Real Estate Information

November 5, 2012

 

HARRY’S WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

 

 

 

WHY ARE WE CONSISTENTLY POSITIVE ABOUT THE LOCAL real estate MARKET?

 

I have received more than a few comments from readers saying things like, “Oh, Harry, how can you only be so positive in your eNewsletters?”  Well, our first two stories this week are just a couple of examples of why we remain so optimistic about the local real estate market.  It’s not that I only look for the positive in all the media I peruse, it’s just that I’ve also found that there is always a way to take some thing that may sound negative to others and turn it into a positive.  In the articles below….well….the information simply speaks for itself. 

 

 

ONCE AGAIN, LOCAL HOME SALES WERE UP LAST MONTH

 

October proved to be another good month for the Residential real estate Market.  Here are some highlights from the just published Pikes Peak Realtors Association (PPAR).

 

• 794 homes sold—4.7% over year to year figures
• Average Sales Price was $239,945—8.3% higher than the $221,534 of a year ago
• Median Sales Price was $211,650—up 14.4% from $185,000 of a year ago
• Home Listings were up 12.4% from October 2011
• Total Active Listings as of October were 3513 compared to 3959 as of October 2011 which means that the current Single Family Home inventory is down 11.3% from one year ago

 

Click here to see the full report containing all the general statistics as well as comparisons of your current local home area and all the areas we serve.  There are seven pages of reports on all neighborhoods in the Pikes Peak area. 

 

We have found that by using this information on behalf of our clients, they have far exceeded their expectations in terms of personal decisions in either buying or selling a home.

 

Furthermore, when this data is used for our clients, either buyers or sellers, we find we are able to get a more advantageous price and terms…thus saving our clients money and shortening the time to closing.  It’s a big win all around.

 

If you have any questions about this data (or any real estate questions), please give us a call at 598.3200 or 800.677.6683 (MOVE). 

 

 

AND MORE POSITIVES….QUARTERLY UPDATES AND ESTIMATES JUST OUT

 

We were very excited to see the latest local “Quarterly Updates and Estimates” –an update researched, produced and published by the Southern Colorado Economic Forum group, College of Business and Administration, University of Colorado at Colorado Springs.  

 

This is an update on the El Paso County economy as of October 2012 and had a very positive analysis for all areas of El Paso County.

 

We, of course, focus on the information and forecasts concerning Residential real estate and the effects thereof.  Again….lots of positive information there.  Pages 3 though 9 of the 16 page report will provide current charts, thought and answers you might have concerning local Residential Real Estate.  The titles of those sections are:

 

• Analysis of the El Paso County Residential housing market (single family and multi family)
• MLS Activity, with charts and graphs
• Housing Price Equilibrium in the Region
• Foreclosures
• Multi Family Market

 

 

Page one of the Report begins by stating  “The local economy showed some of its strongest performance since bottoming out in February 2009.  The best performing local indicators were new single family permits and consumer confidence.  The index for single family permit activity is 107.9 percent higher than a year ago.  New single family housing activity has been up every quarter in the last year over the year ago period.”  

 

As an aside, Salzman real estate Services, LTD has been a financial supporter of the Southern Colorado Economic Forum since it was created 17 years ago.  Page 16 of this Report contains a list of all organizations and businesses who are Forum Partners.  We are the only Residential Real Estate Company in the area to provide “continuing financial support”.

 

 

To see the entire report click here.  As always, I am here to provide any explanations or answer any questions you may have concerning this report.  Just give me a call at 598.3200 or 800.677-6683 (MOVE). 

 

 

AND ON A NATIONAL LEVEL…HOUSING IS FINALLY HELPING THE ECONOMY

 

According to last Friday’s report on US Economic growth, housing has now positively (there’s that word again!) contributing to the nations gross domestic product in six straight quarters which has not occurred since the housing bubble burst in 2006. 

 

This is great news and even better is the fact that the gain in the housing market is spreading to more and more cities nationwide.  This is a bright spot in a still sluggish economy. 

 

In some markets, the cost of homeownership has fallen to the point that monthly rent exceeds mortgage payments.

 

No surprises here.  We’ve been keeping you up to date on a weekly basis concerning the Colorado Springs market and want to remind you that if you are looking….the time is NOW.  There are going to be fewer choices in the coming months and prices are sure to be higher.  And with mortgage rates at an all time low, you can’t afford to wait.  If you are looking to buy, sell, trade up, or simply looking for investment property, give us at call at 598.3200 and we will get right on it.

 

And if you know of anyone who wishes to buy or sell local real estate, or who is planning a move to the Pikes Peak region, remember—I’ve got more then 40 years of experience in providing relocation and Real Estate services to clients throughout the world.  I am uniquely qualified to assist them in making the best decision for their individual wants and needs and always take that into consideration when negotiating on their behalf.

 

 

 

FEATURED LISTING

 

                                                                                   

 

61 Newport CR 61 & 63 Price: $269,000 Beds: 0 Baths: 0 Sq Ft: 0 Duplex* Desirable Broadmoor area* Very private and quiet* Super location* Great income possibilities* Currently tenant occupied* Cul-de-sac with Mountain Views* Private fenced back yard* UL and ML Units, each with own LL single garage with garage do... View this property >>

 

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

email: Harry@HarrySalzman.com

October 29, 2012

 

HARRY’S WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

 

 

NEW HOME SALES SURGE IN SEPTEMBER WHILE PENDING HOME SALES ALSO IMPROVE

Daily real estate News/October 25, 2012

 

The Census Bureau reported last week that new home sales posted their largest gain in over two years, rising 5.7% in September over August and 27.1% higher year over year. Median prices of new homes also rose 11.2% in August, the largest one-month increase ever recorded.   And existing home sales are up 11% in September compared to the same time last year.   

 

Economists are attributing this gain as a sign that the fundamentals of the economy are improving as unemployment rates improve and consumers become more confident.

 

When this is combined with reported increased housing starts, building permits and prices in recent months, it appears that there is a steady housing recovery underway.  According to Barry Rutenberg, chairman of the National Association of Home Builders, “Consumers who have been on the sidelines during the past few years are deciding now is the time to go forward with a new-home purchase, assuming they can qualify for a good mortgage under today’s exceedingly stringent guidelines.”

 

Home prices are inching up, foreclosure sales are falling and record mortgage rates are creating a greater urgency for those who are looking to buy.  However, while the housing recovery is steadily increasing, there are still challenges—a number of underwater homeowners still waiting for prices to climb so they can have equity in their current homes before they move on and of course, access to credit remains tight.

 

No surprises here.  We’ve been keeping you up to date on a weekly basis concerning the Colorado Springs market and want to remind you that if you are looking….the time is NOW.  There are going to be fewer choices in the coming months and prices are sure to be higher.  If you are looking to buy, sell, trade up, or simply looking for investment property, give us at call at 598-3200 and we will get right on it for you. 

 

 

INTEREST RATES LOOK TO STAY LOW FOR THE FORESEEABLE FUTURE

 

During the recent Conference and Expo of the Mortgage Banker’s Association in Chicago, economists from that group predicted a similar forecast for housing and interest rates.

 

They concur that unemployment will be down, with home purchases loan originations going up and mortgage rates remaining low for now.  

 

The big question in everyone’s minds is exactly how long rates will stay this low and how the increase in home prices will affect buyers.  Again, let me remind you that there is no better time than NOW to make your move if that’s something you’ve been thinking about.

 

According to HousingWire, the U.S. added 4.8 million renters in the past six years due to the financial meltdown.  What does this mean?  We believe it’s a great opportunity in several areas.  With mortgage rates at an all time low, hopefully some of these renters will become owners.  For those that need to continue to rent for whatever the reason, there is a need for rental property and those of you who have waited might consider this a good time to start looking.  We can help both of these groups and look forward to working with you.  Just give us a call at 598.3200.

 

 

OPTIMISTIC HOUSING OUTLOOK—RISING HOME PRICES HELP ROAD TO RECOVERY

RISMedia/October 22, 2012

 

According to NAHB Chief Economist David Crowe, “we’re seeing a more robust housing sector than many other parts of the economy.  One of the reasons is we have finally begun to see on a national scale that house prices are picking up again.”

 

He stated some of the factors that are carrying the housing momentum forward.  Those include:

 

• Pent-up household formations
• Rising consumer confidence
• Increasing builder confidence in all three legs of the economy:  remodeling, multifamily and single-family construction
• Growing rental demand

 

Colorado Springs is one of the metro areas included in the forward momentum and you don’t want to miss out on the opportunities out here.  This won’t remain stagnant and all forward movement will inevitably include higher prices and increased mortgage rates. 

 

 

NOTE TO POTENTIAL SELLERS:  FIVE REASONS TO SELL NOW

Adapted from Keeping Current Matters/Nov 2012

 

1.  Only Serious Buyers Are Out

At this time of year, only those serious about buying home will be looking.  You won’t be bothered and inconvenienced by mere “lookers”.  The lookers are out holiday shopping.

 

2.  There Is Far Less Competition

The number of houses on the market shrinks dramatically this time of year.  With fewer houses on the market in general, this will make your home more likely to sell. Waiting until Spring could be a mistake for those who seriously want to sell.

 

3.  The Process Will Be Quicker

Both of this year’s biggest challenges—length of time it takes from contract to closing and lenders being inundated with purchase and refinancing loan requests—will not be in play here.  Both will be slow in the winter, thus cutting timelines and frustration that these delays cause both buyers and sellers.

 

4.  There Will Never Be a Better Time to Move-Up

If you’re looking to move up to a larger, more expensive home, you should consider doing it NOW.  Prices are projected to appreciate more than 15% from the present to 2016.  If you wait, it will cost more in raw dollars--both in down payment and mortgage payment.

 

5.  It’s Time to Move On With Your Life

If you have already decided to sell, there is no reason to wait.  The sooner you make the decision to sell, you can move on to whatever it is you want….a larger or smaller home, more time with family, retirement, or whatever it is you truly want to do with your life.  That’s what’s really important in the long run.

 

 

IF YOU ENJOY READING OUR WEEKLY eNEWSLETTER….

 

Please consider forwarding it to any of your family, friends or co-workers who may benefit from it.  They can then go to our Website and sign up to receive it themselves.  Better still, send us their e-mail addresses and we will add them to our weekly mailing list.  They will thank you for it and so will we.

 

 

LATEST LOCAL STATISTICS FROM PPAR

 

Click here to see the most recent Sales and Listing information for the Pikes Peak area. 

 

These statistics are published by the Pikes Peak Association of Realtors and can be helpful in evaluating and comparing current listings in various neighborhoods in our area.  If you have any questions about this data (or any real estate questions), please give us a call at 598-3200 or 800-677-6683 (MOVE).

 

And please remember, I would be honored to serve as your Broker for all your residential real estate needs.  It is my goal to help you make the most prudent and accurate Real Estate decisions.

 

And if you know of anyone who wishes to buy or sell local real estate, or who is planning a move to the Pikes Peak region, remember—I’ve got more then 40 years of experience in providing relocation and Real Estate services to clients throughout the world.  I am uniquely qualified to assist them in making the best decision for their individual wants and needs and always take that into consideration when negotiating on their behalf. 

 

 

AND LAST, BUT NOT LEAST….

 

We want to welcome Stuart M.Vestal to the Salzman real estate Services team as our newest Broker/Associate.  Stuart comes to us with vast experience in the home remodeling business in the Pikes Peak area for the last 12 years. 

 

He previously lived in Florida where he assisted with staging for “Better Homes and Gardens” magazine as well as owned a home remodeling business there.

 

And also, we welcome a new assistant who is here to help you with any questions or needs.  Sue Delano has replaced Anne Ganley, who recently retired.  We wish Anne the very best and want to thank her for her 12 years of service to us and many of you.

 

Please join us in welcoming Stuart and Sue into the fold, and when you’re in the neighborhood, stop by and meet them and say his to us all.

FEATURED LISTING

 

5062 Farris Creek CT Price: $347,900 Beds: 5 Baths: 3 Sq Ft: 3338 Beautiful Ranch Home with Finished Basement* Main Level Master Bedroom Suite* 5BD, 3BA, Media/Office, 2 Car Garage* Located on quiet cul-de-sac with numerous upgrades: hardwood flooring, ceiling fans, granite counter tops in kitchen* ML: LR/ Great R... View this property >>

 

 

And Here's Your Morning Coffee!

 

 

 

 

 

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

email: harry@harrysalzman.com

 

 

Visit Website October 22, 2012   HARRY’S WEEKLY UPDATE A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET     JUST BACK FROM VACATION….   After taking a week off from work for the first time, I was actually going to ask you readers what’s been going on during my absence but when I got home last night I was inundated with all kinds of financial news that I thought I ought to share with you.  So briefly, here’s what I’ve got….     THIRD QUARTER INDICATORS LOOKING STRONG   Things are looking up in the local real estate market.  In a nutshell, sold listings are up 7.9%, active listings are down 6.9% and the one year change in Median Sales Price is up 8.7%.   And on top of that, Freddie Mac’s average fixed rate mortgage is at an all time low of 3.4%.  Need I say more?  If you’re looking to buy for yourself or for investment purposes, the time is NOW.  With fewer homes on the market, more people are looking rent and rental prices are inching up accordingly.  On the other side, if you are looking for a home to live in, mortgage rates aren’t going to stay this low forever, and as you can see, median home prices are on the rise.  It’s never been a better time for first time homebuyers or those that are looking to upgrade to a larger residence or different neighborhood.     HERE ARE SOME 3rd QTR. YEAR OVER YEAR STATISTICS FOR THE PIKES PEAK AREA*     Black Forest:        Median Sales Price Up 9.0%         Avg. Sales Price Up 5.7%   Briargate:              Median Sales Price Up 5.2%         Avg. Sales Price Up 2.3%   Central:                 Median Sales Price Up 18.4%       Avg. Sales Price Up 17.3%   Divide:                   Median Sales Price Up 25.7%       Avg. Sales Price Up 32.1%   East:                      Median Sales Price Up 3.3%         Avg. Sales Price Up 5.2%   Falcon North:       Median Sales Price Up 6.9%         Avg. Sales Price Up 5.3%   Florissant:            Median Sales Price Up 3.3%         Avg. Sales Price Up 15.4%   Fountain Valley:   Median Sales Price Up 15.2%      Avg. Sales Price Up 11.2%   Manitou Springs: Median Sales Price Up 31.7%       Avg. Sales Price Up 27.3%   Northeast:            Median Sales Price Up 4.4%         Avg. Sales Price Up 8.4%   Northgate:            Median Sales Price Down 4.8%    Avg. Sales Price Up 1.5%   Northwest:           Median Sales Price Same             Avg. Sales Price Down 3.4%   Old Colo.City:      Median Sales Price Up 25.4%      Avg. Sales Price Up 23.2%   Powers:                Median Sales Price Up 6.3%         Avg. Sales Price Up 1.5%   Southeast:           Median Sales Price Down 6.8%     Avg. Sales Price Down 2.2% Southwest:         Median Sales Price Up 17.7%         Avg. Sales Price Down 0.6%   Tri-Lakes:           Median Sales Price Up 5.2%           Avg. Sales Price Up 7.2%   West:                  Median Sales Price Down 1.7%       Avg. Sales Price Down 3.4%   Woodland Pk:    Median Sales Price Up 12.7%         Avg. Sales Price Up 16.9%   *Statistics from the Pikes Peak MLS, provided by the Colorado Assoc. of REALTORS.       DESPITE  SLIGHT MONTHLY DECLINE IN U.S. SALES, PRICES CONTINUE UPWARD   According to Lawrence Yun, chief economist for the National Association of Realtors, “Despite occasional month-to-month setbacks, we’re experiencing a genuine recovery.  More people are attempting to buy homes than are able to qualify for mortgages and recent price increases are not deterring buyer interest.  Rather, inventory shortages are limiting sales, notably in parts of the West.”    That’s us he’s talking about folks.  So as I’ve been telling you for some time now….if you’re in the market…give me a call and let’s get serious before the inventory gets too low and the prices and mortgage rates start rising again.     HOME SALES CONTINUE TO RISE FOR 15TH STRAIGHT MONTH   Saturday’s Wall Street Journal emphasized the current trend, stating that “rising rents and improving consumer confidence has created urgency.  Again, this is due to rising prices and median sales prices and consumer demand due to mortgage rates falling to their lowest levels on record.      AS ALWAYS, I’M HERE TO HELP….   Please call me at 719.598.3200 for help with any and all of your real estate needs. Whether you’re looking to buy or sell, or simply looking for investment property, let me put my 40 plus years in the local Real Estate arena work for you.     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

Harry Salzman, Salzman real estate Services, Ltd
538 Garden of the Gods Road, Colorado Springs CO 80907
719-598-3200 or Toll Free: 800-677-MOVE(6683)


Visit http://www.SalzmanRealEstateServices.com

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Weekly Update	Featured Listing For Sale: $347,900 More Information
Existing-Home Sales Climb Higher Affordable housing conditions have lead to another increase in existing-home sales, according to a recent report by the National Association of REALTORS (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops, are on pace to reach 4.82 million units sold for 2012, an increase of 9.3 percent Continue Reading... Find The Right Coverage When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy be in force prior to funding the loan. Make sure you have enough coverage, should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. Continue Reading... Seller Opportunities Selling your home in today's market requires strategy and execution. Here are three tips to help sellers reduce their time on market: Make it shine. Buyers are attracted to attractive homes. Make your home stand out by mowing the lawn, raking the leaves, washing windows, and cleaning the carpets. These are small things that will make a big Continue Reading...
Harry A Salzman, Salzman real estate Services, Ltd 538 Garden of the Gods Road, Colorado Springs CO 80907 719-598-3200 or Toll Free: 800-677-MOVE(6683) Visit http://www.salzmanrealestateservices.com Change your email preferences here.

 

October 8, 2012

HARRY’S WEEKLY UPDATE

A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET

 

LATEST STATISTICS FROM PPAR SHOW A VERY STRONG LOCAL MARKET

This month, the highlights from the PPAR statistics show that the total local sales of single-family homes in September, 2012 was 773, compared with 672 in 2011. That’s a 15% improvement in sales over last year.

In September, 2012, the average sale price for local, single-family homes was $223,497, compared to $218,526 in September of 2011. That’s a jump of 2.3%.

In September. 2012, the median sale price for local, single-family homes was $194,000, compared to 187,250 in September of 2011. That’s a jump of 3.6%

13 of the past 15 months have shown positive growth in both sales and prices.

Prospective Buyers should also note that our inventory of single-family homes and patio homes-for-sale (Listings) has shrunk from 3,722 to 4,196 over the past year. That’s a reduction of 11.3%.

As always, as supply shrinks, prices go up. So, the bottom line to all of these numbers is that NOW IS THE TIME TO BUY !!

Call us at 598-3200, or, 800 677-6683 (MOVE), to discuss how this upward trend in prices and downward trend in inventory can be a great opportunity for you to enhance your future economic status.

Click here to see the most recent Sales and Listing statistics for the Pikes Peak area. These statistics are published by the Pikes Peak Association of Realtors and can be helpful to you in evaluating and comparing current listings in the various neighborhoods in our area. If you would like to ask any questions about this data, please give us a call.

 

WANT TO BE LIKE WARREN BUFFET? HERE’S YOUR CHANCE !

The Wall Street Journal - October 3, 2012

Warren Buffet’s Blackstone Group has become the biggest U.S. investor in single-family rental homes by spending more than $1 billion since the start of 2012 to acquire more than 6,500 foreclosed houses in eight metropolitan areas. The firm also is also finalizing a loan for at least $300 million from Deutsche Bank to support this business.

Blackstone paid an average of about $140,000 for each home and is planning to fix up the homes, rent them and eventually sell them after the market rebounds.

Blackstone has said it expects to achieve initial yields of 6% to 7% on the rental income.

What does Warren Buffett see that no one else does? He is betting that the rental-housing market represents a great investment opportunity.

The Federal Reserve has expressed support for this strategy as a way to clear the backlog of foreclosures that has weighed down the market.

Other private-equity firms and other investors have raised $6 billion to $8 billion to invest in this sector, as they try to take advantage of today’s low home prices. These investors could buy 40,000 to 80,000 properties, according to a recent report from Keefe Bruyette & Woods.

If you would like to cash in on this investment opportunity in our local market, call us at 598-3200, or, 800 677-6683 (MOVE).

You could be the next Warren Buffet !!

 

MAYOR BACH PROPOSES A FORWARD LOOKING CITY BUDGET

The Gazette Update - October 4, 2012

Colorado Springs elected a tough mayor who isn’t known for diplomatic sensitivity. Instead, he is known for crafting a city government that can perform its fundamental duties with the money taxpayers have afforded it.

Mayor Steve Bach’s proposed 2013 budget of $232 million includes:

• 25 additional cops, which will bring the department to its authorized strength of 635 officers by August of 2013.
• an additional fire station, which would be paid for in part by a $2 million federal grant. The proposed budget allocates money to hire 15 new firefighters to staff the additional station.
• Restoration of evening bus service.
• establishing neighborhood health clinics, which will help residents more easily monitor blood pressure and other health indicators.
• Authorizing funds for an exhibit to commemorate the anniversary of the Waldo Canyon fire.
• conversion of parking meters to accept credit cards
• increasing money for street maintenance.
• reducing from six weeks to four the review process for business, developer and homeowner construction plans. creating 6,000 jobs each year by making our city the “most business-friendly city of our size in the nation.”

In less than two years, thanks to Mayor Bach, city government has become an agent of public service that looks to do more with less.

Congratulations, Mr. Mayor.

 

LOCAL SINGLE-FAMILY HOME PERMITS ON THE RISE

The Gazette – October 2, 2012

It’s been a good year for the homebuilding industry in the Pikes Peak region – and the year isn’t over yet.

Single-family building permits, which measure the pace of local home construction, totaled 1,671 in the Pikes Peak area during the first three quarters of 2012, which already surpasses permits during each of the previous four years, according to a report from the Pikes Peak Regional Building Department.

For September, single-family permits totaled 194, a 56.5 increase over the same month last year. Permits have increased in 12 of the past 13 months. This augurs well for local sales tax revenues.

Meanwhile, local foreclosures slowed in September. New foreclosure filings totaled 258 in September, down nearly 24% from August and down 14% from September 2011.

With prices and mortgage rates still low, and all the indicators pointing to a coming rise in prices, it’s time for you to consider buying that new home you have been wanting.

Give us a call at 598-3200, or, 800 677-6683 (MOVE) to discuss why now is the time to buy !!

 

IF YOU PLAN TO SELL YOUR HOME, HERE ARE 4 BIG TURN-OFFS OF HOME BUYERS

REALTOR® Magazine Oct. 2012

Certain dated design features in a home can really make some home buyers cringe. Could your listing have one of them?

A recent article at AOL real estate spotlights a few pet peeves of home buyers when touring homes today. Among the items making their list:

1. Popcorn ceilings: The speckled ceilings can attract dirt and be impossible to paint. Plus, if the home was built prior to 1980, the ceiling may contain asbestos and need to be tested by an inspector. Fix it: Unfortunately, there’s no quick fix for removing popcorn ceilings; it can get messy. It’ll have to be scraped off and the ceiling then will need to be repaired. Plus, you’ll want to have it tested for asbestos before scraping. Home owners will likely want to consider hiring a professional to do this.

2. Carpeting everywhere: Many home buyers today have a fondness for hardwoods over wall-to-wall carpeting. Carpeting can show spots and dirt, which can serve as a quick turn-off to potential buyers who prefer the more polished look of hardwoods. Fix it: Have the carpet professionally cleaned if your seller can’t afford to swap out the carpet for hardwoods. Make sure the carpet is spot-free and looking new. If sellers are willing to spend some money, they might consider installing hardwoods on just the first floor or in just the dining room (pre-finished laminate can cost less). This allows the home to be marketed as having hardwoods, which could possibly draw in more potential buyers who won’t consider a home without.

3. Brass fixtures: Shiny brass fixtures are viewed as out-of-date by most people’s standards nowadays. More on trend is satin-nickel or oil-rubbed bronze finishes. Fix it: Big-box retailers offer plenty of affordable lighting options nowadays to make this an easier, more budget friendly do-it-yourself project with big impact.

4. Vanity lighting strips: The Hollywood-style strip with a line of bulbs of rounded lights hanging over your bathroom mirrors can also quickly date a home. Fix it: Find a lighting fixture that has shades for each bulb in a finish that matches your faucet. It’ll make the bathroom look more contemporary

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

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 40 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf.

 

JOKE OF THE WEEK

A woman whose husband often came home drunk decided to cure him of the habit.

One Halloween night, she put on a devil suit and hid behind a tree to intercept him on the way home.
When her husband came by, she jumped out and stood before him with her red horns, long tail, and pitchfork.

"Who are you?" he asked.

"I'm the Devil!" she responded.

"Well, come on home with me," he said, "I married your sister!"

October 1, 2012

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

 

THE SOUTHERN COLORADO ECONOMIC FORUM WAS A GREAT SUCCESS

The 16^th annual SCEF at the Antlers Hilton Hotel on Sept. 28, 2012 was a “SOLD OUT” success. Over 600 people, representing local businesses and organizations, heard a variety of presentations by experts in the field of market predictions. The overall mood at the forum was very positive about our local economic picture over the next few years, but was tempered by some concerns about the effects of cut-backs in our local military presence and possible looming tax increases, either of which could weaken our recovery. We think the keynote speaker summarized the big picture very well, and we are reprinting some of his comments, below.

 

SPEAKER AT FORUM SEES ECONOMIC RECOVERY PICKING UP SPEED

The Gazette, September 28, 2012 – Wayne Heilman

At the Southern Colorado Economic Forum which took place on Friday, Sept. 28, 2012, the keynote speaker painted a very optimistic economic picture of the coming year. The following comments are excerpted from Wayne Heilman’s Gazette article which reviewed Mr. Paulsen’s presentation.

The U.S. economy is already gearing up to a faster growth rate as evidenced by a wide variety of economic indictors ranging from accelerating housing construction to increased bank lending, economist and top Wells Capital Management executive, Jim Paulsen, said Friday in Colorado Springs.

“The growth of the national economy is not enough to please everyone, but this recovery is very similar to the recoveries of the last 25 years,” said Jim Paulsen, chief investment strategist for Wells Capital Management, a unit of Wells Fargo & Co., and keynote speaker at the Southern Colorado Economic Forum. Economic growth, he said, starts to “gear up when confidence finally starts to grow. That is happening now. If you want consumer confidence to grow, get the unemployment rate down — and it is down a full percentage point in the past year.”

Paulsen pointed to declining unemployment, rising consumer confidence, higher household net worth and lower debt, increasing housing construction and prices, more bank lending, gains in state tax collections and exports and reduced financial market volatility as indicators that the U.S. economic recovery is gaining strength. He predicted that U.S. economic growth would accelerate next year to 3 percent from the current 1.3 percent and that the nation’s unemployment rate would fall from 8.1 percent now to near 7 percent by the end of next year.

“I’m not saying that growth will explode, but it will feel a lot better — it will feel like a recovery,” Paulsen told more than 600 business and civic leaders attending the half-day event at the Antlers Hilton hotel.

“If the job market is so dead, than why are consumer confidence, housing construction and auto sales all growing right now? While unemployment is still way too high, the combined message of all these indicators are that the economy is getting better. I see a lot of evidence that economic growth is starting to gear up.”

Paulsen, who has now been the forum’s keynote speaker for three consecutive years, predicted at last year’s forum that the recovery from the 2007-08 recession would gain strength in the next year and “gear up” late this year. He noted both Friday and last year that recoveries since 1985 have taken longer to gain strength, but tend to last longer as a result of the slowing growth of the U.S. labor force. That slowdown is a product of baby boomers producing fewer children to fuel labor force growth, which is a key ingredient for economic growth.

The biggest threat to the recovery is the Chinese economy falling into a recession, which would end the U.S. recovery and throw the nation’s economy back into a recession, Paulsen said. His overall message, though, was more optimistic than the forum’s forecast for the Colorado Springs economy; the forum sees the local economy remaining flat at best, and it could be pushed into a recession if Congress and the president don’t avoid both the so-called “fiscal cliff” i.e.— automatic cuts to the Department of Defense budget scheduled to take effect in January and the expiration of a variety of tax cuts at year’s end.

These predictions should encourage our local Buyers and Sellers of homes, homebuilders, retailers, contractors, appliance stores and clothing stores which are now beginning to experience a surge in purchasing that has resulted from the Waldo Canyon fire.

 

PACE OF LOCAL HOMEBUILDING EXPECTED TO KEEP ACCELERATING

The Gazette – September 26, 2012- Rich Laden

The pace of homebuilding has rebounded nicely this year in the Colorado Springs area and should continue to gain steam in 2013 — and would grow even faster if the local economy added significant numbers of jobs, according to an analysis by a national housing research firm.

Pent-up demand on the part of homebuyers, combined with current homeowners who have seen their property values improve and are now seeking to move up, have propelled homebuilding, John Covert, Colorado/New Mexico director of Houston-based Metrostudy told about 25 members of the Housing and Building Association of Colorado Springs on Wednesday.

“Rates are still at historic lows, the existing home market is in better shape than it’s been in the last several years. Listings are way down, pricing stability has occurred and actually some pricing power has returned to the re-sale market,” Covert said. “That’s letting people get out of those homes to go buy a new home.”

If the local economy were to add more jobs, especially positions in which employees come to the Springs from elsewhere, the homebuilding industry could see even stronger demand. However, it does take a while for those newcomers to actually buy a house, Covert said.

In the shorter term, pent-up demand will continue to drive the market in the next year or so and homebuilding activity should increase in 2013 over 2012, he said.

Single-family building permits through August of this year totaled 1,476, already topping the 1,399 for all of 2011, according to the latest Pikes Peak Regional Building Department figures.

The pace of home construction has improved so much that the Colorado Springs market is beginning to run low on new home sites, Covert said. Local builders now have a 33-month supply of lots upon which to build, about one-third the inventory they had four to five years ago, he said. The city of Fountain and the Briargate development on the Springs’ north side, popular housing areas, each have only an 18-month supply of lots.

The good news for homebuilders means some of them have added workers and are reinvesting in their companies, Covert said.

For homebuyers, however, the improvement in homebuilding means higher prices ahead. Builders’ labor and material costs are rising, Covert said, and the scarcity of lots means land prices will be going up — increases that would be passed on to buyers.

Our next Enewsletter on October 8, will have all local housing statistics as of September 30, 2012 and the first three quarters of this year.

 

housing market DISPLAYS NEW VIGOR AS PRICES RISE

The Wall Street Journal – September 27, 2012

Home prices notched their strongest year-to-date gains since 2005, climbing 5.9% through July and signaling the housing market's steady trudge toward recovery.

"Housing is no longer a negative. It is turning positive and we see the data reflecting that," said Ivy Zelman, chief executive at research firm Zelman & Associates.

Home prices typically are strongest in the summer, the busiest season for home sales, before declining later in the year. But the 5.9% rise far surpasses the 0.4% gain seen through the same period last year and the 2% gain in 2010.

Construction of single-family housing in August reached its highest level in more than two years, the Commerce Department said last week.

But rising demand, especially at the low end, is putting upward pressure on prices as traditional buyers—as opposed to investors—feel more confident about jumping into the market. In some cities, diminished supply has given rise to bidding wars—and headaches for would-be buyers.

The bottom line: Better Buy Now !! It will cost you more tomorrow !!

Call us at 598-3200, or, 800 677-6683 (MOVE) to discuss what this could mean to your financial security.

 

HOW HIGH WILL HOUSING PRICES BE IN 2016?

Daily real estate News | Monday, September 24, 2012

A quarterly survey of more than 100 economists shows growing optimism for the real estate market when it comes to housing prices. The majority of the economists surveyed say they expect home prices to steadily increase for the next four years.

The economists surveyed expect home prices to rise 2.3 percent this year over the fourth-quarter of 2011, according to the survey conducted on behalf of Zillow. In 2013, they expect prices to rise 4.7 percent; 8 percent in 2014; 11.4 percent in 2015; and 15.2 percent in 2016.

"This is further evidence that we're seeing a true recovery in the housing market," says Stan Humphries, Zillow's chief economist. "Not since mid-2010—in the midst of the homebuyer tax credits—have we seen this group so bullish on housing. It's refreshing to see this optimism at a time when the market seems to be making an organic recovery, in the absence of an artificial stimulant like the tax credits."

Not to be repetitious, but the bottom line is: Better Buy Now !! It will cost you more tomorrow !!

Call us at 598-3200, or, 800 677-6683 (MOVE) to discuss your new home

 

LATEST LOCAL STATISTICS FROM PPAR

Click here to see the most recent Sales and Listing information for the Pikes Peak area.

These statistics are published by the Pikes Peak Association of Realtors and can be helpful to you in evaluating and comparing current listings in the various neighborhoods in our area. If you would like to ask any questions about this data, please give us a call at 598-3200, or, 800 677-6683 (MOVE).

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

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 40 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf.

 

JOKE OF THE WEEK

Football Rules from Around the World

SOCIALIST FOOTBALL: After you score, the state takes half your points and redistributes them to the opposing team.

COMMUNIST FOOTBALL: After you score, the state takes away all your points and gives you back what the Central Bureau of Points designates as appropriate (according to your needs).

FASCIST FOOTBALL: After you score, the state takes away all your points and sells them back to you.

NORTH KOREAN FOOTBALL: After you score, the state takes away all your points and shoots your team.

BUREAUCRATIC FOOTBALL: After you score, a tax of 80% will be imposed on the points. 10% of your points will be given to the scoring disadvantaged, 10% of the points will be given to the opposing team as an incentive "not to score," while 60% of the points will be used by the state for administration.

NFL FOOTBALL: Nobody but a replacement referee can take away your points.

Sept. 24, 2012

HARRY’S WEEKLY UPDATE

A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET

16^TH ANNUAL SOUTHERN COLORADO ECONOMIC FORUM TO BE HELD ON THIS COMING FRIDAY, SEPT. 28, 2012.   WE HOPE TO SEE YOU THERE !!!

Where: Antlers Hilton, 4 S. Cascade Ave.

When: 7 to 11:30 a.m. Sept. 28

What are the benefits of Attending the Forum ?

The Southern Colorado Economic Forum is the premier resource for local economic information. This information is provided for—and supported by—local businesses. Salzman real estate Services is proud to have been a Supporting Member of the forum since its inception 16 years ago.

The Forum is 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.

The Forum is a tremendous networking opportunity; you’ll have the chance to meet experts from a variety of industries, UCCS and other businesses that have an interest in the local economy.

Here are some highlights from this Friday’s Southern Colorado Economic Forum:

• Keynote address: “National and International Outlook” by Jim Paulsen, Chief Investment Strategist, Wells Capital Management.
• Forum results: Economic Conditions in the Pikes Peak Region and Outlook for the Next 12 Months presented by Fred Crowley, PhD, and Tom Zwirlein, PhD.
• Business Symposium: The Changing Health Care Environment…”Leveraging Economic Opportunities for the Pikes Peak Region”, moderated by Deborah Chandler, Executive VP and CEO of Colorado Springs Health Partners and featuring five panelists.

Participants who attend the Forum will receive a comprehensive report filled with data, statistics and trends. The content can help you uncover new opportunities, make better business decisions, deliver more compelling sales presentations and position your business as experts who are “in the know.”

Attending this year’s Economic Forum and obtaining the annual report is a great way to jump start your business planning for next year.

To register for the forum, and to see a video about the presenters at this year’s forum, CLICK HERE.

 

LOCAL ECONOMY DIVIDED AMONG GOOD AND BAD INDICATORS

Colorado Springs Business Journal - September 21st, 2012

For the past 16 years, the Southern Colorado Economic Forum, which includes senior economist and UCCS senior instructor Fred Crowley, has been telling it like it is regarding the local economy. The forum examines and compiles the numbers that describe the economic landscape — past, present and future.

But even the forum’s fortune-tellers are having difficulty producing a 2013 forecast. There are too many international, national and local events in motion. The so-called “fiscal cliff” — spending cuts kicking in along with expiring tax cuts — could cause recession in 2013 or at least curtail consumer spending. But locally, rebuilding in the aftermath of the Waldo Canyon fire could create hundreds of jobs a year for the next five years and help make up for the losses in other job sectors.

People in Colorado Springs bought more cars, electronics, furniture and clothing in 2011, which helped increase retail sales by 8.5 percent, or $1 billion, to $13.8 billion.

There has also been some unexpected good rolling into Colorado Springs by way of new housing construction. By year’s end, single family permits are expected to be up 47 percent over 2011. In the first eight months of this year, there have been more housing permits issued than all of last year. The reasons vary from pent-up demand to the historically low interest rates of 3.5 percent. And apartment buildings are having their strongest year since 2002, expecting to end the year at 750 new units.

“It tells me we are definitely coming back,” Zwirlein said. “We are not near the heydays of 2004-05, but we are well on our way to a very healthy rebound in housing construction.”

Then there is the hope of a growing health-care sector around a University of Colorado branch medical campus at UCCS. University of Colorado Health, which takes over daily operations of Memorial on Oct. 1, has agreed to pay $3 million a year for the 40-year lease term to the University of Colorado School of Medicine, to be used to create a branch medical campus in Colorado Springs.

“Certainly one of the growth areas over the past 10 years has been in the health-care sector,” Zwirlein said. “We are very interested in seeing how having a university hospital in Colorado Springs will eventually pan out.”

In eight cities with university hospitals, job creation in the health care sector outpaced all other job creation, Crowley said. In those eight cities, health care jobs were 160 percent of all jobs created, meaning without health care jobs there would have been a decline. The health care sector, Crowley said, grows employment faster, grows wages faster and grows business faster then any other sector.

“What I hope happens — and it won’t happen this year, but maybe in 2014 — there will be health care expansion on some level. The health care industry — they do create jobs. We need to move in that direction and make it grow.”

As an example, the Anschutz Medical campus in Aurora was built in 2004 and is now home to six professional schools. “They’ve created jobs, jobs, jobs,” Zwirlein said. “That is now Aurora’s financial engine and it will be their financial engine for a long time to come.”

 

MAYOR BACH INTRODUCES BUSINESS INCENTIVES, NEW AERONAUTICAL ZONE

In an effort to spur economic and business activity, Colorado Springs Mayor Steve Bach has created a standard set of economic “accommodations” for new and expanding companies, as well as a Commercial Aeronautical Zone for the Colorado Springs Airport.

Saying the accommodations – essentially economic incentives – would be available for a “limited time only,” Bach said he felt that it was essential to have a standard set of incentives for businesses interested in moving or expanding to Colorado Springs.

“This way, we don’t address it when they come to us,” he said. “It’s standardized, it’s right there for companies to see. We have to do something to address unemployment, particularly in Southeast Colorado Springs.”

The incentives are largely tax breaks and tax credits for Colorado Springs’ share of business personal property and its sales taxes. The city’s portion of those taxes are essentially erased in the newly created Commercial Aeronautical Zone, where the city hopes to attract commercial aeronautical businesses that are engaged in the manufacture, maintenance, repair or overhaul of aircraft.

To be eligible, companies must be primary employers, must create 10 new jobs and must have $1 million in new capital investment. Retail companies must be a “unique business” to the Colorado Springs area.

City Council will approve every deal, Bach said, and the deal can be pulled at any time if the company fails to provide a promised number of jobs.

To learn more about this program, contact the Mayor’s office at 385-5900.

 

THE HORRIBLE WALDO FIRE DID A LOT OF DAMAGE, …BUT IT ALSO CREATED REBUILDING OPPORTUNITIES FOR OUR LOCAL BUSINESSES

The Waldo Canyon fire wiped out 346 homes, damaging hundreds more, and tourism took a beating this summer when visitors were scared off by images of fire on national television. But the after-fire building may prove to be a welcome addition to the local economy, Fred Crowley, Southern Colorado Economic Forum chief economist, said.

Between new construction and refurnishing the homes, the post-fire activity could create 3,800 jobs over a five-year period — jobs that could generate $20 million per year in income and $790,000 a year in sales taxes.

Initial insurance claims of $353 million suggest the economic impact of rebuilding could be significant, he said. And the refurnishing is not just for those homes that burned to the ground, but for the many homes that suffered severe smoke damage.

“That’s where these numbers just get mind-boggling,” Crowley said.

Mountain Shadows residents could spend $213 million to replace the items in their homes, Zwirlein said. “I was amazed when you look at the insurance claims — the proportion that goes toward rebuilding the home and proportion that goes to restocking it — those restocking numbers are huge.”

In the meantime, the forum’s predictions for 2013 include more housing permits, reduced federal expenditures, continued low interest rates, expiring Bush-era tax cuts, and lowered economic activity due to large reductions in federal expenditures and increases in tax rates.

“There are two things the region needs,” Crowley said. “Jobs and high-paying jobs.”

 

ECONOMISTS BULLISH ON HOUSING RECOVERY

By Inman News, Thursday, September 20, 2012.

Home prices will see steady increases through 2016 starting this year, according to a quarterly survey of more than 100 economists, real estate experts and investment strategists.

Economists now forecast home prices will rise 2.3 percent in 2012 from fourth-quarter 2011, and see further cumulative rises of 4.7 percent in 2013, 8 percent in 2014, 11.4 percent in 2015, and 15.2 percent in 2016.

"This is further evidence that we're seeing a true recovery in the housing market," said Stan Humphries, Zillow's chief economist, in a statement.

"Not since mid-2010 -- in the midst of the homebuyer tax credits -- have we seen this group so bullish on housing. It's refreshing to see this optimism at a time when the market seems to be making an organic recovery, in the absence of an artificial stimulant like the tax credits."

Call us at 598-3200, or, 800 677-6683 (MOVE) to discuss what this could mean to your financial security.

 

AUGUST EXISTING-HOME SALES AND PRICES RISE

National Association of Realtors - September 19, 2012

Existing-home sales continued to improve in August and the national median price rose on a year-over-year basis for the sixth straight month, according to the National Association of Realtors®.

Total existing-home sales,  which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 7.8 percent to a seasonally adjusted annual rate of 4.82 million in August from 4.47 million in July, and are 9.3 percent higher than the 4.41 million-unit level in August 2011.

Lawrence Yun , NAR chief economist, said favorable buying conditions get the credit. "The housing market is steadily recovering with consistent increases in both home sales and median prices. The West and Florida markets are experiencing inventory shortages, which are placing pressure on prices."…and that includes Colorado Springs !!

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.60 percent in August from a record low 3.55 percent in July; the rate was 4.27 percent in August 2011.

The national median existing-home prices for all housing types was $187,400 in August, up 9.5 percent from a year ago. The last time there were six back-to-back monthly price increases from a year earlier was from December 2005 to May 2006. The August increase was the strongest since January 2006 when the median price rose 10.2 percent from a year earlier.

Total housing inventory at the end August rose 2.9 percent to 2.47 million existing homes available for sale, which represents a 6.1-month supply 4 at the current sales pace, down from a 6.4-month supply in July. Listed inventory is 18.2 percent below a year ago when there was an 8.2-month supply.

Call us at 598-3200, or, 800 677-6683 (MOVE) to discuss how rising home prices might affect your decision to buy now !!

 

LATEST LOCAL STATISTICS FROM PPAR

Click here to see the most recent Sales and Listing information for the Pikes Peak area.

These statistics are published by the Pikes Peak Association of Realtors and can be helpful to you in evaluating and comparing current listings in the various neighborhoods in our area. If you would like to ask any questions about this data, please give us a call at 598-3200, or, 800 677-6683 (MOVE).

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

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 40 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf.

Just click on the icon at the top of this email to listen to my latest podcast.

 

JOKE

Here are some actual headlines from around the country

Include Your Children When Baking Cookies

Something Went Wrong In Jet Crash, Expert Says

Police Begin Campaign To Run Down Jaywalkers

Safety Experts Say School Bus Passengers Should Be Belted

Survivor Of Siamese Twins Joins Parents

Iraqi Head Seeks Arms

Panda Mating Fails; Veterinarian Takes Over

British Left Waffles On Falkland Islands

Lung Cancer In Women Mushrooms

Teachers Strike Idle Kids

Obama Wins On Budget, But More Lies Ahead

Enraged Cow Injures Farmer With Ax

Plane Too Close To Ground, Crash Probe Told

Miners Refuse To Work After Death

Juvenile Court To Try Shooting Defendant

Stolen Painting Found By Tree

Killer Sentenced To Die For Second Time In 10 Years

Never Withhold Herpes Infection From Loved One

War Dims Hope For Peace

If Strike Isn't Settled Quickly, It May Last A While

Cold Wave Linked To Temperatures

Enfields Couple Slain, Police Suspect Homicide

Red Tape Holds Up New Bridge

Typhoon Rips Through Cemetery; Hundreds Dead

Man Struck By Lightening Faces Battery Charge

New Study Of Obesity Looks For Larger Test Group

Astronaut Takes Blame For Gas In Spacecraft

Arson Suspect Held In Massachusetts Fire

Local High School Dropout Cuts In Half

Hospitals Are Sued By 7 Foot Doctors

Sept. 16, 2012

HARRY’S WEEKLY UPDATE

A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET

COLORADO IS ONE OF THE 5 STRONGEST PERFORMING HOUSING MARKETS IN THE USA
Daily real estate News | Tuesday, September 11, 2012

Several real estate markets are showing signs of recovery, with median home prices and sales rising. But which markets are showing some of the strongest signs of recovery?

24/7 Wall St. recently evaluated home price changes for the year ending in July, foreclosure data, the unemployment rate, and other factors to help determine which housing markets are performing the strongest.

The states that emerged on top of the list are:
1. Arizona
2. Idaho
3. Utah
4. South Dakota
5. Colorado - Home price change in the last year: +7.3%. Median home price: $240,000

And keep in mind that Colorado Springs historically beats the rest of the state in these areas !!!

TRULIA SAYS BUYING A HOME IN COLORADO SPRINGS IS CHEAPER THAN RENTING
TruliaTrends – Sept. 13, 2012

The most important housing decision that most consumers face is whether to rent or to buy. So to help them with this decision, Trulia took a look at the key market factors affecting the cost of homeownership. First off, asking home prices have risen by 2.3% year over year in August (3.8% excluding foreclosures); however, rents have risen more (4.7%). This means that prices are lower relative to rents than they were a year ago.

But more importantly, mortgage rates have fallen: the best rates this summer have been around 3.5%, while last summer rates were closer to 4.5%. Based on asking prices and rents during the summer of 2012, buying is now cheaper than renting in the 100 largest U.S. metros. There is no market where the financial decision is even close, so long as you plan to stay in the home for at least seven years, get 3.5% mortgage, and itemize your tax deductions.

As noted in the Trulia survey of the top 100 metro areas in the US, the monthly cost of homeownership in Colorado Springs is $741. The monthly cost of renting is $1,291. That’s a difference of 43%, or, $550 per month more in your pocket.

Call us at 598-3200, or, 800 677-6683 (MOVE) to discuss what this could mean to your financial security.

FEWER HOMEOWNERS UPSIDE DOWN ON MORTGAGES
THE GAZETTE September 12, 2012 12:04 PM

The picture has brightened for local homeowners who had been underwater on their properties.
In Colorado Springs, 19.9 percent or 30,584 of all residential properties with a mortgage were in negative equity during the second quarter of this year, according to a report released Wednesday by California-based housing data firm CoreLogic.

Negative equity refers to owners who owe more on their properties than what they are worth — known as being underwater or upside down. A decline in home values, an increase in mortgage debt or a combination of the two contribute to negative equity, according to CoreLogic.

The latest Colorado Springs figure was an improvement from the first quarter, when 23.4 percent or 35,833 local properties were underwater, CoreLogic’s report shows. During the second quarter of 2011, the figures were 22.1 percent or 34,109 properties.

Colorado Springs’ figures mirror state and national trends:
• In Colorado, 18.2 percent of residential property owners were underwater in the second quarter, compared with 20.7 percent in the first quarter and 20.6 percent in the second quarter of 2011.
• Nationally, 22.3 percent of all residential properties with a mortgage were underwater in the second quarter, compared with 23.7 percent or in the first quarter and 22.5 percent in the second quarter of last year.
• Nevada had the highest percentage of mortgaged properties in negative equity — 59 percent, according to CoreLogic.

Soaring home prices during the spring and summer, lower inventory levels and declining numbers of bank-owned home sales all have contributed to the improvement in the numbers and percentages of upside down properties, Mark Fleming, CoreLogic’s chief economist, said in a news release.

It’s obviously time for Sellers to put their homes back on the market. Prices are rising and there is a shortage of “homes for sale”.

Call us at 598-3200, or, 800 677-6683 (MOVE) to discuss listing your home.

GOOD NEWS FOR HOMEBUYERS - FED MOVES TO KEEP RATES LOW
Daily real estate News | Friday, September 14, 2012

The Federal Reserve announced Thursday that, in an effort to re-ignite economic recovery, it was taking aim at mortgage rates — a move that will likely take rates even lower from their current record lows.

The Federal Reserve announced it will purchase $40 billion of mortgage-backed securities that will help boost the recovery in the housing market. What’s more, the central bank said that it will continue with the purchase program until the economy shows greater improvement, particularly with unemployment.

"These actions, which together will increase the Committee’s holdings of longer-term securities by about $85 billion each month through the end of the year, should put downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative," according to the Fed in a public statement.

As mortgage rates sink lower, home shoppers have been taking advantage. The Mortgage Bankers Association announced this week that mortgage applications for home purchases were up 8.1 percent for the week ending Sept. 7. Mortgage applications for purchases also were up 7 percent from year-ago levels, MBA said.

"While low interest rates impose some costs, Americans will ultimately benefit most from the healthy and growing economy that low interest rates promote," Fed Chairman Ben Bernanke said Thursday following the Fed committee’s meeting.

SURVEY: HOMES ARE SELLING FASTER
Daily real estate News | Friday, September 07, 2012

Sales are quickening their pace as the time to sell a home decreases and falls more in line with a “balanced” housing market, according to new research by the National Association of REALTORS®.

The median time a home listed for sale was on the market in July was 69 days, down from 98 days one year earlier. Broken down further, one-third of homes purchased in July were on the market for less than a month, and one in five of homes purchased in July were on the market for at least six months.

“As inventory has tightened homes have been selling more quickly,” says Lawrence Yen, Nar’s chief economist. “A notable shortening of time-on-market began this spring, and this has created a general balance between home buyers and sellers in much of the country. This equilibrium is supporting sustained price growth, and homes that are correctly priced tend to sell quickly, while those that aren’t often languish on the market.”

By the end July, a 6.4-month supply of homes were on the market at the current sales pace. That is 31.2 percent below year-ago levels, when there was a 9.3-month supply.

With supplies of homes tighter, economists expect home prices to continue their trend upward.

“Our current forecast is for the median existing home price to rise 4.5 to 5 percent this year and about 5 percent in 2013, which is somewhat stronger than historic norms because of the inventory shortfall that is most pronounced in the low price ranges,” Yen says.

Call us at 598-3200, or, 800 677-6683 (MOVE) to discuss how rising home prices might affect your decision to buy now !!

 

LATEST LOCAL STATISTICS FROM PPAR

Click here to see the most recent Sales and Listing information for the Pikes Peak area.
These statistics are published by the Pikes Peak Association of Realtors and can be helpful to you in evaluating and comparing current listings in the various neighborhoods in our area. If you would like to ask any questions about this data, please give us a call at 598-3200, or, 800 677-6683 (MOVE).

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

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 40 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf.

Just click on the icon at the top of this email to listen to my latest podcast.

And last, but not least… to all of our Jewish friends and clients, Happy New Year – 5773.

JOKE

A local United Way office realized that the organization had never received a donation from the town's most well-entrenched politician. The person in charge of contributions called him to persuade him to contribute.

"Our research shows that out of a yearly income of at least $500,000, you give not a penny to charity. Wouldn't you like to give back to the community in some way?"

The politician mulled this over for a moment and replied, "First, did your research also show that my mother is dying after a long illness, and has medical bills that are several times her annual income?"

Embarrassed, the United Way rep mumbled, "Um ... no."

The politician interrupts, "or that my brother, a disabled veteran, is blind and confined to a wheelchair?"

The stricken United Way rep began to stammer out an apology, but was interrupted again.

"or that my sister's husband died in a traffic accident," the politician's voice rising in indignation, "leaving her penniless with three children?!"

The humiliated United Way rep, completely beaten, said simply, "I had no idea..."

On a roll, the politician cut him off once again, "So if I don't give any money to them, why should I give any to you?"

September 10, 2012

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

IT’S “THANK YOU” TIME

Over the past 40 years of selling real estate in the Colorado Springs area, we have been fortunate enough to establish a large network of clients and friends. As a matter of fact, most of our sales are sent to us by this loyal group. As a result, we haven’t had to use traditional advertising very heavily. We appreciate the wonderful support that our network has given us. ....We couldn’t have done it without you !!!

However, as we celebrate our 40 years of history in the Colorado Springs area, we felt it was time to formally thank our many friends for their support and to get acquainted with newcomers to our area by taking out ads in both The Colorado Springs Business Journal and the Gazette. We hope you enjoy them.

We invite our readers to CLICK HERE to see our ad which appeared on Friday, Sept. 7 in the CSBJ. Our Gazette ad will appear within the next few weeks. (Please ...no comments about how I look older!!)

Thanks, everybody for your referrals and your support.

Harry

WHAT’S HAPPENING TO OUR LOCAL HOME PRICES ??

The outlook for our local real estate market is terrific. The latest statistics issued by the Pikes Peak Association of Realtors shows that our single-family home sales in August were 898. That’s up 7.9% over August 2011. In fact, our local home sales have increased in 12 of the last 14 months.

Our sales prices have also shown a healthy increase over August, 2011. Our average sales price of $235,711 is 6.5% over August, 2011 and our median sales price of $210,500 is 10.2% over August, 2011. To put this into perspective, keep in mind that the national increase in home prices over August, 2011 is only 3.8%. As usual, the Colorado Springs real estate market is the envy of the nation.

Can this healthy growth continue? It certainly can and will, especially considering that our inventory of homes for sale is decreasing. Our present inventory of 3863 is 13.8% lower than last year.

Not to keep repeating myself, but NOW IS THE TIME TO BUY !!!
If you would like to see a complete overview of our local real estate market, CLICK HERE for the complete monthly PPAR report.

 

MEDIAN DAYS ON MARKET SHRINKS TO 69
Inman news, Wednesday, September 5, 2012.

The National Association of Realtors announced today that the median days on the market for listed homes had shrunk to 69 days. In announcing this new metric of 69 median days on market. This indicates a dwindling inventory. In fact, NAR statistics show median days on market is down 29.6 percent from a year ago, from 98 days in July 2011 to 69 days in July 2012. This is good news for Sellers, but, for Buyers, it indicated that home prices will continue to rise and bidding wars for homes might be on the horizon.

From 1987 through 2011, time on market was typically 6.9 weeks, NAR said. During that time, NAR's data on existing-home sales showed the supply of inventory averaging seven months, indicating slightly less demand from sellers than in a balanced market.
In periods where for-sale inventory amounted to a six-month supply of homes, median selling time was just over six weeks.

When inventories dipped to an average of 4.3 months during the boom years of 2004 and 2005, median selling time dropped to four weeks. Time on market peaked at 10 weeks in 2009 when there was a 10-month supply of homes for sale.

Factoring out short sales -- which typically take three months or longer to sell -- the median time on market for traditional sellers currently "appears to be in the balanced range of six to seven weeks," said NAR Chief Economist Lawrence Yen.

Housing inventory and time on market correlates with rising and falling prices. If housing construction doesn't pick up to normal within two years, Yun said a shortage of listings could lead to "above average" price appreciation.

 

The bottom line for our readers: Better buy now !!! Tomorrow will cost you more!!!

 

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move.

Please allow me to implement my negotiating skills on your behalf. Call us at 598-3200,or, 800 677-MOVE (6683).

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

 

FANNIE, FREDDIE TO HIKE LOAN FEES
Daily real estate News | Tuesday, September 04, 2012

The Federal Housing Finance Agency (FHFA) announced that mortgage giants Fannie Mae and Freddie Mac will increase — by an average of 10 basis points — the fees they charge lenders to guarantee loans.

The fee increases are expected to be passed along to borrowers, possibly with higher interest rates, Bloomberg reports. However, banking trade groups say any increases should be minimal and shouldn’t hurt mortgage lending.

For example, a rise of 10 basis points could potentially cost a borrower with a $200,000 mortgage about $4,000 over the term of a 30-year loan, Bloomberg reports.

“It’s obviously going to have a small impact on pricing, but given that mortgage rates are the lowest they’ve ever been, we think it’s probably the right time to do it,” Joseph Pigg, vice president at the American Bankers Association, told Bloomberg.

The purpose behind the fee increase was to increase the financial stability of the two mortgage giants as well as start decreasing their stake in the mortgage market, says Edward J. DeMarco, FHFA acting director.

Fannie Mae and Freddie Mac own or guarantee about 60 percent of all mortgages in the U.S.

 

JOKE OF THE WEEK

A tourist wanders into a back-alley antique shop somewhere in Washington DC. Picking through the objects on display he discovers a detailed, life-sized bronze sculpture of a rat. The sculpture is so interesting and unique that he picks it up and asks the shop owner what it costs. "Twelve dollars for the rat, sir," says the shop owner, "and a thousand dollars more for the story behind it." "You can keep the story, old man," he replies, "but I'll take the rat."

The transaction complete, the tourist leaves the store with the bronze rat under his arm. As he crosses the street in front of the store, two live rats emerge from a sewer drain and fall into step behind him. Nervously looking over his shoulder, he begins to walk faster, but every time he passes another sewer drain, more rats come out and follow him. By the time he's walked two blocks, at least a hundred rats are at his heels, and people begin to point and shout. He walks even faster, and soon breaks into a trot as multitudes of rats swarm from sewers, basements, vacant lots, and abandoned cars.

Rats by the thousands are at his heels, and as he sees the waterfront at the bottom of the hill, he panics and starts to run full tilt. No matter how fast he runs, the rats keep up, squealing hideously, now not just thousands but millions, so that by the time he comes rushing up to the water's edge a trail of rats twelve city blocks long is behind him.

Making a mighty leap, he jumps up onto a light post, grasping it with one arm while he hurls the bronze rat into the Potomac Tidal Basin with the other, as far as he can heave it. Pulling his legs up and clinging to the light post, he watches in amazement as the seething tide of rats surges over the breakwater into the Basin, where they drown.

Shaken and mumbling, he makes his way back to the antique shop."So, you've come back for the rest of the story," says the owner. "No," says the tourist, "I was wondering if you have a bronze congressman. "

September 4, 2012

HARRY’S WEEKLY UPDATE

A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET

WHAT’S HAPPENING IN THE SPRINGS ?

Click here to see the latest PPAR Sales and Listing statistics for July (August data will be published this week and will be in next week’s Enewsletter).They show that area home prices are on the rise.  In July, the median price of homes sold climbed to $212,000, a 6.6% increase over the same month last year. Year-over-year prices have now risen for five straight months.

Shrinking Inventory, rising prices, mortgage rates at an all-time low, buyers beginning to have to get into bidding wars for homes …… Isn’t it time for you to jump in and get that new home you have been considering …while “the iron is hot”?

Call at 598-3200, or, 800 677-6683 (MOVE), to discuss your new home.

 

JULY PENDING HOME SALES RISE NATIONWIDE

DSnews.com, RISMedia, Wall Street Journal, Daily real estate News, Wednesday, August 29, 2012

Pending home sales rose in July to the highest level in over two years and remain well above year-ago levels, according to the National Association of REALTORS® (NAR).

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.4 percent to 101.7 in July from 99.3 in June and is 12.4 percent above July 2011 when it was 90.5.

Lawrence Yun, NAR chief economist, said the index is at the highest level since April 2010, which was shortly before the closing deadline for the home buyer tax credit. “While the month-to-month movement has been uneven, more importantly we now have 15 consecutive months of year-over-year gains in contract activity,” Yun said.

Limited inventory is constraining market activity. “All regions saw monthly increases in home-buying activity except for the West, which is now experiencing an acute inventory shortage,” Yun added.

Existing-home sales are projected to rise 8 to 9 percent in 2012, followed by another 7 to 8 percent gain in 2013. Home prices are expected to increase 10 percent cumulatively over the next two years.

“Falling visible and shadow inventories point toward continuing price gains. Expected gains in housing starts of 25 to 30 percent this year, and nearly 50 percent in 2013, are insufficient to meet the growing housing demand,” Yun said.

Colorado Springs has been ahead of this curve all during 2011 and 2012. We are about 18 months ahead of the rest of the country, according to Fred Crowley, chief economist for the Southern Colorado Economic Forum.

 

AS PRICES RISE, HOMEBUYERS WORRIED THEY'RE LOSING BARGAINING POWER

Daily real estate News | Thursday, August 30, 2012

While home buyers have been holding a lot of bargaining power in the housing market the last few years, more of them say they are now feeling the market shift against them, according to a new survey.

Seven in 10 home buyers say they’ve faced competition on a home for at least one offer, according to a recent survey of 982 buyers in 19 markets conducted by Redfin. Of those surveyed, 46 percent say now is a good time to purchase a home. On the other hand, 32% now say it’s a good time to sell.

"Many buyers who emerged from hibernation this spring eager to take advantage of low rates and near-bottom prices now seem to have become demoralized by the intense competition for a limited selection of homes for sale," Redfin said in a public statement about the survey results.

The survey also found the number of buyers expecting home prices to rise drastically grew — 61% say prices will rise compared to 32 percent during the first quarter.

Give us a call to discuss our local market and let us help you find the best deals available.

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

 

HOUSING MAY BE WHAT DRIVES ECONOMIC RECOVERY 

Daily real estate News | Wednesday, August 29, 2012

As the economy struggles to find footing, many analysts are calling housing a bright spot, particularly during the second quarter.

Home sales for existing-homes over $100,000 have increased compared to one year ago basically in every region of the country, according to National Association of REALTORS® data. Meanwhile, inventory levels have dropped nearly 26 percent over the past year. Also, reports show home prices are stabilizing and even increasing in some markets.

“The housing market is clearly superior this year compared with the past four years,” says Lawrence Yun, NAR’s chief economist. “The latest increase in home contract signings marks 13 consecutive months of year-over-year gains.”

Columnist Kevin Mahn for Forbes writes that “an improving housing market is critical for consumer confidence, and the economic recovery overall, as home equity still accounts for over 16 percent of household net worth” (according to Federal Reserve data as of the end of the second quarter of 2010).

 

SURVEY: HOUSING IS STILL A BIG PART OF THE AMERICAN DREAM

Daily real estate News | Tuesday, August 28, 2012

Americans are getting more optimistic about their financial future, and they believe housing still plays an important part in that, according to a poll of 1,000 to 2,000 people conducted by FTI Strategic Communications.

Sixty-two percent of Americans say they expect the economy to improve within the next year. What’s more, 73 percent of those surveyed say home ownership is part of achieving the American Dream.

According to the survey, Americans believe they increasingly hold their financial fate, with 60 percent saying that they can be comfortable financially by working hard and being savvy with their investing.

What’s more, 44 percent say they believe they’ve had more opportunities than their parents.

 

AMERICANS: HOME OWNERSHIP STILL A GREAT INVESTMENT

Daily real estate News | Friday, June 03, 2011

Seventy-five percent of Americans say that “owning a home is the best long-term investment they can make” and is worth the risk of ups and downs in the housing market,” according to a new survey of 2,000 bipartisan voters by the National Association of Home Builders.

The survey found Americans to be optimistic about home ownership. Eighty-one percent of those who own their homes outright, 76 percent with mortgages, 67 percent of renters, and 65 percent who have underwater mortgages cited home ownership as the “best long-term investment.”

When survey respondents were asked whether they’d recommend buying a home to a friend or family member just starting out, 80 percent of Americans said “yes.” Even home owners currently underwater — those who owe more on their mortgage than their home is currently worth — overwhelmingly (78 percent) said they would recommend home ownership to family or friends starting out.

More buyers are coming up through the pipeline too. The survey found that 73 percent of those surveyed who do not own a home said their goal is eventually to buy one.

The NAHB survey also found:

▪ 58 percent of Americans oppose eliminating the mortgage-interest deduction and 63 percent oppose lowering it. What’s more, 57 percent of those surveyed say they are less likely to support a candidate for Congress who wanted to eliminate the mortgage-interest deduction.
▪ Respondents were split on about requiring a 20 percent down payment to purchase a home: 49 percent were in favor and 49 percent opposed it. However, mortgage holders and renters aged 18 to 54 were more opposed to it: 58 percent of younger mortgage holders and 59 percent of younger renters opposed adding a 20 percent down payment requirement.

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

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 40 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf.

Just click on the icon at the top of this email to listen to my latest podcast.

 

JOKE OF THE WEEK

Here are a few of the most famous observations about elections:

If the World Series runs until election day, the networks will run the first one-half inning and project the winner. ~Lindsey Nelson

It's not the voting that counts; it's the counting. ~Tom Stoppard, Jumpers

Politicians and diapers should be changed frequently and all for the same reason. ~José Maria de Eça de Queiroz, translated from Portuguese

How come we choose from just two people to run for president and 50 for Miss America? ~Author Unknown

If we got one-tenth of what was promised to us in these acceptance speeches there wouldn't be any inducement to go to heaven. ~Will Rogers

If God wanted us to vote, he would have given us candidates. ~Jay Leno

The problem with political jokes is they get elected. ~Henry Cate, VII

Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

If con is the opposite of pro, is Congress the opposite of progress? ~Author Unknown

George Washington is the only president who didn't blame the previous administration for his troubles. ~Author Unknown

Every two years the American politics industry fills the airwaves with the most virulent, wall-to-wall character assassination of nearly every politician in the country - and then declares itself puzzled that America has lost trust in its politicians. ~Charles Krauthammer

I offer my opponents a bargain: if they will stop telling lies about us, I will stop telling the truth about them. ~Adlai Stevenson, campaign speech, 1952

During a campaign the air is full of speeches - and vice versa. ~Author Unknown

If voting changed anything, they'd make it illegal. ~Emma Goldman

A man that would expect to train lobsters to fly in a year is called a lunatic and is confined to an institution; but a man that thinks men can be improved by an election is called a reformer and is allowed to remain at large. ~Finley Peter Dunne, Mr. Dooley's Philosophy, 1900

The best argument against democracy is a five-minute conversation with the average voter. ~Winston Churchill

Ohio claims they are due a president as they haven't had one since Taft. Look at the United States, they have not had one since Lincoln. ~Will Rogers