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October 21, 2013

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.

HOMES FOR SALE---EXTRAS INCLUDED

As I’m negotiating to purchase a home on your behalf, I always look for financial “carrots” to help offset some of the buying costs.  And, on the other hand, for many years my listing presentations have had some choice incentives that a Seller might offer to help attract a Buyer.

When working as a Buyer’s Broker, I believe it is my duty to see that the Buyer is aware that they have received a good to a possibly “great” deal. 

An article in last Monday’s Wall Street Journal addressed this practice in talking about the “Freebies” that are now being offered to help boost home sales.  They indicated that “home builders have boosted cash incentives and upgrades to lure Buyers…due to rising prices and higher mortgage rates.”

In a booming market, these incentives practically go away, but the “increasing use of incentives underscores the fickle nature of the housing market, which has been gaining steam over the past two years but remains well below the pre-crash peak and often is buffeted by economic shift.”

I am of the opinion that incentives almost always help make everyone feel good about either buying or selling.  Obviously, the types of incentives vary based on the current market.  However, some type of bonus is definitely worth considering, whether you are looking to either buy a new or resale home or looking to sell your present home.

These motivations can include incentives for extras such as wooden floors rather than standard carpeting or an offer to split or pay closing costs.  These “extras” are what I look for when working with my clients.  In today’s market I’m finding those same “extras” are what it might take to get to a closing table.

So if you are looking to sell and trade up, or buy for the first time or for investment purposes, now is a great time to be in the Residential Market here in Colorado Springs.  Along with low interest rates at the present time, you might see some of these “freebies” come your way, too.  Call me at 598.3200 or email me at Harry@HarrySalzman.com so we can discuss your personal situation and see if any of this can work for you.

HOMEOWNERSHIP STILL THE AMERICAN DREAM

keepingcurrentmatters.com, 10.18.13

The big question facing the real estate community over the last few years has been how the housing crisis might impact the American public’s belief that homeownership is part of  “The American Dream”.

A recent study at Harvard University’s Joint Center for Housing Studies addressed this in a paper titled “Reexamining the Social Benefits of Homeownership after the Housing Crisis.”  Some of the findings revealed:

• Homeownership Still Preferred Over Renting   “Even after the dramatic loss of equity and the high foreclosure rates, the early evidence suggests that people seem to believe that, over the long run, owning is still preferable to renting.  The long term cultural preference for owning seems to have weathered the recent housing crisis.”

• Americans Still Expect to be Homeowners   “The research on home-buying expectations supports the conclusion that very large percentages of Americans still expect to buy a home at some time in the future.”

• Younger Americans More Desirous of Homeownership   “Moreover, the finding that younger renters and owners are more likely than their older counterparts to expect to own bodes well for the future of the housing market.”

So, “even after one of the most difficult decades in this country’s real estate history, the belief that homeownership is a part of the American Dream still lives on.” 

This has been my philosophy forever—I have always believed that there is “never” a bad time to buy real estate as long as it’s considered a personal investment.  In the long run, it will appreciate and as I’ve shown you many times in past eNewsletters, you’ll most often get a better run for your money in real estate than in the stock market or mutual funds over time. 
 

NOTE TO BUYERS:  YOUR WINDOW OF OPPORTUNITY IS STILL OPEN

I have been forecasting the potential 5% mortgage rate for 2014 since this past summer and we heard these same forecasts at the Southern Colorado Economic Forum on September 26, 2013. 

While The Fed recently announced that they would continue their current bond purchasing pace until the economy gets stronger, mortgage rates actually went back down.  This was great news for any Buyer who is in the process of purchasing a home.  However, this window of opportunity is expected to close in the very near future, as Ben Bernanke, Chairman of the Fed suggested that the Fed could still scale back the stimulus this year.

The Mortgage Bankers Association, Fannie Mae and Freddie Mac and the NAR have all projected what I’ve been saying—the 30 year fixed rate mortgage will be in excess of 5% by this time next year.  The average of their projections is 5.3%. 

“The payment difference in a $250,000 mortgage today and next year figuring 4.37% today and 5.3% next year would be $140.78 a month.  And today’s rates are often lower than that and next year could be even higher than projected AND home prices will more than likely be higher next year than now, so…the savings by buying today are definitely worth it to you.”

ANOTHER BIG REASON TO BUY NOW…

Inman.com, 10.17.13

Effective January 1, 2014, a new provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act goes into effect and the “qualified residential mortgage” (QRM) will possibly have far reaching effects that might ultimately lower the number of people who can obtain mortgage loans.

An article on inman.com explained briefly that “QRM was designed to set the bar for residential mortgages and to minimize the risk that borrowers may default.  It requires that debt ratios be limited to 43 percent and loan fees limited to 3 percent, and interest-only loans and negative amortization are not allowed in most cases.

The Dodd-Frank bill also requires the lender to retain 5 percent of any mortgages they make.  In other words, if they make a $100,000 loan they must retain $5,000 to secure the loan.”

For the first time in history, lending decisions after January 1, 2014 will be based on compliance issues rather than Buyer credit issues. 

Imagine that a mistake was made on a purchase agreement.  The Buyer and Seller want to change the agreement to correct the mistake, except the law prohibits you from doing so.

“If a lender makes a mistake with any part of the compliance, here’s what will happen:

1. The lender now has to pay all of the borrower’s closing costs.
2. Even if the mortgage agent made the mistake, the mortgage agent must be paid.
3. The lender cannot deduct any costs or losses resulting from the mistake.
4. The lender still has to close the loan.

What this means for agents, brokers and you, my clients:

1. There will be fewer loan choices as community banks and credit unions are squeezed out of the market, making it even harder for many borrowers to qualify.
2. The loan process will also probably take longer due to the increased compliance.
3. It will probably be much more difficult and costly to obtain a loan in the future.”

This is already having an effect on mortgage lenders all over the country.  Wells Fargo just this week announced a significant layoff of mortgage lending employees due to lower volume and fewer qualified buyers forecast in the months to come.

So, BOTTOM LINE…if you are sitting on the fence about either Buying or Selling, it’s time to make a move before the end of the year.   No one knows, not even me, what will happen after January 1, 2014 but it doesn’t appear to be in anyone’s best interest to keep sitting on the fence.

AND NOW A WORD FOR THE SELLERS…

My last eNewsletter showed how in the past 12 months our local Colorado Springs market has had a 9.8% gain in Median Sales Price as of September 30, 2013.  Hopefully you now have an additional amount of equity available in your home—maybe even more than you think. 

Here are some excellent reasons why you might consider selling your home now:

1. Demand Is High—There are a lot of buyers out there and they are serious about purchasing right now.
2. Supply is Beginning to Increase—Selling now while demand is high and before supply increases may get you your best price.
3. New Construction is Coming Back—Homebuilders are jumping back into the market, often giving you competition in the Seller’s market.
4. Interest Rates Will Again Rise—Whether you are moving up or down, your housing expense still be more a year from now if a mortgage is necessary to purchase your next home.
5. It’s Time To Move On with Your Live—Sometimes letting the possibility of a few extra dollars can get in the way of the importance of being with family, health, or having the freedom to live your life as you really want.  You can remedy this by putting your home on the market today and get on with your life.

Let’s get together soon to discuss some or all of these things so I can assist you in making the decisions that make the most sense for you financially and personally.  As you have been reading here, it isn’t going to pay to wait, and it probably will end up costing you to do so. 

PHILOSOPHY OF THE DAY

---Karl Eller, April 1999, Eller College of Business, The University of Arizona

 “When you are looking at the characteristics on how to build your personal life, first comes integrity; second, motivation; third, capacity; fourth, understanding; fifth, knowledge; and last and least, experience.

Without integrity, motivation is dangerous; without motivation, capacity is impotent; without capacity, understanding is limited; without understanding, knowledge is meaningless; without knowledge, experience is blind.  Experience is easy to provide and quickly put to good use by people with all other qualities.

Make absolute integrity the compass that guides you in everything you do.  And surround yourself only with people of flawless integrity.”

FEATURED LISTING       

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

email: Harry@HarrySalzman.com

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs 

Visit Website

October 7, 2013

   HARRY’S BI-WEEKLY UPDATE

               A Current Look at the Colorado Springs Residential real estate Market

I HOPE YOU DON’T MIND A LITTLE SELF PROMOTION…

In August I was awarded “REALTOR Emeritus” status from the National Association of Realtors.  This unique honor was given to me “in recognition of forty cumulative years of membership in the NAR and in recognition of his valuable and lasting contribution to the real estate profession in the Community.”  This was a major accomplishment for me and one that was publicized locally in the Colorado Springs Business Journal  “Kudos” and The Gazette’s “Movers and Shakers” sections this past week, among others. 

Looking back at the 40 plus years, I feel that my greatest satisfaction has not been measured by the number of homes I’ve sold, but by the relationships I’ve formed with many families and the number of repeat transactions, now often including grandchildren of some original clients.

Knowing that with my Investment Banking background and years of experience in selling real estate I am able to help clients realize their personal home ownership dreams—that’s the key to what keeps me motivated on a daily basis, year in and year out.

As many of you know, I have specialized in relocation for a good part of my career.  My extensive knowledge of the Pikes Peak Region as well as my “Network” of relocation specialists across the country has provided thousands of clients with the ability to make a move with as little personal stress as possible.

I understand that there are many things at work when a person is facing relocation.  Most times there are family concerns as well as the stress of a new position in an unfamiliar location.  I believe it is my responsibility to help make my client’s move as seamless as possible…whether they are relocating to my area or to another part of the country.  A happy client means a happy employee, as well as happy family members.  That’s my ultimate goal when working within the relocation industry.

So, bragging time done, but in all seriousness, I want to take this time to thank all of you, my readers, for helping me achieve this wonderful pinnacle in my real estate career.  Without your confidence in me as your partner in Real Estate transactions, none of this would have been possible. 

Please know that I will continue to do everything possible to help you, your family, co-workers and friends whether they are looking to move across town or across the county.  Just give me a call at 598.3200 or email me at Harry@HarrySalzman.com and let me work my “magic” for you.

Here’s to another “40” years of working together to make your home ownership dreams come true!

SOUTHERN COLORADO ECONOMIC FORUM FORECASTS “MORE STEADY IMPROVEMENT”

Listening to the experts speak on September 26, 2013 at the 17^th Annual Southern Colorado Economic Forum gave me even more reason to continue with my “positive” outlook for the Pikes Peak Region.

This Forum is presented annually, with presentations by the UCCS College of Business and other national and local economic experts.  Salzman real estate Services, LTD is proud to be the only direct Residential Real Estate Company listed among the leading Business Companies and Forum Sponsors. 

Jim Paulsen, chief investment strategist for Wells Capital Management predicted that the recovery will pick up speed during the coming year.  According to Paulsen, “a slow-to-develop recovery should hit its stride in 2014 with growth reaching 3 percent for the first time since the recession and remaining at or near that pace for the next several years.”

Fred Crowley, the forum’s senior economist said he expects “more steady improvement” as the local economy continues to recover from the Great Recession.  Rebuilding from the Waldo Canyon and Black Forest fires will general about 1400 local jobs over the next four years.  He said that “new home construction and vehicle sales continue to drive local economy, although housing construction is growing at a slower rate in recent months than it had earlier this year and late last year.”

Crowley went on to say that “there are also clear signs of strength in consumer sentiment.  People are feeling better about the local economy because there is job growth and incomes are going up.”

Some of the Forum’s projected highlights include:

• Residential construction will jump by 23 percent next year to around 3,700 units
• Commercial construction will increase by 20 percent
• Payrolls will expand by about 2 percent, or 5,000 jobs
• Incomes will grow by 4.5 percent
• Overall economic growth is anticipated to grow to 2.8 percent next year from 2.2 percent this year, despite the threat of budget reductions at local military installations under automatic federal spending cuts known as sequestration

The annual published report of “The Southern Colorado Economic Forum” is 36 pages long.  If you would like to purchase a complete copy of the publication, please contact Town Zwerlein, Faculty Director at 255.3241 or by email @ tzwirlei@uccs.edu or Fred Crowley, Associate Director at 255.3531 or email @ fcrowley@uccs.edu.

SEPTEMBER ANOTHER GOOD MONTH FOR real estate SALES

Statistics provided by the Pikes Peak REALTORS Service Corp, or its PPMLS

Area home sales rose again in September, showing a 7.2 percent increase over the same month a year ago.  This is the 15^th straight year-over-year increase in monthly sales. According to the just released report from PPAR, year-to-date sales have totaled 8,469, a 22.6 percent gain over the same period in 2012.

Some highlights of the latest report, comparing September 2013 to September 2012 in PPAR include:

                        Single Family/Patio Homes:

• New Listings are 1,157, Up 6.6%
• Number of Sales are 829, Up 7.2%
• Average Sales Price is $245,177 Up 9.7%
• Median Sales Price is $213,000, Up 9.8%
• Total Active Listings are 4,070, Up 9.3%

                        Condo/Townhomes:

• New Listings are 144, Up 14.3%
• Number of Sales are 101, Up 16.1%
• Average Sales Price is $173,954, Down 3.0%
• Median Sales Price is $139,000, Down 4.8%
• Total Active Listings are 456, Up 4.6%

It is worth noting that new listings, while up from a year ago, are down 20.9% from a month ago in single family/patio homes and down 21.3% in condo/townhomes.  When that is coupled with the fact that area foreclosure filings are dropping and look to be the lowest in a decade, this means there are fewer homes available to prospective buyers.  The good news is that homes are selling much quicker than in the past few years, some with multiple offers and even offers over the listing price.  This report is showing that all sales in El Paso County are selling at an average of 98.2% of the listing price—great news for Sellers.

My job is to assist you in making the right personal decision, based on your needs, wants and budgetary restrictions.  Just give me a call at 598.3200 or email me at Harry@HarrySalzman.com and let me put my 40 plus years of local real estate professionalism to work for you.

The time is still right for anyone looking to sell and trade up, buy a starter home or to look for investment property.  Just don’t expect to take your time in decision making because as statistics reveal…things are moving faster than they have in a number of years. 

Once again I suggest being prepared—know what you are looking for and be open-minded when it comes to location.  An area you might not have considered before might turn out to be exactly what you are looking for now.  You might also be open to looking at new construction as existing homes with your needs and/or wants become more and more scare.

Please note that these statistics include “all homes” within PPAR—therefore both El Paso and Teller counties are included.  To view the 12-page report in its entirety and to see how your individual area is performing in comparison to the rest of the county, click here. 

MORTAGE RATES TUMBLE AGAIN…BUT THERE’S NO GUARANTEE THEY WILL STAY THERE

In the past few weeks all indications were that Mortgage Interest Rates were slowly on the rise and aiming to stay that way.  For example, the rate slowed the construction of new homes, rental costs escalated sharply with increasing home costs and buyers have been in a hurry to lock in rates. 

And then—the Federal Fiscal New Year on October 1, 2013.  We’ve all been hearing and reading about every new, unique government situation on the radar and lo and behold—due to a big local and national real estate market starting to slip, so has Mortgage demand decreased. 

Therefore, here’s a great example of what I was able to do for a client just last Friday, October 4^th.  We were able to lock in a 30-year-fixed rate of 3.75% for a new VA loan.  Yes, you read that right.  It was a big WIN for one of my clients.  And the 30-year fixed conventional rate is about 4.0%. 

USAToday reported that “this latest drop came amid declining consumer confidence and on the onset of the government shutdown which occurred last week.  According to Frank Nothaft, Freddie Mac chief economist, rates are not likely to move ‘sharply lower’ unless the shutdown continues to a point where it would take a measurable toll on government spending, which would weigh on the economy,, Nothaft says.”

So---there you go.  If you thought you were starting to get priced out of the mortgage market even though it was still historically at a low point, you now have a second chance to catch it at an all time low.  But there’s no guarantee how long these rates will last, so if you are in the market, don’t hesitate too long.  It’s time again now to consider selling and trading up, looking at a first time home or finding the right investment property.  Just give me a call and we can help determine if this makes sense for you personally.

ECONOMY AND HOME FORECAST IS SUNNY

The Gazette, 9.25.13

REALTORMag, 9.24.13

Two economists from the Federal Reserve Bank of Kansas City have indicated that economic growth is expected to gain additional strength in Colorado and across the rest of the nation next year as automatic federal budget cuts loosen their grip on both economies.

“Economic growth in Colorado Springs has lagged the rest of the state because federal government budget cuts have a bigger influence on the local economy where nearly half of economic activity is tied to the military and other federal agencies,” said Alison Felix, the bank’s Denver branch executive and assistant vice president.

She added that the Colorado Springs economy should “gain strength next year despite continuing federal cuts because of continued strong housing construction.  Permits for new single-family homes are the strongest in El Paso County among the state’s largest counties.”

REALTORMag reported that “fifty-five percent of Americans say they expect home values to rise over the next 12 months, further showing that consumers are becoming less fearful about jumping back into the real estate game, according to Bankrate’s latest monthly Financial Security Index.” 

“It appears that Americans’ love affair with real estate is back.” Says Greg McBride, senior analyst for Bankrate.com.  “Even though the housing bust shows that housing prices don’t just go straight up, people just don’t have the same risk aversion to Real Estate and home ownership that they do to stock ownership.”

So, there you go again—more economists telling us that the time is NOW.  It’s not just overly optimistic me—the experts are telling us, too.  Things are getting better and if you’ve been sitting on the fence it’s definitely time to at least decide which way you want to go.  A stronger economy will translate into higher prices and eventually higher mortgage rates, so let’s get together soon to see how you might benefit from all that’s happening in the market at the present time. 

PHILOSOPHY OF THE DAY

“…I firmly believe that any man’s finest hour—his greatest fulfillment of all that he holds dear—is that moment when he has worked his heart out in good cause and lies exhausted on the field of battle—victorious.”

--Vince Lombardi

FEATURED LISTING       

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

email: Harry@HarrySalzman.com

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs 

Visit Website

September 23, 2013

HARRY’S BI-WEEKLY UPDATE

                 A Current Look at the Colorado Springs Residential real estate Market

SOUTHERN COLORADO ECONOMIC FORUM IS THIS WEEK…

THERE’S STILL TIME TO REGISTER BEFORE IT’S SOLD OUT.

This Thursday, September 26^th is the Southern Colorado Economic Forum, a meeting that each year addresses issues that affect the local economy such as employment, real estate trends and local dependence on the military.  This year, however, UCCS finance professor and forum director Tom Zwirlein is putting the emphasis on “infrastructure”.  With all the catastrophic fires, floods, and the aftermath of such, it’s time to talk about upgrading our the infrastructure of the City, which in turn he feels “will help create new jobs and will be a key factor in economic development”.

For anyone in business, thinking of starting a business or simply interested in what’s in store for the city of Colorado Springs, this is one Forum you won’t want to miss.

The meeting runs from 7:00 a.m. to 11:30 a.m., including breakfast, a keynote address by Jim Paulsen, Ph.D., Chief Investment Strategist of Wells Capital Management, Forum Results covering the Economic Conditions in the Pikes Peak Region and Outlook for the Next 12 Months presented by Fred Crowley, Ph.D., and Tom Zwirlein, Ph.D., UCCS College of Business and Administration, and a Business Symposium to discuss “Working Together to Resolve Regional Issues”.

As always, I am pleased to be the only Residential real estate Company sponsor of this event and I take great pride in the wonderful leadership involved in this organization that has continued to provide us all with pertinent information to help make our jobs and life a little bit easier to understand.

For more information and/or to register online, please go to:  www.SouthernColoradoEconomicForum.com .

IN THE NATIONAL NEWS THIS WEEK

National Association of Realtors, realtor.org, 9.19.13

I’ve always liked to share the National statistics with our readers for several reasons—first because a good number of our readers either reside in cities other than Colorado Springs or are interested in relocating outside our area and secondly because as is often the case—Colorado Springs statistics are better than those on a national level!

This was the case again in August.  Local statistics provided in our last eNewsletter showed the local Median Sales Price in August 2013 to be $220,000, up 4.5%, compared year-over-year.  The national Median existing-home price for all housing types in August was $212,000.  So, while you may be seeing that local sales are slowing a little, you can see that our prices continue to rise, even faster than those nationally.

“Existing-home sales increased in August and reached the highest level in six-and-a-half years, while the median prices shows nine consecutive months of double-digit year-over-year increases, according to the National Association of Realtors.

Lawrence Yun, chief economist, said the market may be experiencing a temporary peak.  ‘Rising mortgage interest rates pushed more buyers to close deals, but monthly sales are likely to be uneven in the months ahead from several market frictions,’ he said.  ‘Tight inventory is limiting choices in many areas, higher mortgage interest rates mean affordability isn’t as favorable as it was, and restrictive mortgage lending standards are keeping some otherwise qualified buyers from completing a purchase.’

NAR President, Gary Thomas, said rising home values will encourage more people to sell.  ‘As the equity position of most homeowners continues to improve, some who have been on the sidelines will list their home for sale,’ he said.  ‘Most of those owners also will be buying another home, but higher levels of new home construction going into 2014, combined with some reduction in demand from less favorable affordability conditions, will help to moderate price growth to more sustainable levels.’”

According to the “Economists’ Outlook/ Blog”,of the NAR, in the Markets with the Largest Change in Homeownership Rate 2004 vs. 2^nd Quarter 2013, Colorado placed 5^th with a -6.3% in homeownership.  Yes, folks, that’s a negative 6.3%!  The Blog went on to say, “in a moderate surprise, Colorado experienced some of the largest declines.”  It also indicated that “the national homeownership rate peaked at 69% in 2004, but fell four percentage points to 65% in the 2^nd quarter of 2013.

What does this mean to those of you who live here?  Well, bottom line:

• there is definitely an increase in demand for rentals
• appreciation of homes here is strong
• there is still the same number of people who need a place to live and if they can’t qualify or desire to own but may want to move to a new location—they are probably good quality tenants
• an increase in population with a decrease in qualifiable homeowner equals an increase in rental property costs and a higher rate of return to investors

So, yes, the time is ripe if you are looking for investment property.  I will be happy to assist you in your search for the right property so call me today at 598.3200 or email me @ Harry@HarrySalzman.com. 

HIGHER PRICES AND RISING MORTGAGE RATES CURB DEMAND

Wall Street Journal, 9.16.13, HousingWire, 9.12.13, RealtorMag, 9.12.13 & 9.16.13

After this year-long rally, the U.S. housing market is beginning to show signs of cooling off due to higher prices and interest rates, however; many Realtors are still reporting multiple offers and sales over the listing price.

Homeowners are still motivated by rising prices, and “people buying houses are citing future price increases as one of the ‘key factors’ motivating them to buy.  The most recent survey by the Real-Estate company Redfin found that almost one third of Buyers are motivated by rising prices.”

And as home equity levels continue to rise, the trade-up Buyer is reentering the market.  These folks have larger down payments for new homes and have waited some time for the opportunity to make this move up.

Rising mortgage rates are also playing a hand in driving the higher demand because move-up Buyers are wanting to take advantage of the still historically low rates.  “According to Real Trac data, more move-up Buyers are in a better position to move because 40% of all homeowners have at least 20% or more of equity in their homes now.”

The August report of the Obama Housing Scorecard showed that “home prices continue to make strong gains while the number of underwater homes has dropped by 42% since the beginning of 2012.”

A slowdown in sales is common this time of year after a busy Spring/Summer season, and “some observers in the industry are welcoming a housing slowdown.  They believe recent double-digit price gains are not sustainable and that a pullback will make the recovery move at a healthier pace.”

MORTGAGE WORRIES SPUR HOME BUYING

Wall Street Journal, the Gazette, multiple issues of both

I know what I just reported about a possible slowdown, but this past week all I read in the news was the fact that increased mortgage rate fears are definitely going to drive up home sales.  With talk of federal officials preparing to reduce the maximum size of home-mortgage loans eligible for Fannie Mae and Freddie Mac, Buyers and Sellers are starting to understand that if they’ve been on the fence, the time is now. 

The proposed move is sure to face opposition from Congress and the real estate industry, but the move is “designed to wean the mortgage market off government support and allow the market for non-government-guaranteed mortgages to take a bigger role.” 

At this point, no one knows what’s going to happen, but one thing we know for certain.  Mortgage rates will not stay at these historic lows forever.  If you are in the market to Sell and trade-up, relocate to a different neighborhood due to any number of factors, or if you simply are looking for investment properties, give me a call.  My investment banking background, along with my 40+ years in the local real estate market make me uniquely qualified to help you and your family determine what’s in your best interest. 

PHILOSOPHY OF THE DAY

FEATURED LISTING       

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

email: Harry@HarrySalzman.com

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs 

Visit Website

September 9, 2013

HARRY’S BI-WEEKLY UPDATE

 A Current Look at the Colorado Springs Residential real estate Market

A “SWEET AND HAPPY NEW YEAR TO ALL WHO CELEBRATE”

Last Wednesday evening marked the beginning of Rosh Hashanah, the Jewish celebration of the New Year.  I would like to wish all my friends and clients who celebrate a Healthy and Happy New Year and wish that all of you to be inscribed in the “Book of Life” for the coming year. L’Shana Tova.

HOT AUGUST STATS JUST OFF THE PRESS…

Statistics provided by the Pikes Peak REALTORS Service Corp, or it’s PPMLS

The Local real estate news seems to be keeping up with our recent weather—hot, hot and hot.  When you take a look at our local single family/patio home sales you will see that the number of sales in the past month was 1105 and our total active listings was 4246.  That means that 26% of current listings sold in August.  This is a plus for both Buyers and Sellers.

Some highlights the latest report, comparing August 2013 to August 2012 in PPAR include:

                        Single Family/Patio Homes:

• Number of Sales are up 23.1%
• Average Sales Price is $254,498, Up 8.0%
• Median Sales Price is $220,000, Up 4.5%
• Total Active Listings is 4,246, Up 9.9%

                        Condo/Townhomes:

• Number of Sales are up 49.1%
• Average Sales Price is $184,290, Up 23.9%
• Median Sales Price is $149,900, Up 12.3%
• Total Active Listings is 473, up 6.8%

To view the 12-page report in its entirety and to see how your individual area is performing in comparison to the rest of the local market, click here. 

What this says to me is that many of you are doing your homework when it comes to both listing your current property and trading up to another one.  As I’ve been telling you, with multiple offers, some even over the listing price, you need to be informed BEFORE you even start the Buying and/or Selling process.  Once you make a decision, you no longer have the time you once had to either make or accept an offer.  Yes, Buyers will more than likely get more than they would have in the recent past, but finding the next home is not going to be quite as easy as in the recent past, either.

Here’s where I come in.  At Salzman real estate Services I personally have more than 40 years of experience in the Local Real Estate market and can help you make the crucial personal decisions that should be made prior to listing or buying a home.   We can help you wade through the process of finding the appropriate listing price, be able to explain where prices are headed, help you get pre-approved for a new mortgage, and determine exactly what you are looking for within your budget.  This can help save time, money and more importantly, disappointment.  We’ve been through the buying and selling wars and are happy to share our experience with you.  Just give us a call at 598.3200 or email me at Harry@HarrySalzman.com .

EXISTING-HOME SALES SPIKE NATIONALLY IN JULY

NAR/realtor.org, 9.1.13, WSJ and GAZETTE, 8.22.13

On a national level, existing-home sales rose strongly in July, with the median price maintaining double-digit year-over-year increases, according to the NAR.

“Lawrence Yun, NAR chief economist, said changes in affordability are impacting the market.  “Mortgage interest rates are at the highest level in two years, pushing some buyers off the sidelines,’, he said. ‘The initial rise in interest rates provided strong incentive for closing deals.  However, further rate increases will diminish the pool of eligible buyers.’

Despite higher mortgage interest rates, Yun identified compensating factors that can sustain a continued recovery.  ‘Although housing affordability conditions will become less attractive, jobs are being added to the economy, and mortgage underwriting standards should normalize over time from current stringent conditions as default rates fall.’”

It is important to note that the median existing-home price for all housing types nationally was $213,500 in July, which is 13.7% above July 2012.  This makes 17 consecutive months of year-over-year price increases, which last occurred from January 2005 to May 2006.

The housing market is inching closer to pre-crash levels.  Home prices are now within 15.2% nationally from their peak, according to a new report by Lender Processing Services.

The higher prices, coupled with the mortgage rates inching up are certainly contributing factors in the current rush to sell or purchase homes.  Fear of having to pay more for what they want are starting to motivate many who have been sitting on the fence for while with a “wait and see” attitude.  It’s no longer time to wait and see—now is the time to sell and trade up or buy—we’ve already seen the market bottom.

BUYING OR SELLING…THE TIME IS NOW

I have been through every housing cycle imaginable since my real estate career began in 1972 so there is little I haven’t seen in the way of the market value and mortgage swings.  There is no “right” or “wrong” time to Buy or Sell.  Most decisions are based on need—a larger home, a new job, a new neighborhood or school district, etc.  In the long run, and with the proper tools in your hands, the time to Buy or Sell can almost always be “now”. 

It isn’t likely that home prices will start dropping again, however, even more than the stock market, the housing market is a slave to momentum.  Prices can get out of whack as stories of double-digit gains get reported, but consider that the last babble took many years to inflate before popping.  However, for those of you looking for cheap prices, that time has passed. 

But for those of you looking for a place of your own, there is still a great argument to Buy now. 

No matter how you look at it, mortgage rates are still at historical lows and lenders are starting to loosen up on lending criteria, even for those who previously had to wait due to foreclosure, bankruptcy, etc.  While the rates are continuing to rise based on the strengthening economy, they are still very affordable.  This will help protect you on the outside chance that inflation skyrockets, because while home values could soar, your loan rate would remain the same.

Homeowners who already have ample equity are quickly building on that equity, while the 8.3 million homeowners on the fence with little or no equity are on track to regain enough equity to sell before 2015 if home prices continue to increase at the rate of 1.33 percent per month that they have since bottoming out in March 2012.”

Locally, our home equity didn’t see the drop that a large portion of the country experienced, so what that means to us is that homes here are increasing equity at a quicker pace than nationally, this shortening the time to wait for increased gains.

FIRST TIME “FLIP” IN MORTGAGE AVAILABILITY

It’s big news.  All the periodicals I read have been talking about the fact that for the first time ever—jumbo mortgage rates have dropped below those for conforming mortgages. 

This is new territory for both brokers and lenders and what it can mean essentially is that you can borrow more for less!  For those of you looking at homes that might have cost more than you thought you could afford, you might get to think again.  These loans are not for everyone, since jumbo loans are those above the $417,000 limit for mortgages backed by Fannie Mae and Freddie Mac, but for those in this market, the jumbo mortgage rates are certainly in your favor at this time.

17^TH ANNUAL SOUTHERN COLORADO ECONOMIC FORUM…MARK YOUR CALENDARS

Mark your calendars for Thursday, September 26, 1013 from 7:00 a.m.- 11:30 a.m. at The Antlers for another blockbuster presentation by the Southern Colorado Economic Forum. 

The keynote speaker is Jim Paulsen, Chief Investment Strategist, Wells Capital Management and this event has been a sell-out for the past three years, so get your reservation in early. 

This is the premier resource for local economic information—provided for and supported by—local business.  It is also an opportunity for you to learn about the trends and dynamics occurring nationally, statewide and in our community, and how they will impact your business.

Data provided to each participant can help you make better business decisions and jump-start your business planning for the coming year.

Salzman real estate Services, LTD. is proud to again be the only individual Real Estate sponsor of this event.

For more details or registration information, please go to:  www.southerncoloradoeconomicforum.com.   Be sure to register soon so you don’t miss out on what I consider to be one of the most important meetings of the year for any business owner or professional.

PHILOSOPHY OF THE DAY

The Empty Chair

Most people think of

forgetfulness as a defect.

I consider it a great benefit.

Being able to forget frees you

from the burdens of the past.

FEATURED LISTING       

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

email: Harry@HarrySalzman.com

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs 

Visit Website

August 21, 2013

HARRY’S BI-WEEKLY UPDATE

                 A Current Look at the Colorado Springs Residential real estate Market

MORE GOOD NEWS….JUST AS I’VE BEEN PREDICTING

National Association of Realtors/Realtor.org 8.8.13

The second quarter 2013 report of the top 160 Metropolitan areas from the National Association of Realtors indicates that median home prices continued to rise in the majority of cities, with the national year-over-year price showing the strongest gain in seven-and-a-half years.

Even better news is that “despite rising prices and higher mortgage interest rates, income requirements to buy a median-priced home on a metro area basis shows most byers remain well positioned to afford a home in their area”.

Lawrence Yun, NAR chief economist, said that tight inventory is continuing to drive home prices.  “There continue to be more buyers than sellers, and that is placing pressure on home prices, with multiple bids common in some areas of the country, he said.  “Higher interest rates are now causing sales to level out, but the tight supply conditions look to be with us for the balance of the year in most of the country.”

“NAR President Gary Thomas, said higher interest rates ironically may end up helping some buyers by making it easier to qualify for a loan.  ‘Refinancing activity has slowed dramatically, yet banks have a lot of money and staffing resources, many of whom have less work,’ he said.

He added that ‘banks now have an incentive to increase loan origination, which means they may dial back overly restrictive mortgage lending standards that have been in place since the crash.  We are also optimistic that proposed federal regulations will ensure that creditworthy borrowers continue to have access to safe, affordable options for buying a home’.”

The national median existing single-family home price was $203,500 in the second quarter, up 12.2% from $181,300 in the second quarter 2012, which is the strongest year-over-year increase since the fourth quarter 2005. 

Before you take s look at the report there are some significant things I need to point out concerning our local real estate figures. 

While the average upswing of the median sales price in the USA is at 12.2%, Colorado Springs is up 6.8%--above our regular, long time appreciation.  It is important to note that most of the country lost home appreciation at a far greater level than we did, thus it’s important to look at where we are compared to where we were, rather to compare ourselves to the majority of the country.

Comparing Colorado Springs to the other cities within these reported statistics, our local median price as of June 30, 2013 was $225,000.  Therefore, in comparing the same month end prices, our median sales price as of the end of the second quarter 2013 is 9.5% above the USA average---$225,000 v. $203,500.   

People who own a home here are seeing greater appreciation than in most of the USA.  Now, that’s something to shout about.

Last year I showed an example of how the real estate business here has experienced an annual appreciation of 5.7% since my beginning as a Realtor in 1972.  With the latest quarter ending June 30, 2013, I can now demonstrate our appreciation is 6.8%--a very healthy consistent return over a 40-plus year period.

How many of the current 160 cities in the survey can say the same?

To view the report in it’s entirety, click here.  If you have any questions or need further explanation, please give me a call at 719.598.3200 or email me at Harry@HarrySalzman.com. 

WISDOM OF THE DAY

FEATURED LISTING

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

email: Harry@HarrySalzman.com

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs 

Visit Website

August 5, 2013

HARRY’S BI-WEEKLY UPDATE

                       A Current Look at the Colorado Springs Residential real estate Market

COLORADO SPRINGS—“CITY FOR CHAMPIONS”

As most of you know by now, I never pass up the opportunity to tout my city, Colorado Springs, and love to pass on every accolade or interesting news that appears in both local and national publications.  Fortunately, there’s usually a lot of good news to share and today is no exception. 

Last week I, along with 700 others, attended the “State of the City” luncheon where Colorado Springs Mayor, Steve Bach, presented proposals that he feels are necessary to the city’s economy and long-term growth, along with his expectations of standards for city employees. 

I felt like I was in a meeting of a Fortune 500 Company where the CEO was presenting his goals to the Board of Directors.  It was impressive and inspiring at the same time. 

The logo above reflects his proposed tourism projects, including a Downtown Stadium and Event Center, a United States Olympic Museum, a UCCS Sports Medicine and Performance Center and a USAFA Gateway at Falcon Stadium Visitors Center. 

Job creation has been Mayor Bach’s number one priority.  Last year he set an ambitious goal of gaining 6,000 new civilian jobs—and statistics show that the number of residents holding jobs in June was up 5,975 from June 2012.  A similar goal has been set for the coming year and job creation will continue to be a prime concern of his. 

Bach indicated that he expects city employees at all levels within the organization to perform at the highest standards and also encouraged all attending business leaders to get more involved with various city causes in order to propel the city in a continued positive moving direction. 

Below you will see his 2014 Strategic Plan—again impressive and ambitious.  All I can add is that “I’m behind you, Steve”, and I look forward to hearing about all the successes of 2014 at the next State of the City meeting.  It appears that Colorado Springs’ first “strong” Mayor is working for all of us in The Springs to help continue and improve the standard of living that we have come to consider “normal, normal” for us.

BEST JULY IN LOCAL SALES SINCE 2006

Statistics provided by the Pikes Peak REALTORS Service Corp, or its PPMLS

The Local Residential real estate news just keeps getting better.  As of July 31, 2013 the relationship of Selling Price to Listing Price across El Paso County is 98.1%.  Sellers are holding on to their equity and getting within 1.9% of their listing price.  And, as you keep hearing in the news--multiple offers, even ones over the listing price in some cases, are quickly becoming the norm.  This makes for very busy days for me as my clients are finally realizing what I’ve been saying for some time now—“happy days are here again” for Sellers. 

Buyers, too, can still benefit from today’s market.  Interest rates, while trending upward, are still some of the lowest in history and while you may pay more for “trading up”, you will more than likely get more for your present home, so it all equals out in the long run.  And you’re still ahead with the current interest rates. 

Some highlights of the latest report, comparing July 2013 to July 2012 in PPAR include:

                        Single Family/Patio Homes:

• Number of Sales are up 23.5%
• Average Sales Price is $256,940, Up 8.8%
• Median Sales Price is $225,750, Up 6.5%
• Total Active Listings is 4,137, Up 8.0%

                        Condo/Townhomes:

• Number of Sales are up 41.5
• Average Sales Price is $158,970, Down 5.7%
• Median Sales Price is $142,350, Up 1.8%
• Total Active Listings is 464, up 2.4%

From January to July 2013 Single Family home sales have totaled 6538, up 24.8% since the same time period one year ago.   As I mentioned earlier, it’s good news all around.  To view the 12 page report in its entirety and to see how your individual area is performing in comparison to the rest of the county, click here. 

The time is right for anyone looking to sell and trade up, buy a starter home or to look for investment property.  Just don’t expect to take your time in decision making because as statistics reveal…things are moving faster than they have in a number of years. 

Be prepared—know what you are looking for and be open-minded when it comes to location.  Sometimes an area you might not have considered might turn out to be exactly what you are looking for.  You might also be open to looking at new construction as existing homes with your needs and/or wants become more and more scarce.

I am here to assist you in making the right personal decision.  Just call me at 598.3200 or email me at Harry@HarrySalzman.com and let me put my 40 plus years of local real estate professionalism to work for you.

HOW TO WIN A BIDDING WAR

Great story in last week’s Wall Street Journal—although I might add that my clients have forever received this same advice from me.  It says, “As many housing markets (like Colorado Springs proved in July statistics) heat up to levels not seen since the boom….Buyers need advice on how to get a fair price without being outbid.”

With low inventory of properties for sale and home prices and mortgage rates on the rise, it’s been getting tough on Buyers. 

“Houses aren’t likely to get any cheaper during the second half of the year.  But there are signs that the frenzied pace of sales that has given Sellers the upper hand during the spring and early summer is settling down, helping Buyers who have done their homework and are ready to pounce.”

            Some Things Worth Remembering:

• Buyers in today’s market need to receive the most current information regarding inventory, comparisons and signs that the prices are continuing to increase—in other words—know your area.
• Don’t think housing is going to get any cheaper if you wait.
• Be realistic when it comes to price—lowball offers in today’s market are often taken as an insult by the Seller.
• Sellers have waited a long time, in many cases for years, for today’s appreciation to return.
• Buyers and Sellers who I work with today are educated by me to know that the probable sales price will be about 98% of the listing price.
• Have your “walkaway number” and stick with it—you don’t want to win the battle but lose the proverbial war.
• Be flexible on other offer terms such as closing dates, renting back to Sellers or other issues that might put your offer in the best light.  Often the best way to find out what the Seller is looking for, other than price, is to ask.  My relationship with many of the local listing agents helps my clients when it comes to these essential details that can “make or break” a deal.
• Once you know what you want—don’t dawdle.  As I said earlier, you need to do your homework so you can move quickly once you find what you want.
• Get prequalified.  This is very important because the Seller knows you have the ability to close.
• Decide what you will do if the home appraisal is below the asking price.  Do you want to put more money down in order to get the deal done?
• Position yourself as a backup in case another buyer pulls out.  If you really like a property, you can still get a shot at it if an earlier deal falls through.
• Connect with the Sellers.  It never hurts to let the Seller feel like they know the Buyer personally and can work in your favor if there are multiple offers.

FIRST-TIME BUYERS STARTING TO GET LEFT BEHIND

The Wall Street Journal 7.23.13

The first victims of the housing recovery appear to be first-time homebuyers.  Typically in their late 20’s or early 30’s, these individuals have accounted for around 30% of home sales over the past year.  They are the foundation of the real estate market and major contributors to the local economy due to their help in revitalizing older neighborhoods and spending money on furniture and home improvements.  And often, once they build some equity, they move on to more expensive homes and neighborhoods.  The typical first-time buyer in Colorado Springs holds on to their “starter” residence for about 3-5 years.

In June, first-time Buyers accounted for 29% of purchases of existing homes, down from 32% in June 2012.  Price gains and higher mortgage rates are hitting these individuals at the same time that rents are starting to soar due to low vacancy rates.  This is somewhat of a “double edged sword” and we at Salzman real estate Service, LTD are trying our best to help in any way we can to find solutions if they can be found. 

If you know anyone looking to purchase a “starter” home, tell them to give us a call at 598.3200 and let us try to work our “magic” if there is any way possible.  But don’t wait too long.  It’s getting tougher every day to find housing for these folks.

MORTGAGE RATES RISE, BUT DON’T SOAR

Housingwire.com 7.23.13

Yes, they ARE continuing to go up, but not quite as quickly as you might fear.  In fact, some industry experts say that mortgage rates will simmer down and increase at a slower rate over the course of the next year.

“I don’t think anyone expected rates to jump by a full percentage point like they did in May,” Polyana de Costa, a mortgage analyst with Bankrate said,  “I think we can safely say they will be higher than they are today.”

Bob Walters, chief economist for Quicken Loans, said, “Rates should remain flat or barely higher than where they are today.”  He projects they will hover around the 4.5% to 4.75% point by the end of the year.

A year from now, rates are expected to hit 5%, which is not even a full percentage point above current rates, according to Freddie Mac. 

Currently, rates are highly dependent on the labor market.  “If you were to see jobs rapidly increase, rates would dramatically rise.  That is a huge driver of what may happen,” Walters said.

Leonard Kiefer, deputy chief economist with Freddie Mac, suggested that people need to look at the situation of where we are relative to history.   “We have low rates and affordability is still near record highs.  From a broad historical perspective, we are still pretty low for rates,” he concluded.

PHILOSOPHY OF THE DAY

From “Insights on the Art of Influence”

“On October 29, 1949, Winston Churchill gave one of his most famous speeches at Harrow, the English prep school he attended as a boy.  Rumor had it that on that day Churchill stood up, gave a three-word speech—“Never give in!”—and sat down.

While that story is not entirely true—Churchill delivered a longer speech that day—it’s absolutely true that it became one of his most celebrated speeches.

If one quality epitomized Winston Churchill, it was persistence.  He never gave up.  It was that attitude that inspired England in World War II to continue fighting when others might have surrendered.

Persistence means sticking to your guns.  It’s keeping your commitment and making your actions consistent with your word.  It’s all about “walking your talk”.”

FEATURED LISTING       

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

email: Harry@HarrySalzman.com

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs 

Visit Website

July 22, 2013

HARRY’S BI-WEEKLY UPDATE

             A Current Look at the Colorado Springs Residential real estate Market

FIRST, MY PERSONAL “ROCKY MOUNTAIN HIGH”…

On 7.7.13 at 11:00 a.m. in Las Vegas, NV, I married Carol Black.  We’ve known each other for more than 50 years.  And yes, I even managed to produce an e-Newsletter for you that week because she is not only my wife, but the Editor of this publication!  I just wanted to share my personal “news” with those of you who haven’t yet heard about it.  So that’s our big “WOW”.

AND NOW SOME “WOWs” FOR YOU—“HOT OFF THE PRESS”

Southern Colorado Economic Forum—Quarterly Updates and Estimates—July 2013

I received the “Quarterly Updates and Estimates” from the Southern Colorado Economic Forum/UCCS College of Business just three days ago and it contains a lot of the same GREAT news that our readers have seen in the recent MLS of PPAR data that I shared on July 8, 2013.

This report will show MLS activity on various charts through June 2013 on pages 6 & 7.  Also included are:

• Year to Date Sales
• Monthly Single Family Home Sales
• Active Listings of Homes in the Pikes Peak Region
• Average Sales Price of Homes
• Median Sales Price of Homes

In the Update of the “El Paso County Economy”, the best performing indicators were:

• Single Family Permits—Up 39.6%
• New Vehicle Registrations—Up 20.8%
• Consumer Sentiment—Up 6.6%
• Colorado Springs sales and use tax collections—Up 4.7%

“Other improvements were seen in employment, the employment rate and foreclosures.  Housing and new vehicle registrations have led the local economy out of the recession and the increase in sales tax numbers points to a broad level of recovery in the near future.”

As an aside, The Gazette on Saturday also indicated that sales tax collections are continuing their “winning streak” by showing 18 consecutive months of increases.  “Consumer spending in Colorado Springs remained strong in May, according to a report on sales tax collections from the city’s Finance Department.”

According to Fred Crowley, senior economist for the Southern Colorado Economic Forum (and author of this Quarterly Update), “Consumer confidence is quite strong right now.  Consumers are feeling good about the local economy because they are seeing employment and income growth.”

In the “Analysis of the El Paso County Residential housing market”, it is noted that :

• Through June 2013, new residential permits were 467 higher (45.6%) than June 2012
• At the current rate, the combined detached and attached single family permits for 2013 could be around 3,000.  This would be an increase of 625 over 2012 (21%)
• Permit activity started the year strong and has maintained pace.  It is expected to continue with the improving economy.  Additional support for housing and the economic recovery was offered on July 10, 2013 by Federal Reserve Chairman Ben Bernanke.  He stated the Fed would continue to support the economy for the foreseeable future. 

Our local “Economics Guru”, Fred Crowley, would agree that statistics demonstrate to BUY NOW.  I’ve been saying this for more than a year and now all the experts are getting on the bandwagon too.  It’s NOT too late, but it IS time to start the discussion so the sooner you contact me, the sooner I can go to work for you.

In the “Single Family Permit Forecast” we see:

• The Forum’s revised forecast indicates there will be 2,882 permits from July 2013 through July 2014.
• The forecast for 2013 calls for 2,811 detached, single family permits in El Paso County (27% increase over 2012).  This could change depending on:  1) rebuilding activity in the burn areas of Mountain Shadows and Black Forest, 2) possible rising mortgage rates and 3) job and income growth in El Paso County.

In “MLS Activity”:

• The trend in homes sales continues to improve.  There were 1,075 (25.2%) more homes sold through June than during the same period in 2012.
• The demand for housing appears to be increasing.  Monthly home sales in the region were higher in all of the last 12 months.
• The relative reduction in homes for sale and an increase in home sales have contributed to higher home prices.
• The ratio of homes sold to total single family homes in El Paso County has proven to be a good indicator of strength/weakness in housing.

Click here for the report in its entirety.  As always, if you have any questions about this report or how it pertains to you personally, please call me at 598.3200 or email me at Harry@HarrySalzman.com and I will be happy to provide you with answers.

What’s most important for you to know right now?  Well, as you will see in the report, Average and Median Home prices are continuing to increase and will continue to rise as supply lessens. 

Not part of this report, but a fact of real estate life—Mortgage Interest Rates are also continuing to increase.  While they are still historically low, they are not where they were even a few weeks ago and they will continue upward.  Mortgage rates are still very affordable for most people so don’t panic yet---but, if you are in the market, NOW is the time to get serious about it.

Inflation will also increase in 2013.  Therefore, based on statistics and from a practical point of view, again, I would suggest that now is the time to sell and trade up or buy for yourself or for investment purposes. 

If you or any family member or co-worker is interested in how today’s market can work in your favor, please call or email me today.  I can provide you with the detailed information you need to make an informed decision by looking at your wants, needs and budget requirements.  If there is a solution to make your real estate dreams come true, with more than 40 years in the local market, I’m the one who can help make that a reality.   

PS:  I’d like to encourage you to plan on attending the Annual Southern Colorado Economic Forum on the morning of September 26, 2013 at The Antler’s Hotel.  I am a proud sponsor of this important event and I believe you will walk away with a greater understanding of the economics of the Pikes Peak area and how it affects you both personally and professionally.

THREE COMPELLING REASONS TO BUY NOW

RISMedia 7.12.13

With the tide starting to turn from a Buyer’s Market to a Seller’s Market, here are a few pointers that I wanted to share with you.  They keep cropping up in article after article; therefore I thought you might benefit from knowing the three most compelling reasons to buy now:

• Rising Home Prices.  Don’t be put off by this trend.  Home prices are likely to continue their rise.  By seizing the moment, many folks are affording themselves the opportunity to get into starter homes or upsize into something more suitable for their changing needs.  And, equally important, as prices rise, by buying now, you may even see an opportunity for building long term equity.

• Low Mortgage Rates and Faster Closing Times.  Mortgage rates are still at the lowest they have been in a long time.  Coupled with a trend among mortgage brokers to increase their turnaround times to give buyers a competitive advantage in a hot market, this is great news for Buyers hoping to get into a home before prices increase any further and for Sellers looking to sell their properties at the fair market prices as quickly as possible.  The Mortgage Bankers Association has already projected that rates will likely inch back up—possibly a full point—within the next year.  So, as I mentioned earlier, there’s no better time than NOW to get started.

• The Re-emergence of New Construction.  Increased prices and lower inventory among existing homes has created a level of competition that favors Sellers.  It has also created an opportunity for new-home construction to re-emerge, thus giving Buyers a viable option to consider rather than to participate in the frenzy to purchase existing homes.

If there is anything I would like to get across to you, my readers, it’s that no matter what you see going on today, real estate is going to be a great investment in the long haul.  If you remember that, and let me assist you in helping make the best choices available, you will find that today’s market will most definitely work for you and your residential and financial long term goals.

PHILOSOPHY OF THE DAY

“Some men see things as they are and say ‘why?’

Others dream things that never were and say, ‘why not?’”

--George Bernard Shaw

“We do not remember days.  We remember moments in our lives.”

--Unknown

FEATURED LISTING       

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

email: Harry@HarrySalzman.com

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs 

Visit Website

July 8, 2013

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

“Here I am…ready and willing to help in this quickly changing real estate Market!”

HOME PRICES ARE RISING AT FASTEST PACE IN SEVEN YEARS

Just in time for Independence Day, fireworks are happening in the local Residential Market as of June 30, 2013.  Across El Paso County, the relationship of Selling Price to Listing Price is 98.4%.  That’s right—sellers are getting within 1.6% of their listing price.  And in a number of cases, homes are going for over listing price, with multiple offers!

The Listing and Sales Summary published last week by the Pikes Peak MLS shows these figures as “all homes” which includes existing and listed new homes.

Some highlights of the report, comparing June 2013 to June 2012 include:

• Number of Single Family/Patio Home Sales are up 30.5%

• Number of Condo/Townhomes Sales are up 47.5%

• Average Sales Price is $255,590, Up 3.9%

• Median Sale Price is $225,000, Up 6.5%

• Total Active Listings are 3868, Up 4.4%

Today’s motivated Buyers are beginning to understand that “traditional” thinking of the past 7 years is no longer applicable and “thinking outside the box” is becoming more and more important in decision making.

I can’t remember when “days on the market” were as little as 58.  PPAR statistics show that these averages and median prices were last seen in June, 2008.  In a nutshell, home prices are going up at about ½ of 1% per month, so if you are thinking about taking a “personal plunge” in home buying, it’s time to test the waters.  It’s going to cost you more to wait.

The chart below is a comparison of different areas within El Paso County.  We use this type of information when working with clients on an individual basis to help them determine both selling and buying price ranges for specific neighborhoods. 

COLORADO SPRINGS AREA MONTHLY SALES ANALYSIS*

                                                Median Sales Price               Average Sales Price

Black Forest:                            $350,000                             $376,808

Briargate:                                  $315,000                             $320,081

Central:                                     $165,000                              $230,047

East:                                          $175,000                             $186,075

Fountain Valley:                       $197,500                             $195,863

Manitou Springs:                     $315,000                             $326,036

Marksheffel:                             $225,000                              $240,216

Northeast:                                 $215,000                             $233,896

Northgate:                                $369,450                               $380,451

Northwest:                                $319,680                              $350,435

Old Colorado City:                  $160,000                               $174,736

Powers:                                     $221,448                              $229,371

Southwest:                               $257,334                              $364,419

Tri-Lakes:                                 $385,750                              $414,988

West:                                         $221,500                              $269,241

*Statistics provided by the Pikes Peak REALTORS Services Corp,or its PPMLS.

To view the complete breakdown on any area listed here or to read the entire monthly report, please click here. 

You will also see the results for the first two quarters of 2013, which indicate that Single Family/Patio Homes are up 25.1% compared to 2012.  Our community experienced 5336 sales during that time—our strongest first two quarters since 2006.

As you can see, things are continuing to move rather quickly and we are now experiencing a market resurgence that’s here for the foreseeable future.  As always, I am here to answer any questions you may have about these reports.

With very limited inventory and percent of days on the market quickly going down, there continues to be multiple buyers for fewer properties.  To get exactly what you are looking for at a price that fits your budget, call me today at 719.598.3200 or email me at Harry@HarrySalzman.com and let’s start talking.

AS MORTGAGE RATES AND HOME PRICES RISE, EXPERTISE BECOMES ESSENTIAL

According to RealtorMag, Buyers are stating to become discouraged because so many of them are entering the market, but houses are not as plentiful and mortgage rates are starting to climb. 

This is the time when choosing the right real estate Agent is essential in helping you to navigate through the buying and selling “wars”.  My professionalism and background help my clients relieve some stress because I’ve been doing this for more than 40 years in the local market. 

I work to make sure that my clients have realistic expectations and help them review options that can make the entire process a little easier on the nerves.  Home buying and selling is a very personal decision and one of the biggest ones most of us ever have to make.  My background in investment banking, along with longevity in the real estate arena, allows me to help my clients make well-informed decisions. 

RISMedia has some suggestions for “helping Buyers stay on track”.  They reiterate the things I have always told my clients and I will repeat them here for those of you who are entering the current market.

1. Get Pre-approved and not just pre-qualified.  I have always found this to be important and right now it’s more crucial than ever because of the tighter time frames involved.  This shows the Seller that you are serious about buying.  I can help you get started with process as soon as you’re ready so that when you find what you are looking for, you’re ready to proceed.
2. Don’t Waste any Time.  When you see a home you like, find time to look at it immediately.  If you wait for the weekend or another time, it may already be off the market.  And once you find the home you want, be ready to make an offer immediately. 
3. Write Strong Offers.  Buyers can no longer get away with “lowball” offers or asking for special allowances.  Bidding wars and multiple offers are once again becoming the norm so Buyers must be ready to present their best offer and/or put down more earnest money to help insure beating the competition.

I want to also add that Buyers need to be very flexible in this emerging market.  That might mean looking at new construction rather than purchasing a previously owned home.  Homebuilding is once again a viable option and we are seeing more and more starts locally.  Not only is this good for our economy, it’s helping to provide options for the shortage of available previously owned homes for sale.  I can help provide you with various scenarios when it comes to new home construction and it would be my pleasure to do so. 

LOCAL HOMEBUILDERS ASSOCIATION IS WORKING TO PROTECT YOU

I’d like to offer a “shout out” for the local HBA, who recently passed a motion enforcing a moratorium on new membership in order to protect our community.  In wanting to make certain that local homeowners who need to make informed decisions concerning rebuilding after the recent fires, the HBA is not accepting applications from out of town contractors or new members who did not have a RBD license prior to 6.11.13. 

Knowing that the public depends on them for information regarding builders and contractors, the HBA wants to help make it more difficult for those unscrupulous individuals who prey on homeowners who may have lost their homes or need extensive work.

If you, or anyone you know, is in this situation, please advice them of the importance of knowing that they are in the hands of a licensed professional who can provide the services they promise.  A little foresight can save a lot of time and money later on.

MORTGAGE RATES ON THE RISE, BUT IT’S ALL RELATIVE

The first home I purchased was in 1975, with a minimum down payment, just like a typical homebuyer.  My 30 year fixed mortgage rate was 8.5%.  That was “normal” in those days.  So, while we’ve been experiencing historically low rates in the past few years, a 4.5% fixed rate of today is still a bargain compared to not so very long ago. 

Today’s Buyers may pay more for the cost of their home and for their mortgage interest rate, but with the regular rate of appreciation that we’ve been experiencing it should be more than made up in the future.

SAVE THE DATE…

The Seventeenth Annual Southern Colorado Economic Forum is going to be held at the Antler’s Hotel on September 26, 2013.  Salzman real estate Services, LTD. is proud to be the only Residential Real Estate Company sponsor.  This is a consistently sold out event and we want to remind you to save the date for a very informative presentation of our local economic situation.

SKY SOX REMINDER…

I have four front row season tickets to the AAA Sky Sox available at no charge to you on a first come-first served basis to any home game.  Just give me a call at 598.3200 to request the date of your choice. Just another way I like to say “thank you” to clients and friends.

PHILOSOPHY OF THE DAY

Borrowed from “The Heart of a Leader” by Ken Blanchard

Consider moments when you were at your best, and you will find that you were right there in the moment, fully and completely present.  If you dwell on “what was” or “what will be,” you will miss the power of “what is.”

Spencer Johnson, coauthor of The One Minute Manager, discusses the important truth in his brilliant parable, “The Precious Present.”  In the story, an older man’s wisdom launches a young boy on a lifelong search for the “precious present.”  Finally, he discovers what the old man was trying to teach him:  To learn from the past is good, but to live there is a waste.  You are happiest and most productive in life when you are living in the present.

All highly effective leaders have learned to respect the power of the present.  They have discovered that analyzing the past and planning for the future is not enough; they must also nurture the present and celebrate its victories.

FEATURED LISTING

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

email: Harry@HarrySalzman.com

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs 

Visit Website

June 24, 2013

 HARRY’S BI-WEEKLY UPDATE

  Current Look at the Colorado Springs Residential real estate Market

TRAGEDY STRIKES AGAIN IN COLORADO SPRINGS/EL PASO COUNTY           

With a heavy heart, I realize that it was not quite a year ago when I wrote about the Waldo Canyon Fire that forced me and so many others to evacuate our homes and businesses, some never to return to what they had.  Our community is still in the process of rebuilding from that event and now an even greater tragedy has befallen us.

While driving to an appointment on June 11^th I could see smoke in the northeast part of the city and little did I know I was witnessing the start of the Black Forest Fire—the most devastating fire in the history of Colorado. 

As I write this, that fire is 100% contained thanks to the hard work of all the first responders and those that followed.  But the end of the fire is only the beginning for so many clients and friends who lost most everything. 

509 homes were destroyed and many more damaged.  All kinds of domestic animals were displaced and thanks to the hard work of the local human society and countless others, many are now reunited with their owners. 

I am still working with clients who suffered losses in the Waldo Canyon fire to rebuild their homes and get their lives back to normal.  Now I am saddened to add more families to those who are in need of housing, either immediately to rent or purchase, or to work with to find long-term housing solutions.  With the rental housing shortage we are now experiencing this has become quite a challenge, but we at Salzman real estate Services are doing our best to help. 

It was enlightening to see how much was learned from last year’s events, which prevented this from being even more tragic than it was.  The fast response to all aspects of the Black Forest Fire, by everyone from the El Paso County Sheriff, Commissioners and the Mayor’s office to the firemen, police, local broadcast and print news, and others helped keep us all informed and safe throughout the last few weeks.

I am personally and professionally involved with so many of these individuals and I wish to publicly thank one and all for their tireless work on behalf of us all.

I was heartened again this year by the amazing response from friends and business associates from all over America who reached out to me.  While I cannot thank you each personally, please know that your acknowledgement was greatly appreciated.

ON THE BRIGHTER SIDE…COLORADO SPRINGS IS A GREAT PLACE TO LIVE

The Gazette 6/11-13/13

It’s official. 

According to the U.S. Bureau of Economic Analysis, incomes in the Colorado Springs area grew faster than the rest of the state or nation during 2011.  The agency reported that real income, measured on a person-to-person basis, grew 2.7% to $36,200 in the Springs area between 2010 and 2011.  That's 0.8 percentage points more than the 1.9% growth in Colorado during the same period and 0.7 percentage points more than the 2% growth nationwide.

Fred Crowley, senior economist for the Southern Colorado Economic Forum, said “these numbers show the underlying strength of the local economy.  You get better mileage from your paycheck in Colorado Springs than in many other places.  That is a good tool for economic development because it means you can get good workers at a very attractive rate.”

On top of that, the U.S. Council for Community and Economic Research’s survey for First Quarter 2013 showed that the cost of living in Colorado Springs is below the national average.  Living costs were 4.9% below the national average in January to March, compared with 3.7% below the average for all of 2012.  The sharp decline in gas prices compared to the rest of the nation helped contribute to this further living cost decline.  Costs for clothing, recreation and personal care items also fell. 

This index does not measure inflation; it compares prices in more than 300 metro areas for 57 goods and services bought by households where middle managers live.  It is used to compare living costs when these managers are looking to relocate to another city.

Crowley said “the area’s cost of living looks to be very stable right now.  That should help both the tourism industry, since gasoline prices have stabilized, but also potential employers, because it means lower costs for a well-educated and productive workforce.”

And if that wasn’t enough good news, the outlook for the Colorado Springs job market for the third quarter 2013 is the best in nearly five years and among the best in the nation, according to a quarterly employment survey by temporary staffing giant Manpower.

Colorado Springs ranked ninth for its hiring outlook among 100 metro areas surveyed.  According to surveys by the U.S. Bureau of Labor Statistics, the area’s unemployment rate declined to 8.2% in April from 9.4% a year earlier and local payrolls grew by 1.6% during the same period.

So, there you go.  When you add all this to what those of us who live here already know about the Colorado Springs area, why would you want to live anywhere else?

RENTAL, HOME AND MORTGAGE PRICES ON THE RISE

We’ve seen rental prices rise as the supply of rental listings drop and unfortunately, the Black Forest Fire will cause them to go even higher.  Those who lost their homes are going to need temporary housing while deciding whether to rebuild or buy and there just isn’t much out there now.  And what is out there is continuing to go up in price, both apartments and rental homes.

A number of renters (especially potential “first-time” buyers) are trying to get into home ownership because rising rents are making them rethink their current situations.  This is not a great time for them because of limited listings below $200,000, mortgage rate increases and in some cases, still tight mortgage lending policies. 

I’ve been talking about this happening for the past year and a half and it’s all starting to snowball at once.  Yes, more homeowners are starting to sell and trade up because they are now getting more for their current homes.  Inventories are quite lean and it’s going to cost more for the new home.  When you add that to increasing mortgage rates, it’s putting a lot of pressure on those who have waited or had to wait until now to act.

I haven’t seen this much activity since 2006.  Homes barely get listed on MLS and they have multiple offers, many over listing price.  Sellers are once again getting into the driver’s seat and buyers are seeing their options quickly reduced.

While mortgage rates are rising, they are still a relative bargain.  However, according to Lawrence Yun, Chief Economist for the NAR, they will continue to rise and will probably be near 5 percent by this time next year, compared to the 3.5 percent average of the past 12 months.  Rates will be even higher in 2015 and 2016. 

Yun says the recovery is strengthening and to expect limited housing supplies for the balance of the year in much of the country.  “The housing numbers are overwhelmingly positive.  However, the number of available homes is unlikely to grow, despite a nice gain in May, unless new home construction ramps up quickly by an additional 50 percent.” he said.  “The home price growth is too fast, and only additional supply from new homebuilding can moderate future price growth.”

Friday’s Wall Street Journal reported that “sales of previously owned homes surged in May to the highest level since late 2009, pushing real estate prices up so quickly that a major real-estate trade group (NAR) warned about unsustainable gains.”

Last Thursday, NAR said “home sales rose 4.2% in May from a month earlier to a seasonally adjusted annual rate of 5.2 million, the first time the pace crossed 5 million since November 2009.

The figures, showing rising home prices and contracts closing at a brisk pace, boosted optimism for the housing market and its ability to support the broader economic recovery.”

So, for those sitting on the fence, it’s time to move.  Yes, your present home will be worth more in time, but the cost of the home you may want to trade up to will also go up, along with the mortgage rate you will have to pay.   I’m not speaking with my “salesman” hat, but with my “investment advisor” one when I tell you if you are serious about selling to trade up or looking for investment property, it’s time to give me a call and let’s see if there is something for your individual wants, needs and budget.  Just call me at 598.3200 or email me at Harry@HarrySalzman.com . 

JOKE OF THE WEEK

Not a lot to joke about this week, but look for my usual “humor” next time!

FEATURED LISTING

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

email: Harry@HarrySalzman.com

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs 

Visit Website

June 10, 2013

HARRY’S BI-WEEKLY UPDATE

                             A Current Look at the Colorado Springs Residential real estate Market

FIRST, THE GREAT NEWS….

Last month was another fabulous gain in the local real estate Market with home sales at a 6 year high.  Consumers are starting to enjoy their lives more than in the past few years.  One of the best ways they express job security and positive emotions is to buy a “first” home or to sell and “trade up” to a better home or neighborhood. 

I’m thrilled to share with you some highlights of the Single Family/Patio Homes Listing and Sales Summary for the month of May 2013 as compared to May 2012. 

• Number of Sales were up 20.4%.

• Average Sales Price is $249,700, Up 7.1%

• Median Sale Price is $215,250, Up 2.5%

• Total Active Listings are about equal, Up 1.1%

In all of El Paso County sales, the average relationship of Sales Price to Listing Price is 98.4%, which means that homes are selling for 1.6% below list price.   This obviously points to a strong local market.

The chart below is a comparison of different areas within El Paso County.  We use this type of information when working with clients on an individual basis to help them determine both selling and buying price ranges for specific neighborhoods. 

COLORADO SPRINGS AREA MONTHLY SALES ANALYSIS*

                                                Median Sales Price               Average Sales Price

Black Forest                             $438,500                              $448,123

Briargate                                   $297,000                            $310,726                               

Central                                      $153,351                              $162,015

East                                           $179,000                               $186,737

Fountain Valley:                       $183,000                               $186,194

Manitou Springs:                     $256,000                               $284,500

Marksheffel:                             $228,000                              $223,267

Northeast:                                 $216,000                               $242,766

Northgate:                                $349,900                               $379,276

Northwest:                                $330,000                               $341,147

Old Colorado City:                  $167,000                               $199,223

Powers:                                     $204,600                               $216,644

Southwest:                               $331,000                               $383,759

Tri-Lakes:                                 $407,500                              $418,504

West:                                         $203,500                               $223,931

*Statistics provided by the Pikes Peak REALTORS Services Corp,or its PPMLS.

To view the complete breakdown on any area listed here or to read the entire monthly report, please click here. 

As you can see, things are continuing to move rather quickly and we are now experiencing a market resurgence that’s here for the foreseeable future.  As always, I am here to answer any questions you may have about these reports.

With very limited inventory and percent of days on the market quickly going down, there are multiple buyers for fewer properties.  To get exactly what you are looking for at a price that fits your budget, call me today at 719.598.3200 or email me at Harry@HarrySalzman.com and let’s start talking. 

WHAT THE EXPERTS ARE SAYING…

HousingWire.com

 “Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20% or more,” said Dr. Mark Fleming, chief economist for CoreLogic.

Anand Nallathambi, president and CEO of CoreLogic said, “We expect this trend to continue, bolstered by tight supplies and pent up buyer demand”.

USAToday:

“The rapid run-up in housing prices the past year has ignited talk of another housing “bubble,” but only a few markets are at risk—so far, experts say.”

According to the latest Standard and Poor’s Case-Shiller index, released last Tuesday, “20 cities in the index showed increases on an annual basis for at least three consecutive months.”

“Even the weakest price gains were ‘substantial’, said David Blitzer, chairman of the index committee.”

The Wall Street Journal:

“Home Sales Power Optimism” read the headline on May 29, 2013, with prices rising at the “fastest pace since 2006, calming investor fears of a spring swoon”.

“Home prices surged during the first quarter at their fastest pace in nearly seven years, the latest sign of a sustained warm-up in an economic recovery that has otherwise been marked by starts and stops.”

Fed officials say they have been considering when to wind down the bond-buying program which has helped to keep mortgage rates near historic lows, boosted asset prices and begun to stimulate hiring and spending.

The Gazette:

“Sales of previously occupied homes ticked up to a 3 ½ year high in April, according to the National Association of Realtors.  And they are likely to keep growing.  A measure of signed contracts to buy homes rose to its highest level in three years in April. 

The limited supply of homes has also made builders more willing to ramp up construction.  That’s creating more construction jobs.”

JOB MARKET HELPS CREATE CONSUMER CONFIDENCE

The 175,000 new jobs added nationally last month provided such confidence in the Economy that the stock market hit its highest point since January 2, 2013. 

That same confidence has trickled down to people who are looking to buy, sell and trade up, or invest in the real estate market nationally, as well as locally.

It’s just not me telling you to BUY NOW-- all functions of today’s economy are pointing it out to you.  So if you don’t want to listen to what I’ve been telling you for the past year, then simply listen to National TV News, the Wall Street Journal (June 8, Front Page and more), etc. etc. etc. 

Now is the best time to buy a home all across America.  And, Colorado Springs has already shown consistent appreciation for the past two years so there’s no time to waste if you’re in the market for residential property for yourself or looking for investment property.

AND NOW FOR THE INTEREST RATE ‘WAKE UP CALL’

It couldn’t last forever, and like I’ve been telling you, the mortgage interest rates that hit historic lows are now inching their way back up.  Almost daily for this past week I’ve seen articles about mortgage rates on the rise. 

The Wall Street Journal on Saturday, June 8, page B8, wrote that the Mortgage Bankers Association stated that “the first time in more than a year those rates are back above 4%” (on 30 year fixed rates).

USAToday stated that “mortgage interest rates are back to their highest levels in a year—and may creep higher still.”

Some renters are starting to realize it’s now or never and are considering a home purchase so that they don’t miss out, according to RealtorMag.  “It’s amazing to see the frenzied pick-up in home buying, as renters get nervous that both home prices and rates will rise quickly,” Craig Strent, CEO of Maryland-based Apex Home Loans, told CNBC.  “They are trying to catch the beginning of the curve here.”

They also reported on June 7 that for “the fifth consecutive week, mortgage rates continued to rise, as the economy showed signs of strengthening.”

I don’t need to say “I told you so”, but all signs have been pointing in this direction.  If you, any family member or co-worker has been thinking about buying, selling and trading up or investing, don’t delay.  Call or email me today and let’s start the process of fulfilling your Residential real estate dreams.  The window of opportunity is still open but it’s slowing closing and you don’t want to miss out.

SKY SOX UP AND RUNNING…

I have four front row season tickets to the AAA Sky Sox available at no charge to you on a first come-first served basis to any home game.  Just give me a call at 598.3200 to request the date of your choice. Just another way I like to say “thank you” to clients and friends.

JOKE OF THE DAY

In the words, of Yogi Berra…..

• As a general comment on baseball: "90% of the game is half mental."

• On why he no longer went to Ruggeri's, a St. Louis restaurant: "Nobody goes there anymore. It's too crowded."

• "It ain't over 'til it's over." In July 1973, Berra's Mets trailed the Chicago Cubs by 9½ games in the National League East. The Mets rallied to win the division title on the final day of the season.

• When giving directions to Joe Garagiola to his New Jersey home, which is accessible by two routes: "When you come to a fork in the road, take it."

• On being the guest of honor at an awards banquet: "Thank you for making this day necessary.”

• "It's déjà vu all over again". Berra explained that this quote originated when he witnessed Mickey Mantle and Roger Maris repeatedly hit back-to-back home runs in the Yankees' seasons in the early 1960s.

• "You can observe a lot by watching."

• "Always go to other people's funerals, otherwise they won't go to yours."

FEATURED LISTING

Harry A. Salzman. CRS, CRP, CNE
e-Pro Internet Certified
Broker/Owner

email: Harry@HarrySalzman.com

Serving: Colorado Springs, Monument. Air Force Academy, Fountain,
Security, Woodland Park, Black Forest, Manitou Springs