Colorado launches SmartStep to help homebuyers
June 11, 2012
HARRY’S WEEKLY UPDATE
A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET
THE LATEST STATS SHOW OUR LOCAL real estate MARKET IS COMING BACK STRONG
The latest statistics from PPAR show that our local real estate prices are back up to where they were four years ago and the number of sales are back up to where they were three years ago. In fact, Local sales prices have risen for the past three straight months. These are all good indicators that our local market has bottomed out and is well on its way back up. …..
Compared to the number of local home sales last year, we are up 15.8%. Furthermore, average sales prices are up 9.3%. (from $213,370 to $233,065). …and median sales prices are up 13.5% (from $185,000 to $210,000).
Most homebuyers will be very surprised by the home-price rises that are in store for us next year. Fannie Mae’s most recent housing survey shows that Americans are expecting home prices to rise next year, but by only 1.4%....If our present rate of median price increase of 13.5% continues, there will be many buyers who will look back and wish they had made their move now, rather than waiting until next year.
In a nutshell, the Inventory of available homes is going down and mortgage interest rates are at all-time lows….but prices are going up faster than most people expected.
The Bottom Line is: Buy now !!!
To see how our local market is getting healthier every day, CLICK HERE to take a look at the most recent PPAR statistics. 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 some of the numbers that we use in developing ‘comparables’, to help guide you through the purchasing process.
Keep in mind, however, that there are a lot of variables that could affect the asking price for the home that you might be interested in. You need the assistance of a qualified, experienced Realtor to make you aware of all of the factors that will affect your decision. We will be happy to work with you to develop a specific, realistic offer for that home you have your eye on.
To take advantage of the wonderful opportunity that currently exists for homebuyers, please give us a call at 598-3200, or, 800 677-6683 (MOVE).
COLORADO LAUNCHES NEW PROGRAM TO HELP HOMEBUYERS
The Gazette , Friday, June 8, 2012
Last Monday, the Colorado Housing and Finance Authority launched a new program of mortgage help for low and moderate income homebuyers. The program, called SmartStep, is available from 21 lenders in the Colorado Springs area, includes loans and special certificates that entitle buyers to get federal tax credits for part of the interest they pay on their mortgages.
The SmartStep Program includes:
• 30-year fixed-rate mortgages at 3.5% without down-payment assistance
• 30-year fixed-rate mortgages at 4% with down-payment assistance in the form of a second mortgage of as much as 3% of the first mortgage amount. The second mortgage is a 30-year loan at the same interest rate as the first mortgage.
• Mortgage Credit Certificates allow borrowers to claim a federal income tax credit of as much as $2,000. The credit is 50% of interest paid annually on loans of $100,000 or less, 30% of interest paid annually on loans from $100,001 to $150,000 and 20% of interest paid annually on loans of more than $150,000.
• To qualify, borrowers must be a first-time homebuyer, eligible veteran, or, acquire a property in federally designated low-income neighborhoods, pay at least $1,000 in some part of the transaction, have a credit score of at least 620,and complete a free buyers credit course online or in person. They must also use the agency’s income and ourchase price limits.
• For participating lenders in the Colorado Springs area, go to www.chfainfo.com/documents/participating_lenders/coloradosprings.pdf.
COLORADO GDP GROWTH BEATS U.S. AVERAGE
The Gazette, Wednesday, June 6, 2012
According to a report by the US Bureau of Economic Analysis, Colorado’s GDP growth of 1.9% in 2011 beat the national average of 1.5% and placed Colorado in 14th place in GDP growth.
Colorado’s growth came mostly from the state’s information services, manufacturing and professional, scientific and technical services industries.
The state’s economic growth per person grew 0.5% from 2010 and was the first gain since 2008 and the strongest since 2008. Colorado’s economic growth per person in 2011 was 8.9% higher than the national average at $45,792.
“This demonstrates that new technology is a good path to economic growth, although I believe growth would have been strong both in Colorado and the rest of the nation without a slowing in exports, probably as a result of slower economic growth in Europe and China”, said Fred Crowley, senior economist for the Southern Colorado Economic Forum.
HOUSING CRISIS DIDN’T SCARE AMERICANS OFF HOME OWNERSHIP
Daily real estate News | Friday, June 08, 2012
Seventy-five percent of Americans still aspire to own a home and consider home ownership a major life goal, according to a new poll of non-home owners aged 22 to 50 conducted by Integra Realty Resources, an independent real estate valuation firm.
Despite a housing crisis that saw housing prices drop in many markets, Americans’ enthusiasm for home ownership hasn’t lessened, according to the study.
The survey found that non-home owners under the age of 30 are even more positive about home ownership than older buyers: Forty-seven percent of respondents under 30 say owning a home is very important, compared to 41 percent of respondents over the age of 30.
While the desire to own remains high, many Americans say they are left on the sidelines unable to take advantage of record-low mortgage rates and record-high housing affordability. Younger generations, in particular, say they face increased job insecurity and are struggling to come up with the financing needed to buy a home.
Thirty-one percent of all respondents to the survey said they can’t buy a home because they lack a down payment, 24 percent say they are holding off because they fear making a bad investment, and 21 percent say they aren’t buying because of the uncertain economic outlook.
Yet, “clearly, the American dream of home ownership lives on," says Jeffrey Rogers, president of IRR. "But if you go deeper into the research, this may be only in a fantasy not to be realized in the current economy."
And, please remember, I would be honored to serve as your Broker for all of your residential real estate needs. I want to help you, my reader, make the most prudent and accurate Real Estate business decision.
Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf. Call us at 598-3200, or, 800 677-MOVE (6683).
JOKE OF THE WEEK
First grade kids in a Catholic Elementary school were asked questions about the old and new testaments.
Can you imagine the Nun sitting at her desk grading these papers, all the while trying to keep a straight face and maintain her composure! (I know I couldn't!)
1. In the first book of the bible, guinessis, god got tired of creating the world so he took the sabbath off.
2. Adam and eve were created from an apple tree. Noah's wife was joan of ark. Noah built an ark and the animals came on in pears.
3. Lots wife was a pillar of salt during the day, but a ball of fire during the night.
4. The jews were a proud people and throughout history they had trouble with unsympathetic genitals.
5. Samson slayed the philistines with the axe of the apostles.
6. Moses led the jews to the red sea where they made unleavened bread which is bread without any ingredients.
7. The egyptians were all drowned in the dessert. Afterwards, moses went up to mount cyanide to get the ten commandments.
8. The first commandment was when eve told adam to eat the apple.
9. The seventh commandment is thou shalt not admit adultery.
10. Moses died before he ever reached canada . Then joshua led the hebrews in the battle of geritol.
11. The greatest miricle in the bible is when joshua told his son to stand still and he obeyed him.
12. Solomon, one of david's sons, had 300 wives and 700 porcupines.
13. When mary heard she was the mother of jesus, she sang the magna carta.
14. St. John , the blacksmith, dumped water on his head.
15. The people who followed the lord were called the 12 decibels.
16. The epistels were the wives of the apostles.
17. One of the oppossums was st. Matthew, who was also a taximan.
18. St. Paul cavorted to christianity. He preached holy acrimony which is another name for marraige.
19. Christians have only one spouse. This is called monotony