HARRY'S BI-WEEKLY UPDATE 7.9.2019
July 9, 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.
AND HOW WAS YOUR INDEPENDENCE DAY? (and yes, that’s a LIVE Bald Eagle!)
Carol and I were up in Breckenridge for the July 4th holiday and while wandering around, we came across HawkQuest, a Colorado non-profit organization. Their goal is to bring eagles, owls, falcons and hawks to the public to make education of same both meaningful and fun, while creating an atmosphere which fosters respect of biodiversity, of the finality of extinction and of man’s need to nurture his world while discussing the raptors’ place in our ecosystem.
And that’s how we came to meet Magissiwa (named for the Ojibwe word migizi,which means bald eagle). We couldn’t’ resist having our photo taken with her, most especially since it was the Fourth of July. What better day could we have found?
In any case, she is quite a beautiful bird with a six foot wing span and a great personality and I wanted to share her picture with you.
I hope you all had a safe and happy holiday celebrating our great nation and most Importantly, the freedom that it provides us all. I am especially grateful for the men and women in the military both present and past who have sacrificed so much in order to insure that freedom. Thank you one and all.
NOW SOME real estate NEWS…
Just when it appeared that things were slowing down a bit--BOOM-- the mortgage rates went down, and it’s become quite busy again. These last few weeks have again brought multiple offers, most over listing price, and at times, some disappointing news for buyers when they don’t get home of their choice for reasons we may never know. Sometimes it’s simply that the seller has several offers and doesn’t want to waste the time to counter, so they accept one of the offers as is. Other times it’s the price offered or the closing time desired. There are just many reasons, but it’s so difficult to have to explain to a client that they didn’t get “the” home. It’s not a good feeling and I do everything in my power to try and prevent that from happening.
That’s where my 47 plus years of local experience is so important. I’ve been around through all types of cycles and I know the “ins and outs” of getting a deal done. That doesn’t mean even I can guarantee a client will get the first choice each and every time because, as I just mentioned, there are too many factors that are beyond my control in this fast-paced market. However, I know how to negotiate on a client’s behalf and at times that means advising them to walk away. As I’ve said in the past, sometimes NOT closing a deal is a win in the long run.
If you, a family member or co-worker are even considering a move…NOW is the time. Simply give me a call at 593.1000 or email me at Harry@HarrySalzman.com and let’s see how together we can make your residential real estate dreams come true.
JUNE 2019 BROUGHT GAINS IN HOME VALUES AND A LOWER NUMBER OF SALES
Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS
Here are some highlights from the June 2019 PPAR report. Remember that the new format of this report no longer provides monthly statistics for each individual neighborhood. However, if you are interested in what’s happening in your neighborhood, I can provide you with this information through other means.
In El Paso County, the average days on the market for single family/patio homes was 24. For condo/townhomes is was 23.
The sales price/list price for single family/patio homes was 100.1% and for condo/townhomes was 100.2%.
You can see from those statistics alone that buying a home in today’s seller’s market is not as easy as in the past, but with me on your side you’ve got a considerably better than average shot at it.
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 June 2019 to June 2018 for All Homes in PPAR:
Single Family/Patio Homes:
· New Listings are 2,053, Up 0.1%
· Number of Sales are 1,651, Down 5.0%
· Average Sales Price is $373,792, Up 3.4%
· Median Sales Price is $331,000, Up 1.9%
· Total Active Listings are 2,122, Down 1.9%
· Months Supply is 1.3
Condo/Townhomes:
· New Listings are 251, Down 6.3%
· Number of Sales are 192, Down 5.0%
· Average Sales Price is $248,816, Up 8.1%
· Median Sales Price is $240,000, Up 10.9%
· Total Active Listings are 167, Up 18.4%
· Months Supply is 0.9
As I mentioned earlier, I’m seeing more activity in recent weeks, so I expect these numbers to continue to rise. With the lowered interest rates on mortgages, I’m finding that those who thought they had been priced out of the current market now realizing that they can not only get more for their present home but can benefit from a lower monthly payment than they anticipated on a new one.
If a newly constructed home is under consideration, I can assist you with that, too. I’m familiar with most of the new construction in the city and can help you with the site and plan selection as well as help you find the best financing to fit your individual needs. And—did I mention that I provide all this at no additional cost to you?
Now a look at more statistics…
JUNE 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 contains 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 5.2%
- Median Sales Price for All Properties was Up 2.9%
- Active Listings on All Properties were Down 16.6%
You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographical 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 Colorado Springs:
BUYING AND SELLING RESIDENTIAL real estate CALLS FOR A SEASONED PROFESSIONAL. WHO YA GONNA CALL?
ME, OF COURSE.
Summit Daily News, 7.6.19, in part
real estate is often the largest financial investment and greatest asset of many families. Especially in today’s fast-paced market, it’s not one that should be undertaken without a knowledgeable, experienced professional in your corner.
Yes, technology is streamlining the process of both buying and selling residential real estate, but there’s something it just can’t do—replace the value and expertise of a professional, local real estate agent.
Beware of those companies that say you don’t need a Realtor because you DO need help in so many areas, most especially in education and ethics.
Here are a few things a professional Realtor brings to the table:
- Timely, Relevant Listing Information. Not all local listings are on the Internet and many mass market sites are not updated frequently enough to stay current. To get access to most of the listings in the Pikes Peak area you need to work with a Realtor who has access to the PPMLS and can have pertinent listings sent directly to you.
- Expert Market Knowledge. A local professional like myself can provide you with expertise and knowledge of El Paso and Teller Counties that someone out of this market cannot. Someone like me is engaged in the community, both professionally and personally. I can help you find local sources such as plumbers, carpet cleaners and electricians and more. I know the best suited areas for families as well as those for retired folks. I work with your individual wants, needs and budget to direct you to the home that will make you happy for years to come. And because I live and work here, I can provide you with the most accurate comparables that no computer can possibly know.
- Full Access to Properties for Sale. The only way you can gain access to a property is by using a Realtor. You might see many photos on online sites, including PPMLS, but the only way to know for sure is to step inside, see the views for yourself and truly feel what it would be like to live there.
- Professional, Ethical Standards. All members of the National Association of Realtors are required to take code of ethics class every two years. This class updates realtors on 17 articles within this code that address a realtor’s duty to clients, the public, and to other realtors.
What that means is that by hiring me as your Realtor, you’re ensuring that I will protect your best interests, disclose important information about the property, provide competent services and other important actions that maintain the integrity of your transaction. My duty is to you and your goal becomes mine.
- Guidance Throughout the Transaction. real estate professionals like myself are “guides” as we truly guide our clients through a long and oftentimes complicated process. Navigating and negotiating details every step of the way is important and this is an area where I shine brightly. I know how to not only negotiate expertly on your behalf, I can also lead you to the right lender for your specific needs.
Next time you or someone you know thinks that they can save money and/or time by purchasing real estate online, remember these essential points and ask yourself, or them, whether or not it’s wise to place such an important investment in the hands of a computer.
And then call me.
MORTGAGE RATES HAVEN’T BEEN THIS LOW SINCE 2016
Realtor magazine, 6.28.19
The 30-year fixed-rate mortgage has dropped for the seventh time in the last nine weeks, reaching the lowest average since November 2016, according to Freddie Mac in its weekly mortgage market survey last week.
“While the industrial and trade related economic data continues to dominate the news, the drop in mortgage rates over the last two months is already being felt in the housing market,” say Sam Khater, Freddie Mac’s chief economist. “Through late June, home purchase applications improved by five percentage points compared to the previous month. In the near term, we expect the housing market to continue to improve from both a sales and price perspective.”
Once again, just one more reminder that if you thought you missed the historically low interest rates…they’re back. No one knows how long they will be here, but while they are, if you’ve waited…NOW is the time.
UPGRADES BOOST A HOME’S SALE PRICE
USA Today, 6.28.19
Getting a home ready for sale can seem overwhelming at times, especially in knowing what to fix or replace in order to get the most dollars possible. Again, just a reminder that this is where someone like me can give you advice that will help show the house in the best possible way.
The most important thing to consider is looks. A home that has a new roof, windows or HVAC system may be important to a buyer, but if the home is not visually appealing most buyers will cross it off their list.
Some things to consider:
- Groom your yard. A minimal outdoor spruce-up can add as much as 5% to the sales price. Today’s buyers, especially the younger generation, consider outdoor space an added value—sometimes more important than a remodeled kitchen.
- The kitchen is key. Inside, the kitchen is the most important room, according to real estate agents. But don’t bother with a complete renovation as most return just 51 cents on the dollar according to Zillow. Rather, a smart cosmetic makeover will do the trick and raise the sales price by roughly 5%. This could include new appliances, countertops and floors that coordinate.
- Appearance inside counts, too. Painting inside can help make a home feel new. In Colorado Springs the average cost to paint an entire interior runs between $3000-$4,000 but it adds stronger marketability to the home. “Smart” features are a plus, especially for younger buyers, and enabling a thermostat, doorbell, lock, camera and speaker costs around $1500 and can boost a home’s sales price by up to 5%, they added.
These are just some ways to help you prevent doing things that are not going to reap returns and to show you where you can do others that will boost the sales price and give your home the best visual appearance to a potential buyer.
Each home is different, though, and when we get together to list your home, I can provide you with what I believe will help you get the most “bang for your buck” and bring offers to the table. I can also recommend professionals who I know and trust to help you get the job done on a timely basis and at a reasonable cost. This is just one of the many things I bring to the table when I’m working for you
