, the power went off.

Satan stared at his blank screen and screamed every curse word known in the underworld.

Jesus just sighed.

 

Finally, the electricity came back on, and each of them restarted their computers.  Satan started searching frantically, screaming: 'It's gone!  It's all GONE!  'I lost everything when the power went out!' 

 

Meanwhile, Jesus quietly started printing out all of his files from the past two hours of work.

Satan observed this and became irate.

'Wait!' he screamed.  That's not fair!  He cheated!  How come he has all his work and I don't have any?  'God just shrugged and said,

 

“JESUS SAVES “

 

 

FEATURED LISTING


 

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2420 Calistoga DR

Price: $157,500

Beds: 3

Baths: 3

Sq Ft: 2321

Great wide open floor plan with vaulted ceilings on main level and master bedroom, master bath includes large soaking tub w/vaulted ceiling. Walk-in closet and ceiling fan in master bedroom. The laundry area is on the main level at entry from the ga...

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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 

 

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Harry Salzman, Salzman real estate Services, Ltd
538 Garden of the Gods Road, Colorado Springs CO 80907
719-598-3200 or Toll Free: 800-677-MOVE(6683)

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HARRY'S WEEKLY UPDATE

by Harry Salzman

                                             
January 7, 2013

A Current Look at the Colorado Springs Residential real estate Market

HAPPY NEW YEAR

I hope this first eNewsletter of the year finds you and your family happy, healthy and ready to begin a brand new year.  I’ve always found it somewhat exciting to start all over and see what the New Year will bring and I hope it brings you and yours everything you wish and work hard for.  With all the new regulations and a new congress, we never know what’s in store for the real estate market, but most of our sources indicate that 2013 will continue the upward trend that started mid 2012 and that’s great news for us all.

2012 PROVED TO BE A PHENOMENAL YEAR FOR HOME MARKET VALUE GAINS

December, together with the entire year of 2012, has seen the best home market increases in  many years.

  •     702 homes sold during the holiday month was 7.8% better than 1 year ago
  •     Average sales price was $243,180--15.4% higher than $210,688 one year ago
  •     Median sales price was $209,700--13.4% higher than $185,000 one year ago
  •     Single family listings were down to 2933 which is a 10.7% decrease in current inventory


So, depending on whether you consider average or median sales price, our community has gained between 13.4% -- 15.4% in home values.

Home ownership is where you might consider putting to use that extra "money in the bank" or instead of playing the stock market.  What are you currently getting for that?  Not 13.4%--15.4% I would think.

Click here to see the full report containing all the general statistics as well as comparisons of your current local home area and all the areas we serve.  There are reports on all neighborhoods in the Pikes Peak area.

By using this information on behalf of our clients, we find they have far exceeded their expectations in terms of personal decisions in either buying or selling a home.

Furthermore, when this data is used for our buyers or sellers, we are able to get a more advantageous price and terms…thus saving our clients money and shortening the time to closing.  It’s a big win all around.

If you have any questions about this data (or any real estate questions), please give us a call at 598.3200 or 800.677.6683 (MOVE).

HOW THE “FISCAL CLIFF” BILL AFFECTS real estate

As I’m sure you are aware, on January 1, 2013 the Senate and House passed H.R. 8, legislations to avert the “fiscal cliff” and the bill was signed by President Obama on January 2, 2013.

We received a summary of real estate related provisions in the bill from NAR:

real estate Tax Extenders

  •     Mortgage Cancellation Relief is extended for one year to January 1, 2014
  •     Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012
  •     Leasehold Improvements:  the 15 year straight-line cost recovery for qualified leasehold improvements for commercial properties is extended through 2013 and made retroactive to cover 2012
  •     Energy Efficiency Tax Credit:  the 10% tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012.


Capital Gains

Capital Gains rate stays at 15% for the top rate of $400,000 individual and $450,000 joint return.  After that, any gains above those amounts will be taxed at 20%,  The 250/500k exclusion for sale of principle residence remains in place.

Estate Tax

The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax.  After that, the rate will be 40 percent, up from 35 percent.  The exemption amounts are indexed for inflation.

UPBEAT HOUSING FORECAST FOR 2013

As mentioned earlier, the last few weeks has brought a lot of good news for homeowners or potential homeowners.  Most real estate publications have written very upbeat stories about the future of housing in 2013.  There have been many articles and sources, but they all seem to agree on this, which is good news for us all.

We have been, and are continuing to experience a growing demand in residential real estate and a continual shrinking supply, which is creating a strong housing market.  Yes, “the tide has changed”.

Personal consumer confidence is providing motivation for people to hop off the fence and buy now, especially here in the Pikes Peak region where things have been moving quickly for some time.

The Wall Street Journal has predicted “home prices are on track to notch their first yearly gain since 2006, the strongest performance since the housing bust and a development that could accelerate the real estate rebound even as the broader economy stutters”.

Realtor Mag has questioned whether young adults are missing out on big housing opportunities.  This is important to note because with low mortgage rates and fallen home values, first time home buyers—particularly the younger generation—should be giving serious consideration to finding ways to get into the real estate market.

Furthermore, The Wall Street Journal reports that tenants are feeling the pinch of rising rents.  According to the Journal, "record-low mortgage rates mean that homeowners have a smaller financial burden for their residences than at any time since the early 1980’s”.  However, rising rents leave many tenants with less money to spend on other things.  Factors that have pushed up rents include the short supply of rental houses and a growing demand due to several years of foreclosures and population growth.    

With rising rents and short supply of available housing, now is the best time to consider a home purchase, either for you or for investment purposes.  If you or someone you know is in this position, have them give me a call at 598.3200 and let’s see if there is some way we can help these renters become homeowners.

Zillow announced at year-end that “home prices will rise 3.1% into the new year”.  They also indicated that home prices were expected to increase 4.6% for 2012 which is up from their former forecast of 2.4% and that these prices are projected to rise by more than 3% annually through 2017.

The Gazette reported on December 21, 2012 that the “housing market is the strongest in five years”.  The article indicated that Sales are up 14.5% from a year ago, although they remain below the 5.5 million that are consistent with a healthy market.  However, they said the NAR report remains encouraging and that the “positive momentum established in the housing market during 2012 appears likely to continue into 2013”.

Many buyers, especially first time buyers, are concerned about the rising home prices and the scarcity of homes on the market.  This is contributing to a lot of people planning to buy in order to get in front of rising prices.  Low inventory is also a factor here and will force some buyers to look in areas that they had not considered previously.

Again, we are here to help with any concerns you may have in any of these areas.  Just give us a call at 598.3200 and let’s see if we can find a solution for you.

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

A man was sitting at a bar enjoying an after-work cocktail when an exceptionally gorgeous and sexy young woman entered.  She was so striking that the man could not take his eyes away from her.  The young woman noticed his overly attentive stare and walked directly towards him.  Before he could offer his apologies for being so rude, the young woman said to him, “I’ll do anything, absolutely anything, that you want me to do, no matter how kinky for $500 on one condition.”  Flabbergasted, the man asked what the condition was.  The young woman replied, “You have to tell me what you want me to do in just three words.”  The man considered her proposition for a moment withdrew his wallet from his pocket and slowly counted out five $100 bills, which he pressed into the young woman’s hand.  He looked into her eyes and slowly, meaningfully said, “Paint my house.”
 

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Harry A Salzman
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

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