HARRY'S BI-WEEKLY UPDATE
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March 25, 2013
HARRY’S BI-WEEKLY UPDATE A Current Look at the Colorado Springs Residential real estate Market
WISHING YOU A HAPPY PASSOVER AND A HAPPY EASTER
I wish you all a very happy holiday week and hope you will get to enjoy the festivities with your friends and family.
HOME VALUES UP FOR 16TH STRAIGHT MONTH
Nothing but good news on the real estate front again. Homes values are continuing to move upwards and the list of improving housing markets gets longer. More than 75% of the 361 metro areas covered by the National Association of Home Builders/First American Improving Markets Index are now listed as improving. Especially important to us is the fact that Colorado Springs was added to that list this month. We’ve been telling you that, but nice to see it as “official”.
Even Fannie Mae’s Economic & Strategic Research Group, known for their conservative approach, is saying that the housing market is “on a sustained growth path”.
First time homebuyers are continuing to be more optimistic about the possibility of home ownership and their enthusiasm is crucial to the housing market and the overall economy, according to Kevin Watters, CEO of mortgage banking at JPMorgan Chase.
With homes selling faster as buyer demand increases, there is a low supply of homes left for sale. In fact, national housing inventory is now at its lowest level since January 1994. Homes sales have exceeded listings for the past 25 months and the upward trend in prices continues. I’ve been witnessing this myself locally--seeing greatly shortened times of listed homes on the market. That’s creating an urgency I’ve not seen in a number of years. When you add that to the fact that any discount available on foreclosures is fading along with inventories, it’s definitely becoming more of a seller’s market again.
USAToday says that “Homes are selling Lickety-split”— faster last month than in any February since 2007, “as eager buyers met a tight supply of homes for sale”.
On March 18, RISMedia.com reported that Realtor.com “recently released its February data on the U.S. housing market, offering valuable insight into the latest real estate trends.” Their “February 2013 national housing data indicates that listing inventories increased 1.15 percent month-over-month; median age of inventory was at 98 days, a 9.26 percent decrease month-over-month; and median list prices were slightly higher month-over-month at $189,000. These numbers show that homebuyers are getting an early start on the spring season despite the fact that inventories hit record lows.”
“As we enter the busiest time of the year for homebuyers and sellers, our latest housing trend data shows just how competitive the market is with a significant national housing recovery well underway,” said Steve Berkowitz, chief executive office of Move, Inc. “Looking ahead, we can expect the amount of inventory to increase this spring along with higher list prices as sellers become more comfortable with the market conditions.”
Nationally, U.S. homebuilders started more homes in February and permits for future construction rose at the fastest pace in 4½ years. The Gazette reported that in Colorado Springs, “single-family homebuilding permits totaled 220 in February, exactly double the total from February 2012 and the highest total for any February since 2006, according to a report from the Pikes Peak Regional Building Department. The number of permits issued in the first two months of this year is up slightly more than double from the same period last year to 398.”
The Wall Street Journal reported that existing home sales are at a 3 year high, indicating that more people are listing their properties ahead of the crucial spring selling season.
This is good news for those of you who have been waiting for home values to go up before listing your home in order to trade up or relocate. REALTORmag, and The Wall Street Journal both report that “rising home prices have helped more home owners make their way above water again, with 1.7 million properties regaining equity in 2012, according to the latest figures from CoreLogic. The number of mortgaged homeowners with equity now stands at 38.1 million and more homeowners are expected to join them soon.”
The long wait is over and the time is ripe, so if you are looking to sell and trade up, invest or buy a new home, please give me a call at 598.3200 or email me at Harry@HarrySalzman.com so I can help you figure out the best plan for you individual wants and needs
INTERNET BUYING VS. real estate BROKERS??
A recent issue of Bloomberg Businessweek carried a story titled “Why Can’t the Internet Replace real estate Brokers?” and I’d like to share a little of it with you. Below, I have reproduced a graphic which helps explain what buyers want from Real Estate Brokers. The article and graph clearly indicate that while more and more buyers are using the Internet to find the home they want, when it comes to the actual purchase, most rely on actual Real Estate Brokers to complete the process for them.
With more than 40 years experience in the real estate business, I could certainly relate to all the reasons why the Internet cannot replace a live person when it comes to the actual “negotiations” and local judgments required to make certain that a buyer has crossed all the “t’s” and dotted all the “i’s” so to speak.
The article was talking about how travel agents have basically been replaced by the Internet because most people feel confident that they can make travel arrangements themselves, but that when it comes to real estate investing, these same people are “nervous about venturing out on their own or trusting an online discounter for the most complicated transaction of their lives.”
The chart shows you how a buyer might use Zillow, Refin, Trulia, and Quicken to help in their initial search, but that when it comes down to negotiations, most turn to a qualified real estate Broker.
* Reproduced from Bloomberg Businessweek, March 11-17, 2013
COLORADO SPRINGS JOBLESS RATE FALLS AGAIN
With January’s 8.7 percentage rate the lowest since March 2009, the Colorado Springs job market continues to deliver good news for both the local economy and residential home market. According the a report in The Gazette, “the improvement came as more than 3600 area residents returned to the job market, the biggest monthly increase in the labor force in more than 12 years. The number holding jobs surged by nearly 4300, cutting the number of residents looking for work by nearly 700.”
Colorado Springs Mayor Steve Bach, in acknowledging this progress said, “..while it is encouraging to have growth, we still have a lot of work to do.” Bach set a goal last year of adding 6,000 new jobs a year to help lower the area’s 9 percent unemployment rate. “The city is doing its best to create a better business climate by being as business-friendly as possible,” he said.
JOKE OF THE WEEK What do you call Rollerbladers who chat on the computer? Online skaters.
Why was the computer so tired when it got home from the office? Because it had a hard drive.
How can you tell when an adult’s been using the computer? There’s correction fluid all over the screen.
How can you tell a good computer programmer from a bad computer programmer? The good one always comes through when the chips are down.
How do you keep a fool busy all day? Put him in a round room and tell him to sit in the corner.
Why did the mother always put on a helmet before she used the computer? Because she was afraid it would crash.
What do pigs put in their hard drives? Sloppy disks.
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
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