HARRY'S BI-WEEKLY UPDATE
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January 14, 2013
HARRY’S BI-WEEKLY UPDATE A Current Look at the Colorado Springs Residential real estate Market
A NEW YEAR…SOME PREDICTIONS…AND SOME CHANGES
I’d like to share some of my predictions for this new year…something I’ve liked to do over my forty, yes, FORTY, years in the Pikes Peak real estate arena. My forecast, after researching various industry publications is this:
So, in essence….if you are thinking of buying a home, either for yourself or for investment purposes, you might want to push up your timetable a bit…especially when you read further on about the changes in lending rules that will soon be in effect.
As for changes, here’s a surprise for you, my readers. After publishing this eNewsletter on a weekly basis for many years, I’ve decided to give you a break in reading and I will now publish and email it to you on a bi-weekly basis. There are several reasons for this, but mostly, with the market on the upswing, I find myself very busy helping and advising you, my clients, and feel that my time is best spent doing more of that. Some issues might be longer than others because of this change and I will continue to provide you with whatever real estate news that I feel might have an impact on your home ownership decisions. As always, I am available every day to provide you with my personal brand of customer service and can be reached at 598.3200 or 800.677.MOVE or emailed to Harry@Harry Salzman.com.
On that note, I wish to take a minute to thank you for all the listings, sales and additional success I’ve achieved in 2012. I have reached my goals through your continued support and referrals and I thank you again for allowing me to assist you in achieving your own personal home ownership goals---buying, selling or investing. As I like to say around here—it’s given me a real Rocky Mountain High to be your personal Realtor and I look forward to much more of the same in 2013 and beyond.
HOME LENDERS TO SEE SWEEPING CHANGES TO MORTGAGE RULES RealtorMag 1.11.13
As mentioned earlier, within the next year, homebuyers are going to see numerous changes when it comes to home financing. Last Thursday, the Consumer Financial Protection Bureau unveiled new mortgage rules and all companies that issue mortgages will be required to follow the new guidelines in order to receive protection from lawsuits filed by buyers of mortgage-backed bonds or troubled borrowers. Interest-only mortgages and loans on which the principal balance rises over time, as well as a few others, will be excluded from these rules. Loans that meet the agency’s new lending criteria will now be called a “qualified mortgage” and will consist of the following:
All of the rules have not been spelled out in full yet, but by the time this takes effect in a year one thing is for certain—it’s going to be much harder to get financing—especially for first time borrowers or those with borderline criteria. And you can certainly expect closing costs to rise along with all of this. Whatever it costs the lenders to implement these rules will surely be passed on to borrowers, as always.
Bottom Line---again—if you are looking to buy, sell or invest—this is the year to do it. And as always—I’m here to advise and help in any way I can. Just give me a call at 598.3200 and let’s discuss your options before they go away.
PRICES CONTINUE TO RISE WITH HOUSING RECOVERY
Most every article I’ve recently read has been very optimistic about the housing “recovery” and it’s effect on the economy in general, including the job market. Housing prices continue to rise and that’s great news for those who might have been affected by the downturn in the market, but it’s not so great for those who have put off buying in hopes that prices might go lower still.
I’ve been telling you for some time to expect this and now the time has come. With rising prices, low inventories, new regulations on our doorstep and at the moment still low interest rates….it’s now or never for some folks. If you are one of those…there’s still time…but the clock is ticking and you don’t have long. Or you do, but it will cost you more in sales price and possibly mortgage rates to do so. Call me today and find out how we can make your home ownership goals a reality.
PERSONAL HOUSING NEEDS CHANGE OVER TIME
If you are like many of my clients, your home ownership needs change over the years. With your first home purchase you are likely to need less in a home that you do when you start a family and later in life you may again want to downsize when you have an “empty nest”. There are many reasons why folks sell their present home and look for another. It could be that a two story home is no longer practical for health reasons or you just want to downsize because you are spending more time traveling and less time at home.
Or, you might want to move into a larger home because you are now caring for a parent or other family member or your kids need more room. Whatever the reason, moving into a different home often is something you need to consider and along with it, the costs and considerations involved. I’ve moved many of you into multiple homes over the years and if you are in need of another change, for whatever the reason, I’m here to help in any way I can.
NO JOKE OF THE WEEK THIS WEEK…IN MEMORY OF JIM KRACK WHO STARTED THE “JOKE OF THE WEEK”
It is with a very sad and heavy heart that I write about the passing of Jim Krack this past week. Jim was the editor of our eNewsletter practically from its inception until his untimely illness in June of this year and it was he who started publishing the “Joke of the Week” that our readers like so much. But more than just an editor, Jim was my special friend.
We first met in the 1970’s when we both worked out at Lynmar Tennis and Racquetball Club on Vickers Drive. We were there 4-5 days a week and our friendship began in the locker room where we talked as we got ready to go to about our day. In those days, he and his wife, Donna, owned the Sunrise Kennel, which they later sold but never gave up their love of animals.
In fact, their love of animals was the reason I sold their 5-acre home in Black Forest—it wasn’t large enough for all their pets. They implemented my suggestions to sell that house and recent life has been on 40 plus acres for Jim, Donna and lots and lots of animals.
Jim worked as Executive Director for a non-profit pet organization for over 20 years and communication with potential kennel owners was his specialty. There wasn’t anyone who met Jim that didn’t like him.
I was thrilled when Jim decided to become the editor of my eNewsletter. Our weekly meetings to discuss current real estate, as well as “personal”, news, was something I looked forward to and Jim always found a way to make me laugh.
I miss these meetings and I miss Jim. Mondays just aren’t the same without him.
FEATURED LISTING
Harry A. Salzman. CRS, CRP, CNE email: Harry@HarrySalzman.com
Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
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Harry Salzman, Salzman real estate Services, Ltd
538 Garden of the Gods Road, Colorado Springs CO 80907
719-598-3200 or Toll Free: 800-677-MOVE(6683)
Visit http://www.SalzmanRealEstateServices.com
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