CAN YOU KEEP A SECRET? …APPARENTLY, THE NEWS MEDIA CAN
June 4, 2012
HARRY’S WEEKLY UPDATE
A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET
CAN YOU KEEP A SECRET? …APPARENTLY, THE NEWS MEDIA CAN
Last week we featured a national story about our local housing market that should have been featured in every local news media, but wasn’t. The story listed the 10 national metro markets where housing prices had risen the most from March to April.
Realtor Mag (May 29, 2012) reported that Colorado Springs was #10 out of the top 146 metro areas in the country for increasing values in “for-sale” home prices.
Now, rising prices are usually not a reason to rejoice, but, in the case of real estate, rising prices are a wonderful sign that the market is improving and is on the upswing. …and for our area to come in as #10, is a real signal that our local recovery is doing very well.
These price increases show the strongest gains in 6 years and are a good indication that Fred Crowley, chief economist for the Southern Colorado Economic Forum, was correct when he stated, “ The bottom of the real estate market in El Paso County took place 16 months ago”..
It’s a positive sign that housing prices are continuing to rise….but the message to prospective buyers is .. NOW IS THE TIME TO BUY !!!
DID YOU KNOW …COLORADO SPRINGS’ COST OF LIVING IS WELL BELOW THE NATIONAL AVERAGE?
The Gazette, May 30, 2012
The Council for Community and Economic Research, an Arlington, VA-based research organization, surveys living-costs across the nation, and reports that Colorado Springs’ cost-of-living is 4.5% below the national average.
Fuel costs caused a slight recent rise in our local costs, but, Colorado Springs is still the best place to live !!!!
MORE GOOD NEWS …COLORADO SPRINGS’ FORECLOSURES, MORTGAGE DELINQUENCIES DOWN
Colorado Springs Business Journal – May 29, 2012
CoreLogic, a real-estate analytics firm, just released their monthly data about foreclosures. It show the foreclosure rate in Colorado Springs dropped year-over-year in March from 1.71% in 2011 to 1.39% of all outstanding mortgages this year. This is significantly lower than the national rate of 3.41%.
Both the declining delinquency and foreclosure rates in Colorado Springs are following a consistent trend on monthly declines.
HO-HUM…HERE WE GO AGAIN !!! MORTGAGE INTEREST RATES HIT ANOTHER ALL-TIME LOW
It’s getting monotonous to report that we have hit another “all-time low in mortgage rates”, but it really has happened again. With credit requirements being tight, lenders have fewer applications for mortgages, so, to incentivize prospective customers, lenders had to lower their rates again.
The current rate in Colorado Springs for a 30 year, FHA fixed-rate home mortgage is 3.375%.
OK, so what does that really mean to you, the prospective buyer? Let’s look at some real-time numbers.(To keep this simple, and to enable us to give a clear comparison with past years, we are not including taxes, insurance, closing costs, etc., since these factors vary so much based upon location, lender’s charges, etc.)
If you bought a $250,000 house today, after paying the 3 ½% down payment, your Principal and Interest monthly payment would be $1,066.50.
This same house, if you purchased it six years ago with an interest rate of 6%, would have cost you $1,446.42 for Principal and Interest ….That’s a 40% difference !!!!
So, does this mean that anyone can now buy a house and cash in on the present opportunity? Unfortunately, no. Only buyers with good credit can qualify for loans in today’s market. But, if you do have good credit, you really have a historic opportunity to get a great deal on a new home for yourself and your family.
And, as for those additional charges such as closing costs, we can assure you that the lenders with whom we do business can offer you the best deals possible. If you are interested in seeing how much a new home would cost you, let’s discuss it. Call us at 598-3200,or, 800 677-MOVE (6683).
HERE’S ANOTHER GOOD SIGN …LOCAL HOMEBUILDING IS ON THE RISE
The Gazette, Saturday, June 2, 2012
The pace of homebuilding surged last month in the Pikes Peak region, another sign that the housing market is moving toward a recovery.
Single-family homebuilding permits totaled 249 in May in the Springs and surrounding El Paso County - nearly double the permit total during the same month last year and the highest monthly figure since April 2007 (257).
This rise represents a 47.7% increase over the same five-month period in 2011.
Low interest rates, increased consumer confidence, troops returning from overseas deployment and the normal summer boom helped fuel this increase in homebuilding.
Things are looking up !!!
NATIONAL HOME VALUES SEE HIGHEST MONTHLY CLIMB SINCE 2006
DSNews,com May 29, 2012
Zillow reports that both national values and rents rose in the month of April. National home values rose 0.7% in April to a Zillow Home Value Index of $147,300. This is the largest monthly increase in home values since January, 2006, and it makes April the second month in a row in which home values climbed up.
“The housing market continues to show positive signs, with home values increasing significantly in April”, said Dr. Stan Humphries, chief economist at Zillow. “The recovery is moving in the right direction”.
And, please remember, I would be honored to serve as your Broker for all of your residential real estate needs. I want to help you, my reader, make the most prudent and accurate Real Estate business decision. …
Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf. Call us at 598-3200,or, 800 677-MOVE (6683).
Click here for the latest Sales and Listing statistics for the Pikes Peak area. These statistics will enable you to see what prices homes in every neighborhood are selling for and how much local Sellers are asking for their homes. These are the numbers that your Realtor will use in developing ‘comparables” when you ask him/her for a recommended listing price for your home. However, there are a lot of variables that will affect the asking price for your home. We will be happy to work with you to develop a specific, realistic listing price for your home. Please give us at 598-3200, or, 800 677-6683 (MOVE),
JOKE OF THE WEEK
It’s often confusing when people use the terms “Liberal”, or “Conservative”. What, exactly do these terms mean?
Well, here are some real-life examples, to help you understand the difference.
Scenario: You're walking down a deserted street with your wife and two small children. Suddenly, a dangerous looking man with a huge knife comes around the corner, locks eyes with you, screams obscenities, raises the knife, and charges. You are carrying a Glock 45 and you are an expert shot. You have mere seconds before he reaches you and your family. What do you do?
Well, that's not enough information to answer the question! Does the man look poor or oppressed? Have I ever done anything to him that would inspire him to attack? Could we run away? What does my wife think? What about the kids? Could I possibly swing the gun like a club and knock the knife out of his hand? What does the law say about this situation?
Does the Glock have appropriate safety built into it? Why am I carrying a loaded gun anyway, and what kind of message does this send to society and to my children? Is it possible he'd be happy with just killing me? Does he definitely want to kill me, or would he be content just to wound me? If I were to grab his knees and hold on, could my family get away while he was stabbing me?
Should I call 9-1-1? Why is this street so deserted? We need to raise taxes, have a “paint and weed day” and make this a happier, healthier street that would discourage such behavior.
This is all so confusing! I need to debate this with some friends for a few days and try to come to a consensus.
BANG! BANG! BANG! BANG! BANG! BANG! BANG! BANG! BANG! click....(sounds of reloading). BANG! BANG! BANG! BANG! BANG! BANG! BANG! BANG! BANG! click.
Daughter: "Nice grouping, Daddy! Were those the Winchester Silver Tips??