HARRY'S BI-WEEKLY UPDATE
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October 7, 2013
HARRY’S BI-WEEKLY UPDATE A Current Look at the Colorado Springs Residential real estate Market
I HOPE YOU DON’T MIND A LITTLE SELF PROMOTION…
In August I was awarded “REALTOR Emeritus” status from the National Association of Realtors. This unique honor was given to me “in recognition of forty cumulative years of membership in the NAR and in recognition of his valuable and lasting contribution to the real estate profession in the Community.” This was a major accomplishment for me and one that was publicized locally in the Colorado Springs Business Journal “Kudos” and The Gazette’s “Movers and Shakers” sections this past week, among others.
Looking back at the 40 plus years, I feel that my greatest satisfaction has not been measured by the number of homes I’ve sold, but by the relationships I’ve formed with many families and the number of repeat transactions, now often including grandchildren of some original clients.
Knowing that with my Investment Banking background and years of experience in selling real estate I am able to help clients realize their personal home ownership dreams—that’s the key to what keeps me motivated on a daily basis, year in and year out.
As many of you know, I have specialized in relocation for a good part of my career. My extensive knowledge of the Pikes Peak Region as well as my “Network” of relocation specialists across the country has provided thousands of clients with the ability to make a move with as little personal stress as possible.
I understand that there are many things at work when a person is facing relocation. Most times there are family concerns as well as the stress of a new position in an unfamiliar location. I believe it is my responsibility to help make my client’s move as seamless as possible…whether they are relocating to my area or to another part of the country. A happy client means a happy employee, as well as happy family members. That’s my ultimate goal when working within the relocation industry.
So, bragging time done, but in all seriousness, I want to take this time to thank all of you, my readers, for helping me achieve this wonderful pinnacle in my real estate career. Without your confidence in me as your partner in Real Estate transactions, none of this would have been possible.
Please know that I will continue to do everything possible to help you, your family, co-workers and friends whether they are looking to move across town or across the county. Just give me a call at 598.3200 or email me at Harry@HarrySalzman.com and let me work my “magic” for you.
Here’s to another “40” years of working together to make your home ownership dreams come true!
SOUTHERN COLORADO ECONOMIC FORUM FORECASTS “MORE STEADY IMPROVEMENT” Listening to the experts speak on September 26, 2013 at the 17th Annual Southern Colorado Economic Forum gave me even more reason to continue with my “positive” outlook for the Pikes Peak Region.
This Forum is presented annually, with presentations by the UCCS College of Business and other national and local economic experts. Salzman real estate Services, LTD is proud to be the only direct Residential Real Estate Company listed among the leading Business Companies and Forum Sponsors.
Jim Paulsen, chief investment strategist for Wells Capital Management predicted that the recovery will pick up speed during the coming year. According to Paulsen, “a slow-to-develop recovery should hit its stride in 2014 with growth reaching 3 percent for the first time since the recession and remaining at or near that pace for the next several years.”
Fred Crowley, the forum’s senior economist said he expects “more steady improvement” as the local economy continues to recover from the Great Recession. Rebuilding from the Waldo Canyon and Black Forest fires will general about 1400 local jobs over the next four years. He said that “new home construction and vehicle sales continue to drive local economy, although housing construction is growing at a slower rate in recent months than it had earlier this year and late last year.”
Crowley went on to say that “there are also clear signs of strength in consumer sentiment. People are feeling better about the local economy because there is job growth and incomes are going up.”
Some of the Forum’s projected highlights include:
The annual published report of “The Southern Colorado Economic Forum” is 36 pages long. If you would like to purchase a complete copy of the publication, please contact Town Zwerlein, Faculty Director at 255.3241 or by email @ tzwirlei@uccs.edu or Fred Crowley, Associate Director at 255.3531 or email @ fcrowley@uccs.edu.
SEPTEMBER ANOTHER GOOD MONTH FOR real estate SALES Statistics provided by the Pikes Peak REALTORS Service Corp, or its PPMLS Area home sales rose again in September, showing a 7.2 percent increase over the same month a year ago. This is the 15th straight year-over-year increase in monthly sales. According to the just released report from PPAR, year-to-date sales have totaled 8,469, a 22.6 percent gain over the same period in 2012.
Some highlights of the latest report, comparing September 2013 to September 2012 in PPAR include:
Single Family/Patio Homes:
Condo/Townhomes:
It is worth noting that new listings, while up from a year ago, are down 20.9% from a month ago in single family/patio homes and down 21.3% in condo/townhomes. When that is coupled with the fact that area foreclosure filings are dropping and look to be the lowest in a decade, this means there are fewer homes available to prospective buyers. The good news is that homes are selling much quicker than in the past few years, some with multiple offers and even offers over the listing price. This report is showing that all sales in El Paso County are selling at an average of 98.2% of the listing price—great news for Sellers.
My job is to assist you in making the right personal decision, based on your needs, wants and budgetary restrictions. Just give me a call at 598.3200 or email me at Harry@HarrySalzman.com and let me put my 40 plus years of local real estate professionalism to work for you.
The time is still right for anyone looking to sell and trade up, buy a starter home or to look for investment property. Just don’t expect to take your time in decision making because as statistics reveal…things are moving faster than they have in a number of years.
Once again I suggest being prepared—know what you are looking for and be open-minded when it comes to location. An area you might not have considered before might turn out to be exactly what you are looking for now. You might also be open to looking at new construction as existing homes with your needs and/or wants become more and more scare.
Please note that these statistics include “all homes” within PPAR—therefore both El Paso and Teller counties are included. To view the 12-page report in its entirety and to see how your individual area is performing in comparison to the rest of the county, click here.
MORTAGE RATES TUMBLE AGAIN…BUT THERE’S NO GUARANTEE THEY WILL STAY THERE In the past few weeks all indications were that Mortgage Interest Rates were slowly on the rise and aiming to stay that way. For example, the rate slowed the construction of new homes, rental costs escalated sharply with increasing home costs and buyers have been in a hurry to lock in rates.
And then—the Federal Fiscal New Year on October 1, 2013. We’ve all been hearing and reading about every new, unique government situation on the radar and lo and behold—due to a big local and national real estate market starting to slip, so has Mortgage demand decreased.
Therefore, here’s a great example of what I was able to do for a client just last Friday, October 4th. We were able to lock in a 30-year-fixed rate of 3.75% for a new VA loan. Yes, you read that right. It was a big WIN for one of my clients. And the 30-year fixed conventional rate is about 4.0%.
USAToday reported that “this latest drop came amid declining consumer confidence and on the onset of the government shutdown which occurred last week. According to Frank Nothaft, Freddie Mac chief economist, rates are not likely to move ‘sharply lower’ unless the shutdown continues to a point where it would take a measurable toll on government spending, which would weigh on the economy,, Nothaft says.”
So---there you go. If you thought you were starting to get priced out of the mortgage market even though it was still historically at a low point, you now have a second chance to catch it at an all time low. But there’s no guarantee how long these rates will last, so if you are in the market, don’t hesitate too long. It’s time again now to consider selling and trading up, looking at a first time home or finding the right investment property. Just give me a call and we can help determine if this makes sense for you personally.
ECONOMY AND HOME FORECAST IS SUNNY The Gazette, 9.25.13 REALTORMag, 9.24.13 Two economists from the Federal Reserve Bank of Kansas City have indicated that economic growth is expected to gain additional strength in Colorado and across the rest of the nation next year as automatic federal budget cuts loosen their grip on both economies.
“Economic growth in Colorado Springs has lagged the rest of the state because federal government budget cuts have a bigger influence on the local economy where nearly half of economic activity is tied to the military and other federal agencies,” said Alison Felix, the bank’s Denver branch executive and assistant vice president.
She added that the Colorado Springs economy should “gain strength next year despite continuing federal cuts because of continued strong housing construction. Permits for new single-family homes are the strongest in El Paso County among the state’s largest counties.”
REALTORMag reported that “fifty-five percent of Americans say they expect home values to rise over the next 12 months, further showing that consumers are becoming less fearful about jumping back into the real estate game, according to Bankrate’s latest monthly Financial Security Index.”
“It appears that Americans’ love affair with real estate is back.” Says Greg McBride, senior analyst for Bankrate.com. “Even though the housing bust shows that housing prices don’t just go straight up, people just don’t have the same risk aversion to Real Estate and home ownership that they do to stock ownership.”
So, there you go again—more economists telling us that the time is NOW. It’s not just overly optimistic me—the experts are telling us, too. Things are getting better and if you’ve been sitting on the fence it’s definitely time to at least decide which way you want to go. A stronger economy will translate into higher prices and eventually higher mortgage rates, so let’s get together soon to see how you might benefit from all that’s happening in the market at the present time.
PHILOSOPHY OF THE DAY “…I firmly believe that any man’s finest hour—his greatest fulfillment of all that he holds dear—is that moment when he has worked his heart out in good cause and lies exhausted on the field of battle—victorious.” --Vince Lombardi
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
