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!"