April 9, 2012


HARRY’S WEEKLY UPDATE
A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET


THE LATEST PPAR SALES AND LISTING STATISTICS FOR THE PIKES PEAK AREA

Sometimes we are asked why we regularly feature the latest PPAR statistics in our eNewsletter. After all, statistics are pretty boring and they are tough to put into context. However, if you are in the market for a new home, or are considering putting your present home on the market, these statistics will be invaluable in helping you determine what your listing price or your probable purchasing price will be, by showing you what comparable properties are selling and listing for, in the neighborhoods you are considering.

In fact, these PPAR statistics are one of the more important tools we utilize when we consult with our clients. Setting realistic listing prices is the key to selling properties as quickly as possible. Most of the horror stories you hear about houses sitting on the market for extended periods of time are the result of unrealistic listing prices. By using these statistics properly, we can help our clients to avoid these basic mistakes.

The PPAR statistics are also used by real estate experts and business writers to develop a clear picture of trends and business conditions within our local area. As an example of this, we reprint excerpts from a recent feature story from the Gazette, which is based on the PPAR statistics and on an interview which we did with Rich Laden of the Gazette:

LOCAL HOME SALES FALL, BUT PRICES RISE –

The Gazette, April 03, 2012 1:54 PM (Rich Laden)

“Colorado Springs-area home sales fell last month for the first time since mid-2011, but prices rebounded — rising for the first time in more than a year, a Pikes Peak Association of Realtors’ report shows.

For the first quarter of 2012, sales totaled 1,711, or a 1.5 percent gain over the same period in 2011.

Of homes that sold in March, the median sales price rose to $189,000, a 5 percent increase from the same month last year. The median is the midpoint of all sale prices; in March, half of those prices were more than $189,000 and half were less.

The one-month decline in sales shouldn’t be enough to blunt momentum that’s built up in the re-sale market, said Harry Salzman of Salzman real estate Services in Colorado Springs.

Some homebuyers possibly put off their purchases in March, deciding to wait until summer when their kids are out of school, he said. But the increase in price is a good sign, Salzman said.

As buyers take advantage of low mortgage rates and attractive prices, their purchases mean that many homeowners who had been unable to sell their properties finally are able to do so. In turn, those sellers are moving up to bigger and more expensive homes — purchases that likely helped pull up the median price of homes sold in March, Salzman said.”

If you are now in the market to buy or sell a home, you now have at your disposal the same statistics that your Realtor uses.

If you would like clarification of these statistics, or, if you have any other questions about our local market, please do not hesitate to give us a call. We will be happy to answer your questions and to use our 39 years of experience in the local market to advise you about any of the neighborhoods which PPAR covers.

Click Here to see the complete PPAR Listing and Sales statistics for March, 2012

 

SOME HOME MAINTENANCE TIPS FOR SPRING – WHETHER YOU’RE SELLING OR NOT !!!

1. Get your curb appeal ‘up to snuff’ !!! THIS IS REALLY IMPORTANT FOR SELLERS !!! Today’s Buyers are doing their preliminary shopping online and then doing a ‘drive-by’ to see if they want to investigate further. This really emphasizes the old adage, “You only get one chance to make a good first impression”. If your home fails the ‘drive-by’ test. You won’t see many Buyers.
2. Roofing repairs: If you suspect winter storms may have damaged your roof, it needs to be inspected.
3. Check gutters and downspouts: Clean leaves and debris to be ready for spring and summer rains.
4. Fences and gates: Replace any posts that have rotted.
5. Fans and air conditioners: Check the operation of cooling fans, air conditioners and whole-house fans.
6. Check and adjust sprinklers
7. Check vent blocks and faucet covers:
8. Turn on the water supply to outdoor faucets if it's been shut off.
9. Change furnace filters:
10. Check smoke detectors: Replace the batteries and test the detector's operation.


FHA FEES INCREASE TODAY – HOW LONG BEFORE VA AND CONVENTIONAL LOANS FOLLOW?
Daily real estate News

The upfront insurance premium charged on FHA-insured mortgages for home purchases increases today from 1 percent to 1.75 percent on April 9, and the annual FHA mortgage insurance premiums rises by one-tenth of a percentage point.

The cost of a $200,000 FHA mortgage will now rise by about $24 a month, assuming the borrower includes the upfront charge in the amount financed through a 30-year mortgage; a fee increase for jumbo loans and some 15-year loans will be added June 11.

The fourth fee increase in the last three years should boost the FHA's reserves by more than $1 billion through 2013, according to HUD.

Editor’s Note: Our concern is that VA and conventional loans will soon follow this trend and raise their rates, as well.

The bottom line for our readers is: BUY NOW !!!


AS RENTS RISE, OWNING IS REGAINING ITS APPEAL
The Wall Street Journal – and RealtorMag - April 6, 2012

As demand increases throughout the US, rents continue to rise, increasing 5% over the past 12 months. Meanwhile, the asking prices for homes fell 0.7% in that time, according to a new report released Thursday by Trulia Inc.

“Buying a home is now more affordable than renting in almost every part of the US.” Says Jed Kolka, Trulia’s chief economist.

“A lot of people who were owners lost their homes in the bust in these places”, Kolko says. “As a result, many of these former home owners have turned to renting, which has been ramping up demand and driving up rents across the country”

However, as the Wall Street Journal points out, the tide is beginning to turn. Climbing rents are combining with a continued decline in home prices to push once-reluctant home buyers into finally taking the plunge, helping what appears to be a good start to the housing industry’s all-important spring-selling season.

real estate agents report they are fielding more calls from anxious tenants complaining about rising rents. The bottom line is that “The entry-level market is back”.

If you are a renter who is getting squeezed by rising rents, give us a call. We can help you compare what your costs will be if you move out of your rental into a home of your own.

Call us at 598-3200, or, 800-677-6683(MOVE).

And, please remember, I would be honored to serve as your Broker for all of your residential real estate needs. I want to help you, my reader, make the most prudent and accurate Real Estate business decision.

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf. Call us at 598-3200,or, 800 877-MOVE (6683).


JOKE OF THE WEEK

WHO IS YOUR ROLE MODEL ??

1) Pick your favorite number between 1-9
2) Multiply by 3
3) Add 3, then multiply again by 3
4) You'll get a 2 or 3 digit number ..
5) Add the digits together

Now, using that number, see who your ROLE MODEL is from the list below:

1. Einstein
2. Nelson Mandela
3. John Wayne
4. Helen Keller
5. Bill Gates
6. Gandhi
7. George Clooney
8. Thomas Edison
9. Harry Salzman
10. Kermit the Frog

I know... I just have that effect on people.
P.S. Stop picking different numbers. It always works