HARRY'S BI-WEEKLY UPDATE
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November 20, 2013
HARRY’S BI-WEEKLY UPDATE A Current Look at the Colorado Springs Residential real estate Market
As part of my Personal Service, it is my desire to share current real estate issues that will help to make you a more successful and profitable buyer or seller.
IT’S TIME AGAIN TO GIVE THANKS….
…and I start with you, my readers, clients and friends. My relationship with you, whether on a personal, professional or combination level of both is reason for me to give thanks every day—not just once a year. In my 40 plus years in the real estate business, I’ve been so fortunate to have met so many families whose lives I’ve helped enhance through home purchases or investments. You have trusted and allowed me to help you make some of the biggest monetary decisions of your lives and I in return have had the pleasure of seeing your families grow and prosper. In fact, today I find myself working with children and grandchildren of some original clients. And I continue to help relocate those same original clients to either homes more suitable to their “empty nest” situations or to other cities to be closer to family or friends.
For your confidence, your referrals and most importantly your friendship, THANK YOU…THANK YOU…THANK YOU.
I wish you all a very special holiday and to all my Jewish clients, I want to add a “Happy Chanukah” since these two holidays coincide this year for a once in our lifetime event!
LATEST QUARTERLY METRO AREA REPORT SHOWS STRONG GROWTH CONTINUING Realtor.org 11.7.13
The majority of metropolitan areas represented in the recently released quarterly report from the National Association of Realtors continue to show robust year-over-year price gains.
“The median existing single-family home price increased in 88 percent of measured markets, with 144 out of 163 metropolitan statistical areas (MSAs) showing gains based on closings in the third quarter compared with the third quarter of 2012.
Lawrence Yun, NAR chief economist, said market momentum is changing. ‘Rising prices and higher interest rates have taken a bit out of housing affordability,’ he said. ‘However, we have the ongoing situation of more buyers than sellers in the market, so lower sales will help to take the pressure off home price growth and allow them to rise slowly at a single-digit growth rate in 2014.’
The national median existing single-family home price was $207,300 in the third quarter, up 12.5 percent from $184,300 in the second third of 2012, which is the strongest year-over-year increase since the fourth quarter of 2005 when it jumped 13.6%.”
Colorado Springs had a strong quarter with sales prices increasing 7.8% over the same period last year. It is important to note that while our area has had a consistent 5.8% annual sales price growth over the years, we were not as badly affected by the downturn as many cities. The last four quarters were 2% greater than our long term appreciation.
For a detailed look at the full three page report from NAR, please click here. If you have any questions concerning this report please don’t hesitate to call me at 598.3200.
TOP LENDERS FORECAST housing market GAINS DESPITE NEW ABILITY-TO-REPAY RULES Realtor.org 11.11.13
As I’ve been telling you, the “Qualified Mortgage”, or ability-to-repay rule, goes into effect in January 2014. While this more than likely means longer turn-around times and heavy documentation requirements, Realtors were told to expect continued market growth in 2014 by some of the biggest names in mortgage lending.
The new rules will likely affect first time Buyers the most and lenders are preparing new learning tools to help these consumers be ready even before they find the house they want to purchase.
Doing your homework is going to be more and more important in this new environment where significant documentation will be required of Buyers and lenders will face strict penalties if a loan is made outside of the specific criteria.
That’s where I come in. My relationship with lenders has always been a plus for my Buyers and Investors and it will certainly pay off in this “new’ environment. It is going to be a common goal for me, you, and the lenders to find the way to make home buying and selling as stress free as possible while complying with new regulations.
Let me point out that there is still a little time left in 2013 to take advantage of not only the continuing low interest rates but also to slide in under the need for more documentation and longer closing times.
If you or any family member or co-worker is in the market today, don’t waste another minute. Give me a call at 598.3200 or email me at Harry@HarrySalzman.com and let’s get the dialog moving.
FORECLOSURES SLOW IN THIRD QUARTER
Colorado Springs has continued its slow foreclosure activity due to an improved economy as well as a price rebound that has helped property owners avoid foreclosure.
While we have had fewer foreclosures than many markets in the U.S., those homeowners who were at one time underwater are now seeing their home values increasing and allowing them to have enough equity to sell or refinance.
JOKE OF THE DAY (Doc-Doc Joke)
A man is sitting at home one evening when the doorbell rings. He answers the door to find a six-foot-tall cockroach standing there. The cockroach immediately punches him between the eyes and runs off. The next evening, the man is sitting at home again when the doorbell rings. He answers the door, and the same cockroach is outside. This time, it punches him, kicks him and karate-chops him before running away. The injured man manages to crawl to the phone and call an ambulance. He is rushed to the hospital where the doctors save his life. The next morning, a doctor asks him what happened. The man explains the attacks by the six-foot-tall cockroach. The doctor thinks for a moment and says, “Yes, I hear there’s a nasty bug going around.”
FEATURED LISTING
Harry A. Salzman. CRS, CRP, CNE email: Harry@HarrySalzman.com Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
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