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HARRY'S BI-WEEKLY UPDATE

Monday, March 25, 2013

by Harry Salzman

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March 25, 2013

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

WISHING YOU A HAPPY PASSOVER AND A HAPPY EASTER

I wish you all a very happy holiday week and hope you will get to enjoy the festivities with your friends and family.

HOME VALUES UP FOR 16^TH STRAIGHT MONTH

Nothing but good news on the real estate front again. Homes values are continuing to move upwards and the list of improving housing markets gets longer. More than 75% of the 361 metro areas covered by the National Association of Home Builders/First American Improving Markets Index are now listed as improving. Especially important to us is the fact that Colorado Springs was added to that list this month. We’ve been telling you that, but nice to see it as “official”.

Even Fannie Mae’s Economic & Strategic Research Group, known for their conservative approach, is saying that the housing market is “on a sustained growth path”.

First time homebuyers are continuing to be more optimistic about the possibility of home ownership and their enthusiasm is crucial to the housing market and the overall economy, according to Kevin Watters, CEO of mortgage banking at JPMorgan Chase.

With homes selling faster as buyer demand increases, there is a low supply of homes left for sale. In fact, national housing inventory is now at its lowest level since January 1994. Homes sales have exceeded listings for the past 25 months and the upward trend in prices continues. I’ve been witnessing this myself locally--seeing greatly shortened times of listed homes on the market. That’s creating an urgency I’ve not seen in a number of years. When you add that to the fact that any discount available on foreclosures is fading along with inventories, it’s definitely becoming more of a seller’s market again.

USAToday says that “Homes are selling Lickety-split”— faster last month than in any February since 2007, “as eager buyers met a tight supply of homes for sale”.

On March 18, RISMedia.com reported that Realtor.com “recently released its February data on the U.S. housing market, offering valuable insight into the latest real estate trends.” Their “February 2013 national housing data indicates that listing inventories increased 1.15 percent month-over-month; median age of inventory was at 98 days, a 9.26 percent decrease month-over-month; and median list prices were slightly higher month-over-month at $189,000. These numbers show that homebuyers are getting an early start on the spring season despite the fact that inventories hit record lows.”

“As we enter the busiest time of the year for homebuyers and sellers, our latest housing trend data shows just how competitive the market is with a significant national housing recovery well underway,” said Steve Berkowitz, chief executive office of Move, Inc. “Looking ahead, we can expect the amount of inventory to increase this spring along with higher list prices as sellers become more comfortable with the market conditions.”

Nationally, U.S. homebuilders started more homes in February and permits for future construction rose at the fastest pace in 4½ years. The Gazette reported that in Colorado Springs, “single-family homebuilding permits totaled 220 in February, exactly double the total from February 2012 and the highest total for any February since 2006, according to a report from the Pikes Peak Regional Building Department. The number of permits issued in the first two months of this year is up slightly more than double from the same period last year to 398.”

The Wall Street Journal reported that existing home sales are at a 3 year high, indicating that more people are listing their properties ahead of the crucial spring selling season.

This is good news for those of you who have been waiting for home values to go up before listing your home in order to trade up or relocate. REALTORmag, and The Wall Street Journal both report that “rising home prices have helped more home owners make their way above water again, with 1.7 million properties regaining equity in 2012, according to the latest figures from CoreLogic. The number of mortgaged homeowners with equity now stands at 38.1 million and more homeowners are expected to join them soon.”

The long wait is over and the time is ripe, so if you are looking to sell and trade up, invest or buy a new home, please give me a call at 598.3200 or email me at Harry@HarrySalzman.com so I can help you figure out the best plan for you individual wants and needs

INTERNET BUYING VS. real estate BROKERS??

A recent issue of Bloomberg Businessweek carried a story titled “Why Can’t the Internet Replace real estate Brokers?” and I’d like to share a little of it with you. Below, I have reproduced a graphic which helps explain what buyers want from Real Estate Brokers. The article and graph clearly indicate that while more and more buyers are using the Internet to find the home they want, when it comes to the actual purchase, most rely on actual Real Estate Brokers to complete the process for them.

With more than 40 years experience in the real estate business, I could certainly relate to all the reasons why the Internet cannot replace a live person when it comes to the actual “negotiations” and local judgments required to make certain that a buyer has crossed all the “t’s” and dotted all the “i’s” so to speak.

The article was talking about how travel agents have basically been replaced by the Internet because most people feel confident that they can make travel arrangements themselves, but that when it comes to real estate investing, these same people are “nervous about venturing out on their own or trusting an online discounter for the most complicated transaction of their lives.”

The chart shows you how a buyer might use Zillow, Refin, Trulia, and Quicken to help in their initial search, but that when it comes down to negotiations, most turn to a qualified real estate Broker.

* Reproduced from Bloomberg Businessweek, March 11-17, 2013

COLORADO SPRINGS JOBLESS RATE FALLS AGAIN

With January’s 8.7 percentage rate the lowest since March 2009, the Colorado Springs job market continues to deliver good news for both the local economy and residential home market. According the a report in The Gazette, “the improvement came as more than 3600 area residents returned to the job market, the biggest monthly increase in the labor force in more than 12 years. The number holding jobs surged by nearly 4300, cutting the number of residents looking for work by nearly 700.”

Colorado Springs Mayor Steve Bach, in acknowledging this progress said, “..while it is encouraging to have growth, we still have a lot of work to do.” Bach set a goal last year of adding 6,000 new jobs a year to help lower the area’s 9 percent unemployment rate. “The city is doing its best to create a better business climate by being as business-friendly as possible,” he said.

JOKE OF THE WEEK

What do you call Rollerbladers who chat on the computer?

Online skaters.

Why was the computer so tired when it got home from the office?

Because it had a hard drive.

How can you tell when an adult’s been using the computer?

There’s correction fluid all over the screen.

How can you tell a good computer programmer from a bad computer programmer?

The good one always comes through when the chips are down.

How do you keep a fool busy all day?

Put him in a round room and tell him to sit in the corner.

Why did the mother always put on a helmet before she used the computer?

Because she was afraid it would crash.

What do pigs put in their hard drives?

Sloppy disks.

FEATURED LISTING

81 Crystal Park RD C

Price: $169,000

Beds: 2

Baths: 3

Sq Ft: 1556

SEE PIKES PEAK TO GARDEN OF THE GODS TO EAST FROM THE UNIT. QUIET. GREAT LOCATION. WALKOUT TO 18'X10' PATIO AND 10'X18' DECK OFF DR. VAULTED CEILINGS IN ENTRYWAY LR, UL BR#2 CAN BE AN OFFICE. SKILIGHTS, ML & UL FLOORS ARE VERY NICE WOOD WITH TILE IN...

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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)

Visit http://www.SalzmanRealEstateServices.com

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HARRY'S BI-WEEKLY UPDATE

Monday, March 11, 2013

by Harry Salzman

March 11, 2013

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

HAPPY SAINT PATRICK’S DAY WEEK…here’s wishing you “LUCK”

In today’s real estate market, which is moving faster and faster by the day, you need more than just “luck” to make your dreams come true. Fortunately for you, when it comes to considering residential homes you’ve got just that because you’ve got me. As your Realtor, with more then 40 years local experience in helping you navigate quickly and in a financially sound manner, I can assist you with all your Real Estate needs.

A FABULOUS FEBRUARY FOR real estate SALES

Wow. Despite the weather, another great month for the Colorado Springs housing market. There are positive numbers all across the board. Local Residential real estate prices have now increased for 12 straight months on a year-over-year basis, indicating a greatly increased consumer confidence in home buying.

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

Number of Sales—664. Up 29.2%
Average Sales Price---$227,357. Up 4.6%
Median Sales Price---$199,000. Up 12.6%
Inventory of Active Listings--3035. Down 5.9%

It’s definitely worth noting that the average selling price of a listing received 98.0% of the listing price. Also, the average number of days a house is on the market is shortening and foreclosure rates are also on the decline.

What does that mean to you? Once again, these numbers demonstrate that now is the time to buy. If you choose to wait, your housing cost will probably be higher. Or you could end up in a position where the home you want has already received multiple offers, which could hurt your chances of success in the purchase. This also means that if you are looking to sell and trade up you are looking at better returns overall as your home is probably worth more today than a year ago. So it is a great time to upgrade and take advantage of today’s low mortgage rates.

To look at the 7-page PPAR Report and see how your area is performing, please click here. I am available to answer any questions you may have or to help in any way I can in connection with your real estate needs. Just give me a call at 598.3200 or email me at: Harry@HarrySalzman.com.

USAToday PROCLAIMS COLORADO AS NUMBER 2 IN “QUALITY OF LIFE SURVEY”

Those of us who live here already know this, but now it’s official. In the 2012 annual Gallup-Healthways Well-Being Index, Colorado ranked only behind Hawaii. This survey is based on residents’ responses about physical health, happiness, job satisfaction and other factors that affect quality of life.

Colorado has consistently ranked in the top 10 every year from 2008 to 2012. According to the report, residents of these states tend to have lower rates of obesity and fewer medical problems such as type 2 diabetes, heart disease or chronic pain. They also report enjoying their jobs more, have lower rates of smoking and exercise more than residents in the lower ranked states.

Since relocation is one of my specialties, this is a plus for folks who are planning a move to Colorado Springs. If you, a family member or co-worker is considering a move here, please have them contact me and I will be happy to show them why this is the greatest “Quality of Life State” in the continental U.S. to live.

AND NOW FOR THE NATIONWIDE REPORT FROM THE LAST FEW DAYS

We have seen stories from various sources indicating how good the Residential real estate Market is nationwide and while we are ahead of most national statistics locally, it’s always a good sign when the Real Estate Market picks up nationally.

According to rismedia.com, “February’s U.S. home prices signal a solid start to Spring buying.” While February’s yearly growth of 6.1 percent is encouraging, Dr. Alex Villacorta, director of research and analytics at Clear Capitol reminds us that “this rate is measured against the market’s bottom, which we reported in our March 2012 Market Report.”

RealtorMag and Housingwire both cited another showing of home prices surging: “CoreLogic’s home price index shows that prices nationwide in January rose 9.7 percent year-over-year, posting their largest percentage increase since April 2006. Capital Economics researchers say “This is set to be another tear-away year for housing recovery” since “house prices rose strongly at the start of 2013 and are likely to perform well across the year as a whole.”

inmanNEWS reports that Americans “continued to view housing as a relative bright spot in the economy, even as their sentiment towards the broader economy and household finances limped along,” according to Fannie Mae’s February 2013 National Housing Survey.

The survey also found that “Americans who believe home prices will increase over the next year and home price expectations for 2013 both hit their highest levels since the survey’s inception in June 2010. The 48 percent of respondents who believe home prices will go up in the next 12 months was also a survey high. The share of respondents who said that if they were moving, they would buy rather than rent, increased by 2 percentage points to 67 percent. Nearly half of those surveyed—45 percent—think mortgage rates will go up.”

Businessinsider.com reports that “declining inventory has created room for new home construction. With inventory “down 22 percent from the end of 2011, the reduction has underpinned home prices and created a need for construction yet again.”

They also reported on March 8, 2013 that “a positive feedback loop has begun. Capitol Economics’ Paul Diggle also upwardly revised his home price forecast to 8 percent for the year, up from his previous call for a 5 percent rise.

‘Prices of both new and existing homes are picking up, the latter by over 10% year-on-year. Indeed, after a couple of years during which new home prices outperformed, primarily owing to builders constructing more homes for the higher-end market, we now expect existing house prices to close the gap.

As more consumers are able to access mortgage credit, homebuilders should widen their offering, while continued investment demand will bid up existing home prices.’

And Ivy Zelman was on CNBC yesterday (3.7.13) saying, ‘we’re in a nirvana for housing. I’m the most bullish I’ve ever been’.”

USAToday weighed in with several important facts:

“Americans have finally regained the $16 trillion in wealth they lost to the Great Recession, thanks to surging stock prices and rising home values.

“Rebounds in housing and consumer wealth benefit job recovery”. The job market is still struggling; however, “the turnaround has helped boost construction payrolls and is rippling to related sectors.”

In Bloomberg Businessweek we read:

“Despite the hit many Americans took, there’s little sign they’ve changed their dependence on homes as the mainstay of their wealth.”

“..people will put their money back into housing. The trends look like they’re on autopilot.”

“A home is what economists call a consumption good; you have to live somewhere. It’s also a store of wealth. Unlike other assets, you can’t buy a portion of a house.”

Also from Bloomberg Businessweek in answer to ‘Why Is Housing Off the Floor?”

Mortgage rates are at record lows…
…and so are inventories
The economy recovers, and panic subsides…
…which gooses home values.

The National Association of Realtors Economic Outlook/Blog shares the “Profile of Home Buyers and Sellers: Reasons to Buy”, according to a National Economics Research expert.

Desire to own a home of their own is the primary reason for motivating buyers.
Repeat buyers are more likely motivated to make a purchase based on changing circumstances: both the desire for a larger home and the need to relocate for a job or move.
Other reasons to buy included the desire to be closer to family and friends as well as a change in family situations.
Among age groups, there was a clear tendency for younger buyers to be more inclined to buy because of the desire to own a home, while older buyers (those 65 and older) cited the desire to be closer to family and friends.

Again, what all this means is exactly what I’ve been telling you for the past year. Now is the time to sell and trade up or invest. Call me with any questions, or simply to find out what’s going to make the most sense to you personally in this fast changing market.

JOKE OF THE WEEK

Quotes From Our Late Buddy Phyllis Diller

Housework can’t kill you, but why take a chance?

Cleaning your house while your kids are still growing up is like shoveling the walk before it stops snowing.

Best way to get rid of kitchen odors? Eat out.

We spend the first twelve months of our children’s lives teaching them to walk and talk and the next twelve telling them to sit down and shut up.

Whatever you may look like, marry a man your own age—as your beauty fades, so will his eyesight.

I’ve been asked to say a couple of words about my husband, Fang. How about short and cheap?

My photographs don’t do me justice—they just look like me.

Tranquilizers work only if you follow the advice on the bottle—keep away from children.

You know you’re old if they have discontinued your blood type.

It’s a good thing that beauty is only skin deep or I’d be rotten to the core.

There’s a new medical crisis. Doctors are reporting that many men are having allergic reactions to latex condoms. They say they cause severe swelling. So what’s the problem?

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HARRY'S BI-WEEKLY UPDATE

Monday, February 25, 2013

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 2^nd highest level in 3 years. And REALTORMag reported that 88% of U.S. Cities have seen prices for single-family homes rise in the 4^th 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.

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HARRY'S BI-WEEKLY UPDATE

Tuesday, February 5, 2013

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

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 ...

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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)

Visit http://www.SalzmanRealEstateServices.com

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