HARRY'S BI-WEEKLY UPDATE 6.10.2019
June 10, 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.
LOTS OF POSITIVE STUFF GOING ON…
Let me begin by saying I haven’t forgotten you. The reason you haven’t received my e-Newsletter for a month is because my editor has been on overload and couldn’t fit me in. And since I’m married to her, I have learned that my priorities don’t always come first! We should be back on track now and if you’re new to reading this…welcome. If you’re an established reader, welcome back.
There’s a lot going on both locally and on the national level in residential real estate. I think it’s important for you to understand that when it comes to the housing market it always needs to be looked at in terms of local metrics. A good example is that while the national median prices are relatively flat at present, our median prices have continued to rise monthly. The reasons for this are many and include local economic factors such as job growth, sales tax increases, corporate relocation and more. Our job market continues to improve, with the local unemployment rate falling for a third straight month in April to a 10-month low of 3.9 percent. And with U.S.News and World Report naming us the “Third Best Place to Live in the USA” once again in 2019, we can expect our local residential real estate market to continue to grow.
Just as important is the local leadership and plans for future growth. We are fortunate to have Mayor John Suthers at the helm of all this and I have no doubt that Colorado Springs is positioned for continued economic and social growth for many years to come.
That being said, one thing we do have in common with the national market is our lack of inventory. If there were more homes available for sale, we’d be seeing even greater growth. I believe the recent decline in mortgage interest rates will help to motivate some folks that have been sitting on the fence as well as those who thought they had missed out on the historically low rates into action. Yes, homes are costing more, but you will also get more for your present home if you are considering trading up or moving to a new neighborhood. And with the lower interest rates, monthly payments will make it more affordable to sell and trade up or even to purchase for the first time. That’s why it’s worth considering the potential monthly payment rather than simply the growing housing prices.
I’ve told you time and again the importance of using a seasoned professional like myself when it comes to any residential real estate purchase and it’s more important in today’s market than ever. With a climate of multiple bids within an hour of a home being listed and offers over asking price, you need a good negotiator in your corner.
That’s where my 47 plus years of local experience comes into play. I’ve been around through all types of cycles and know the ins and outs of getting a deal done. That doesn’t mean even I can guarantee you’ll get your first choice each and every time because there are just too many factors that come into play in this fast paced market, but, I know how to negotiate on your behalf and also know when to advise you to walk away. Sometimes not closing a deal is a win in the long run.
So if you, a family member or co-worker are even thinking of looking….NOW is the time. Simply give me a call at 593.1000 or email me at Harry@HarrySalzman.comand let’s see how together we can make your residential real estate dreams come true.
MAY 2019 AGAIN BROUGHT GAINS IN HOME VALUES AND LOWER NUMBER OF SALES
Statistics provided by the Pikes Peak REALTORS Service Corp, or it’s PPMLS
Here are some highlights from the May 2019 PPAR report.
Just another reminder that thePPAR report is in a new format and no longer provides a look at the monthly stats for each neighborhood. However, if you are interested in what’s happening in your individual neighborhood, I can provide it to you through other means.
In El Paso County, the average days on the market was 25 and the Sales Price/List Price was a very high 100.3%.
Please click here to view the detailed 9-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 May 2019 to May 2018 for All Homes in PPAR
Single Family/Patio Homes:
· New Listings are 2,114, Up 1.6%
· Number of Sales are 1,564, Down 0.3%
· Average Sales Price is $372,416, Up 4.6%
· Median Sales Price is $329,250, Up 3.8%
· Total Active Listings are 1,849, Down 1.9%
· Months Supply is 1.0
Condo/Townhomes:
· New Listings are 271, Up 12.9%
· Number of Sales are 190, Down 4.0%
· Average Sales Price is $246,435, Up 9.4%
· Median Sales Price is $233,750, Up 11.3%
· Total Active Listings are 165, Up 50.0%
· Months Supply is 0.9
Spring buying started off slowly across the country as well as locally due to the inclement weather and lack of listings. According to Lawrence Yun, NAR Chief Economist, the housing market in general is “underperforming in relation to economic performance, with job creation and lower mortgage rates”.
However, I believe it will pick up locally and those who are looking to move and trade up will have plenty of takers for their present home. The days of multiple offers, many accepted almost immediately after listing, are still here and it’s making things difficult—especially for first time buyers.
If a newly constructed home is in your future, I can assist here, too. I’m familiar with most of the new construction in the city and can help you with site and plan selection as well as helping you find the best financing for your individual needs. And—did I mention that I provide that all at no additional cost to you?
And now a look at more statistics…
MAY 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
Providing greater detail than the above report, this provides information on both Colorado Springs and Teller counties for residential real estate.
It is broken down by geographical areas and you can look to see how your geographic area is doing in terms of sales, prices, and more.
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 1.8%
- Median Sales Price for All Properties was Up 4.9%
- Active Listings on All Properties were Down 11.6%
You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographic area 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. As an example, here is a detailed report on El Paso County:
UCCS ECONOMIC FORUM REPORT SHOWS INCREASED CONSUMER CONFIDENCE
UCCS Economic Forum, College of Business, updated 5.30.19
As always, I like to share with you the updated reports I receive due to my sponsorship of the UCCS Economic Forum. These reports show in graphic form the “Big Picture” of the U.S. in general as well as the local outlook.
Included in the local statistics are: Local Employment/Wages and other employment factors as well as demographics of Population Growth, real estate Sales, Tourism and more.
Click here to view this informative report can be seen in its entirety. If you have any questions, please give me a holler.
And more importantly, please be sure to save the date--October 10, 2019--for the always sold out UCCS Economic Forumto be held at the ENT Center. More details to follow in future e-Newsletters.
MORTGAGE RATES FALL BELOW 4%, CREATING OPPORTUNITIES THAT SOME THOUGHT WERE GONE FOREVER
The Wall Street Journal, 5.31.19
Great news as I mentioned earlier. Mortgage rates are at their lowest in a long time and locally we saw them drop to 3.25% for a 30-year, fixed-rate FHA/VA loan on Friday, June 7, 2019. What this means to you is that, while homes prices continue to rise locally, a drop in mortgage interest rates equals a lower monthly payment than you might have had to pay even a month ago!
With the economy continuing to hold steady, it’s anyone’s guess how long these rates will be in effect, but they are here now. If you’ve even considered a move, now is the time to see if we can put your needs, wants and budget to work and make this dream a reality. Call me today and let’s get started.
COLORADO SPRINGS RESIDENTS SEE HIGHER CREDIT SCORES IN 2019
The Colorado Springs Business Journal, 5.16.19
More than half—51.6 percent—of Colorado Springs residents improved their credit scores between the first quarter of 2018 and the first quarter of 2019 according to a recent report by Lending Tree, an online lending marketplace.
Colorado Springs had the eighth-highest rate of residents who raised their credit scares over the last year, with nearly 30 percent of people seeing their scores rise at least 25 points, 16.8 percent rose at least 50 points, 8.5 percent saw a 75 percent improvement and approximately 4 percent saw their scores increase by more than 100 points, the study found.
What this means is that more and more folks here can qualify for the best rates on mortgage loans and that translates into real dollars when it comes to monthly payments.
“Increasing your credit score is a slow and steady process. It takes time for these changes to accumulate over time, and for negative information to drop off your credit report,” the report states. “But if you are consistent with these steps, the results of our study show that you can increase your credit score over time—and indeed, many people are successful in doing so.”
Bravo to us!
