Real Estate Information Archive

Blog

Displaying blog entries 1-5 of 5

April 30, 2012


HARRY’S WEEKLY UPDATE
A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET


ANNUAL GOODWILL DINNER WAS A SUCCESS

Last week, we attended the annual Dinner for our local Goodwill. Over 800 people were in attendance for the event which included local political leaders, volunteers, donors, workers and a cross-section of people from our entire community. It was a wonderful evening. !!! Goodwill does a great job for our local community and we were happy to be a part of this annual celebration.

One topic that a couple of attendees wanted to kid me about was the ‘upbeat’ tone of our weekly eNewsletters. They asked me whether I really believed that the local real estate market was as good as it is described in our weekly newsletters.

My heartfelt reply was, and is, that our local market is better than the markets in almost any other metro area in the country. We didn’t feel the home-price drop as dramatically as most other areas and we bottomed out sooner than most. And now we see our local market starting to come back faster than the markets in most of the other metro centers across the country.

I can only emphasize that my enthusiasm and my ‘Buy Now’ tone is not because I’m just looking for a commission, but rather, because I am convinced the people who buy now will benefit greatly in coming years. Prices are low (but rising). Rates are low (but rising). Mortgage money is readily available to people with good credit and our community is thriving.

I urge anyone who would like to cash in on this ‘opportunity market’ to give me a call to discuss what’s happening with real estate in our community. Your home-buying decision today could easily be more valuable to you in the future than any IRA.

And that’s not just ‘optimism’ talking ….That’s an opinion based an analysis of the opportunity that our local real estate market presents to us.

Want to learn more about how to improve your family’s future financial stability through real estate? Call us at 598-3200, or, 800 677-6683 (MOVE).


IT WAS AN INTERESTING WEEKEND …. OUR ‘OPEN HOUSE’ VISITORS WERE EAGER TO BUY !!

Last weekend, we offered two Open Houses to the public. Over the course of the two days, we had the opportunity to speak with quite a few visitors and discovered that many of them are facing the same circumstances, namely, …..They’re waiting for their present home to sell, before they upgrade to their next home. Based upon their comments, we thought it might be productive to list some facts and conclusions about our present market:

• There are a lot of prospective homebuyers out there who want to buy upgraded homes as soon as their present homes close. That’s good news for the housing industry
• Most people who have had their homes on the market for a while have finally reconciled themselves to the fact that, when they do sell, the price will not be as high as they had hoped for a few years ago. However, they also recognize that, when they do buy, current prices are a real bargain. Therefore, they understand that the money they might ‘lose’ when they sell will be more than recovered when they buy
• Home prices are starting to rise, so more prospective buyers are starting to look around at what’s available and are making plans to buy sometime this year
• Foreclosures are slowing down (-11.3% in the first quarter and -24.1% year-over-year, according to the Colo. Div. of Housing). This is good news for Sellers because a lower inventory of available homes creates upward pressure on prices.
• ‘Low-ball’ offers are quickly becoming a thing of the past. The two reasons for this are that homes are now being priced more realistically and competition between buyers is growing. This is especially true here in Colorado Springs ….(Out-of-town Realtors and homeowners alike tell us they envy our local market’
• People with good credit are not having a problem getting a new mortgage …at great rates

The Bottom Line for me was that 2012 should be a great year for real estate.

 

THE BIDDING WARS FOR HOMES ARE BACK
The Wall Street Journal, April 30, 2012

A new development is catching home buyers off guard as the spring sales season gets underway: Bidding wars are back.

From California to Florida, many buyers are increasingly competing for the same house. These bidding wars are primarily the result of supply shortages, as inventories of available homes are shrinking.

We have experienced this new development in our local market. These bidding wars are confirmation that home prices are now on the rise. It’s about time. !!!

If you have been considering putting your home on the market, this ‘bidding war’ trend will affect your listing price. If you would like to discuss prices in your local neighborhood, or in any of our local neighborhoods, please call us at 598-3200, or, 800 677-6683 (MOVE).


NOT READY TO MOVE, BUT WANT TO CASH IN ON THE RISING real estate MARKET ?

In our current market, it is difficult for people who have poor credit to obtain home loans. Therefore, many of the families who have lost their homes to foreclosure or short-sale have been forced to become renters. These families are caught in a real squeeze …rents are going up, but lenders are getting tougher to deal with, so purchasing another home is not an option. These facts have expanded our pool of prospective renters and have made rental property more profitable for investors than ever.

If you would like to discuss acquiring rental property, please give us a call. The market is excellent, prices are low, mortgage rates are still very attractive, the inventory of homes is still relatively high and the pool of prospective renters has grown tremendously over the past few years. ….and rents are going up at a fast rate.

Call us at 598-3200, or, 800 677-6683 (MOVE), to discuss this wonderful opportunity to add a valuable asset to your retirement package.

 

5 WAYS TO SELL A HOME FASTER, FOR MORE MONEY
Daily real estate News, April 25, 2012

24/7 Wall St. recently asked real estate experts and several Real Estate organizations to weigh in on how sellers can get their house sold at the best price and in the shortest amount of time.

Here’s what they had to say as some of the best ways to get the “sold” sign out this spring:

1. Pay attention to “curb appeal”: First impressions are critical, and homes with inviting landscapes and exteriors tend to sell better, agents say. Pay attention that the driveway is in good condition, lawn well-kept, and the house looks freshly painted.
2. Set the right price: real estate professionals know how to set the price and prepare a home for sale. Agents use comparable sales of homes sold in the last 60 days to help set the most realistic price for the sales price of a home. By setting a realistic price from the beginning, sellers should be reminded that this will prevent having to drop the price of the home several times before getting it sold and having it linger on the market. If no recent comps are available, some experts recommended sellers get an appraisal, which will also offer a realistic price that the bank may be willing to take when a buyer tries to qualify for financing the home.
3. Talk about energy efficiency: Many buyers don’t fully understand “green” homes but they understand savings. Sellers should point out any features in their homes — such as energy-efficient windows or appliances — that could save buyers money with utility costs.
4. Give the home Web appeal: Good photographs make a home stand-out online and help lure more potential buyers to the front door. Realtor.com says that more than 6,300 photos are viewed per minute on listings posted at its site.
5. Make it: move-in ready Fix any needed repairs, such as water stains, creaky doors, and windows that don’t shut. Flaws in the home — even if relatively minor — can distract buyers, and should be fixed before the home is even listed. Some agents recommend that sellers get a home inspection prior to putting the home up for sale, which can help sellers be proactive in identifying any potential problems that could potentially derail a sale later on. Once a problem is uncovered, sellers are obligated to disclose it or fix it.

And we would like to add 1 more tip for selling your home faster, for more money ….Work with a professional Realtor who is well acquainted with the local market. The selling environment for real estate changes quickly and your Realtor should be well-aware of what’s happening in every neighborhood in your area on a daily basis.

Call us at 598-3200, or, 800 677-6683 (MOVE). We will be happy to discuss your best options.

SALES AND LISTING STATISTICS

Click here to see the most recent Sales and Listing information for the Pikes Peak area. These statistics are published by the Pikes Peak Association of Realtors and can be helpful to you in evaluating and comparing current listings in the various neighborhoods in our area. If you would like to ask any questions about this data, please give us a call at 598-3200, 0r, 800 677-6683 (MOVE).

LET US TAKE YOU OUT TO THE BALLGAME !!!

If you like baseball, here’s your chance to see the Sky Sox play FREE.

The Sky Sox baseball team is our local AAA Top Affiliate of the Colorado Rockies. And, because we are long-time supporters of our Sky Sox, we have 4 free tickets to all Sky Sox home games available to our readers. These 4 tickets are in the first row, right behind the home dugout.

If you would like to see the Sky Sox play, just give us a call ….but remember, it’s “First Come, First Served”, so you had better call now.

Call me at 598-3200, or, 800 677-6683 (MOVE).

And, please remember, I would be honored to serve as your Broker for all of your residential real estate needs. I want to help you, my reader, make the most prudent and accurate Real Estate business decision.

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf. Call us at 598-3200,or, 800 677-MOVE (6683).


JOKE OF THE WEEK

A guy stuck his head into a barbershop and asked, 'How long before I can get a haircut?
The barber looked around the shop full of customers and said, 'About 2 hours.'

The guy left.

A few days later, the same guy stuck his head in the door and asked, 'How long before I can get a haircut?'
The barber looked around at the shop and said, 'About 3 hours.'

The guy left.

A week later, the same guy stuck his head in the shop and asked, 'How long before I can get a haircut?
The barber looked around the shop and said, 'About an hour and a half.'

The guy left.

The barber turned to his friend and said, 'What’s this guy’s problem? Hey, Bob, do me a favor , follow him and see where he goes. He keeps asking how long he has to wait for a haircut, but he never comes back.'

A little while later, Bob returned to the shop, laughing hysterically.
The barber asked, 'So, where does he go when he leaves here?'

Bob looked up, wiped the tears from his eyes and said,

'Your house!'

April 23, 2012


HARRY’S WEEKLY UPDATE
A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET


GOOD NEWS...HOME PRICES ARE ON THE REBOUND AND COLORADO SPRINGS IS LEADING THE WAY

Realtor.com just published their Monthly Housing Summary which shows that, on the national level, inventory of for-sale single family homes declined by -21.48% in March, 2012, compared to a year ago, and declined in one month in all but two of the 146 markets covered by Realtor.com.

The median age of the national inventory fell 19.82% on a year-over-year basis last month and the median national list price was up by 5.56% last month, compared to March 2011.

These positive indicators contrast with the situation at the beginning of the 2011 home buying season, when the median list price was down by 4.81% on an annual basis and the age of the inventory was up by 26.14%.

In the Realtor.com report, Colorado Springs comes in at #55 out of the 146 national markets covered, which puts us in the top third of all markets. In fact, in a year-to-year comparison, our median prices were up 6.9% over last year.

Lawrence Yun, NAR chief economist, said, “The recovery is happening. We have seen nine consecutive months of year-over-year sales increases. With job growth, low interest rates, bargain home prices and an improving economy, the pent-up demand is coming to market and we expect housing to be notably better this year”.

The bottom line: Realtor.com predicts that 2012 could well mark the beginning of a broad-based housing recovery.


SO, WHO’S HAPPY ABOUT THE REBOUND?

Well, it’s obvious that Sellers are very happy with the rebound in home prices. They have gone through several years of seeing the value of their homes decline. They have seen their homes stay on the market for unreasonable lengths of time while receiving offers that were unacceptably low.

Sellers are now recognizing the improved market and are beginning to demand offers that reflect the recent increase in home values and sales activity. (Just last week, we worked with a buyer who ended up having to pay full list price for a local home. …That’s a very encouraging sign for all prospective sellers.)


SO, WHO’S NOT SO HAPPY ABOUT THE REBOUND?

Well, given the fact that home prices are going up and mortgage interest rates are predicted to rise, prospective buyers who delay the purchase of their new homes will definitely not be happy if they postpone their purchase much longer.

According to Fannie Mae’s March 2012 consumer attitudinal National Housing Survey, more consumers are now looking to purchase homes. ….And that means that home prices will continue to rise !!!

In addition, 44% of the respondents believe their personal finances will get better over the next year.

The bottom line: 73 % of Americans now believe it is a good time to buy a home.

Doug Duncan, vice president and chief economist of Fannie Mae, puts it this way, “Conditions are coming together to encourage people to want to buy homes. Americans’ rental price expectations for the next year continue to rise, reaching their record high level for our survey.

With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, many survey respondents are convinced that renting is becoming more costly and homeownership is a more compelling housing choice.”

Fannie Mae’s National Housing Survey Results

• 33% of respondents expect home prices to increase over the next 12 months… That’s the highest level over the past 12 months.
• 39% of Americans say that mortgage rates will go up in the next 12 months
• 73% of respondents say it is a good time to buy ….That’s the highest level in over a year
• 14% of respondents say it is a good time to sell.
• 48% of respondents think that home rental prices will go up …That’s the highest number recorded to date
• 66% of respondents say that, if they were going to move, they would buy their next home, rather than rent,.

The bottom line for prospective buyers …..Call us right now to discuss your new home. Next year and for many years to come, you will be happy you made your move today !!!

Call us at 598-3200, or, 800 677-6683 (MOVE).


FANNIE, FREDDIE ACCELERATING SHORT SALES - LOAN SERVICERS MUST MAKE DECISION IN 30 DAYS
By Inman News, Wednesday, April 18, 2012.

Fannie Mae and Freddie Mac will require loan servicers who need more than 30 days to make a decision on a short-sale offer to provide weekly status updates and give a thumbs-up or thumbs-down no later than 60 days after receiving an offer.

The new short-sale timelines, announced this week by Fannie and Freddie's regulator, the Federal Housing Finance Agency, take effect in June as the first step in a broader effort to help more homeowners avoid foreclosure.

FHFA said it expects additional changes to be in place by the end of the year that address borrower eligibility and evaluation, documentation simplification, property valuation, fraud mitigation, payments to subordinate lien holders, and mortgage insurance.

Freddie Mac issued more specifics on its new short-sale timeline, which applies not only to offers on properties in Freddie Mac's traditional short-sale program, but to requests from borrowers to be considered for a short sale or deed-in-lieu of foreclosure under the Home Affordable Foreclosures Alternatives (HAFA) program.

If a loan servicer makes a counteroffer, the borrower is expected to respond within five business days. The servicer must then respond within 10 business days of receiving the borrower's response.

"Short sales are more complex than routine home sales since they may involve multiple parties and long-distance negotiating," said Tracy Mooney, Freddie Mac senior vice president. "Freddie Mac's new timelines are intended to help make the decision process more transparent and timely for short sales under the Obama administration's HAFA program or Freddie Mac's traditional short-sale option."

Along these same lines, last week, Bank of America announced it has cut decision times on short-sale offers to no more than 20 days, down from 45 days or longer. If offers fall through, agents have five days instead of 14 days to submit a backup offer.

These new, more efficient procedures should eliminate the delays that buyers and Realtors have encountered when attempting to purchase ‘short-sale’ properties and should encourage more activity for short-sales.

Call us to learn more about these new policies and how they might help you obtain your new home. Call us at 598-3200, or, 800 677-6683 (MOVE).


LET’S GET TOGETHER THIS WEEKEND.!!!!

As you may have read in the Gazette, this weekend is National Open House Weekend. As our contribution to the event, we will be holding two open houses …On Saturday the 28th, we will be at 2620 Tamara Way (In Mountain Shadows). This magnificent hillside home features 6 bedrooms and 5 bathrooms. See our “Featured Listing” section, below for complete details of this gorgeous home.

On Sunday the 29th, we will be at 5062 Farris Creek Court, in Cordera. (That’s near Powers and Briargate Parkway, in the Northeast end of town). This beautiful Ranch Home features 5 bedrooms, 3 bathrooms and a finished basement. We are also featuring this listing, below.

We hope you come by to say “Hello” on Saturday or Sunday. This is a great opportunity for us to meet some new friends, to catch up on what’s new with some of our long-time friends and to show you a couple of beautiful homes that are now available at wonderful prices, and …if that’s not enough, You will be able to Register to win some prizes (The Grand Prize is $500 cash).

We will be at our open houses from 1pm to 4pm and we really look forward to seeing you this weekend.


SALES AND LISTING STATISTICS

Click here to see the most recent Sales and Listing information for the Pikes Peak area. These statistics are published by the Pikes Peak Association of Realtors and can be helpful to you in evaluating and comparing current listings in the various neighborhoods in our area. If you would like to ask any questions about this data, please give us a call at 598-3200, 0r, 800 677-6683 (MOVE).

LET US TAKE YOU OUT TO THE BALLGAME !!!

If you like baseball, here’s your chance to see the Sky Sox play FREE.

The Sky Sox baseball team is our local AAA Top Affiliate of the Colorado Rockies. And, because we are long-time supporters of our Sky Sox, we have 4 free tickets to all Sky Sox home games available to our readers. These 4 tickets are in the first row, right behind the home dugout.

If you would like to see the Sky Sox play, just give us a call ….but remember, it’s “First Come, First Served”, so you had better call now.

Call me at 598-3200, or, 800 677-6683 (MOVE).

And, please remember, I would be honored to serve as your Broker for all of your residential real estate needs. I want to help you, my reader, make the most prudent and accurate Real Estate business decision.

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf. Call us at 598-3200,or, 800 677-MOVE (6683).


JOKE OF THE WEEK

$250 IS A LOT OF MONEY

Elmer had always wanted to take a ride in an airplane. When it was announced that plane rides would be offered at the State Fair, Elmer told Sarah, his wife, that they should sign up to take a ride. It would only cost $250.

Sarah said, “$250 is a lot of money”. But Elmer persisted and they finally went to the airport to sign up.

The whole time they were negotiating with the pilot, Sarah kept saying, “$250 is a lot of money”. Finally the pilot said, “OK. I’ll make a deal with you. If you agree not to speak even one word during the flight, I’ll take you up for free!! (The pilot was convinced they wouldn’t be able to handle the stunts without screaming).

Sarah finally said, “$250 is a lot of money, but, if we don’t have to pay if we keep quiet, let’s do it.

So, they took off and the pilot put them through all the stunts he could think of ….barrel rolls, stalls, upside down flying, dives, etc. … and he never heard a word out of his two passengers in the rear seat.

After about 20 minutes, the pilot landed and Elmer climbed out of the plane and collapsed to the ground. The pilot said, “Congratulations, Elmer. You never said a word during the whole flight. I guess you just got a free flight.”

Elmer replied, “Well, I almost said something when Sarah fell out, but I kept thinking, …$250 is a lot of money”.

LET’S GET TOGETHER THIS WEEKEND.!!!!

by Harry Salzman

April 16, 2012


HARRY’S WEEKLY UPDATE
A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET


LET’S GET TOGETHER THIS WEEKEND.!!!!

As you may have read in the Gazette, this weekend is National Open House Weekend. As our contribution to the event, we will be holding two open houses …On Saturday the 28th, we will be at 2620 Tamara Way (In Mountain Shadows). This magnificent hillside home features 6 bedrooms and 5 bathrooms. See our “Featured Listing” section, below for complete details of this gorgeous home.

On Sunday the 29th, we will be at 5062 Farris Creek Court, in Cordera. (That’s near Powers and Briargate Parkway, in the Northeast end of town). This beautiful Ranch Home features 5 bedrooms, 3 bathrooms and a finished basement. We are also featuring this listing, below.

We hope you come by to say “Hello” on Saturday or Sunday. This is a great opportunity for us to meet some new friends, to catch up on what’s new with some of our long-time friends and to show you a couple of beautiful homes that are now available at wonderful prices, and …if that’s not enough, You will be able to Register to win some prizes (The Grand Prize is $500 cash).

We will be at the open houses from 1pm to 4pm and we really look forward to seeing you this weekend.


LOCAL SALES TAX REVENUE IS UP IN FIRST 2 MONTHS OF 2012
Colorado Springs Business Journal. April 11th, 2012

Colorado Springs sales-and-use tax collections are up in the first two months of 2012, higher than the first two months of 2011.

Overall, collections are 6.9 percent higher than at this time last year, according to the collections report released by the city Tuesday.

In February, the city reported that sales and use tax was $8.6 million, or 6 percent more than the same month in 2011. In March, collections are $9 million, or 10 percent higher than in the previous year.

According to the report, Restaurants are up 11 percent, auto dealers are up 12 percent and grocery stores are up 10 percent.

This is a good sign that consumer confidence is growing and the economy is going in the right direction.


MORE GOOD NEWS FOR BUYERS …BANK OF AMERICA IS STREAMLINING ITS SHORT-SALE PROCEDURES
By Inman News, Tuesday, April 10, 2012.

Bank of America says it's making changes to its short-sale procedures that will shorten decision times on short sale offers to 20 days, down from 45 days or longer.

The new task flow in Bank of America's short-sale management platform, Equator, will enable short-sale specialists to conduct tasks like document collection, valuations and underwriting simultaneously. Agents will have five days instead of 14 days to submit a backup offer.

If any of our readers have experienced the frustration of waiting for Short-Sale offers to be considered, they will be relieved to hear this good news.

Give us a call to see if this new B of A process might be of help to you in making an offer on a short-sale property.

Call us at 598-3200, or, 800 677-6683 (MOVE).

 

IS THIS A GOOD TIME TO BUY real estate? AIG SAYS IT IS.
The Wall Street Journal Wednesday, April 11, 2012

American Investment Group (AIG) has repaid the government most of its $182.3 billion federal bailout and is now planning to jump back into U.S. property investing, reversing its yearslong effort to downsize its real estate business.

This decision demonstrates that the “big guys” are convinced that real estate is now on the way up and will pay-off big in the future.

In fact, as Daily real estate News reports(Wednesday, April 11, 2012), more home buyers may jump off the sidelines this spring as they get more urgent about purchasing a home, fearing that home price and mortgage rate increases are on the horizon.

Housing surveys in recent weeks have shown that more Americans are seeing now a great time to purchase a home. In the most recent survey, 73 percent of Americans say now is a good time to buy, according to the latest Fannie Mae Housing Survey conducted in March. That’s up from 70 percent in February who said it was a great time to buy.

"Conditions are coming together to encourage people to want to buy homes," says Doug Duncan, Fannie Mae’s chief economist. "With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that home ownership is a more compelling housing choice."

Indeed, more buyer urgency is evident in the market. Thirty-three percent of those surveyed by Fannie say they expect home prices soon to increase, which is the highest percentage in a year. What’s more, nearly 40 percent say they expect mortgage rates to rise in the next year too, which is also up from previous surveys.

Coupled with that, 48 percent of Americans say they expect rents to continue to climb, and 44 percent say they expect their financial situation to improve in the next year.

We agree, and we urge our readers to seriously consider buying their new homes right now, while prices are still low, mortgage rates are still low, inventories are still high and inflation has not yet kicked in.

 

HOUSING CRUNCH COMING TO OLDER AMERICANS
Daily real estate News | Monday, April 09, 2012

By 2050, the population of Americans 65 and older will more than double and is expected to grow at a faster rate than any other age group, according to U.S. Census data. By that time, one in five Americans will be over the age of 65, and a new report says that growing population will likely face increasing difficulty in finding suitable housing to meet their needs.

The report from the Center for Housing Policy (“Housing an Aging Population — Are We Prepared?”) warns a severe housing cost burden is looming for the country as the older adult population soars.

Older adults are more likely than younger adults to spend more than half their income on housing, the study found. Home owners who are 65 and older are more likely than younger households to have their mortgages paid off, but other housing-related costs continue to bite into their more limited incomes. Property taxes, home maintenance, and utility costs continue to be a burden to even mortgage-free home owners, the study says.

“As the older population grows, meeting the housing needs of older adults is certain to become a significant challenge across the nation,” says Rodney Harrell, a policy adviser at AARP’s Public Policy Institute. “States and communities need to effectively respond by adopting policies that ensure adequate, affordable housing for people of all ages.”

The report calls for a variety of housing to meet the needs of older adults, including a growth in assisted-living residences, continuing care retirement communities, and congregate housing. The authors also urge for the availability of housing grants and loans to assist with modifying a current home so older adults can age-in-place as well as property tax abatement or housing voucher programs to help alleviate housing costs.

Speaking as one of the “Older Americans” myself, I can sympathize with our older clients who have special housing needs and I would be happy to lend my 39 years of real estate expertise to assist them in their search for housing, or for assistance with listing their present homes.

Us “Old Timers” have to stick together !!! Call me at 598-3200, or, 800 677-6683 (MOVE).


SALES AND LISTING STATISTICS

Click here to see the most recent Sales and Listing information for the Pikes Peak area. These statistics are published by the Pikes Peak Association of Realtors and can be helpful to you in evaluating and comparing current listings in the various neighborhoods in our area. If you would like to ask any questions about this data, please give us a call at 598-3200, 0r, 800 677-6683 (MOVE).

LET US TAKE YOU OUT TO THE BALLGAME !!!

If you like baseball, here’s your chance to see the Sky Sox play FREE.

The Sky Sox baseball team is our local AAA Top Affiliate of the Colorado Rockies. And, because we are long-time supporters of our Sky Sox, we have 4 free tickets to all Sky Sox home games available to our readers. These 4 tickets are in the first row, right behind the home dugout.

If you would like to see the Sky Sox play, just give us a call ….but remember, it’s “First Come, First Served”, so you had better call now.

Call me at 598-3200, or, 800 677-6683 (MOVE).

 

AND, IF ALL OF THIS IS NOT ENOUGH EXCITEMENT FOR YOU, KEEP IN MIND THAT IT’S JUST TWO MORE DAYS UNTIL THE BIG CELEBRATION – TAX FREEDOM DAY !!!

On April 17th, we can all celebrate Tax Freedom Day. That’s the day of the year when we can start working for ourselves, rather than for the government. Up until April 17th, everything we have made during 2012 has gone for taxes. YIPPEE!

 

And, please remember, I would be honored to serve as your Broker for all of your residential real estate needs. I want to help you, my reader, make the most prudent and accurate Real Estate business decision.

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf. Call us at 598-3200,or, 800 677-MOVE (6683).

 

JOKE OF THE WEEK

This is the story of the GHL (Green Haired Lady) flying in a two-seater airplane with just the pilot. He has a heart attack and dies. She, frantic, calls out a May Day.

"May Day! May Day! Help me! Help me! My pilot had a heart attack and is dead, and I don't know how to fly. Help me! Please help me!"

She hears a voice over the radio saying:

"This is Air Traffic Control and I hear you loud and clear. I will talk you through this and get you back on the ground. I've had a lot of experience with this kind of problem.

'Now, just take a deep breath. Everything will be fine! ……….Now give me your height and position."

She says, "I'm 5'4" and I'm in the front seat."

(Pause)
O.K." says the voice on the radio.... "Repeat after me: Our Father. Who art in Heaven..."

Local Home Sales Fall, But Prices Rise

by Harry Salzman

April 9, 2012


HARRY’S WEEKLY UPDATE
A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET


THE LATEST PPAR SALES AND LISTING STATISTICS FOR THE PIKES PEAK AREA

Sometimes we are asked why we regularly feature the latest PPAR statistics in our eNewsletter. After all, statistics are pretty boring and they are tough to put into context. However, if you are in the market for a new home, or are considering putting your present home on the market, these statistics will be invaluable in helping you determine what your listing price or your probable purchasing price will be, by showing you what comparable properties are selling and listing for, in the neighborhoods you are considering.

In fact, these PPAR statistics are one of the more important tools we utilize when we consult with our clients. Setting realistic listing prices is the key to selling properties as quickly as possible. Most of the horror stories you hear about houses sitting on the market for extended periods of time are the result of unrealistic listing prices. By using these statistics properly, we can help our clients to avoid these basic mistakes.

The PPAR statistics are also used by real estate experts and business writers to develop a clear picture of trends and business conditions within our local area. As an example of this, we reprint excerpts from a recent feature story from the Gazette, which is based on the PPAR statistics and on an interview which we did with Rich Laden of the Gazette:

LOCAL HOME SALES FALL, BUT PRICES RISE –

The Gazette, April 03, 2012 1:54 PM (Rich Laden)

“Colorado Springs-area home sales fell last month for the first time since mid-2011, but prices rebounded — rising for the first time in more than a year, a Pikes Peak Association of Realtors’ report shows.

For the first quarter of 2012, sales totaled 1,711, or a 1.5 percent gain over the same period in 2011.

Of homes that sold in March, the median sales price rose to $189,000, a 5 percent increase from the same month last year. The median is the midpoint of all sale prices; in March, half of those prices were more than $189,000 and half were less.

The one-month decline in sales shouldn’t be enough to blunt momentum that’s built up in the re-sale market, said Harry Salzman of Salzman real estate Services in Colorado Springs.

Some homebuyers possibly put off their purchases in March, deciding to wait until summer when their kids are out of school, he said. But the increase in price is a good sign, Salzman said.

As buyers take advantage of low mortgage rates and attractive prices, their purchases mean that many homeowners who had been unable to sell their properties finally are able to do so. In turn, those sellers are moving up to bigger and more expensive homes — purchases that likely helped pull up the median price of homes sold in March, Salzman said.”

If you are now in the market to buy or sell a home, you now have at your disposal the same statistics that your Realtor uses.

If you would like clarification of these statistics, or, if you have any other questions about our local market, please do not hesitate to give us a call. We will be happy to answer your questions and to use our 39 years of experience in the local market to advise you about any of the neighborhoods which PPAR covers.

Click Here to see the complete PPAR Listing and Sales statistics for March, 2012

 

SOME HOME MAINTENANCE TIPS FOR SPRING – WHETHER YOU’RE SELLING OR NOT !!!

1. Get your curb appeal ‘up to snuff’ !!! THIS IS REALLY IMPORTANT FOR SELLERS !!! Today’s Buyers are doing their preliminary shopping online and then doing a ‘drive-by’ to see if they want to investigate further. This really emphasizes the old adage, “You only get one chance to make a good first impression”. If your home fails the ‘drive-by’ test. You won’t see many Buyers.
2. Roofing repairs: If you suspect winter storms may have damaged your roof, it needs to be inspected.
3. Check gutters and downspouts: Clean leaves and debris to be ready for spring and summer rains.
4. Fences and gates: Replace any posts that have rotted.
5. Fans and air conditioners: Check the operation of cooling fans, air conditioners and whole-house fans.
6. Check and adjust sprinklers
7. Check vent blocks and faucet covers:
8. Turn on the water supply to outdoor faucets if it's been shut off.
9. Change furnace filters:
10. Check smoke detectors: Replace the batteries and test the detector's operation.


FHA FEES INCREASE TODAY – HOW LONG BEFORE VA AND CONVENTIONAL LOANS FOLLOW?
Daily real estate News

The upfront insurance premium charged on FHA-insured mortgages for home purchases increases today from 1 percent to 1.75 percent on April 9, and the annual FHA mortgage insurance premiums rises by one-tenth of a percentage point.

The cost of a $200,000 FHA mortgage will now rise by about $24 a month, assuming the borrower includes the upfront charge in the amount financed through a 30-year mortgage; a fee increase for jumbo loans and some 15-year loans will be added June 11.

The fourth fee increase in the last three years should boost the FHA's reserves by more than $1 billion through 2013, according to HUD.

Editor’s Note: Our concern is that VA and conventional loans will soon follow this trend and raise their rates, as well.

The bottom line for our readers is: BUY NOW !!!


AS RENTS RISE, OWNING IS REGAINING ITS APPEAL
The Wall Street Journal – and RealtorMag - April 6, 2012

As demand increases throughout the US, rents continue to rise, increasing 5% over the past 12 months. Meanwhile, the asking prices for homes fell 0.7% in that time, according to a new report released Thursday by Trulia Inc.

“Buying a home is now more affordable than renting in almost every part of the US.” Says Jed Kolka, Trulia’s chief economist.

“A lot of people who were owners lost their homes in the bust in these places”, Kolko says. “As a result, many of these former home owners have turned to renting, which has been ramping up demand and driving up rents across the country”

However, as the Wall Street Journal points out, the tide is beginning to turn. Climbing rents are combining with a continued decline in home prices to push once-reluctant home buyers into finally taking the plunge, helping what appears to be a good start to the housing industry’s all-important spring-selling season.

real estate agents report they are fielding more calls from anxious tenants complaining about rising rents. The bottom line is that “The entry-level market is back”.

If you are a renter who is getting squeezed by rising rents, give us a call. We can help you compare what your costs will be if you move out of your rental into a home of your own.

Call us at 598-3200, or, 800-677-6683(MOVE).

And, please remember, I would be honored to serve as your Broker for all of your residential real estate needs. I want to help you, my reader, make the most prudent and accurate Real Estate business decision.

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf. Call us at 598-3200,or, 800 877-MOVE (6683).


JOKE OF THE WEEK

WHO IS YOUR ROLE MODEL ??

1) Pick your favorite number between 1-9
2) Multiply by 3
3) Add 3, then multiply again by 3
4) You'll get a 2 or 3 digit number ..
5) Add the digits together

Now, using that number, see who your ROLE MODEL is from the list below:

1. Einstein
2. Nelson Mandela
3. John Wayne
4. Helen Keller
5. Bill Gates
6. Gandhi
7. George Clooney
8. Thomas Edison
9. Harry Salzman
10. Kermit the Frog

I know... I just have that effect on people.
P.S. Stop picking different numbers. It always works

April 2, 2012

HARRY’S WEEKLY UPDATE
A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET


FORECLOSURE RATE IN COLORADO SPRINGS BETTER THAN REST OF STATE AND NATION
Colorado Springs Business Journal – March 27, 2012

The rate of foreclosure among all outstanding mortgages in Colorado Springs fell to 1.39 percent in January, according to a report from CoreLogic, a real estate market information and analysis firm. The rate is a decrease of 0.42 percent from January of 2011 when it was 1.81 percent.

Foreclosure activity in Colorado Springs is also significantly lower than the national average, where 3.6 percent of all outstanding mortgages go into foreclosure. Colorado Springs rate was also slightly below the Colorado average of 1.44 percent.

The city is also showing improvement among the percentage of mortgages 90 days or more delinquent. That rate fell from 4.44 percent in January, 2011 to 4.04 percent this January. While that rate is slightly higher than the state average, it’s well-below the national average of 7.24 percent.

The Gazette reports that foreclosures have fallen, in part, because the pool of homeowners falling into foreclosure – people who have lost jobs or had bought houses using non-traditional, risky mortgages – is dwindling.

This is good news for our local housing market and is an indication that local home prices will now start to rise. Sellers will be happy to hear that and will probably start re-listing their homes. Buyers should take note of all of these factors as they decide whether to buy now or continue to wait.

In fact, now is the best opportunity for buyers to make their move. Prices and mortgage rates are still very low, and the inevitable inflation that will soon affect home prices and rates has not kicked in yet.

Another factor that will trigger a rise in home prices is that many prospective buyers have been waiting for prices to stop falling, before they committed to buy. When all of these Mugwumps start looking to buy, prices will definitely rise even further.

Contact us to discuss the local market in more detail. Should you buy, rent, refinance, or list?? We can help you make the decision that will be best for you. Call us at 598-3200, or, 1-800-677-6683.


HAPPY DAYS ARE HERE AGAIN, ACCORDING TO 38 LEADING real estate EXPERTS

A new Urban Land Institute survey of 38 leading real estate economists and analysts from across the US projects broad improvements for the nation’s economy, real estate capital markets, real estate fundamentals and the housing industry through 2014.

The survey, conducted during late February and early March, is a consensus view and reflects the median forecast for 26 economic indicators, including property transactions, vacancy rates and rents, housing starts and home prices.

Some of the consensus predictions are:

• Rents are expected to increase for all property types, with 2012 apartment rent increases of 5%
• Housing starts will nearly double by 2014 and home prices will begin to rise, with prices increasing by 3.5% in 2014.

Lawrence Yun, chief economist for the National Association of Realtors, echoed the survey results. He stated, “The spring home buying season looks bright because of an elevated level of contract offers so far this year. If activity is sustained near present levels, existing home sales will see their best performance in five years. Based on all the factors in the current market, we’re expecting sales rising 7%-10% in 2012”.

The surveyed experts also predict a GDP growth of 2.5% this year, 3% in 2013 and 3.2% in 2014. They also predict a decrease in unemployment, down to 6.9% in 2014.

The down-side of these positive predictions is that the improving economy will likely lead to higher inflation and interest rates.

Freddie Mac reflected these trends by stating, “We can expect 30-year fixed-rate mortgages to gradually increase throughout the year to about 4.5%”.(March 29, 2012).

Frank Nothaft, Freddie Mac’s chief economist noted that “As if awakening from hibernation, housing starts and home sales have moved to a higher level of activity”.

Keep in mind, however, that if you wait another six months to buy your new home, both the price for the home and the mortgage rate will probably be higher than they are today.

Call us at 598-3200, or 1-800-677-6683.


BUYING A HOME? THE COST IS MORE IMPORTANT THAN THE PRICE
The KCM Crew, March 19, 2012

KCM is a respected source of in-depth information about the real estate market. They recently published a timely reminder for prospective buyers, advising them to consider the total cost of their home purchase, as opposed to merely the price of the house. We thought you would be interested in their comments:

“We have often advised buyers to look at the COST of purchasing a house more than the PRICE of the home. Obviously, price is part of the cost equation. The other piece, assuming you are not an all cash buyer, is the mortgage rate. The mortgage rate to finance a purchase can have a dramatic impact on the overall cost. Recently, there are more people talking about the possibility that mortgage rates could begin to increase”.

They point out that, over the life of a 30-year mortgage, a 1.5% increase in interest rate will cost the homeowner over $40,000. And, when we consider that NAR is predicting that mortgage rates will soon be rising from 3.9% to as much as 4.6%, it’s obvious that waiting may not be in your best interests.

Furthermore, considering the projected rise in rents and the fact that, as a homeowner, you have tax advantages that you don’t enjoy as a renter, the total cost to you of delaying your home purchase may be greater than you think.

In fact, if you are considering buying a home in today’s market, there are 4 things that you should be discussing with your real estate agent:

1. Would you be better off buying or renting?
2. What are the advantages of owning a home, including the non-financial advantages?
3. Why the financial gurus are saying that NOW IS THE TIME TO BUY
4. Why real estate will be a GREAT investment moving forward.

We would be happy to discuss all of these factors with you. Call us at 598-3200, or 1-800-677-6683.

And, please remember, I would be honored to serve as your Broker for all of your residential real estate needs. I want to help you, my reader, make the most prudent and accurate Real Estate business decision.

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf.

Just click on the icon at the top of this email to listen to my latest podcast.


LATEST STATISTICS

Click here for the latest Sales and Listing statistics for the Pikes Peak area. These statistics can help you evaluate prices and neighborhoods. Call us, if you have any questions.

JOKE OF THE WEEK

As part of our effort to achieve world peace, we have developed a list of “Men’s Rules”.

These rules are meant to clarify some aspects about men’s behavior which sometimes lead to misunderstandings, arguments and/or hurt feelings
Please note.. These are all numbered "1 "…….on purpose!

1..Men are not mind readers. (first & foremost rule)
1..Learn to work the toilet seat. You're a big girl. If it's up, put it down. We need it up, you need it down. (You don't hear us complaining about you leaving it down. )
1..Sunday sports, it's like the full moon, or the changing of the tides. Let it be.
1..Crying is blackmail.
1..Ask for what you want. Let us be clear on this one: Subtle hints do not work! Strong hints do not work! Obvious hints do not work! Just say it!
1.."Yes" and "no" are perfectly acceptable answers to almost every question.
1..Come to us with a problem only if you want help solving it. That's what we do. Sympathy is what your girlfriends are for.
1..Anything we said 6 months ago is inadmissible in an argument. In fact, all comments become null and void after 7 days.
1..If you think you're fat, you probably are. Don't ask us.
1..If something we said can be interpreted two ways and one of the ways makes you sad or angry, we meant the other one
1..You can either ask us to do something, or tell us how you want it done....not both. (if you already know best how to do it , just do it yourself. )
1..Whenever possible, please say whatever you have to say during commercials..
1..Christopher columbus did not need directions and neither do we.
1..All men see in only 16 colors, like windows default settings. Peach, for example, is a fruit, not a color. Pumpkin is also a fruit. (we have no idea what mauve is.)
1..If it itches, it will be scratched. We do that.
1..If we ask what is wrong and you say "nothing," we will act like nothing's wrong. (we know you are lying, but it is just not worth the hassle..)
1..If you ask a question you don't want an answer to, expect an answer you don't want to hear.
1..When we have to go somewhere, absolutely anything you wear is fine... Really .
1..Don't ask us what we're thinking about unless you are prepared to discuss such topics as football,hockey, hunting, or fishing.
1..You have enough clothes.
1..You have too many shoes.
1..I am in shape. (round is a shape!)

Thank you for reading this. .....yes, I know, I have to sleep on the couch tonight;
(but did you know men really don't mind that? It's like camping.)

Pass this to as many men as you can -
To give them a laugh.

Pass this to as many women as you can -
To give them a bigger laugh.

Displaying blog entries 1-5 of 5

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