HARRY'S BI-WEEKLY UPDATE
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May 28, 2013
HARRY’S BI-WEEKLY UPDATE A Current Look at the Colorado Springs Residential real estate Market
ON MEMORIAL DAY I’M ESPECIALLY GRATEFUL
A day after the “official” holiday, I’m still thinking of all the celebrations and memorial tributes I witnessed this past weekend. We may only celebrate our servicemen and women who lost their lives for our country one day a year, but I’m thankful each and every day that I can wake up safe because of the tremendous sacrifice they made. I’m also aware of the family members who spend lifetimes without their spouses, brothers, sisters, and fathers because of these sacrifices and I hope they get some happiness from realizing what heroes these men and women are to me and so many others.
LOCAL QUARTERLY UPDATES & ESTIMATES
I recently received this quarterly update as of April 2013 on the El Paso County Economy from the UCCS College of Business and wanted to share it with our Readers. The full report is 17 pages long and you can click here to read it in full. Here are some of the highlights I thought you would find interesting:
In MLS Activity:
The next several sections of the report include:
It is with pleasure that Salzman real estate Services is able to share important statistics and forecasts with you as soon as they become available, each month and every quarter. I would be happy to answer any questions you might have concerning these detailed reports and how they might affect you personally or just any question you might have concerning Real Estate in general. Just call me at 598.3200 or email me at Harry@HarrySalzman.com.
SALZMAN real estate SERVICES IS UNIQUELY QUALIFIED TO HELP YOU
Today’s market is “today” and any comparables should be within the most recent 90 days. Anything more than 90 days happened in a different market between Buyers and Sellers not only in Colorado Springs, but in almost every community in the USA.
LOCAL ECONOMY SEES IMPROVEMENT IN MANY AREAS
While our local foreclosure rate was never like that in many parts of the country, we are now seeing fewer properties in the Pikes Peak region falling into foreclosure and being taken over by lenders or other investors. The turnaround in the local housing market is the main contributing factor and El Paso County saw its foreclosure filings fall 36.2% in the first quarter of this year compared to the same period in 2012.
First quarter foreclosure sales in El Paso County dropped 5.9% from the same period last year.
Sales tax collections in Colorado Springs rose more than 8% in April from the same month a year ago, the sixth time in the past eight months this has happened according to a report issued Thursday from the city’s Finance Department.
HOME SALES KEEP ON RISING The Gazette and AP, May 23, 2013
April homes sales nationally were the highest in more than three years according to a report from the National Association of Realtors (NAR). While homes sales have risen 9.7% in the past 12 months, they have remained somewhat flat since November. This is attributable to the low supply of available homes and the fact that many potential Buyers are still not able to get loans due to tight credit restrictions.
In Colorado Springs, home sales in April increased 19 percent from April 2012 and sales have increased in 20 of the past 22 months. Last month’s total of 932 was the best April for sales since 2006.
Local homes sales since the first of the year have totaled 3,121, a one-fourth increase over the same period last year.
FOUR BIG DRIVERS OF THE housing market RECOVERY
According to The Wall Street Journal, the four primary reasons the housing market is strong are:
You have waited long enough to buy a house. I am total agreement with this information and have shared these concepts with my Readers for a while now. Glad to see the “Journal” agrees with me.
ECONOMY RISE WILL BE AIDED BY HOUSING RECOVERY
Economists at Fannie Mae, in releasing their latest forecast, say that the economy will be somewhat stronger in the second half of 2013, with housing acting as a “tailwind” throughout the year and into 2014.
“Lean inventories, a declining share of distressed sales, and increased efforts to implement short sales and other foreclosure alternatives have helped boost home prices, which showed strengthening annual gains so far this year,” Fannie Mae economists said.
HOME APPRECIATION UP FOR NOW
According to Zillow chief economist Dr. Stan Humphries, “April marks the sixth straight month of annual home appreciation of 5 percent or above, the longest such streak since the height of the bubble in 2006. In the short-term, this has been welcome news for homeowners.
Overall, we can expect home value appreciation to moderate as more supply comes on line over the next year, but in some areas, runaway home value appreciation, combined with expected interest rate hikes in coming years, runs a real risk of pricing out many potential buyers.”
ANOTHER GOOD REASON TO BUY NOW
Friday’s Wall Street Journal shows the Fannie Mae 30 year mortgage yield (Page C6) that closed new loans in the next 30 days are at the highest interest rate in 52 weeks. If a mortgage would take 60 days to close, that rate is a little higher.
The point here is that mortgage rates in today’s market are beginning to cost a Buyer/Borrower a higher interest rate if they wait.
What this means to you is what I’ve been saying for some time—NOW is the time to buy, sell and trade up, or buy for investment purposes. Interest rates are slowly moving up. Your home equity has more than like increased, thus making it possible to finally trade up before you get priced out of the market once again. If you wish to find out what possibilities are available, as always, I’ll be glad to help you determine the best financial decision for your personal wants, needs and budget.
IS YOUR HOME OR INVESTMENT PROPERTY ADEQUATELY INSURED?
With market values increasing, it might be a good time to contact your insurance agent to determine if you have adequate coverage for the present replacement value of your home or investment property. Just a little reminder from me to help you protect your home ownership investment.
CALL ME FOR FREE SKY SOX TICKETS
I have four front row season tickets to the AAA Sky Sox that are available to you at no cost on a first come-first served basis to any home game. Just give me a call at 598.3200 to request the date of your choice. We’ve got another great roster of players this season so call soon, as the tickets go quickly. Just another way I like to say “thank you” to clients and friends.
JOKE OF THE WEEK
A telemarketer calls a house and a little boy answers. The little boy whispers, “Hello?”
The salesperson says, “Yes, can I speak to your mommy?”
“No,” the little boy whispers. “She’s busy.”
The salesperson then says, “Okay, can I speak to your daddy, please?”
“He’s busy too,” the little boy whispers.
Starting to get annoyed, the salesperson says, “All right, is there another adult in the house?”
“Yes,” the boy again whispers. “There’s a policewoman.”
“A policewoman?” the salesperson gasps. “Can I speak to her/”
“No,” whispers the boy. “She’s busy, too.”
As a last resort, the salesperson asks one last time, “Okay, are there any other adults there?”
“Yes,” whispers the boy. “There’s a firefighter.”
“A firefighter!” exclaims the salesperson. “Can I speak to him?”
“No,” whispers the boy. “He’s busy, too.”
“Little boy,” says the salesperson, “with all of those adults in the house, what are they busy doing?”
After a short pause the little boy whispers, “Looking for me.”
FEATURED LISTING
Harry A. Salzman. CRS, CRP, CNE email: Harry@HarrySalzman.com Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
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