Real Estate Information

March 25, 2013

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

WISHING YOU A HAPPY PASSOVER AND A HAPPY EASTER

I wish you all a very happy holiday week and hope you will get to enjoy the festivities with your friends and family.

HOME VALUES UP FOR 16^TH STRAIGHT MONTH

Nothing but good news on the real estate front again. Homes values are continuing to move upwards and the list of improving housing markets gets longer. More than 75% of the 361 metro areas covered by the National Association of Home Builders/First American Improving Markets Index are now listed as improving. Especially important to us is the fact that Colorado Springs was added to that list this month. We’ve been telling you that, but nice to see it as “official”.

Even Fannie Mae’s Economic & Strategic Research Group, known for their conservative approach, is saying that the housing market is “on a sustained growth path”.

First time homebuyers are continuing to be more optimistic about the possibility of home ownership and their enthusiasm is crucial to the housing market and the overall economy, according to Kevin Watters, CEO of mortgage banking at JPMorgan Chase.

With homes selling faster as buyer demand increases, there is a low supply of homes left for sale. In fact, national housing inventory is now at its lowest level since January 1994. Homes sales have exceeded listings for the past 25 months and the upward trend in prices continues. I’ve been witnessing this myself locally--seeing greatly shortened times of listed homes on the market. That’s creating an urgency I’ve not seen in a number of years. When you add that to the fact that any discount available on foreclosures is fading along with inventories, it’s definitely becoming more of a seller’s market again.

USAToday says that “Homes are selling Lickety-split”— faster last month than in any February since 2007, “as eager buyers met a tight supply of homes for sale”.

On March 18, RISMedia.com reported that Realtor.com “recently released its February data on the U.S. housing market, offering valuable insight into the latest real estate trends.” Their “February 2013 national housing data indicates that listing inventories increased 1.15 percent month-over-month; median age of inventory was at 98 days, a 9.26 percent decrease month-over-month; and median list prices were slightly higher month-over-month at $189,000. These numbers show that homebuyers are getting an early start on the spring season despite the fact that inventories hit record lows.”

“As we enter the busiest time of the year for homebuyers and sellers, our latest housing trend data shows just how competitive the market is with a significant national housing recovery well underway,” said Steve Berkowitz, chief executive office of Move, Inc. “Looking ahead, we can expect the amount of inventory to increase this spring along with higher list prices as sellers become more comfortable with the market conditions.”

Nationally, U.S. homebuilders started more homes in February and permits for future construction rose at the fastest pace in 4½ years. The Gazette reported that in Colorado Springs, “single-family homebuilding permits totaled 220 in February, exactly double the total from February 2012 and the highest total for any February since 2006, according to a report from the Pikes Peak Regional Building Department. The number of permits issued in the first two months of this year is up slightly more than double from the same period last year to 398.”

The Wall Street Journal reported that existing home sales are at a 3 year high, indicating that more people are listing their properties ahead of the crucial spring selling season.

This is good news for those of you who have been waiting for home values to go up before listing your home in order to trade up or relocate. REALTORmag, and The Wall Street Journal both report that “rising home prices have helped more home owners make their way above water again, with 1.7 million properties regaining equity in 2012, according to the latest figures from CoreLogic. The number of mortgaged homeowners with equity now stands at 38.1 million and more homeowners are expected to join them soon.”

The long wait is over and the time is ripe, so if you are looking to sell and trade up, invest or buy a new home, please give me a call at 598.3200 or email me at Harry@HarrySalzman.com so I can help you figure out the best plan for you individual wants and needs

INTERNET BUYING VS. real estate BROKERS??

A recent issue of Bloomberg Businessweek carried a story titled “Why Can’t the Internet Replace real estate Brokers?” and I’d like to share a little of it with you. Below, I have reproduced a graphic which helps explain what buyers want from Real Estate Brokers. The article and graph clearly indicate that while more and more buyers are using the Internet to find the home they want, when it comes to the actual purchase, most rely on actual Real Estate Brokers to complete the process for them.

With more than 40 years experience in the real estate business, I could certainly relate to all the reasons why the Internet cannot replace a live person when it comes to the actual “negotiations” and local judgments required to make certain that a buyer has crossed all the “t’s” and dotted all the “i’s” so to speak.

The article was talking about how travel agents have basically been replaced by the Internet because most people feel confident that they can make travel arrangements themselves, but that when it comes to real estate investing, these same people are “nervous about venturing out on their own or trusting an online discounter for the most complicated transaction of their lives.”

The chart shows you how a buyer might use Zillow, Refin, Trulia, and Quicken to help in their initial search, but that when it comes down to negotiations, most turn to a qualified real estate Broker.

* Reproduced from Bloomberg Businessweek, March 11-17, 2013

COLORADO SPRINGS JOBLESS RATE FALLS AGAIN

With January’s 8.7 percentage rate the lowest since March 2009, the Colorado Springs job market continues to deliver good news for both the local economy and residential home market. According the a report in The Gazette, “the improvement came as more than 3600 area residents returned to the job market, the biggest monthly increase in the labor force in more than 12 years. The number holding jobs surged by nearly 4300, cutting the number of residents looking for work by nearly 700.”

Colorado Springs Mayor Steve Bach, in acknowledging this progress said, “..while it is encouraging to have growth, we still have a lot of work to do.” Bach set a goal last year of adding 6,000 new jobs a year to help lower the area’s 9 percent unemployment rate. “The city is doing its best to create a better business climate by being as business-friendly as possible,” he said.

JOKE OF THE WEEK

What do you call Rollerbladers who chat on the computer?

Online skaters.

Why was the computer so tired when it got home from the office?

Because it had a hard drive.

How can you tell when an adult’s been using the computer?

There’s correction fluid all over the screen.

How can you tell a good computer programmer from a bad computer programmer?

The good one always comes through when the chips are down.

How do you keep a fool busy all day?

Put him in a round room and tell him to sit in the corner.

Why did the mother always put on a helmet before she used the computer?

Because she was afraid it would crash.

What do pigs put in their hard drives?

Sloppy disks.

FEATURED LISTING

81 Crystal Park RD C

Price: $169,000

Beds: 2

Baths: 3

Sq Ft: 1556

SEE PIKES PEAK TO GARDEN OF THE GODS TO EAST FROM THE UNIT. QUIET. GREAT LOCATION. WALKOUT TO 18'X10' PATIO AND 10'X18' DECK OFF DR. VAULTED CEILINGS IN ENTRYWAY LR, UL BR#2 CAN BE AN OFFICE. SKILIGHTS, ML & UL FLOORS ARE VERY NICE WOOD WITH TILE IN...

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs

Stationery Footer

Harry Salzman, Salzman real estate Services, Ltd
538 Garden of the Gods Road, Colorado Springs CO 80907
719-598-3200 or Toll Free: 800-677-MOVE(6683)

Visit http://www.SalzmanRealEstateServices.com

Change your email preferences here.

Add Comment

HARRY'S BI-WEEKLY UPDATE

Monday, March 11, 2013

by Harry Salzman

March 11, 2013

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

HAPPY SAINT PATRICK’S DAY WEEK…here’s wishing you “LUCK”

In today’s real estate market, which is moving faster and faster by the day, you need more than just “luck” to make your dreams come true. Fortunately for you, when it comes to considering residential homes you’ve got just that because you’ve got me. As your Realtor, with more then 40 years local experience in helping you navigate quickly and in a financially sound manner, I can assist you with all your Real Estate needs.

A FABULOUS FEBRUARY FOR real estate SALES

Wow. Despite the weather, another great month for the Colorado Springs housing market. There are positive numbers all across the board. Local Residential real estate prices have now increased for 12 straight months on a year-over-year basis, indicating a greatly increased consumer confidence in home buying.

To illustrate that, here are some highlights of the February 2013 Pikes Peak Association of Realtors (PPAR) Report for Single Family/Patio Homes (Year-over-year comparing February 2012 to February 2013)

Number of Sales—664. Up 29.2%
Average Sales Price---$227,357. Up 4.6%
Median Sales Price---$199,000. Up 12.6%
Inventory of Active Listings--3035. Down 5.9%

It’s definitely worth noting that the average selling price of a listing received 98.0% of the listing price. Also, the average number of days a house is on the market is shortening and foreclosure rates are also on the decline.

What does that mean to you? Once again, these numbers demonstrate that now is the time to buy. If you choose to wait, your housing cost will probably be higher. Or you could end up in a position where the home you want has already received multiple offers, which could hurt your chances of success in the purchase. This also means that if you are looking to sell and trade up you are looking at better returns overall as your home is probably worth more today than a year ago. So it is a great time to upgrade and take advantage of today’s low mortgage rates.

To look at the 7-page PPAR Report and see how your area is performing, please click here. I am available to answer any questions you may have or to help in any way I can in connection with your real estate needs. Just give me a call at 598.3200 or email me at: Harry@HarrySalzman.com.

USAToday PROCLAIMS COLORADO AS NUMBER 2 IN “QUALITY OF LIFE SURVEY”

Those of us who live here already know this, but now it’s official. In the 2012 annual Gallup-Healthways Well-Being Index, Colorado ranked only behind Hawaii. This survey is based on residents’ responses about physical health, happiness, job satisfaction and other factors that affect quality of life.

Colorado has consistently ranked in the top 10 every year from 2008 to 2012. According to the report, residents of these states tend to have lower rates of obesity and fewer medical problems such as type 2 diabetes, heart disease or chronic pain. They also report enjoying their jobs more, have lower rates of smoking and exercise more than residents in the lower ranked states.

Since relocation is one of my specialties, this is a plus for folks who are planning a move to Colorado Springs. If you, a family member or co-worker is considering a move here, please have them contact me and I will be happy to show them why this is the greatest “Quality of Life State” in the continental U.S. to live.

AND NOW FOR THE NATIONWIDE REPORT FROM THE LAST FEW DAYS

We have seen stories from various sources indicating how good the Residential real estate Market is nationwide and while we are ahead of most national statistics locally, it’s always a good sign when the Real Estate Market picks up nationally.

According to rismedia.com, “February’s U.S. home prices signal a solid start to Spring buying.” While February’s yearly growth of 6.1 percent is encouraging, Dr. Alex Villacorta, director of research and analytics at Clear Capitol reminds us that “this rate is measured against the market’s bottom, which we reported in our March 2012 Market Report.”

RealtorMag and Housingwire both cited another showing of home prices surging: “CoreLogic’s home price index shows that prices nationwide in January rose 9.7 percent year-over-year, posting their largest percentage increase since April 2006. Capital Economics researchers say “This is set to be another tear-away year for housing recovery” since “house prices rose strongly at the start of 2013 and are likely to perform well across the year as a whole.”

inmanNEWS reports that Americans “continued to view housing as a relative bright spot in the economy, even as their sentiment towards the broader economy and household finances limped along,” according to Fannie Mae’s February 2013 National Housing Survey.

The survey also found that “Americans who believe home prices will increase over the next year and home price expectations for 2013 both hit their highest levels since the survey’s inception in June 2010. The 48 percent of respondents who believe home prices will go up in the next 12 months was also a survey high. The share of respondents who said that if they were moving, they would buy rather than rent, increased by 2 percentage points to 67 percent. Nearly half of those surveyed—45 percent—think mortgage rates will go up.”

Businessinsider.com reports that “declining inventory has created room for new home construction. With inventory “down 22 percent from the end of 2011, the reduction has underpinned home prices and created a need for construction yet again.”

They also reported on March 8, 2013 that “a positive feedback loop has begun. Capitol Economics’ Paul Diggle also upwardly revised his home price forecast to 8 percent for the year, up from his previous call for a 5 percent rise.

‘Prices of both new and existing homes are picking up, the latter by over 10% year-on-year. Indeed, after a couple of years during which new home prices outperformed, primarily owing to builders constructing more homes for the higher-end market, we now expect existing house prices to close the gap.

As more consumers are able to access mortgage credit, homebuilders should widen their offering, while continued investment demand will bid up existing home prices.’

And Ivy Zelman was on CNBC yesterday (3.7.13) saying, ‘we’re in a nirvana for housing. I’m the most bullish I’ve ever been’.”

USAToday weighed in with several important facts:

“Americans have finally regained the $16 trillion in wealth they lost to the Great Recession, thanks to surging stock prices and rising home values.

“Rebounds in housing and consumer wealth benefit job recovery”. The job market is still struggling; however, “the turnaround has helped boost construction payrolls and is rippling to related sectors.”

In Bloomberg Businessweek we read:

“Despite the hit many Americans took, there’s little sign they’ve changed their dependence on homes as the mainstay of their wealth.”

“..people will put their money back into housing. The trends look like they’re on autopilot.”

“A home is what economists call a consumption good; you have to live somewhere. It’s also a store of wealth. Unlike other assets, you can’t buy a portion of a house.”

Also from Bloomberg Businessweek in answer to ‘Why Is Housing Off the Floor?”

Mortgage rates are at record lows…
…and so are inventories
The economy recovers, and panic subsides…
…which gooses home values.

The National Association of Realtors Economic Outlook/Blog shares the “Profile of Home Buyers and Sellers: Reasons to Buy”, according to a National Economics Research expert.

Desire to own a home of their own is the primary reason for motivating buyers.
Repeat buyers are more likely motivated to make a purchase based on changing circumstances: both the desire for a larger home and the need to relocate for a job or move.
Other reasons to buy included the desire to be closer to family and friends as well as a change in family situations.
Among age groups, there was a clear tendency for younger buyers to be more inclined to buy because of the desire to own a home, while older buyers (those 65 and older) cited the desire to be closer to family and friends.

Again, what all this means is exactly what I’ve been telling you for the past year. Now is the time to sell and trade up or invest. Call me with any questions, or simply to find out what’s going to make the most sense to you personally in this fast changing market.

JOKE OF THE WEEK

Quotes From Our Late Buddy Phyllis Diller

Housework can’t kill you, but why take a chance?

Cleaning your house while your kids are still growing up is like shoveling the walk before it stops snowing.

Best way to get rid of kitchen odors? Eat out.

We spend the first twelve months of our children’s lives teaching them to walk and talk and the next twelve telling them to sit down and shut up.

Whatever you may look like, marry a man your own age—as your beauty fades, so will his eyesight.

I’ve been asked to say a couple of words about my husband, Fang. How about short and cheap?

My photographs don’t do me justice—they just look like me.

Tranquilizers work only if you follow the advice on the bottle—keep away from children.

You know you’re old if they have discontinued your blood type.

It’s a good thing that beauty is only skin deep or I’d be rotten to the core.

There’s a new medical crisis. Doctors are reporting that many men are having allergic reactions to latex condoms. They say they cause severe swelling. So what’s the problem?

Add Comment

HARRY'S BI-WEEKLY UPDATE

Monday, February 25, 2013

by Harry Salzman

February 25, 2013

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

4th QUARTER METRO AREA HOME PRICES--STRONGEST PERFORMANCE IN 7 YEARS

National Association of Realtors

The just published “Median Sales Price of Existing Single-Family Homes for Metropolitan Areas” from the National Association of Realtors (NAR) has great news again. As always, we track comparison of the Colorado Springs metropolitan area against the other 152 metro areas in the survey. This most important highlights are:

Median home prices across the USA are 10% higher than a year ago

Colorado Springs Metro Area is up 11.5% from a year ago, which translates to 15% better than the median sales prices across the USA

The median existing single-family home price rose in 133 out of 152 metropolitan statistical areas and Colorado Springs is one of those that showed significant performance.

Lawrence Yun, NAR chief economist, said all the conditions for strong price growth are at play. “Home sales are on a sustained uptrend, mortgage interest rates are hovering near record lows and unsold inventory is at the lowest level in 12 years,” he said. “Home sales are being fueled by a pent-up demand and job creation, along with still favorable affordability conditions and rents rising at faster rates. Our population has been growing faster than overall housing stock, so supply and demand dynamics are very much at play.” He added that more housing construction is needed to relieve some pressure to keep home prices from overheating.

NAR’s national annual Housing Affordability Index, with breakouts for metropolitan areas rose to a record high 193.5 in 2012 from 186.4 in 2011. The index is calculated on the relationship between median home price, median family income and average effective mortgage interest rate. The higher the index, the stronger the household purchasing power.

An article in The Gazette this past Friday reiterated these same statistics, saying that U.S. home sales in January rose to the 2^nd highest level in 3 years. And REALTORMag reported that 88% of U.S. Cities have seen prices for single-family homes rise in the 4^th quarter of 2012.

I’ve been telling you for more than a year to expect this and now it’s all happening even faster than I might have predicted. As positive as this report is, there are now some problems arising. Compared to the last few years, there are fewer homes on the market, days on the market are vastly shortened and rents are rising. If you are considering buying a home, trading up or purchasing for investment purposes, NOW is the time. It is going to take a bit longer to find what you are looking for in this market but fortunately you have me, with my 40 plus years of experience. I have always enjoyed doing your homework for you and that gives you an advantage over the Buyers and Sellers who work with most other Realtors.

To see the report in it’s entirety and to compare Colorado Springs to the other 152 metropolitan cities, please click here. As always, I am here to answer any questions you many have from this survey or any real estate questions in general. Just call me at 598.3200 or email me at Harry@HarrySalzman.com and I will be happy to help in any way I can.

FOREIGN BUYERS ARE JUMPING INTO THE U.S. SINGLE-FAMILY RENTAL MARKET

Several publications have reported that foreign firms are starting to snatch up single-family homes at a rate not previously seen. Some of these are groups of private investors, others are large companies, but all have the same idea—either buy a number of foreclosures at a discount from the present mortgage holders or simply purchase directly from local Realtors and convert these properties to rentals in exchange for hoped for large gains when the U.S. housing market fully recovers.

The Wall Street Journal reports that “the business of buying and renting houses, long dominated by local mom-and-pop investors, has morphed over the past two years into one of the hottest investments on Wall Street. Investors from countries whose currencies are strong can outbid U.S. investors because they also are hoping to make money from foreign-exchange rate fluctuations.”

What does this mean to you? Clients who I’ve talked with lately have considered either buying more investments properties or buying their first one. Well, the time is ripe and with rental prices on the rise, I’ve got two things to tell you. One--more renters are starting to look at home buying options. Two--those renters that can’t qualify will be looking for a long term lease on a home.

I am available to help in either scenario. If you know someone who is currently leasing and tired of rising rents, have them call me and let’s see if we can help them get into a home of their own. And for those of you looking for investment property, don’t wait too long. Your choices are narrowing each month. Haven’t you earned the right to receive a good rate of return as an investor/landlord? If it’s a consideration, just call me at 598.3200 and I’ll help you determine the right financial option for you.

2013 WILL BE THE YEAR MANY BUY THEIR FIRST HOME

The Gazette/Wall Street Journal/Sunday, 2.24.13

Yesterday there was an interesting article reprinted in The Gazette from the Wall Street Journal that provided good suggestions to those who are considering buying their first home. I was happy to see it in our local paper and find it especially appropriate advice for anyone looking to buy in today’s competitive, fast paced buying market. Here are the highlights:

Stay Calm. Don’t spend more than you can really afford and don’t get caught up in a bidding war. Don’t wait until the last minute to look for a home you need NOW.

Make Your Best Offer. Be realistic and bold, if necessary. There is a danger of over-paying a little but if it’s the RIGHT house for you, you might go for it. Don’t spend more than you can afford, though.

Check Credit. You should know your credit report and credit score prior to meeting with a lender. That way, any discrepancies can be cleared up and with a higher score you are in a better position to negotiate for your mortgage. Credit reports can be checked at AnnualCreditReport.com where you are entitled to one free report annually from each of three credit-reporting companies at this site.

Account For Assets. Obtaining a lender’s pre-approval is always a good idea and if you intend you use “gift or transfer funds” you need to be able to document that you are not simply borrowing that money or it will not be counted towards a down payment.

Bring A Big Down Payment. If possible, bringing more than 20% for the down payment will help keep your offer competitive.

Be Nice. This might include showing some flexibility on the closing date. If all else is equal, the seller might be more concerned with a little flexibility on the part of the buyer rather than a little extra money.

Find A Good Agent. That’s where I come in. With more than 40 years experience in the local real estate arena, you know I’ve got your back and will make certain that you don’t make any costly mistakes. This goes for first time buyers as well as those I’ve sold many homes to and for over the years. I will always put your needs first and make certain that I can help you make a financial decision that is within your means, can satisfy your wants and provide a good, safe investment for you and your family. I’m simply a phone call away at 598.3200 anytime you, your family members or friends are looking for a qualified real estate agent who will work for YOU.

NOW A WORD TO SELLERS….THERE’S GOOD NEWS FOR YOU, TOO

With so much happening in the real estate market at once, I know some of you who have been waiting for your home values to rise are wondering if maybe now’s the time to think about listing your home.

In the Colorado Springs market, sellers have more of an edge than they have had in many years. The biggest reason is that the number of existing homes on the market has dropped dramatically and continues to do so. Also, homes are selling much faster.

I would be happy help you by doing a Fair Market Value Analysis of your home to determine it’s present value and whether or not it’s the right time for you to list it. Just call me at 598.3200 and we can get the process started.

SOMETHING TO THINK ABOUT….SOONER THAN LATER WOULD BE BETTER

No one likes to think about dying, but as it’s a fact of life, there is no better time than the present to think about your end-of-life-planning. There are many things to be considered and your accountant and lawyer are among those who would be your best advisors in that area. I’ve witnessed many problems that can occur when considerations about titles, home ownership and other such things haven’t been thought out in advance.

In today’s tech savvy world, we’ve got things to consider like passwords, and on-line account information that needs to be protected as well as documented in case of death.

There are usually unexpected financial hassles after a death, and it’s always a blessing when someone has taken the time to deal with as many of the foreseeable issues as possible. I am not in a position to advise you as to the best way for you to handle your individual estate planning, but I always advocate that it’s better to be safe than sorry.

JOKE OF THE WEEK

Why did the chicken cross the road?

To get the New York Times.

Get it?

No.

Neither do I. I get USAToday.

Why didn’t the hen cross the road?

Because she was too chicken.

Why did the baby cross the road?

She was stapled to the chicken.

Why did Colonel Sanders cross the road?

He heard there was a chicken on the other side.

Why did Colonel Sanders cross the road again?

He was being chased by a million finger-lickin’chickens.

What do you get when you cross a chicken with chewing gum?

Chicklets.

What do you get when you cross a hen with a banjo?

A chicken that plays a tune when you pluck it.

Why was the chicken so bad at baseball?

The kept throwing fowl balls.

Why didn’t the turkey finish his dinner?

He was already stuffed.

Why did the chicken cross the road in Texas?

To show the armadillo how it’s done.

Why did the Roman chicken cross the road?

She was afraid someone would Caesar.

Why did the muddy chicken cross the road and then back?

He was a dirty double-crosser.

What do you call it when a chicken stumbles as it crosses the street?

A road trip.

FEATURED LISTING

Add Comment

HARRY'S BI-WEEKLY UPDATE

Monday, February 11, 2013

by Harry Salzman

February 11, 2013

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs

Residential real estate Market

Image removed by sender.

HAPPY VALENTINE’S WEEK…

…and if you’re looking for a different kind of Valentine’s present….have you ever considered buying a new home for your family? It’s the kind of gift that just keeps on giving!

Image removed by sender.

Need I say more? If you or anyone you know are looking for that unique Valentine’s present…just give me a call at 598.3200 and let’s see how we can make that dream a reality.

A WONDERFUL JANUARY FOR real estate SALES

Quite often the weather in Colorado Springs this time of year is not always conducive to productivity in real estate sales. However, this year is proving to be just the opposite. Whether it’s the milder temperatures or just simply the booming Real Estate climate, we haven’t seen this amount of sales activity in January since 2007.

It’s been a number of years since I’ve had multiple offers on a one-day-old listing which ended up selling for over the listing price but that’s just one of the deals I handled last month. I’ve been telling you for quite some time that this is where the real estate market is headed and it appears that we have crossed the threshold into happier times.

To illustrate that, here are some highlights of the January 2013 PPAR Report for Single Family/Patio Homes (Year-over-year comparing January 2012 to January 2013)

Number of Sales—660. Up 39.2%
Average Sales Price---$227,575. Up 11.1%
Median Sales Price---$205,000. Up 19.0%
Inventory of Active Listings--2930. Down 7.2%

Once again, these numbers demonstrate that now is the time to buy. If you choose to wait, your housing cost will probably be higher and your choices not as good as what’s available today.

To look at the PPAR Report in its entirety and see how your area is performing, please click here. As always, I am available to answer any questions you may have or to help in any way you might need concerning your real estate needs. Just give me a call at 598.3200 or email me at: Harry@HarrySalzman.com.

Home Builders had a great January too. Pikes Peak Regional Building Department’s Report for January shows 178 permits compared to 85 permits in January 2012.

A strong rate of return to homeowners is one of the best indicators of a strong community such as Colorado Springs. All signs point to a very positive and strong local housing sector and I’m proud to have been a “local” real estate Broker here for more than 40 years.

I’m always happy to discuss our local market conditions and help not only those who reside here, but also those who are considering a move to our community. If you know of anyone who is considering a move here, please give them my phone number or email and you know I will provide them with the same excellent level of service that I pride myself on giving to you all.

Some of you have been waiting to experience today’s increase in Fair Market Value and I am happy to meet with you to provide a Competitive Market Analysis of your current home. You might be surprised at the probable sales price, along with the potential of additional proceeds this might entail.

Yes, the climate has already changed and we are no longer realizing a “Buyer’s Market” per se. The pendulum seems to be right in the middle at the moment between Buyer and Seller. What that means to you is that with a Market Value in the $200,000-250,000 range, the Seller is beginning to edge out the Buyer. So, I’ll say it again. Now is NOT the time to wait if you are thinking of selling, buying or investing. Just give me a call so we can begin today. As you can see, the tide is turning and you don’t want to be left out.

JUST OFF THE PRESS…

THE SOUTHERN COLORADO ECONOMIC FORUM’S QUARTERLY UPDATES & ESTIMATES

Being a supporter of UCCS Southern Colorado Economic Forum, I received this quarterly update just two days ago and wanted to share it with our Readers even before general publication. The full report is 17 pages long and you can click here to read it in full. Here are some of the highlights I thought you would find interesting:

The best performing indicators included here are the new single-family permits (up 26.1%) and consumer sentiment (up 29.8%). In addition, sales tax collections in Colorado Springs were up 8.9% over a year ago.

Analysis of the El Paso County Residential housing market (6 pages) shows that new residential permits were 819 higher in 2012 than in 2011 (up 58.5%). 2013 is starting off strong and support for residential construction is attributed to pent up demand, attractive pricing and record low mortgage rates.

While still early in the year, combined single-family permit activity is off to a strong start for 2012. The Forum expects there will be approximately 420 more detached single-family and townhome permits issued in 2013 than in 2012.

At its Sixteenth Annual Forum in September 2012, the Forum forecasted growth in single- family home permits would be 6.5% in 2013.

In MLS Activity, low inventory levels (listings) may constrain sales growth in 2013. The decrease in supply of homes for sale coupled with an increase in sales of homes suggests equilibrium is returning to the local housing market. As expected, this was accompanied by an increase in the price of homes sold.

The ratio of homes sold to total single family homes in El Paso county has proven to be a good indicator of strength/weakness in housing.

Market forces appear to have driven supply/demand to equilibrium as of June 2012. The movement toward supply/demand balance was noted in the last several issues of the QUE. Continued improvement in housing prices will depend on low mortgage rates and income and job growth.

The next several sections of the report include:

Colorado Springs Airport Trends
Colorado Springs Sales Taxes
New Car Registration Trends
Employment Trends and Wages
National Expectations
Misery Index (cute!)

It is with pleasure that Salzman real estate Services is able to share these statistics and forecasts with you as soon as they become available, each and every month or quarter, as applicable. I would be happy to answer any questions you might have concerning the detailed reports and how they might affect you personally or just any question you might have concerning Real Estate in general. Just call me at 598.3200. Questions of a more personal nature might be better addressed to “Dear Abby”. (cute?)

DOING THE HOMEWORK FOR YOU…JUST PART OF OUR JOB

In the past two weeks alone, I’ve attended three local presentations that have included Annual Forecasts based upon last year’s performance.

We at Salzman real estate Services have always attended similar meetings in order to provide you with the most current Residential Real Estate Market conditions and forecasts. Looking at the past is a very accurate way to predict the future and our business is no different than any other in that regard. There are ups and downs and we want to help our clients take advantage of whichever market will serve them best. That’s an important part of our job and one we take particular pride in doing well.

So you can rest assured that no matter which way the market swings, I will find a way to make it work to your advantage whenever possible. Just remember….I provide you with this information so you can make informed decisions and what I’m telling at the moment is….NOW is the time to act if you have any thoughts of buying, selling or investing. It’s a lot easier to help you when the market is starting to trend upwards than when it is on the way down! Just some Salzman Sense for you. Call me at 598.3200 and let’s get started.

JOKE OF THE WEEK

A man walks into a diner carrying a dog under his arm. He puts the dog on the counter and announces that the dog can talk. The man says he has $100 he's willing to bet anyone who says he can't. The head cook quickly takes the bet, and the dog's owner looks at the dog and asks, "What's the thing on top of this building that keeps the rain out?"

The dog answers, "Roof". The cook says, "Who are you kidding? I'm not paying."

The dog's owner says, "Double or nothing, and I'll ask him something else." The cook agrees and the owner turns to his dog and asks, "Who was the greatest baseball player ever?"

The dog answers "Ruth."

With that the cook picks them both up and tosses them out on the street. As they bounce on the sidewalk in front of the diner, the dog looks at his owner and says, "DiMaggio?"

Add Comment

HARRY'S BI-WEEKLY UPDATE

Tuesday, February 5, 2013

by Harry Salzman

January 14, 2013

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

A NEW YEAR…SOME PREDICTIONS…AND SOME CHANGES

I’d like to share some of my predictions for this new year…something I’ve liked to do over my forty, yes, FORTY, years in the Pikes Peak real estate arena. My forecast, after researching various industry publications is this:

Current low mortgage interest rates will continue to attract homebuyers
Credit worthiness as defined by lenders will be on the conservative side for borrowers
December’s Median and Average Home prices are unbelievable—up an average of 14% in one month—this is an exciting trend that is likely to continue

So, in essence….if you are thinking of buying a home, either for yourself or for investment purposes, you might want to push up your timetable a bit…especially when you read further on about the changes in lending rules that will soon be in effect.

As for changes, here’s a surprise for you, my readers. After publishing this eNewsletter on a weekly basis for many years, I’ve decided to give you a break in reading and I will now publish and email it to you on a bi-weekly basis. There are several reasons for this, but mostly, with the market on the upswing, I find myself very busy helping and advising you, my clients, and feel that my time is best spent doing more of that. Some issues might be longer than others because of this change and I will continue to provide you with whatever real estate news that I feel might have an impact on your home ownership decisions. As always, I am available every day to provide you with my personal brand of customer service and can be reached at 598.3200 or 800.677.MOVE or emailed to Harry@Harry Salzman.com.

On that note, I wish to take a minute to thank you for all the listings, sales and additional success I’ve achieved in 2012. I have reached my goals through your continued support and referrals and I thank you again for allowing me to assist you in achieving your own personal home ownership goals---buying, selling or investing. As I like to say around here—it’s given me a real Rocky Mountain High to be your personal Realtor and I look forward to much more of the same in 2013 and beyond.

HOME LENDERS TO SEE SWEEPING CHANGES TO MORTGAGE RULES

RealtorMag 1.11.13

As mentioned earlier, within the next year, homebuyers are going to see numerous changes when it comes to home financing. Last Thursday, the Consumer Financial Protection Bureau unveiled new mortgage rules and all companies that issue mortgages will be required to follow the new guidelines in order to receive protection from lawsuits filed by buyers of mortgage-backed bonds or troubled borrowers. Interest-only mortgages and loans on which the principal balance rises over time, as well as a few others, will be excluded from these rules. Loans that meet the agency’s new lending criteria will now be called a “qualified mortgage” and will consist of the following:

Lenders must prove that income and assets are sufficient to repay the loan (this applies to jumbo loans as well)
Borrowers must be able to document their jobs
Credit scores will have to meet a minimum standard
Borrowers will have to be able to show that they can still afford other debts associated with the home, such as home equity loans as well as property taxes
Lenders will consider borrower’s other debts before issuing a mortgage too, such as student loans, car loans, and credit card debt
Monthly payments must be affordable to the borrower

All of the rules have not been spelled out in full yet, but by the time this takes effect in a year one thing is for certain—it’s going to be much harder to get financing—especially for first time borrowers or those with borderline criteria. And you can certainly expect closing costs to rise along with all of this. Whatever it costs the lenders to implement these rules will surely be passed on to borrowers, as always.

Bottom Line---again—if you are looking to buy, sell or invest—this is the year to do it. And as always—I’m here to advise and help in any way I can. Just give me a call at 598.3200 and let’s discuss your options before they go away.

PRICES CONTINUE TO RISE WITH HOUSING RECOVERY

Most every article I’ve recently read has been very optimistic about the housing “recovery” and it’s effect on the economy in general, including the job market. Housing prices continue to rise and that’s great news for those who might have been affected by the downturn in the market, but it’s not so great for those who have put off buying in hopes that prices might go lower still.

I’ve been telling you for some time to expect this and now the time has come. With rising prices, low inventories, new regulations on our doorstep and at the moment still low interest rates….it’s now or never for some folks. If you are one of those…there’s still time…but the clock is ticking and you don’t have long. Or you do, but it will cost you more in sales price and possibly mortgage rates to do so. Call me today and find out how we can make your home ownership goals a reality.

PERSONAL HOUSING NEEDS CHANGE OVER TIME

If you are like many of my clients, your home ownership needs change over the years. With your first home purchase you are likely to need less in a home that you do when you start a family and later in life you may again want to downsize when you have an “empty nest”. There are many reasons why folks sell their present home and look for another. It could be that a two story home is no longer practical for health reasons or you just want to downsize because you are spending more time traveling and less time at home.

Or, you might want to move into a larger home because you are now caring for a parent or other family member or your kids need more room. Whatever the reason, moving into a different home often is something you need to consider and along with it, the costs and considerations involved. I’ve moved many of you into multiple homes over the years and if you are in need of another change, for whatever the reason, I’m here to help in any way I can.

NO JOKE OF THE WEEK THIS WEEK…IN MEMORY OF JIM KRACK WHO STARTED THE “JOKE OF THE WEEK”

It is with a very sad and heavy heart that I write about the passing of Jim Krack this past week. Jim was the editor of our eNewsletter practically from its inception until his untimely illness in June of this year and it was he who started publishing the “Joke of the Week” that our readers like so much. But more than just an editor, Jim was my special friend.

We first met in the 1970’s when we both worked out at Lynmar Tennis and Racquetball Club on Vickers Drive. We were there 4-5 days a week and our friendship began in the locker room where we talked as we got ready to go to about our day. In those days, he and his wife, Donna, owned the Sunrise Kennel, which they later sold but never gave up their love of animals.

In fact, their love of animals was the reason I sold their 5-acre home in Black Forest—it wasn’t large enough for all their pets. They implemented my suggestions to sell that house and recent life has been on 40 plus acres for Jim, Donna and lots and lots of animals.

Jim worked as Executive Director for a non-profit pet organization for over 20 years and communication with potential kennel owners was his specialty. There wasn’t anyone who met Jim that didn’t like him.

I was thrilled when Jim decided to become the editor of my eNewsletter. Our weekly meetings to discuss current real estate, as well as “personal”, news, was something I looked forward to and Jim always found a way to make me laugh.

I miss these meetings and I miss Jim. Mondays just aren’t the same without him.

FEATURED LISTING

4346 Sammers VW 28

Price: $199,900

Beds: 3

Baths: 3

Sq Ft: 1982

GATED COMMUNITY TOWNHOME, IMMACULATE POPULAR RANCHER W/FINISHED BASEMENT WALK-OUT, MOUNTAIN VIEWS, VAULTED CEILINGS, FANS AND SKYLIGHT, UPGRADED KITCHEN WITH EXTENDED GRANITE COUTERTOPS, BREAKFAST BAR, ALMOST NEW STAINLESS STEEL APPLIANCES, VAULTED ...

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs

Stationery Footer

Harry Salzman, Salzman real estate Services, Ltd
538 Garden of the Gods Road, Colorado Springs CO 80907
719-598-3200 or Toll Free: 800-677-MOVE(6683)

Visit http://www.SalzmanRealEstateServices.com

Change your email preferences here.

Add Comment

HARRY'S WEEKLY UPDATE

Tuesday, February 5, 2013

by Harry Salzman

January 28, 2013

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

relocation IS ON THE UPSWING WITH THE MARKET UPTURN

I’ve been quite busy lately…not only with my local clients, but also helping a number of new folks relocate from their present locales to new places all over the globe. One is leaving France for Fort Lauderdale; another from Jacksonville, FL to Scottsdale while another is going from Chicago to Detroit. These folks represent just a small portion of those that I helped in their relocation process during the past week. And how do I do this you may wonder? Well, as a long time member of the Relocation Directors Council I have made contacts with Realtors all over the country….and the world…and because of that I am able to be assured that those who are relocating somewhere other than the Colorado Springs area will receive the same brand of personal service that I provide to my clients.

If you or anyone you know is considering a move anywhere….please give me a call and I will make certain that you are in capable hands wherever the move might be. I can be reached at 719.598.3200 or emailed at Harry@HarrySalzman.com.

As an aside, as I speak with Realtors all around the country I’ve found that while a lot of the USA is just starting their housing turnaround….we in the Colorado Springs area are way ahead. Part of that is because we never fell quite as low as many areas, but in any event, our recovery is proceeding well above the US norm I’m happy to report.

FOURTH QUARTER 2012 WAS VERY ACTIVE AND INDICATORS ARE ENCOURAGING

Data provided by the Pikes Peak Realtor Services Corp, from Pikes Peak MLS

Where you are a current home owner and curious about the current value of your home or someone who is thinking about buying….Hear Ye! Hear Ye!

Here are the just published local real estate statistics for homes in the Pikes Peak Area.

Things are continuing to look up in the local real estate market. In a nutshell:

New Listings +6.4%,

Sold Listings +10.4%,

Median Sales Price +11.1%.

Average Sales Price +8.9%

% of Sold to List Price +.5%

Days on Market -17.9%

Active Listings -6.1%

Months Supply -13.5%

For a complete overview of the entire 2012 year quarter to quarter, please click here.

You will be happy to see where you are today as compared to a year ago. I’ve been telling you all year that this was going to happen and here with real market worthiness. If you already own a home, this should bring a smile to your face. On the other hand, if you have been thinking about buying your first home or trading up to your next home, market conditions represented in this report will justify that now is the time to buy a home.

Along with all this general information, also included are statistics for each individual area of the Pikes Peak region. Now you can compare different areas in our community to any other, if you desire, or simply satisfy your curiosity as to how your specific area is doing.

HERE ARE SOME 4th QTR. YEAR OVER YEAR STATISTICS FOR THE PIKES PEAK AREA*

Median Sales Price Average Sales Price

Black Forest: +16.7% +19.1%

Briargate: +11.4% +7.1%

Central: +10.8% +3.6%

Divide: +61.4% +46.1%

East: +14.3% +19.7%

Falcon North: +9.1% +4.5%

Florissant: +14.0% -2.8%

Fountain Valley: +4.7% +7.4%

Manitou Springs: +38.9% +23.0%

Marksheffel: +2.4% -4.5%

Northeast: +4.3% +5.7%

Northgate: +5.9% +2.0%

Northwest: -1.8% -5.1%

Old Colo.City: +3.4% +7.3%

Powers: +12.3% +12.2%

Southeast: -0.9% -0.7%

Southwest: +6.4% +2.2%

Tri-Lakes: +8.8% +2.9%

West: +25.4% +5.4%

Woodland Pk: +6.5% +14.9%

*Statistics from the Pikes Peak MLS, provided by the Colorado Assoc. of REALTORS.

As you can see, things are starting to move rather quickly and the housing recovery in our area is already on its way. To see the complete breakdown on any area listed, click here. As always, I am here to answer any questions you may have about these reports or any real estate concerns you may have.

And, as I mentioned earlier, if you’re in the market for a new home, NOW is the time. With a very limited inventory and percent of days on the market quickly going down, I’m finding multiple buyers for homes I have listed in record times. To be certain you can get exactly what you are looking for at a price that fits your budget, call me today at 719.598.3200 and let’s start talking.

A NOTE TO STRUGGLING HOME OWNERS

As reported in last week’s Wall Street Journal, US Banks are going to have to do more to help struggling mortgage borrowers keep their homes under final rules released last week by the Consumer Financial Protection Bureau.

If you or anyone you know is having a problem with keeping your mortgage current, be sure to contact your service provider and find out what type of relief can be provided.

ALL SIGNS POINT TO HOME PRICE SURGES—HOME SALES ROSE TO 5 YEAR HIGH IN ‘12

There’s good news in most all real estate and general publications I’ve read lately concerning the housing recovery and home prices being on the rise. In fact, USA Today headlined that “Housing set to give economy a boost in ‘13” and went on to quote Moody’s Analytics chief economist, Mark Zandi as saying that he “expects housing to contribute a fifth of the economy’s growth this year, while in 2009 it subtracted more than 1 percentage point from the GDP growth”.

While several publications reported a dip in home sales in December, they were not referring to the Colorado Springs market in which homes sales increased 7.8% over the same month a year earlier. In fact, according to the report by Pikes Peak Association of Realtors, Colorado Springs area homes sales totaled 9,146 in 2012—the most since 2007.

WITH RISING PRICES, INVENTORIES FALLING

As I mentioned earlier, along with the good new of rising prices comes the reality of low inventories and fast turnaround times with multiple offers.

The lower inventories can be attributed to several factors including home owners being hesitant to sell if they are not in a position to make a profit or if they don’t have enough equity to trade up. Another factor is that investors are continuing to snatch up properties. In the past, they may have fixed up the home for resale, but now many are choosing to hold on to and rent them instead. And, while home building is up, it still has not rebounded as quickly as hoped.

This should come as no surprise to most of you as I’ve been telling you for some time to expect this and now the time has come. With rising prices, low inventories, new regulations on our doorstep and at the moment still low interest rates….it’s now or never for some folks. If you are one of those…there’s still time…but the clock is ticking and you don’t have long. Or you do, but it will cost you more in sales price and possibly mortgage rates to do so. Call me today at 719.598.3200 and find out how we can make your home ownership goals a reality.

AND FINALLY…..A HONOR FOR ME AND A THANK YOU TO YOU

Once again in 2012 I was honored to be selected to the Peak Producers Club as one of the Pikes Peak Top 10% of real estate Agents. This is something I owe to all of you, my friends and clients, whom it has been my pleasure to serve as your Real Estate Broker. The long time relationships I share with so many of you make it such a pleasure for me to work with you and obviously make is easier for me to know just what your individual needs and wants might be.

If any of you, or any of your relatives, co-workers or friends are looking to buy, sell, or invest in real estate, I’d be honored to help make these dreams a reality. Please call me at 719.598.3200 with any of your needs or refer me via phone or email at Harry@HarrySalzman.com.

JOKE OF THE WEEK

A Little Christian Humor (from a “nice Jewish guy”)

Jesus and Satan were having an on-going argument about who was better on the computer. They had been going at it for days, and frankly God was tired of hearing all the bickering. Finally fed up, God said, 'THAT'S IT! I have had enough. I am going to set up a test that will run for two hours, and from those results, I will judge who does the better job. So Satan and Jesus sat down at the keyboards and typed away.

They moused.

They faxed.

They e-mailed.

They e-mailed with attachments..

They downloaded.

They did spreadsheets.

They wrote reports.

They created labels and cards.

They created charts and graphs.

They did some genealogy reports.

They did every job known to man.

Jesus worked with heavenly efficiency and Satan was faster than hell.

Then, ten minutes before their time was up, lightning suddenly flashed across the sky, thunder rolled, rain poured, and, of course, the power went off.

Satan stared at his blank screen and screamed every curse word known in the underworld.

Jesus just sighed.

Finally, the electricity came back on, and each of them restarted their computers. Satan started searching frantically, screaming: 'It's gone! It's all GONE! 'I lost everything when the power went out!'

Meanwhile, Jesus quietly started printing out all of his files from the past two hours of work.

Satan observed this and became irate.

'Wait!' he screamed. That's not fair! He cheated! How come he has all his work and I don't have any? 'God just shrugged and said,

“JESUS SAVES “

FEATURED LISTING

2420 Calistoga DR

Price: $157,500

Beds: 3

Baths: 3

Sq Ft: 2321

Great wide open floor plan with vaulted ceilings on main level and master bedroom, master bath includes large soaking tub w/vaulted ceiling. Walk-in closet and ceiling fan in master bedroom. The laundry area is on the main level at entry from the ga...

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs

Stationery Footer

Harry Salzman, Salzman real estate Services, Ltd
538 Garden of the Gods Road, Colorado Springs CO 80907
719-598-3200 or Toll Free: 800-677-MOVE(6683)

Visit http://www.SalzmanRealEstateServices.com

Change your email preferences here.

Add Comment

HARRY'S WEEKLY UPDATE

Tuesday, February 5, 2013

by Harry Salzman

January 7, 2013

A Current Look at the Colorado Springs Residential real estate Market

HAPPY NEW YEAR

I hope this first eNewsletter of the year finds you and your family happy, healthy and ready to begin a brand new year. I’ve always found it somewhat exciting to start all over and see what the New Year will bring and I hope it brings you and yours everything you wish and work hard for. With all the new regulations and a new congress, we never know what’s in store for the real estate market, but most of our sources indicate that 2013 will continue the upward trend that started mid 2012 and that’s great news for us all.

2012 PROVED TO BE A PHENOMENAL YEAR FOR HOME MARKET VALUE GAINS

December, together with the entire year of 2012, has seen the best home market increases in many years.

702 homes sold during the holiday month was 7.8% better than 1 year ago
Average sales price was $243,180--15.4% higher than $210,688 one year ago
Median sales price was $209,700--13.4% higher than $185,000 one year ago
Single family listings were down to 2933 which is a 10.7% decrease in current inventory

So, depending on whether you consider average or median sales price, our community has gained between 13.4% -- 15.4% in home values.

Home ownership is where you might consider putting to use that extra "money in the bank" or instead of playing the stock market. What are you currently getting for that? Not 13.4%--15.4% I would think.

Click here to see the full report containing all the general statistics as well as comparisons of your current local home area and all the areas we serve. There are reports on all neighborhoods in the Pikes Peak area.

By using this information on behalf of our clients, we find they have far exceeded their expectations in terms of personal decisions in either buying or selling a home.

Furthermore, when this data is used for our buyers or sellers, we are able to get a more advantageous price and terms…thus saving our clients money and shortening the time to closing. It’s a big win all around.

If you have any questions about this data (or any real estate questions), please give us a call at 598.3200 or 800.677.6683 (MOVE).

HOW THE “FISCAL CLIFF” BILL AFFECTS real estate

As I’m sure you are aware, on January 1, 2013 the Senate and House passed H.R. 8, legislations to avert the “fiscal cliff” and the bill was signed by President Obama on January 2, 2013.

We received a summary of real estate related provisions in the bill from NAR:

real estate Tax Extenders

Mortgage Cancellation Relief is extended for one year to January 1, 2014
Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012
Leasehold Improvements: the 15 year straight-line cost recovery for qualified leasehold improvements for commercial properties is extended through 2013 and made retroactive to cover 2012
Energy Efficiency Tax Credit: the 10% tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012.

Capital Gains

Capital Gains rate stays at 15% for the top rate of $400,000 individual and $450,000 joint return. After that, any gains above those amounts will be taxed at 20%, The 250/500k exclusion for sale of principle residence remains in place.

Estate Tax

The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax. After that, the rate will be 40 percent, up from 35 percent. The exemption amounts are indexed for inflation.

UPBEAT HOUSING FORECAST FOR 2013

As mentioned earlier, the last few weeks has brought a lot of good news for homeowners or potential homeowners. Most real estate publications have written very upbeat stories about the future of housing in 2013. There have been many articles and sources, but they all seem to agree on this, which is good news for us all.

We have been, and are continuing to experience a growing demand in residential real estate and a continual shrinking supply, which is creating a strong housing market. Yes, “the tide has changed”.

Personal consumer confidence is providing motivation for people to hop off the fence and buy now, especially here in the Pikes Peak region where things have been moving quickly for some time.

The Wall Street Journal has predicted “home prices are on track to notch their first yearly gain since 2006, the strongest performance since the housing bust and a development that could accelerate the real estate rebound even as the broader economy stutters”.

Realtor Mag has questioned whether young adults are missing out on big housing opportunities. This is important to note because with low mortgage rates and fallen home values, first time home buyers—particularly the younger generation—should be giving serious consideration to finding ways to get into the real estate market.

Furthermore, The Wall Street Journal reports that tenants are feeling the pinch of rising rents. According to the Journal, "record-low mortgage rates mean that homeowners have a smaller financial burden for their residences than at any time since the early 1980’s”. However, rising rents leave many tenants with less money to spend on other things. Factors that have pushed up rents include the short supply of rental houses and a growing demand due to several years of foreclosures and population growth.

With rising rents and short supply of available housing, now is the best time to consider a home purchase, either for you or for investment purposes. If you or someone you know is in this position, have them give me a call at 598.3200 and let’s see if there is some way we can help these renters become homeowners.

Zillow announced at year-end that “home prices will rise 3.1% into the new year”. They also indicated that home prices were expected to increase 4.6% for 2012 which is up from their former forecast of 2.4% and that these prices are projected to rise by more than 3% annually through 2017.

The Gazette reported on December 21, 2012 that the “housing market is the strongest in five years”. The article indicated that Sales are up 14.5% from a year ago, although they remain below the 5.5 million that are consistent with a healthy market. However, they said the NAR report remains encouraging and that the “positive momentum established in the housing market during 2012 appears likely to continue into 2013”.

Many buyers, especially first time buyers, are concerned about the rising home prices and the scarcity of homes on the market. This is contributing to a lot of people planning to buy in order to get in front of rising prices. Low inventory is also a factor here and will force some buyers to look in areas that they had not considered previously.

Again, we are here to help with any concerns you may have in any of these areas. Just give us a call at 598.3200 and let’s see if we can find a solution for you.

WE’RE HERE TO SERVE ALL YOUR real estate NEEDS

Whether you’re considering buying, selling, investing or simply need help in making an informed decision about what fits your individual housing or investment needs, we’re here to help. Just give us a call at 598.3200 or 800.677.MOVE (6683) today.

And if you have a friend, family member or co-worker who wishes to buy or sell local real estate, or who is planning a move to the Pikes Peak region, remember—I’ve got more than 40 years of experience in providing relocation and Real Estate services to clients throughout the world. I am uniquely qualified to assist them in making the best decision for their individual wants and needs and always take that into consideration when negotiating on their behalf. Have them contact me at Harry@HarrySalzman.com and I will be happy to add them to our eNewsletter list, or better still, send me a note with their email address and I will take care of it right away.

JOKE OF THE WEEK

A man was sitting at a bar enjoying an after-work cocktail when an exceptionally gorgeous and sexy young woman entered. She was so striking that the man could not take his eyes away from her. The young woman noticed his overly attentive stare and walked directly towards him. Before he could offer his apologies for being so rude, the young woman said to him, “I’ll do anything, absolutely anything, that you want me to do, no matter how kinky for $500 on one condition.” Flabbergasted, the man asked what the condition was. The young woman replied, “You have to tell me what you want me to do in just three words.” The man considered her proposition for a moment withdrew his wallet from his pocket and slowly counted out five $100 bills, which he pressed into the young woman’s hand. He looked into her eyes and slowly, meaningfully said, “Paint my house.”

Add Comment

HARRY'S WEEKLY UPDATE

Monday, December 17, 2012

by Harry Salzman

December 17, 2012

HARRY'S WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

HI THERE, EVERYONE.

Mid-December to January, every year, seems to produce fewer articles of interest in the real estate industry. Most people are holiday gift shopping for their families and friends. Buying a home in the next couple of weeks isn't at the top of the list. HINT...HINT. We are available to show homes and provide you and your family a huge GIFT -- like Buying or Listing a home before the end of this calendar year.

OH WELL...ANOTHER REGULAR WEEK, BUT IT'S GREAT FOR real estate ACROSS THE USA

The information in this section justifies why we continue to be very positive. As always, our thoughts come from multiple sources within National real estate publications:

Freddie: Great Expectation For Housing In 2013
More Americans Say Now Is A Good Time to Sell
Americans More Bullish on Buying Homes - housing market Looking Up Heading Into 2013
Investors To Boost housing market Again In 2013

FREDDIE: GREAT EXPECTATIONS FOR HOUSING IN 2013

Daily real estate News | Tuesday, December 11, 2012

"The housing market is expected to continue its rise in the New Year, according to Freddie Mac's U.S. Economic and Housing Market Outlook for December.

Some other forecasts for the housing market in 2013..

Home values are expected to increase 2 to 3 percent next year.
Household formation is expected to increase to a net 1.20 million to 1.25 million household in 2013. Housing starts are expected to reach near the 1 million annualized pace by the fourth quarter.
Vacancy rates are expected to drop to 2002 and 2003 levels for apartments and single-family homes for-sale 'as household formation outpaces new construction.'

'The last few months have brought a spate of favorable news on the U.S housing market with construction up, more home sales, and home-value growth turning positive,' says Frank Nothaft, Freddie Mac's chief economist.'"

MORE AMERICANS SAY NOW IS A GOOD TIME TO SELL

Daily real estate News | Tuesday, December 11, 2012

"More Americans are growing confident about selling with the share of those who say now is a good time to sell..

The rise in those who say it's a good time to sell has helped narrow the gap with those who say now is a good time to buy, according to Fannie Mae's November 2012 National Housing Survey, released Monday. Americans are also getting more confident about the direction of the overall housing market and the economy according to the report.

'Consumer attitudes toward both the economy and the housing market continue to gather momentum, with many of our 11 key National Housing Survey indicators at or near their two-and-a-half-year heights,' says Doug Duncan, senior vice president and chief economist of Fannie Mae.

'This growing confidence in a housing recovery, in addition to other factors may reinforce growing consumer optimism regarding the improving direction of the general economy,' Duncan says."

Americans More Bullish on Buying Homes - housing market Looking Up Heading Into 2013

HousingWire | Wednesday, December 12, 1012 - Trulia's 2012 American Dream Survey

INVESTORS TO BOOST housing market AGAIN IN 2013

Daily real estate News | Thursday, December 13, 2012

"Investors have had a big appetite for real estate lately, and they are expected to continue to snatch up homes in 2013 and help push home prices higher."

This past week, the National Association of Realtors Research Department published some interesting data. The title is "How Well Do You Know The Home Buyer and Seller Trends of 2012." The chart below makes the data easy to understand. The highlights are:

Who is buying and selling of married couples?
How many buyers and sellers are first timers?
How much do buyers and seller earn a year?
How do buyers and sellers find an agent and what kind of help do they want?

WHO'S CALLING THE SHOTS: BUYERS OR SELLERS?

Daily real estate News | Wednesday, December 12, 2012

"The housing market is changing, creating a 'new playing field for home owners, who are finally able to sell, as well as would-be buyers who've been delaying a purchase in anticipation that prices would keep falling,' Money Magazine reports.

Still, home sellers should keep their expectation in line: Price increases are to be modest and gradual.

As for buyers, they may need to have a better understanding of the increased competition they may face."

Of course, this data is a bit different per location together with the professionalism of their individual Realtor.

If you have any questions about this data (or any real estate questions), please give us a call at 598.3200 or 800.677.6683 (MOVE).

MORTGAGE RATES CONTINUE TO BE RIDICULOUSLY LOW

Fixed-rate mortgages sank down near their record lows last week, according to Freddie Mac's weekly mortgage market survey. The low mortgage rates are helping to keep homebuyer affordability high and unlock savings for home owners.

30-year fixed-rate mortgages are around 3.32%
15-year fixed rate mortgages are around 3.0%

And here's a different type of mortgage that we introduced to recent clients - YES, CLOSINGS HAPPENED.

****10-year fixed-rate mortgage at 2.75%

With only a 10-year length of time of a mortgage, the monthly payments will be higher
Wouldn't it be nice to have your home paid off around the time that you retire?
This is not a dream. This is reality. AND I CAN HELP YOU MAKE THIS ALL COME TRUE. Contact me at 719.598.3200 or 800.677.6683 (MOVE). Email: Harry@HarrySalzman.com

Let's consider two issues: house values are going up again, and inflation will be back next year. Both are major parts of our cost of living which is estimated to increase about 3.0% or more.

Here is a WILD thought - If you might be comfortable with a 10-year mortgage at 2.75%, your net expense of a house to be purchased might be offset by appreciation and inflation. Homeowners have experienced that increase in their home's value in recent years. This would make your cost of housing next to zero, and you would have a free & clear mortgage upon retirement.

Another thought - even if your personal budget would be more comfortable with a mortgage of a 15 or 30-year term, mortgage rates are cheap today! Take personal advantage of the current market. BUY.

This past August, I celebrated my 40-year Anniversary in our Colorado Springs real estate business. Over all those years, our local housing appreciation has averaged 5.7% annually, covering every economic cycle over the long haul.

Give us a call to discuss our local market and let us help you find the best deals available. Call at 598.3200 or 800.677.6683 (MOVE).

If you are wanting to buy, sell, trade up, or simply looking for investment property in the Pikes Peak region, Remember—I’ve got more than 40 years of experience in providing relocation and real estate services to clients throughout the world. I am uniquely qualified to assist you in making the best decision for your individual wants and needs and always take that into consideration when negotiating on your behalf. You can also contact me at Harry@HarrySalzman.com,

Whether a first time Buyer, a trade up, or looking for a investment, treat yourself and BUY A HOME NOW. Give yourself a Christmas present. You deserve it.

To all of our Readers, our next issue will be in January 2013. Happy New Year.

Thanks for being part of my eNewsletter family and for sharing it with your family, friends and clients. It is a source of pride that this publication is written each week in the same locale where "America The Beautiful" was written.

Harry

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs

Stationery Footer

Harry Salzman, Salzman real estate Services, Ltd
538 Garden of the Gods Road, Colorado Springs CO 80907
719-598-3200 or Toll Free: 800-677-MOVE(6683)

Visit http://www.SalzmanRealEstateServices.com

Change your email preferences here.

Add Comment

HARRY'S WEEKLY UPDATE

Monday, December 10, 2012

by Harry Salzman

December 10, 2012

HARRY'S WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

HOLIDAY GIFTS TO COLORADO SPRINGS HOMEOWNERS

The increase in Residential real estate closings in November 2012 have provided Christmas gifts to Homeowners.

Our local housing market has demonstrated that "Owner Occupied" and "Investors" are receiving an increase in the value of their homes.

The highlights are:

Average Sales Price is $218,230

up 6.3% since Nov 2011

Median Sales Price is $185,000

up 9.7% since Nov 2011

Active Listings for Single Family / Patio Homes

are down 9.4% since Nov 2011

Total Sales in Nov were

up 14.9% since Nov 2011

We have been suggesting that the people who have been waiting to buy, should look out for themselves and take advantage of today's market. We feel that two costs will be higher next year: the prices of Listed Houses will be higher and Mortgage rates should be more expensive than today.

The statistics trend of last month and all of 2012 show the basics. Every figure concerning Colorado Springs housing has increased since one year ago and inventory of listings are down. Therefore, as we experience an upturn in housing demand while the listing supply is down, the housing prices will climb. (Sure, anything can change via government)

Currently, the USA Economy is expected to see 4 to 6% of inflation in 2013. Our personal cost of living should rise next year. As we understand it, housing is a large function of an industry within cost of living.

Here are the titles of local reports for Colorado Springs ending November 2012.

Listing and Sales Summary
Monthly Listing Activity / per area
Monthly Sales Activity / per area
Active & Sold Listings / per price range
Monthly Sales Analysis / per area

Click here for the 12 pages of the data

LOCAL HOMEBUILDERS ARE THE HAPPIEST THAT THEY HAVE BEEN IN 5 YEARS!

November was the best month of new construction since 2007. Pikes Peak Regional Building is reporting that there were 182 Single Family permits, which is up almost 50% since Nov 2011.

In an article in The Gazette | Tuesday, December 4, 2012, Homebuilding in Pikes Peak Region Hits Five-Year High - Permits for single-family homes total 182 in November, a nearly 50 percent jump over last year, Rich Laden states, "The pace of homebuilding in the Pikes Peak region reached a five-year high last month, as the housing market continued to rebound from years of recession-induced struggles.

"Building permits for single-family homes -- which are issued to local builders when they're ready to construct homes and serve as a key measure of building activity -- totaled 182 in November, a nearly 50 percent jump over the same month last year, according to a Pikes Peak Regional Building Department report released Monday.

"For the first 11 months of the year, building permits totaled 2,065 -- surpassing the 2,000-mark for the first time since 2,135 permits were issued in 2007.

John Bissett, board president of the Housing and Building Association of Colorado Springs, said "Not only are buying conditions favorable, but many of today's buyers are existing homeowners who had sought to move up, but couldn't get a fair price for their homes the past few years...Now, many of those move-up buyers are seeing homes in the re-sale market selling relatively quickly, and prices are on the way up."

Rich Laden also reports, "In addition to the positive report on housing, the area's foreclosure picture brightened in November. Foreclosure filings totaled 212 last month, the fewest in any month since 180 in December 2006, an El Paso County Pubic Trustee report showed Monday."

We would like to point out that another economic value to our city is that with this high number of housing construction, there are millions of dollar income from sales tax of construction materials to our city and county.

If you have any questions about this data (or any real estate questions), please give us a call at 598.3200 or 800.677.6683 (MOVE).

AFFORDABILITY - A FORECAST

Many nationwide publications are now addressing what we have been perusing this past year. Your mortgage interest rate will more significantly impact return on investment. It is anticipated that long term rates are scheduled to begin moving up in 2013.

It is important to consider the long term benefits of today's rates and the likelihood that we will not see the same opportunity again in our generation. When interest rates mirror this chart, once again we should see appreciation in market values of houses. Those considering a purchase should act. Now is the time to buy a home.

Whether upgrading or downsizing, sellers certainly enjoy a more favorable market position today when compared to that of only a year ago. Inventory has decreased while Buyer side confidence has essentially been restored. With equity restoration as a result of increasing values, many Sellers once again control their own destiny. They can Sell, Buy, or rent. There are finally choices. But if the property no longer fulfills their lifestyle, we encourage them to acquire a property better suited to their needs. NOW.

If you are considering a real estate transaction, thorough analysis and competent representation are essential (such as Salzman real estate Services). We are in a transitioning market. If you understand the underlying facts, we can continue to make good business decisions logically and without emotion. I am real estate professional and accept responsibility for keeping my friends, neighbors, and business community informed in all aspects affecting the Real Estate portion of their holdings.

Give us a call to discuss our local market and let us help you find the best deals available. Call at 598.3200 or 800.677.6683 (MOVE).

If you are looking to Buy, Sell, trade up, or simply looking for investment property in the Pikes Peak region, Remember—I’ve got more than 40 years of experience in providing relocation and real estate services to clients throughout the world. I am uniquely qualified to assist you in making the best decision for your individual wants and needs and always take that into consideration when negotiating on your behalf. You can also contact me at Harry@HarrySalzman.com,

WHAT'S REALLY DRIVING THE RISE IN HOME PRICES?

Daily real estate News | Tuesday, November 27, 2012

"The Wall Street Journal recently cited five significant factors behind the rise in home prices, as numerous markets see significant year-over-year gains. The big price drives are:

The rise in housing affordability - which is drawing more buyers out into the market who are looking to cash in on low mortgage rates and fallen home prices compared to a few years ago.
The rise in household formation - which is expected to hit 1 million new households this year. That is up from an average of 570,000 over the last five years, according to data by Bank of America Merrill Lynch.
The rise in rents - which has prompted more investors to purchase properties to rent out and more renters to second-guess why they are paying so much in rent when they could buy.
The decline in distressed sales and foreclosures - which has fallen significantly this past year. While distressed sales are still high by historical standards, they have fallen from their peaks in most markets, helping to alleviate the downward pressure on home prices in many area.
Inventories of homes for-sale at their lowest levels in nearly 50 years - and builders have cut back on construction and many home owners are waiting to sell until they can recover some equity on their properties."

Source: "Five Reasons Homes Prices Have Been Rising" The Wall Street Journal |Tuesday, November 27, 2012

WE'RE HERE TO SERVE ALL YOUR real estate NEEDS

We’ve been keeping you up-to-date on a weekly basis concerning the Colorado Springs market and want to remind you that if you are looking….the time is NOW. There are going to be fewer choices in the coming months and prices are sure to be higher. And with mortgage rates at an all time low, you can’t afford to wait. BUY NOW.

FEATURED LISTING

44 Misty Creek DR

Price: $249,900

Beds: 4

Baths: 4

Sq Ft: 2641

Wonderful 2-Story w/Pikes Peak Views on Cul-de-Sac* Home can be Main Level Living* Tons of charm & upgrades*Open, light & airy* 4BD, 4BA, 2 Car* Professionally finished basement* ML Master Bedroom w/ceiling fan, walk-in closet* 2 BA's, Laundry* Kitc...

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner