HARRY'S BI-WEEKLY UPDATE 5.3.24
May 3, 2024
HARRY’S BI-WEEKLY UPDATE
A Current Look at the Colorado Springs Residential real estate Market
As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.
MORE AND MORE AND MORE OF THE SAME…. OR AS THE WALL STREET JOURNAL STATED IN THE “MANSION” SECTION ON FRIDAY… “A Whole Lot of NO INVENTORY!”
I wish I had something to add, but that sums it up.
With interest rates reaching their highest level in over five months, home prices continuing to rise and very few affordable existing homes listed for sale, I’m afraid it’s going to be more of the same for a while.
Yes, there are always those wanting or needing to buy or sell and that holds true no matter the cycle or rates or prices, but baring that, things are pretty quiet during what is traditionally the busiest time of the year in Residential real estate.
As you will see below, home appreciation is great, but as you know, some of that is due to the reasons above. If there were more homes for sale appreciation, while still happening, might not be as high.
What I can tell you for certain is that home appreciation isn’t going to stop, but at some point, mortgage lending rates WILL go down. So, if you have been putting off making a move you might want to at least see where your wants, needs and budget requirements can take you.
There are a number of ways to get better than the “advertised” rate and you can always have it written in your contract the ability to refi without penalty when rates are lower. But the longer you wait, the more it’s going to cost you.
If you have even considered a move, give me a call and let’s see how together we can make that happen.
Last month I began 52 years in local Residential real estate. As you can imagine, I’ve seen most every cycle imaginable and have always been able to help my clients find what they want, need, and can afford, either for themselves or for investment purposes.
And coupled with my Investment Banking background, I have an edge up that my clients have found to be crucial in helping with their individual situations. When I work with you, your goals become mine and together we make a great team to realize all your Residential real estate dreams.
If Residential real estate is among your hopes and dreams for 2024, please give me a call at 719.593.1000 or email me at Harry@HarrySalzman.com and let me help make them come true.
On another subject, I’ve been asked about the pending real estate changes that are due to happen sometime in late summer. Having attended a number of seminars on the subject, no one quite has a clear vision as to how it is all going to play out. As soon as I know more, as always, I will share that with you.
And, if you’ve got one minute and 39 seconds, look at my new and improved video podcast. Simply click on the link below and you will be directed to my personal YouTube channel.
To watch, click here:
While you’re at it you might want to subscribe to my channel so you won’t miss future broadcasts. It won’t cost you anything…well, it could cost you… if you miss some of my informative musings!
And now for statistics…
APRIL 2024
Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS
Here are some highlights from the April 2024 PPAR report.
In El Paso County, the average days on the market for single family/patio homes was 38. For condo/townhomes it was 40.
Also in El Paso County, the sales price/list price for single family/patio homes was 99.8% and for condo/townhomes it was 99.2%.
In Teller County, the average days on the market for single family/patio homes was 49 and the sales/list price was 98.4%.
Please click here to view the detailed 10-page report, including charts. If you have any questions about the report or to find out how it relates to your individual situation, just give me a call.
In comparing April 2024 to April 2023 for All Homes in PPAR:
Single Family/Patio Homes:
· New Listings were 1,666, UP 11.4%
· Number of Sales were 959, Down 12.0%
· Average Sales Price was $564,715, Up 6.1%
· Median Sales Price was $490,000, Up 6.8%
· Total Active Listings are 2,139, Up 34.5%
· Months Supply is 2.2, Down 2.9%
Condo/Townhomes:
· New Listings were 279, Up 33.5%
· Number of Sales were 144, Up 2.9%
· Average Sales Price was $365,411 Up 0.2%
· Median Sales Price was $338,000, Down 3.4%
· Total Active Listings are 416, Up 72.6%
· Months Supply is 2.9, Up 25.4%
I normally put the detailed neighborhood reports here but they were not available at press time so I will send them out in a separate “special edition” when they become available.
DO NOT BUY A HOME WITHOUT CONSIDERING THESE 8 IMPORTANT FACTORS
FOOD, DRINK, LIFE, 3.24
Buyer’s remorse is not good in any transaction, but when it comes to a home it goes way beyond a normal everyday purchase. That said, you want to make certain you don’t overlook some of the items listed below. You’ve got me to help you look for them, but it’s good to know beforehand what is important. I’ve only touched on a few of the many items that need to be checked and this is something we can do together. Of course, your home inspector will be doing some of these things for you as well.
Assessing the Property Itself. While some of the modern aesthetics may first hit your eye, don’t let them lead you astray. There are several other factors to consider as well because let’s face it—you want practicality along with a beautiful home.
Sunlight Exposure. The amount of light a home gets may not cross your mind immediately, but it is something you don’t notice until you do not have it. The best way to see if a home has sufficient sunlight is to ask to view it at different times of the day. Having sufficient sunlight can change not only your home settings, but also your mood.
Property History. Find out what renovations or additions were made in the past and whether there were any issues such as a fire or flooding.
Survey the Community. Look around to see the makeup of families living nearby. Are there young children for yours to play with or is it a community of mostly empty nesters? Are there schools or parks nearby? How about restaurants or gyms? See if the things that matter to you and your family are part of the community and near enough for your personal convenience.
Look for Potential Disturbances. Consider whether there are any sources of noise or pollution that could affect you. Be it busy roads, commercial establishments, upcoming construction or more, these are things that could potentially have you rethinking your investment.
Accessibility and convenience. You need to consider how far it is to your place of work or your children’s schools. Even the distance to the grocery store or shopping could be an important factor in your decision.
Commute and transportation. A search on Google maps can help you understand various routes and commute times to key destinations such as school, work, the gym, grocery stores and more. Sitting in traffic all day to get from Point A to Point B can be stressful and make you question your home buying decision. It is best to choose a home that can make your day easier, not more difficult. Your quality of life and that of your family should be an important consideration in your home’s location.
Amenities. And similarly, living near hospitals, green spaces and rec centers is a bonus. Once again, convenience is unbeatable.
Growth Potential. Homeownership is one of the biggest investments of most families, so it is not too early to think about the property’s resale potential. You will want to know what if any construction projects are planned nearby as this could increase the value of your property. On the other hand, depending on what they are, your property could be adversely affected as well. Anticipating these changes can better help you understand the potential resale value of your property.
It is Time to get House-Hunting. Well, you certainly know what comes next. You contact me at 719.593.1000 or email me at Harry@HarrySalzman.com and let’s get the ball rolling!
ECONOMIC & WORKFORCE DEVELOPMENT REPORT
Data-Driven Economic Strategies, April 2024
As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey. You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report.
This information is especially invaluable to business owners; however, I know you all will all find it worthwhile reading.
I’ve reproduced the first page of the graphics below. To access the report in its entirety, please click here. If you have any questions, give me a call.
UCCS ECONOMIC FORUM MONTHLY DASHBOARD
Updated April 2024, UCCS College of Business/Economic Forum
Here is the monthly report from the UCCS College of Business Economic Forum. It is created by professor Dr.Bill Craighead, who is the Forum Director. He also publishes an on-line “Weekly Economic Snapshot” you might enjoy.
I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month.
I’ve reproduced the first page of the charts below. To access the report in its entirety, please click here.
FEATURED LISTING:
Yours here? I keep selling them as soon as I get them so if you’re wanting to sell, it’s a great time.
