HARRY'S BI-WEEKLY UPDATE 2.19.19
February 19, 2019
HARRY’S BI-WEEKLY UPDATE
A Current Look at the Colorado Springs Residential real estate Market
As part of my Unique Brand of 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.
GOOD NEWS FOR COLORADO SPRINGS HOMEOWNERS ONCE AGAIN
National Association of REALTORS® 2.12.19
The latest quarterly report by the National Association of Realtors put a smile on my face and I am happy to share the good news with you. While home appreciation is not moving as quickly as in the recent past, the Fourth Quarter 2018 report of Median Sales Price of Existing Single-Family Homes for Metropolitan Areas shows the U.S. average of the 178 measured statistical areas (MSAs) to be 4.0%.
Now for the GREAT NEWS--the report lists the median sales price of existing homes in Colorado Springs at 7.4%--almost double the national average! (To see the report in its entirely please click here.)
This is a fabulous news for our city. Lots of companies have been entering our market area and along with them come folks who are relocating and need places to live. Our inclusion in so many “top” lists, such as “Best Place to Live”, “Best Place for Small Business” and “Best Quality of Life City” all are contributing to our growth and in turn, our housing price increases.
A big shout out needs to go to Mayor John Suthers and his team, as well as the Colorado Springs City Council members who are betting big on growth and following through with plans for our continued success into the future.
However, good as this news may be, it also brings some challenges in local residential real estate. With prices increasing, some folks and especially those looking for starter homes, are being priced out of the market. I’m finding fewer homes for sale in the $250,000 to $300,000 range. With rental prices continuing to increase, a number of my investor clients are picking up one or more of those available homes and I suspect they will continue to do so.
With interest rates still historically low, folks who have been waiting are realizing that there’s now a window of opportunity to lock in a good rate, and along with it a lower monthly payment. It’s still a great time for sellers, too. Just this past week, clients of mine have had to make offers over listing price in order to close the deal.
My advice to you? There’s still time to get in on a low mortgage rate but no one knows just how long that will last. If you are looking to buy, either to trade up, move to a new neighborhood, find a starter home, or simply for investment purposes…NOW is the time.
And that’s where my 46 plus years of experience in the local residential real estate arena comes into play. I look after my clients in a way that is hard to beat. Let me cite just one example, if I may:
A client was looking to purchase a new home and the builder provided them with a “standard” contract. I, of course, advised them to run it by a real estate attorney but also looked at it for them. When the changes were presented to the builder, his comment was, “Wow, we’ve had several real estate folks purchase homes for themselves and they signed the contract with few changes, if any.”
What does that tell you? Well…it tells me that if that builder is buying a home for himself, he better not be using those agents…he needs me!
I pride myself in looking after my clients just as I would if I was purchasing a home for myself. After all these years, I know the “ins and outs” of what it takes to get to the closing table and also when it pays to walk away. I wouldn’t be doing my job if I was “only” a salesman. Most any agent can sell a house—but it takes my special brand of customer service to make certain that it fits the specific wants, needs and budget of my clients.
That’s why I’m called The real estate Therapist. I want my clients to have a happier life and enjoying their home is a big step forward. Not only does a home represent a big part of their financial security, it also plays a role in the continued happiness of the family. At this point in my career I take pleasure in working with the children and grandchildren of former clients and nothing makes me happier than to help in their financial and personal successes.
If you’re ready to make a move…I’m willing and ready to help. Simply give me a call at 593.1000 or email me at Harry@HarrySalzman.comand let’s get the ball rolling.
JANUARY 2019 LOCAL MARKET UPDATE AND MONTHLY INDICATORS ILLUSTRATE OUR LOCAL TRENDS IN DETAIL
Colorado Association of REALTORS® ,Pikes Peak REALTORS Service Corp, or it’s PPMLS
As I mentioned in the last issue, PPAR no longer publishes the Colorado Springs local neighborhood statistics that I used to publish in the first eNewsletter of each month. They do publish Monthly Indicators for El Paso and Teller Counties as they have previously. This report provides greater detail than the first of the month reports and I will continue to provide this to you.
The Local Market Update also provides information on both Colorado Springs and Teller counties for residential real estate. It is broken down by geographical areas, but no longer by specific local neighborhoods, and you can look to see how your geographic area is doing in terms of sales, prices, and more. If you want information on a specific neighborhood, simply give me a call and I will be happy to provide those statistics for you.
The “Activity Snapshot” for all residential properties in El Paso and Teller counties shows the Year to Date one-year change:
- Sold Listings for All Properties were down 6.1%
- Median Sales Price for All Properties was up 4.3%
- Active Listings on All Properties were up 11.9%
You can click here to read the 16-page Monthly Indicators or click here to get specific information on the neighborhood of your choice from the 18-page Local Market Update. I recommend that you check out your own area or one that you are considering, to get a good idea of the local pulse. I have reprinted just one area, Woodland Park, below to show you the type of information available for all residential areas in both El Paso and Teller counties.
MORTGAGE RATES FALL TO 10-MONTH LOW
Realtor Magazine, 2.8.19
As I mentioned earlier, borrowing costs have been cheaper recently since the mortgage rates have continue inching down.
According to Sam Khater, Freddie Mac’s chief economist, “The U.S. economy remains on solid ground, inflation is contained, and the threat of higher short-term rates is fading from view, which has allowed mortgage rates to drift down to their lowest in 10 months.”
“This is great news for consumers who will be looking for homes during the upcoming spring homebuying season. Mortgage rates are essentially similar to a year ago, but today’s buyers have a larger selection of homes and more consumer bargaining power than they did the last few years,” he added.
I might add that while this is basically true, please consider what I mentioned before concerning our local market. I’m still seeing bidding wars and over list price sales, mostly in the lower price ranges. The good news is that with appreciation not moving as fast as a year ago, this, mixed with lower interest rates, is making it possible for some who feared they had missed out to get another opportunity to buy.
And once more…don’t wait too long. Call me soon and let’s see what I can do to help make your residential real estate dreams come true.