HARRY'S BI-WEEKLY UPDATE 9.19.16
September 19 2016
HARRY’S BI-WEEKLY UPDATE
A Current Look at the Colorado Springs Residential real estate Market
As part of my 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.
WHAT I DO WHEN I’M NOT SELLING HOUSES…
Because of my extreme dedication to my clients and special brand of customer service, I’ve been asked time and again if I ever have time to do anything other than live, eat and breathe real estate. The answer of course is yes. However, as the picture above will demonstrate, I’m never far from dreaming up unusual, practical ideas that can make a home more interesting.
This past weekend I was looking in my closet and decided that my belts deserved better space than I had allotted them so I went down to Home Depot and this is the result. For less than $15, I bought a rake, had them cut off all but the bottom few inches and hung it in the closet. Yes, I could have just gone to Bed, Bath and Beyond and bought something already made for belts, but those who know me well understand that I am never satisfied with ideas that have already been tried.
Corny? Yes. But interesting--and a new focal point for the closet as well as a new home for my belts. It would work equally well for ties, scarves or other items. And it could work on any wall in the home to hold whatever you might choose.
Consider this Chapter 32 in the Harry Salzman Book of “How to Improve Your Home for Less”. Just another helpful hint from “Farmer Harry”.
You’re welcome.
AUGUST LOCAL MARKET UPDATE AND MONTHLY INDICATORS SHOW RESULTS IN GREATER DETAIL
Pikes Peak REALTORS® Services Corp.,
In the recently published August 2016 Monthly Indicators and Local Market Update for El Paso and Teller Counties, new listings year-over-year were slightly down for the single-family/patio homes and up 8.0% for condo/townhomes. With that came a pending sales increase year-over-year of 16.0% for single-family/patio homes and 8.5% for condo/townhomes.
The median sales price increase year-over-year in all properties was up 10.0%, which is a good sign that the housing market is continuing to stabilize. If there were more listings, more people would be moving—either selling to trade up or buying for the first time.
I’m still finding there are those who wish to move but are afraid to list their homes because if they sell quickly, which has been the case in recent months, they might not be able to find the home they are wanting to buy as quickly as they’d like.
The shortage of available homes is continuing to affect the number of sales in communities all over the U.S. However Colorado Springs, while experiencing the same type of listing shortage, is still experiencing a significant number of sales. This bodes well for our community and is indicative of the increased job market and improved local economy.
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 33-page Local Market Update. These reports provide greater detail than the monthly “PPAR Monthly Statistics” that I share in the first eNewletter of each month.
The “Activity Snapshot” shows the one-year change:
- Sold Listings for All Properties was up 9.1%
- Median Sales Price for All Properties was up 10.0%
- Active Listings on All Properties was down 37.7%.
As you will see, the time to buy is continuing to be NOW. With a few more choices, continued low interest rates and increased home equity, the opportunity to sell and trade up couldn’t be better. To discuss whether this can be a reality for you or someone in your family, simply give me a call at 598.3200 or email me at Harry@HarrySalzman.com and let’s see how together we can make this work.
A LIFETIME OF WEALTH BUILDING BEGINS WITH PROPERTY OWNERSHIP
Research has shown that most people think the credit and financial requirements for home ownership are much higher than they really are. It’s a fact that home equity accounts for the lion’s share of wealth for most families.
In fact, one formula to build wealth is to buy a new home as early as you can, and take the opportunity to turn that into a rental property and buy your next home. For the past several years, many landlords have earned higher returns on their rental properties than on any other investment.
Most people don’t take advantage of this but you don’t have to be a financial genius to make it happen. All it takes is financial self-discipline and an experienced, knowledgeable real estate professional who has your interest at heart to make this a reality.
That’s where I come in. With over 44 years in the local real estate arena, there are few who know the market the way I do. And my investment banking background comes in handy when knowing how and where to get the best mortgage for your individual situation.
And Did You Know?
Recent Fannie Mae Requirements:
- Minimum Down Payment Required: 3%
- Minimum Credit Score Required: 620
- Maximum Back-end DTI Ratio: 45%*
*Up to 50% with compensating factors
So don’t delay. Call me today and let’s get you or one of your family members on the road to lifetime wealth building.
HOW TO CREATE REAL FAMILY WEALTH…INFOGRAPHIC
Keeping Current Matters, 2.16
Some Highlights:
- Buying a home is often the biggest financial decision that any family will make.
- The average net worth of a homeowner is 45x greater than that of a renter.
- Homeownership puts your housing costs to work for you.
REGISTER NOW FOR THE UCCS ECONOMIC FORUM
Another reminder that the 20th Annual UCCS Economic Forum to be held at the Broadmoor Hall on Friday, October 14 is rapidly approaching. It’s sure to be another sold out event and one you won’t want to miss.
For more information and to register, please visit www.UCCSEconomicForum.com
HARRY’S THOUGHT OF THE DAY
“Purchased with common sense, paid for in full, and managed with reasonable care, real estate is about the safest investment in the world.”
--President Franklin D. Roosevelt
