Real Estate Information Archive

HARRY'S COLUMN

A COUPLE OF GOOD REASONS WHY YOU SHOULD BUY RIGHT NOW

First of all, the $8000 tax credit for first-time home buyers expires on November 30, 2009. This means that, if you want to take advantage of this tax credit, your mortgage must close by November 30. As you are probably aware, there are several tasks that must be accomplished before a closing can take place, including the reception of a satisfactory credit report, appraisal, improvement location certificate, insurance commitment, home inspection, verification of personal data, removal and performance of contingent obligations to the seller, fixups from the home inspection, etc.

Now, add to the mix the fact that the participants in the closing process (lender, appraiser, inspector, title company, mortgage company) will probably be overwhelmed by applications from people who wait until the last minute to apply for this tax-credit and its probable that some applications will not be completely ready to close by November 30. Don't get left out !!!

The second reason why you should act now is that FHA credit standards and fees are increasing in response to the growing number of foreclosures. This past year, FHA has increased its minimum down payment to 3.5%. In addition, there is a one-time, upfront fee of 1.75% of the total loan amount payable at closing (but this can be added to the loan) and a .55% Mortgage Insurance Premium, payable monthly for the term of the loan.

In order to eliminate underfunded lenders, upcoming FHA increases will require lenders to show a net worth of at least $1 million (up from $250,000) and even more increases may be required in the future.

FHA appraisals will be valid for no more than 4 months (down from 6-12 months, in the past).

And, there will be additional FHA changes to tighten the mortgage market.

The moral to the story is that "He who hesitates, will probably have to rent"

HOME PRICES FALL FOR FOURTH STRAIGHT MONTH BUT HOMEOWNERS ARE OPTIMISTIC

RISMEDIA, announced that 26% of homes currently on the market in the U.S. as of Sept. 1, 2009 have experienced at least one price cut. Price reduction levels have increased for the fourth straight month and have seen a 10% overall increase compared to June of this year. During the summer months of June and September, the total amount slashed from home prices has increased by more than $1.1 billion from $27.4 billion to $28.5 billion. The average discount for price-reduced homes remains at 10% off of the original price.

Luxury homes have been hit the hardest during this period, with an average 14% discounted from the original asking price.

During this time of declining home prices, it's interesting to see how homeowners see the value of their homes. Four times a year, Zillow.com conducts a survey with Harris Interactive to get a pulse on how homeowners perceive the value of their own homes and how optimistic (or not) they are about the coming six months. This quarter's results show that homeowners, for the most part, "get it" about the bad news, but just want things to get better.

Some of the survey results are:

            22% think their home's value has increased

            19% think their home's value has stayed the same

            60% think their home's value has decreased

In reality, 83% of U.S. homes declined in value over the past year, up from 80% in the first quarter.

However, homeowners are an optimistic lot. For three quarters, respondents have predicted their homes' value would not decline any further. This quarter, the number of "optimists" was the largest yet:

            34% of homeowners think their home's value will increase

            47% of homeowners think their home's value will stay the same

            19% of homeowners think their home's value will decrease.

The most optimistic bunch are homeowners in the South and Northeast, where fewer markets experienced a "bubble" and where home value declines haven't been as precipitous as many major cities in the West.

13^TH ANNUAL SOUTHERN COLORADO ECONOMIC FORUM

The College of Business and Administration and Graduate School of Business of the University of Colorado at Colorado Springs sponsors the annual SCEF to bring together local experts from the public, private and economic sectors to report on our local economy. This year, the meeting will take place at the Antlers Hotel on October 30, 2009, from 8am to 12 noon. We can recommend this meeting as a great opportunity to learn about our local economy and about how things are changing in our community.

And, please remember, I would be honored to serve as your Broker for all of your residential real estate needs.

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 37 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.

Just click on the icon at the top of this email to listen to my latest podcast. ..And, if you would like to learn more about our Job Loss Protection Program, or, about our CyberHomes Complete Market Analysis of a property, please contact us. 

JOKE OF THE WEEK

A mid-level executive was so frustrated at being passed over for promotion year after year, that, in frustration, he went to a brain-transplant center in the hope of raising his I.Q. 20 points.

After a battery of physical and psychological tests, the center's director told him that he was an acceptable candidate.

"That's great!" the executive said. "But I understand that this procedure can be really expensive."

"Yes, sir, it can," the director replied. "An ounce of accountant's brain for example, costs one thousand dollars; an ounce of an economist's brain costs two thousand; an ounce of a corporate president's is forty-five thousand. An ounce of a politicians brain is seventy-five thousand dollars."

"Seventy-five thousand dollars for an ounce of a politicians brain? Why on earth is that?"

"Do you have any idea," the director asked, "how many politicians we would have to kill?"

HARRY'S COLUMN

HOME SALES SURGE IN THE WEST

For the sixth consecutive month, pending home sales increased in the Western U.S., according to NAR Chief Economist Lawrence Yun. This increase is in sharp contrast to the decline in pending home sales in the Northeast and in the Midwest.

NAR's pending home sales index increased 3.2% from June to July and was up 12% from a year ago, according to Yun. The index, based upon contracts signed but not closed, is at its highest level since June 2007.

One of the factors that drove this increase was the first-time home buyers tax credit of $8,000. If this tax credit is extended into 2010, it should continue to encourage home purchases. Bills pending in both houses would extend the credit for another year and Senate Banking Committee Chairman Sen. Chris Dodd, D-Conn is co-sponsoring a bill by Sen. Johnny Isacson, R-Ga., that would increase the maximum amount of the credit to $15,000.

WSJ SAYS THE housing market HAS RARELY LOOKED BETTER

 In his column in the Wall Street Journal, Sept 2, 2009, James B. Stewart, a columnist for SmartMoney magazine, states: 

 "The data suggest that real estate prices hit bottom some time during the second quarter, and have now begun to rise ..Clearly, prices are no longer in free-fall. That means if you've been sitting on the fence, it's time to act. .I can't imagine a better time to buy than now"

I couldn't have said it better, myself.

I'M FROM THE GOVERNMENT AND I'M HERE TO HELP YOU !!

Last week we attended a day-long presentation sponsored by the Department of Housing and Urban Development, US Government, explaining the new federal regulations regarding Good Faith Estimates and HUD-1. The good news is that, starting on January 1, 2010, Buyers will be better protected against last-minute surprises at closings. The bad news is that:

1.     Because of the additional paperwork involved, lenders will probably increase their fees, and,

2.     Because of the strictness of the new regulation, the possibility exists that Buyers and/or Sellers might have to re-close on what should have been a "done-deal". (Imagine a Seller, waiting in his new city for the moving van containing all of his  furniture, being notified that funds to pay the movers would not be available until a new closing is scheduled).

It's true that, in the past, too many closings have been marred with last-minute charges and/or fees that resulted in bad feelings, postponement or even cancellation of the closing. The new regulations will hold all parties (Buyers, Sellers, Lenders and Title Companies) accountable for meeting deadlines and providing firm Good Faith Estimates in a timely manner, so that Buyers and Sellers will know exactly what to expect at the closing.

 The bottom line for Buyers and Sellers is that utilizing the services of a professional, experienced Realtor who has good working relationships with dependable, local lenders and title companies will still be the key to successful closings.

 I would be honored to serve as your broker for all of your residential real estate needs.

And, if you know of anyone who is moving in or out of the Pikes Peak region, remember that, with over 35 years of providing relocation 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. 

 LATEST LOCAL STATISTICS

 Although local sales in August were up, both the average and the median prices of homes sold during the month of August declined slightly. We attribute this decline to two factors. First, local Sellers are finally facing the current market realities and are pricing their listings accordingly. Secondly, the typical first-time Buyer, i.e. the Buyer who is using the First-Time Buyer Tax Credit, is usually in the market for a lower-priced home. Click here to see the complete August statistics for our area.   

JOKE OF THE WEEK

A short history of health care:

1 A.D.      - I don't feel so good !!  Oh, that's too bad ! Here, eat this root.

1000 A.D. - That root is heathen, say this prayer.

1700 A.D. - That prayer is superstition, drink this potion.

1800 A.D. - That potion is just snake oil, swallow this pill.

1950 A.D. - That pill is old fashioned and ineffective, take this antibiotic.

2000 A.D. - That antibiotic is artificially produced and not organic. Here, eat this root.

2009 A.D. - That root has been banned by the FDA. Fill out this form in triplicate, get in line and, in about three months, the government will let you know if you qualify for treatment.

2010 A.D.  -  I don't feel so good !! Oh, that's too bad ! Here's the phone. Call your congressman. 

HARRY'S COLUMN

TWO KEY QUESTIONS FOR PROSPECTIVE SELLERS

QUESTION #1:   Do I want to be "right", or, do I want to be happy?

Thinking of selling your home? If you are, the best thing you can do to expedite the process is to forget that it is "your home" and try to look at it as "just another listing", because, once it hits the MLS, that's exactly what it becomes. It will no longer be the place where you raised your children, where you planted that beautiful tree in the front yard, where you have all those great vacation pictures on the mantle. To potential Buyers, your home will be just another one of the 5,126 homes listed for sale in the MLS. So, with that in mind, the first key question you have to ask yourself is, "Do I want to be 'right', or, do I want to be happy?"

Let's look at how Mr. Right decides how to price his home.

"Just two years ago, houses just like mine were selling for $350,000. Therefore, considering appreciation, my house should be worth $370,000 today."

"Since we bought this house, we spent over $2000 on landscaping, over $1500 on new windows and over $2200 on a new paint job. That should be worth something".

"I'm not going to just "give" my house away".

Now, considering all of these facts, Mr. Right can decide to set his jaw and his asking price. If he does, considering the realities of today's market, he could easily wait two years for a Buyer. During those two years of treading water, he will probably hire and fire a series of Agents who just don't understand how "right" he is. Eventually the market will probably catch up to his expectations and he might get his asking price. However, by that time, the interest rate on his next home will undoubtedly not be today's 5 ¼%, but will probably be closer to 7 ½%, and the Seller of his new home will not be as willing to negotiate as is today's Seller. (Unfortunately for him, that's the price Mr. Right will pay for being "right").

Now let's look at how Happy Seller prices his home.

First of all, Happy Seller relies upon his real estate Agent to help him analyze the current market and set a realistic listing price. (Take a look at the latest sales and listing statistics, below. A good Agent should be an expert on pricing and on what's selling right now).

Happy Seller understands that, unless he can get potential Buyers to look at his home, it will not sell and, realistically, a competitive price is usually what determines whether Buyers even consider looking at a listing.

Happy Seller understands that reducing his selling price now in order to make his home more interesting to potential Buyers, will enable him to sell quickly and thus buy his next home at today's lower prices and at today's great low mortgage interest rate (currently 5¼%).

QUESTION #2: Do I want my home to sell now, or, do I want to tread water?

On August 30, 2009, RISMedia listed the cities that showed the most significant price reductions for their real estate listings from June 2009 to August 2009. Unfortunately, Colorado Springs was #2 on the list, recording 27% more price reductions for the listings in our MLS, for these three months. These reductions in listing prices reflect the fact that Sellers, rather than being guided by the advice of a knowledgeable Real Estate Broker when they list their homes, tend to overprice their listings. Then, when their homes don't sell, they begin to gradually reduce their asking price, until they finally reach a realistic market price.

The cities experiencing significant increases in percentage of listings with price reduction from June 2009 to August 2009 include:

Fresno, CA - 67% increase in price reductions

Colorado Springs, CO - 27% increase in price reductions

Kansas City, MO - 25% increase in price reductions

Oklahoma City, OK - 24% increase in price reductions

Albuquerque, NM - 22% increase in price reductions

The cities showing signs of recovery with significant declines in percentage of listings with price reduction from June 2009 to August 2009 include:

Dallas, TX - 42% fewer price reductions

Las Vegas, NV - 33% fewer price reductions

Louisville, KY - 33% fewer price reductions

Los Angeles, CA - 19% fewer price reductions

Washington, D.C. - 17% fewer price reductions

If you are thinking about selling your home, instead of wasting your time treading water, you will be better off taking the advice of an experienced Broker who can guide you in establishing a competitive listing price for your home right from the beginning. Utilize the services of a Broker who is constantly studying the sales and listing statistics for the local neighborhoods and who can assist you in selling your home by providing the "extras" that can motivate potential Buyers to select your listing rather than any of the other 5,126 listings that are contained in our local MLS.

We pride ourselves on offering the most Innovative marketing tools to our clients. Our Job-Loss Protection Plan, our Competitive Market Analysis, our ability to assist local and out-of-state potential Buyers in selling their present homes, combined with our 37 years of providing relocation and real estate services to clients throughout the country, uniquely qualifies us to assist you with the relocation process, including buying and/or selling homes on both ends of your move.

WANT SOME GOOD NEWS?

On August 26, The Wall Street Journal reported that home prices in the major U.S. Cities rose 1.4%. According to InmanNEWS, this hints that a turnaround in the housing market is beginning. They also report that The National Home Price Index registered a 2.9% gain from the first quarter to the second, which was the first quarter-to-quarter gain in three years.

HOW ABOUT SOME MORE GOOD NEWS (but you already knew this)

The current issue of Outside Magazine, a publication dedicated to people who enjoy the outdoors, has rated America's Best Cities. This rating is based upon the city's cultural vibrancy, economic well-being and overall quality of life. They also ranked these cities by cost of living, unemployment, nightlife, commute time, access to green spaces, percentage of the population with college degrees, income level in relation to home prices, weather, quality and proximity to biking, running, hiking, paddling and skiing. And guess what ..Colorado Springs is #1. Here's their top ten list:

            1.         Colorado Springs

            2.         Seattle, WA

            3.         Atlanta, GA

            4.         Austin, TX

            5.         Boston, MA

            6.         Albuquerque, NM

            7.         Portland. OR

            8.         Minneapolis, MN

            9,         Cincinnati, OH

            10.        Charlotte, NC

(Editor's note: Cincinnati ????)

LATEST STATISTICS

Click here to see the latest sales and listing statistics in our area

http://www.salzmanrealestateservices.com/Agent_files/Listing-Sales%20Stats.8-09.pdf

To hear my latest podcast, just click on the icon at the top of this email and, please remember, I would be honored to serve as your Broker for all of your residential real estate needs.

JOKE OF THE WEEK

This year, taxpayers will receive an Economic Stimulus Payment. This is a very exciting new program that we will explain using the Q and A format:

Q. What is an Economic Stimulus Payment?
A. It is money that the federal government is sending to taxpayers.

Q. Where will the government get this money?
A. From taxpayers.

Q. So the government is giving me back my own money?
A. Only a smidgen.

Q. What is the purpose of this payment?
A. The plan is that you will use the money to purchase a high-definition TV set, thus stimulating the economy.

Q. But isn't that stimulating the economy of China?
A. Shut up.

Below is some helpful advice on how to best help the US economy by spending your stimulus check wisely:

If you spend that money at Wal-Mart, all the money will go to China .

If you spend it on gasoline, it will go to the Arabs.

If you purchase a computer, it will go to India.

If you purchase fruit and vegetables, it will go to Mexico, Honduras, and Guatemala (unless you buy organic).

If you buy a car, it will go to Japan .

If you purchase useless crap, it will go to Taiwan .

And none of it will help the American economy.

Q. This doesn't seem to make any sense

A. Shut up.

HARRY'S COLUMN

INNOVATION COMES TO real estate

This week, we will be in San Francisco attending a conference titled, "real estate Connect: Innovation, Change, New Ideas". Sponsored by Inman News ("Where Real Estate and Technology Connect"). This meeting is just one of the various publications, meetings and internet resources that enable us to keep up with the fast-changing real estate profession. "What's the big deal about changes in real estate?", you might ask. "You list. You sell. You close. You go home. What changes?". Well, just as in every other profession or trade, the practitioners who keep up with the latest trends, tools and practices are the ones who can offer the best service to their clients. That's why we are committed to Professional Innovation as a means of serving you better.

This conference will be the first meeting exclusively focused on the marriage of Innovation and real estate. In subsequent issues of our newsletter, we will pass along to you the new ideas and concepts we discuss in this conference.

By the way, to illustrate how Innovation is changing every facet of our society, you might be interested in clicking on this link. http://www.youtube.com/watch?v=jpEnFwiqdx8 .

LOCAL real estate ACTIVITY IS BACK

Ever since March, our weekly column has emphasized that our economic indicators were saying, "Now is the time to buy". Well, in the past five days, we have seen the ultimate demonstration of that prediction becoming a reality. It has been a long time since I have been as profitably busy as I have been during the last week, and this week is just as busy. In the past 5 days, we have negotiated three accepted contracts, all with pre-approved mortgage loans. In two transactions, there were multiple offers involved. In one case, the buyers received full, list price: in another, our client received more than the listing price. Two of these Buyers were professionals relocating to the area. It's obvious that Colorado Springs is an attractive destination for professionals from all over the country and it's also obvious that local real estate activity is back.

It's interesting to note that Buyers are expressing more reluctance to consider foreclosures and short sales, primarily because lenders offering these listings are not responding in a timely manner. Not only are lenders slow to respond to the original offer, but they also tend to be negligent in meeting the various performance dates specified in the contract. As a result, we have had prospective Buyers tell us not to even consider showing them these listings.  

The $8000 tax credit is proving to be a worthwhile incentive to Buyers. And Sellers who price their homes correctly are getting offers much more quickly.

CYBERHOMES MARKET FORECASTS - A TREMENDOUS TOOL FOR OUR CLIENTS

After researching many companies that provide "Mega" data support on individual properties, we decided to affiliate with CyberHomes. Since announcing that affiliation, we have received rave reviews about the Market Forecasts that we have provided to our clients. These analyses of specific homes are typically 9 pages long and contain very detailed information about the property involved. Some of the information contained in these reports includes:

            Aerial view of the property

            Satellite map of the neighborhood

            General facts such as estimated value and assessed value

            12 month market forecasts of homes for sale in the neighborhood

            12 month distressed property predictions

            Your ZIP code median sales price vs. sales volume

            Neighborhood sales and lending facts (within ½ mile)

            housing market risk for your ZIP code

            Distressed homes in ZIP code vs state figures

            Unemployment rate in your ZIP code

            Buy/Sell indicators for your ZIP code

            Mortgage delinquency/ deterioration in your ZIP code

            Neighborhood foreclosures and bank-owned properties

            Recent sales activity in the area

            Forecasting number for homes for sale in the area

            Etc., etc., etc.,

We have arranged, for a limited time only, for our readers to receive an introductory, discounted price of $7.99 for these reports. If you would like to receive one of these market forecasts on your home, or on a home you might be interested in purchasing, please let us know and, upon receipt of the $7.99 fee, we will have it emailed to you. (Please note that these reports are available for homes throughout the nation, not just in Colorado Springs).

FINALLY .

I                                   I would like to thank all my readers for the referrals they have sent me. They are much appreciated.

And remember, I would be honored to serve as your broker for all of your residential real estate needs. If you know of anyone who is moving in or out of the Pikes Peak region, keep in mind that, with over 35 years of providing relocation 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.  

                                    Also, if you have any friends and/or business associates who might be interested in receiving our weekly newsletter, please send us their email addresses. We will be happy to add them to our mailing list.

And, don't forget to click on my recent podcast. There's a link at the top of this newsletter.

JOKE OF THE WEEK

After getting nailed by a Daisy Cutter, Osama made his way to the pearly gates. There, he is greeted by George Washington.

"How dare you attack the nation I helped establish" says Washington, and slaps Osama in the face.

Next, Patrick Henry walks up. "You wanted to end the Americans' liberty, so they gave you death!". Henry punches Osama on the nose.

James Madison comes up next, and says "This is why I allowed the Federal government to provide for the common defense!" and slaps him upside the head.

Osama is subject to similar attacks from James Monroe, and 68 other people from the surrounding crowd. Finally, Thomas Jefferson picks him up and "perp-walks" him back toward the gate where he is to be judged.

As Osama awaits his journey to his final very hot destination, he screams - "this is not what I was promised!"

An angel replies "I told you there would be 72 Virginians waiting for you...
What the hell did you think I said?

HARRY'S COLUMN

GREAT NEWS !!!

This week, Fred Crowley, Colorado Springs Senior Economist for the University of Colorado at Colorado Springs reports that El Paso County is pulling out of the recession. Jobs, housing numbers, car sales and the return of Fort Carson soldiers are some of the economic indicators that point to an emerging economy.

Crowley's comments reflect the findings contained in the Quarterly Updates and Estimates, published by the Southern Colorado Economic Forum, Volume 8, Number 1, July 31, 2009.

According to the report, real wages are expected to increase for several more months and building permit numbers are steady. Car sales are rebounding because of the Cash for Clunkers Program and sales tax revenues should see a spike because of the new troops at Fort Carson.

Crowley had predicted that the local economy would bottom out during the last quarter of 2008 and would begin to emerge during the first quarter of 2009 and the new report confirms that his prediction is coming true.

The Business Conditions Index now stands at 79.09, up from its March value of 70.4, a 12.35% improvement since March. The Business Conditions Index is a measure of 10 seasonally adjusted local economic indicators, including building permits, enplanements employment, sales tax, car sales, foreclosures and wages.

As our readers are aware, we have been predicting a dramatic improvement in our local real estate market by the third quarter of this year and this latest report supports that prediction.

This Quarterly report also includes a very informative section, "Coping with Economic Conditions, a Business Survey". We were honored to be a participant in this survey which included such topics as: Perceptions of the Economy, The Effects of the Recession on a Business Owner, Expectations about the Stimulus Package, etc. We think you will find it interesting.

Our community owes a debt of gratitude to UCCS for all of the research, time and expense they put into the preparation and dissemination of these reports.

If you would like to receive a free copy of the 23 page Quarterly Report, please email me your request at Harry@HarrySalzman.com and we will forward a copy to you.

Here's an added thought..There's an old saying that, in a recession, the two best ways of protecting your assets are gold and real estate. Well, that being the case, and considering that the "experts" are predicting runaway inflation next year, it looks like NOW is the time to consider acquiring rental property. The present Real Estate climate (low mortgage interest rates, motivated Sellers, large inventories, etc,) represents a great opportunity for savvy Buyers to protect their assets against inflation by investing in some high-quality rental properties. For that reason, we will feature more information about investment property opportunities in the next issue of our Weekly Update.

By the way, be sure to listen to our latest podcast about the current local market. The link is available at the top of this Update.

Finally, if you are interested in learning more about our emerging local economy, you should attend the upcoming 13^th Annual Southern Colorado Economic Forum presented by the College of Business and Administration of UCCS at the Antlers Hilton Hotel on Oct. 30^th, 2009. Be sure to make your reservations ASAP, to insure that you get a seat. In recent years, this event has been a "Sell Out" and many people without reservations have been turned away at the door. For more information, click on www.SouthernColoradoEconomicForum.com.

INNOVATION OVERLOAD

We are still recovering from an intensive week of seminars, workshops and demonstrations at the Inman Connect SF09 Exhibition in San Francisco. Over 1700 professionals attended this event, featuring over 45 educational sessions, plus a huge Trade Show, loaded with ideas. (We were the only participant from the Pikes Peak region). This whirlwind convention explored the Innovations that are now sweeping the real estate profession. Some of the topics explored were: The Open 3D House, 10 New Tools and Technologies, What Millions of People are Doing Online and Why it Matters to the Real Estate Industry,

While it was encouraging to learn that our recent offerings of the Job-Loss Protection Plan for Buyers and the Complete Market Surveys for Prospective Buyers fitted right in with the most current trends in our profession, it was also challenging to learn about all of the other new techniques for providing better services to our clients. It's really amazing to see how technology is changing our entire profession.

(If you would like to learn more about our Job Loss Protection Plan, or our Complete Market Survey, please give me a call, or contact me at Harry@HarrySalzman.com)

And, please remember, I would be honored to serve as your broker for all of your residential real estate needs.

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 37 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.

JOKE OF THE WEEK

In line with all of the current discussion about health care, we thought you might want to review the following list of:

Things You Do Not Want To Hear During Your Surgery,

Could you stop that thing from beating? It's throwing my concentration off..
What's this doing here?
I wish I hadn't forgotten my glasses.
Sterile, shcmerile. The floor's clean, right?
Anyone see where I left that scalpel?
Don't worry. I think it is sharp enough.
Darn! Page 47 of the manual is missing!

Ya know, there's big money in kidneys. Heck, the guy's got two of 'em.
Better save that. We'll need it for the autopsy.
Bo! Bo! Come back with that! Bad Dog!
Wait a minute, if this is his spleen, then what's that?
Hand me that....uh....that uh....thingie.
Oh no! I just lost my Rolex.

HARRY’S COLUMN

CONSISTENT MARKET IMPROVEMENT IN COLORADO SPRINGS 

After two complete quarters of fully-recorded and closed real estate sales activity in 2009, we note that every month has shown increases in both the average and the median prices of homes sold in our local market.(Only April showed a negligible decline). For your information, we are including a chart which shows these figures for each of the separate areas in the Pikes Peak market..

 To further emphasize that the real estate market is now on the way back up, we reference a recent article from Inman News, titled, “Home Sales Show Third Month of Gains.”

 "Existing-home sales rose for a third month in a row in June, and prices may stabilize in many areas by the end of the year if inventories continue to decline, the National Association of Realtors said today.

Sales of resale homes, including single-family homes, townhomes, condominiums and co-ops, rose 3.6 percent from May to June, to a seasonally adjusted annual rate of 4.89 million units -- virtually the same as a year ago, NAR said.

At that rate of sales, the 3.82 million homes on the market represented a 9.4-month supply, down from 9.8 months in May.

A six-month supply of homes is generally considered a healthier balance of supply and demand, but the "raw inventory" total, or number of homes on the market, is down 14.9 percent from a year ago.

A Wall Street Journal analysis of housing fundamentals in 28 major real estate markets during the second quarter showed considerable variation in inventory, ranging from a high of 18.1 months in Chicago to just 2.7 months in Sacramento, Calif.

"If we can keep the volume of sales above the level of new inventory, prices could stabilize in many areas around the end of the year,” said NAR Chief Economist Lawrence Yun in a press release."

Give me a call to discuss the great opportunities now available for prospective home buyers.

2009 HOUSING OPPORTUNITY PULSE SURVEY

The June 30 PULSE Survey of the Top 25 Metropolitan Statistical Areas, published by the National Association of Realtors, emphasizes that now is the time to buy. NAR’s seventh pulse survey reveals that despite improved affordability conditions, eight in 10 Americans still consider having enough money for downpayment and closing costs to be the biggest obstacle to buying a home.

The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in seven years of sampling. Two-thirds of Americans think job layoffs and unemployment are a big problem; eight in 10 cite these issues as a barrier to homeownership.

The telephone survey of 1,250 urban and suburban adults in the top 25 metropolitan statistical areas was conducted for NAR by by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program. June 30 PULSE Survey of the Top 25 Metropolitan Statistical Areas, published by the National Association of Realtors, which emphasizes that now is the time to buy

Some key results include:

·     Eight in 10 Americans (82 percent) still consider having enough money for downpayment and closing costs to be the biggest obstacle to buying a home.

·     Two-thirds of Americans think job layoffs and unemployment are a big problem; 83 percent cite these issues as a barrier to homeownership.

·     83 percent of Americans still believe buying a home is a good financial decision.

·     Three-fourths of those surveyed also believe now is a good time to buy a home, a number that has increased steadily the past two years.

·     The number of those who feel buying and selling activity has stabilized or stayed nearly the same has grown significantly, up more than 44 percent since last year.

·     The majority (58 percent) report that activity in their market has slowed.

·     Regarding home sales, nearly eight in 10 say it’s harder to sell a home in their area today than it was a year ago, despite the fact that nearly three-fourths of respondents say home prices are less expensive.

·     Foreclosures remain a real concern among survey respondents. Slightly more than half (51 percent) say foreclosures are a big to moderate problem in their area.

·     The rate of foreclosures is generally seen as stabilizing; 41 percent say the rate of foreclosures in their area is about the same as last year.

·     Ninety-two percent of respondents said neither they nor members of their immediate family have experienced a foreclosure in the past year, yet it is still a personal concern for many. One in five respondents said they are very or fairly worried that they will have difficulty making their mortgage payments over the next year.

·     Thirty-two percent say it’s a big or moderate worry that they, or a member of their family, may have their home repossessed or foreclosed because they are unable to pay rising monthly mortgage payments.

·     In 2008, more than half of respondents (54 percent) were open to the federal government taking a more active role in overseeing mortgage and lending practices – the number dropped this year to 47 percent.

·     Forty-two percent of Americans believe the country is back on the right track, more than double the number last year (16 percent).

SALZMAN’S JOB LOSS PROTECTION PLAN CAUSES STIR IN INDUSTRY

In the PULSE article noted above, the NAR notes that “Two thirds of Americans think job layoffs and unemployment are a big problem. Eight in ten cite these issues as a barrier to homeownership”. This concern on the part of many prospective homeowners is the reason why we decided to offer our “Job Loss Protection Plan”, to our clients. We invite you to call us to discuss this innovative program.

 And, please remember, I would be honored to serve as your broker for all of your residential real estate needs.

 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 37 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.

 JOKE OF THE WEEK

 While walking down the street one day a US senator is hit by a truck and dies. His soul arrives in heaven and is met by St. Peter at the entrance.

 ‘Welcome,' says St. Peter. 'Before you settle in, we'll have you spend one day in hell and one in heaven. Then you can choose where to spend eternity.

 And with that, St. Peter escorts him to the elevator and he goes down, down, down to hell. The doors open and he finds himself in the middle of a green golf course. In the distance is a clubhouse and standing in front of it are all his friends and other politicians who had worked with him. Everyone is very happy and in evening dress. They run to greet him, shake his hand, and reminisce about the good times they had while getting rich at the expense of the people. They play a friendly game of golf and then dine on lobster, caviar and champagne. Also present is the devil, who really is a very friendly & nice guy who has a good time dancing and telling jokes. They are having such a good time that before he realizes it, it is time to go. Everyone gives him a hearty farewell and waves while the elevator rises...

 The elevator goes up, up, up and the door reopens on heaven where St. Peter is waiting for him. ‘Now it's time to visit heaven. ‘So, 24 hours pass with the senator joining a group of contented souls moving from cloud to cloud, playing the harp and singing. They have a good time and, before he realizes it, the 24 hours have gone by and St. Peter returns.

 ‘Well, then, you've spent a day in hell and another in heaven. Now choose your eternity. ‘The senator reflects for a minute, then he answers: 'Well, I would never have said it before, I mean heaven has been delightful, but I think I would be better off in hell. ‘So St. Peter escorts him to the elevator and he goes down, down, down to hell.

 Now the doors of the elevator open and he's in the middle of a barren land covered with waste and garbage. He sees all his friends, dressed in rags, picking up the trash and putting it in bags as more trash falls from above. The devil comes over to him and prods him with a pitchfork. 'I don't understand,' stammers the senator. 'Yesterday I was here and there was a golf course and clubhouse, and we ate lobster and caviar, drank champagne, and danced and had a great time. Now there's just a wasteland full of garbage and my friends look miserable. What happened?

 ‘The devil looks at him, smiles and says, 'Yesterday we were campaigning....Today you voted.'

HARRY’S COLUMN

 THE NEGOTIATION PROCESS

 real estate transactions are often won or lost during the process of negotiation. And we have found that better negotiating skills make happier clients.

 Finding the right property for the Buyer and the right Buyer for the Seller is only the first step in the negotiating process. Once the price for the property is established, there are 29 performance dates required by the standard “Colorado contract to Buy and Sell real estate”. Any one of these dates can be a “deal killer”, for either the Buyer or the Seller. This is especially true in a relocation transaction, where we need to correlate timetables in two different states.

 As your Broker, another one of our responsibilities is to introduce you to competent, trustworthy vendors who will be able to provide reliable services such as moving, storing household goods, providing temporary housing, and, most importantly, providing the best mortgage available.

 In order to assist you with the best advice possible relating to your mortgage, we regularly study the daily mortgage rates as published in the Wall Street Journal. That enables us to advise either for or against an offering by any of our local lenders, based upon the current “wholesale” rates. We are happy to provide our clients with the most experienced, knowledgeable advice in the area of financing.

 Almost every real estate transaction requires negotiation. Some of the issues that can complicate a transaction are:

             A corporate buyout

            A sale involving two attorneys

            A sale involving a divorce settlement

            A sale involving a foreclosure sale

 The bottom line is that, with over 37 years of experience in negotiating real estate transactions, we are confident we can negotiate the best deal possible for you. I invite you to call me, personally, to discuss your own unique requirements.

 FREDDIE MAC SAYS HOME SALES WILL POST STEADY GAINS

 The analysts at Freddie Mac say that home sales bottomed out in the first three months of 2009 and will post steady gains each quarter to reach a pace of 5.85 million sales by the fourth quarter of 2010. This forecast agrees with the predictions we have posted in our newsletters since early 2009.

 Although home prices have declined over the past year, the Standard and Poor Case-Shiller Home Price Index Report projects the rate of decline slowing to 10% during the third quarter of this year and shrinking each quarter of 2010 from a high of 5% to 1%. Rates on 30-year fixed-rate mortgages are expected to continue rising from their low of 5% in the second quarter of this year, reaching 5.5% in the final quarter of 2010. At 5.8%, however, the projected average for 30-year fixed rate mortgages would still be low, by historic norms.

 Click here for the July 2009 Economic and housing market Outlook from Freddie Mac

 NUMBER ONE AIN’T BAD

We were proud to note that, according to 2008 Real Trends 500, Leading real estate Companies of the World, the group of which we are members, lead every other organization in home sales for the year. The statistics show that in 2008, of the top 500 U.S. Real Estate firms, Leading RE accounted for 29% of all sales, with our nearest competitor coming in a t 23%. (Third place came in at 13%).

 Leading RE affiliates were also #1 in transactions in 37 of the top 88 U.S. markets.

 We are proud to be a member of such a highly professional team.    

 By the way, don’t forget to click onto my most recent podcast, at the top of this email. We try to give you some interesting data in our monthly radio updates.

 Also, please remember, I would be honored to serve as your broker for all of your residential real estate needs.

  And, 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 37 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.

 JOKE OF THE WEEK

HARRY’S COLUMN

HE WHO HESITATES …….

The latest statistics from the Pikes Peak Association of Realtors show that the local real estate market is coming back with a vengeance. For the fourth month in a row, the median price and the average price for homes in the Pikes Peak area have both increased. In addition, our inventory of available homes is down 22.3% from last year. All of these statistics indicate that the local market has bottomed out and that home values are now on the rise. So, with very attractive low mortgage interest rates still available, with the inventory of available homes beginning to shrink, and with home prices on the rise, the moral of this story for prospective buyers is strike now, while the iron is hot.

JOB LOSS PROTECTION GENERATES EXCITEMENT

Of all the programs that we have introduced in past years,

not one has created the excitement that our new Job Loss Protection Plan has generated. This innovative new program pays up to $1,800 monthly for as long as 6 months to Buyers who lose their jobs within two years after closing and who qualify for unemployment. To date, we are the only Colorado Realtor to offer this unique protection and we feel it provides some valuable Peace of Mind to prospective Buyers who are concerned about the present economic uncertainty of the job market. When the economy returns to normal, this program may go the way of the hula hoop, but in today’s economic climate, this plan can be a life-saver to Buyers who fall victim to job cut-backs. If you have hesitated to buy your new home because of worries about job security, please contact us for more details about this revolutionary new program.

NEW NAR PAMPHLETS NOW AVAILABLE

The National Association of Realtors has just published their 2009 brochures and several of them might be of interest to our readers. We would be happy to email copies to you at no charge. Just send us your request.

“It is a Great Time to Buy” lists many websites that would be helpful to prospective Buyers 

“Energy Savers Booklet” contains 34 pages of tips for saving energy (and money”

“2009 Family Guide to Going Green” contains environmental tips for your home, your yard, etc.

And, please remember, I would be honored to serve as your broker for all of your residential real estate needs.

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 37 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.

JOKE OF THE WEEK

Only in America

Only in America... can a pizza get to your house faster than an ambulance.
Only in America... are there handicap parking places in front of a skating rink.
Only in America... do drugstores make the sick walk all the way to the back of the store to get their prescriptions while healthy people can buy cigarettes at the front.
Only in America... do people order double cheese burgers, large fries, and a diet Coke.
Only in America... do banks leave both doors to the vault open but then chain 25 cent pens to the counters.
Only in America... do we leave cars worth thousands of dollars in the driveway and put our useless junk in the garage.
Only in America... do we use answering machines to screen calls and then have call waiting so we won't miss a call from someone we didn't want to talk to in the first place.
Only in America... do we buy hot dogs in packages of ten and buns in packages of eight.
Only in America... do we have drive-up ATM machines with Braille lettering

HARRY'S COLUMN

SELLERS, TAKE HEART !!!

In our recent enewsletters, we have been emphasizing the fact that our present economic crisis represents a great opportunity for Buyers. Reduced prices on homes, low interest rates, large inventories of homes for sale and looming inflation all add up to an exceptional opportunity to buy a home today that will be worth much more tomorrow.

But, we do not want to give you potential Sellers the impression that we are ignoring you. It's true that selling a home in today's market is tougher than it has been in many years, but, there's an 'upside' to the problem.

First of all, keep in mind that houses are selling every day. With proper marketing, your home can be sold, even in this very competitive market. To get the attention of prospective Buyers, however, you will need the advice of an experienced, professional Realtor who is familiar with the local market and the day-to-day changes in local lending procedures, financing requirements and effective incentives to the Buyer. That's why we are so excited about Harry's new Job Loss Protection Plan for Buyers. It represents a unique opportunity for you, the Seller, to provide prospective Buyers with some peace of mind about their decision to buy your home.

In addition, the innovative, Cyberhomes professional market survey of your property that Harry can now provide to you and to your prospective Buyers takes all the guesswork out of your presentation of your home's value. It will provide complete information about your neighborhood, local school districts, even an aerial view of your home, to your prospective Buyer. With over 37 years of experience in the local market, Harry can show you how to make your home stand out from all the others with proper pricing, staging, attractive financing terms and a variety of selling techniques that get Buyers' attention.

Finally, if you are concerned about the decline in home prices that has taken place in every part of the country, keep in mind that, when you sell, even though you might have to accept a lower price today than you might have received last year, your new home will also cost less than it would have cost last year. Whatever you might lose when you sell in today's market, you will probably make up for when you buy. 

And, please remember, I would be honored to serve as your broker for all of your Residential real estate needs.

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 37 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.

HAVE YOU LISTENED TO HARRY'S PODCAST ??

If you haven't heard Harry's regular monthly podcast, featuring a nationally recorded interview about our local real estate market, check it out on the webpage, SalzmanRealEstateServices.com.

LATEST STATISTICS 

Click here to see the latest local sales and listing statistics

JOKE OF THE WEEK

Socrates came upon an acquaintance that ran up to him excitedly and said, "Do you know what I just heard about one of your students?" "Just a minute," Socrates replied. "Before you tell me I'd like you to pass a little test. It's called the Test of Three.

"The first test is Truth. Are you sure that what you will say is true? "Oh no," the man said, "Actually I just heard about it." "So you don't really know if it's true, Socrates said.

Now let's try the second test, the test of Goodness. Is what you are about to tell me about my student something good?" "No, on the contrary.." "So," Socrates interrupted, "you want to tell me something bad about him even though you're not certain it's true?" The man shrugged, rather embarrassed.

Socrates continued. "You may still pass though, because there is a third test, the filter of Usefulness. Is what you want to tell me about my student going to be useful to me at all?" "Well it ..no, not really.."

"Well, concluded Socates, "If what you want to tell me is neither True nor good nor even Useful, why tell it to me at all?" The man was defeated and ashamed.

This is the reason Socrates was held in such high esteem.

It also explains why he never found out what Plato was up to.

HARRY'S COLUMN

HARVARD STUDY SHOWS STAGE IS SET FOR HOUSING RECOVERY

In a report issued on June 22, 2009, a Harvard University study states that conditions that could support a recovery in the housing market are now taking shape.

"We do see some signs of stabilization, more in home sales and less so in prices", said Nicolas Retsinas, Director of the Joint Center for Housing Studies of Harvard University.

Although housing is becoming more affordable now, the report also noted that the number of households paying more than half their incomes for housing jumped from 13.8 million in 2001 to 17.9 million in 2007.

In the long run, the study notes, immigration and demand for housing by "echo boomers" could improve the balance between supply and demand. A related practitioner survey by the National Association of Realtors shows that first-time buyers accounted for 29% of transactions in May and that the number of buyers looking for homes was nearly 10 percentage points higher than a year ago.

Also, keep in mind that the recent and projected influx of military personnel into Fort Carson will help keep Colorado Springs well ahead of the national real estate growth curve and will result in a reduction in the local home inventory.

So, with home inventories shrinking, low interest rates still available, inflation looming ahead of us and home prices predicted to rise as the population of the Pikes Peak area grows, right now is the time to buy !!!

COLORADO SPRINGS BUSINESS JOURNAL RECOGNIZES HARRY'S "JLP"

The June 26 issue of the Colorado Springs Business Journal featured a front-page article about Harry's recently-introduced Job Loss Protection Plan for Buyers. The article included interviews with home sellers who felt that this new benefit would be a great assist in their efforts to market their homes. To date, Harry is Colorado's sole source for this innovative plan.

Harry is excited about the newly-introduced Job Loss Protection Plan and has stated, "In times of economic upheaval, potential Buyers are rightly concerned about the possibility of involuntary job-loss. With this plan in place, Buyers can be assured that they will receive payments of up to $1800 per month for six months, if they are laid-off from their present job."

"It's a "Win, win, win, win situation", Harry said. "It's good for Buyers, Sellers, Lenders and Realtors and definitely gives some peace of mind to all parties".

AND FOR ALL OF YOU SELLERS OUT THERE, HERE ARE SOME GREAT TIPS !!!

1. First Impressions count:  How's your curb appeal? Is the house clean and spotless? Remove excess furniture. (Rent a storage unit, if necessary). Stage the rooms. Update cabinet hardware, lighting, welcome mats, etc.

2. De-personalize your home:

Yes, your kids are beautiful, but the prospective buyer wants to visualize his/her kids' pictures on the walls.

3. Create incentives for the buyer: Ask Harry to provide you with a marketing survey that can demonstrate to prospective buyers that your house is going to grow in value. Take advantage of Harry's Job Loss Protection Plan for Buyers to persuade prospective Buyers that they're covered against job loss for 18 months. Offer to pre-pay real estate taxes for 6 months or longer. Offer an interest-rate buy-down, gift certificates from Home Depot, Family Gym Memberships, etc.  

4. Sponsor an Open House and Agent Tours:  Rent a 20 ft. tall blow-up OPEN HOUSE sign. Provide refreshments.

Don't get discouraged, if your house doesn't sell right away. Keep in mind that houses are selling every day. Just make yours look like the best apple in the barrel.

And, please remember, I would be honored to serve as your broker for all of your residential real estate needs.

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 35 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.

LATEST LOCAL STATISTICS

Click here to see the most recent sales and listings statistics

JOKE OF THE WEEK

I'm really tired. For a couple years, I've been blaming it on lack of sleep and too much pressure from my job, but now I found out the real reason: I'm tired because I'm overworked.

The population of this country is 237 million. 104 million are retired. That leaves 133 million to do the work.

There are 85 million in school, which leaves 48 million to do the work.

Of this 48 million, there are 29 million employed by the federal government, leaving 19 million to do the work.

Of this 19 million, 2.8 million are in the Armed Forces, which leaves 16.2 million to do the work.

Take from that 16.2 million the 14,800,000 people who work for State and City Governments and that leaves 1.8 million to do the work.

At any given time there are 188,000 people in hospitals, leaving 1,212,000 to do the work.

Now, there are 1,211,998 people in prisons.

That leaves just two people to do the work. You and Me !!

And you're sitting there at your computer reading jokes.