August 28, 2019



         A Current Look at the Colorado Springs Residential real estate Market

As part of my Unique Brand of 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.  


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I’m still dealing with buying and selling frenzy and from what I can see, it doesn’t appear to be slowing down at present.  On August 19, Freddie Mac reported that the 30-year fixed-rate mortgages were averaging 3.6%, a three-year low

Last year at this time the average sat at 4.53%, which combined with the listing shortage, explains in part why home values are increasing. According to a report in Capital Economics, a 3% increase in home values nationally is predicted.  As most of you are aware, the Colorado Springs housing market has been increasing at a higher pace than the national average so I would suspect that our average increase will be considerably higher than 3%!

The report stated, “As with any other asset, lower interest rates will act to boost home values.  Other things equal, with a given income and debt-to-income ratio, a lower interest rate raises the amount a household can spend on a home”.

U.S. home sales started picking up in July, which is the first national year-over-year uptick in 17 months.  Economists are seeing this as a sign that the lowest interest rates in 50 years, along with strong employment and higher wages have finally sparked more home buying.

We continue to experience an all-time low in listings of existing homes in the Colorado Springs area and this is still creating bidding wars and selling prices considerably over asking prices.  There are relatively few “bargains” in today’s market, most especially in the lower price ranges.  And speaking of the lower price range, I’m seeing a lot of my investor and first-time homeowner clients move quickly when those homes are listed, so they don’t stay on the market for long, often for less than a day!

Another driving force in investment property purchases has been the volatile stock market of late.  Folks are sensing that over the long haul, home prices continue to rise, while stocks and bonds have been a bit riskier at present.  

On the plus side for first-time buyers, Fannie Mae and Freddie Mac are considering alternatives to the industry standard FICO scores that are used to determine an applicant’s creditworthiness.  Using an alternative scoring process would open the mortgage market to a greater number of people and lead to greater approval for those with little or no credit history.

My advice to anyone who has even considered selling their home to trade up or move to a new neighborhood or who has thought about investment property—don’t delay.  With more companies deciding to relocate to the Springs we are seeing more folks looking for homes, thus adding to the shortage.  These same folks could be the buyers of YOUR present home, allowing you the opportunity to move on and take advantage of the low interest rates.  

As always, no one knows how long these rates will be around.  If you, a family member or co-worker are even thinking of looking for a new home or an investment property….NOW is the time.  Simply give me a call at 593.1000 or email me at and let’s see how together we can make all your residential real estate dreams come true.  It may not be as easy as it once was, but hey—I haven’t been so successful in my 47 plus years in this arena without learning how to weather all types of cycles and obstacles successfully.  I can help you find a way, but you need to pick up your phone and call me first!



The Gazette, 8.15.19

Colorado Springs set another new record with 13 area companies qualifying for the Inc. 5000 list of fastest-growing private companies. This surpassed the 2009 record of 11 companies and should come as no surprise to anyone who reads my eNewsletter. We have seen record low unemployment rates, a robust economy, new companies relocating here, a red-hot real estate market and more in the past several years and the end is nowhere in sight. 

I wish to congratulate not only the 13 companies, but also Mayor John Suthers, the City Council, the Colorado Springs Chamber & EDC, UCCS Chancellor Venkat Reddy and others too numerous to mention that have worked so diligently to get Colorado Springs to the place where we are today.  It took a lot of hard work and compromise to get here and a big “BRAVO” is deserved by all.



The Wall Street Journal, 8.15.19, The Gazette, 8.15.19

The Federal Housing Administration is hoping to revive the entry-level condo market for first-time buyers because FHA-backed loans require only a 3.5% down payment and lower credit score than conventional loans.

New guidelines were released several weeks ago for the types of mortgages the FHA will insure for condominiums.  Previously, just 6.5% of the 150,000 condominium developments in the U.S. were eligible for FHA-backed mortgages.  Now the FHA will start backing mortgages for individual units and will have greater flexibility to react to changes in market conditions. 

This will make it easier for first-time buyers, retirees, and minorities to become homeowners due to the lower down payment and credit score requirements.  

If a condominium purchase is something you or a family member is considering, give me a call and let’s see how these new regulations can help this become a reality.



UCCS Economic Forum, College of Business, updated 8.22.19

I just received the latest update from the UCCS Economic Forum and as always, I like to share it with you as soon as possible. 

It contains information on the economy, labor force/employment, and consumer sentiment for the U.S., as well as local information concerning wages, military, real estate, tourism and more.

Please click here to see the report in full and call me if you have any questions. 



The 23rdAnnual UCCS Economic Forum will be held on Thursday, October 10, 2019 from 1:30- 4:30 p.m. at the ENT Center for the Arts. 

This always sold out event is a must for anyone doing business in the city of Colorado Springs.  Registration and additional information can be found at:



Keeping Current Matters, 8.21.19

August 21st was National Senior Citizens Day.  According to the U.S. Census the honor is because:

“Throughout our history, older people have achieved much for our families, our communities, and our country. That remains true today and gives us ample reason…to reserve a special day in honor of the senior citizens who mean so much to our land.”

Here are some senior-related data in the housing industry:

“The number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16 percent to 23 percent.”

Seniors Believe in Homeownership

Freddie Mac compared the homeownership rates of two groups of seniors:  the Good Times Cohort (born from 1931-1941) and the Previous Generations (born in the 1930s).  The data shows an increase in the homeownership rate for the Good Times Cohort because seniors are now aging in place, living longer, and maintaining a high quality of life into their later years.

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This does not mean all seniors are staying in place. Some are actively buying and selling homes.  In the 2019 Home Buyers and Sellers Generational Trends Report, the NAR showed the percentage of seniors buying and selling:

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Highlights from the NAR report:

  • Buyers ages 54 to 63 had higher median household incomes and were more likely to be married couples.


  • 12% of buyers ages 54 to 63 are first-time homebuyers, 5% (64 to 72) and 4% (73 to 93)


  • Buyers ages 54 to 63 purchased because of an interest in being closer to friends and families, job relocation, and the desire to own a home of their own.


  • Sellers 54 years and older often downsized and purchased a smaller, less expensive home than the one they sold.


  • Sellers ages 64 to 72 lived in their homes for 21 years or more.


Bottom Line:

According to NAR’s report, 58% of buyers ages 64 to 72 said they need help from a real estate agent to find the right home.  The transition from a current home to a new one is significant to undertake, especially for anyone who has lived in the same house for many years.  

If you’re a senior or know a senior thinking about this process, please contact me so that I may help make this transition as easy as possible.  In recent years, I’ve helped a number of my clients who I sold homes to 20 or more years ago sell their present home and relocate to another one better suited for their current needs and/or closer to family or friends. 

It takes someone with my 47 plus years of experience and my special brand of customer service to understand the needs and wants of seniors.  It’s not easy to relocate at any age, but it’s much more difficult for those who have lived in the same home for many years.  I can help make this a more enjoyable experience.



Keeping Current Matters, 8.21.19

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Every three years the Federal Reserve conducts its Survey of Consumer Finances where data is collected across all economic and social groups.  The latest survey data covers 2013-2016.

That study revealed that the median net worth of a homeowner is $231,400--a 15% increase since 2013.  At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).

Those numbers show that the net worth of a homeowner is over 44 times greater than that of a renter.

Owning a home is a great way to build family wealth…

As I’ve mentioned many times before, homeownership is a form of “forced savings”.  Every time you pay your mortgage, rather than paying someone else’s mortgage via renting, you are contributing to your net worth by increasing the equity in your home.

That is the reason Gallup reported that Americans picked real estate as the best long-term investment for the sixth year in a row.  According to this year’s results, 35% of Americans chose real estate.  Stocks followed at 27%, then savings accounts and gold.

Bottom Line:

Call me without delay to find out how you can use your monthly housing cost to increase your family’s wealth.