HARRY’S WEEKLY UPDATE

A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTAIL real estate MARKET

INFLATION IS COMING !! ......... INFLATION IS COMING !!

Last week, we pointed out how the costs of building materials and rising credit card fees were indicators of oncoming inflation. So, it’s no surprise that, this week, the U.S. Commerce Department reported that the U.S. economy grew at the rate of 5.9% in the fourth quarter of 2009. This “good” news was reported in the Wall Street Journal on February 27, 2010. Now, growth is good, but, the rule of thumb that is generally accepted is that quarterly growth over 2-2 ½% in any quarter means that inflation will increase within the following two quarters. That’s the ‘down” side of the good news. The NAR data on the 2009 fourth quarter median prices for homes referenced below, shows that Colorado Springs home prices are going up, which will only add to the inflationary pressure. Better buy now !!!

JOB LOSS PROTECTION PROGRAM JUST GOT BETTER

Last Summer, Salzman real estate Services, Ltd. became the only Colorado Springs source for the Job-Loss-Protection Program for Buyers. We are still the only local Realtor to offer this revolutionary program which has been so well-received by local HomeBuyers. The way the program works is that, within two years after closing, if a covered Homebuyer gets laid off from his or her job and is receiving unemployment benefits from their state, the JLP program will make their mortgage payments for them, for up-to six months.

When we introduced this program in 2009, the maximum monthly payment covered by this program was $1800. However, this past week, we were notified by the program sponsor that they had raised the maximum monthly payment to $2000. This increase should make the program even more appealing to prospective HomeBuyers. We are also pleased to announce that, through our network of relocation specialists, we are able to offer this plan to our out-of-state clients, as well.

The Job-Loss-Protection Program is funded by the Rainy Day Foundation, a non-profit organization, based in Washington, DC, and is marketed by Creative Alliances.

CAN MORTGAGE MONEY GET ANY CHEAPER ? 

Last week, the great home mortgage rates that are now available were dramatically demonstrated to one of our clients who is moving into the area from Kansas. To their delight, we were able to find them a 30 year mortgage, with a rate of only 4 7/8%. However, after shopping around, we were also able to find them a 15 year mortgage, without any origination fees or discount points, with a rate of 4 3/8%. Just that small difference in rates will enable them to pay off their home in half the time they had planned for. The moral of the story …These rates can’t last forever …Don’t be a “Mugwump”…. Buy now.

LOOKING FOR WORK? CHECK THIS OUT

Every year, we attend the Annual real estate Cyberspace Convention. Since 2002, this event has regularly featured exciting ideas and tips about technology and marketing for Real Estate professionals. This year, they also featured a website designed to assist our clients and prospective clients who might be seeking employment. If any of our readers fit into that category, here’s a site that might be of help. www.currentlocaljobs.com. This site claims to have found 4064 jobs in the Colorado Springs area. Good Hunting !! 

NAR QUARTERLY REPORT

Call us to receive the Quarterly report of housing prices from the National Association of Realtors.

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 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. Please allow me to implement my negotiating skills on your behalf.

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

It's the first day of school and the teacher thought she'd get to know the kids by asking them their name and what their father does for a living.

The first little girl says: "My name is Mary and my daddy is a postman."

The next little boy says: "I'm Andy and my Dad is a mechanic."

Then one little boy says: "My name is Jimmy and my father is a loser who prefers to lay on the couch all day and watch TV, while Mom goes off to work to support us."

The teacher gasps and quickly changes the subject, but later in the schoolyard the teacher approaches Jimmy privately and asks if it was really true what he had said about his father.

He blushed and said, "I'm sorry but my dad plays hockey for Team USA, and I was just too embarrassed to say so."