HARRY'S BI-WEEKLY UPDATE
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November 4, 2013
HARRY’S BI-WEEKLY UPDATE A Current Look at the Colorado Springs Residential real estate Market
As part of my Personal Service, it is my desire to share current real estate issues that will help to make you a more successful and profitable buyer or seller.
EVERYDAY IS VETERAN’S DAY…
November 11th is the day we officially celebrate Veteran’s Day. However, there isn’t a day that I’m not grateful for the many sacrifices made by the men and women in our military, both past and present. Living in Colorado Springs with all its military population, there is a constant reminder of just how many families are affected by the service these people provide. I go to bed each night secure in the knowledge that the life I have been allowed to live is due in great part to the sacrifices made, both today and in the past. Let’s all take a minute today to appreciate and recognize the Veterans in our lives and communities.
AND NOW FOR OCTOBER’S GOOD HOUSING NEWS Statistics provided by the Pikes Peak REALTORS Service Corp, or its PPMLS
October is historically a slower month in real estate, but this October didn’t follow that trend. If you look at the numbers below, you can see that things are still moving in a positive way for El Paso and Teller Counties. It’s interesting to note that 75% of the total sales in these counties are for homes sold for $300,000 or lower.
Some highlights of the latest report, comparing October 2013 to October 2012 in PPAR include:
Single Family/Patio Homes:
Condo/Townhomes:
In El Paso County, the Median Sales Price was $219,900 and the Average Sale price was $250,509. Homes sold for 97.8% of the listing price. You can look at the chart below to see where your neighborhood was trending in October.
COLORADO SPRINGS AREA MONTHLY SALES ANALYSIS*
Median Sales Price Average Sales Price Black Forest $369,000 $380,144 Briargate $301,500 $309,363 Central $159,950 $175,361 East $165,000 $191,931 Fountain Valley: $190,000 $198,096 Manitou Springs: $400,000 $400,380 Marksheffel: $220,000 $250,299 Northeast: $220,000 $239,110 Northgate: $245,000 $390,465 Northwest: $307,500 $341,558 Old Colorado City: $263,500 $266,538 Powers: $215,000 $228,944 Southwest: $247,000 $288,246 Tri-Lakes: $391,884 $416,863 West: $216,250 $285,555 *Statistics provided by the Pikes Peak REALTORS Services Corp,or its PPMLS.
To view the complete breakdown on any area listed here or to read the entire 12-page monthly report, please click here.
More on this later, but as you can see, folks are beginning to understand that NOW is the time to sell and trade up, buy rather than rent or buy for investment purposes. Housing prices are going up and new laws are soon going into effect that could prevent or prolong prospective buyers from obtaining financing. And, with most houses still selling quickly, choices are becoming more and more limited. Also, it’s worth noting that foreclosures in the Colorado Springs area have dropped to a ten-year low. Considering we had fewer than most areas to start with, it appears the improved housing market has helped us in this area too. However, that also means there are very few “bargains” to be found by Buyers or Investors.
As a Seller if you want to take advantage of today’s market, it’s very important to price your home realistically and be creative and innovative in order to get it to closing before year’s end. That’s where my 40 year plus experience can be invaluable. I understand the market and am here to help you make the right financial decision for you and your family. Call me at 598.3200 or email me at Harry@HarrySalzman.com today and let’s start talking. Time is running out and if you’ve been waiting, either for better rates or higher prices for your present home, wait no more. I can guarantee that after January 1 it’s going to be tougher for everyone due to the changes in the law, which I explained in detail in my last eNewsletter.
MORTGAGE RATES FALL AGAIN
According to Freddie Mac, October 31 saw the following national average in mortgage rates—the lowest levels since this past June.
That’s a big WOW and certainly a great incentive to those wanting to act now. These rates won’t be around for long and all signs point to rates moving up at least one percentage point by this time next year. And that’s even if you can get the financing, due to the new regulations. I can’t reemphasize enough that this is the time to act. None of us know exactly how the new law will effect rates and the ease of obtaining financing but we do know that it’s going to cost more and that credit worthiness will not translate to mortgage loan availability.
BUYING CHEAPER THAN RENTING
In the 100 largest metro areas, buying a home is 35% cheaper than renting according to Trulia economist Jed Kolko. This is one of the reasons that home prices are still going up, although at a slower pace than earlier in the year.
“Home value appreciation is better when it’s boring,” says Stan Humphries, Zillow economist. “It’s good to see the pace of home value appreciation moderate, allowing the market to get back into a more sustainable balance and not topple over.”
What does this mean to you? If you are a renter, now is the time to start considering a starter home. If you wait until after the first of the year, things are sure to be tougher in terms of interest rates and/or getting loan approval. Call me soon so we can see if there’s a way to move you from a Renter to an Owner and put some extra money in your pocket at the same time.
BUILDERS ARE TARGETING HIGHER END
According to an article in last week’s Wall Street Journal, “newly built homes in the U.S. are getting pricier as better-heeled buyers have rebounded more quickly from the recession than entry-level buyers, spurring home builders to go upscale to match the shift.”
This is the case in the Colorado Springs area, too. However, don’t despair. There ARE some homebuilders who are still providing more affordable homes for first-time buyers. The biggest problem now is going to be the financing available as I mentioned earlier. If you are in the market for a home now, it’s probably going to be in your best interest to consider a previously owned home as a starter because you will more than likely be able to get in sooner and not be affected by the new lending regulations. This is a personal decision and one I will be happy to discuss with you in order to help you make a sound financial decision.
real estate MARKET PREDICTIONS FOR 2014—HOUSING FORECAST, OUTLOOK AND TRENDS homebuyinginstitute.com 10.26.13
Some interesting thoughts from an article I recently read:
Eight Housing and real estate Market Predictions for 2014
Obviously these predictions are based on current conditions in the housing market and such conditions are subject to change. They are the equivalent of an educated guess, but I’ve always felt it better to be “safe than sorry”. And for the final reminder in this eNewsletter—if you are on the fence—time to jump—or at least to call me and discuss the possibilities. The more regulation—the more complicated it is going to be. Let me help take you over whatever hurdles necessary while there is still time.
JOKE OF THE DAY (ode to the end of another Baseball Season)
Two 90-year old men, Moe and Sam, have been friends all their lives. Sam is dying, so Moe comes to visit him. “Sam,” says Moe, “you know how we both loved watching Sky Sox baseball all our lives? Sam, you have to do my one favor. When you go, somehow you ‘ve got to tell me if there’s Sky Sox baseball in heaven.”
Sam looks up at Moe from his deathbed and says, “Moe, you’ve been my friend for many years. I’ll do that for you.” And with that, he passes on.
It is midnight a couple of nights later. Moe is sound asleep when a distant voice calls out to him, “Moe…Moe…”.
“Who is it?” says Moe, sitting up suddenly. “Who is it?”
“Moe, it’s Sam.”
“Come on. You’re not Sam. Sam died.”
“I’m telling you,” insists the voice. “It’s me, Sam!”
“Sam? Is that you? Where are you?”
“I’m in heaven,” says Sam, “and I’ve got to tell you, I’ve got some good news and some bad news.”
“Tell me the good news first,” says Moe.
“The good news,” says Sam, “is that there is Sky Sox baseball in heaven.”
“Really?” says Moe. “That’s wonderful. What’s the bad news?”
“You’re pitching Tuesday!”
FEATURED LISTING
Harry A. Salzman. CRS, CRP, CNE email: Harry@HarrySalzman.com Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
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