Harry Salzman
Displaying blog entries 201-210 of 467
January 3, 2017
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.
December 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.
December 5, 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.
*** SO THIS JUST HAPPENED…***
The Wall Street Journal, today
At press time I was reading today’s Wall Street Journal and a headline on the front page hit home as it’s what I’ve been telling you would happen for the last couple of years.
“Home Buyers Miss Out On Low-Cost Loans” is what it says and according to the article, the low interest rates and accompanying looser credit requirements of recent times are now a thing of the past.
First-time buyers and those with marginal credit will be the ones hit the hardest. According to the article, “Analysts at Pacific Investment Management Co. estimate between one million and 1.4 million Americans who would have been eligible for a mortgage in 2002, before the loosening of lending standards that caused the subprime crisis, couldn’t get a mortgage today.”
I’ve been encouraging those who can and want to be home investors to get on it sooner than later. Information in this article again supports that in saying homeownership levels will remain low and rental properties are in high demand for those who can’t afford or can’t obtain a home of their own.
I don’t want to say “I told you so”, but there you go. If you’ve even been considering whether this is the time to sell and trade up or buy for investment purposes—call me today. Time is no longer on your side.
THE LOCAL housing market CONTINUES IT’S UPWARD TREND
November PPAR statistics show the Pikes Peak housing market continuing to perform extraordinarily well and now we have 28 consequent months of year-over-year increased local Residential real estate sales.
Homes are selling at 99.2% of listing price with the average days on the market down to 36. This continues to be great news for both buyers and sellers.
As you will see in the Cumulative Year to Date Summary, total sales numbers in Single Family/Patio Homes and Condo/Townhomes are both up 15.9% year-to-date. Even more amazing, though, is the fact that the total VOLUME of sales to date over last year for Single Family/Patio Homes increased close to $800,000,000 and for Condo/Townhomes it increased close to $76,000,000. That’s a LOT of sales dollars and is indicative of how residential real estate in the Colorado Springs area is escalating in value. And, it’s the second consecutive year setting an annual record--with still another month to go. Fabulous news for our local homeowners.
The Monthly Summary shows that compared to a year ago, total active listings are down 26.5% for Single Family/Patio Homes and 18.7% for Condo/Townhomes. This downward trend is continuing to be great for sellers. New listings are up 9.7% for Single Family/Patio Homes and 37.0% for Condo/Townhomes. This tells me that people are starting to realize that even though this is not the “normal” selling season, the time to sell and trade up is NOW before interest rates and home prices get even higher. I wrote about that in the last eNewsletter and I can see that interested people are realizing it might be a good idea NOT to wait--for a variety of reasons.
An article I read in Saturday’s Wall Street Journal had the headline—“Homeowners Hit The Jackpot”. It referenced the fact that many folks who have lived in their homes for 15, 20, 30 years and more are pocketing substantial gains when they are ready to sell. The article went on to say that homeowners are staying in their homes longer—a median of 10 years, the longest tenure since at least 1985, according to NAR.
Lawrence Yun, NAR chief economist, said the shift is partly due to an aging society and tight inventory in many markets. “Home sellers know they can find a buyer, but they would have difficulty finding a new home once they sell,” he said.
While locally we have just a slight increase in new listings, I’m finding that there are homes available in most neighborhoods and in most price ranges. The biggest issue is knowing what you need, want and can afford prior to beginning the process of selling to trade up or move to a new location. Most homes do sell quickly so having those decisions made in advance can make a lot of difference if your home sells fast.
If you have been thinking of listing your home, I cannot emphasize strongly enough that NOW is the time.
With interest rates just starting to increase and home equity building at a steady pace, it’s time to make your move either to sell and trade up or buy for the first time or for investment purposes. To get the ball rolling, simply call me at 598.3200 or email me at Harry@HarrySalzman.com and let’s see how I can put my special brand of customer service to work for you, your family members or co-workers.
NOVEMBER 2016 WAS THE 28TH STRAIGHT MONTH OF INCREASED LOCAL RESIDENTIAL real estate SALES
Statistics provided by the Pikes Peak REALTORS Service Corp, or it’s PPMLS
Here are some highlights from the November 2016 PPAR report. Please click here to view the detailed 15-page report, including charts. If you have any questions, just give me a call.
In comparing November 2016 to November 2015 in PPAR:
Single Family/Patio Homes:
Condo/Townhomes:
COLORADO SPRINGS AREA MONTHLY SINGLE FAMILY/PATIO HOME SALES ANALYSIS*
Median Sales Price Median Sales Price
November 2016 November 2015
Black Forest $424,500 $344,000
Briargate $353,250 $314,156
Central $212,500 $185,950
East $220,000 $205,500
Fountain Valley: $234,450 $194,950
Manitou Springs: $322,000 $266,750
Marksheffel: $259,900 $260,000
Northeast: $260,000 $237,500
Northgate: $400,000 $389,000
Northwest: $388,000 $336,700
Old Colorado City: $233,750 $237,500
Powers: $243,750 $229,550
Southwest: $265,500 $251,000
Tri-Lakes: $446,750 $400,000
West: $213,900 $216,500
*Statistics provided by the Pikes Peak REALTORS Services Corp,or its PPMLS.
SPRINGS AREA HOMEBUILDING AT 10-YEAR HIGH
The Gazette, 12.2.16
Permits issued through November for single-family homes in Colorado Springs and the rest of El Paso County were the most since 2006 according to a Pikes Peak Regional Building Department report released last week.
The year to date total of 3,017 marks the first time permits have surpassed 3,000 in a decade and by reaching the 3,000 mark, the local homebuilding industry has achieved a state of “equilibrium”—it’s building enough homes to meet demand without overbuilding.
Just another sign that things are looking good in the Springs.
NATIONALLY, HOME PRICES ARE EXCEEDING THE “HOUSING BOOM” LEVEL
The Washington Post, 11.30.16, The Wall Street Journal, 11.30.16
Homes prices, nationally, reached a new high in September—rising above the previous high set in July 2006 during the “housing boom”, according to the Standard & Poor/Case Shiller Index released last week.
David M. Blitzer, managing director and chairman of the index committee at S & P Dow Jones Indices, said in a statement that “The new peak set by the S & P/Case-Shiller CoreLogic National Index will be seen as marking a shift from the housing recovery to the hoped-for start of a new advance”.
While housing has lagged behind some sectors of the economy in recent years, there are signs of increasing strength. Robert Shiller, the economist at Yale University who co-developed the above referenced index, said the record provides a significant psychological boost for homeowners, some of whom are finally seeing their homes above water after four years of recovery. About 12% of homeowners who have a mortgage now owe more than their home is worth compared to 30% at the bottom of the market, according to Zillow.
Despite prices having bounced back, many economists have tempered their enthusiasm about what it means for the housing market’s overall health. “Crossing this threshold is largely symbolic,” said Ralph McLaughlin, Trulia chief economist. “The housing market recovery has been very uneven across the U.S. When controlling for inflation, markets that have reached their pre-recession peaks are few and almost exclusively in the West and South. And within those markets, it’s mostly high-end homes that have surpassed the peak.”
While prices have recovered, the market is flashing caution signs. The country in general is building far fewer homes than normal, the homeownership rate is near a 50 year low and mortgages remain difficult to come by, especially for less affluent buyers. The rise in mortgage interest rates could also curtail home buying for some.
As I mentioned earlier, the Colorado Springs housing market is on the upswing and is doing so at a reasonable pace—one that appears to be maintainable in the near future. Considering we are one of the “hottest” housing markets in the country, I for one am extremely positive about the continued housing records we are setting.
2017 NATIONAL HOUSING FORECAST, TOP HOUSING TRENDS & TOP HOUSING MARKETS
realtor.com
2017 National Housing Forecast
In general, the national real estate market is predicted to slow compared to the last two years, across the majority of economic indicators.
However, “West is Best” and lucky for us—that’s where we are. Western metropolitan areas are forecast to see a price increase of 5.8% and sales increase of 4.7%--much higher than the U.S. overall of 3.9% and 1.9% respectively.
Realtor.com is forecasting the homeownership rate will stabilize at 63.5% after bottoming at 62.9% in 2016. New home sales are expected to grow 10%, while new home starts are expected to increase 3%.
Prior to the election, demographics and an improving economy were laying the foundation for a substantial increase in first-time buyers in 2017 but due to mortgage rate increases over the last few weeks, realtor.com predicts first timers will face new hurdles as they navigate the qualification and buying process. While higher rates are associated with anticipation of stronger economic and wage growth next year, higher rates will make qualifying for a mortgage and finding affordable inventory more challenging.
Top Housing Trends for 2017
Top Housing Markets in 2017
Despite a more moderate housing market overall in 2017, strong local economies and population growth will continue to fuel the nation’s top markets.
While Colorado Springs is forecast as the “12th Top housing market” in the top 100 metro areas in 2017, we share many of the commonalities of the top 10.
Our relatively affordable rental prices, low unemployment, increasing population of millennials and baby boomers, along with a high number of listing views on reator.com, puts us up there with the top 10.
As I’ve been saying all along, those of us who live here know the reasons we do, and now the rest of the nation is finding that out too.
Here’s to another great year in 2017 for our city.
November 21, 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.
...AND THAT I AM…FOR SO MANY THINGS
With Thanksgiving Day almost upon us, I can’t but think about the many blessings I have to be thankful for in my own life. I’m actually thankful for these most every day, but this time of year I am doubly reminded of just how fortunate I am.
To start with, I am able to live and work in one of the most beautiful and exciting places in the country and I get to share that daily with my family, friends and coworkers to whom I am always thankful for their presence in my life.
I am thankful to live in a country that allows me to believe in the things that are important to me and to earn a living doing something I truly love.
And certainly not least, I am thankful to all of you, my clients and readers, whom I have had the privilege of working with and getting to know over the past 44+ years. Your continued confidence, referrals and personal relationships mean more to me than I can tell you—so let me simply say—THANK YOU.
The good news I am sharing today in this edition of my eNewsletter is something for us all to be thankful.
I wish each and every one of you a very heartfelt Happy Thanksgiving.
***FROM ALL DIRECTIONS WE ARE POSITIVE, POSITIVE***
OCTOBER LOCAL MARKET UPDATE AND MONTHLY INDICATORS PROVIDE RESULTS IN GREATER DETAIL
Pikes Peak REALTORS® Services Corp.,
In the recently published October 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 down 7.7% for condo/townhomes. Despite that, the great news is that we saw pending sales increase year-over-year of 23.2% for single-family/patio homes and 12.7% for condo/townhomes.
The median sales price increase year-over-year in all properties was up 10.2%, which is a good sign that the housing market is continuing to appreciate. If there were more listings, more people would be moving—either selling to trade up or buying for the first time.
The “Activity Snapshot” shows the one-year change:
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.
Normally, this is the “slower” time of year in the residential real estate market, but there doesn’t appear to be a “normal” anymore. Post election, with the probability of rate hikes on the horizon, we expect to see even more folks looking to sell and trade up or buy for investment purposes before the recent historical low interest rates are a thing of the past.
I’ve been telling you for quite awhile that this day is coming—and it soon will be here. If you’ve waited—for whatever the reason—my advice to you is not to wait any longer. With steadily rising median sales prices happening and higher mortgage interest rates soon to be a reality, NOW is the time to make your move.
To discuss how to make this 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 see what’s best for each individual situation.
COLORADO SPRINGS MEDIAN HOMES PRICES RISE 60% MORE THAN U.S. AVERAGE
NAR 11.16
In the 3rd Quarter 2016, metro home price growth was accelerated by the supply crunch, according to the latest survey results of the top 178 metropolitan statistical areas (MSAs) by the National Association of Realtors®.
Colorado Springs showed a median sales growth quarter-over-quarter of 8.9%, which was 60% greater than the U.S. average of 5.2% for those surveyed. This is such good news for us and is indicative of our increased job market and continued consumer confidence locally.
These numbers could have been even higher according to Lawrence Yun, NAR’s chief economist. He said that prospective buyers faced a very challenging market during the third quarter. “Mortgage rates around historical lows and solid local job creation created a winning formula for sustained home buying demand all summer long,” he said. “Unfortunately for house hunters in several of the top job producing metro areas around the country, deficient supply levels limited their options and drove prices higher, especially in markets in the West and South.”
To look at the entire survey of all 178 MSAs, please click here.
STATISTICS FROM THE UCCS ECONOMIC FORUM DELIVER MORE GOOD NEWS
UCCS Economic Forum, 11.18.16
The just released October statistics from the UCCS Economic Forum continue to deliver good news on all fronts in the Colorado Springs area. These charts, which you can access by clicking here, will provide you with graphic detail of how we as a city, as well as El Paso County, are doing in many areas that affect our growth and economy.
If you have any questions about these, or any of the information I’ve presented in this eNewsletter, please give me a call at 598.3200.
HOUSING STARTS ARE SEEING GREATEST INCREASES IN NEARLY A DECADE
Housingwire.com, 11.17.16
Housing starts across the U.S., as well as locally, jumped in October to their strongest pace since 2007. Multifamily homes surged and continued strong demand for owner-occupied housing helped spur home construction activity.
Why now? The answer—Millennials.
According to a number of sources, increased demand is coming from Millennials who are seeing improved household growth as the economy promotes further job and income gains. These folks are an expanding portion of housing demand as they move out of their parents’ homes—increasingly to form families.
According to Quicken Loans VP Bill Banfield, this report from the U.S. Census Bureau is “a boost of confidence for the housing market, as we haven’t seen a month-to-month leap like this in more than 30 years”.
“While much of this was driven by the multifamily segment, we cannot overlook the significance of the gains made on single-family home construction—increasing to their highest levels in nine years”, he added.
More excellent news for us all.
November 7, 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.
JUST A FRIENDLY REMINDER….
Tomorrow is Election Day 2016 and it’s up to all of us to cast our vote for the candidates and issues of our choosing. It’s one of the privileges afforded to us by the Constitution and one that should not be taken lightly. I realize this election year has been a rather contentious one, but there are many local candidates and U.S. Congressmen and Senators, as well as local issues, that need our support. If you haven’t already voted via mail-in-ballot, please take the time to do your civic duty. Our future depends on it.
AND THE GOOD NEWS IN THE LOCAL housing market CONTINUES
October PPAR statistics show the Pikes Peak housing market performing extraordinarily well and now we have 27 consequent months of year-over-year increased local Residential real estate sales.
Homes are selling at 99.2% of listing price with the average days on the market at 37. This is fabulous news for both buyers and sellers.
As you will see in the Cumulative Year to Date Summary, total sales numbers in Single Family/Patio Homes are up 13.7% year-to-date and Condo/Townhome sales are also up 13.7% over the same time period.
The Monthly Summary shows that total active listings are down 24.1% for Single Family/Patio Homes and 20.9% for Condo/Townhomes compared to a year ago. This downward trend is continuing to be great for sellers. While new listings are slightly up for Single Family/Patio Homes, they are down 10.6% for Condo/Townhomes and it continues to be more difficult, but certainly not impossible, for current buyers to find a new home.
If you have been thinking of listing your home, now is the time. However, be prepared for a quick sale, which means you need to have an idea of what and where your next home might be located.
Median Sales Prices are up year-over-year 8.8% and 11.6% respectively for Single Family/Patio Homes and Condo/Townhomes—more good news for both buyers and sellers.
As in recent times, we are still experiencing some problems with longer lending approval times, bidding wars, delays in getting home appraisals and fewer homes available in the $300,000 and under range.
It’s vitally important in today’s market it is to know what you want, need and can afford prior to the hunt for a new home. There’s no longer the luxury of “let me think about it for a couple of days or even a few hours” at present, as you can see from the statistics.
With interest rates holding at historic lows and equity increasing at a good pace, now is the time to make your move either to sell and trade up or buy for the first time or for investment purposes. To get the ball rolling, simply call me at 598.3200 or email me at Harry@HarrySalzman.com and let’s see how I can put my special brand of customer service to work for you, your family members or co-workers.
OCTOBER 2016 WAS THE 27TH STRAIGHT MONTH OF INCREASED LOCAL RESIDENTIAL real estate SALES
Statistics provided by the Pikes Peak REALTORS Service Corp, or it’s PPMLS
Here are some highlights from the October 2016 PPAR report. Please click here to view the detailed 15-page report, including charts. If you have any questions, just give me a call.
In comparing October 2016 to October 2015 in PPAR:
Single Family/Patio Homes:
Condo/Townhomes:
COLORADO SPRINGS AREA MONTHLY SINGLE FAMILY/PATIO HOME SALES ANALYSIS*
Median Sales Price Median Sales Price
October 2016 October 2015
Black Forest $502,500 $423,500
Briargate $352,000 $292,750
Central $204,000 $204,150
East $215,000 $187,500
Fountain Valley: $224,500 $199,900
Manitou Springs: $270,250 $295,000
Marksheffel: $271,450 $264,500
Northeast: $255,000 $233,000
Northgate: $418,857 $398,450
Northwest: $338,850 $334,950
Old Colorado City: $219,450 $242,000
Powers: $255,000 $230,000
Southwest: $345,000 $276,000
Tri-Lakes: $464,669 $430,609
West: $257,900 $272,500
*Statistics provided by the Pikes Peak REALTORS Services Corp,or its PPMLS.
COLORADO SPRINGS…
And the list goes on and on. Those of us who live here know all of this, but now the rest of the country is finding out exactly why we choose to live and work here.
Yea for us and a special “shout out” to Mayor John Suthers, the City Council, Regional Business Alliance, Colorado Springs Visitors Bureau and more for their tireless devotion to making all of this a reality.
HOMEOWNERSHIP RATE RALLIES
RISMedia.com
The tide may be finally turning on homeownership. As I’ve been telling you, the home ownership rate has been decreasing and in the second quarter 2016 it reached it’s lowest point in more than 50 years—62.9%--according to the U.S. Census Bureau’s Quarterly Housing Vacancies and Homeownership Report.
Third quarter 2016 showed a slight increase to 63.5% which is good news indeed. As expected, rates in the third quarter were highest among those aged 65 and old--79.0%--while lowest for homeowners aged 35 and younger--35.2%.
The new regulations, low interest rates and down payment requirements along with loosened credit qualifications by lenders are helping to contribute to increased homeownership rates. People, especially younger ones, are more confident in the economy and job prospects, and as millenials age and start to have families, owning a home becomes more of a priority.
It will take some time, but hopefully this is a sign that the “American dream” of homeownership will be coming true for more and more people.
A GLIMPSE AT THE CURRENT STATE OF THE housing market…FYI
Realtormag.com, 11.16
Jobs are growing, incomes are rising, interest rates remain historically low but as I just mentioned—home homeownership is still low. Lack of inventory in many U.S. markets is contributing to this; however, NAR Chief Economist, Lawrence Yun, thinks homeownership isn’t likely to budge too much, especially if interest rates start to rise—which he believes is likely given the healthy economy.
Supply and Demand:
Even though borrowers can get conventional loans backed by Fannie and Freddie for as little as 3 percent down, and from the FHA for 3.5 percent down, almost 40% of borrowers put down 20% for their home purchase in August 2016. In early 2014, only 34 percent put down 20 and it’s been rising ever since. See below:
SHOULD YOU SELL NOW OR WAIT UNTIL THE SPRING BUYING SEASON?
RisMedia.com
I get asked this question time and again and I always give the same answer—there are pros and cons that need to taken into consideration for each individual seller.
While a spring buying season is thought to be the “ideal”, this is not always the case. Here are some good reasons why selling now, rather than waiting for spring, might be a better decision for you.
Hopefully this will help you in deciding if selling your home now is the right thing to do for your personal situation. As always, any questions you might have can be answered by calling me at 598.3200. I’ll be delighted to answers any and all of your concerns—in this area—or any other concerning residential real estate.
October 24, 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.
COLORADO SPRINGS COMPREHENSIVE PLAN BEING FORMULATED
Several months ago I shared with you that I was selected by Mayor John Suthers to serve on the Steering Committee of Plan COS—a 2-year commitment that will provide the City of Colorado Springs with an updated Comprehensive Plan that will serve as a guide for the development of the City and help establish priorities.
I indicated that I would keep you abreast of what we are doing and I want to share some of what’s happened to date. We are actively seeking citizen feedback—finding out what you love about Colorado Springs. You can take the survey and discover more about Plan COS by going to the website at: https://coloradosprings.gov/plancos . I would encourage you all to take time to give your input so that this will be a plan “of the people, for the people”. Please share this website with your neighbors, family and co-workers who live in Colorado Springs so that they can also provide feedback for the Steering Committee. This is OUR City—it’s up to us all to see that future growth happens in the way we would like.
At our last meeting we were shown 12 trends that are affecting Colorado Springs and other cities throughout the world. I thought you would find this interesting and might consider these prior to taking the survey. They will help you better understand some of the areas that are being looked at in developing a new Comprehensive Plan.
A lot to read and take in, but these factors are important considerations in helping determine where and how we want to work and live. I encounter this daily in my “relocation” of folks from other communities as well as those who simply are looking for new “features” in a local new neighborhood. This information is most definitely something for us all to consider in making future plans. I urge you to add your voice to those of others in the community by taking the survey.
SEPTEMBER LOCAL MARKET UPDATE AND MONTHLY INDICATORS PROVIDE RESULTS IN GREATER DETAIL
Pikes Peak REALTORS® Services Corp.,
In the recently published September 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 14.0% for condo/townhomes. With that came a pending sales increase year-over-year of 14.4% for single-family/patio homes and 10.0% for condo/townhomes.
The median sales price increase year-over-year in all properties was up 9.1%, 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:
As you will see, the time to buy is continuing to be NOW. With a few more choices, continued low, but gradually increasing, 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.
COLORADO SPRINGS IS A TOP CITY FOR BUSINESS AND CAREERS
The Gazette, 10.20.16
On the heels of top rankings in national lists from Money and U.S. News and World Report magazines, Forbes magazine has now named Colorado Springs as a top city nationally for business and careers. In its 18th annual ranking of metro areas notable for their work environments, Colorado Springs ranked 12th out of the nation’s 200 largest cities, according to Forbes.
Rankings were based on 14 different factors related to job growth, business and living costs, income growth, quality of life and the educations of its workforce. In making its selection, Forbes noted that the city was known for its culture and economy being influenced by military installations and defense contactors and for being a popular tourist destination because of Pikes Peak, Garden of the Gods and Cave of the Winds, among others.
It appears that people around the country are taking note of the good job being done by our City Council and Mayor’s office along with the Regional Business Alliance and others. With all those folks working together, there’s just no end to the accolades we can expect to get in the coming years.
5 real estate TRENDS YOU SHOULD KNOW
realtor.org 10.18.16
The National Association of Realtors® (NAR) has been publishing the Profile of Home Buyers and Sellers since 1981—the longest running series of national housing data evaluating the demographics, preferences and experiences of recent home buyers and sellers.
If you could go back in time to 1981 you would see that the housing buyer and seller landscape was much different than that of today. Mortgage rates were four times higher than they are today, the typical home averaged 1,700 square feet and cost $70,000 ($201,376 in inflation-adjusted dollars) and there was a much larger share of first-time buyers.
Here are five important trends that have shaped the real estate industry:
Here is a look back over the past 35 years of home buying and selling
FIRST TIME BUYERS BEHIND LATEST HOUSING GAINS
Realtormag 10.20.16
First time buyers are responsible for most of the sales momentum in September according to NAR. An illustration of Existing Home Sales nationally for September 2016 is below. As you’ve seen from recent statistics, Colorado Springs is seeing higher median home prices than the U.S.
October 10, 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.
EVEN WHEN I’M AWAY I’M BUSY WORKING FOR YOU
I spent the last nine days in Washington, DC, some of it for business and some for pleasure. On the business side, I attended two conferences on corporate relocation. The first was relocation Directors Council (RDC), an organization of which I am a Past President and Life Member. My contacts from here go back many years and I know when I have a client relocating to or from another city I can refer one of my clients to them and they will provide the same kind of excellent customer service that you’ve come to expect from me.
The second was the Worldwide ERC Global Workforce Symposium, where I get to meet with folks from all over the world who work in the relocation industry—from HR directors, real estate brokers, lenders, movers and so much more. The knowledge I gain at these twice a year meetings consistently proves invaluable in my work with relocating clients—either around the corner or around the world.
While there, I had the opportunity to meet with people in Colorado Senator Cory Gardner’s office concerning some issues that have been affecting my clients who use VA financing. I am pleased to have learned that through the work of myself and other frustrated brokers, Congress is making some changes that will hopefully ease the recent problems.
On the pleasure side, what can I say? I always find DC to be awe-inspiring. It’s amazing how much of “history” occurred during my lifetime and I’m grateful and thankful to all of those who came before me who helped fight for our rights and build our government. Seeing all the Memorials and Veteran Memorials gives me the opportunity to quietly thank those who served and gave their lives so that we may live in relative peace. The opportunities afforded me were and are only possible because of the struggles of those who came before.
There’s never enough time to take it all in and I look forward to returning soon.
IT’S THE SAME OLD STORY…AND FORTUNATELY FOR US…IT’S A GOOD ONE
September PPAR statistics continue to show the Pikes Peak housing market performing extraordinarily well and now we have 26 consequent months of year-over-year increased local Residential real estate sales.
Homes are selling at a whopping 99.6% of listing price. Not only that—the average days on the market is 31. This is fabulous news for both buyers and sellers.
As you will see in the Cumulative Year to Date Summary, total sales numbers in Single Family/Patio Homes are up 13.7 over September 2015 and Condo/Townhome sales are up 14.1% over the same time period.
The Monthly Summary shows that total active listings are down 24.0% for Single Family/Patio Homes and 20.2% for Condo/Townhomes compared to a year ago. This downward trend is continuing to be great for sellers. While new listings are slightly up, it continues to be more difficult, but certainly not impossible, for current buyers to find a new home. If you have been thinking of listing your home, now is the time. However, be prepared for a quick sale, which means you need to have an idea of what and where your next home might be located.
Median Sales Prices are up year-over-year 10% and 9.4% respectively for Single Family/Patio Homes and Condo/Townhomes—more wonderful news for both buyers and sellers.
We’re still experiencing some problems with longer lending approval times, bidding wars, delays in getting home appraisals and fewer homes available in the $300,000 and under range.
It’s vitally important in today’s market it is to know what you want, need and can afford prior to the hunt for a new home. There’s no longer the luxury of “let me think about it for a couple of days or even a few hours” at present, as you can see from the statistics.
With interest rates holding at historic lows and equity increasing at a good pace, now is the time to make your move either to sell and trade up or buy for the first time or for investment purposes. To get the ball rolling, simply call me at 598.3200 or email me at Harry@HarrySalzman.com and let’s see how I can put my special brand of customer service to work for you, your family members or co-workers.
SEPTEMBER 2016 WAS THE 26TH STRAIGHT MONTH OF INCREASED LOCAL RESIDENTIAL real estate SALES
Statistics provided by the Pikes Peak REALTORS Service Corp, or it’s PPMLS
Here are some highlights from the September 2016 PPAR report. Please click here to view the detailed 14-page report, including charts. If you have any questions, just give me a call.
In comparing September 2016 to September 2015 in PPAR:
Single Family/Patio Homes:
Condo/Townhomes:
COLORADO SPRINGS AREA MONTHLY SINGLE FAMILY/PATIO HOME SALES ANALYSIS*
Median Sales Price Median Sales Price
September 2016 September 2015
Black Forest $475,000 $411,250
Briargate $345,750 $293,500
Central $204,500 $193,300
East $218,500 $191,000
Fountain Valley: $229,700 $205,900
Manitou Springs: $385,000 $365,000
Marksheffel: $267,888 $248,000
Northeast: $250,000 $235,000
Northgate: $430,525 $370,500
Northwest: $369,000 $355,000
Old Colorado City: $191,500 $277,500
Powers: $250,500 $225,000
Southwest: $292,500 $270,000
Tri-Lakes: $411,000 $392,500
West: $270,000 $243,000
*Statistics provided by the Pikes Peak REALTORS Services Corp,or its PPMLS.
UCCS QUARTERLY ECONOMIC REPORT
The recently released Quarterly Economic Update from the UCCS Economic Forum also shows how consumer sentiment is continuing to fuel the national economy and the housing market. To view the10-page report in its entirely, please click here.
Some highlights include:
And one more reminder—the 20th Annual UCCS Economic Forum is being held this Friday afternoon at The Broadmoor. For more information and/or to register, contact: www.UCCSEconomicForum.com .
COLORADO SPRINGS IS #1 MOUNTAIN CITY ACCORDING TO MONEY MAGAZINE
The Gazette, 10.7.16
Colorado Springs was chosen by MONEY magazine as one of the six hottest spots for urban dwellers nationwide. It’s also considered “the easiest place to live”, even compared with the five other top cities.
Those of us who reside here already know this, but hey, it’s great to see that we get national recognition—even over Denver.
Employment here is rising at its fastest pace since 2000—outpacing the rate not only in Colorado, but also across the nation, MONEY reports.
According to the magazine, “Low crime, good schools, easy commutes, health care options, and increasing but still affordable home prices have earned Colorado Springs the top ease-of-living rank among our Best Cities”.
Citing our aerospace and cybersecurity industries, being “Olympic City U.S.A”, eclectic neighborhoods such as Old Colorado City, having Colorado College, a top liberal arts school, and of course, our “sun drenched” mountains, Colorado Springs has much to offers its residents the magazine says.
So I suppose our “secret” is out and it’s nice to see all the hard work that Mayor John Suthers and so many others are doing is reaping accolades in national publications. Way to go, Colorado Springs.
AND ANOTHER FEATHER IN OUR CAP…
Realtor.org 9.30.16
With this currently being one of the hottest fall housing markets in a decade nationally, Colorado Springs is right up there. We are #16 in the list of cities pinpointed as the “Hottest real estate Markets” in the nation for September.
Inventories in the top 20 markets are moving 23 to 43 days more quickly than the national average and listings are garnering 1.4 to 3.7 more views according to the latest data from realtor®.com.
According to Jonathan Smoke, realtor©.com’s chief economist, “The fundamental trends we have been seeing all year remain solidly in place as we enter the slower time of year.”
What that means is that short supply and high demand, along with rising prices, are not going away just yet. As I mentioned earlier, if you’ve been on the fence, don’t delay much longer or it’s going to cost you—one way or the other. Give me a call today and let’s see what we can do to help make all your residential real estate dreams come true.
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:
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:
*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:
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
September 6, 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.
THE BUCK STOPS HERE…LITERALLY
This photo of four bucks enjoying their morning rest was taken in front of my home in Colorado Springs. I never get tired of watching and in doing so was reminded of the sign Harry Truman kept on his desk in the Oval Office when he was President—The Buck Stops Here.
My personal philosophy is exactly the same. When it comes to my clients, I feel a deep sense of responsibility that their transactions go the way they should. When things get bogged down, as they sometimes will due to obstacles beyond my control, I go out of my way to get things moving again. Today’s mortgage lending environment with all the new regulations can make things move much slower than in the past. Also, our local housing market is moving so quickly that it is crucial to make your first offer one that can’t be overlooked. Having an experienced, knowledgeable Realtor® like myself in your corner can make all the difference in whether or not a deal can go through—and with the least amount of hassle for my client.
If you or someone you know hasn’t yet experienced my personal brand of extraordinary customer service, what are you waiting for? As you will see in the following article, Colorado Springs is experiencing record-breaking home values and sales. And mortgage rates are remaining historically low so the timing couldn’t be better if you are in the market to sell and trade up, purchase for the first time or simply looking for investment property.
Just give me a call at 598.3200 or email me at Harry@HarrySalzman.com and let’s see what we can do together to make any and all of your Residential real estate dreams come true.
ONCE AGAIN—EXCELLENT NEWS FOR LOCAL HOMEOWNERS
August PPAR statistics continue to show the Pikes Peak housing market performing extraordinarily well and now we have 25 consequent months of increased local Residential real estate sales.
Both the August Average and Median Sales Prices were record setting. Prices have reached an all-time high locally and are producing a record high rate of return to homeowners.
Homes are continuing to sell at a whopping 99.5% of listing price. Not only that—the average days on the market is just 28. This is fabulous news for both buyers and sellers.
As you will see in the Cumulative Year to Date Summary, total sales numbers in Single Family/Patio Homes are up 5.0 over August 2015 and Condo/Townhome sales are up 32.1% over the same time period.
The Monthly Summary shows that total active listings are down 21.3% for Single Family/Patio Homes and 21.0% for Condo/Townhomes compared to a year ago. This downward trend is continuing to be great for sellers. While new listings are slightly up, it continues to be more difficult, but certainly not impossible, for current buyers to find a new home. If you have been thinking of listing your home, now is the time. However, be prepared for a quick sale, which means you need to have an idea of what and where your next home might be located.
Median Sales Prices are up year over year 9.7% and 13.5% respectively for Single Family/Patio Homes and Condo/Townhomes—more wonderful news for both buyers and sellers.
Last week, the social media company Wallethub ranked Colorado Springs the 28th best real estate market among 300 metro areas nationwide. And, when the field of metro areas is narrowed to the 62 cities with 300,000+ population, we rank 7th.
Building permits locally are set for their best year in more than a decade and are running 25% ahead of the same time last year.
With all of this activity, I’m on ”overload” as many renters now can qualify and want to move to ownership, investors are picking up properties at a pace I’ve not seen before, and with interest rates continuing to remain low there are lots of folks who are choosing to sell and trade up. I’ve been enjoying the privilege of working not only with former clients, but also with their children and grandchildren. I suppose when you’ve been in the business for almost 45 years this is going to happen, but I’m still amazed that these “kids” are now grown up!
We’re still experiencing some problems with longer lending approval times, bidding wars, delays in getting home appraisals and fewer homes available in the $300,000 and under range. I cannot emphasize enough the importance of having a “preapproval” letter from a reputable lender BEFORE you begin the home search. I’ve had several offers rejected outright when there was no preapproval letter because there were other offers on the table that had that requirement settled. In these cases, the potential lender kept telling my clients that the letter was forthcoming, but “forthcoming” is not the same as having it on hand. “A bird in the hand is worth two in the bush” as the saying goes. Corny, but true!
Let me give you another reminder of how very important in today’s market it is to know what you want, need and can afford prior to the hunt for a new home. There’s no longer the luxury of “let me think about it for a couple of days or even a few hours” at present, as you can see from the statistics.
Once again…if you’re considering a move or looking for investment property, give me a call sooner than later and let’s get the ball rolling.
AUGUST 2016 WAS THE 25TH STRAIGHT MONTH OF INCREASED LOCAL RESIDENTIAL real estate SALES
Statistics provided by the Pikes Peak REALTORS Service Corp, or it’s PPMLS
Here are some highlights from the August 2016 PPAR report. Please click here to view the detailed 15-page report, including charts. If you have any questions, just give me a call.
In comparing August 2016 to August 2015 in PPAR:
Single Family/Patio Homes:
Condo/Townhomes:
COLORADO SPRINGS AREA MONTHLY SINGLE FAMILY/PATIO HOME SALES ANALYSIS*
Median Sales Price Median Sales Price
August 2016 August 2015
Black Forest $470,000 $472,500
Briargate $349,000 $316,300
Central $217,450 $193,000
East $220,000 $198,475
Fountain Valley: $232,500 $220,000
Manitou Springs: $326,500 $316,500
Marksheffel: $254,900 $254,900
Northeast: $261,250 $220,000
Northgate: $438,800 $395,000
Northwest: $355,000 $350,450
Old Colorado City: $202,500 $183,900
Powers: $250,000 $231,000
Southwest: $299,500 $333,500
Tri-Lakes: $422,500 $377,000
West: $284,950 $243,900
*Statistics provided by the Pikes Peak REALTORS Services Corp,or its PPMLS.
4 SIGNS YOU ARE BEING TOO PICKY TO BUY A HOME
Realtor.com, 8.17.16
Everyone wants the “perfect” home, but just like finding the “perfect “partner—let’s get realistic here. Total perfection is a very unrealistic goal and one that can prevent you from finding the home that can be turned into one that eventually not only meets, but exceeds what your wants, needs and budget can afford. I’m not telling you to settle—I’m simply saying that if you are too detailed oriented, you might overlook one that suits you now or could with a little modification.
HOME OWNERSHIP STILL MATTERS
Realtormag.com, 8.22.16
The homeownership rate may be at a 51 year low, but that doesn’t mean the dream of homeownership is dying according to Lawrence Yun, NAR’s Chief Economist in a recent Forbes column.
Yun says that the drop in the homeownership rate (to 62.9% in the second quarter 2016) does not mean that Americans aren’t interested in buying a house. Actually, many recent surveys indicate overwhelmingly that Americans have a strong desire for homeownership. NAR’s Housing Opportunity and Market Experience survey revealed that 87 percent of consumers believe homeownership is their dream.
While many Americans say they would like to own, oftentimes the timing isn’t right. They may not have enough saved for a down payment or can’t qualify for a mortgage loan with the current tight underwriting standards.
Over the long haul, homeownership tends to provide wealth accumulation for owners, and what’s more—it’s good for the economy says Yun. With most homeowners typically selling their home and moving to a new one in a 7-to-10 year cycle, this can contribute to economic growth and job creation because each home sale tends to have a multiplier effect in boosting home remodeling, furniture businesses, mortgage origination, moving companies, and even restaurants. According to NAR calculations, one new job is supported from every two home sales.
“There are multiple positive benefits of ownership to individuals and society,” Yun wrote. “However, it has to be sustainable. Homeowners must understand the responsibility of ownership and take on a mortgage that is manageable and overstretch their budget. At the same time, there should not be any unnecessary barriers to ownership. Widen mortgage access to those homeowners who are willing to stay within budget. Assure an adequate supply of homes at all price points to assure the future possibility of steadily moving up in society.”
I agree with Yun and have always believed in homeownership as a way to better your future—both financially and on a personal level. There are many actions in play now that are designed to make it easier for those first-time buyers who are short of cash for a down payment or have less than stellar credit. I will be happy to share what I know to help make the American Dream come true for someone you know who fits into this category. Just have them give me a call and I will do my best to help them on their road to ownership.
AND LAST, BUT CERTAINLY NOT LEAST….A REMINDER FOR THE 20th ANNUAL UCCS ECONOMIC FORUM SIGNUP
The 20th Annual UCCS Economic Forum will be held at the Broadmoor on Friday, October 14, 2016 and it’s sure to be another sold out event.
The new afternoon agenda includes remarks from both Mayor John Suthers and Governor John Hickenlooper as well as a keynote address from Jim Paulsen, Ph.D., Economist for Wells Fargo.
There will be a report on the economic conditions and outlook for the Pikes Peak Region by Tatiana Bailey, Ph.D., College of Business & Administration, UCCS.
A panel discussion entitled “Colorado Springs: Going for the Gold” will highlight the” best practices in economic development and how our region can capitalize on the current positive trajectory of our local economy”.
Following a brief question and answer session, there will be a “Networking Happy Hour” beginning at 4:30.
I would strongly suggest that you register early for this special event. You can detailed information and register online at: www.UCCSEconomicForum.com . I hope to see you there.
August 15, 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.
OUR LOCAL STATS REALLY SHINE IN THE HOTTEST SUMMER FOR RESIDENTIAL real estate IN TEN YEARS
As most of you are aware, I publish quarterly statistics from the National Association of Realtors® that track the Median Sales Prices of all single family home sales closed that were listed on MLS nationally, and specifically list the top 178 Metropolitan areas, of which Colorado Springs is one.
I’m trilled to report that the survey, which was released last week for the second quarter 2016 shows Colorado Springs with a 5.9% appreciation in home values from the same quarter last year. When you consider that for the entire U.S.A., the appreciation was 4.9%--that translates into a full percentage point higher—or literally—Colorado Springs is showing a 20% higher home value appreciation than the country at large and is among the top 75 markets in appreciation.
That’s not just good news, but GREAT news for all the local buyers and sellers and certainly explains why the spring buying and selling frenzy is continuing into fall. I can’t remember ever being quite as busy as I have been this summer. It certainly makes sense when you consider that interest rates are flat and continue to be historically low, while rental rates are skyrocketing. This translates into many folks coming into the market for the first time while competing with those looking for investment properties.
To view the survey in its entirety, please chick here.
Several weeks ago—before this survey was released—Tatiana Bailey, PhD, Director of the Economic Forum at UCCS, asked for my estimate on where home values might be in terms of appreciation by year end. I told her 6.0%. Well, I didn’t have a crystal ball, but it sure looks like I’m right on target at the moment and hopefully we will end up even higher than that if things keep going like they have.
As a reminder to you—since a number of the economic experts, such as Tatiana, ask my opinion on matters concerning Residential real estate—you can feel very comfortable that when you are working with me you not only get my special brand of customer service, but also a professional, knowledgeable approach to buying and selling based on my 44 plus years in the local market.
When you want my opinion on all of your options—buying, selling or investing--even if you are simply starting your decision process, please give me a call at 598-3200 or email me at Harry@HarrySalzman.com and let’s find the best way to help you take advantage of this “hot” time in Residential real estate.
AND NOW SOME DETAILS FROM THE SURVEY
Realtor.org, 8.10.16 ,RISMedia, 8.11.16
Homes for sale in July are moving two percent more quickly than last year as prices continue to hit new record highs, confirming a record-breaking summer and the hottest July in a decade.
“The best spring in a decade has transitioned into the decade’s hottest summer,” says Jonathan Smoke, chief economist of realtor.com. “Pent-up demand left over from two years of tight supply against the backdrop of mortgage rates near three year lows have encouraged buyer activity at a time when sales usually begin to decline. While prices are higher as a result of the strong demand and limited supply, the lower mortgage rates are neutralizing the impact on purchasing power.”
Lawrence Yun, NAR chief economist, says a faster pace of home sales amidst languishing inventory levels pushed home prices higher in most metro areas during the second quarter. “Steadily improving local job markets and mortgages rates teetering close to all–time lows brought buyers out in force in many large and middle-tier cities,” he said. “However, with homebuilding activity still failing to keep up with demand and not enough current homeowners putting their home up for sale, prices continued their strong ascent—and in many markets at a rate well above income growth.”
“Many listings in a majority of markets—and especially those in lower price ranges—had multiple offers and went under contract quickly because of severely inadequate supply. This in turn dented affordability and without a doubt priced out a segment of buyers attempting to seek relief from fast-growing rents,” Yun added.
I’ve experienced this myself in recent months with a number of my clients. As I’ve said time and again—when you find what you are looking for—there’s no time to delay. Multiple offers are apparently not going away—and “the early bird gets the worm” so to speak.
LOCAL RENTERS ARE BEING SQUEEZED IN SEVERAL DIRECTIONS
With local rental rates rising even faster than the rest of the country, renters are being forced to consider new options. Rental properties are in short supply here at present and investors are picking up many of the homes that might have been affordable for first time buyers. When homes in the lower price ranges come on the market they have multiple offers immediately.
There is currently a 51-year low of homeownership—62.9% of Americans own their own home.
My advice? Well, if you’re a first-time buyer, there are many new options available to you, from lower down payments to lower interest rates, and—starting in January 2017—a new incentive for first time Colorado buyers, explained further in the next article.
If you are an investor, or considering that route, now is a great time to buy. I’ve found that folks do not even have to list their homes for rent—there is a waiting list for most rentals that come on the market. I’ve been busy looking for investment homes lately for a number of my clients. With homes appreciating at this pace and a shortage of rental properties, the timing is couldn’t be better. If you’ve considered adding investment properties to your financial portfolio, don’t wait much longer. I’ve had considerable experience in this arena and will be happy to discuss whether this might be an option. Just give me a call and let’s see if this is a good direction for you.
HB 1467—FIRST-TIME HOMEBUYER SAVINGS ACT TAX DEDUCTION STARTING IN JANUARY 2017
Colorado Association of Realtors® Legislative Review 2016
A “First-time Homebuyer Savings Account” (FHSA) will allow any Coloradan to set aside up to $50,000 toward the cost of purchasing a new home. The earnings on those funds—interest and capital gains—are free from Colorado state taxes forever. FHSAs will be a great way for future homeowners to start saving early for the costs of buying a home.
These accounts will be easy to set up—and you can either open a new one or transfer money from an existing savings account to a FHSA. The qualifying beneficiary of the account can be a child, or grandchild, or the account holder may designate himself or herself as the qualified beneficiary. The qualifying beneficiary of the account must have never owned a single-family, owner-occupied residence (including condo, manufactured home or mobile home) or must have been off of the title for such a residence for at least three years due to dissolution of marriage.
This is fabulous news for renters and for parents and grandparents who wish to help family members in buying a first home.
I’ll provide more information as it is released, but I wanted to give you a “heads-up” that something great is about to begin for first-time buyers.
THE IMPACT YOUR INTEREST RATE MAKES (INFOGRAPHIC)
KeepingCurrent Matters, 8.5.16
Some Highlights:
MASTER BATHROOMS: THE MOST LUXURIOUS SPOT IN THE HOME?
RealtorMag 7.20.16
The American Institute of Architects’ spending projections for 2016 shows that a growing number of homeowners are opting for more luxurious bathrooms over sprucing up other rooms in the house—even kitchens.
“The master bedroom is becoming a real point of focus, and since it’s one of the most used rooms in the house, it’s an opportunity to make a statement.” Beth Fisher, senior management director of marketing for the Corcoran Sunshine Marketing Group, reported.
Architects surveyed by the American Institute of Architects say 29 percent of their clients are asking for a bigger bathroom, an increase from 25 percent a year ago. “We’re seeing master bathrooms and master bedrooms being almost the same size,” says Allison Greenfield, partner at Lionheart Capitol in Miami.
How much owners stand to get back on these ultra-luxury bathroom redos in still in question. Remodeling Magazine’s Cost vs. Value report shows that upscale bathroom remodeling recouped only 56 percent of its cost at resale time. However, to a number of owners, that’s not the driver behind these remodels. Those owners simply want a quiet sanctuary shut off from a 24/7 smartphone-dominated world, noted MarketWatch.
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