Real Estate Information Archive

January 8, 2025

 

HARRY’S BI-WEEKLY UPDATE

           A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

HAPPY NEW YEAR….AND WELCOME TO 2025

As we begin 2025, I wish all of you a happy, healthy, and prosperous year.  

2024 was another year of trials and tribulations in the Residential real estate market, both nationally and here in Colorado Springs.

High interest rates and the lack of existing homes for sale created the slowest market year since 2011.

However, U.S. pending home sales hit a 21-month high in November and as you will see from the statistics below, our listings and sales are on the rise as well.

We are seeing more listings for this time of year than in the recent past and I believe it’s due to a more optimistic outlook that seems to be permeating the housing market.  Folks are realizing that interest rates are not going back to the historic lows of 4 or 5 years ago and home prices are continuing to rise.

I always start my new year by predicting how I personally see the Residential real estate market affecting not only the Colorado Springs area, but also how it will affect my clients in general.  

My predictions for 2025 include the expectation that things will continue to be slow in terms of time.  It will take a bit longer to sell, and pricing adjustments might be necessary, but home values will still rise by 3% to 4%.  Nothing is “black and white” anymore and anything is negotiable, even interest rates. 

 

I also believe:

 

• Demand for existing homes will be strong due to lack of homes for sale.

 

• Interest rates on 30-year fixed-rate mortgages will drop down to the 6.2%-6.3% range by the end of 2025, which is great news since rates were as high as 7.75% in 2024.

 

• If homes are priced right, the probable number of days on the market will be around 60 days.

 

• Renters are going to continue to be looking to buy, if possible, due to higher rental rates.

 

• Homes will continue to appreciate as they have in the past, although not as rapidly.  As I’ve said time and again, you can’t only look at the last quarter or even the last couple of years.  real estate is a long-term investment. 

 

When you look at the value of home ownership compared to other investments, it’s still going to be extremely positive.  And even in a slow market as we’ve recently seen, our home values keep appreciating…although at a more “normalized” rate.

 

• For most, your home will likely continue to be your largest and fastest growing investment.

 

I have always said that no one can expect to buy at the lowest price point, nor sell at the highest.  It just isn’t possible and most anyone who thinks they can will likely lose in the long run.

Yes, prices are holding steady and those who are waiting for them to drop before they buy will likely not see this happen.  This is also reflected in the statistics below.  You can see that homes are selling at close to listing price and home values are not depreciating.

And, while it may be more difficult today, it’s still possible for you to find what you need, want, and can afford in a home.

With new companies relocating here or expanding their current business plans, we are seeing an influx of folks moving here for jobs and they are needing places to live. This is putting even more pressure on folks wanting to buy—either to sell and trade up, purchase a first home or even for investment purposes.

Since sales have been picking up recently, during what is traditionally the slowest time of the year, it appears that folks are starting to buy and sell much earlier than normal.  They aren’t waiting for the “traditional” spring buying and selling season.  

It’s important to note that with rising competition, folks starting to buy and sell earlier than normal, and still so few existing homes for sale, if you are in the market you need to be prepared to know exactly what you want, need, and can afford PRIOR to beginning the search.

That’s where I come into the picture.  The current market is not for the timid or inexperienced.  It takes a lot of advanced planning and knowledge of how to navigate these waters.

My almost 53 years in the local residential real estate arena, coupled with my investment banking background, give me an edge that my clients have found to be crucial in helping them and their families realize their personal real estate visions.

A new year brings with it a lot of new hopes and dreams. If Residential real estate is among your hopes and dreams for 2025, please give me a call at 719.593.1000 or email me at Harry@HarrySalzman.com and let me help make them come true.  

The earlier you begin the process, the earlier you will be realizing those dreams for you and your family.

 

And…if you’ve got two minutes and 24 seconds, I recommend that you take a look at my newest “crystal ball prediction” podcast . Simply click on the link below and you will be directed to my personal YouTube channel.

 

To watch, click here:

https://youtu.be/Fyz5j_6Ub7o

 

While you’re at it you might want to subscribe to my channel, so you won’t miss future broadcasts.  It won’t cost you anything…well, it could cost you… if you miss some of my informative musings!

 

And now for statistics…

 

DECEMBER 2024

Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS

Here are some highlights from the December 2024 PPAR report: 

 

In El Paso County, the average days on the market for single family/patio homes was 56.  For condo/townhomes it was 63.  

 

Also in El Paso County, the sales price/list price for single family/patio homes was 99.0% and for condo/townhomes it was 98.4%.  

 

In Teller County, the average days on the market for single family/patio homes was 66 and the sales/list price was 97.5%.

 

Since these are year-end statistics, I am providing you with both the regularly posted year-over-year monthly stats as well as the cumulative year-to-date comparison of 2024 to 2023.  

Please click here to view the detailed 10-page report, including charts.  If you have any questions about the report or to find out how it relates to your individual situation, just give me a call.

 

In comparing December 2024 to December 2023 for All Homes in PPAR:

                        

                        Single Family/Patio Homes:

·       New Listings were 707, Up 22.5%

·       Number of Sales were 877, Up 12.9%

·       Average Sales Price was $545,969, Up 5.0%

·       Median Sales Price was $485,000, Up 6.6%

·       Total Active Listings are 2,505, Up 32.5%

·       Months Supply is 2.9, Up 2.5%

 

 

Condo/Townhomes:

·       New Listings were 116, Down 0.9% 

·       Number of Sales were 111, Down 2.6%

·       Average Sales Price was $351,532, Down 1.0%

·       Median Sales Price was $340,000, Up 3.0%

·       Total Active Listings are 502, Up 62.5%

·       Months Supply is 4.5, Down 23.7%

 

 

The Cumulative YTD Summary: (comparing Jan-Dec 2024 to Jan-Dec 2023)

 

                        Single Family/Patio Homes:

• New Listings were 16,173, Up 8.7%
• Sales were 11,503, Down 2.0%
• Average Sales Price was $549,346, Up 2.1%
• Volume was $6,319,127,038, Up 0.1%

 

Condo/Townhomes:

• New Listings were 2,660, Up 14.8%
• Sales were 1,695, Down 1.7%
• Average Sales Price was $368,540, Up 0.2%
• Volume was $624,675,300, Down 1.6%

 

Now a look at more statistics…

 

DECEMBER 2024 MONTHLY INDICATORS AND LOCAL MARKET UPDATE ILLUSTRATE OUR LOCAL TRENDS IN DETAIL

Colorado Association of REALTORS^{® ,} Pikes Peak REALTORS Service Corp, or it’s PPMLS

Providing greater detail than the above report, this contains information on both El Paso and Teller counties for Residential real estate. 

The “Activity Snapshot” for all residential properties in El Paso and Teller counties shows the Year to Date one-year change:

 

• Sold Listings for All Properties were Up 15.5%

 

• Median Sales Price for All Properties was Up 5.9%

 

• Active Listings on All Properties were Up 25.5%

 

You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographical are of your choice from the 18-page Local Market Update.  It’s a good idea to check out your own area or one that you might be considering in order to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

 

ERA SHIELDS 2024 RESIDENTIAL real estate REVIEW….AND A 2025 FORECAST

ERA Shields, January 2025

I am happy to share with you the “Colorado Springs Residential real estate 2024 Annual Review and 2025 Forecast” that is produced by my company.  I believe you will find the information to be quite helpful and if you have any questions, you know where to reach me.

To read the report in its entirety please click here.  I have reproduced several pages below.

THE NATION’S HOTTEST housing market IN 2025?  IT’S COLORADO SPRINGS SAYS A NEW FORECAST

The Gazette, 12.10.24

According to an annual forecast released in early December by Realor.com, Colorado Springs ranks as the nation’s No. 1 housing market for 2025 due to hefty increases in homes sales and prices.

Our top spot results from a 27.1% expected jump in the number of home sales in 2025 compared to 2024 and a 12.7% year-over-year predicted appreciation in prices.  Combined, those two percentages gave the city the No. 1 ranking in the Realtor.com forecast for this year.

However, nice as all that sounds, I, among many local professionals, do not agree with that, especially since we have not seen that type of appreciation since the heydays of 2022 when interest rates had fallen to 3% and below.

Also, with so few available existing homes for sale, it’s not likely we would see such a percentage jump at present.

Lawrence Yun, chief economist for the National Association of Realtors (NAR) predicted in December that homes sales nationally would rise by about 10% in 2025 and prices would increase by just 2%.  It’s quite doubtful that Colorado Springs is going to significantly exceed those predictions.

However, Realtor.com is sticking with those predictions.  Ralph McLaughlin, senior economist for Realtor.com said via email, “While we don’t have a history of commenting on others’ opinions of our forecast, our models suggest that Colorado Springs is poised to be an overperformer in the housing market in 2025”.

Well…I can only say…let’s hope he’s even close to right, but certainly not count on it.

December 30, 2024

 

 

HARRY’S NEW YEAR’S GREETING

 

 

 

You already knew that, but I just wanted another opportunity this year to tell you how much I appreciate you as clients and friends.

 

 Here's wishing everyone a very happy, healthy, peaceful and prosperous 2025.

 

 I look forward to seeing you next year!

 

December 23, 2024

 

 

HARRY’S HOLIDAY GREETING

 

 

 

Wishing all who celebrate a Happy Christmas and a Merry Chanukah.

And wishing everyone a very happy, healthy and prosperous 2025.

 

 

December 9, 2024

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

AS 2024 COMES TO A CLOSE, THERE ARE STILL LOTS OF QUESTIONS IN REGARD TO THE housing market

I keep getting more and more questions. 

And in wanting to provide answers, I look at what’s happening now and read about the projections for 2025 which seem to be considerably brighter than when we entered 2024.

As you will see from much of the statistics below, homes are still selling, although they are staying on the market a considerably longer time than was the case several years ago.  And, more importantly, while home appreciation is up, homes are still selling at very close to list price—a great thing for sellers.

Now that the uncertainty of the presidential election is past, we are starting to see things pick up and I expect the housing market will rebound, although slowly, in 2025.

Folks who have been holding back due to the lower interest rates they may have gotten several years ago are realizing that selling to trade up is going to be considerably more expensive.  Home prices are NOT going down anytime soon, if ever.  And interest rates are not going back to the 2%-3% of the recent past either.  

While new homes will cost more, it’s likely there is considerable equity in your present home that you can use for a downpayment and possibly keep your monthly output similar or close to what it is now.

But, of course, you can’t know any of this without sitting down with me to figure it all out.  Together, you and I can look at your individual wants, needs and budget requirements and come up with a plan that can work just right for you and your family.

As most of you know, my motto has always been, “Where there’s a will, there’s Harry!”  I’ve been fortunate in my 51 plus years in the local Residential real estate arena to have helped so many families find their dream home.

When you couple that experience with my background in investment banking, you can better understand why I’m not only able to find the best home for each individual situation, but most often the best mortgage options for my clients as well.

I’m so fortunate to still be working with so many of my original clients as well as their children and even grandchildren and it’s a privilege I never take for granted.

When you read further on you will see why I’m so optimistic about 2025 and why I strongly advise you to start early if buying or selling is in your near future.

Simply email me at Harry@HarrySalzman.com or call me at 719.593.1000 and let’s get started today. 

You’ll find this eNewsletter a big longer than usual…. but it’s the last regular one for 2024 and I thought you might like to see statistically why I’m so optimistic about the future of the Colorado Springs area housing market.

 

And, if you’ve got two minutes and 36 seconds, check out my new and improved video podcast. Click on the link below and you will be directed to my personal YouTube channel.

https://youtu.be/_2bRJ3e7U8M

 

While you’re at it you might want to subscribe to my channel, so you won’t miss future broadcasts.  It won’t cost you anything…well, it could cost you… if you miss some of my informative musings!)

 

And now for statistics…

 

NOVEMBER 2024

Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS

Here are some highlights from the November 2024 PPAR report.  You might note that while homes are selling at close to asking price as in the past several months, the days on the market are longer.  I expect that to change if interest rates go down more.

 

In El Paso County, the average days on the market for single family/patio homes was 51.  For condo/townhomes it was 70.  

 

Also in El Paso County, the sales price/list price for single family/patio homes was 98.9% and for condo/townhomes it was 98.3%.  

 

In Teller County, the average days on the market for single family/patio homes was 76 and the sales/list price was 97.9%.

 

Please click here to view the detailed 10-page report, including charts.  If you have any questions about the report or to find out how it relates to your individual situation, just give me a call.

 

In comparing November 2024 to November 2023 for All Homes in PPAR:

                        

                        Single Family/Patio Homes:

·       New Listings were 893, Down 0.2%

·       Number of Sales were 894, Up 25%

·       Average Sales Price was $553,014, Down 0.3%

·       Median Sales Price was $485,000, Up 4.0%

·       Total Active Listings are 3,092, Up 29.0%

·       Months Supply is 3.5, Up 1.2%

 

 

Condo/Townhomes:

·       New Listings were 134, Down 9.5% 

·       Number of Sales were 110, Up 1.9%

·       Average Sales Price was $342,556, Down 8.9%

·       Median Sales Price was $344,500, Up 2.6 %

·       Total Active Listings are 591, Up 58.4%

·       Months Supply is 5.4, Up 31.6%

 

NOVEMBER 2024 MONTHLY INDICATORS AND LOCAL MARKET UPDATE ILLUSTRATE OUR LOCAL TRENDS IN DETAIL

Colorado Association of REALTORS^{® ,} Pikes Peak REALTORS Service Corp, or it’s PPMLS

Providing greater detail than the above report, this contains information on both El Paso and Teller counties for Residential real estate.  

The “Activity Snapshot” for all residential properties in El Paso and Teller counties shows the Year-to-Date one-year change:

 

• Sold Listings for All Properties were Up 23.5%

 

• Median Sales Price for All Properties was Up 3.3%

 

• Active Listings on All Properties were Up 26.2%

 

You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographical are of your choice from the 18-page Local Market Update.  It’s a good idea to check out your own area or one that you might be considering in order to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

 

COLORADO SPRINGS RANKS #75 IN THE Q3 2024 FHFA HOUSE PRICE INDEX

Federal Housing Finance Agency, November 2024

The recently published FHFA House Price Index for third quarter 2024 lists Colorado Springs as #75 out of the top 100 in house price changes during that quarter. 

Nationally, home prices were up 4.3% year-over-year according to the Federal Housing Finance Agency (FHFA) and up 0.7% compared to Q2 2024.  

According to Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics, “U.S. house price growth slowed in the third quarter, continuing a trend that started in the fourth quarter of the previous year.  While house prices continued to increase because housing demand outpaced the locked-in housing supply, elevated house prices and mortgage rates likely contributed to the slowdown in price growth”.

Colorado Springs is still in the top 100 and moved up from #87 in the Second Quarter 2024 indicating our housing market strength.  Our lack of available homes for sale has kept us from ranking considerably higher and I am hopeful that things will begin to turn around in the first quarter of 2025.

And, we are above Denver which ranked #92, which is a fabulous news.  

Below are copies of the entire list as well as of the Colorado Springs changes.  Any questions?  You know where to reach me.

 

 

FANNIE MAE AND FREDDIE MAC WILL SOON BACK MORTGAGES UP TO ALMOST $1 MILLION

USA TODAY 11.26.24

Starting in 2025, the federal government’s support for homeownership will expand as home prices continue to surge and borrowers struggle to buy.

Fannie and Freddie, the mortgage guarantors linked to the federal government will back mortgages up to $806,500, their regulator said several weeks ago.

Assuming a down payment of roughly 20%, the most expensive homes financed by those mortgages will cost nearly $1 million.  This is another milestone in a market that already feels sharply divided between Americans who own homes and those hoping to do so.

While Fannie and Freddie don’t lend directly, their role is to buy the mortgages that financial institutions like banks offer borrowers.  That makes it possible for lenders to offer more loans by providing a sure way to offload them.

This is great news as home prices are certainly not going down and borrowers are looking for the best deal for their individual needs and budgets.  The raised limits will help a lot more people and will help some avoid having to seek so-called “jumbo mortgages” which can be a harder process.

 

WHY THIS WINTER IS A SWEET SPOT FOR SELLING…an Infographic

KeepingCurrentMatters, 12.6.24

Some Highlights:

• If you are thinking about selling your house, these are a few of the reasons why you may want to do it this season.
• Buyers looking right now are serious about moving and the number of homes for sale is typically lower this time of year which will help your home stand out.
• While inventory is higher this year than it’s been in the past few winters, you’ll still be in this year’s sweet spot before the upcoming traditional spring selling season.

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, November 2024

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report. 

This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.

Below is a reproduction of the first page of graphics. To access the full report, please click here.  And if you have any questions, give me a call.

 

 

UCCS ECONOMIC FORUM MONTHLY DASHBOARD   

Updated November 2024, UCCS College of Business/Economic Forum

Here is the monthly report from the UCCS College of Business Economic Forum.  It is created by professor Dr. Bill Craighead, who is the Forum Director.  He also publishes an on-line “Weekly Economic Snapshot” you might enjoy. 

I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month.  

I’ve reproduced the first page of the charts below.  To access the report in its entirety, please click here.  

 

 

ERA SHIELDS STAT PACK

Data through November 2024, ERA Shields

Here is data from my company’s monthly “Stat Pack” that can better help you understand the local buying and selling reality.  I have reproduced the first page, and you can click here to get the 5-page report in its entirety.

November 25, 2023

 

 

 

HARRY’S THANKSGIVING GREETING

 

 

 

Wishing you and yours a happy, safe, and plentiful Thanksgiving holiday…

 

 

 

 

 

 

November 22, 2024

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

LOOKING AHEAD TO A BRIGHTER 2025 housing market

 

The Residential real estate Market has seen a lot of volatility over the last several years with both buyers and sellers skeptical of “what’s to come”.  

Now is the time of year when I begin to look ahead to develop my “Market Wisdom” for the coming year. I use my 51 plus years in the local housing arena coupled with my investment banking background and the predictions of real estate economists to come up with what I consider to be a realistic picture of the year ahead.

I see our market moving in a positive direction with mortgage rates falling, more homes coming into the market, total home sales to rise and prices to increase at a more reasonable rate than that of several years ago.

This will help with housing affordability for those who were priced out of the market as well as provide better choices for those who have been waiting to sell to trade-up or move to a new neighborhood or out of state.

Existing-home sales across the country ticked up in October compared to the same time last year due to the short-lived drop in mortgage rates.  This was the first year-over-year increase in sales since 2021.

According to Lawrence Yun, chief economist for the National Association of Realtors (NAR), “People are accepting that the mortgage rates, the new normal, are not going to be 3% or 4% or 5%.”  

“We’ve seen after presidential elections—and it doesn’t matter who wins—that there’s usually a slight boost in home sales.  It removes some of the uncertainty.  Now you know it’s the policy (of President-elect Trump) and you can make predictions about what will happen and make a decision on that,” he added.

 

Home Sales to Rise

With the improving job numbers and recent gains in the stock market, Yun predicted that more Americans may be motivated to act.  He predicts an uptick of nearly 2 million jobs for 2025 and another nearly 2 million increase in 2026, which could bode well for the housing market nationally. (and here, too, as well)

“2023 and 2024 were both difficult years in the housing market,” Yun said.  But with the 3% year-over-year gain in September and the October year-over-year increase I mentioned earlier, Yun indicated that “maybe the worse is over”.  

 

Here is Yun’s forecast over the next two years:

 

• 2025 Sales Projection:  Existing-home sales to rise 9% year-over-year; New home sales to jump by 11%.

 

• 2026 Sales Projection:  Existing-home sales to rise 13% year-over-year; New home sales to increase by 8%.

 

Mortgage Rates to Moderate

Obviously, mortgage rates have had a bearing on how the housing market has fared.

According to Freddie Mac, the average 30-year fixed-rate mortgage has ranged from 6.08% to 7.44% over the past 52 weeks.  Yun says the rates should stabilize at the low end of that range for 2025 and 2026.

Yun said that the “locked-in” effect of homeowners feeling stuck-in-place with 2% or 3% mortgage rates from recent years will lessen over time.  

 

Home Prices Increase Slowly After Rapid Rises

As I mentioned earlier, home prices are going to continue to rise, although at a more “normalized” rate.

Yun’s forecast (this is national…and Colorado Springs normally tends to have greater home values and increases than the U.S. average):

 

• 2025 Median Home Price:  $410,700, up 2% over 2024.

 

• 2026 Median Home Price:  $420,000, up 2% over 2025.

 

A Different Type of Buyer

From a newly released NAR  2024 Profile of Home Buyers and Sellers:

 

• More buyers are skipping the mortgage.  Due to the sizable housing equity gains many owners have experienced, all-cash buyers have surged to record highs, accounting for 26% of home sales over the past year. Thirty-one percent of repeat buyers paid all-cash for their next home purchase.

 

 

• First-time buyers are getting older.  The median age of a first-time buyer was 38—an all-time high.  According to the survey, “They are having to save for a longer period of time or maybe wait for the ‘bank of mom and dad’ to give them the funds to buy” . Twenty-five percent of first-time buyers used a gift or loan from a relative or friend for their home purchase; 20% took money out of financial assets like stocks, 401ks or cryptocurrency to afford homeownership; and 7% used inheritance money for their purchase—a record high.  First-time buyers are coming up with the highest down payments in nearly 30 years—at 9%--in order to afford the higher home prices.

 

 

• The allure of cities grows.  The pandemic may have unleashed a trend of suburban movers, but people are not heading back to city centers—the largest uptick in a decade, according to the study.

 

 

• More buyers are pooling their money.  The number of multigenerational households surged to an all-time high of 17% over the last year.  According to the survey, “The number one reason is for cost savings.  They’re combining incomes in order to afford homeownership.”  They’re also buying a multigenerational home to take care of aging parents because of young adults moving back home.

 

• Single women buyers continue to outpace single men buyers.  A drop in marriage rates has triggered more consumers to enter the housing market on their own.  Single women held a 24% share of the home-purchase market over the past year.  For single men it was 11%.

 

So, folks, there you have it.  Both my predictions and those of Lawrence Yun as well as information from the NAR study.

I also look at what’s happening specifically in the Colorado Springs area and there appears to be a lot of good news there as well.

We keep seeing companies wanting to expand their workforce as well as new companies wanting to relocate here.  With that comes a great need for housing and no matter how you look at it—buying is preferable to renting when it comes to amassing wealth.  Folks who are able will find a way to purchase a home if at all possible.

Our fabulous work/life balance makes Colorado Springs a very desirable place to live as those of us who already live here know.  

I for one wish they would leave their cars elsewhere as the traffic sure has gotten worse in recent years, but in comparison to most other large communities, we’ve got nothing to complain about.  

 

It’s not too early to start implementing a plan for your 2025 buying or selling needs and the sooner we start talking, the sooner you will have that plan ready and you’ll be that much further ahead of those who wait.

I look forward to meeting with you sooner than later because…Time is of the Essence… or “the early bird gets the worm” as they say.  

In this case, the early bird gets the opportunity to grow their personal assets first.  I like to see my clients get a jump on the rest as I know the excellent opportunities of which they can avail themselves.

 

Give me a call today at 719.593.1000 or email me at Harry@HarrySalzman.com and together let’s see how your Residential real estate dreams can become reality in the best time frame for you.

 

And, if you’ve got two minutes and 14 seconds, check out my new and improved video podcast 

                                                            

Click on the link below and you will be directed to my personal YouTube channel.

 

https://youtu.be/HoQKABwbQYg

 

While you’re at it you might want to subscribe to my channel, so you won’t miss future broadcasts.  It won’t cost you anything…well, it could cost you… if you miss some of my informative musings!)

 

November 8, 2024

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

GREETINGS FROM A SNOWED-IN COLORADO SPRINGS…

 

When I trudged down the driveway to get the mail today, I turned and saw our metal flag buried high in the snow—the top normally reaches my shoulders!!  

As I looked at it I was thinking how much has changed in the last couple of days.  Some are thrilled, some not so much, but I think we can all agree that as Americans it will be nice to hopefully get back to a less contentious time.

I was also thinking how quickly the lovely fall weather turned into a major snowstorm that disrupted travel and plans for lots of folks.  That too will change soon, and we Coloradans can get back to enjoying our great outdoors without freezing and too much snow.

There are lots of statistics to share so I will get to them quickly.  I am confident that the housing market will soon be seeing a lot more action as mortgage rates go down and more homes come on the market.

Things have been slow these last few months, both here and nationally.  In fact, home sales for 2024 are on track for the worst year since 1995—hitting their lowest point in 30 years last month.  Most of that is attributable to the higher mortgage rates, a shortage of available homes for sale and folks waiting for  results of the presidential election.  Many national economists seem hopeful that 2025 will see lower rates which should make homes more affordable for most and we are starting to see more home listings and sales locally.

But no matter what, the slower sales have NOT much affected home values which keep rising here and, in most U.S. major metro areas, as you will see below.  What that means is that homes are NOT going to get any cheaper.  Buying today and refinancing later could be an option, especially considering it’s likely that the home you purchase will be earning equity in the meantime, thus increasing your net wealth.

In my more than 51 years in the local Residential real estate arena I’ve seen most every cycle imaginable, and this is just one of many.  Yes, homes were probably averaging $30,000 or less when I got started, but then I’ve also seen mortgage interest rates as high as 18%. So, like they say…it’s all relative.

All in all, as I perpetually contend, there will always be those who want or need to sell and those who need or want to buy.  And I’ve been here through the years to help them get the very best for their individual wants, needs and budget requirements.  

My investment banking background has been quite helpful in insuring that my clients are able to find the best lending opportunities and I’m proud of the fact that I am now working with not only children, but also grandchildren of some original clients.  That’s such a wonderful full circle thing for me and I never take it for granted.

 

So, without further ado…. here comes lots of statistics.

As always, if you have any questions or just want to chat about the possibilities available for you and your family, you can reach me at 719.593.1000 or email me at Harry@HarrySalzman.com.  I look forward to speaking with you soon.

 

OCTOBER 2024

Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS

Here are some highlights from the October 2024 PPAR report.  You might note that while homes are selling at close to asking price as in the past several months, the days on the market are a tad longer.  I expect both to change if interest rates go down more.

 

In El Paso County, the average days on the market for single family/patio homes was 40.  For condo/townhomes it was 57.  

 

Also in El Paso County, the sales price/list price for single family/patio homes was 98.0% and for condo/townhomes it was 98.9%.  

 

In Teller County, the average days on the market for single family/patio homes was 66 and the sales/list price was 98.0%.

 

Please click here to view the detailed 10-page report, including charts.  If you have any questions about the report or to find out how it relates to your individual situation, just give me a call.

 

In comparing October 2024 to October 2023 for All Homes in PPAR:

                        

                        Single Family/Patio Homes:

·       New Listings were 1,408, Up 18.8%

·       Number of Sales were 998, Up 17.3%

·       Average Sales Price was $557,741, Up 0.1%

·       Median Sales Price was $475,000, Down 2.1%

·       Total Active Listings are 3,394, Up 35.5%

·       Months Supply is 3.4, Down 2.1%

 

 

Condo/Townhomes:

·       New Listings were 198, Up 7.0% 

·       Number of Sales were 159, Up 24.2%

·       Average Sales Price was $353,312, Down 5.3%

·       Median Sales Price was $335,000, Down 4.3%

·       Total Active Listings are 640, Up 69.3%

·       Months Supply is 4.0, Up 2.9%

 

 

OCTOBER 2024 MONTHLY INDICATORS AND LOCAL MARKET UPDATE ILLUSTRATE OUR LOCAL TRENDS IN DETAIL

Colorado Association of REALTORS^{® ,} Pikes Peak REALTORS Service Corp, or it’s PPMLS

Providing greater detail than the above report, this contains information on both El Paso and Teller counties for Residential real estate.  

 

The “Activity Snapshot” for all residential properties in El Paso and Teller counties shows the Year-to-Date one-year change:

 

• Sold Listings for All Properties were Up 21.4%

 

• Median Sales Price for All Properties was Down 2.4%

 

• Active Listings on All Properties were Up 30.1%

 

You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographical are of your choice from the 18-page Local Market Update.  It’s a good idea to check out your own area or one that you might be considering in order to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

 

COLORADO SPRINGS HOME PRICES CONTINUE TO RISE IN THIRD QUARTER 2024

The National Association of Realtors, 11.7.24

In the just released report from the National Association of Realtors (NAR), single-family, existing-home prices grew in 87% of measured metro areas.  This is down from 89% the previous quarter.

According to Lawrence Yun, chief economist for NAR:

“Home prices remain on solid ground as reflected by the vast number of markets experiencing gains.  A typical homeowner accumulated $147,000 in housing wealth in the last five years.  Even with the rapid price appreciation over the last few years, the likelihood of a market crash is minimal.  Distressed property sales and the number of people defaulting on mortgage payments are both at historic lows.”

Compared to one year ago, the national median single-family existing-home price climbed 3.1% to $418,700.  In the prior quarter, the year-over-year national median price increased 4.9%.

The median price of single-family homes in Colorado Springs rose 1.5% to $473,200 compared to one year ago per NAR.  This price reflects detached, single-family and patio homes but not townhomes or condominiums.  

The median price in the Springs ranked 49^th highest of the 226 cities surveyed.  

Housing affordability slightly improved in the third quarter as mortgage rates trended lower.  The monthly payment (nationally) on a typical existing single-family home with a 20% down payment was $2,137, down 5.5% from the second quarter ($2,262) and 2.4% - or $52 – from one year ago.  Families typically spent 25.2% of their income on mortgage payments, down from 26.9% in the prior quarter and 27.1% one year ago.

“Housing affordability has been a challenge, but the worst appears to be over, Yun said.  “Rising wages are outpacing home price increases.  Despite some short-term swings, mortgage rates are set to stabilize below last year’s levels.  More inventory is reaching the market and providing additional options for consumers.”

To see all 226 metro areas in alphabetical order, please click here.  To see them in ranking order, click here.  Or click here to see what income levels are required to purchase homes based on either a 5, 10 or 20 percent down-payment.

If you have any questions, please give me a call.

 

ERA SHIELDS STAT PACK

Data through October 2024, ERA Shields

Here is data from my company’s monthly “Stat Pack” that can better help you understand the local buying and selling reality.  I have reproduced the first page, and you can click here to get the report in its entirety.

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, October 2024

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report. 

This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.

Below is a reproduction of the first page of graphics. To access the full report, please click here.  And if you have any questions, give me a call.

 

 

UCCS ECONOMIC FORUM MONTHLY DASHBOARD   

UCCS College of Business/Economic Forum, Updated October 2024

Here is the monthly report from the UCCS College of Business Economic Forum.  It is created by professor Dr. Bill Craighead, who is the Forum Director.  He also publishes an on-line “Weekly Economic Snapshot” you might enjoy. 

I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month.  

I’ve reproduced the first page of the charts below.  To access the report in its entirety, please click here. 

 

October 23, 2024

 

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

THE QUESTIONS KEEP ON COMING…… My Answers Remain the Same. 

 

Is now a good time to buy or sell?

 

What’s going to happen with mortgage rates?

 

Should I wait until next year?

 

Well, I don’t have a crystal ball, but I can give answers based on my 51 plus years in the local Residential real estate arena coupled with my background in Investment Banking.

It’s always a good time to buy and sell depending on your individual situation.  As I’ve said time and again, there are always those who want or need to buy and those who want or need to sell.  That’s been true for my entire career and will likely hold true for years to come.

What also has held true, most especially in the Colorado Springs area is that home prices are not likely to go down and ARE likely to continue to rise.  Each month you don’t buy you are likely losing equity and thus losing greater wealth for you and your family.

As you will see later in this eNewsletter, more folks here and nationally are entering the market at a time that is normally slower than in the spring and summer months.

Why is that?  I’ve explained it below but suffice it to say that many folks have been waiting the last few years to either buy for the first time, sell and trade up or downsize.  Whatever the reason, more homes are entering the market at present and that’s a plus for buyers.

The pickings have been sparce during the last year or so when mortgage interest rates were rising.  Now that they are on their way down, although fluctuating, folks who have been sitting on the fence are ready to jump in.

Yes, interest rates are still somewhat high but as I’ve said before…shopping around for rates can result in some happy surprises.  Lenders are chomping at the bit to lend and are doing everything possible to work with buyers.

You can also find some sellers, as well as home builders, who are offering a “buy down”—essentially help with lowering the interest rate for a set period of time until you are able to refinance and lower the interest rate yourself.  (see my YouTube video link below)

Some of these options can sound confusing but that’s why you’ve got me.  I’ve been around for most every cycle imaginable and know the in’s and out’s of it all so you don’t have to.  I can work with your needs, wants and budget requirements to help you find something that is just the right fit for you and your family.

 

Perhaps you’ve waited until after election day to buy or sell?  Well, that day will soon be here.

 

Perhaps you want to wait until next year to buy or sell?  That day will soon be here as well.

 

It’s not too early to start implementing a plan for your 2025 buying or selling needs and the sooner we start talking, the sooner you will have that plan ready and you’ll be that much further ahead of those who wait.

 

I look forward to meeting with you sooner than later because as you’ll see as you read further down…Time is of the Essence…. or “the early bird gets the worm” as they say.  In this case, the early bird gets the opportunity to grow their personal assets first.  I like to see my clients get a jump on the rest as I know the excellent opportunities of which they can avail themselves.

 

Give me a call today at 719.593.1000 or email me at Harry@HarrySalzman.com and together let’s see how your Residential real estate dreams can become reality in the best time frame for you.

 

And, if you’ve got two minutes, check out my new and improved video podcast and discover how you can purchase a fabulous home at a “buy down” on the mortgage which essentially means a lower monthly payment for the first year or two.   Here’s a picture of a chart I featured in the video.  If you have any questions, just ask.

 

                                                                                            (*all financial numbers are approximate)

 

Click on the link below and you will be directed to my personal YouTube channel.

 

https://youtu.be/mADrPVkY1lE

 

While you’re at it you might want to subscribe to my channel, so you won’t miss future broadcasts.  It won’t cost you anything…well, it could cost you… if you miss some of my informative musings!)

 

MORE PEOPLE ARE LISTING THEIR HOMES RECENTLY…WHY?

Keeping Current Matters, 10.17.24

As I mentioned earlier, most “normal” or “traditional” housing cycles see around 40% of the buying and selling take place between April and June each year.  

Well, there’s been nothing quite “normal” in the Residential real estate market for some time now. This year we saw mortgage interest rates come down at the same time the number of homes on the market usually starts to decline.  So, what happened?  More homeowners decided to sell, so more homes came on the market.  This is true here in Colorado Springs as well as nationally.

The most recent data from Realtor.com reveals that in September the number of homes put up for sale increased by 11.6% nationally compared to this time last year.  Locally, we saw an increase in listings of 7.1% in single-family/patio homes and 34.4% for condo/townhomes.  

As the green circle in the graph below shows, the typical September decline nationally in homes coming to the market did not happen—the number actually went up.  See below:

 

 

Ralph McLaughlin, senior economist at Realtor.com explains why there was an unseasonable rise: “This sharp increase is largely due to the decline in mortgage rates in mid-August, enticing homeowners to sell.”

 

So, What Does This Mean If You’re Looking to Buy a Home?

It means more fresh options to choose from than you have had for a while—not the ones that have simply been sitting around unsold.

However, keep in mind that mortgage rates have been ticking up a bit slightly in recent weeks, which could limit the number of folks who feel comfortable with the idea of selling in the months ahead.  And in the recent market, it’s mortgage rates that are largely driving homeowner decisions.

 

Why Buy Now, Rather Than Wait?

As I mentioned earlier, whether you are looking for a starter home, an upgrade or hoping to downsize, you have more homes from which to choose right now.  And if you can find what you are looking for, remember that these new fresh options won’t be on the market forever.  

One month does not make a trend. So, what does that mean going forward?  Whether more homeowners continue to put their homes on the market will largely depend on what happens with the mortgage rates and the economic factors that impact them, like inflation, employment and the reactions by the Federal Reserve.  

 

With that in mind—if you are ready, willing and able, now might be the best moment while more homes are available.

Lawrence Yun, chief economist at the National Association of Realtors (NAR) explains:

“The rise in inventory—and, more technically, the accompanying months’ supply—implies home buyers are in a much-improved position to find the right home and at more affordable prices.”

 

Bottom Line?

Once again—if you are ready, willing and able—NOW is the time for us to get together and see how we can make all the above work for your individual situation.  Just give me a call and we can get the ball rolling.

 

AND IN THE SAME VEIN….an Infographic

Keeping Current Matters, 10.18.24

 

A Few Highlights:

• You may be torn between buying a home now or waiting.  But don’t forget to factor in the equity you’ll gain as prices rise as well as the greater choices you have now.

 

• Experts forecast prices will climb over the next 5 years—and based on those forecasts you could gain about $90k in equity in that time.

 

• You could wait, but you’ll miss out on a lot of equity if you do.  So why not start growing your wealth now in a home that fits your present and future life.

 

• Once again…. let’s talk and see if this is the right time for you.  Call me at 719.593.1000 today.

 

ERA SHIELDS QUARTERLY STAT PACK

Data through September 2024, ERA Shields

Here is data from my company’s quarterly “Stat Pack” that can better help you understand the local buying and selling reality.  I have reproduced the first page, and you can click here to get the report in its entirety.

 

 

FEATURED LISTING:  

It’s the one I featured in my YouTube video link above with the “buy down” offer.  

Be sure to check it out.  I don’t expect it to last long.

October 10, 2024

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

MORTGAGE RATES HAVE FALLEN TO THEIR LOWEST LEVEL IN TWO YEARS… BUT BUYERS AND SELLERS ARE STILL MOVING SLOWLY

Last week the average 30-year mortgage rate dropped to 6.08% from 7.31% one year ago.  The last time the average rate was lower was on September 15, 2022, when it was 6.02%.  And rates for 15-year fixed rate mortgages rose a bit from 5.15% to 5.16% last week, according to Freddie Mac.

While these rates are certainly better, they don’t appear to be incentive enough to convince those who have been waiting to sell to enter the market.  And why is that?

Well, several reasons come to my mind.  To begin with there are those who refinanced when rates were historically low several years ago and they don’t want to give up those low rates.

Then there are those who are waiting for the Federal Reserve to lower the Fed Fund rate even more in hope that mortgage interest rates will follow.

And lastly, there are those who are waiting for the outcome of the Presidential election before committing to a move.

All of these reasons are understandable and when you look at the new statistics below you can see how they are affected by the above reasons.  

Compared to a year ago in single-family/patio homes, sales are down, new listings are holding steady, and home values are holding their own.  The median sales price is up 2.1%.

For condos/town homes most everything is up compared to last year.

The biggest take from all of this is that home values are not going down and are continuing to rise.  

What does that mean if you have been sitting on the fence when it comes to making a move?  Well, you’re going to pay more for your new home than you might today. So, the possibility of a lower interest rate might not make a lot of difference if your new home costs more than it would today.

I don’t have a crystal ball and can’t predict what will happen to rates or what will happen in the Presidential election.  But I can say with conviction that home prices are not going to be going down anytime soon, if ever.

As I’ve always said and will repeat again—there are always those who need or want to buy and those who need or want to sell.  

What that means is that there are always going to be potential buyers for your home if you are thinking of making a move.  Homes are not going to sell in record time with multiple offers over list price, but if your home is priced right, you are likely to find a buyer.

Listings are slowly going up as I mentioned and as that continues there will be much more competition for your home than if you put it on the market now.  With fewer available homes for sale, your home is likely to get more attention today.

How does this affect you?  If you’ve even been thinking of making a move, NOW is a great time.  It’s never too early for us to get together and see how we can begin to get a better picture of how to take your wants, needs and budget requirements and use them for the best outcome for you and your family. 

With 51+ years in the local Residential real estate arena couple with my investment banking background, I’m your guy when it comes to helping you put all the pieces of the buying and selling process together.

Simply email me at Harry@HarrySalzman.com or call me at 719.593.1000 and let’s get started today. 

 

And, if you’ve got one minute and 59 seconds, check out my new and improved video podcast. Click on the link below and you will be directed to my personal YouTube channel.

https://youtu.be/FTIurvVlCsc

 

While you’re at it you might want to subscribe to my channel, so you won’t miss future broadcasts.  It won’t cost you anything…well, it could cost you… if you miss some of my informative musings!)

 

To my Jewish friends and clients, I’d like to wish you a very healthy, happy New Year.

 

Now for statistics…

 

SEPTEMBER 2024

Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS

Here are some highlights from the September 2024 PPAR report.  You might note that while homes are selling at close to asking price as in the past several months, the days on the market are a bit longer.  I expect both to change if interest rates go down more.

 

In El Paso County, the average days on the market for single family/patio homes was 40.  For condo/townhomes it was 55.  

 

Also in El Paso County, the sales price/list price for single family/patio homes was 99.2% and for condo/townhomes it was 98.7%.  

 

In Teller County, the average days on the market for single family/patio homes was 63 and the sales/list price was 97.7%.

 

Please click here to view the detailed 10-page report, including charts.  If you have any questions about the report or to find out how it relates to your individual situation, just give me a call.

 

In comparing September 2024 to September 2023 for All Homes in PPAR:

                        

                        Single Family/Patio Homes:

·       New Listings were 1,331, Up 7.1%

·       Number of Sales were 933, Down 7.4%

·       Average Sales Price was $535,023, Down 1.1%

·       Median Sales Price was $485,000, Up 2.1%

·       Total Active Listings are 3,392, Up 36.6%

·       Months Supply is 3.65, Down 4.9%

 

 

Condo/Townhomes:

·       New Listings were 250, Up 34.4% 

·       Number of Sales were 140, Up 6.9%

·       Average Sales Price was $385,706, Up 4.4%

·       Median Sales Price was $370,000, Up 5.7 %

·       Total Active Listings are 627, Up 71.3%

·       Months Supply is 4.5, Up 10.4%

 

SEPTEMBER 2024 MONTHLY INDICATORS AND LOCAL MARKET UPDATE ILLUSTRATE OUR LOCAL TRENDS IN DETAIL

Colorado Association of REALTORS^{® ,} Pikes Peak REALTORS Service Corp, or it’s PPMLS

Providing greater detail than the above report, this contains information on both El Paso and Teller counties for Residential real estate.  

The “Activity Snapshot” for all residential properties in El Paso and Teller counties shows the Year-to-Date one-year change:

 

• Sold Listings for All Properties were Down 7.2%

 

• Median Sales Price for All Properties was Up 0.1%

 

• Active Listings on All Properties were Up 29.6%

 

You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographical are of your choice from the 18-page Local Market Update.  It’s a good idea to check out your own area or one that you might be considering in order to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

 

THE TOP THREE REASONS AFFORDABILITY IS IMPROVING

Keeping Current Matters, 10.4.24

 

Some Highlights:

 

• Affordability is based on three key factors:  mortgage rates, home prices and wages.

 

• Today, it’s improving quickly as rates come down, prices level off, and wages climb.

 

• If you’ve put your search on pause, now is the perfect time to get ready to jump back in.  Give me a call today and let’s see how all three factors can work for you.

 

 

AND ONE OF THE QUESTIONS I’M ASKED THE MOST…” BUY NOW OR WAIT UNTIL AFTER THE PRESIDENTIAL ELECTION?”

Keeping Current Matters, 9.27.24

 

Bottom Line:

• If you, like many others, are wondering if you should wait until after the election or buy now here’s what you might want to know:

 

• If you wait for rates to drop more, you’ll likely have to deal with more competition and higher prices when additional buyers jump back in the market.  But if you buy now, you’ll be getting ahead of that and have the chance to start building equity now.

 

• I can help you look at all the options and see what could work best for your individual situation.

 

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, September 2024

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report. 

This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.

Below is a reproduction of the first page of graphics. To access the full report, please click here.  And if you have any questions, give me a call.

 

 

UCCS ECONOMIC FORUM MONTHLY DASHBOARD   

Updated September 2024, UCCS College of Business/Economic Forum

Here is the monthly report from the UCCS College of Business Economic Forum.  It is created by professor Dr.Bill Craighead, who is the Forum Director.  He also publishes an on-line “Weekly Economic Snapshot” you might enjoy. 

I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month.  

I’ve reproduced the first page of the charts below.  To access the report in its entirety, please click here.  

 

 

September 24, 2024

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

RATES, RATES, AND MORE  (LOWER) RATES…

As you’ve probably heard, the Federal Reserve finally lowered the short-term federal funds rate last week by ½ a percentage point.  Some say too little too late, but for those who have been waiting for a drop in the home mortgage lending rates, some relief will likely soon be coming.

While mortgage rates are not directly tied to the federal funds rate, the lowering of that rate usually is followed by a reduction in the home lending rates as well.  And, as you probably know, mortgage rates have been slowing going down in recent days,

This will certainly help those who have been waiting for rates to drop but for those who are nostalgic for the historic rates of several years ago…sorry…I doubt we will ever see rates that low again.  

The current conventional rates of around 5.875 for a 30-year fixed-rate mortgage (FHA/VA are around 5.375 for same terms) are quite normalized and should be dropping a bit more before year’s end.  Having been in this business for 51+ years, I’ve seen rates as high as 18% so today’s rates don’t look too bad.

But let’s talk more about rates for a moment, shall we?  High interest rates can keep some, and most especially first-time buyers, out of the market. However, it’s very good to remember a couple of very important things.

As you’ve probably seen from our local Residential real estate statistics that I publish the first eNewsletter of each month…our home values are continuing to appreciate which means that home equity is growing for most all local homeowners.  

What that means is if you are delaying a move due to the interest rates you are likely going to be paying more for your next home.  And your present home is probably worth more than you might think which could provide you with additional dollars to put down on the next home.  

Together those two facts can make it easier to understand exactly what a new home will cost you.  On top of that, if the rate drops, you can always refinance down the line, all the while earning equity on your new home which you’d likely pay more for later.

Make sense?

Essentially, it’s important to know what your wants, needs and budget requirements are before beginning the search and that will make everything much easier.  

Just give me a call today at 719.593.1000 or email me at Harry@HarrySalzman.com and together let’s see how your Residential real estate dreams can become reality.  

 

THEY DON’T CALL ME “MR. NEGOTIATOR” FOR NOTHING

With my background in Investment Banking and 51+ years working for clients in the local Residential real estate arena, my expertise in negotiation is legendary.  That is a big plus for my clients and one that has saved them a lot of time and money over the years.

I just came across a quote attributed to President John F. Kennedy and I could totally relate so wanted to share it with you.  I’m fairly certain he wasn’t thinking of Residential real estate when he said it, but it’s applicable none the less:

 

“Let us never negotiate out of fear but let us never fear to negotiate.”

 

AND NOW MORE ON THE NEW CHANGES TO COMMISSIONS ON RESIDENTIAL real estate

The Wall Street Journal

I wanted to share this link to a podcast from The Wall Street Journal.  Simply scan the QR Code below for information on the settlement that was reached and find out how this has changed the way real estate agents collect commissions.  You can refer to my last several eNewsletters for additional information or simply give me a call and I’ll do my best to explain it further.

 

 

HOW GROWING INVENTORY BENEFITS TODAY’S BUYERS…an Infographic

Keeping Current Matters, 8.23.24

Some Thoughts:

• Our total active listings on single family/patio homes in El Paso County are up 37.2% year-over-year and new listings are up 14.1% year-over-year as of the end of August 2024.
• What that means to you is that when you buy you have more negotiation power (that’s where I come in!).  

 

SHOULD YOU SELL NOW?  LIFESTYLE FACTORS THAT COULD TIP THE SCALE

Keeping Current Matters, 9.3.24

If you are on the fence about whether to sell now or hold off, you’re not alone.  It’s a common dilemma, but a key point is that your lifestyle might be the biggest factor in your decision.  While financial aspects are important, at times the personal motivations for moving are reason enough to make the move now rather than wait.

An annual report from the National Association of Realtors (NAR) offers some insight into why homeowners might choose to sell.  All of the top reasons are related to life changes, as the graph below highlights:

 

 

The biggest motivators were the desire to be closer to friends or family, outgrowing their current house, or experiencing a significant life change like getting married or having a baby.  The need to downsize or relocate for work also made the list as you can see.

As Danielle Hale, chief economist at Realtor.com explains:

“A consideration today’s homeowners should review is what their home equity picture looks like.  With the typical home listing price up 40% from just five years ago, many home sellers are sitting on a healthy equity cushion.  This means they are likely to walk away from a home sale with proceeds that they can use to offset the amount of borrowing needed for their next purchase.”

If any of these factors are important to you at present, just give me a call and let’s discuss how I can help make your move an easier one, and one based on informed, confident facts that fit your individual situation.

After all, no two houses are exactly alike, and no two families are either.  That’s why I find it so important when we’re discussing what is likely your most expensive investment to make sure all the pieces of the puzzle fit perfectly for you and your family.

 

ERA SHIELDS STAT PACK

Data through August 2024, ERA Shields

Here is data from my company’s monthly “Stat Pack” that can better help you understand the local buying and selling reality.  I have reproduced the first page, and you can click here to get the report in its entirety.