Real Estate Information

August 13, 2012

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

NATIONAL ASSOCIATION OF REALTOR QUARTERLY REPORT SHOWS COLORADO SPRINGS HOME PRICES RISING FASTER THAN MOST OF THE NATION
NAR - WASHINGTON (August 9, 2012)

The recent NAR report for the Second Quarter of 2012 shows that home sale prices increased nationally by a healthy 7.3%. However, the same report shows that Colorado Springs prices increased 11.3% during the same period. That’s great news for our local homeowners and sellers.

This puts Colorado Springs in the top 14% of the top 147 major metro areas in the U.S. Only 21 of the major metro areas had records better than 10% in the last quarter.

This news, combined with record-low interest rates, has created a flurry of contacts in our office from prospective buyers and sellers. So, better give us a call now to explore how this hot market can be used to your advantage. We will always have time to chat with our readers about the opportunities that are currently available.

The numbers show that, as usual, our local area is better off than almost any other part of the country. Hooray for us!!!

Some of the other interesting data from the NAR report are:

Median existing single-family home prices are rising in more metropolitan areas, but a lack of inventory – notably in lower price ranges – is limiting buyer choices in an increasing number of markets around the country.

In the first quarter of 2012 there were 74 areas showing price gains from a year earlier, as opposed to 2011, when only 41 metros were up.

Lawrence Yun, NAR chief economist, said home prices are set to rise in even more markets during upcoming quarters. “It’s most encouraging to see a growing number of metro areas with rising median prices, which is improving the equity position of existing homeowners. Inventory has been trending down and home builders are still under-producing in relation to growing demand,” he said. “Some of the improvement in prices is due to a smaller share of sales in low price ranges where inventory is tight.”

The national median existing single-family home price was $181,500 in the second quarter, up 7.3 percent from $169,100 in the second quarter of 2011. This is the strongest year-over-year increase since the first quarter of 2006 when the median price rose 9.4 percent (but even with the gain, the current price is 20.1 percent below the record set in 2006).

Total existing-home sales, including single-family and condo, were 8.6 percent above the 4.18 million pace during the second quarter of 2011.

At the end of the second quarter there were 2.39 million existing homes available for sale, which is 24.4 percent below the close of the second quarter of 2011 when there were 3.16 million homes on the market. There has been a steady downtrend since inventories set a record of 4.04 million in the summer of 2007.

NAR President Moe Veissi, said buying power is historically high. “Home buyers today can stay well within their means. Record low mortgage interest rates and an over-correction in home prices have opened the door to many potential buyers,” he said.

A breakout of incomes needed to purchase a median-priced existing single-family home by metro area shows the typical buyer has ample income. The national median family income was $61,000 in the second quarter. However, to purchase a home at the national median price, a buyer making a 5 percent down-payment would only need an income of $39,900. With a 10 percent down-payment the required income would be $37,800, while with 20 percent down the necessary income would only be $33,600.

“Because the income required to buy to a typical home is very manageable by historical standards, any further decline in mortgage interest rates will have little effect. Changes in underwriting guidelines would have a far greater impact,” Yun said.

Click here to see this very positive NAR Quarterly Report.

THE WALL STREET JOURNAL REPORTS HOME PRICES CLIMBING …. AS SUPPLIES DWINDLE
The Wall Street Journal – August 8, 2012

Home prices rose by their largest percentage in at least seven years during the second quarter, propelled by low inventories of properties for sale and high demand for bargain-priced foreclosures, according to two reports Tuesday.
Prices rose by 2.5% in June from a year ago, and by 6% from the previous quarter, said CoreLogic Inc., a Santa Ana, Calif., data firm. The quarterly jump was the largest since 2005.

Separately, Freddie Mac, which uses a different methodology, said home prices during the second quarter jumped by 4.8% from the previous quarter. That was the largest jump since 2004.

The main force behind the home-price gains appears to be a shortage of homes for sale. The number of properties on the market is sharply down from a year ago.. Meanwhile, demand is up, as mortgage rates have dropped to their lowest levels in at least 60 years. With every passing month, distressed homes are being absorbed at better and better prices.

Inventories are low for a number of reasons.
• Investors have been scooping up homes and converting them into rentals
• Banks have slowed their foreclosure processes
• New home construction has been at depressed levels for years
• Many traditional sellers are sitting on the sidelines because they are unwilling or unable to sell.

Meanwhile, as inventories have shrunk, demand has picked up. Many areas have gone to multiple offers. Price increases appear to be broad-based, with 71 of the nation’s top metropolitan areas showing rising prices on a year-over-year basis in May, compared with just 19 markets in December. This was the largest number of rising metro areas since November 2006, when area home prices began to decline.

8 SIGNS HOUSING IS ON THE MEND
Daily real estate News | Monday, August 06, 2012

Some Americans are still jittery over the housing market, but here are eight positive signs that should quell some of their fears.
1. Housing prices are on the rise across the country.
2. Foreclosures have slowed, so Buyers are being forced into higher-price properties.
3 Inventories of for-sale homes on the market are decreasing…down 24 percent from a year ago.
4. Mortgage rates are at ultra-record level lows, for those who can qualify.
5. Existing-home sales were up 4.5 percent higher in June compared to one year ago.
6. Home building stocks are on the rise and housing starts rose 6.9 percent in June.
7. For investors, rents are soaring. Rental prices are at a 10-year high.
8. Home affordability is at record highs, due to falling home values and super low mortgage rates.

In fact, a recent study found that it is cheaper to buy a home than rent in basically every major city in the U.S. For those who buy, you can save the cost of renting by owning the home for five years or less.

The Wall Street Journal concludes in a recent article that if you take into account all the positive signs lately in the housing market, “Housing presents an attractive long-term investment that should hold steady or even have upside surprise in the short term.”

BY THE WAY …DID YOU KNOW THIS??

In a report that was released by Bankrate.com on Aug 6, Colorado has the 3rd lowest “mortgage closing costs” in the USA.

On average it costs $ 3,199 to close on a mortgage in Colorado compared with the national average of $ 3,754.

Just one more reason to buy your Colorado Springs home, now !!!

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

SALES AND LISTING STATISTICS

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, 0r, 800 677-6683 (MOVE).
 

JOKE OF THE WEEK

MY TRIP TO THE STORE

There was a bit of confusion at the store this morning. When I was ready to pay for my groceries, the cashier said, "Strip down facing me."

Making a mental note to complain to my congressman about Homeland Security running amok, I did just as she had instructed.

When the hysterical shrieking and alarms finally subsided, I found out that she was referring to my credit card.

I have been asked to shop elsewhere in the future.

They need to make their instructions to us seniors a little clearer!

August 6, 2012

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

OK, LET’S LOOK AT ANOTHER WAY OF THINKING OUTSIDE THE BOX …BY USING real estate TO SET UP YOUR FUTURE !!

Many home-owners feel trapped in today’s real estate market. They are treading water until prices go back up. However, if you are willing to think outside the box, there are several techniques you can use to make today’s market work to your advantage. Here’s one of them:

Let’s say you are a typical homeowner who bought your $250,000 home with a 30 year mortgage. You have an interest rate of 5.0% and have not recently re-financed your home, therefore, your existing monthly principal and interest payment is $1342.05.

So, do you have any options? ..Here’s one.

At our current mortgage rates, your Principal and Interest payment for a refinanced mortgage would be:

Mortgage term rate P&I monthly payment
30 year mortgage 3.5% $1,122.61
15 year mortgage 3.0% $1,726.45
10 year mortgage 2.75% $2,385.28

Sure, that 10 year mortgage payment of $2,385.28 is almost double your present payment of $1,342, but, after ten years, your home will be completely paid for, just in time to start paying for your children’s college costs, or, for your retirement in Hawaii.

Furthermore, there are a couple of other positive factors that might bolster your switch to a 10 year mortgage. First, although your refinanced P &I payment would be higher, your tax write-off would also be much higher, thus bringing your actual net home interest expense down to around just 2%. Second, home prices are now really rising. The home you buy today will be worth much more in ten years. ….This is the kind of investment you cannot come close to matching with today’s mutual funds.

If the thought of a ten year mortgage is just too steep for you, maybe a 15 year refinance might work for you.

Just a thought !!! Call us at 598-3200, or, 800 677-MOVE (6683) to discuss this idea !!!

HERE’S A BLAST FROM THE PAST
The other day, I found a copy of the paperwork from the first real estate sale I ever made, when I started out in Colorado Springs, 40 years ago. It was fun to compare the present real estate market with what it was back then.

The model home I sold is at the corner of Dublin and Turret. The original sale price in 1972 was $25,560. That same home, based upon current comparables, would sell for approximately $180,000, today.
The buyers didn’t have a checking account, so they paid the earnest money with $25 in cash, with the balance ($75) paid when they made their mortgage loan application.

The mortgage on the home was a 30 year fixed VA loan at 7%.
Several of my old friends always kid me about the fact that I have such a positive view of our local market, but I think the facts about this sale prove that my optimism is well grounded. If you look at the present market value of this sale, you see that, over the past 40 years, annual appreciation on this house has been 5.7% per year (from $25,560 to about $180,000)…and, in fact, the average appreciation of all homes in Colorado Springs has been between 5-6%.

That’s better than almost any mutual fund.

Call us at 598-3200, or, 800 677-MOVE (6683) to discuss this idea !!!

CURRENT MONTHLY STATISTICS SHOW GOOD GROWTH IN LOCAL real estate AS OF JULY 31, 2012

Highlights from this month’s PPAR sales and listing statistics:
• Number of Sales - Up 15% since last month and Up 21.% since July 2011
• Avg sales price $236,062 is up 5% since July 2011
• Median sales price $198,950 up 6.6% since July 2011
• So far in 2012, number of sales is up 6.9%
• Foreclosures - As of June 30, 2012, foreclosures are down 24.1% from June 30, 2011

These monthly reports show listings and sales in every neighborhood in our area and contains such information as average and median prices within those neighborhoods.

These reports are used by your real estate agent and by Buyers and Sellers alike as they determine the best deals available for their clients. Call us at 598-3200 to discuss the details of this valuable report.

Click here to see the complete report from the Pikes Peak Association of Realtors on your local real estate market.

HOME PRICES CONTINUE TO RISE
RISMedia –Aug1, 2012

Data through May 2012, released by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed that average home prices increased by 2.2 percent in May over April.

“With May’s data, we saw a continuing trend of rising home prices for the spring,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. We have observed two consecutive months of increasing home prices and overall improvements in monthly and annual returns.

“June data for existing home sales, new home sales, housing starts and mortgage default rates were better than their year-ago levels. The housing market seems to be stabilizing.

As of May 2012, average home prices across the United States are back to the levels where they were in spring 2003 for the 20-City Composite and to summer 2003 levels for the 10-City Composite.

IS THE REAL-ESTATE REBOUND FOR REAL?
HOTWIRE.com – August, 2012

For investors, "home" is no longer a four-letter word.

Standard & Poor's on Tuesday reported that home prices rose 0.9% in May from the prior month, and have risen 2.6% since bottoming in January.

Some of the world's smartest investors, including Warren Buffett, are taking notice, placing big bets on a continued recovery in the housing market.

What does Warren Buffett see that no one else does? He just made an outsize bid on ResCap loans, the latest example of his bet that the housing market represents a great investment opportunity.

Home valuations are almost as low as they were in the first quarter of 1998, well before the most recent real estate run-up began. That has caught the attention of many investors, including Mr. Buffett, who in February said he would buy "a couple hundred thousand" homes if it were practical.

Not only are single-family home prices steadily climbing, but the Joint Center for Housing Studies at Harvard University in a June report said inventories of new, single-family homes in March were at the lowest level in 49 years. The upshot: It would take less than six months to sell the current inventory, the traditional boundary between a strong and weak market, says Eric Belsky, managing director of the center.

Most economists say the odds are good that real estate will be stronger over the next few years than it has been in the past.

Smaller investors could benefit from the trend as well, experts say, by directly buying properties.

Banks are willing to lend for investment properties as long as the investor can make at least a 30% down payment on the home, says Bankrate.com senior financial analyst Greg McBride.

"There's great opportunity in actually buying residential homes directly for investors who have the capital," Mr. Luschini says. "Prices are clearly turning the corner, and housing affordability is the highest in a generation."

PEOPLE STILL WANT TO BUY HOMES: FANNIE MAE

An overwhelming 85% of Americans prefer homeownership over renting, Fannie Mae said in a new study.

Demographics such as income, age, marital status and employment status are still considered significant drivers in the decision of buying a home or renting, Fannie found that beliefs about housing help determine whether Americans intend to rent or buy their next residence.

Fannie produced the national housing survey based on feedback from 12,014 interviews that occurred in 2011.

When looking at feedback from Americans who already have a mortgage, 40% cited attitudes about finances—such as the ease of getting a mortgage, affordability, homeownership benefits and financial stressors—as drivers that will shape whether they buy or rent their next property. About 39% of homeowners in the same group cite attitudes about housing as influencing their next move, while 21% say demographics such as income, age, marital status, employment, race, etc., will be primary drivers of their next decision.

Thirty-three percent of current renters say demographics like employment, age, income and marital status also are important homeownership drivers, while only 25% cite financial attitudes as having an impact on their next housing.

What's keeping homeownership alive is the fact that it's not a stock or bond, but something desirable for individuals and families to live in even without a significant return on investment. "The nonfinancial benefits that people derive from the consumption of housing mitigate the negative financial experiences that many homeowners have had," said Deggendorf.

The good news is homeownership as a goal for Americans hasn't changed in the past six years.

"Our study shows that the negative housing events of the past few years have not discouraged people from wanting to own a home," the Fannie study concluded. "Exposure to mortgage default, perceived home value appreciation/depreciation, and self-reported underwater status are not significant factors in the models in predicting individuals’ intentions to own a home for their next 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. Call us at 598-3200, or, 800 677-MOVE (6683).

JOKE OF THE WEEK

"Daddy," a little girl asked her father, "do all fairy tales begin with 'Once upon a time'? "

"No, sweetheart," he answered. "Some begin with 'If I am elected.'"

It was election time and a politician decided to go out to the local reservation and try to get the Native American vote. They were all assembled in the Council Hall to hear the speech. The politician had worked up to his finale, and the crowd was getting more and more excited. "I promise better education opportunities for Native Americans!"

The crowd went wild, shouting "Hoya! Hoya!" The politician was encouraged by their enthusiasm. "I promise gambling reforms to allow a Casino on the Reservation!"

"Hoya! Hoya!" cried the crowd, stomping their feet.

"I promise more social reforms and job opportunities for Native Americans!" The crowd reached a frenzied pitch shouting "Hoya! Hoya! Hoya!"

After the speech, the Politician was touring the Reservation, and saw a tremendous herd of cattle. Since he was raised on a ranch, and knew a bit about cattle, he asked the Chief if he could get closer to take a look at the cattle.

"Sure," the Chief said, "but be careful not to step in the hoya."

Saturday, June 21,2012 started out like any other day here in Colorado Springs--crisp and clear with gorgeous mountain views.

But 6.21.12 would soon become the day that my adopted hometown was forever changed.

As I witnessed the first plumes of smoke above the mountain ridge, little did I know that I would be witnessing the start of a fire that would soon become the worst in Colorado history.

Last Tuesday, as the changing winds forced 32,000 people, myself included, to evacuate their homes, I knew that many lives would never be the same.

Three hundred and forty-seven homes were destroyed and many more were damaged in the last week.  I was one of the lucky ones who returned to a basically unscathed home; however, my thoughts keep returning to those not so fortunate.

As a 39 year veteran of the Colorado Springs real estate and Community Services arena, I was either personally or professionally involved with many of the fire victims.  I sold the homes that were destroyed to a number of them.  To me, the fire not only destroyed the homes, it completely affected the lives of families I have come to view as friends.

The devastation many of them are experiencing has affected my life too as I contemplate the consequences these families are now facing.  My heart goes out to them all.

My thoughts are also focused on the leadership and amazing response of the City of Colorado Springs to the tragic events of the past week.

This is a city that has never had to deal with such devastation, yet each and every one from the Mayor's office and Fire Department to the local broadcast and print news and the U.S. Park Service all played a vital role in keeping the public safe and informed throughout this ordeal.

I am personally and professionally involved with many of these individuals also, and I want to publicly express my gratitude to them all.  They are living examples of the meaning of teamwork and I've never been prouder and more grateful to them than I am at this moment in time.

So, while I am not sending you my usual musings and advice, I thought it more appropriate that we all take a minute this week to be grateful for all we have in our lives and to reach out to those who may not be so fortunate.

June 25, 2012

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

OUR HEARTFELT THOUGHTS AND PRAYERS GO OUT TO OUR LOCAL FIRE VICTIMS

As we write this issue of the Update, the TV stations are all covering the terrible fires which are devastating our local area. We have heard from friends, neighbors, clients and businesses about the problems that these fires have caused …but, fortunately, so far, no homes have been lost.

Our hearts go out to those who have had to abandon their homes during this emergency and our hearts have also been filled with admiration for the firefighters who are working so hard and for such long hours to protect our homes.

Let’s hope that this fire season is almost over and that we can all return to normal.

Thanks, again, firefighters !!! You are really heroes !!!

LOCAL HOME SALES JUMP 13.5% IN MAY
The Gazette, Friday, June 22, 2012

Colorado Springs-area home prices jumped to a nearly four-year high in May, while sales rose to their highest level in almost three years.

The median price of homes sold in May rose to $210,000, a 13.5% increase over the same month last year, according to figures released early this month by the Pikes Peak Association of Realtors (See Statistics, below).

Home sales totaled 925 in May, a 15.8% year-over-year increase. The number of homes sold in May was the most for any month since 946 in July, 2009.

HOMEBUILDING RISES THIRD MONTH IN A ROW
The Gazette, Wednesday, June 20, 2012

U.S. builders started work on more single-family homes in May and requested the most permits to build homes and apartments in 3 ½ years, according the Commerce Department figures.

Locally, single-family homebuilding permits totaled 249 in May – nearly double the permit total during the same month last year and the highest monthly figure since 257 in April, 2007.

Through May, single-family building permits totaled 808 in the Springs and El Paso County for the year, a 47.7% increase over the same five-month period in 2011.

It’s time to Buy. Call us at 598-3200, or, 1-800-677-MOVE.

HOUSING STARTS JUMP 28.5 PERCENT IN MAY
By Inman News, Tuesday, June 19, 2012.

Privately owned housing starts saw a substantial year-over-year jump in May, following an even greater upwardly revised increase in April, according to a report by the U.S. Census Bureau and the Department of Housing and Urban Development.

Housing starts rose an estimated 28.5 percent on an annual basis in May, to a seasonally adjusted annual rate of 708,000. That's 4.8 percent below April's upwardly revised estimate of 744,000 when housing starts rose 34.8 percent compared to April 2011. The previous estimate was 717,000.

Housing starts have been rising on an annual basis since September 2011 and are now 48.1 percent above their trough in April 2009 -- 478,000 -- in census records dating back to January 1959.

Also in May, homebuilders broke ground on the highest number of new single-family homes so far this year: an estimated 516,000. That's a 26.2 percent increase in single-family housing starts compared to May 2011 and a 3.2 percent rise compared to April -- the third straight monthly increase.

Meanwhile, multifamily housing starts for buildings with five or more units rose 31.6 percent on an annual basis in May, to 179,000.

The West, including Colorado Springs, saw the biggest jump in single-family starts in May (37 percent), followed by the South (25.2 percent), the Midwest (20.8 percent), and the Northeast (18.4 percent).

The number of building permits issued in May rose 25 percent on an annual basis and 7.9 percent on a monthly basis in May, to an estimated seasonally adjusted annual rate of 780,000. Permits for single-family homes rose 4 percent from April and 19.9 percent from May 2011, to an estimated 494,000.

All of these figures indicate a strong improvement in the national housing picture and Colorado Springs is one of the leading cities in these improving numbers.

Better Buy now to take advantage of the low prices and low rates.

Call us at 598-3200, or, 1-800-677-MOVE.

WHAT TO DO THIS YEAR: RENT OR BUY A HOME?
RISMedia June 22, 2012

Today is a tempting time to Buy a home with interest rates and prices at their lowest levels in years. Deciding whether to buy or rent can be complicated, and potential homebuyers have a lot to consider this summer. As part of National Homeownership Month, the American Bankers Association came up with these key questions to help shoppers make wise financial choices when considering buying a home.

1. How much can you afford to put down? Can you afford the monthly payment? A mortgage down payment of 5 to 20 percent of the selling price is typical, but can vary depending on the situation. The size of the down payment will impact the monthly cost. Assess your financial health, determine how large of a down payment you can afford and consider if you can then afford the monthly cost.

2. What other debt do you have? Consider all of your current and expected financial obligations and ensure you are able to make all the payments. Aim to keep total rent or mortgage payments plus other credit obligations fewer than 35 to 40 percent of your monthly income. If you can’t keep payments below that, you may be better off renting for a while or searching for a more affordable home.

3. What is my credit score? Can I qualify for a good interest rate? A high credit score indicates strong creditworthiness, which qualifies you for better interest rates on a mortgage. Maxing out your credit lines and paying bills late will lower your credit score, and the impact of a credit score on interest rates can be significant. For instance, a borrower with a score of 760 could pay nearly 2 percentage points less in interest than someone with a score of 620. That equates to over $3,000 less in mortgage payments each year. If your credit score is low, you may want to delay buying a home and take steps to raise your score.

4. How much will taxes, monthly maintenance or other fees cost? Owning a home means you will have to pay real estate taxes and other costs like insurance and maintenance. However, owning a home can bring tax savings at the end of the year. Remember to factor in these costs and incentives. Renters have neither these costs, nor tax advantages.

5. How many years will I stay here? Generally, the longer you plan to live someplace, the more it makes sense to buy. Over time, you can build equity in your house where renters do not. Yet, renters have greater flexibility to move as they don’t have to worry about finding new tenants.

AS HOME PRICES RISE, INVENTORIES START TO SHRINK – IS IT TIME TO BUY?
USA Today, June 20, 2012

USA Today points out that there are several factors in play that will affect today’s homebuyer.

• First, prices are rising.
• Second, inventories are shrinking
• Third, cash-buyers and buyers with larger down payments are going after the bargains.
• Fourth, FHA Buyers tend to get shoved to the bottom of the pile because of appraisal issues, and because FHA borrowers tend to have more limited finances.

USA Today mentions Colorado Springs specifically as one of the top 7 US markets where there has been a drop of more than 50% in the number of homes for sale. This drop can be attributed to the facts that there are now fewer foreclosures coming to the market …. and many homeowners don’t want to sell right now because they don’t have enough equity in their homes, or because they are waiting for higher prices.

Another factor that is influencing the local real estate market is that it now costs more to rent than to own a home in 98 of the top 100 US metropolitan markets, according to real estate websiteTrulia, which tracks rents and home prices.

While all of these factors make our market very attractive to investors, …they really complicate the picture for the typical homebuyer.

In order to properly evaluate your homebuying decision in today’s market, you really need the input and advice of an experienced, helpful Realtor. Let us help you consider where you stand in our present market. ….Should you rent or buy? …How can you find the best deal? ….What does the future look like for the neighborhood you are considering?

Call us at 598-3200, or, 1-800-677-MOVE, to discuss these issues and to get some helpful advice about our local market.

SALES AND LISTING STATISTICS

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, 0r, 800 677-6683 (MOVE).

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

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf. Call us at 598-3200,or, 800 677-MOVE (6683).

JOKE OF THE WEEK

This has been around before, still good.

An old prospector shuffled into the town of El Indio, Texas, leading a tired old mule. The old man headed straight for the only saloon in town, to clear his parched throat.

He walked up to the saloon and tied his old mule to the hitch rail. As he stood there, brushing some of the dust from his face and clothes, a young gunslinger stepped out of the saloon with a gun in one hand and a bottle of whiskey in the other.

The young gunslinger looked at the old man and laughed, saying, "Hey old man, can you dance?"

The old man looked up at the gunslinger and said, "No son, I don't dance... never really wanted to"

A crowd had gathered as the gunslinger grinned and said, "Well, you old fool, you're gonna dance now!" ...and started shooting at the old man's feet.

The old prospector, not wanting to get a toe blown off, started hopping around like a flea on a hot skillet.

Everybody standing around was laughing..

When his last bullet had been fired, the young gunslinger, still laughing, holstered his gun and turned around to go back into the saloon.

The old man turned to his pack mule, pulled out a double-barreled 12 gauge shotgun and cocked both hammers. The loud clicks carried clearly through the desert air.

The crowd stopped laughing immediately.

The young gunslinger heard the sounds too, and he turned around very slowly.

The silence was deafening. The crowd watched as the young gunman stared at the old timer and the large gaping holes of those twin 12 gauge barrels.

The barrels of the shotgun never wavered in the old man's hands, as he quietly said;

"Son, have you ever kissed a mule's ass?"

The gunslinger swallowed hard and said, "No sir... but.... I've always wanted to."

There are a few lessons for all of us here:

*Don't be arrogant.
*Don't waste ammunition.
*Whiskey makes you think you're smarter than you are.
*Always make sure you know who is in control...
*And finally,……… Don't screw around with old folks; they didn't get old by being stupid....

June 18, 2012

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

OK, HARRY, IS THE real estate MARKET REALLY AS POSITIVE AS YOUR ENEWSLETTER MAKES IT SEEM ??

Absolutely !!!! It’s hard not to get excited about the prospects for our local real estate market, when you read the stories coming out of the national press and our local media. Here are some recent examples:

• MORTGAGE APPLICATIONS SOAR TO HIGHEST LEVELS SINCE SPRING 2009 (Housingwire 6/13/2012)
• AMERICANS SEE BIGGEST HOME EQUITY JUMP IN 60 YEARS (Bloomberg 6/15/2012)
• FORECLOSURES DOWN FOR 20TH STRAIGHT MONTH (Housingwire 6/14/2012)
• INVENTORY OF FOR-SALE HOMES FALLS 20% FROM A YEAR AGO (Realtormag 6/13/2012)
• 30 YEAR MORTGAGE RATE DROPS TO A RECORD LOW (The Gazette 6/8/2012)
• LATE-SUMMER EMPLOYMENT OUTLOOK SUNNY IN SPRINGS (The Gazette 6/12/2012)

Furthermore, our local statistics show that our local market is doing even better than the national market. Comparing our recent May figures with one year ago, we see that our average sales prices are up 9.3%. our median sales prices are up 13.5% and the number of sales is up 15.8%. These numbers show a market that looks good in anybody’s book.

The only negative number for prospective buyers is that our inventory of available homes for sale has shrunk 24.2%.

Finally, we just received a copy of a study commissioned by PPAR which shows remarkable upward trends in our local market. The study by Fred Crowley, chief economist for the Southern Colorado Economic Forum, shows that:

• Local business conditions in general are improving
• Foreclosures are dropping
• New home building is rising
• Single-family home sales are rising
• Demand for homes is up
• Total listings under contract are up 21% in May
• Average days-on-the-market is down

PLEASE CLICK HERE for a copy of this report, and please note pages 9-15, which contain the data for our local real estate market.

The bottom line is that your dream home is now within your grasp …However, it may not be tomorrow, as prices and rates rise and as buyer competition for homes kicks in.

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

MARKETING PHILOSOPHY?? ….WHAT IS IT???

The other day, we had dinner with several friends to celebrate my upcoming 40th year of being in the real estate business in Colorado Springs. They asked me to explain how I have managed to build such a good reputation and a loyal following in such a competitive industry….in other words, what is my marketing philosophy.

It was a good question and I thought our readers might be interested my reply.

First of all, I don’t consider a sale to be successful just because it closes. I think my obligation to my clients requires that every transaction should add to their economic advancement. That means negotiating a fair price, a full discussion of all the factors that might affect the transaction (neighborhood history, economic trends in the area, etc.) an impartial look at the current inventory, a mortgage that will be sustainable and a reasonable expectation of an increase in the value of the home. Fortunately, because I have been gifted with a good understanding of real estate finance, I have been able to offer this kind of total real estate expertise to my clients.

Sometimes, this type of realistic approach ends up turning-off a sale, but that may be the best course of action for my client at that particular time. Most clients appreciate the opportunity to make an informed decision … and I don’t look at a closing as the end of my relationship with my client. I consider a closing as the beginning of a respectful friendship.

Does this marketing philosophy pay off? Well, I think that a 40 year track record and a sales history that is 50% higher than the typical Realtor would indicate that it does….and, for the record, I am not aware of any of my clients who have suffered foreclosure. What other Realtor do you know who can say that??

Give me a call at 598-3200, or, 800 677-6683 (MOVE), to talk about the local market.

INVENTORY OF FOR-SALE HOMES FALLS 20% FROM YEAR AGO
Daily real estate News | Wednesday, June 13, 2012

The number of homes on the market continues to become a shrinking pool. Inventory of for-sale single-family homes, condos, townhomes, and co-ops dropped 20 percent in May compared to year-ago levels, according to data from 146 local markets.

In April, the number of ‘for-sale’ homes was 2.5 million, which marked the lowest number for an April since 2006.

Inventories of “For Sale” homes in May declined even further in all but two of the 146 markets tracked by Realtor.com.

Our Colorado Springs inventories have shown an even sharper decline.

While inventories were on the decline, the median national list price was on the rise, inching up 3.17 percent in May compared to May 2011.

The Los Angeles Times discussed this topic (June 10, 2012) in an article titled, “Shortage of homes for sale creates fierce competition”. Some of the points in the article were:

• The newest problem for the slowly improving housing market isn't a shortage of serious buyers, it's a shortage of good homes.
• Would-be buyers are packing open houses and scrambling to make offers on properties before they are even listed. Bidding wars are erupting. And real estate agents are vying fiercely to represent the few sellers that do exist.
• Housing inventory has sunk to levels not seen since the bubble years. The number of American homes with a "for sale" sign hit 2.5 million in April, the lowest number for an April since 2006, according to the National Assn. of Realtors.
• The much-predicted foreclosure wave that was expected to dump more homes onto the market has not materialized. Fewer borrowers are entering default, and banks are better managing the properties they do have on their books.
• In addition, professional investors bankrolled by private equity firms and hedge funds are pouncing on bank-owned homes, often turning them into rentals…. So, you should think about making your move right now, before prices rise and inventories shrink even more.

This lack of available homes is maddening for those consumers who thought 2012 would be the year to buy, but now find themselves bidding against other prospective buyers. …So, Call us now to discuss your new home at 598-3200, 0r, 800 677-6683 (MOVE).

SALES AND LISTING STATISTICS

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, 0r, 800 677-6683 (MOVE).

8 SCENARIOS THAT HURT MORTGAGE QUALIFICATION
By Jack Guttentag, nationally recognized real estate expert (Inmannews June 11, 2012)

• DO I JEOPARDIZE MY MORTGAGE APPLICATION BY CHANGING JOBS BEFORE THE LOAN CLOSES?

Yes. The underwriter approved your application based on your documented income covering two years or longer, from one source. At closing you must certify that all the information in your application continues to be true, which short of committing perjury you won't be able to do if you switch jobs. Your revised job history will be numbered in days rather than years, which could cause a rejection.

Back in the pre-crisis days, underwriters had discretion to use their judgment in such cases. If the borrower was moving up to a better position in the same field, for example, they would let it go. In today's market, however, underwriter discretion has been markedly reduced, and the likelihood of rejection is uncomfortably high. The prudent thing to do is to defer the job change until after the loan closes. Nobody will care what you do then.

• WILL THE RENTAL INCOME I RECEIVE FROM RENTING OUT MY HOUSE DURING PART OF THE YEAR HELP ME QUALIFY FOR THE MORTGAGE I NEED TO BUY THAT HOUSE?

No, anticipated rental income cannot be counted as qualifying income unless it is documented in the owner's tax return for at least two years. Further, only income net of expenses would be counted, and that number would be very small or zero if you expense everything you can in order to avoid taxes.

• CAN I QUALIFY USING MY INCOME AND MY SPOUSE'S CREDIT?

No. Good credit without the means to pay is of little value to lenders, and good income without the willingness to pay is not much better. Lenders require both capacity to pay and willingness to pay in the same person.

Before the financial crisis, married couples who had one spouse with the required income and the other with good credit often took "stated income" loans. Stated income was not verified by the lender. These loans were taken in the name of the spouse with good credit, who stated that the income of the other spouse was theirs. But stated-income loans no longer exist.

• HAVE PRE-APPROVALS BECOME MORE USEFUL TO HOMEBUYERS SINCE QUALIFICATION REQUIREMENTS BECAME MORE RESTRICTIVE?

Yes and no. The main purpose of preapprovals is to establish the bona fides of potential homebuyers to home sellers and their agents, who don't want to waste time dealing with wannabe buyers who can't qualify for a mortgage. With an increasing number of potential homebuyers unable to qualify, the value of reliable preapprovals has increased.

However, the same factors that make it more difficult to qualify for a mortgage today also make preapprovals less reliable. This is especially the case with self-employed buyers, who may be rejected despite having been preapproved. Preapprovals are always subject to conditions, the most important of which is a minimum appraised value. If an appraisal comes in below the minimum, the preapproval dies.

• AS A "NONPERMANENT RESIDENT ALIEN," CAN I QUALIFY FOR A MORTGAGE?

Yes, but the terms are a little stiffer because of the risk that you might be obliged to leave the country. Lenders will require a larger down payment and/or a higher interest rate. In contrast, a "permanent resident alien" suffers no penalty.

• CAN AN EXCESS IN APPRAISED VALUE OVER THE PURCHASE PRICE BE USED TO MEET A MINIMUM DOWN PAYMENT REQUIREMENT?

No, the down payment requirement is based on the lower of purchase price and appraised value. Any excess appraised value is ignored.

• WILL SIZABLE STUDENT DEBT PREVENT MY QUALIFYING FOR A MORTGAGE?

It may if you must begin repaying the debt within the first year of the mortgage, and if the amount is large relative to income. If the payments are deferred more than a year, it is a judgment call by the underwriter who will consider the size of the student debt, your credit and perhaps other factors.

• AS A DIVORCED SPOUSE WHO REMAINS LIABLE ON AN EXISTING MORTGAGE, CAN I QUALIFY FOR A NEW MORTGAGE?

Yes, if your income is large enough to afford the payment on two mortgages. If you can afford a new mortgage but not two mortgages, you must induce your ex-spouse to refinance the mortgage in her own name. Such a provision should have been part of a separation agreement.

The only other possibility is to convince the new lender that the ex-spouse remaining in the house is sufficiently creditworthy that there is negligible risk of your having to meet two payments. That will require documentation that your ex has been making the payments on her own for at least a year.

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

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf. Call us at 598-3200,or, 800 677-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. …

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).

JOKE OF THE WEEK

A new guy in town walks into a bar and notices a large jar filled to the brim with $10 bills. The man approaches the bartender and asks, "What's up with the jar?"

"Well, you pay $10, and if you pass three tests, then you get all the money."

"What are the three tests?" asks the man

"Gotta pay first."

So the guy gives him the $10 bucks, and the bartender adds it to the jar.

"OK, here's what you have to do. First, you have to drink that whole bottle of pepper tequila -- the WHOLE thing at once -- and you can't make a face while doing it. Second, there's a pit bull chained up out back with a sore tooth. You have to remove the tooth with your bare hands. Third, that really ugly 90-year-old woman at the bar has never been kissed. You gotta give her a big kiss."

"Well, I've paid my $10 bucks," says the man, "so I’ll give this a try. Where’s that tequila".?.

He grabs the bottle of pepper tequila with both hands and downs it, gulp by gulp. Tears are streaming down his cheeks, but he doesn't make a face. Next, he staggers out back. Everyone in the bar hears a huge scuffle outside -- barking, yelping and growling, then silence.

Just when they think the man must be dead, he staggers back into the bar with his shirt ripped and gashes across his body.

"NOW," he says, "where’z at ol' lady with the sore tooth?"

June 11, 2012

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

THE LATEST STATS SHOW OUR LOCAL real estate MARKET IS COMING BACK STRONG

The latest statistics from PPAR show that our local real estate prices are back up to where they were four years ago and the number of sales are back up to where they were three years ago. In fact, Local sales prices have risen for the past three straight months. These are all good indicators that our local market has bottomed out and is well on its way back up. …..

Compared to the number of local home sales last year, we are up 15.8%. Furthermore, average sales prices are up 9.3%. (from $213,370 to $233,065). …and median sales prices are up 13.5% (from $185,000 to $210,000).

Most homebuyers will be very surprised by the home-price rises that are in store for us next year. Fannie Mae’s most recent housing survey shows that Americans are expecting home prices to rise next year, but by only 1.4%....If our present rate of median price increase of 13.5% continues, there will be many buyers who will look back and wish they had made their move now, rather than waiting until next year.

In a nutshell, the Inventory of available homes is going down and mortgage interest rates are at all-time lows….but prices are going up faster than most people expected.

The Bottom Line is: Buy now !!!

To see how our local market is getting healthier every day, CLICK HERE to take a look at the most recent PPAR statistics. These statistics will enable you to see what prices homes in every neighborhood are selling for and how much local Sellers are asking for their homes. These are some of the numbers that we use in developing ‘comparables’, to help guide you through the purchasing process.

Keep in mind, however, that there are a lot of variables that could affect the asking price for the home that you might be interested in. You need the assistance of a qualified, experienced Realtor to make you aware of all of the factors that will affect your decision. We will be happy to work with you to develop a specific, realistic offer for that home you have your eye on.

To take advantage of the wonderful opportunity that currently exists for homebuyers, please give us a call at 598-3200, or, 800 677-6683 (MOVE).

COLORADO LAUNCHES NEW PROGRAM TO HELP HOMEBUYERS
The Gazette , Friday, June 8, 2012

Last Monday, the Colorado Housing and Finance Authority launched a new program of mortgage help for low and moderate income homebuyers. The program, called SmartStep, is available from 21 lenders in the Colorado Springs area, includes loans and special certificates that entitle buyers to get federal tax credits for part of the interest they pay on their mortgages.

The SmartStep Program includes:

• 30-year fixed-rate mortgages at 3.5% without down-payment assistance
• 30-year fixed-rate mortgages at 4% with down-payment assistance in the form of a second mortgage of as much as 3% of the first mortgage amount. The second mortgage is a 30-year loan at the same interest rate as the first mortgage.
• Mortgage Credit Certificates allow borrowers to claim a federal income tax credit of as much as $2,000. The credit is 50% of interest paid annually on loans of $100,000 or less, 30% of interest paid annually on loans from $100,001 to $150,000 and 20% of interest paid annually on loans of more than $150,000.
• To qualify, borrowers must be a first-time homebuyer, eligible veteran, or, acquire a property in federally designated low-income neighborhoods, pay at least $1,000 in some part of the transaction, have a credit score of at least 620,and complete a free buyers credit course online or in person. They must also use the agency’s income and ourchase price limits.
• For participating lenders in the Colorado Springs area, go to www.chfainfo.com/documents/participating_lenders/coloradosprings.pdf.

COLORADO GDP GROWTH BEATS U.S. AVERAGE
The Gazette, Wednesday, June 6, 2012

According to a report by the US Bureau of Economic Analysis, Colorado’s GDP growth of 1.9% in 2011 beat the national average of 1.5% and placed Colorado in 14th place in GDP growth.

Colorado’s growth came mostly from the state’s information services, manufacturing and professional, scientific and technical services industries.

The state’s economic growth per person grew 0.5% from 2010 and was the first gain since 2008 and the strongest since 2008. Colorado’s economic growth per person in 2011 was 8.9% higher than the national average at $45,792.

“This demonstrates that new technology is a good path to economic growth, although I believe growth would have been strong both in Colorado and the rest of the nation without a slowing in exports, probably as a result of slower economic growth in Europe and China”, said Fred Crowley, senior economist for the Southern Colorado Economic Forum.

HOUSING CRISIS DIDN’T SCARE AMERICANS OFF HOME OWNERSHIP
Daily real estate News | Friday, June 08, 2012

Seventy-five percent of Americans still aspire to own a home and consider home ownership a major life goal, according to a new poll of non-home owners aged 22 to 50 conducted by Integra Realty Resources, an independent real estate valuation firm.

Despite a housing crisis that saw housing prices drop in many markets, Americans’ enthusiasm for home ownership hasn’t lessened, according to the study.

The survey found that non-home owners under the age of 30 are even more positive about home ownership than older buyers: Forty-seven percent of respondents under 30 say owning a home is very important, compared to 41 percent of respondents over the age of 30.

While the desire to own remains high, many Americans say they are left on the sidelines unable to take advantage of record-low mortgage rates and record-high housing affordability. Younger generations, in particular, say they face increased job insecurity and are struggling to come up with the financing needed to buy a home.

Thirty-one percent of all respondents to the survey said they can’t buy a home because they lack a down payment, 24 percent say they are holding off because they fear making a bad investment, and 21 percent say they aren’t buying because of the uncertain economic outlook.
Yet, “clearly, the American dream of home ownership lives on," says Jeffrey Rogers, president of IRR. "But if you go deeper into the research, this may be only in a fantasy not to be realized in the current economy."

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

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf. Call us at 598-3200, or, 800 677-MOVE (6683).

JOKE OF THE WEEK

First grade kids in a Catholic Elementary school were asked questions about the old and new testaments.
Can you imagine the Nun sitting at her desk grading these papers, all the while trying to keep a straight face and maintain her composure! (I know I couldn't!)

1. In the first book of the bible, guinessis, god got tired of creating the world so he took the sabbath off.

2. Adam and eve were created from an apple tree. Noah's wife was joan of ark. Noah built an ark and the animals came on in pears.

3. Lots wife was a pillar of salt during the day, but a ball of fire during the night.

4. The jews were a proud people and throughout history they had trouble with unsympathetic genitals.

5. Samson slayed the philistines with the axe of the apostles.

6. Moses led the jews to the red sea where they made unleavened bread which is bread without any ingredients.

7. The egyptians were all drowned in the dessert. Afterwards, moses went up to mount cyanide to get the ten commandments.

8. The first commandment was when eve told adam to eat the apple.

9. The seventh commandment is thou shalt not admit adultery.

10. Moses died before he ever reached canada . Then joshua led the hebrews in the battle of geritol.

11. The greatest miricle in the bible is when joshua told his son to stand still and he obeyed him.

12. Solomon, one of david's sons, had 300 wives and 700 porcupines.

13. When mary heard she was the mother of jesus, she sang the magna carta.

14. St. John , the blacksmith, dumped water on his head.

15. The people who followed the lord were called the 12 decibels.

16. The epistels were the wives of the apostles.

17. One of the oppossums was st. Matthew, who was also a taximan.

18. St. Paul cavorted to christianity. He preached holy acrimony which is another name for marraige.

19. Christians have only one spouse. This is called monotony

June 4, 2012

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

CAN YOU KEEP A SECRET? …APPARENTLY, THE NEWS MEDIA CAN

Last week we featured a national story about our local housing market that should have been featured in every local news media, but wasn’t. The story listed the 10 national metro markets where housing prices had risen the most from March to April.

Realtor Mag (May 29, 2012) reported that Colorado Springs was #10 out of the top 146 metro areas in the country for increasing values in “for-sale” home prices.

Now, rising prices are usually not a reason to rejoice, but, in the case of real estate, rising prices are a wonderful sign that the market is improving and is on the upswing. …and for our area to come in as #10, is a real signal that our local recovery is doing very well.

These price increases show the strongest gains in 6 years and are a good indication that Fred Crowley, chief economist for the Southern Colorado Economic Forum, was correct when he stated, “ The bottom of the real estate market in El Paso County took place 16 months ago”..

It’s a positive sign that housing prices are continuing to rise….but the message to prospective buyers is .. NOW IS THE TIME TO BUY !!!

DID YOU KNOW …COLORADO SPRINGS’ COST OF LIVING IS WELL BELOW THE NATIONAL AVERAGE?
The Gazette, May 30, 2012

The Council for Community and Economic Research, an Arlington, VA-based research organization, surveys living-costs across the nation, and reports that Colorado Springs’ cost-of-living is 4.5% below the national average.

Fuel costs caused a slight recent rise in our local costs, but, Colorado Springs is still the best place to live !!!!

MORE GOOD NEWS …COLORADO SPRINGS’ FORECLOSURES, MORTGAGE DELINQUENCIES DOWN
Colorado Springs Business Journal – May 29, 2012

CoreLogic, a real-estate analytics firm, just released their monthly data about foreclosures. It show the foreclosure rate in Colorado Springs dropped year-over-year in March from 1.71% in 2011 to 1.39% of all outstanding mortgages this year. This is significantly lower than the national rate of 3.41%.

Both the declining delinquency and foreclosure rates in Colorado Springs are following a consistent trend on monthly declines.

HO-HUM…HERE WE GO AGAIN !!! MORTGAGE INTEREST RATES HIT ANOTHER ALL-TIME LOW

It’s getting monotonous to report that we have hit another “all-time low in mortgage rates”, but it really has happened again. With credit requirements being tight, lenders have fewer applications for mortgages, so, to incentivize prospective customers, lenders had to lower their rates again.

The current rate in Colorado Springs for a 30 year, FHA fixed-rate home mortgage is 3.375%.

OK, so what does that really mean to you, the prospective buyer? Let’s look at some real-time numbers.(To keep this simple, and to enable us to give a clear comparison with past years, we are not including taxes, insurance, closing costs, etc., since these factors vary so much based upon location, lender’s charges, etc.)

If you bought a $250,000 house today, after paying the 3 ½% down payment, your Principal and Interest monthly payment would be $1,066.50.

This same house, if you purchased it six years ago with an interest rate of 6%, would have cost you $1,446.42 for Principal and Interest ….That’s a 40% difference !!!!

So, does this mean that anyone can now buy a house and cash in on the present opportunity? Unfortunately, no. Only buyers with good credit can qualify for loans in today’s market. But, if you do have good credit, you really have a historic opportunity to get a great deal on a new home for yourself and your family.

And, as for those additional charges such as closing costs, we can assure you that the lenders with whom we do business can offer you the best deals possible. If you are interested in seeing how much a new home would cost you, let’s discuss it. Call us at 598-3200,or, 800 677-MOVE (6683).

HERE’S ANOTHER GOOD SIGN …LOCAL HOMEBUILDING IS ON THE RISE
The Gazette, Saturday, June 2, 2012

The pace of homebuilding surged last month in the Pikes Peak region, another sign that the housing market is moving toward a recovery.

Single-family homebuilding permits totaled 249 in May in the Springs and surrounding El Paso County - nearly double the permit total during the same month last year and the highest monthly figure since April 2007 (257).

This rise represents a 47.7% increase over the same five-month period in 2011.

Low interest rates, increased consumer confidence, troops returning from overseas deployment and the normal summer boom helped fuel this increase in homebuilding.

Things are looking up !!!

NATIONAL HOME VALUES SEE HIGHEST MONTHLY CLIMB SINCE 2006
 DSNews,com May 29, 2012

Zillow reports that both national values and rents rose in the month of April. National home values rose 0.7% in April to a Zillow Home Value Index of $147,300. This is the largest monthly increase in home values since January, 2006, and it makes April the second month in a row in which home values climbed up.

“The housing market continues to show positive signs, with home values increasing significantly in April”, said Dr. Stan Humphries, chief economist at Zillow. “The recovery is moving in the right direction”.
 

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

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf. Call us at 598-3200,or, 800 677-MOVE (6683).

LATEST STATISTICS

Click here for the latest Sales and Listing statistics for the Pikes Peak area. These statistics will enable you to see what prices homes in every neighborhood are selling for and how much local Sellers are asking for their homes. These are the numbers that your Realtor will use in developing ‘comparables” when you ask him/her for a recommended listing price for your home. However, there are a lot of variables that will affect the asking price for your home. We will be happy to work with you to develop a specific, realistic listing price for your home. Please give us at 598-3200, or, 800 677-6683 (MOVE),

JOKE OF THE WEEK

It’s often confusing when people use the terms “Liberal”, or “Conservative”. What, exactly do these terms mean?
Well, here are some real-life examples, to help you understand the difference.

Scenario: You're walking down a deserted street with your wife and two small children. Suddenly, a dangerous looking man with a huge knife comes around the corner, locks eyes with you, screams obscenities, raises the knife, and charges. You are carrying a Glock 45 and you are an expert shot. You have mere seconds before he reaches you and your family. What do you do?

Liberal Answer:

Well, that's not enough information to answer the question! Does the man look poor or oppressed? Have I ever done anything to him that would inspire him to attack? Could we run away? What does my wife think? What about the kids? Could I possibly swing the gun like a club and knock the knife out of his hand? What does the law say about this situation?

Does the Glock have appropriate safety built into it? Why am I carrying a loaded gun anyway, and what kind of message does this send to society and to my children? Is it possible he'd be happy with just killing me? Does he definitely want to kill me, or would he be content just to wound me? If I were to grab his knees and hold on, could my family get away while he was stabbing me?

Should I call 9-1-1? Why is this street so deserted? We need to raise taxes, have a “paint and weed day” and make this a happier, healthier street that would discourage such behavior.

This is all so confusing! I need to debate this with some friends for a few days and try to come to a consensus.

Conservative Answer:

BANG!

Redneck’s Answer:

BANG! BANG! BANG! BANG! BANG! BANG! BANG! BANG! BANG! click....(sounds of reloading). BANG! BANG! BANG! BANG! BANG! BANG! BANG! BANG! BANG! click.

Daughter: "Nice grouping, Daddy! Were those the Winchester Silver Tips??

May 29, 2012

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

IF YOU ARE WONDERING WHETHER COLORADO SPRINGS IS A GOOD housing market,
JUST LOOK AT THIS !!!

The following article just appeared in Realtor Magazine …Need we say more ???

10 METROS WHERE LIST PRICES ARE RISING THE MOST
Daily real estate News | Tuesday, May 29, 2012

Prices of for-sale homes are on the rise in several metro areas. According to Realtor.com, which tracks 146 metro markets, the following areas have seen their median list prices increase the most from March to April:
Price increase Median list price

1. Minneapolis-St. Paul, Minn.-Wis. 7.90 percent $199,500
2. Santa Barbara-Santa Maria-Lompoc, Calif. 7.07 percent $545,000
3. Detroit, MI 4.66 percent $89,900
4. San Francisco, CA 4.62 percent $679,000
5. Seattle-Bellevue-Everett, Wash. 4.46 percent $328,950
6. Boise City, Idaho 4.40 percent $162,374
7. Trenton, N.J. 4.26 percent $259,450
8. Boulder-Longmont, Colo. 4.20 percent $375,000
9. Orange County, Calif. 4.19 percent $448,000
10. Colorado Springs, Colo. 4.09 percent $229,000

Hey, Folks. We’re in the big leagues. These increases show the strongest gains in 6 years and are a good indication that Fred Crowley, chief economist for the Southern Colorado Economic Forum, was correct when he stated, “ The bottom of the real estate market in El Paso County took place 16 months ago”.. It’s a positive sign that housing prices are continuing to rise.

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

CONCERNED ABOUT YOUR RETIREMENT INCOME? ….MAYBE IT’S TIME TO THINK OUT OF THE BOX !!!

It’s common for people approaching retirement to have some concerns about their post-retirement income. What with the stock market riding the roller-coaster and Inflation beginning to kick in at a frightening rate, you probably have a lot of doubts about your traditional investment strategies.

Perhaps you should consider using your present good credit standing to set yourself up with an investment that will add to your income for the next 30 years … and also add to the value of your estate. ……Perhaps you should consider acquiring an investment property.

Let’s assume that you are now living in a nice home, with a mortgage that is mostly paid-off, but has an old interest rate that is too high, compared with today’s rates. Here is what many smart investors are now doing.

First, re-finance your present mortgage at today’s lowest-ever interest rates. Your reduction in monthly expense will be considerable.

Next, continue to live in your present home for at least four months. This will enable you to rent out your home and still be eligible for another home loan.

Then, rent out your present home. That will not be a problem in today’s market. Vacancy rates are extremely low because many people who used to be homeowners are now renters…and will likely be renters for many years to come. Your rental income should more than offset your expenses, so you will have added even more dollars to your monthly income.

Finally, buy that upgraded home you have had your eye on for a long time.

The bottom line: If you decide to pursue this opportunity,

• You will have more monthly income ….
• Your mortgage payments on both homes will be locked in at the lowest rate in history….
• You will be living in a nicer home …
• The value of your estate will grow every month ….

Is this idea out of the box? It sure is …..in the tradition of Bill gates and Steve Jobs.

Give us a call to discuss the numbers, at 598-3200, or, 800 677-6683 (MOVE).

THE SECRET TO GETTING A LOAN IN TODAY’S MARKET
The Wall Street Journal – Sat.-Sun. May 26-27, 2012

The reason current mortgage loan rates are so low right now is that lenders have a lot of money available to lend, but there are too few qualifying borrowers.

The reason there are too few qualifying borrowers is that lending requirements are very tight right now.

So, according to the Wall Street Journal, the secret to getting loans is to:

• shift assets to your mortgage lender
• clean up your credit
• understand the new government programs

“The reward in the end is substantial, provided you can survive the process.”. says Keith Gombinger, a vice-president at mortgage-data provider HSH.com.

The steps involved in getting that home loan, according to WSK, are:

1. Repair your credit. Borrowers with good credit scores of 740 or more generally get the best rates.
2. Shorten the loan term. If you are several years into your mortgage, you can maximize your savings by opting for a new loan with a shorter term.
3. Contact many different lenders. This is good advice for the people who are attempting to find their own way through the maze of local lenders, but, we can be of great assistance to you in simplifying this process. Our 39 years of experience with local lenders allows us to know who has money to lend. (Surprise, surprise, …not all lenders have money to lend when you walk in the door.) We know which lenders can be flexible and which ones can’t.
4. Relationships can make the difference. Unfortunately, the old saying is still very true in obtaining a loan…”It’s not what you know, but who you know” ..and we know the lenders that can help you the most.

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 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).

LATEST STATISTICS

Click here for the latest Sales and Listing statistics for the Pikes Peak area. These statistics will enable you to see what prices homes in every neighborhood are selling for and how much local Sellers are asking for their homes. These are the numbers that your Realtor will use in developing ‘comparables” when you ask him/her for a recommended listing price for your home. However, there are a lot of variables that will affect the asking price for your home. We will be happy to work with you to develop a specific, realistic listing price for your home. Please give us at 598-3200, or, 800 677-6683 (MOVE),

DON’T MISS THIS OPPORTUNITY TO LOOK OVER THE LATEST “QUE”.

As we discussed in our last week’s update, the latest SCOFF Quarterly Update of the economic conditions in the Pikes Peak area is now available. These statistics make it clear that the Pikes Peak area is in good economic condition, especially when compared to other national metropolitan areas. CLICK HERE to examine this very informative report.

JOKE OF THE WEEK

Here’s one you might be able to identify with:

Several days ago as I left a meeting at a hotel, I desperately gave myself a personal TSAR pat down. I was looking for my keys. They were not in my pockets. A quick search in the meeting room revealed nothing.

Suddenly I realized I must have left them in the car. Frantically, I headed for the parking lot. My wife has scolded me many times for leaving the keys in the ignition. My theory is the ignition is the best place not to lose them. Her theory is that the car will be stolen.

As I burst through the door, I came to a terrifying conclusion. Her theory was right. The parking lot was empty.

I immediately called the police. I gave them my location, confessed that I had left my keys in the car, and that it had been stolen.

Then I made the most difficult call of all, "Honey," I stammered; I always call her "honey" in times like these. "I left my keys in the car, and it has been stolen."

There was a period of silence. I thought the call had been dropped, but then I heard her voice. "Idiot", she barked, "I dropped you off!"

Now it was my time to be silent. Embarrassed, I said, "Well, come and get me."

She retorted, "I will, as soon as I convince this policeman I have not stolen your car."

Yep it's the golden years.

April 30, 2012

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

ANNUAL GOODWILL DINNER WAS A SUCCESS

Last week, we attended the annual Dinner for our local Goodwill. Over 800 people were in attendance for the event which included local political leaders, volunteers, donors, workers and a cross-section of people from our entire community. It was a wonderful evening. !!! Goodwill does a great job for our local community and we were happy to be a part of this annual celebration.

One topic that a couple of attendees wanted to kid me about was the ‘upbeat’ tone of our weekly eNewsletters. They asked me whether I really believed that the local real estate market was as good as it is described in our weekly newsletters.

My heartfelt reply was, and is, that our local market is better than the markets in almost any other metro area in the country. We didn’t feel the home-price drop as dramatically as most other areas and we bottomed out sooner than most. And now we see our local market starting to come back faster than the markets in most of the other metro centers across the country.

I can only emphasize that my enthusiasm and my ‘Buy Now’ tone is not because I’m just looking for a commission, but rather, because I am convinced the people who buy now will benefit greatly in coming years. Prices are low (but rising). Rates are low (but rising). Mortgage money is readily available to people with good credit and our community is thriving.

I urge anyone who would like to cash in on this ‘opportunity market’ to give me a call to discuss what’s happening with real estate in our community. Your home-buying decision today could easily be more valuable to you in the future than any IRA.

And that’s not just ‘optimism’ talking ….That’s an opinion based an analysis of the opportunity that our local real estate market presents to us.

Want to learn more about how to improve your family’s future financial stability through real estate? Call us at 598-3200, or, 800 677-6683 (MOVE).

IT WAS AN INTERESTING WEEKEND …. OUR ‘OPEN HOUSE’ VISITORS WERE EAGER TO BUY !!

Last weekend, we offered two Open Houses to the public. Over the course of the two days, we had the opportunity to speak with quite a few visitors and discovered that many of them are facing the same circumstances, namely, …..They’re waiting for their present home to sell, before they upgrade to their next home. Based upon their comments, we thought it might be productive to list some facts and conclusions about our present market:

• There are a lot of prospective homebuyers out there who want to buy upgraded homes as soon as their present homes close. That’s good news for the housing industry
• Most people who have had their homes on the market for a while have finally reconciled themselves to the fact that, when they do sell, the price will not be as high as they had hoped for a few years ago. However, they also recognize that, when they do buy, current prices are a real bargain. Therefore, they understand that the money they might ‘lose’ when they sell will be more than recovered when they buy
• Home prices are starting to rise, so more prospective buyers are starting to look around at what’s available and are making plans to buy sometime this year
• Foreclosures are slowing down (-11.3% in the first quarter and -24.1% year-over-year, according to the Colo. Div. of Housing). This is good news for Sellers because a lower inventory of available homes creates upward pressure on prices.
• ‘Low-ball’ offers are quickly becoming a thing of the past. The two reasons for this are that homes are now being priced more realistically and competition between buyers is growing. This is especially true here in Colorado Springs ….(Out-of-town Realtors and homeowners alike tell us they envy our local market’
• People with good credit are not having a problem getting a new mortgage …at great rates

The Bottom Line for me was that 2012 should be a great year for real estate.

THE BIDDING WARS FOR HOMES ARE BACK
The Wall Street Journal, April 30, 2012

A new development is catching home buyers off guard as the spring sales season gets underway: Bidding wars are back.

From California to Florida, many buyers are increasingly competing for the same house. These bidding wars are primarily the result of supply shortages, as inventories of available homes are shrinking.

We have experienced this new development in our local market. These bidding wars are confirmation that home prices are now on the rise. It’s about time. !!!

If you have been considering putting your home on the market, this ‘bidding war’ trend will affect your listing price. If you would like to discuss prices in your local neighborhood, or in any of our local neighborhoods, please call us at 598-3200, or, 800 677-6683 (MOVE).

NOT READY TO MOVE, BUT WANT TO CASH IN ON THE RISING real estate MARKET ?

In our current market, it is difficult for people who have poor credit to obtain home loans. Therefore, many of the families who have lost their homes to foreclosure or short-sale have been forced to become renters. These families are caught in a real squeeze …rents are going up, but lenders are getting tougher to deal with, so purchasing another home is not an option. These facts have expanded our pool of prospective renters and have made rental property more profitable for investors than ever.

If you would like to discuss acquiring rental property, please give us a call. The market is excellent, prices are low, mortgage rates are still very attractive, the inventory of homes is still relatively high and the pool of prospective renters has grown tremendously over the past few years. ….and rents are going up at a fast rate.

Call us at 598-3200, or, 800 677-6683 (MOVE), to discuss this wonderful opportunity to add a valuable asset to your retirement package.

5 WAYS TO SELL A HOME FASTER, FOR MORE MONEY
Daily real estate News, April 25, 2012

24/7 Wall St. recently asked real estate experts and several Real Estate organizations to weigh in on how sellers can get their house sold at the best price and in the shortest amount of time.

Here’s what they had to say as some of the best ways to get the “sold” sign out this spring:

1. Pay attention to “curb appeal”: First impressions are critical, and homes with inviting landscapes and exteriors tend to sell better, agents say. Pay attention that the driveway is in good condition, lawn well-kept, and the house looks freshly painted.
2. Set the right price: real estate professionals know how to set the price and prepare a home for sale. Agents use comparable sales of homes sold in the last 60 days to help set the most realistic price for the sales price of a home. By setting a realistic price from the beginning, sellers should be reminded that this will prevent having to drop the price of the home several times before getting it sold and having it linger on the market. If no recent comps are available, some experts recommended sellers get an appraisal, which will also offer a realistic price that the bank may be willing to take when a buyer tries to qualify for financing the home.
3. Talk about energy efficiency: Many buyers don’t fully understand “green” homes but they understand savings. Sellers should point out any features in their homes — such as energy-efficient windows or appliances — that could save buyers money with utility costs.
4. Give the home Web appeal: Good photographs make a home stand-out online and help lure more potential buyers to the front door. Realtor.com says that more than 6,300 photos are viewed per minute on listings posted at its site.
5. Make it: move-in ready Fix any needed repairs, such as water stains, creaky doors, and windows that don’t shut. Flaws in the home — even if relatively minor — can distract buyers, and should be fixed before the home is even listed. Some agents recommend that sellers get a home inspection prior to putting the home up for sale, which can help sellers be proactive in identifying any potential problems that could potentially derail a sale later on. Once a problem is uncovered, sellers are obligated to disclose it or fix it.

And we would like to add 1 more tip for selling your home faster, for more money ….Work with a professional Realtor who is well acquainted with the local market. The selling environment for real estate changes quickly and your Realtor should be well-aware of what’s happening in every neighborhood in your area on a daily basis.

Call us at 598-3200, or, 800 677-6683 (MOVE). We will be happy to discuss your best options.

SALES AND LISTING STATISTICS

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, 0r, 800 677-6683 (MOVE).

LET US TAKE YOU OUT TO THE BALLGAME !!!

If you like baseball, here’s your chance to see the Sky Sox play FREE.

The Sky Sox baseball team is our local AAA Top Affiliate of the Colorado Rockies. And, because we are long-time supporters of our Sky Sox, we have 4 free tickets to all Sky Sox home games available to our readers. These 4 tickets are in the first row, right behind the home dugout.

If you would like to see the Sky Sox play, just give us a call ….but remember, it’s “First Come, First Served”, so you had better call now.

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

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

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf. Call us at 598-3200,or, 800 677-MOVE (6683).

JOKE OF THE WEEK

A guy stuck his head into a barbershop and asked, 'How long before I can get a haircut?
The barber looked around the shop full of customers and said, 'About 2 hours.'

The guy left.

A few days later, the same guy stuck his head in the door and asked, 'How long before I can get a haircut?'
The barber looked around at the shop and said, 'About 3 hours.'

The guy left.

A week later, the same guy stuck his head in the shop and asked, 'How long before I can get a haircut?
The barber looked around the shop and said, 'About an hour and a half.'

The guy left.

The barber turned to his friend and said, 'What’s this guy’s problem? Hey, Bob, do me a favor , follow him and see where he goes. He keeps asking how long he has to wait for a haircut, but he never comes back.'

A little while later, Bob returned to the shop, laughing hysterically.
The barber asked, 'So, where does he go when he leaves here?'

Bob looked up, wiped the tears from his eyes and said,

'Your house!'

April 23, 2012

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

GOOD NEWS...HOME PRICES ARE ON THE REBOUND AND COLORADO SPRINGS IS LEADING THE WAY

Realtor.com just published their Monthly Housing Summary which shows that, on the national level, inventory of for-sale single family homes declined by -21.48% in March, 2012, compared to a year ago, and declined in one month in all but two of the 146 markets covered by Realtor.com.

The median age of the national inventory fell 19.82% on a year-over-year basis last month and the median national list price was up by 5.56% last month, compared to March 2011.

These positive indicators contrast with the situation at the beginning of the 2011 home buying season, when the median list price was down by 4.81% on an annual basis and the age of the inventory was up by 26.14%.

In the Realtor.com report, Colorado Springs comes in at #55 out of the 146 national markets covered, which puts us in the top third of all markets. In fact, in a year-to-year comparison, our median prices were up 6.9% over last year.

Lawrence Yun, NAR chief economist, said, “The recovery is happening. We have seen nine consecutive months of year-over-year sales increases. With job growth, low interest rates, bargain home prices and an improving economy, the pent-up demand is coming to market and we expect housing to be notably better this year”.

The bottom line: Realtor.com predicts that 2012 could well mark the beginning of a broad-based housing recovery.

SO, WHO’S HAPPY ABOUT THE REBOUND?

Well, it’s obvious that Sellers are very happy with the rebound in home prices. They have gone through several years of seeing the value of their homes decline. They have seen their homes stay on the market for unreasonable lengths of time while receiving offers that were unacceptably low.

Sellers are now recognizing the improved market and are beginning to demand offers that reflect the recent increase in home values and sales activity. (Just last week, we worked with a buyer who ended up having to pay full list price for a local home. …That’s a very encouraging sign for all prospective sellers.)

SO, WHO’S NOT SO HAPPY ABOUT THE REBOUND?

Well, given the fact that home prices are going up and mortgage interest rates are predicted to rise, prospective buyers who delay the purchase of their new homes will definitely not be happy if they postpone their purchase much longer.

According to Fannie Mae’s March 2012 consumer attitudinal National Housing Survey, more consumers are now looking to purchase homes. ….And that means that home prices will continue to rise !!!

In addition, 44% of the respondents believe their personal finances will get better over the next year.

The bottom line: 73 % of Americans now believe it is a good time to buy a home.

Doug Duncan, vice president and chief economist of Fannie Mae, puts it this way, “Conditions are coming together to encourage people to want to buy homes. Americans’ rental price expectations for the next year continue to rise, reaching their record high level for our survey.

With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, many survey respondents are convinced that renting is becoming more costly and homeownership is a more compelling housing choice.”

Fannie Mae’s National Housing Survey Results

• 33% of respondents expect home prices to increase over the next 12 months… That’s the highest level over the past 12 months.
• 39% of Americans say that mortgage rates will go up in the next 12 months
• 73% of respondents say it is a good time to buy ….That’s the highest level in over a year
• 14% of respondents say it is a good time to sell.
• 48% of respondents think that home rental prices will go up …That’s the highest number recorded to date
• 66% of respondents say that, if they were going to move, they would buy their next home, rather than rent,.

The bottom line for prospective buyers …..Call us right now to discuss your new home. Next year and for many years to come, you will be happy you made your move today !!!

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

FANNIE, FREDDIE ACCELERATING SHORT SALES - LOAN SERVICERS MUST MAKE DECISION IN 30 DAYS
By Inman News, Wednesday, April 18, 2012.

Fannie Mae and Freddie Mac will require loan servicers who need more than 30 days to make a decision on a short-sale offer to provide weekly status updates and give a thumbs-up or thumbs-down no later than 60 days after receiving an offer.

The new short-sale timelines, announced this week by Fannie and Freddie's regulator, the Federal Housing Finance Agency, take effect in June as the first step in a broader effort to help more homeowners avoid foreclosure.

FHFA said it expects additional changes to be in place by the end of the year that address borrower eligibility and evaluation, documentation simplification, property valuation, fraud mitigation, payments to subordinate lien holders, and mortgage insurance.

Freddie Mac issued more specifics on its new short-sale timeline, which applies not only to offers on properties in Freddie Mac's traditional short-sale program, but to requests from borrowers to be considered for a short sale or deed-in-lieu of foreclosure under the Home Affordable Foreclosures Alternatives (HAFA) program.

If a loan servicer makes a counteroffer, the borrower is expected to respond within five business days. The servicer must then respond within 10 business days of receiving the borrower's response.

"Short sales are more complex than routine home sales since they may involve multiple parties and long-distance negotiating," said Tracy Mooney, Freddie Mac senior vice president. "Freddie Mac's new timelines are intended to help make the decision process more transparent and timely for short sales under the Obama administration's HAFA program or Freddie Mac's traditional short-sale option."

Along these same lines, last week, Bank of America announced it has cut decision times on short-sale offers to no more than 20 days, down from 45 days or longer. If offers fall through, agents have five days instead of 14 days to submit a backup offer.

These new, more efficient procedures should eliminate the delays that buyers and Realtors have encountered when attempting to purchase ‘short-sale’ properties and should encourage more activity for short-sales.

Call us to learn more about these new policies and how they might help you obtain your new home. Call us at 598-3200, or, 800 677-6683 (MOVE).

LET’S GET TOGETHER THIS WEEKEND.!!!!

As you may have read in the Gazette, this weekend is National Open House Weekend. As our contribution to the event, we will be holding two open houses …On Saturday the 28th, we will be at 2620 Tamara Way (In Mountain Shadows). This magnificent hillside home features 6 bedrooms and 5 bathrooms. See our “Featured Listing” section, below for complete details of this gorgeous home.

On Sunday the 29th, we will be at 5062 Farris Creek Court, in Cordera. (That’s near Powers and Briargate Parkway, in the Northeast end of town). This beautiful Ranch Home features 5 bedrooms, 3 bathrooms and a finished basement. We are also featuring this listing, below.

We hope you come by to say “Hello” on Saturday or Sunday. This is a great opportunity for us to meet some new friends, to catch up on what’s new with some of our long-time friends and to show you a couple of beautiful homes that are now available at wonderful prices, and …if that’s not enough, You will be able to Register to win some prizes (The Grand Prize is $500 cash).

We will be at our open houses from 1pm to 4pm and we really look forward to seeing you this weekend.

SALES AND LISTING STATISTICS

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, 0r, 800 677-6683 (MOVE).

LET US TAKE YOU OUT TO THE BALLGAME !!!

If you like baseball, here’s your chance to see the Sky Sox play FREE.

The Sky Sox baseball team is our local AAA Top Affiliate of the Colorado Rockies. And, because we are long-time supporters of our Sky Sox, we have 4 free tickets to all Sky Sox home games available to our readers. These 4 tickets are in the first row, right behind the home dugout.

If you would like to see the Sky Sox play, just give us a call ….but remember, it’s “First Come, First Served”, so you had better call now.

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

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

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 39 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf. Call us at 598-3200,or, 800 677-MOVE (6683).

JOKE OF THE WEEK

$250 IS A LOT OF MONEY

Elmer had always wanted to take a ride in an airplane. When it was announced that plane rides would be offered at the State Fair, Elmer told Sarah, his wife, that they should sign up to take a ride. It would only cost $250.

Sarah said, “$250 is a lot of money”. But Elmer persisted and they finally went to the airport to sign up.

The whole time they were negotiating with the pilot, Sarah kept saying, “$250 is a lot of money”. Finally the pilot said, “OK. I’ll make a deal with you. If you agree not to speak even one word during the flight, I’ll take you up for free!! (The pilot was convinced they wouldn’t be able to handle the stunts without screaming).

Sarah finally said, “$250 is a lot of money, but, if we don’t have to pay if we keep quiet, let’s do it.

So, they took off and the pilot put them through all the stunts he could think of ….barrel rolls, stalls, upside down flying, dives, etc. … and he never heard a word out of his two passengers in the rear seat.

After about 20 minutes, the pilot landed and Elmer climbed out of the plane and collapsed to the ground. The pilot said, “Congratulations, Elmer. You never said a word during the whole flight. I guess you just got a free flight.”

Elmer replied, “Well, I almost said something when Sarah fell out, but I kept thinking, …$250 is a lot of money”.