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Enewsletter - January 25, 2010

by Harry Salzman

HARRY’S COLUMN

EVERYBODY LOVES COLORADO SPRINGS

On January 21, 2010, the Colorado Springs Regional Development Corporation released their annual report on the economy of Colorado Springs in 2009. In their 20 page report, they included some references to our city in various national publications. In no particular order, here are some of the recognitions that Colorado Springs received in 2009:

The University of Colorado at Colorado Springs was ranked 6th best in the nation for engineering and the quality of all programs – U.S. News and World Report

3rd Best Cities for a Housing Recovery – Forbes.com

24th Metro Least Touched by Recession – Business Week

One of the best Southwest cities for defense jobs – FedSmith.com

9th in America’s Best Midsize Metropolitan Areas – MSNBC

10th on the list of Best Places for Business and Careers – Forbes Magazine

8th best city to find a fresh start – Business Week.com

6th top city for defense jobs – ClearJobs.com

9th in America’s “Best Bang For The Buck Cities” – Forbes.com

3rd Midsize Magnet city – Next Cities

14th for areas with the cleanest air – American Lung Association

Best Place to Live – Outside.online

7th Best City to Raise an Outdoor Kid – Backpacker Magazine

3rd most-obsessed sports town in America – Men’s Health Magazine

2nd fittest city in the country – Men’s Fitness Magazine

One of the top “10 Best Drivers’ Cities in America” – Car and Driver Magazine

10th best drivers – Allstate America’s Best Drivers Report

Well, this is all fine and dandy, but many people think it might be a good idea to keep all this positive P.R. a secret. They don’t want everybody in the world to know what a great place this is to live. But we wanted you, our readers, to know, so you could take advantage of the opportunity to buy real estate right now, while prices and interest rates are low and before the secret is out.

APRIL 5 AND APRIL 30 – TWO DEADLINES FOR BUYERS AND SELLERS

There are two upcoming deadlines that will affect both Buyers and Sellers of real estate nationally. We will outline both of these deadlines here:

The first deadline for Buyers and Sellers is April 5, 2010. On that date, the Department of Housing and Urban Development will initiate new regulations for FHA loans. Among the changes that will take affect on that date are:

1. The mortgage insurance premium for FHA mortgage insurance on loans which are assigned on or after April 5, 2010 will be raised from 1.75% to 2.25% of the loan amount.

2. Individuals who have a credit score of less than 580 will be required to pay a minimum down-payment of 10% of the sales price, rather than the traditional minimum of 3.5%.

3. The percentage of loan fees and closing costs which the seller is allowed to provide will be reduced from 6% to 3%.

These changes will make purchasing a home more expensive for Buyers and will reduce the incentives that Sellers can offer to prospective Buyers.

Because there will probably be a lot of people who want to beat this deadline, there could easily be a backlog of loan applications, so we are advising our clients to buy in March, to insure that their loans will be assigned by April 5, 2010.

The second deadline involves the Homebuyers Tax Credit, which provides for a tax credit of $8000 for first-time Buyers and up to $6500 for repeat Buyers. This tax-credit will no longer be available for anyone who does not have a contract in place by April 30, 2010 and which must close by June 30, 2010. Please give us a call to discuss the details of this program which could be a very valuable benefit to you.

Buyers, please contact us to learn more about the soon-to-be-expired opportunities for purchasing your home. Sellers, please contact us for information about marketing your home, especially for assistance in properly pricing your home in this competitive market.   

The bottom-line for both of these significant deadlines is that, whether you are a prospective buyer or seller,  NOW IS THE TIME TO MAKE YOUR MOVE  !!!

NEW IRS FORM AVAILABLE FOR FIRST-TIME HOMEBUYERS CREDIT

Department of the Treasury Form 5405 is now available online for individuals claiming their tax credit as first-time homebuyers, or, as repeat buyers. Click here for a copy of the form.

U.S.CONSUMER CONFIDENCE REACHES HIGHEST LEVEL SINCE SEPTEMBER 2008.

After declining throughout much of 2009, American consumer confidence improved sharply in January 2010, returning to levels not seen since the financial crisis began in September, 2008. This was reported in the most recent results of the RBC CASH (Consumer Attitudes and Spending by Household) Index, as reported in RISMEDIA. Driven by the largest-single-month gain in expectations for jobs since the inception of the Index eight years ago, the RBC Index for January 2010 stands at 58.3, up 19.3 points from its December 2009 reading of 39.0.

On the local front, sales tax collections rose 2.54% in December 2009, compared to December of 2008. This represented the largest monthly gain since January of 2008 and was the second consecutive year-to-year gain, in spite of the fact that local unemployment in November, 2009 was reported at 7.3%. Compared to the reported national unemployment figure of 10%, that would place us about 20% better-off than the rest of the country.   

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 37 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.

Just click on the icon at the top of this email to listen to my latest podcast. ….And, if you would like to learn more about our Job Loss Protection Program, or, about our CyberHomes Complete Market Analysis of a property, please contact us. 

JOKE OF THE WEEK

 A man receives a call from his Credit Card Company,

“Sir, we have detected an unusual pattern of spending on your card, and we are calling to see if everything is alright.”

"Yes,” replied the man. “My card was stolen over a month ago.”

“Why didn’t you report your card as stolen?” asked the card company representative.

The man replied, “Well, whoever stole my card is spending a lot less than my wife!”

 

Enewsletter - January 19, 2010

by Harry Salzman

HARRY’S COLUMN

INCENTIVES ARE THE BUZZWORD

Considering wherever you might be within the current position of your business cycle, various types of incentives are what will create the positive change. Incentives can be all types, from the Federal Government, to states and cities; from the Seller who must sell their house to using various bonuses to attract a Buyer.

In order to receive the greatest rate of return, here are some examples of marketing concepts that we have found to be mutually beneficial – whether you are a Buyer or a Seller. (Because all elements affecting real estate values, marketability, timeliness, etc., are localized, the enticements presented here are focused on the Colorado Springs area. Many of these ideas can certainly be correlated to other cities.)

One example of our services that can positively affect a client is our “incentive” of “Job Loss Protection”.

In the past week we have referred a doctor who is moving to Colorado Springs from Philadelphia to the proper real estate company to sell his house in Philadelphia.  We met with a local Seller who will be moving to Tennessee, to place their home in the Monument area on the market. In both cases, our “Seller” can use our Job Loss Protection as a great benefit to outperform their listing competition.

To remind our readers of the highlights of that marketing advantage, it is patterned after what Hundai Motors has done since 2008.  We’re sure you have seen their ads on TV. In a nutshell, what we offer is that, from the time of a closing, if a Buyer loses their job and gets “laid off”, we have a non-profit firm in Virginia to subsidize the Buyer’s monthly payment up to $1800 per month for up to 6 months. In order for the Buyer to obtain that terrific benefit, all they have to do is demonstrate that they are receiving  unemployment benefits from the state.

In order to fund this selling enhancement, at the time of closing, the Seller is debited only $500 on their HUD statement. It therefore reduces the capital gain upon the sold property.  We have found that this feature is a definite win for both the Buyer and the Seller.

Some other enticements that we offer to our Buyers, Sellers, corporate accounts, etc., are.:

Cyberhomes Complete Market Analysis for prospective Buyers

One year of Home Owner Association Fee

Family Gym Memberships

Riding Lawnmower (park in garage with a large bow and sign)

One year of Property Insurance

Snow Blower (park in garage with a large bow and sign)

One year paid Lawn Care, Maid Service, Snow Removal, etc

Gift card to Home Depot or Lowes

Gift cards for local Fine Dining.

Allowance for upgrades such as Hardwood Floors, Counter tops, Appliances, Light Fixtures

Allowance to upgrade Kitchen / Bath

Interest Rate Buy Downs

Prepay real estate Taxes for 6 months to a year

Pay Buyers Closing Costs

Bonus Commission to the Selling Agent

½ Day Packing Service

Packing Materials

Staging

Reimburse Inspection Fee upon closing

Just look at everything you’re missing, if you don’t buy a house from us !!!!

We welcome the opportunity to see how we can implement these ideas into your individual needs to outperform your competition.

WHY YOU WILL BENEFIT AS A real estate INVESTOR

We can no longer say, “Well, it’s business as usual”, or, “Well, the last time we came out of a recession, we did …..”. There are an absolute different set of criteria staring at us in the mirror. Here are some thoughts that, when implemented properly, should put some money into your pockets.

No matter what city you are reading this from, because it goes nationwide, these issues can be localized and are not exclusive to Colorado Springs. We are seeing an above average demand for good-quality rental homes, from both investors and from tenants. You see, it is our belief that many people who are losing their homes due to a foreclosure or short sale are still “credit worthy”. Their foreclosure problem might be because they were placed into the wrong mortgage by their lender. In other words, perhaps they didn’t meet a conservative type of qualification for the type of mortgage loan that their lender advised them to obtain. We are talking about millions, yes, millions of loans that were provided with “built-ins” like; zero funds down, a negative ARM, a loan of 105% to 125% of the sales price, etc.

Those people do not seem to be like the same borrower profile that the industry had to deal with prior to about 2005.

The increase in rental demand that we are seeing requested for rental homes today are from a tenant profile of a family which has been a recent property owner. They have typically maintained proper care for both the interior and exterior of their homes. Another major reason that the “tenant profile” has been established is because they were advised to obtain a mortgage with an adjustable rate. When the lender went to re-establish the new rate, the market value of the property was considerably below the current loan balance. Based upon the negative equity in the home, lenders either required the borrower to pay down the current loan balance or, if the homeowner was either unable or unwilling to do so, the lender began the foreclosure process.

Based upon a huge increase in this type of foreclosures and short sales, those former homeowners are increasing. There are many more people who must rent a home today, compared to the number of tenants prior to the middle of the past decade.

The point is that we are seeing a much greater demand for nicer rentals than we have seen in past years.

This ‘tenant profile’ should be a better quality tenant because they are used to properly taking care of their personal home.

Therefore, since the market is providing the investor with:

            A better quality of tenant

            The ability to select a better quality of rental house to buy

            Record low interest rates for a “non-owner occupant”

            Appreciation in housing values because of the looming inflation

You should probably give us a call to allow us, as an investor advisor, to give you some ideas of how the Colorado Springs residential market can be a positive factor in your investment portfolio.

GAZETTE PUBLISHES MOST RECENT HIGH-SCHOOL GRADUATION RATES

The Colorado State Board of Education has released the local high-school graduation rates for 2009. You will note that, among the best performing districts, are Academy (2), Lewis-Palmer (38) and Cheyenne Mountain (12). Courtesy of the Gazette, we are linking the statistics here.

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 37 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.

To hear my latest podcast, just click on the icon at the top of this email and, if you would like to learn more about our Job Loss Protection Program, or, about our CyberHomes Complete Market Analysis of a property, please contact us. 

JOKE OF THE MONTH

Once upon a time, in a place overrun with monkeys, a man appeared and announced to the villagers that he would buy monkeys for $10 each.

The villagers, seeing that there were many monkeys around, went out to the forest, and started catching them.

The man bought thousands at $10 and as supply started to diminish, they became harder to catch, so the villagers stopped their effort.

The man then announced that he would now pay $20 for each one. This renewed the efforts of the villagers and they started catching monkeys again. But soon the supply diminished even further and they were ever harder to catch, so people started going back to their farms and forgot about monkey catching.

The man increased his price to $25 each and the supply of monkeys became so sparse that it was an effort to even see a monkey, much less catch one.

The man now announced that he would buy monkeys for $50! However, since he had to go to the city on some business, his assistant would now buy on his behalf.

While the man was away the assistant told the villagers, “Look at all these monkeys in the big cage that the man has bought. I will sell them to you at $35 each and when the man returns from the city, you can sell them to him for $50 each.”

The villagers rounded up all their savings and bought all the monkeys.

They never saw the man nor his assistant again, and once again there were monkeys everywhere.

Now you have a better understanding of how the stock market works

Enewsletter January 11, 2010

by Harry Salzman

HARRY’S COLUMN

TOWN HALL MEETING PREDICTS GROWTH FOR PIKES PEAK AREA

On January 7, 2010, we had the opportunity to attend the “Town Hall Meeting” conducted by Fred Crowley, PhD, of the Southern Colorado Economic Forum. In this meeting, Dr. Crowley analyzed our local economy in 2009 and made projections for 2010. Some of the significant charts which he used to illustrate his various points are linked here, for your information.

The Business Condition Index for El Paso County illustrates that our local economy has bottomed out and is starting to rebound, as we have been predicting for the past several months. The PPAR monthly statistics which give the details of how our local real estate fits into this overview of business conditions show the same kind of encouraging growth.

The Annual Growth Rate of our gross domestic product shows the positive direction of the nation, including Colorado, but Colorado Springs leads both the nation and the state in its recovery.

One of the best growth industries has been “Professional and Technical Services”, with companies in this field employing large numbers of skilled workers. Again, Colorado Springs is a leader in this area.

Per capita sales tax revenues has shown a consistent annual decline, with another decline predicted for 2010, primarily because of slow sales in ‘big ticket’ items and housing, plus the continuing growth of consumer purchasing on the internet.

The specific economic projections for El Paso County show encouraging signs of recovery in 2010, with increases in population, wages, personal income, retail activity and housing permits.

If you would like a copy of this very informative 100+ page report, just give us a call or send us an email and request a copy and we will be happy to forward one to you.  

PIKES PEAK ASSOCIATION OF REALTORS ISSUES YEAR-END STATISTICS

The recently-issued PPAR year-end statistics contain some encouraging information for prospective home buyers and sellers.

The total number of single-family home sales in Colorado Springs in 2009 was 25.9% higher than it was in 2008, with December showing the seventh consecutive monthly increase.

The average home sale price in December 2009 was $223,143, compared to $214,062 in November 2009 and $227,376 in December 2008.

The median home sale price in December 2009 was $192,500, compared to $187,950 in November 2009 and $180,000 in December 2008.

A very significant statistic was “Total Active Listings”. At year end, that number was 3951, compared to 4951 at the end of 2008. That translates into a reduction in inventory of 20.2%.

The number of homes sold in 2009 in Colorado Springs was 8745, compared to 8339 in 2008, for an increase of 4.9%

All of these numbers demonstrate that, during 2009, there was a definite decrease in the “supply” of available homes, together with an increase in both median and average prices.

real estate SETTLEMENT PROCEDURES ACT CHANGES AS OF January 1, 2010

Some new RESPA changes were established to provide borrowers with essential information about and adequate time to understand the terms of their home mortgage loans.

Under the new regulations, lenders, mortgage brokers an closing agents will be required to provide borrowers with an easy-to-read Good Faith Estimate (GFE) that will clearly answer the key questions they may have when applying for a mortgage, including:

            What is the term of the loan?

            Is the interest rate fixed, or, can it change?

            Is there a prepayment penalty should I choose to refinance at a later date?

            Is there a balloon payment?

            What are the closing costs?

The new GFE will consolidate closing costs into major categories and display total estimated settlement charges prominently on the first page so the borrower can easily compare loan offers. Loan originators are required to provide borrowers with the GFE within three days of receipt of a completed mortgage application. To allow borrowers the opportunity to compare loan offers, the loan originator cannot require verification of application information (tax returns, etc.) until after the applicant receives the Good Faith Estimate and makes the decision to proceed with the loan.

Under the new regulation, closing agents will now be required to provide borrowers with a new three-page RESPA Reform Settlement (HUD-!) that clearly compares final settlement costs with the GFE costs. Lenders will be working more closely than ever with closing agents to ensure compliance with the new HUD-1 Settlement Statement.

We understand the impact of this new rule and its implications in the purchase process and this is another reason why We should be your Realtor.

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 37 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.

Just click on the icon at the top of this email to listen to my latest podcast. ….And, if you would like to learn more about our Job Loss Protection Program, or, about our CyberHomes Complete Market Analysis of a property, please contact us. 

JOKE OF THE WEEK

In honor of the upcoming Super Bowl, we are listing some of the cleaner jokes about the various teams that play in the NFL. (Don’t blame us …We didn’t make these up).

The Seven Dwarfs were marching through the forest one day they fell in a deep, dark ravine. Snow White, who was following along, peered over the edge of the steep chasm and called out to the fallen dwarfs. From the depths of the dark hole a voice returned, "The Seattle Seahawks  are Super Bowl contenders."

Snow White thought to herself, "Thank God... at least Dopey's survived!"

Why do San Diego Chargers players keep their Wonderlic results on their dash boards?

So they can park in the handicap spaces.

What do you get when you put the girlfriends of a dozen Tennessee Titans fans in one room?

A full set of teeth!

Why did the NY Jets players miss their flight for the big game?

They were stuck on a broken escalator!

If you see an Oakland Raiders fan on a bike, why should you not swerve to hit him?

It could be your bike.

You're trapped in a room with an angry grizzly bear, a hungry Lion, and a fan of the Oakland Raiders. You have a gun with two bullets. What should you do?

Shoot the Raiders fan… twice.

What do you call a Buffalo Bill’s fan with half a brain?

Gifted!

Why the Arizona Cardinals are like a possum?

Because they play dead at home and get killed on the road.

What did the average San Francisco 49er player get on his Wonderlic test?

Drool!

Why did The Dolphins choose Orange for the team color?

So the fans could wear it on Saturday to the game, on Sunday to go hunting, and the rest of the week picking up garbage on the highways.

What's the difference between a winning Raiders team and a UFO?

Someone has seen a UFO.

What do you call a Cleveland Brown with a Super Bowl ring?

A thief

Why doesn't Columbus, Ohio have a professional football team?

Because then Cleveland would want one.

What do you call the Broncos on their opponents 10-yard line?

Lost

What's the difference between a Raiders fan and a Chimp?

Ones hairy, stupid and smells, and the other is a Chimpanzee.

What do Raiders fans and laxatives have in common?

Both irritate the absolute crap out of you.

What do you say to a Raiders fan with a job?

"I'll have a Big Mac, fries and a coke, please."

What's the difference between the Buffalo Bills and a dollar bill?

You can still get four quarters out of a dollar bill

Enewsletter -January 4, 2010

by Harry Salzman

HARRY'S COLUMN 

TWO GOOD REASONS FOR BUYING YOUR HOME RIGHT NOW

1. The Federal Tax Credit of $8000 for First Time Home Buyers ($6500 for Home Owners) is, essentially, a discount on the price of your new home. 

2. The El Paso County Bond Program which was announced last week offers 30 year, 4.625% fixed rate mortgages to qualified Buyers who do not need down-payment assistance. This is a below-market rate. These Bond Program loans are available for homes throughout El Paso County, including the City of Colorado Springs. This is a great opportunity to lock in a very attractive loan on your new home.

To be eligible for these Bond Program loans, Borrowers cannot have owned a home in the past 3 years, unless they are purchasing a home within a "Targeted Area". (Targeted Areas are census tracts designated by the IRS and will be specifically identified in the Agreement.) Note that Qualified Veterans are exempted from the First-time homebuyer requirements.

The maximum family incomes that qualify for these loans are:

For families of 2 or fewer, $71,000, if buying within Non-Targeted areas, or, $85,200, if buying in a Targeted area.

For families of 3 or more, $81,650, if buying within Non-Targeted areas, or, $99,400, if buying in Targeted areas.

To be eligible, a family home must have a maximum acquisition cost of $283,000 in Non-Targeted areas, or $ 347,000 in a Targeted area.

This program will be excellent for Veterans who do not need assistance with their down-payment and the seller can pay all closing costs and prepaids, allowing the Vets to buy with no cash out-of-pocket. It is also great program for FHA borrowers who have their own down payment or who can get a gift from relatives.

Families which need assistance with the down-payment are also eligible for this program, but the interest rate goes up to 5.125%. This is still a below-market rate.

If you have any questions about this new El Paso County Bond Program, or about the Federal Tax Credit for Homebuyers, please give me a call.

Who says there is no Santa Claus?

A TEN YEAR OVERVIEW OF YOUR INVESTMENTS ...WHAT'S THE BOTTOM LINE ??

Everyone has an investment strategy. Some people play the stock market, some people play the ponies, some keep their money in a shoe box under the bed. Over the past ten years, however, the best investment by far has turned out to be Residential real estate.

During the last ten years, if you kept your money in a shoe box, it would not have grown at all (in fact, with inflation, it would now be worth much less than it was when you put it under the bed). If you played the ponies, we'll bet you ten to one that you lost money. But, the really bad news is that, according to the Wall Street Journal (Jan. 4, 2010), if you played the stock market, you also lost money. In fact, according to their summary of the last ten years of stock market changes, the shoe-box strategy might even look good.

WSJ reports that, over the past ten years, the Dow Jones Industrial Average has gone down 9.3%. The Standard and Poor 500 has gone down 24.1% and the Nasdaq Composite has gone down 44.2%. What an unpleasant surprise !!! Just think about the hours you spent studying the market and talking to your Broker, the charts you have pored over and the sleep you have lost trying to increase the value of your investments. And it turns out you would have been money ahead if you had just bought a house in Colorado Springs.

During the past ten years, while their owners were knocking themselves out, trying to make a profit, their houses just sat there, increasing in value. In fact, during the past ten years, the average price of a house in the Pikes Peak area has increased $32,976 (18.21%) and the median price has increased $49,960 (35.69%). Whoda thunk it?

Don't let the next ten years pass you by. Buy your first Colorado Springs home now, or, trade up to your dream home today. It's your best investment !!!

NOW HERE'S THE WAY STIMULUS MONEY IS SUPPOSED TO WORK

Connecticut Governor M. Jodi Reil gets our award for putting Stimulus money to productive use. The Governor persuaded Starwood Hotels & Resorts Worldwide to relocate their corporate headquarters from New York to Connecticut. Starwood owns several hotel brands, including the Sheraton, the Westin and W hotels. Their headquarters employs 800 largely executive-level jobs.

Governor Reil used $35 million of federal stimulus money to pay for infrastructure improvements at the selected site and Starwood agreed to lease 250,000 square feet of office space. As part of the incentive package, Starwood was offered a $89.5 million package, which included a $9.5 million low-interest loan, $5 million in sales tax relief and as much as $75 million in tax credits. As a result of this forward-thinking proposal, the Governor has succeeded in creating hundreds of new businesses and new jobs. The 80 acre Starwood site will include a city park, the headquarters of Pitney-Bowes, a boardwalk and a marina, two hotels, three new office buildings and 400,000 square feet of retail space and is scheduled to open in 2012.

Despite a weak economy, Governor Reid has demonstrated that cities and states can attract good primary jobs by wisely investing stimulus money, incentives and tax credits.

Way to go, Governor Reil !!   Bill, please take note !!      

Enewsletter - Dec. 28, 2009

by Harry Salzman

HARRY’S COLUMN

HAPPY NEW YEAR !!!!!

COLORADO NOW OFFERS INNOVATION INVESTMENT TAX CREDIT

The Colorado Innovation Investment Tax Credit provides a state income tax credit for qualified investors who make investments during calendar year 2010 in small, qualified Colorado businesses involved in research and development or manufacturing of new technologies, products or processes. This program is administered by the Colorado Office of Economic Development and International Trade (OEDIT). The program is aimed at stimulating investment in innovative small businesses. For more information, contact OEDIT in Denver.

COLORADO SPRINGS IS RECOVERING FROM THE RECESSION

The December 19 issue of The Gazette reports that “the unemployment rate in Colorado Springs fell to 7.4%, the lowest level of the year”. Compared to the national unemployment rate of 10.4%, this would indicate that our local economy is 30% better off than the rest of the country.

The Gazette article goes on to point out that “most of the indicators, unemployment, sales tax collections, housing construction and sales show that the steep decline the local economy has experienced since 2007 is over”.

Although the article goes on to caution us that it will be a couple of years before we see a complete recovery, this is great news for all of us.

NAR PREDICTS A RISE IN HOME PRICES

The National Association of Realtors is predicting that 2010 will see an increase in the average price of homes. In 2008, the average home price was $198,100, which represented a decline of 9.5% from the previous year. In 2009, the average price went down again, to $172,600, a decline of 12.9%. However, for 2010, NAR is predicting an average home price of $178,800, which will be an increase of 3.6% over 2009. As the economy continues to improve, this increase in home prices is inevitable. Combine this increase in home value with the inflation that all of the experts are predicting, and your real estate investment is obviously your best vehicle for preserving and growing the value of your estate. And don’t forget that the recently extended and expanded federal tax credit for home buyers represents another incentive for buying a home now. Call me !!!

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 37 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.

 Just click on the icon at the top of this email to listen to my latest podcast. ….And, if you would like to learn more about our Job Loss Protection Program, or, about our CyberHomes Complete Market Analysis of a property, please contact us. 

FIRST ANNUAL SALZMAN OPINION SURVEY  

We read a lot about the various national polls that are supposed to tell us what people are thinking. Many times, it seems that these polls don’t reflect what our friends and business associates are saying. So….we are starting an annual poll of what the readers of this enewsletter are thinking. Please reply to the following question and we will publish the results in our next enewsletter.

1. What do you expect the economy to look like in 2010 ? 

            a. A lot better than 2009

            b. A little better than 2009

            c. About the same as 2009

            d. A little worse than 2009

            e. A lot worse than 2009

JOKE OF THE WEEK

A New Year Prayer for the Elderly

God, grant me the senility to forget the people I never liked anyway,
The good fortune to run into the ones that I do, … And the eyesight to tell the difference

Dieting - New Resolutions

2006: I will get my weight down below 180 pounds.
2007: I will follow my new diet religiously until I get below 200 pounds.
2008: I will develop a realistic attitude about my weight.
2009: I will work out 3 days a week.
2010: I will try to drive past a gym at least once a week.

New Year's Day Prayer for One and All

Dear Lord

So far this year I've done well.

I haven't gossiped, I haven't lost my temper. I haven't been greedy, grumpy, nasty, selfish, or overindulgent. I'm very proud of that.  But in a few minutes, Lord, I'm going to get out of bed for the first time in 2010, and from then on I'm probably going to need a lot more help.

Amen

ENewsletter - Dec. 18, 2009

by Harry Salzman

HARRY’S COLUMN

WANT A HOT STOCK TIP?

If a friend recommends a stock to you, before you add it to your portfolio, the first thing you should do is to look at how the stock compares with other comparable stocks. What’s its history? What factors will affect its future performance? Does it represent a good value today and does it have a good potential for growth tomorrow?

O.K. Let’s pretend that your friend has recommended that you buy “stock” in Colorado Springs and let’s pretend that you are evaluating Colorado Springs as you would examine a publically-owned company as a potential investment. How does this community compare to the other cities that you might want to invest in? Here are some of the areas in which Colorado Springs stands out:

1. Our local unemployment rate is 7.2%, as opposed to the national rate of 10% …That’s 28% better than the rest of the country.

2. We are listed in all national surveys, such as Forbes and Money Magazine, as one of the top ten cities for quickest recovery from the recession.

3. According to the Consumer Price Index, we have a cost of living that is 5-8% lower than the national average.

4. The strong, military presence in our local economy provides a stable, reliable source of income and tax revenues. Furthermore, the scheduled addition of thousands of new troops into Fort Carson during the coming years will be a tremendous boost to our economy in the form of increased home sales, retail sales and tax revenues.

5. Our local workforce is skilled and well-educated (Our SAT and ACT scores are outstanding)

So, you would have to conclude that buying stock in Colorado Springs represents a great investment opportunity, right now and for the long haul.

And, to take this process one step further, if you are a potential Homeowner or a potential Investor, consider that home prices are now very attractive, interest rates are at an all-time low and the Federal Tax Credit which is now available to both First-Time and Repeat Home Buyers is just icing on the cake.

To sum it all up, considering all of the above, if this were a stock tip, you would be rushing to add it to your portfolio.

The moral of the story is: BETTER BUY NOW !!!

BROOKINGS SURVEY SHOWS COLORADO SPRINGS LOOKS GOOD    

The non-profit Brookings Institution, in partnership with the University of Nevada, has issued the Mountain Monitor, the first in a series of quarterly reports on the economic recovery in Colorado, Arizona, Idaho, Nevada, New Mexico and Utah. According to the report, “Colorado Springs weathered the downturn better than the average U.S metro”.

 Some of the highlights of the report are:

 Between Sept. 2008 and Sept. 2009, Colorado Springs jobless rate rose only 1.6%, the fifth-best nationally.

Among the 10 largest metro areas, only Colorado Springs and Denver registered year-over-year increases in home prices by the end of the third quarter, primarily because they were not heavily involved in the excessive real estate speculation that caused the bursting of the housing bubble in some other cities.

The report goes on to state, “…Colorado Springs has weathered the recession significantly better than other Mountain metros on almost every measure” and our city “seems poised to renew its upward trajectory as the pace of recovery quickens”.

NEW MORTGAGE SECURITY GUIDELINES PROPOSED

The Federal Housing Administration is reportedly about to announce that the minimum down payment requirement for FHA loans will be raised from 3.5% to 5%. In addition, the monthly FHA mortgage insurance premium is scheduled to increase and the “FICO” score required for Borrowers’ credit worthiness will also increase. We will keep you advised about this issue, as more is announced.

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 37 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.

Just click on the icon at the top of this email to listen to my latest podcast. ….And, if you would like to learn more about our Job Loss Protection Program, or, about our CyberHomes Complete Market Analysis of a property, please contact us. 

JOKE OF THE WEEK

The Devil appears to a Congressman and says, “Look, I can make you rich and famous, guarantee your re-election and make you the darling of the media.”

“Well,” says the Congressman, “what do I have to do in return?”

The Devil smiles, “Well, of course you have to give me your soul,” he says, “but you also have to give me the souls of your children, the souls of your children’s children and, as a matter of fact, you have to give me the souls of all your constituents throughout eternity.”

“OK” the Congressman says cautiously, “What’s the catch?”

Enewsletter - Dec. 14, 2009

by Harry Salzman

HARRY'S COLUMN

WE COULDN'T HAVE SAID IT ANY BETTER - BUSINESS WEEK SAYS, "BUY NOW" !!!

In a Business Week article of Dec. 8, 2009, Marc Roth, the founder and president of Home Warranty of America, dramatically made the following point. "If you want to buy a house, now is the time, and if you don't act soon, you will regret it. Here's why: historically low interest rates."

As of today, the average 30-year fixed-rate loan with no points or fees is around 5%. That is the lowest the rate has been in nearly 40 years and should make all current and prospective homeowners take notice of this once-in-a-lifetime opportunity.

A BRIEF OVERVIEW OF INTEREST RATE HISTORY

In 1970 the rate was approximately 7.25%. After hovering there for a couple of years, it began a trend upward, landing near 10% in late 1973. It settled at 8.5% to 9% from 1974 to the end of 1976. After the rise to 10%, that probably seemed O.K. to most home buyers. But they weren't happy soon thereafter. From 1977 to 1981, a period of only 60 months, the 30-year fixed rate climbed to 18%. And when rates started to decline after that, they took a long time to recede to previous levels. They hit 9% for a brief time in 1986 and bounced around 10% to 11% until 1990. For the next 11 years through 2001, the rates slowly ebbed and flowed downward, ranging from 7% to 9%. We've since spent the last nine years, until very recently, at 6% to 7%. So you can see why 5% is so remarkable.

So, what can we learn from the historical trends and numbers?

First, rates have far further to move upward than downward. For more than 30 years, 7% was the low and 18% the high. The norm was 9% in the 1970s, 10% in the mid-1980s through the early 1990s, 7% to 8% for much of the 1990s, and 6% only over the last handful of years.

Second, the last time the long-term trends reversed from low to high, it took more than 20 years (1970 to 1992) for the rate to get back to where it was, and 30 years to actually start trending below the 1970 low.

Finally, the most important lesson is to understand the actual financial impact the rate has on the cost of purchasing and paying off a home. Typically, for a $200,000 mortgage, if the homeowner were to keep the home for 30 years, each quarter-point move up in interest rates would cost that buyer $12,000.

Loan Costs

Stay with me now. We are at 5%. As the economy stabilizes, it is reasonable for us to see 30-year fixed rates climb to 6% within the foreseeable future and probably to a range of 7% to 8% when the economy is humming again. If every quarter of a point is worth $12,000 per $200,000 borrowed, then each point is worth almost $50,000.

Let's put that into perspective. You have a good stable job (yes, unemployment is at 10% nationally, but another way of looking at that figure is that most of us have good stable jobs). You would like to own a $240,000 home. However, even though home prices have steadied, you may be thinking you can get another $5,000 or $10,000 discount if you wait (never mind the $8,000 or $6,500 tax credit due to run out next spring). Or you may be waiting for the news to tell you the economy is "more stable" and it's safe to get back in the pool. In exchange for what you may think is prudence, you will risk paying $50,000 more per point in interest rate changes over the course of the loan, between now and the time you decide you are ready to buy. And you are ignoring the fact that according to the Case-Shiller index, home prices in most regions have been trending back up for the last several months.

If you are someone who is looking to buy or upgrade in the $350,000-to-$600,000 home price range, and many people out there are, then you're borrowing $300,000 to $600,000. At 7%, the $300,000 loan will cost just under $150,000 more over the lifetime, and the $600,000 loan an additional $300,000, if rates move up just 2% before you pull the trigger.

What I'm trying to impress upon everyone is that if you are planning on being a homeowner now and/or in the foreseeable future, or if you are looking to move your family into a bigger home, then pay more attention to the interest rates than the price of the home. If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime.

THE WALL STREET JOURNAL DEFINES THE AMERICAN DREAM 2:

DEFAULT ON MORTGAGE, THEN RENT

In the Dec. 10 issue of the Wall Street Journal, Mark Whitehouse describes the trend that is now becoming common throughout the country. Homeowners who face large mortgage payments for homes which are no longer worth what they paid for them, and whose income has been curtailed or eliminated by the recession, are walking away from their homes and are becoming renters. This creates a wonderful opportunity for prospective investors.

The article cites one homeowner whose monthly payments on his mortgage were $4,800. He short-sold his home and is now renting in the same neighborhood, for $2,200 a month. "I don't know if I'll buy another house again, because it's such a huge headache", he says.

Although this trend represents a very difficult adjustment for the homeowners and the lenders involved, it represents a wonderful opportunity for investors. These former home-owners are accustomed to living in good homes in good neighborhoods and have good renter profiles. Every one of them who walks away from their home puts another, well-maintained property on the market at a selling price that is very attractive to investors. Furthermore, these former-homeowners become the investor's next renters.

As a result of this trend, the pool of prospective renters has grown, thus creating an opportunity for smart investors to profit. Please call us, if you would like to discuss how investment property might help you attain your financial goals. We know the local market and are experts in investment property. We would be pleased to discuss this with you.

LATEST STATISTICS

Each week, we publish a link to our latest local Sales and Listing statistics. We should probably take a few minutes to discuss the relative strength of our local real estate market, based upon these statistics. The highlights of the latest statistics are:

                                         Nov. 2008         Nov.2009                    

Total Number of MLS Sales       499                   794                          

Average Sales  Price             $213,466              $214,062                                  

Median Sales Price                $187,000              $187,950                      

Note that the increase of 295 home sales from November of 2008 vs. November of 2009 represents an increase of +59.1% in MLS Sales. Also note that both the median price and the average price for homes in our area have stabilized; indicating that we have started to recover from the recession and real estate prices are on their way back up.

The statistics also list 28 statistical areas within the Pikes Peak area, plus Fremont, Lincoln, Park, Pueblo and Teller Counties.

Perhaps the most important numbers in the report are "SP/LP" (The relationship between the Selling Price and the Listing Price). This report shows that, as of November, 2009, the overall average of total sales prices were 97.4% of the list prices. This is a very strong relationship and a good indication that our local market is not as soft as the national market.

If you would like to discuss the local statistics in more detail, please give me a call.

POTPOURRI

COLORADO SPRINGS COST OF LIVING LOOKS GOOD

The latest statistics released by the Arlington-based Council for Community and Economic Research shows Colorado Springs's cost of living at 7.6% below the national average at the end of the third quarter of 2009. This is near the lowest level of the past 20 years. The index compares prices for 57 goods and services bought by households headed by middle managers.

According to Fred Crowley, senior economist for the Southern Colorado Economic Council, the latest figures indicate that the local economy has bottomed out and has begun to recover from the Recession.

Among other cities in the state, living costs in Boulder were 26.4% above the national average and Denver was 4.3% above the national average.

QUARTERLY UCCS STATISTICS ON LOCAL ECONOMY NOW AVAILABLE

The Quarterly Update on the El Paso County Economy as of September, 2009, issued by the College of Business and Administration at the University of Colorado at Colorado Springs has just been issued. Please give us a call and we will be happy to send a copy to you.

PAUL SAMUELSON DIES

Paul Samuelson, whose analytical work laid the foundation for modern economics, died Sunday in Belmont MA, after a brief illness. He was 94. His textbook, "Economics" which was published in 1948 and which was the most widely used college textbook on any topic, is still in use. Anyone, like me, who has suffered through Economics 101 has been influenced by that text. Mr. Samuelson's nephew, Lawrence Summers, currently runs President Obama's National Economic Council.

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.

Enewsletter - December 7, 2009

by Harry Salzman

HARRY’S COLUMN

HARRY’S PREDICTION FOR 2010 – (NOSTRADAMUS, LOOK OUT !!)

Like politics, all real estate is local. That’s why our annual prediction emphasizes the Colorado Springs economy, not the national picture. With that in mind, let’s review some of the factors that will affect our local Real Estate during the coming year:

1.       According to the Southern Colorado Economic Forum, the Colorado Springs unemployment rate is now 7.2%, as opposed to the national unemployment rate of 10%. Those figures demonstrate that the Colorado Springs area is now 28% better off than the rest of the country.

 

2.       Our local real estate Market is outperforming the national market.  Just last week, the Pikes Peak Association of Realtors (PPAR) announced that single-family home sales in November, 2009 totaled 794 (compared to 497 in November, 2008).  It was the biggest percentage gain in monthly home sales in the 15 years since PPAR began to keep records.

 

3.       Another, very significant NAR statistic from November of 2009 is that the median price for sold- homes in Colorado Springs was $187,950. The comparable number from 2008 was $187,000.This is a very persuasive indication that our local market has ‘bottomed-out’ and we are looking at a growing market in 2010. 

 

4.       With the extension and expansion of the First-Time-Home-Buyers’ tax credit, the government gives up to $8000 to first-time Buyers and up to $6500 to repeat Buyers, if they go under contract by April 30, 2010 and close by June 30, 2010. This is one of the reasons our local housing industry is poised to show growth in 2010. Call us to discuss the details of how the Home Buyers’ tax credit might help you.

 

5.       We are communicating with several hundred prospective buyers who are waiting for “Something to happen” to give them a more secure feeling about buying a home. In addition, Gen Y families (born 1977-94) are now at their peak time for buying their first home. This huge group of young adults is marrying and having children. In fact, many of these prospective home buyers are just waiting for the ‘trigger’ that will nudge them buy (e.g. finding a new job, having  a ‘trailing spouse’ find a job, waiting for their present house to sell or close, choosing the best school for their children, etc.) As these prospective homeowners begin to make their move, our local market is poised to really prosper.

 

6.       The present low interest rates for 30 year fixed-rate mortgages can’t stay low too much longer. When the looming inflation begins to raise these very favorable rates, the mortgage you get today will look like gold. An interest rate increase of even 1% takes many prospective Buyers out of the market.

 

7.       Building permits are up. Elected officials who are worried about declining revenues should keep in mind that every new home built generates between $6000 and $10,000 of sales tax revenue.

 

8.       Our inventory of homes for sale is declining. In November of 2008, there were 5547 homes for sale. In November of 2009, there 4301 homes for sale, a decline of 22.5%.

 

Add all of these factors together and it leads me to my prediction for 2010. !!

 

NOW IS THE TIME TO BUY !!

 

FHA CONSIDERING TIGHTER REGULATIONS

If you needed another reason to buy now, consider that the Federal Housing Authority is about to make buying a home more difficult. Because FHA reserves are dwindling, that agency is considering implementing the following ‘improvements’ to the present regulations:

1. Increasing the annual mortgage insurance premium that borrowers have

     to pay.

2. Increasing minimum down payment for FHA loans.

3. Setting a minimum credit score for all borrowers

4. Reducing amount that sellers can provide towards buyers’ closing costs from

    6% to 3%

For prospective homebuyers, the two rays of hope relating to these proposed changes are that they haven’t been approved yet and, if approved, it will take some time to implement them. 

 

KEEP TRACK OF YOUR MILEAGE – THE RULES HAVE CHANGED

 

The IRS has announced new standard mileage rates for use of an automobile in business or moving beginning January 1, 2010. According to the IRS, these new, reduced rates are based upon the fact that the costs for operating a vehicle have gone down since last year. The new rates are 50. per mile (down from .55 per mile) for business and 16.5 per mile for relocation (down from 24 per mile  ..This is the lowest rate since 2005).

 

JOKE OF THE MONTH

 

As he’s driving through the woods, a guy has a flat tire. He stops, jacks up the car, takes off the wheel lug nuts, puts them in the hubcap and is getting the spare out of the trunk, when another car speeds by, hits the hubcap and scatters the lug nuts into the woods.  

 

After an hour of unsuccessful searching, the guy decides he might as well start walking the ten miles to town to buy some new lug nuts.  As he starts walking, he hears a voice say, “Hey, why don’t you just take one nut from each of the other three wheels, attach the spare tire with them and then drive to town?”

The guy looks around to see who is talking and sees a man looking at him through a chain link fence. A sign on the fence reads,” State Institution for the Insane”.

The guy says, “Hey, that’s a great idea. How did a smart man like you end up in there?”

The man behind the fence says, “Hey, I’m crazy, but I’m not stupid”.

And the moral for our times is ???????

 

Enewsletter - November 23, 2009

by Harry Salzman

HARRY'S COLUMN

 

10 QUESTIONS ON THE VOLATILE housing market

 

Between January 2000 and April 2006, the national average home price nearly doubled. Since then, the average has fallen about 30%. (In Las Vegas, the average has fallen 53% and in Miami, about 39%, where almost ¼ of mortgage holders are delinquent in their payments or are in foreclosure). As the Wall Street Journal points out (Nov. 17, 2009), the value of your home might be determined more by whether your neighbors keep their jobs than by whether your house has ample closet space. The Journal goes on to list ten points you should consider if you are thinking of selling your home:

 

1. Is the housing market getting better?

High-end houses are a glut on the market. Fewer jobs and more foreclosures could keep all home prices low for a while.

 

2. When will housing bottom out?

It depends upon where you live. In the Virginia suburbs near Washington D.C., prices are already going up. In Florida, unsold condos will probably take years to sell.

 

3. What signals should I look for to determine whether my local market is improving?

One way is to measure the inventory of homes for sale. Over six months of inventory usually means prices are still going down. Give us a call and we will be happy to discuss inventories, prices in various neighborhoods and what your best course of action might be.

 

4. How can I figure out the value of my home?

 Call us.

 

5. Does it matter whether I am "under water"?

About 20% of owners of single-family homes with mortgages owe more than their homes will sell for on today's market. Your options: Stay put until the market comes back (You won't be able to get refinancing).Sell at a loss ..Walk away and take the consequences. Again, call us.

 

6. If I lose my home to foreclosure, how long will it take to repair my credit record?

It will be on your record for seven years, but you might be able to get another mortgage in three to five years.

 

7. If I'm renting, is now a good time to buy a house?

Rents are low now and should stay that way for a while, however, this is a great time to buy your home. Low mortgage-interest rates, low house prices and government tax credits are all good arguments to make your move. Give us a call and we can review your options.

 

8. Can I get a tax credit if I buy now?

You can, if you sign a contract by April 30, 2010 and close by June 30 and meet the requirements of the new tax credit. Give us a call and we can verify if you are eligible and we will walk you through the process.

 

9. Can I get a mortgage on attractive terms?

Maybe. Give us a call, answer a few questions and we will be able to give you a good idea of what you qualify for.

 

10. Should I invest in foreclosed homes?

Probably not. To quote the Journal, "This is a pursuit best left to people with a lot of time, nerve, cash and knowledge of the local market."

 

We are fortunate to live in the Pikes Peak area, where our unemployment rate is around 2% better then the national average. As a result, our housing market is much better than it is in most other areas of the country.

 

HOW ARE WE DOING? LOOK AT SALES TAX REVENUES

 

According to the Gazette, Colorado Springs sales-tax collections in October were the highest since January and saw the smallest year-to-year percentage decline since May of 2008. It's encouraging that September sales tax revenue was down only 0.82% from 2008. To give some examples of how consumer spending is going, here are some significant sales tax figures from October, 2009:

 

Some increases:

 

Clothing                           +30.5%

Groceries                         +13.0%

Department stores            +  8.0%

 

Some decreases             

 

Furniture, appliances        -27.8%

Building materials             -15.4%

 

Fred Crowley, Chief Economist for the Southern Colorado Economic Forum, said the numbers are exactly what would be expected as the region begins to emerge from the recession and consumers stop postponing purchases and start breaking out their wallets. "These are the things that come out of it first - the essentials. At some point, everything wears out. All of the economic indicators say that we're at the bottom and we're on the slow path toward recovery"

 

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 37 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.

 

Just click on the icon at the top of this email to listen to my latest podcast. ..And, if you would like to learn more about our Job Loss Protection Program, or, about our CyberHomes Complete Market Analysis of a property, please contact us. 

 

Enewsletter - November 16, 2009

by Harry Salzman

HARRY’S COLUMN

THE COMING YEAR LOOKS GOOD FOR COLORADO SPRINGS real estate

 As we have mentioned in previous issues, the August issue of Forbes Magazine named Colorado Springs as one of the top three cities in the nation for housing recovery. As evidence that Forbes’ prediction is accurate, at the recent Southern Colorado Economic Forum, the University of Colorado in Colorado Springs School of Business analyzed 58 distinct local economic indicators, all of which pointed to the fact that our local economy is well on the road to recovery from the recession.

At the national level, Lawrence Yun, Chief Economist for NAR, speaking at the recent NAR Convention, indicated that home prices should show modest growth in 2010, after the worst downturn since the Great Depression. Prices should climb about 4% in 2010, compared to a projected decline of 13% during 2009.

Mr. Yun also predicted a 38% increase in new home sales in 2010. This should be very encouraging news to city planners, since every new home sold generates a significant amount of sales tax revenue. In Colorado Springs, for example, every new home sold contributes approximately $8000 in sales tax revenue. The recent Southern Colorado Economic Forum predicts an increase of 250 single-family home permits in Colorado Springs in 2010. This translates into additional sales tax revenues of $2 million and doesn’t even include the additional revenues from commercial and multi-family permits.

During the coming year, NAR also predicted that mortgage interest rates in 2010 will rise by .75% - 1% (Today, we can still obtain 30 year fixed rates of 5%) and that foreclosures should peak in the first half of 2010. To put all this into perspective, it means that the $250,000 home you are considering buying today will probably cost you $260,000 next year. And, considering the predicted .75% rise in interest rates, the monthly payment on that home will be approximately $165 more per month next year than it would be today.

 And finally, to add just one more incentive to buy now, remember that, if you delay signing a contract on that new home beyond May 1, 2010, you will lose out on the tax credit that Congress has just extended and expanded (See the article on the Homebuyers Tax Credit, below).

Bottom line ……Call me !!!

 By the way, if you are located out of this area and are considering moving into the Pikes Peak region, but are in need of some assistance in selling your present home, please remember that we specialize in relocation assistance, including the marketing of your present home. We would be happy to assist you with all of the various tasks involved in relocating.   

HOME BUYERS’ TAX CREDIT EXTENDED AND EXPANDED

 The big news this week is that Congress has extended the First-time Home Buyers tax credit and has also expanded the program to include repeat buyers. Click here to see the details of this very significant government program. It might be just the ticket to get you into that new home.

THIRD QUARTER STATISTICS ON HOME PRICES NOW AVAILABLE

 The National Association of Realtors has just released the sales price statistics for the third quarter of 2009. The report shows that the median sales price of existing single-family homes in the 153 metropolitan areas represented in the survey declined 11.2%, compared to the third quarter of 2008. The good news is that, in Colorado Springs, the decline was only 6.2% over the same period. This is another indication that our local economy has turned the corner and we are well on our way back to recovery. If you would like to discuss the specific numbers for your city, please give us a call.    

GET MAXIMUM EXPOSURE FOR YOUR LISTING ON LISTHUB

We are pleased with the response from our Sellers to our recent affiliation with ListHub. This new relationship enables us to promote our listings on a wide variety of real estate websites and give maximum internet exposure to our clients’ listings. To see the various sites on which our listings will now appear, click here.

 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 37 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.

 Just click on the icon at the top of this email to listen to my latest podcast. ….And, if you would like to learn more about our Job Loss Protection Program, or, about our CyberHomes Complete Market Analysis of a property, please contact us. 

Finally, if you would like any of your business associates to receive these newsletters, please send us their email addresses and we will add them to our subscriber list. Thank you.

JOKE OF THE WEEK

 The Three Sons and the Parrot

Three sons left home, went out on their own and prospered. Getting back together, they discussed the gifts they were able to give their elderly Mother.

The first said, "I built a big house for our Mother."

The second said, "I sent her a Mercedes with a driver."

The third smiled and said, "I've got you both beat. You remember how Mom enjoyed reading the Bible? And you know she can't see very well any more. I sent her a remarkable parrot that recites the entire Bible. It took Elders in the church 12 years to teach him. He's one of a kind. Mama just has to name the chapter and verse, and the parrot recites it."

Soon thereafter, Mom sent out her letters of thanks:

"Milton," she wrote one son, "the house you built is so huge. I live in only one room, but I have to clean the whole house."

"Gerald," she wrote to another, "I am too old to travel any more. My eyesight isn't what it used to be. I stay most of the time at home, so I rarely use the Mercedes. And the driver is so rude!"

"Dearest Donald," she wrote to her third son, "you have the good sense to know what your Mother likes. The chicken was delicious!"

The third son replied. “Mama, how could you have eaten that valuable parrot? He knew how to recite the entire bible.”

His mother replied, “Well, if he was that smart, he should have said something”

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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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