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HARRY'S WEEKLY UPDATE

Monday, December 3, 2012
by Harry Salzman

 

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December 3, 2012

 

HARRY'S WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

 

 

FANTASTIC NEWS -- COLORADO SPRINGS HOME VALUES ARE ON THE RISE

 

Another "Thank You" to The Gazette for interviewing me in the article "Home Values Are On The Rise In The Springs" published November 29, 2012.  Here are direct parts of the story concerning Colorado Springs.

 

"A federal agency's report on single-family home prices is the latest sign the Colorado Springs values are on the rise--albeit at a slower rate than what other reports have shown.

 

Area home prices rose 1 percent in the third quarter when compared with the same period a year ago, according to a report this week by the Federal Housing Finance Agency.

 

Colorado Springs' third-quarter increase ranked it 87th among roughly 300 metro areas included in the report.

 

The Federal Housing Finance Agency's report on home prices uses a different measurement than other reports; it tracks prices of homes as they are sold, re-sold or refinanced.  Some economists believe tracking same-home prices over time is a more accurate gauge of the health of a community's housing market.

 

While the agency's report shows only a 1 percent year-over-year increase in Springs prices, it never-the-less shows values are headed upward--the same direction as shown in other recent reports.

 

Figures compiled by the research arm of the Pikes Peak Association of Realtors shows Colorado Springs area home prices rose 7.2 percent in the third quarter when compared with the same period last year.  The association's numbers include prices of homes sold in the third quarter by real estate agents, and compares them against a different group of homes sold in the same period the previous year.

 

Harry Salzman, owner of Salzman real estate Serves Ltd, in Colorado Springs, said he expects area prices to continue to rise.

 

Unlike other communities--such as Phoenix or Las Vegas--that saw unrealistic price increases several years ago, and then saw steep drops when the real estate market crashed, Springs prices have been consistent over time, Salzman said.  Since local prices never fell too far, they are starting to climb back gradually as the market recovers, he said.

 

Prices could continue their ascent in 2013 if inflation--practically not existent the past few years--takes hold, Salzman said.  And if mortgage rates also rise next year, homebuyers who are on the fence should consider making purchases now to avoid rising home prices and higher interest payments, he said."

 

Thank you, Rich Laden at the Gazette.

 

 

 

LIVING COSTS STILL BELOW U.S. AVERAGE, BUT LOCAL NUMBERS ARE CLIMBING

The Gazette | Friday, November 30, 2012

 

"Although living costs in Colorado Springs remain below the national average, they have continued to climb closer to the average as housing and utility costs have moved higher in the past year.

 

Living costs in the Springs were 3.3 percent below the national average during the third quarter, the closest they have been in the national average in nearly eight years and up from 6.8 percent below the average a year ago, according to a quarterly survey by the Arlington, Va.-based Council for Community and Economic Research.  The index for the Springs hit a 20-year low in mid-2011 in comparison with the national average and has moved closer to the average every quarter since then; local costs were 3.9 percent below the average in the second quarter."

 

We at Salzman real estate Services are usually asked about cost of living questions from people who are considering relocating to Colorado Springs.  This information is very positive for people who wish to move here, as we currently have a lower cost of living.  It is expected that in 2013 living costs will rise, due to an increase in inflation, but the market values of a house will also increase.  We have read from various sources that inflation of 2013 is estimated to increase 4-6% at this time.  Now is the time to buy a home.

 

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).

 

Oh, by the way, since today is December 3, 2012, the current local November Sales and Listing Activities are not published yet.  They will be available by next week's eNewsletter.

 

 

 

NATIONWIDE UPTURN IN RESIDENTIAL real estate

Highlights published in the past week.

 

Now, Homes Drive Economy  Wall Street Journal | Wednesday, November 28, 2012

"The U.S. housing market, which plunged the economy into recession five years ago and was a persistent drag on the recovery is now a key economic driver at a time when other sectors are slowing...But while those economic pillars weaken, an improving housing market is buoying consumers' spirits and give the economy its biggest lift since the real-estate boom...Rising home values make home-owners feel better about their finances--making them more likely to spend and, with interest rates low, more comfortable about taking on debt...'Housing's share belies its important to the economy,' said Joseph LaVorgna, chief U.S. economist at Deutsche Bank.  'The confidence effects are massive.'...Rising rents and a uptick in household formation have ignited demand, which, in turn, has pushed inventories of homes for sale to their lowest level in a least a decade.  The upshot: More buyers are chasing fewer homes, pushing up prices."

 

2012: The 'Turn-Around Year For Housing'  Daily real estate News | Wednesday, November 28, 2012

"More housing reports released this week show the housing recovery is gaining momentum...The Federal Housing Finance Agency also reported this week that housing prices are continuing to rise, increasing 1.1 percent from August to September and up 4 percent compared to last year.  The FHFA price index only encompasses purchase prices of homes that have mortgages owned or guaranteed by Fannie Mae or Freddie Mac.  Meanwhile, Standard & Poor's/Case-Shiller reported Tuesday that home prices were up 3.6 percent from a year ago."

 

BBVA: housing market Recovery Expected To Soar Through 2013  HousingWire | November 26, 2012

"A strong housing market gained momentum in November and is expected to continue through 2013, especially with low mortgage rate...Supply of the existing homes on the market is down to 5.4 months in October as a result of constrained supplies, which is limiting immediate sales.  While median sales prices increase, it was not enough to offset the declines from the last three months."

 

Outlook For Housing Brightens, But Don't Look For A Boom  Daily real estate News | Wednesday, November 21, 2012

"The housing recovery may not be a boom 'but it's recovering,' said Kenneth T. Rosen, chairman of the University of California, Berkeley, Fisher Center for real estate and Urban Economics.  Several challenges face the housing market that will prevent a boom from taking shape, particularly from tight lending conditions that have prompted the recovery to be marked by slow growth rather than rapid growth, Rosen noted at a recent conference.  'The problem is not [that there is not] enough money, because the [Federal Reserve] has poured in a lot of money into the economy, ' Rosen said.  'We have too much money out there not too little money.  The problem is loan availability.'  He says that the strict credit score requirements have led to 40 percent of potential buyers unable to qualify for a loan nowadays.  'We have very strong job creation.  Private sector job creation is very good, [though] a little show in summer,' Rosen said.  'Home sales are coming back.  We have very low interest rates.'"

 

AND Colorado Springs is having a very good, turned around Residential Market in almost 2 years.

 

Once again, the most current local data is very positive....Take advantage of our Residential real estate Market to the benefit of you, your family your friends and BUY now.  You can then "pat yourself on your shoulders" shortly after your closing.

 

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

 

 

AND MORE POSITIVES...LOCAL SALES HAVE INCREASED

 

We have been mentioning to our Readers that Colorado Springs has been experiencing a lower number of local listings for many months.  Also, local sales have increased in 14 or the past 16 months.  Yes, very positive and better than lots of cities.

 

This is an industry "big deal" as many on-line real estate sources had stories regarding such a positive October residential market trend nationwide. 

 

housing market Posts Gains - Sales of Previously Owned Homes Rose in October; Supply of Properties Shrinks  Wall Street Journal | Tuesday, November 20, 2012

"Sales of previously owned homes were stronger than expected in October, putting them on  track to hit their highest annual level since 2007..Prices are rising amid sharp declines in the number of homes listed for sale.  Just 2.14 million homes were for sale at the end of October, down 22% from one year ago to the lowest level in a decade according to NAR estimates...Another Wildcard:  Whether Congress avoids the 'fiscal cliff,' a series of tax increases and spending cuts set to kick in at year-end, which some real estate agents worry could undercut consumer confidence, potentially deferring some sales."

 

Existing-Home Sales Rise In October With Ongoing Price And Equity Gains  RisMedia | November 19, 2012

"Sales of existing homes increased in October even with some regional impact from Hurricane Sandy, while home prices continued to rise due to lower levels of inventory supply, according to the National Association of REALTORS®.  'Rising home prices have already resulted in a $760 billion growth in home equity during the past year,' [Lawrence] Yun [NAR chief economist] says.  'Given that each percentage point of price appreciation translates  into an additional $190 billion in home equity, we could see close to a $1 trillion gain next year.'...NAR President Gary Thomas says, 'Inflationary pressures are expected to build during the next two years.  As a result, mortgage interest rates will also rise with inflation.  Buyers who are currently held back by tight mortgage credit standards should work to improve their credit scores so they'll be able to qualify for a mortgage while conditions are still favorable.'"

 

NAR Existing Home Sales Increase 2.1% In October  HousingWire | Monday, November 19, 2012

"Thanks to hurricane Sandy's impact on the East Coast and the increase in home prices due to a lack of inventory supply October saw an increase in existing-home sales...'Home sales continue to trend up and most October transaction were completed by the time the storm hit, but the growing demand with limited inventory is pressuring homes prices in much of the country,' said Lawrence Yun, chief economist with NAR....Homes continue to spend less time on the market, with the median listing now running 71 days, down from 96 days in October of 2011."

 

Strong Sales And Tight Inventory Boost Homes Prices  Inman News | Monday, November 19, 2012

"A combination of rising sales and the lowest inventory in six years helped existing-home prices post annual gains for the eight month in a row in October, the National Association of Realtors said today."

 

 

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. If you are looking to buy, sell, trade up, or simply looking for investment property, give us at call at 598.3200 or  800.677.6683 (MOVE), and we will get right on it.

And if you know of anyone 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.

FEATURED LISTING

Image Unavailable

3696 Haven CR

Price: $149,900

Beds: 3

Baths: 2

Sq Ft: 1546

Corner lot, Brand new Full Kitchen, cabinets, counters, all appliances. Total interior has NEW carpets and linoleum floors, paint. Master Bedroom has a walk in closet with built in shelves.Upper level Bath has door from both hallway and master bedro...

View this property >>

 

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

email: Harry@HarrySalzman.com

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

 

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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)

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Visit http://www.SalzmanRealEstateServices.com

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HARRY'S WEEKLY UPDATE

Monday, November 26, 2012
by Harry Salzman

 

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HARRY’S WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

Surprise, it's already Monday AGAIN!!  Hope everyone enjoyed their holiday with friends, family and TURKEY.  Last week's update went out and we found that many of our readers started their holidays quite early, so...we decided to share last week's information with you again. Of course , we always want all of our readers to be kept up to date on all the latest real estate news. So for the really fresh stuff come by our office or just give us a call. Enjoy.

HERE ARE SOME FORCASTED STATISTICS FROM THE 2012 NATIONAL REALTORS CONFERENCE AND EXPO

            RISMedia, DSNews.com, Realtor Magazine, 11.12.12

 

  • The housing market recovery should continue through the coming years, assuming there are no more limitations on the availability of mortgage credit.

 

  • According to Lawrence Yun, chief economist of the National Associate of Realtors, “Existing-home sales, new-home sales, and housing starts are all recording notable gains this year in contrast with suppressed activity in the previous four years and all of the major home price measures are showing sustained increases.”

 

  • Yun also sees no signs of increased inflation in 2013 but predicts it to be in the 4-6 percent range by 2015 due to the federal budget deficit likely pushing up borrowing costs and raising inflation well above 2 percent.

 

  • Inflationary pressures are being raised due to rising rents, qualitative easing (the printing of money), federal spending outpacing revenue, and a national debt which is roughly equal to 10 percent of Gross Domestic Product.

 

  • Mortgage interest rates are forecast to rise gradually and should average 4.0 percent next year and 4.6 percent by 2014 due to the inflationary pressure.

 

  • Meaningful higher home prices are predicted by Yun. This is due to rising demand and an ongoing decline in housing inventory.  The national median existing-home price should rise 6.0 percent to $176,100 for all of 2012 and increase another 5.1 percent next year to $185,200.  He forecasts comparable gains in 2014.

 

  • Yun said, “real estate will be a hedge against inflation, with values rising 15 percent cumulatively over the next three years, also meaning there will be fewer upside-down owners.  Today is a perfect opportunity for moderate-income renters to become successful home owners, but stringent mortgage credit conditions are holding them back.”

 

  • Home sales and construction depend on steady job growth which we are seeing, but  we have thus far only regained half of what was lost during the recession. 

 

  • Yun indicated that four years from now there will be a much greater disparity in wealth distribution.  “People who purchased homes at low prices in the past couple years, including many inventors, can expect healthy growth in home equity over the next four years, while renters who were unable to get into the market will be in a weaker position because they are unable to accumulate wealth,” he said.  “Not only will renters miss out on the price gains, but they’ll also face rents rising at faster rates.”

 

For those of you who have been reading my eNewsletters, this is not anything new.  I’ve been telling you for some time that this is happening and sitting and “waiting it out” isn’t an option anymore for those who are looking to buy, either first homes, moving-up homes or simply for investment.  Prices are on the rise, rental rates are up and continuing to go up and mortgage rates won’t be this low for much longer.  Need I say more?  Give me a call at 598.3200 and let’s discuss how you can benefit from the above statistics.  It’s my job to help all my clients be in top tiers of that wealth disparity that Yun is talking about.

 

 


THIS WEEK I'M GIVING THANKS FOR YOU

 

As Thanksgiving approaches, I'm aware of the many things for which I have to be thankful.  And right at the top of that list is you-- my friends, clients and readers--new and old--who have let me into your life and have shared so much with me.  I have developed long term relationships with many of you and find myself now working with your family members to help them in the same manner in which I have always tried to help you.  I am thankful for your support and friendship and look forward to continue working with you and your family for many years to come.

 

I wish all of you a very Happy Thanksgiving.

 

 

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

 

There was once a young man who, in his youth, professed a desire to become a “great” writer.  When asked to define “great” he said “I want to write stuff that the whole world will read, stuff that people will react to on a truly emotional level, stuff that will make them scream, cry, wail, howl in pain, desperation and anger!”

 

He now works for Microsoft writing error messages.

 

 

FEATURED LISTING


 

Image Unavailable

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...

View this property >>

 

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

email: Harry@HarrySalzman.com

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)

Logo
Visit http://www.SalzmanRealEstateServices.com

Add Comment

HARRY'S WEEKLY UPDATE

Monday, November 19, 2012
by Harry Salzman

 

 

Stationery header

Visit Website

 

November 19, 2012

 

HARRY’S WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

 

 

 

HERE ARE SOME FORCASTED STATISTICS FROM THE 2012 NATIONAL REALTORS CONFERENCE AND EXPO

            RISMedia, DSNews.com, Realtor Magazine, 11.12.12

 

  • The housing market recovery should continue through the coming years, assuming there are no more limitations on the availability of mortgage credit.

 

  • According to Lawrence Yun, chief economist of the National Associate of Realtors, “Existing-home sales, new-home sales, and housing starts are all recording notable gains this year in contrast with suppressed activity in the previous four years and all of the major home price measures are showing sustained increases.”

 

  • Yun also sees no signs of increased inflation in 2013 but predicts it to be in the 4-6 percent range by 2015 due to the federal budget deficit likely pushing up borrowing costs and raising inflation well above 2 percent.

 

  • Inflationary pressures are being raised due to rising rents, qualitative easing (the printing of money), federal spending outpacing revenue, and a national debt which is roughly equal to 10 percent of Gross Domestic Product.

 

  • Mortgage interest rates are forecast to rise gradually and should average 4.0 percent next year and 4.6 percent by 2014 due to the inflationary pressure.

 

  • Meaningful higher home prices are predicted by Yun. This is due to rising demand and an ongoing decline in housing inventory.  The national median existing-home price should rise 6.0 percent to $176,100 for all of 2012 and increase another 5.1 percent next year to $185,200.  He forecasts comparable gains in 2014.

 

  • Yun said, “real estate will be a hedge against inflation, with values rising 15 percent cumulatively over the next three years, also meaning there will be fewer upside-down owners.  Today is a perfect opportunity for moderate-income renters to become successful home owners, but stringent mortgage credit conditions are holding them back.”

 

  • Home sales and construction depend on steady job growth which we are seeing, but  we have thus far only regained half of what was lost during the recession. 

 

  • Yun indicated that four years from now there will be a much greater disparity in wealth distribution.  “People who purchased homes at low prices in the past couple years, including many inventors, can expect healthy growth in home equity over the next four years, while renters who were unable to get into the market will be in a weaker position because they are unable to accumulate wealth,” he said.  “Not only will renters miss out on the price gains, but they’ll also face rents rising at faster rates.”

 

For those of you who have been reading my eNewsletters, this is not anything new.  I’ve been telling you for some time that this is happening and sitting and “waiting it out” isn’t an option anymore for those who are looking to buy, either first homes, moving-up homes or simply for investment.  Prices are on the rise, rental rates are up and continuing to go up and mortgage rates won’t be this low for much longer.  Need I say more?  Give me a call at 598.3200 and let’s discuss how you can benefit from the above statistics.  It’s my job to help all my clients be in top tiers of that wealth disparity that Yun is talking about.

 

 


THIS WEEK I'M GIVING THANKS FOR YOU

 

As Thanksgiving approaches, I'm aware of the many things for which I have to be thankful.  And right at the top of that list is you-- my friends, clients and readers--new and old--who have let me into your life and have shared so much with me.  I have developed long term relationships with many of you and find myself now working with your family members to help them in the same manner in which I have always tried to help you.  I am thankful for your support and friendship and look forward to continue working with you and your family for many years to come.

 

I wish all of you a very Happy Thanksgiving.

 

 

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

 

There was once a young man who, in his youth, professed a desire to become a “great” writer.  When asked to define “great” he said “I want to write stuff that the whole world will read, stuff that people will react to on a truly emotional level, stuff that will make them scream, cry, wail, howl in pain, desperation and anger!”

 

He now works for Microsoft writing error messages.

 

 

FEATURED LISTING


 

Image Unavailable

3696 Haven CR

Price: $149,900

Beds: 3

Baths: 2

Sq Ft: 1546

Corner lot, Brand new Full Kitchen, cabinets, counters, all appliances. Total interior has NEW carpets and linoleum floors, paint. Master Bedroom has a walk in closet with built in shelves.Upper level Bath has door from both hallway and master bedro...

View this property >>

 

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

email: Harry@HarrySalzman.com

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)

Logo
Visit http://www.SalzmanRealEstateServices.com

Add Comment

HARRY'S WEEKLY UPDATE

Monday, November 12, 2012
by Harry Salzman

 

Stationery header

Visit Website

November 12, 2012

 

HARRY’S WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

 

ON VETERANS DAY….LET US ALL BE THANKFUL

 

I would be remiss if I didn’t start by paying my respects to Veterans and those currently in the military.  Living in Colorado Springs among a big military presence, I am reminded every day of the debt we all owe to the men and women who have served and continue to serve our Country. 

I have many friends and clients among them, and to all of you I want to say….Thanks.  It’s because of you that all the rest of us can go to sleep at night and go about our day without the worries so many people in the rest of the world experience.  It is because of you we can have a Presidential election peacefully, and power can change hands without bloodshed.

 

So, while I am aware of this on a daily basis, Veterans Day gives me the opportunity to publically say again….Thank You.

 

 

3RD QUARTER METRO AREA STATISTICS SHOW STRONG INCREASES, SALES UP

 

The just published “Median Sales Price of Existing Single-Family Homes for Metropolitan Areas” from the National Association of Realtors (NAR) has great news all around. As always, we track  comparison of the Colorado Springs metropolitan area against the other 148 metro areas in the survey.  This information is so important that many other publications provide their take on it.  I will share some of that in a minute.  This most important hightlights are:

 

  • Median home prices across the USA are 7.6% higher than a year ago
  • Colorado Springs Metro Area is up 6.4%--a major gain for our area as I will explain further on

 

Lawrence Yun, NAR chief economist has said the growth in home prices gets down to supply and demand.  “Housing inventories have been gradually trending down from a record set in the summer of 2007, and earlier this year a broad equilibrium began to develop in most areas between the home buyers and sellers, which led to a sustained upturn in home prices.  We expect fairly normal appreciation patterns in 2013, but there is a risk of price acceleration if builders are unable to increase supply to meet the needs of our growing population and household formation.”

 

Nationally, the median exisiting single-family home price was $186,100—up 7.6% from $173,000 a year ago.  This is the strongest year-over-year increase since first quarter 2006 when the median price rose 9.4%. 

 

NAR President Moe Veissi of Miami said affordability conditions are a big factor in rising sales.  “Historically low mortgage interest rates are encouraging many buyers who were on the sidelines,” he said.  “Sales this year are notably higher than the levels seen in 2008 through 2011, so we’re clearly in a recovery phase with rising sales, declining inventory and rising prices.  Of course, the recovery would be stronger and more stable if we could return to safe but sensible mortgage underwriting standards.”

 

The Wall Street Journal  wrote last Thursday that this survey is the “latest evidence that the real-estate recovery is gaining momentum and breadth…All told, low home prices, rising rents and a slowly improving economy have given more Americans the motivation and confidence to become homeowners.  About 72% of respondents said it was a good time to buy a home, according to a monthly survey Fannie Mae issued Wednesday.”  They went on to say that “while many consumers expect home prices to rise only modestly over the next year, they believe rental rates will continue to climb, further motivating them to buy.”

 

Click here to view the survey in its entirety. 

 

Now about Colorado Springs…..as I’ve told you in the past, our Metro area has never been among the highest appreciating cities, nor one of the cities that was considered “upside down negative” during my 40 years in this business.

 

Locally, the long term appreciation has been almost 6.0% per year.  The current median sales price of existing single-family homes for Colorado Springs is 6.4% compared to a year ago, a percentage derived through all MLS sales during that 12 month period in our area.  Our median price is now $206,100, up from $193,700 at the end of 3rd quarter last year.

 

A good reason that the national median price gain is above our local one is that most metro areas in the survey had a much lower price drop in the past few years than we did.  Therefore, the gain we see from our traditional one is a good sign that we are doing better than normal in single-family sales.

 

Again, folks, look at the trend and remember what I’ve been telling you….there is no better time than now if you are in the market for a single family home, whether to live in or for investment purposes.  Call me at 598.3200 and let’s talk about your options before prices and interest rates start climbing higher.

 

 

HERE’S A BRAND NEW JUSTIFICATION TO BUY A HOME TODAY

 

We don’t believe you’ve heard this one yet, but The Wall Street Journal has been writing that:

 

  • Investors are more optimistic about the housing sector than about the broader economy, remaining bullish on home builders
  • Stock market prices of home builders have surged
  • Optimists say they believe the US housing recovery is still in it’s initial phase, leaving plenty of room for those stocks to keep rising
  • New home sales jumped 5.7% in September
  • Prices of new homes are always higher than re-sale homes.  More people are buying new homes today since the years 2006-2007.

 

The Dow Jones U.S. Home construction Index is up 80.3% as of October 26, 2012 from January 1, 2012.  The Standard and Poor over the same time of almost ten months increased 12.3%.  Therefore, shares of public companies in the home building industry performed higher than 500 companies in S&P by almost 7 times better in 2012.

 

Since public investors are stating loudly that “Now is the Time” that more buyers are purchasing a home, heed their advice (and ours) and take a closer look at today’s real estate market from your personal perspective. 

 

Call us to compare your options of buying a home today vs. other investments you could make (i.e. mutual funds, stocks, bonds, etc.).  As always, we suggest you check with your personal accountant in addition to talking with us. 

 

 

RESIDENTIAL real estate SEEN AS A GREAT WAY TO BUILD WEALTH

 

In the past week, NAR has published several articles explaining why Residential real estate is again in the forefront of buyers minds when they consider funding their retirement.  A number of first time investors are looking at their purchases an a supplement to their present income while considering the possibility of increased value at the point when prices rise high enough for them to sell.

 

Reasons include:

 

  • the rental market’s strong performance and the vacancy rate dropping to a 10 year low in the 2nd quarter of this year
  • the percentage of Americans who have been waiting to buy a home because of concerns over the economy has dropped by more than half since 2010
  • low mortgage rates

 

We’ve been telling you much of this over the past year and for good reason—we don’t want you to miss out on a great opportunity to invest while the market is hot.  These opportunities won’t be around forever and if you’ve been thinking about investing, the time is NOW. 

 

 

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

 

I have been in many places, but I’ve never been in Cahoots.  Apparently, you can’t go alone.  You have to be in Cahoots with someone.

 

I’ve also never been in Cognito.  I hear no one recognizes you there.

 

I have however, been in Sane.  They don’t have an airport; you have to be driven there.  I have made several trips there, thanks to my friends, family and work.

 

I would like to go to Conclusions, but you have to jump, and I’m not too much on physical activity anymore.

 

I have also been in Doubt.  That is a sad place to go, and I try not to visit there too often.

 

I’ve been in Flexible, but only when it was very important to stand firm.

 

Sometimes I’m in Capable, and I go there more often as I’m getting older.

 

One of my favorite places to be is in Suspense.  It really gets the adrenalin flowing and pumps up the old heart.  At my age I need all the stimuli I can get.

 

And, sometimes I think I am in Vincible but life shows me I am not!

 

 

 

FEATURED LISTING


 

                                                                                   

                                   

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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...

View this property >>

 

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

email: Harry@HarrySalzman.com

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

 

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WHY ARE WE CONSISTENTLY POSITIVE ABOUT THE LOCAL REAL ESTATE MARKET?

Tuesday, November 6, 2012
by Harry Salzman

November 5, 2012

 

HARRY’S WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

 

 

 

WHY ARE WE CONSISTENTLY POSITIVE ABOUT THE LOCAL real estate MARKET?

 

I have received more than a few comments from readers saying things like, “Oh, Harry, how can you only be so positive in your eNewsletters?”  Well, our first two stories this week are just a couple of examples of why we remain so optimistic about the local real estate market.  It’s not that I only look for the positive in all the media I peruse, it’s just that I’ve also found that there is always a way to take some thing that may sound negative to others and turn it into a positive.  In the articles below….well….the information simply speaks for itself. 

 

 

ONCE AGAIN, LOCAL HOME SALES WERE UP LAST MONTH

 

October proved to be another good month for the Residential real estate Market.  Here are some highlights from the just published Pikes Peak Realtors Association (PPAR).

 

  • 794 homes sold—4.7% over year to year figures
  • Average Sales Price was $239,945—8.3% higher than the $221,534 of a year ago
  • Median Sales Price was $211,650—up 14.4% from $185,000 of a year ago
  • Home Listings were up 12.4% from October 2011
  • Total Active Listings as of October were 3513 compared to 3959 as of October 2011 which means that the current Single Family Home inventory is down 11.3% from one year ago

 

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 seven pages of reports on all neighborhoods in the Pikes Peak area. 

 

We have found that by using this information on behalf of our clients, 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 clients, either buyers or sellers, we find 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). 

 

 

AND MORE POSITIVES….QUARTERLY UPDATES AND ESTIMATES JUST OUT

 

We were very excited to see the latest local “Quarterly Updates and Estimates” –an update researched, produced and published by the Southern Colorado Economic Forum group, College of Business and Administration, University of Colorado at Colorado Springs.  

 

This is an update on the El Paso County economy as of October 2012 and had a very positive analysis for all areas of El Paso County.

 

We, of course, focus on the information and forecasts concerning Residential real estate and the effects thereof.  Again….lots of positive information there.  Pages 3 though 9 of the 16 page report will provide current charts, thought and answers you might have concerning local Residential Real Estate.  The titles of those sections are:

 

  • Analysis of the El Paso County Residential housing market (single family and multi family)
  • MLS Activity, with charts and graphs
  • Housing Price Equilibrium in the Region
  • Foreclosures
  • Multi Family Market

 

 

Page one of the Report begins by stating  “The local economy showed some of its strongest performance since bottoming out in February 2009.  The best performing local indicators were new single family permits and consumer confidence.  The index for single family permit activity is 107.9 percent higher than a year ago.  New single family housing activity has been up every quarter in the last year over the year ago period.”  

 

As an aside, Salzman real estate Services, LTD has been a financial supporter of the Southern Colorado Economic Forum since it was created 17 years ago.  Page 16 of this Report contains a list of all organizations and businesses who are Forum Partners.  We are the only Residential Real Estate Company in the area to provide “continuing financial support”.

 

 

To see the entire report click here.  As always, I am here to provide any explanations or answer any questions you may have concerning this report.  Just give me a call at 598.3200 or 800.677-6683 (MOVE). 

 

 

AND ON A NATIONAL LEVEL…HOUSING IS FINALLY HELPING THE ECONOMY

 

According to last Friday’s report on US Economic growth, housing has now positively (there’s that word again!) contributing to the nations gross domestic product in six straight quarters which has not occurred since the housing bubble burst in 2006. 

 

This is great news and even better is the fact that the gain in the housing market is spreading to more and more cities nationwide.  This is a bright spot in a still sluggish economy. 

 

In some markets, the cost of homeownership has fallen to the point that monthly rent exceeds mortgage payments.

 

No surprises here.  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.  If you are looking to buy, sell, trade up, or simply looking for investment property, give us at call at 598.3200 and we will get right on it.

 

And if you know of anyone 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 then 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.

 

 

 

FEATURED LISTING


 

                                                                                   

 

Image Unavailable

61 Newport CR 61 & 63

Price: $269,000

Beds: 0

Baths: 0

Sq Ft: 0

Duplex* Desirable Broadmoor area* Very private and quiet* Super location* Great income possibilities* Currently tenant occupied* Cul-de-sac with Mountain Views* Private fenced back yard* UL and ML Units, each with own LL single garage with garage do...

View this property >>

 

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

email: Harry@HarrySalzman.com

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NEW HOME SALES SURGE IN SEPTEMBER WHILE PENDING HOME SALES ALSO IMPROVE

Monday, October 29, 2012
by Harry Salzman

October 29, 2012

 

HARRY’S WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

 

 

NEW HOME SALES SURGE IN SEPTEMBER WHILE PENDING HOME SALES ALSO IMPROVE

Daily real estate News/October 25, 2012

 

The Census Bureau reported last week that new home sales posted their largest gain in over two years, rising 5.7% in September over August and 27.1% higher year over year. Median prices of new homes also rose 11.2% in August, the largest one-month increase ever recorded.   And existing home sales are up 11% in September compared to the same time last year.   

 

Economists are attributing this gain as a sign that the fundamentals of the economy are improving as unemployment rates improve and consumers become more confident.

 

When this is combined with reported increased housing starts, building permits and prices in recent months, it appears that there is a steady housing recovery underway.  According to Barry Rutenberg, chairman of the National Association of Home Builders, “Consumers who have been on the sidelines during the past few years are deciding now is the time to go forward with a new-home purchase, assuming they can qualify for a good mortgage under today’s exceedingly stringent guidelines.”

 

Home prices are inching up, foreclosure sales are falling and record mortgage rates are creating a greater urgency for those who are looking to buy.  However, while the housing recovery is steadily increasing, there are still challenges—a number of underwater homeowners still waiting for prices to climb so they can have equity in their current homes before they move on and of course, access to credit remains tight.

 

No surprises here.  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.  If you are looking to buy, sell, trade up, or simply looking for investment property, give us at call at 598-3200 and we will get right on it for you. 

 

 

INTEREST RATES LOOK TO STAY LOW FOR THE FORESEEABLE FUTURE

 

During the recent Conference and Expo of the Mortgage Banker’s Association in Chicago, economists from that group predicted a similar forecast for housing and interest rates.

 

They concur that unemployment will be down, with home purchases loan originations going up and mortgage rates remaining low for now.  

 

The big question in everyone’s minds is exactly how long rates will stay this low and how the increase in home prices will affect buyers.  Again, let me remind you that there is no better time than NOW to make your move if that’s something you’ve been thinking about.

 

According to HousingWire, the U.S. added 4.8 million renters in the past six years due to the financial meltdown.  What does this mean?  We believe it’s a great opportunity in several areas.  With mortgage rates at an all time low, hopefully some of these renters will become owners.  For those that need to continue to rent for whatever the reason, there is a need for rental property and those of you who have waited might consider this a good time to start looking.  We can help both of these groups and look forward to working with you.  Just give us a call at 598.3200.

 

 

OPTIMISTIC HOUSING OUTLOOK—RISING HOME PRICES HELP ROAD TO RECOVERY

RISMedia/October 22, 2012

 

According to NAHB Chief Economist David Crowe, “we’re seeing a more robust housing sector than many other parts of the economy.  One of the reasons is we have finally begun to see on a national scale that house prices are picking up again.”

 

He stated some of the factors that are carrying the housing momentum forward.  Those include:

 

  • Pent-up household formations
  • Rising consumer confidence
  • Increasing builder confidence in all three legs of the economy:  remodeling, multifamily and single-family construction
  • Growing rental demand

 

Colorado Springs is one of the metro areas included in the forward momentum and you don’t want to miss out on the opportunities out here.  This won’t remain stagnant and all forward movement will inevitably include higher prices and increased mortgage rates. 

 

 

NOTE TO POTENTIAL SELLERS:  FIVE REASONS TO SELL NOW

Adapted from Keeping Current Matters/Nov 2012

 

1.  Only Serious Buyers Are Out

At this time of year, only those serious about buying home will be looking.  You won’t be bothered and inconvenienced by mere “lookers”.  The lookers are out holiday shopping.

 

2.  There Is Far Less Competition

The number of houses on the market shrinks dramatically this time of year.  With fewer houses on the market in general, this will make your home more likely to sell. Waiting until Spring could be a mistake for those who seriously want to sell.

 

3.  The Process Will Be Quicker

Both of this year’s biggest challenges—length of time it takes from contract to closing and lenders being inundated with purchase and refinancing loan requests—will not be in play here.  Both will be slow in the winter, thus cutting timelines and frustration that these delays cause both buyers and sellers.

 

4.  There Will Never Be a Better Time to Move-Up

If you’re looking to move up to a larger, more expensive home, you should consider doing it NOW.  Prices are projected to appreciate more than 15% from the present to 2016.  If you wait, it will cost more in raw dollars--both in down payment and mortgage payment.

 

5.  It’s Time to Move On With Your Life

If you have already decided to sell, there is no reason to wait.  The sooner you make the decision to sell, you can move on to whatever it is you want….a larger or smaller home, more time with family, retirement, or whatever it is you truly want to do with your life.  That’s what’s really important in the long run.

 

 

IF YOU ENJOY READING OUR WEEKLY eNEWSLETTER….

 

Please consider forwarding it to any of your family, friends or co-workers who may benefit from it.  They can then go to our Website and sign up to receive it themselves.  Better still, send us their e-mail addresses and we will add them to our weekly mailing list.  They will thank you for it and so will we.

 

 

LATEST LOCAL STATISTICS FROM PPAR

 

Click here to see the most recent Sales and Listing information for the Pikes Peak area. 

 

These statistics are published by the Pikes Peak Association of Realtors and can be helpful in evaluating and comparing current listings in various neighborhoods in our area.  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).

 

And please remember, I would be honored to serve as your Broker for all your residential real estate needs.  It is my goal to help you make the most prudent and accurate Real Estate decisions.

 

And if you know of anyone 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 then 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. 

 

 

AND LAST, BUT NOT LEAST….

 

We want to welcome Stuart M.Vestal to the Salzman real estate Services team as our newest Broker/Associate.  Stuart comes to us with vast experience in the home remodeling business in the Pikes Peak area for the last 12 years. 

 

He previously lived in Florida where he assisted with staging for “Better Homes and Gardens” magazine as well as owned a home remodeling business there.

 

And also, we welcome a new assistant who is here to help you with any questions or needs.  Sue Delano has replaced Anne Ganley, who recently retired.  We wish Anne the very best and want to thank her for her 12 years of service to us and many of you.

 

Please join us in welcoming Stuart and Sue into the fold, and when you’re in the neighborhood, stop by and meet them and say his to us all.

FEATURED LISTING

 

Image Unavailable

5062 Farris Creek CT

Price: $347,900

Beds: 5

Baths: 3

Sq Ft: 3338

Beautiful Ranch Home with Finished Basement* Main Level Master Bedroom Suite* 5BD, 3BA, Media/Office, 2 Car Garage* Located on quiet cul-de-sac with numerous upgrades: hardwood flooring, ceiling fans, granite counter tops in kitchen* ML: LR/ Great R...

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And Here's Your Morning Coffee!

 

 

 

 

 

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

email: harry@harrysalzman.com

 

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JUST BACK FROM VACATION….

Monday, October 22, 2012
by Harry Salzman

 

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October 22, 2012

 

HARRY’S WEEKLY UPDATE

A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET

 

 

JUST BACK FROM VACATION….

 

After taking a week off from work for the first time, I was actually going to ask you readers what’s been going on during my absence but when I got home last night I was inundated with all kinds of financial news that I thought I ought to share with you.  So briefly, here’s what I’ve got….

 

 

THIRD QUARTER INDICATORS LOOKING STRONG

 

Things are looking up in the local real estate market.  In a nutshell, sold listings are up 7.9%, active listings are down 6.9% and the one year change in Median Sales Price is up 8.7%.

 

And on top of that, Freddie Mac’s average fixed rate mortgage is at an all time low of 3.4%.  Need I say more?  If you’re looking to buy for yourself or for investment purposes, the time is NOW.  With fewer homes on the market, more people are looking rent and rental prices are inching up accordingly.  On the other side, if you are looking for a home to live in, mortgage rates aren’t going to stay this low forever, and as you can see, median home prices are on the rise.  It’s never been a better time for first time homebuyers or those that are looking to upgrade to a larger residence or different neighborhood.

 

 

HERE ARE SOME 3rd QTR. YEAR OVER YEAR STATISTICS FOR THE PIKES PEAK AREA*

 

 

Black Forest:        Median Sales Price Up 9.0%         Avg. Sales Price Up 5.7%

 

Briargate:              Median Sales Price Up 5.2%         Avg. Sales Price Up 2.3%

 

Central:                 Median Sales Price Up 18.4%       Avg. Sales Price Up 17.3%

 

Divide:                   Median Sales Price Up 25.7%       Avg. Sales Price Up 32.1%

 

East:                      Median Sales Price Up 3.3%         Avg. Sales Price Up 5.2%

 

Falcon North:       Median Sales Price Up 6.9%         Avg. Sales Price Up 5.3%

 

Florissant:            Median Sales Price Up 3.3%         Avg. Sales Price Up 15.4%

 

Fountain Valley:   Median Sales Price Up 15.2%      Avg. Sales Price Up 11.2%

 

Manitou Springs: Median Sales Price Up 31.7%       Avg. Sales Price Up 27.3%

 

Northeast:            Median Sales Price Up 4.4%         Avg. Sales Price Up 8.4%

 

Northgate:            Median Sales Price Down 4.8%    Avg. Sales Price Up 1.5%

 

Northwest:           Median Sales Price Same             Avg. Sales Price Down 3.4%

 

Old Colo.City:      Median Sales Price Up 25.4%      Avg. Sales Price Up 23.2%

 

Powers:                Median Sales Price Up 6.3%         Avg. Sales Price Up 1.5%

 

Southeast:           Median Sales Price Down 6.8%     Avg. Sales Price Down 2.2%

Southwest:         Median Sales Price Up 17.7%         Avg. Sales Price Down 0.6%

 

Tri-Lakes:           Median Sales Price Up 5.2%           Avg. Sales Price Up 7.2%

 

West:                  Median Sales Price Down 1.7%       Avg. Sales Price Down 3.4%

 

Woodland Pk:    Median Sales Price Up 12.7%         Avg. Sales Price Up 16.9%

 

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

 

 

 

DESPITE  SLIGHT MONTHLY DECLINE IN U.S. SALES, PRICES CONTINUE UPWARD

 

According to Lawrence Yun, chief economist for the National Association of Realtors, “Despite occasional month-to-month setbacks, we’re experiencing a genuine recovery.  More people are attempting to buy homes than are able to qualify for mortgages and recent price increases are not deterring buyer interest.  Rather, inventory shortages are limiting sales, notably in parts of the West.” 

 

That’s us he’s talking about folks.  So as I’ve been telling you for some time now….if you’re in the market…give me a call and let’s get serious before the inventory gets too low and the prices and mortgage rates start rising again.

 

 

HOME SALES CONTINUE TO RISE FOR 15TH STRAIGHT MONTH

 

Saturday’s Wall Street Journal emphasized the current trend, stating that “rising rents and improving consumer confidence has created urgency.  Again, this is due to rising prices and median sales prices and consumer demand due to mortgage rates falling to their lowest levels on record. 

 

 

AS ALWAYS, I’M HERE TO HELP….

 

Please call me at 719.598.3200 for help with any and all of your real estate needs. Whether you’re looking to buy or sell, or simply looking for investment property, let me put my 40 plus years in the local Real Estate arena work for you.

 

 

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

email: Harry@HarrySalzman.com

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

 

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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)

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Existing-Home Sales Climb Higher

Monday, October 15, 2012
by Harry Salzman

 

Weekly Update

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Existing-Home Sales Climb Higher

Affordable housing conditions have lead to another increase in existing-home sales, according to a recent report by the National Association of REALTORS (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops, are on pace to reach 4.82 million units sold for 2012, an increase of 9.3 percent

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Find The Right Coverage

When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy be in force prior to funding the loan. Make sure you have enough coverage, should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions.

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Seller Opportunities

Selling your home in today's market requires strategy and execution. Here are three tips to help sellers reduce their time on market: Make it shine. Buyers are attracted to attractive homes. Make your home stand out by mowing the lawn, raking the leaves, washing windows, and cleaning the carpets. These are small things that will make a big

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Harry A 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)

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WANT TO BE LIKE WARREN BUFFET? HERE’S YOUR CHANCE !

Monday, October 8, 2012
by Harry Salzman

October 8, 2012

HARRY’S WEEKLY UPDATE

A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET

 

LATEST STATISTICS FROM PPAR SHOW A VERY STRONG LOCAL MARKET

This month, the highlights from the PPAR statistics show that the total local sales of single-family homes in September, 2012 was 773, compared with 672 in 2011. That’s a 15% improvement in sales over last year.

In September, 2012, the average sale price for local, single-family homes was $223,497, compared to $218,526 in September of 2011. That’s a jump of 2.3%.

In September. 2012, the median sale price for local, single-family homes was $194,000, compared to 187,250 in September of 2011. That’s a jump of 3.6%

13 of the past 15 months have shown positive growth in both sales and prices.

Prospective Buyers should also note that our inventory of single-family homes and patio homes-for-sale (Listings) has shrunk from 3,722 to 4,196 over the past year. That’s a reduction of 11.3%.

As always, as supply shrinks, prices go up. So, the bottom line to all of these numbers is that NOW IS THE TIME TO BUY !!

Call us at 598-3200, or, 800 677-6683 (MOVE), to discuss how this upward trend in prices and downward trend in inventory can be a great opportunity for you to enhance your future economic status.

Click here to see the most recent Sales and Listing statistics for the Pikes Peak area. These statistics are published by the Pikes Peak Association of Realtors and can be helpful to you in evaluating and comparing current listings in the various neighborhoods in our area. If you would like to ask any questions about this data, please give us a call.

 

WANT TO BE LIKE WARREN BUFFET? HERE’S YOUR CHANCE !

The Wall Street Journal - October 3, 2012

Warren Buffet’s Blackstone Group has become the biggest U.S. investor in single-family rental homes by spending more than $1 billion since the start of 2012 to acquire more than 6,500 foreclosed houses in eight metropolitan areas. The firm also is also finalizing a loan for at least $300 million from Deutsche Bank to support this business.

Blackstone paid an average of about $140,000 for each home and is planning to fix up the homes, rent them and eventually sell them after the market rebounds.

Blackstone has said it expects to achieve initial yields of 6% to 7% on the rental income.

What does Warren Buffett see that no one else does? He is betting that the rental-housing market represents a great investment opportunity.

The Federal Reserve has expressed support for this strategy as a way to clear the backlog of foreclosures that has weighed down the market.

Other private-equity firms and other investors have raised $6 billion to $8 billion to invest in this sector, as they try to take advantage of today’s low home prices. These investors could buy 40,000 to 80,000 properties, according to a recent report from Keefe Bruyette & Woods.

If you would like to cash in on this investment opportunity in our local market, call us at 598-3200, or, 800 677-6683 (MOVE).

You could be the next Warren Buffet !!

 

MAYOR BACH PROPOSES A FORWARD LOOKING CITY BUDGET

The Gazette Update - October 4, 2012

Colorado Springs elected a tough mayor who isn’t known for diplomatic sensitivity. Instead, he is known for crafting a city government that can perform its fundamental duties with the money taxpayers have afforded it.

Mayor Steve Bach’s proposed 2013 budget of $232 million includes:

  • 25 additional cops, which will bring the department to its authorized strength of 635 officers by August of 2013.
  • an additional fire station, which would be paid for in part by a $2 million federal grant. The proposed budget allocates money to hire 15 new firefighters to staff the additional station.
  • Restoration of evening bus service.
  • establishing neighborhood health clinics, which will help residents more easily monitor blood pressure and other health indicators.
  • Authorizing funds for an exhibit to commemorate the anniversary of the Waldo Canyon fire.
  • conversion of parking meters to accept credit cards
  • increasing money for street maintenance.
  • reducing from six weeks to four the review process for business, developer and homeowner construction plans. creating 6,000 jobs each year by making our city the “most business-friendly city of our size in the nation.”

In less than two years, thanks to Mayor Bach, city government has become an agent of public service that looks to do more with less.

Congratulations, Mr. Mayor.

 

LOCAL SINGLE-FAMILY HOME PERMITS ON THE RISE

The Gazette – October 2, 2012

It’s been a good year for the homebuilding industry in the Pikes Peak region – and the year isn’t over yet.

Single-family building permits, which measure the pace of local home construction, totaled 1,671 in the Pikes Peak area during the first three quarters of 2012, which already surpasses permits during each of the previous four years, according to a report from the Pikes Peak Regional Building Department.

For September, single-family permits totaled 194, a 56.5 increase over the same month last year. Permits have increased in 12 of the past 13 months. This augurs well for local sales tax revenues.

Meanwhile, local foreclosures slowed in September. New foreclosure filings totaled 258 in September, down nearly 24% from August and down 14% from September 2011.

With prices and mortgage rates still low, and all the indicators pointing to a coming rise in prices, it’s time for you to consider buying that new home you have been wanting.

Give us a call at 598-3200, or, 800 677-6683 (MOVE) to discuss why now is the time to buy !!

 

IF YOU PLAN TO SELL YOUR HOME, HERE ARE 4 BIG TURN-OFFS OF HOME BUYERS

REALTOR® Magazine Oct. 2012

Certain dated design features in a home can really make some home buyers cringe. Could your listing have one of them?

A recent article at AOL real estate spotlights a few pet peeves of home buyers when touring homes today. Among the items making their list:

1. Popcorn ceilings: The speckled ceilings can attract dirt and be impossible to paint. Plus, if the home was built prior to 1980, the ceiling may contain asbestos and need to be tested by an inspector. Fix it: Unfortunately, there’s no quick fix for removing popcorn ceilings; it can get messy. It’ll have to be scraped off and the ceiling then will need to be repaired. Plus, you’ll want to have it tested for asbestos before scraping. Home owners will likely want to consider hiring a professional to do this.

2. Carpeting everywhere: Many home buyers today have a fondness for hardwoods over wall-to-wall carpeting. Carpeting can show spots and dirt, which can serve as a quick turn-off to potential buyers who prefer the more polished look of hardwoods. Fix it: Have the carpet professionally cleaned if your seller can’t afford to swap out the carpet for hardwoods. Make sure the carpet is spot-free and looking new. If sellers are willing to spend some money, they might consider installing hardwoods on just the first floor or in just the dining room (pre-finished laminate can cost less). This allows the home to be marketed as having hardwoods, which could possibly draw in more potential buyers who won’t consider a home without.

3. Brass fixtures: Shiny brass fixtures are viewed as out-of-date by most people’s standards nowadays. More on trend is satin-nickel or oil-rubbed bronze finishes. Fix it: Big-box retailers offer plenty of affordable lighting options nowadays to make this an easier, more budget friendly do-it-yourself project with big impact.

4. Vanity lighting strips: The Hollywood-style strip with a line of bulbs of rounded lights hanging over your bathroom mirrors can also quickly date a home. Fix it: Find a lighting fixture that has shades for each bulb in a finish that matches your faucet. It’ll make the bathroom look more contemporary

And, please remember, I would be honored to serve as your Broker for all of your residential real estate needs. I want to help you, my reader, make the most prudent and accurate Real Estate business decision.

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 40 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf.

 

JOKE OF THE WEEK

A woman whose husband often came home drunk decided to cure him of the habit.

One Halloween night, she put on a devil suit and hid behind a tree to intercept him on the way home.
When her husband came by, she jumped out and stood before him with her red horns, long tail, and pitchfork.

"Who are you?" he asked.

"I'm the Devil!" she responded.

"Well, come on home with me," he said, "I married your sister!"

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HOUSING MARKET DISPLAYS NEW VIGOR AS PRICES RISE

Monday, October 1, 2012
by Harry Salzman

October 1, 2012

HARRY’S WEEKLY UPDATE
A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET

 

THE SOUTHERN COLORADO ECONOMIC FORUM WAS A GREAT SUCCESS

The 16th annual SCEF at the Antlers Hilton Hotel on Sept. 28, 2012 was a “SOLD OUT” success. Over 600 people, representing local businesses and organizations, heard a variety of presentations by experts in the field of market predictions. The overall mood at the forum was very positive about our local economic picture over the next few years, but was tempered by some concerns about the effects of cut-backs in our local military presence and possible looming tax increases, either of which could weaken our recovery. We think the keynote speaker summarized the big picture very well, and we are reprinting some of his comments, below.

 

SPEAKER AT FORUM SEES ECONOMIC RECOVERY PICKING UP SPEED

The Gazette, September 28, 2012 – Wayne Heilman

At the Southern Colorado Economic Forum which took place on Friday, Sept. 28, 2012, the keynote speaker painted a very optimistic economic picture of the coming year. The following comments are excerpted from Wayne Heilman’s Gazette article which reviewed Mr. Paulsen’s presentation.

The U.S. economy is already gearing up to a faster growth rate as evidenced by a wide variety of economic indictors ranging from accelerating housing construction to increased bank lending, economist and top Wells Capital Management executive, Jim Paulsen, said Friday in Colorado Springs.

“The growth of the national economy is not enough to please everyone, but this recovery is very similar to the recoveries of the last 25 years,” said Jim Paulsen, chief investment strategist for Wells Capital Management, a unit of Wells Fargo & Co., and keynote speaker at the Southern Colorado Economic Forum. Economic growth, he said, starts to “gear up when confidence finally starts to grow. That is happening now. If you want consumer confidence to grow, get the unemployment rate down — and it is down a full percentage point in the past year.”

Paulsen pointed to declining unemployment, rising consumer confidence, higher household net worth and lower debt, increasing housing construction and prices, more bank lending, gains in state tax collections and exports and reduced financial market volatility as indicators that the U.S. economic recovery is gaining strength. He predicted that U.S. economic growth would accelerate next year to 3 percent from the current 1.3 percent and that the nation’s unemployment rate would fall from 8.1 percent now to near 7 percent by the end of next year.

“I’m not saying that growth will explode, but it will feel a lot better — it will feel like a recovery,” Paulsen told more than 600 business and civic leaders attending the half-day event at the Antlers Hilton hotel.

“If the job market is so dead, than why are consumer confidence, housing construction and auto sales all growing right now? While unemployment is still way too high, the combined message of all these indicators are that the economy is getting better. I see a lot of evidence that economic growth is starting to gear up.”

Paulsen, who has now been the forum’s keynote speaker for three consecutive years, predicted at last year’s forum that the recovery from the 2007-08 recession would gain strength in the next year and “gear up” late this year. He noted both Friday and last year that recoveries since 1985 have taken longer to gain strength, but tend to last longer as a result of the slowing growth of the U.S. labor force. That slowdown is a product of baby boomers producing fewer children to fuel labor force growth, which is a key ingredient for economic growth.

The biggest threat to the recovery is the Chinese economy falling into a recession, which would end the U.S. recovery and throw the nation’s economy back into a recession, Paulsen said. His overall message, though, was more optimistic than the forum’s forecast for the Colorado Springs economy; the forum sees the local economy remaining flat at best, and it could be pushed into a recession if Congress and the president don’t avoid both the so-called “fiscal cliff” i.e.— automatic cuts to the Department of Defense budget scheduled to take effect in January and the expiration of a variety of tax cuts at year’s end.

These predictions should encourage our local Buyers and Sellers of homes, homebuilders, retailers, contractors, appliance stores and clothing stores which are now beginning to experience a surge in purchasing that has resulted from the Waldo Canyon fire.

 

PACE OF LOCAL HOMEBUILDING EXPECTED TO KEEP ACCELERATING

The Gazette – September 26, 2012- Rich Laden

The pace of homebuilding has rebounded nicely this year in the Colorado Springs area and should continue to gain steam in 2013 — and would grow even faster if the local economy added significant numbers of jobs, according to an analysis by a national housing research firm.

Pent-up demand on the part of homebuyers, combined with current homeowners who have seen their property values improve and are now seeking to move up, have propelled homebuilding, John Covert, Colorado/New Mexico director of Houston-based Metrostudy told about 25 members of the Housing and Building Association of Colorado Springs on Wednesday.

“Rates are still at historic lows, the existing home market is in better shape than it’s been in the last several years. Listings are way down, pricing stability has occurred and actually some pricing power has returned to the re-sale market,” Covert said. “That’s letting people get out of those homes to go buy a new home.”

If the local economy were to add more jobs, especially positions in which employees come to the Springs from elsewhere, the homebuilding industry could see even stronger demand. However, it does take a while for those newcomers to actually buy a house, Covert said.

In the shorter term, pent-up demand will continue to drive the market in the next year or so and homebuilding activity should increase in 2013 over 2012, he said.

Single-family building permits through August of this year totaled 1,476, already topping the 1,399 for all of 2011, according to the latest Pikes Peak Regional Building Department figures.

The pace of home construction has improved so much that the Colorado Springs market is beginning to run low on new home sites, Covert said. Local builders now have a 33-month supply of lots upon which to build, about one-third the inventory they had four to five years ago, he said. The city of Fountain and the Briargate development on the Springs’ north side, popular housing areas, each have only an 18-month supply of lots.

The good news for homebuilders means some of them have added workers and are reinvesting in their companies, Covert said.

For homebuyers, however, the improvement in homebuilding means higher prices ahead. Builders’ labor and material costs are rising, Covert said, and the scarcity of lots means land prices will be going up — increases that would be passed on to buyers.

Our next Enewsletter on October 8, will have all local housing statistics as of September 30, 2012 and the first three quarters of this year.

 

housing market DISPLAYS NEW VIGOR AS PRICES RISE

The Wall Street Journal – September 27, 2012

Home prices notched their strongest year-to-date gains since 2005, climbing 5.9% through July and signaling the housing market's steady trudge toward recovery.

"Housing is no longer a negative. It is turning positive and we see the data reflecting that," said Ivy Zelman, chief executive at research firm Zelman & Associates.

Home prices typically are strongest in the summer, the busiest season for home sales, before declining later in the year. But the 5.9% rise far surpasses the 0.4% gain seen through the same period last year and the 2% gain in 2010.

Construction of single-family housing in August reached its highest level in more than two years, the Commerce Department said last week.

But rising demand, especially at the low end, is putting upward pressure on prices as traditional buyers—as opposed to investors—feel more confident about jumping into the market. In some cities, diminished supply has given rise to bidding wars—and headaches for would-be buyers.

The bottom line: Better Buy Now !! It will cost you more tomorrow !!

Call us at 598-3200, or, 800 677-6683 (MOVE) to discuss what this could mean to your financial security.

 

HOW HIGH WILL HOUSING PRICES BE IN 2016?

Daily real estate News | Monday, September 24, 2012

A quarterly survey of more than 100 economists shows growing optimism for the real estate market when it comes to housing prices. The majority of the economists surveyed say they expect home prices to steadily increase for the next four years.

The economists surveyed expect home prices to rise 2.3 percent this year over the fourth-quarter of 2011, according to the survey conducted on behalf of Zillow. In 2013, they expect prices to rise 4.7 percent; 8 percent in 2014; 11.4 percent in 2015; and 15.2 percent in 2016.

"This is further evidence that we're seeing a true recovery in the housing market," says Stan Humphries, Zillow's chief economist. "Not since mid-2010—in the midst of the homebuyer tax credits—have we seen this group so bullish on housing. It's refreshing to see this optimism at a time when the market seems to be making an organic recovery, in the absence of an artificial stimulant like the tax credits."

Not to be repetitious, but the bottom line is: Better Buy Now !! It will cost you more tomorrow !!

Call us at 598-3200, or, 800 677-6683 (MOVE) to discuss your new home

 

LATEST LOCAL STATISTICS FROM PPAR

Click here to see the most recent Sales and Listing information for the Pikes Peak area.

These statistics are published by the Pikes Peak Association of Realtors and can be helpful to you in evaluating and comparing current listings in the various neighborhoods in our area. If you would like to ask any questions about this data, please give us a call at 598-3200, or, 800 677-6683 (MOVE).

And, please remember, I would be honored to serve as your Broker for all of your residential real estate needs. I want to help you, my reader, make the most prudent and accurate Real Estate business decision.

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 40 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf.

 

JOKE OF THE WEEK

Football Rules from Around the World

SOCIALIST FOOTBALL: After you score, the state takes half your points and redistributes them to the opposing team.

COMMUNIST FOOTBALL: After you score, the state takes away all your points and gives you back what the Central Bureau of Points designates as appropriate (according to your needs).

FASCIST FOOTBALL: After you score, the state takes away all your points and sells them back to you.

NORTH KOREAN FOOTBALL: After you score, the state takes away all your points and shoots your team.

BUREAUCRATIC FOOTBALL: After you score, a tax of 80% will be imposed on the points. 10% of your points will be given to the scoring disadvantaged, 10% of the points will be given to the opposing team as an incentive "not to score," while 60% of the points will be used by the state for administration.

NFL FOOTBALL: Nobody but a replacement referee can take away your points.

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Harry A Salzman
ERA Shields / Salzman Real Estate Services
6385 Corporate Drive, Suite 301
Colorado Springs CO 80919
719-593-1000
Cell: 719-231-1285
Fax: 719-548-9357
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