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HARRY'S BI-WEEKLY UPDATE 7.24.18

by Harry Salzman

July 24, 2018

 

HARRY’S BI-WEEKLY UPDATE

          A Current Look at the Colorado Springs Residential real estate Market

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

RESIDENTIAL real estate IN COLORADO SPRINGS IS STILL BOOMING…

As I write this eNewsletter, I’m still amazed at the growth I’ve seen in the Springs in recent times. I’ve been a local Realtor for more than 46 years and during that time I’ve obviously seen the City grow—and the metro area population more than double in size—but I’ve just not ever seen the pace at which most homes are selling at present.

In the $300,000 and under range we are still having difficulty in finding available homes and when we do, they go quickly, most over listing price.  This is presenting difficulties for first-time buyers who are wanting to avail themselves of homeownership before interest rates rise.

We are starting to see a few more listings in all price categories, which is encouraging.  I’m guessing that folks who have been waiting to sell and trade up are getting on the bandwagon before they too are priced out of the market.

Interest rates have remained relatively flat for the moment, but the Federal Reserve has indicated they plan to raise rates several more times this year.  At some point, the mortgage interest rate will follow.  This will help prices to level out a bit but right now we are still seeing local median prices rising from 11-13 percent year-over-year.  Great for those who are already homeowners, not so great for those who are not.

Investors, too, are finding fewer bargains at a time when there is an abundance of renters who cannot afford, or do not wish to own, a home. 

This is most definitely still a Seller’s Market and will continue to be so until there are considerably more listings. If you have even thought about whether a move might be good for you and your family, NOW is the time to check out the possibilities.  

While the market is indeed tight, there are still homes available in MOST price ranges and neighborhoods and we can find one that fits your wants, needs and budget.  That’s where I come in.  My long-time experience is your biggest asset.  I know the “ins and outs” of negotiation, finding the right lender for your individual situation and always do my best to make certain that the first offer you make is one that will at least get attention, if not make it to closing.  

New construction can also be a possibility and I can help you in that area, too.  I have longstanding relationships with most of the local homebuilders and my expertise in this arena is yours at no additional cost to you.

So, there you go.  My advice? If you are even thinking of making a move, call me yesterday--you don’t have a minute to waste.  I can be reached at 593.1000 or email me at Harry@HarrySalzman.comtoday and let’s get the ball rolling to make your residential real estate dreams come true.

 

JUNE 2018 LOCAL MARKET UPDATE AND MONTHLY INDICATORS ILLUSTRATE OUR CONTINUING UPWARD TREND IN GREATER DETAIL

Pikes Peak REALTORS®Services Corp., 

These reports contain much greater detail than the first-of-the-month reports I share and cover ALL residential areas in the Pikes Peak Region. 

In the recently published June 2018 Monthly Indicators and Local Market Update for El Paso and Teller Counties, new listings year-over-year were down 2.7% for the single-family/patio homes and down 10.7% for condo/townhomes.  

     The “Activity Snapshot”shows the one-year change:

  • Sold Listings for All Properties was down 5.7%
  • Median Sales Price for All Properties was up 13.1%
  • Active Listings on All Properties was down 16.4%.

You can click here to read the 16-page Monthly Indicators or click here to get specific information on the neighborhood of your choice from the 34-page Local Market Update. I recommend that you check out your own neighborhood, or one that you are considering, to get a good idea of the local pulse. I have reprinted just one neighborhood, Southwest, below to show you the type of information available for all local areas.

For questions about any of these reports or just to find out how I can put my special brand of customer service to work for you, please give me a call.

 

LOCAL SALES TAX MAKES BIG GAINS

The Gazette, 7.19.18

Sales tax collections in Colorado Springs for June, based on transactions in May, rose 6.3 percent to $14.2 million, the sixth consecutive monthly increase and the biggest gain since June 2017.

Nearly one-third of the June increase came from a 17.4 percent jump in miscellaneous retail, which includes sales from Amazon, to $1.87 million. Other big gains came from business services, commercial machines and building materials.  

According to Tom Binnings, senior economist for Summit Economics LLC, a local economic research and consulting firm, housing construction and business investment have been gaining strength nationwide since last year’s tax cut.  He said the City’s sales tax numbers are “pretty indicative of a continuing economic expansion”.

 

THE BENEFITS OF A LOCAL MORTGAGE LENDER

The Wall Street Journal, 4.27.18

I have always encouraged my clients to consider a local mortgage lender and was pleased to read this article which perfectly explains my reasons for that.

In tight housing markets like Colorado Springs where bidding wars are becoming commonplace, buyers who need financing can strengthen their offers by working with a locally based mortgage broker or loan officer, according to real estate agents and lenders.  

Agents tend to want to work with buyers whose lenders know the local market and have a record of getting deals done.  That reassures the listing agent and the seller that a sale will likely close.  Confidence that a sale will close can often separate a winning bid from the rest in a fast-moving market such as ours.

Online lenders can offer convenience and it is still useful for borrowers to shop around for the best rates and terms but lenders in a hot market caution that a small difference in rates isn’t the most decisive factor in choosing a lender.  The ability to close is even more important.

Reputation also matters.  Finding someone you can do business with and communicate with easily is also very important.  As is speed—often sellers fielding multiple offers will choose the buyer who can close quickly, making it difficult for buyers who need the typical 30 to 45 day window to get a loan.  Lenders in fast-paced markets are tuned to quicker closings.

Working with a mortgage professional who has an existing relationship with a buyer’s agent also tends to mean more personal contact and the ability to get questions answered promptly.  I’ve personally found that my relationship with a number of local lenders has made the difference between getting a contract accepted and not. These relationships, built over the years, makes for easy discourse between my buyers and the lenders.

Some other tips to consider:

  • See Double.  Sometimes it is advisable to “double-app”—that is, to apply for a mortgage from the lender with the best rates and from the lender with the local relationships.  The latter provides the additional security of getting a loan quickly and may be able to match the other firm’s rates.

 

  • Vet your cousin.  Just because your cousin does mortgage loans doesn’t mean that your cousin is a good loan officer.  If you want to work with someone you know personally, or someone from your bank, have them speak with your real estate agent first, and reassure them of their reputation and relevant experience.  Your agent can then communicate their bona fides to the listing agent.

 

  • Home (town) appraisal.  Even if you work with a national firm, it is important to make sure the company uses local appraisers who know the difference in value between various neighborhood communities. That is especially true when a bidding war might mean the property sells for a significant premium over the asking price.

 

HOMEOWNERS ARE UNDERINSURED AS HURRICANE SEASON OR ANOTHER NATURAL DISASTER OCCURS

The Wall Street Journal, 7.19.18

Many U.S. homeowners are inadequately insured for natural catastrophic damage going into the height of the Atlantic hurricane season.  

And, while we don’t face hurricanes in the Colorado Springs area, we do have fires, flooding, tornadoes and the like and many homeowners here are underinsured, with policy limits too low to cover the full cost of repairing or rebuilding their properties.

Homeowners often fail to increase their policy limits if the expand or upgrade their homes and with the ever-increasing cost of building materials, the cost of rebuilding or replacing can escalate quickly.

My advice to you?  Have a yearly meeting with your home insurer to make certain that your home is adequately covered in case of catastrophic damage.  Hopefully you will never need it, but if you do, you’ll be glad you took that precaution.

HARRY'S BI-WEEKLY UPDATE 7.9.18

by Harry Salzman

July 9, 2018

HARRY’S BI-WEEKLY UPDATE

          A Current Look at the Colorado Springs Residential real estate Market

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

 

 

ACTUALLY, IT’S  BEYOND GREAT NEWS…

As most of you know, when it comes to most everything—I’m a very positive kind of guy.  But even I could not dream up a scenario that represents all the good things that are happening in the Colorado Springs area.  

And I’m not just referring to Residential real estate.  Good things are happening in so many areas for our City and I just couldn’t be happier and I can’t wait to share it.

To start with, things in Residential real estate are showing no signs of slowing down.  In just two days this past week I had offers either accepted for my buyers or my sellers on four different properties.  In one case, my seller had 6 offers in one day and the accepted offer was considerably over listing price.  That same seller then had to quickly find another home, and while it took several tries, we were able to get an offer accepted a few days later. Whew.  I know they are relieved to know there’s somewhere to go when their present home closes.  

It’s still a bit of a frenzy due to the low inventory which is keeping prices on the high side and creating all kinds of new scenarios for those who had their mind set in looking in just one neighborhood or had not considered new construction as an option. In today’s market, one has to consider ALL options—which oftentimes opens up a number of new things to pursue. 

In the under $300,000 range there are so few listings and so much competition that first-time buyers are quickly being priced out of the market at present.  As much of an advocate as I am of home ownership, I find this troubling to say the least.  

Part of the low inventory can be attributed to our continuation as one of the “hottest” real estate markets in the U.S.  Colorado Springs was ranked No. 9 in Realtor.com’s June “hotness index”,which identifies the nation’s top 20 metropolitan areas for single-family housing.  We moved up two spots from number 11 in May and our homes have seen record-setting prices in recent times.

When you add that to our burgeoning economy, low unemployment rate and the high number of available jobs in diverse fields, you can begin to understand the problem.  

Locally and across much of the U.S., it will continue to be a ‘Seller’s Market” until we have more available homes.  Even when it comes to new construction, which a number of my clients have considered of late, it can be tough.  Local homebuilding is on track to hit a 13-year high and the pace shows no signs of a slowdown. Lots are going quickly and prices are on the rise due to escalating lumber, aluminum and copper costs.  And the turnaround times are getting a bit longer than normal.  

However, if you have the time, new construction may be a perfect option for you.  With my longstanding relationship with most local builders, I can help you in this area at no additional cost to you. So if you’ve considered this, give me a call and we can address your particular situation. 

Clients continue to ask me if this is a good time to buy or sell.  My answer will always be the same—NOW is always a good time to buy….and to sell. There are many options to consider and my 46 years in the local real estate arena gives you a big boost when it comes to finding the solution for your wants, needs and budget. In an environment of multiple offers, many in cash and over list price, it takes my kind of experience to help you make an offer that warrants at least a second look and has a good chance of getting accepted by the seller.

And once again…if you’re even considering a move and wondering how all of the above applies to you,simply give me a call today at 593.1000 or email me at Harry@HarrySalzman.comand let’s see how I can put my special brand of customer service to work for you.

 

And now for June statistics…

Homes are selling at 100.6% of listing price with the average days on the market at a very low 18.  

This continues to be great news for both buyers and sellers but with homes selling so fast it still necessitates knowing where you plan to move next prior to listing your present home.

The Monthly Summary shows that compared to a year ago, total active listings are the same for Single Family/Patio Homes and down 12.4% for Condo/Townhomes.  New listings are down 10.0% for Single Family/Patio Homes and down 11.0% for Condo/Townhomes.  

For more stats, please see the following article.

 

JUNE 2018 WAS ANOTHER RECORD SETTING MONTH IN LOCAL RESIDENTIAL real estate

Statistics provided by the Pikes Peak REALTORS Service Corp, or it’s PPMLS

Here are some highlights from the June 2018 PPAR report. A look at the Median Sales Prices will show that prices have continued their record setting pace for the fourth straight month!  Please click here to view the detailed 15-page report, including charts. If you have any questions, just give me a call.

 

In comparing June 2018 to June 2017 for All Homes in PPAR:                      

                         Single Family/Patio Homes:

·       New Listings are 2,051, Down 10.0%

·       Number of Sales are 1,737, Down 0.3%

·      Average Sales Price is $361,499, Up 10.8%

·      Median Sales Price is $324,750, Up 13.8 %

·       Total Active Listings are 2,162, Same as last year

·       Months Supply is 1.2

 

                        Condo/Townhomes:

·       New Listings are 268, Down 11.0%

·       Number of Sales are 202, Down 18.5%

·      Average Sales Price is $230,142, Up 15.6%

·      Median Sales Price is $216,500, Up 20.3%

·       Total Active Listings are 141, Down 12.4%

·       Months Supply is 0.7

 

COLORADO SPRINGS AREA MONTHLY SINGLE FAMILY/PATIO HOME SALES ANALYSIS*

                                                Median Sales Price               Median Sales Price

                                                    June 2018                               June 2017

Black Forest                             $518,500                              $571,000                        

Briargate                                  $412,500                              $386,000       

Central                                      $265,000                              $228,500

East                                           $268,750                              $236,250

Fountain Valley:                       $270,000                              $259,825

Manitou Springs:                    $285,000                              $397,500

Marksheffel:                             $331,750                             $316,750

Northeast:                                $309,950                              $270,000

Northgate:                               $466,406                              $472,455            

Northwest:                               $425,000                              $370,000           

Old Colorado City:                  $317,500                              $248,500           

Powers:                                    $305,500                              $272,000

Southeast:                                $230,000                              $208,000

Southwest:                               $399,750                              $421,000

Tri-Lakes:                                  $562,533                              $479,649

West:                                         $310,000                              $285,000

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

 

COLORADO’S ECONOMY EARNS “TOP 5” RANKING IN THE U.S.

The Gazette, 6.16.18

WalletHub, the personal finance website, rankedColorado as the nation’s fifth-best economy,trailing only Washington, Utah, Massachusetts and California.  

In the individual components, Colorado ranked second in the highest economic growth and lowest unemployment rate, fourth in most startup activity and fifth in highest median annual household income, but third lowest in fewest exports per capita. 

The state economies were ranked by WalletHub across three, equally-weighted categories—economic activity, economic health and innovation potential, using 28 different statistics.  Colorado ranked eighth in activity, third in health and fourth in potential.  

 

AND THIS FROM ELLIOT EISENBERG, THE BOWTIE ECONOMIST…

Good news on the unemployment front:

“May’s employment numbers were excellent.  The unemployment rate fell to 3.8%, a level last seen in 4/00!  The unemployment rate for African Americans declined to 5.9%, the lowest level since record keeping began in 1/72, and the unemployment rate for women was 3.6%, its lowest since 1953!  Lastly, the unemployment rate for those with less than a HS diploma hit 5.4%, a near record.”

Colorado Springs’ unemployment rate fell to 3.1% in May, the lowest level in a year—and as I mentioned earlier—just another reason why there are so few homes for sale!

 

UCCS ECONOMIC FORUM DASHBOARD

UCCS Economic Forum, 6.21,18

As a sponsor since its inception, I receive information from the UCCS Economic Forum which I regularly share with my readers.  For the most recent statistics, you can click here for a copy, both nationally and local, concerning labor force/unemployment, wages, demographics, real estate, tourism and more.

If you have any questions, please give me a call.

 

SKY SOX TICKETS ARE GOING FAST…

Just a reminder that I have four front row season tickets for the Colorado Springs Sky Sox, free for the asking on a first-come, first-served basis.  

The weather’s been great for baseball-watching and tickets for Friday fireworks and Sunday 50 cent hot dog afternoons go quickly so please call me to reserve yours for the date of your choice.

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FEATURED LISTING:

***YOUR HOME CAN BE FEATURED HERE…..CALL ME AND LET’S DISCUSS!***

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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

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