Real Estate Information

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”.

April 16, 2012

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

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 the open houses from 1pm to 4pm and we really look forward to seeing you this weekend.

LOCAL SALES TAX REVENUE IS UP IN FIRST 2 MONTHS OF 2012
Colorado Springs Business Journal. April 11th, 2012

Colorado Springs sales-and-use tax collections are up in the first two months of 2012, higher than the first two months of 2011.

Overall, collections are 6.9 percent higher than at this time last year, according to the collections report released by the city Tuesday.

In February, the city reported that sales and use tax was $8.6 million, or 6 percent more than the same month in 2011. In March, collections are $9 million, or 10 percent higher than in the previous year.

According to the report, Restaurants are up 11 percent, auto dealers are up 12 percent and grocery stores are up 10 percent.

This is a good sign that consumer confidence is growing and the economy is going in the right direction.

MORE GOOD NEWS FOR BUYERS …BANK OF AMERICA IS STREAMLINING ITS SHORT-SALE PROCEDURES
By Inman News, Tuesday, April 10, 2012.

Bank of America says it's making changes to its short-sale procedures that will shorten decision times on short sale offers to 20 days, down from 45 days or longer.

The new task flow in Bank of America's short-sale management platform, Equator, will enable short-sale specialists to conduct tasks like document collection, valuations and underwriting simultaneously. Agents will have five days instead of 14 days to submit a backup offer.

If any of our readers have experienced the frustration of waiting for Short-Sale offers to be considered, they will be relieved to hear this good news.

Give us a call to see if this new B of A process might be of help to you in making an offer on a short-sale property.

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

IS THIS A GOOD TIME TO BUY real estate? AIG SAYS IT IS.
The Wall Street Journal Wednesday, April 11, 2012

American Investment Group (AIG) has repaid the government most of its $182.3 billion federal bailout and is now planning to jump back into U.S. property investing, reversing its yearslong effort to downsize its real estate business.

This decision demonstrates that the “big guys” are convinced that real estate is now on the way up and will pay-off big in the future.

In fact, as Daily real estate News reports(Wednesday, April 11, 2012), more home buyers may jump off the sidelines this spring as they get more urgent about purchasing a home, fearing that home price and mortgage rate increases are on the horizon.

Housing surveys in recent weeks have shown that more Americans are seeing now a great time to purchase a home. In the most recent survey, 73 percent of Americans say now is a good time to buy, according to the latest Fannie Mae Housing Survey conducted in March. That’s up from 70 percent in February who said it was a great time to buy.

"Conditions are coming together to encourage people to want to buy homes," says Doug Duncan, Fannie Mae’s chief economist. "With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that home ownership is a more compelling housing choice."

Indeed, more buyer urgency is evident in the market. Thirty-three percent of those surveyed by Fannie say they expect home prices soon to increase, which is the highest percentage in a year. What’s more, nearly 40 percent say they expect mortgage rates to rise in the next year too, which is also up from previous surveys.

Coupled with that, 48 percent of Americans say they expect rents to continue to climb, and 44 percent say they expect their financial situation to improve in the next year.

We agree, and we urge our readers to seriously consider buying their new homes right now, while prices are still low, mortgage rates are still low, inventories are still high and inflation has not yet kicked in.

HOUSING CRUNCH COMING TO OLDER AMERICANS
Daily real estate News | Monday, April 09, 2012

By 2050, the population of Americans 65 and older will more than double and is expected to grow at a faster rate than any other age group, according to U.S. Census data. By that time, one in five Americans will be over the age of 65, and a new report says that growing population will likely face increasing difficulty in finding suitable housing to meet their needs.

The report from the Center for Housing Policy (“Housing an Aging Population — Are We Prepared?”) warns a severe housing cost burden is looming for the country as the older adult population soars.

Older adults are more likely than younger adults to spend more than half their income on housing, the study found. Home owners who are 65 and older are more likely than younger households to have their mortgages paid off, but other housing-related costs continue to bite into their more limited incomes. Property taxes, home maintenance, and utility costs continue to be a burden to even mortgage-free home owners, the study says.

“As the older population grows, meeting the housing needs of older adults is certain to become a significant challenge across the nation,” says Rodney Harrell, a policy adviser at AARP’s Public Policy Institute. “States and communities need to effectively respond by adopting policies that ensure adequate, affordable housing for people of all ages.”

The report calls for a variety of housing to meet the needs of older adults, including a growth in assisted-living residences, continuing care retirement communities, and congregate housing. The authors also urge for the availability of housing grants and loans to assist with modifying a current home so older adults can age-in-place as well as property tax abatement or housing voucher programs to help alleviate housing costs.

Speaking as one of the “Older Americans” myself, I can sympathize with our older clients who have special housing needs and I would be happy to lend my 39 years of real estate expertise to assist them in their search for housing, or for assistance with listing their present homes.

Us “Old Timers” have to stick together !!! Call me at 598-3200, or, 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).

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, IF ALL OF THIS IS NOT ENOUGH EXCITEMENT FOR YOU, KEEP IN MIND THAT IT’S JUST TWO MORE DAYS UNTIL THE BIG CELEBRATION – TAX FREEDOM DAY !!!

On April 17th, we can all celebrate Tax Freedom Day. That’s the day of the year when we can start working for ourselves, rather than for the government. Up until April 17th, everything we have made during 2012 has gone for taxes. YIPPEE!

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 is the story of the GHL (Green Haired Lady) flying in a two-seater airplane with just the pilot. He has a heart attack and dies. She, frantic, calls out a May Day.

"May Day! May Day! Help me! Help me! My pilot had a heart attack and is dead, and I don't know how to fly. Help me! Please help me!"

She hears a voice over the radio saying:

"This is Air Traffic Control and I hear you loud and clear. I will talk you through this and get you back on the ground. I've had a lot of experience with this kind of problem.

'Now, just take a deep breath. Everything will be fine! ……….Now give me your height and position."

She says, "I'm 5'4" and I'm in the front seat."

(Pause)
O.K." says the voice on the radio.... "Repeat after me: Our Father. Who art in Heaven..."

April 9, 2012

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

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

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

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

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

LOCAL HOME SALES FALL, BUT PRICES RISE –

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

JOKE OF THE WEEK

WHO IS YOUR ROLE MODEL ??

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

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

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

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

April 2, 2012

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

FORECLOSURE RATE IN COLORADO SPRINGS BETTER THAN REST OF STATE AND NATION
Colorado Springs Business Journal – March 27, 2012

The rate of foreclosure among all outstanding mortgages in Colorado Springs fell to 1.39 percent in January, according to a report from CoreLogic, a real estate market information and analysis firm. The rate is a decrease of 0.42 percent from January of 2011 when it was 1.81 percent.

Foreclosure activity in Colorado Springs is also significantly lower than the national average, where 3.6 percent of all outstanding mortgages go into foreclosure. Colorado Springs rate was also slightly below the Colorado average of 1.44 percent.

The city is also showing improvement among the percentage of mortgages 90 days or more delinquent. That rate fell from 4.44 percent in January, 2011 to 4.04 percent this January. While that rate is slightly higher than the state average, it’s well-below the national average of 7.24 percent.

The Gazette reports that foreclosures have fallen, in part, because the pool of homeowners falling into foreclosure – people who have lost jobs or had bought houses using non-traditional, risky mortgages – is dwindling.

This is good news for our local housing market and is an indication that local home prices will now start to rise. Sellers will be happy to hear that and will probably start re-listing their homes. Buyers should take note of all of these factors as they decide whether to buy now or continue to wait.

In fact, now is the best opportunity for buyers to make their move. Prices and mortgage rates are still very low, and the inevitable inflation that will soon affect home prices and rates has not kicked in yet.

Another factor that will trigger a rise in home prices is that many prospective buyers have been waiting for prices to stop falling, before they committed to buy. When all of these Mugwumps start looking to buy, prices will definitely rise even further.

Contact us to discuss the local market in more detail. Should you buy, rent, refinance, or list?? We can help you make the decision that will be best for you. Call us at 598-3200, or, 1-800-677-6683.

HAPPY DAYS ARE HERE AGAIN, ACCORDING TO 38 LEADING real estate EXPERTS

A new Urban Land Institute survey of 38 leading real estate economists and analysts from across the US projects broad improvements for the nation’s economy, real estate capital markets, real estate fundamentals and the housing industry through 2014.

The survey, conducted during late February and early March, is a consensus view and reflects the median forecast for 26 economic indicators, including property transactions, vacancy rates and rents, housing starts and home prices.

Some of the consensus predictions are:

• Rents are expected to increase for all property types, with 2012 apartment rent increases of 5%
• Housing starts will nearly double by 2014 and home prices will begin to rise, with prices increasing by 3.5% in 2014.

Lawrence Yun, chief economist for the National Association of Realtors, echoed the survey results. He stated, “The spring home buying season looks bright because of an elevated level of contract offers so far this year. If activity is sustained near present levels, existing home sales will see their best performance in five years. Based on all the factors in the current market, we’re expecting sales rising 7%-10% in 2012”.

The surveyed experts also predict a GDP growth of 2.5% this year, 3% in 2013 and 3.2% in 2014. They also predict a decrease in unemployment, down to 6.9% in 2014.

The down-side of these positive predictions is that the improving economy will likely lead to higher inflation and interest rates.

Freddie Mac reflected these trends by stating, “We can expect 30-year fixed-rate mortgages to gradually increase throughout the year to about 4.5%”.(March 29, 2012).

Frank Nothaft, Freddie Mac’s chief economist noted that “As if awakening from hibernation, housing starts and home sales have moved to a higher level of activity”.

Keep in mind, however, that if you wait another six months to buy your new home, both the price for the home and the mortgage rate will probably be higher than they are today.

Call us at 598-3200, or 1-800-677-6683.

BUYING A HOME? THE COST IS MORE IMPORTANT THAN THE PRICE
The KCM Crew, March 19, 2012

KCM is a respected source of in-depth information about the real estate market. They recently published a timely reminder for prospective buyers, advising them to consider the total cost of their home purchase, as opposed to merely the price of the house. We thought you would be interested in their comments:

“We have often advised buyers to look at the COST of purchasing a house more than the PRICE of the home. Obviously, price is part of the cost equation. The other piece, assuming you are not an all cash buyer, is the mortgage rate. The mortgage rate to finance a purchase can have a dramatic impact on the overall cost. Recently, there are more people talking about the possibility that mortgage rates could begin to increase”.

They point out that, over the life of a 30-year mortgage, a 1.5% increase in interest rate will cost the homeowner over $40,000. And, when we consider that NAR is predicting that mortgage rates will soon be rising from 3.9% to as much as 4.6%, it’s obvious that waiting may not be in your best interests.

Furthermore, considering the projected rise in rents and the fact that, as a homeowner, you have tax advantages that you don’t enjoy as a renter, the total cost to you of delaying your home purchase may be greater than you think.

In fact, if you are considering buying a home in today’s market, there are 4 things that you should be discussing with your real estate agent:

1. Would you be better off buying or renting?
2. What are the advantages of owning a home, including the non-financial advantages?
3. Why the financial gurus are saying that NOW IS THE TIME TO BUY
4. Why real estate will be a GREAT investment moving forward.

We would be happy to discuss all of these factors with you. Call us at 598-3200, or 1-800-677-6683.

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.

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

LATEST STATISTICS

Click here for the latest Sales and Listing statistics for the Pikes Peak area. These statistics can help you evaluate prices and neighborhoods. Call us, if you have any questions.

JOKE OF THE WEEK

As part of our effort to achieve world peace, we have developed a list of “Men’s Rules”.

These rules are meant to clarify some aspects about men’s behavior which sometimes lead to misunderstandings, arguments and/or hurt feelings
Please note.. These are all numbered "1 "…….on purpose!

1..Men are not mind readers. (first & foremost rule)
1..Learn to work the toilet seat. You're a big girl. If it's up, put it down. We need it up, you need it down. (You don't hear us complaining about you leaving it down. )
1..Sunday sports, it's like the full moon, or the changing of the tides. Let it be.
1..Crying is blackmail.
1..Ask for what you want. Let us be clear on this one: Subtle hints do not work! Strong hints do not work! Obvious hints do not work! Just say it!
1.."Yes" and "no" are perfectly acceptable answers to almost every question.
1..Come to us with a problem only if you want help solving it. That's what we do. Sympathy is what your girlfriends are for.
1..Anything we said 6 months ago is inadmissible in an argument. In fact, all comments become null and void after 7 days.
1..If you think you're fat, you probably are. Don't ask us.
1..If something we said can be interpreted two ways and one of the ways makes you sad or angry, we meant the other one
1..You can either ask us to do something, or tell us how you want it done....not both. (if you already know best how to do it , just do it yourself. )
1..Whenever possible, please say whatever you have to say during commercials..
1..Christopher columbus did not need directions and neither do we.
1..All men see in only 16 colors, like windows default settings. Peach, for example, is a fruit, not a color. Pumpkin is also a fruit. (we have no idea what mauve is.)
1..If it itches, it will be scratched. We do that.
1..If we ask what is wrong and you say "nothing," we will act like nothing's wrong. (we know you are lying, but it is just not worth the hassle..)
1..If you ask a question you don't want an answer to, expect an answer you don't want to hear.
1..When we have to go somewhere, absolutely anything you wear is fine... Really .
1..Don't ask us what we're thinking about unless you are prepared to discuss such topics as football,hockey, hunting, or fishing.
1..You have enough clothes.
1..You have too many shoes.
1..I am in shape. (round is a shape!)

Thank you for reading this. .....yes, I know, I have to sleep on the couch tonight;
(but did you know men really don't mind that? It's like camping.)

Pass this to as many men as you can -
To give them a laugh.

Pass this to as many women as you can -
To give them a bigger laugh.

March 26, 2012
HARRY’S WEEKLY UPDATE

LOCAL ECONOMY GAINING JOBS IN PAST 18 MONTHS
The Gazette, Saturday, March 24, 2012

Thought the unemployment rate in the Colorado Springs area remains at a stubborn 9%, there is good news. The local economy has been adding jobs, rather than losing them, according to the revised payroll data released Friday by the U.S. Bureau of Labor Statistics.

The revisions add more than 4,600 jobs per month to last year’s employment totals and reflect a local economy that began recovering from the most recent recession in late 2010, said Tom Binnings, a senior partner of Summit Economics, LLC, a Colorado Springs-based economic research and forecasting firm.

“This is what we were forecasting for last year but wasn’t reflected in the survey numbers, that the economy was much better than was estimated by BLS. We are very pleased that the local economy is gaining traction.’ Binnings said.

“If you look at the other economic indicators for the area,such as sales tax collections, vehicle sales and housing construction, they support that employment was higher than originally reported”, said Fred Crowley, senior economist for the Southern Colorado Economic Forum.

“All indications ar that the local economy is in recovery after bottoming out in early 2009 and has been moving forward at a faster pace than it originally appeared to be”, Crowley said.

That’s good news for our area !!!!

BUYING BEATS RENTING IN COLORADO SPRINGS
by Inman News, Thursday, March 22, 2012.

Thanks to nationwide price declines and rising rents, buying a home is now cheaper than renting one in 98 of the nation's 100 major metropolitan areas, according to a rent vs. buy index from real estate search and marketing site Trulia.

The rent vs. buy index is based on a price-to-rent ratio of asking prices to asking rents for properties on Trulia.com between Dec. 1, 2011 and Feb. 29. 2012, after adjusting for property and neighborhood attributes.

A price-to-rent ratio of 15 or below indicates it is less expensive to buy than to rent in an area.
The top 10 metro areas where it is cheaper to buy than to rent are:

Rank US Metro Price:Rent Ratio

1 Honolulu 17
2. San Francisco 15.5
3. New York 14.5
4. San Jose, CA 14.3
5. Orange County, CA 13.5
6. Los Angeles, CA 13
7 San Diego, CA 12.7
8. Colorado Springs, CO 12
9. Boston, MA 12
10 Albuquerque, NM 11

As rents rise and prices stagnate, homeownership is becoming even more affordable, but rising rents create a dilemma for people who can’t afford to buy yet,” says Jed Kolko, Trulia’s chief economist. “Rising rents make it harder for people to save for a down payment, which is the biggest barrier to buying a home that aspiring homeowners face.”

Paul Dales, senior economist at Capital Economics, estimated decreased vacancies in the home-rental market will push average rental rates up as much as 5% by early 2013, compared to 2.4% in January.

He expects rents to rise at an annual rate of 3% this year and remain at that level in 2013. "Assuming that the economic recovery gains firmer footing, in future years there is scope for rents to rise by around 4% a year," Dales said.

The bottom line for our local, Colorado Springs readers is that you should check with us to see if, considering your circumstances and present market conditions, buying might be better for you than renting, or, if your portfolio would profit from purchasing a rental property, we will be pleased to discuss that option with you. Call us at 598-3200,or,1-800-677-MOVE(6683) to discuss these opportunities.

IT’S TIME TO STOP BEING A MUGWUMP

A Mugwump is a bird that sits on a fence with his ‘mug’ on one side and his ‘wump’ on the other.

For the past few years, the real estate market has been full of prospective buyers (Mugwumps) who have delayed their purchasing decision, as they wait for mortgage rates to go even lower.

Well, folks, if you have been a Mugwump, it’s now time to get off the fence. All the evidence points to the fact that rates are not going to go down, but are even now starting to rise.

Within the past week, the Wall Street Journal, DS News, Housingwire and InmanNews have all featrured stories about the rise in mortgage interest rates. In addition to this rise in rates, you have to add in the fact that FHA costs are rising, the inventories of available homes is shrinking and, in many markets, credit scores are beginning to present problems for prospective buyers.

Locally, Tom Monroe of Residential Mortgage of Colorado LLC just quoted me some current data that emphasize this trend. For example:

• A 30-year, fixed rate, conventional mortgage, with a minimum 20% down payment is now going for around 4.375% - 4.5%....That still extremely low, but it’s higher than it was two weeks ago
• A 15 year, fixed rate, conventional mortrgage is now about 4.0%
• A 30 year, fixed rate for an FHA mortgage is now about 4%
• Our inventory of available homes is shrinking, and, as we all know, when supply shrinks, prices tend to rise.

real estate agents also see the lack of inventory as a problem . The number of homes for sale is down sharply from a year ago. That may stem partly from would-be sellers waiting for prices to firm up.

We strongly urge you to contact your local lender to see how the recent changes in rates, closing costs and FHA fees might affect your loan …and then call us for assistance in getting the best deal possible on your new home.

Call us at 598-3200, or, 1-800-677-MOVE(6683) to discuss the present opportunity for you to buy your home….and leave the other Mugwumps on the fence !!!

FEBRUARY NATIONWIDE HOME SALES UP STRONGLY FROM A YEAR AGO

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, are 8.8 percent higher than the level in February 2011.

Lawrence Yun, NAR chief economist, says underlying factors are much better compared to one year ago. “The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the confidence they need to get into the market,” he says. “Although relatively unusual, there will be rising demand for both rental space and homeownership this year. The great suppression in household formation during the past four years was unsustainable, and a pent-up demand could burst forth from the improving economy.”

“The bottom line is investors and first-time buyers are competing for bargain-priced properties in much of the country, with home prices showing signs of stabilizing in many areas. People realize that homeownership is an investment in their future. Given an apparent over-correction in most areas, over the long term home prices have nowhere to go but up.”

Call us at 598-3200, or, 1-800-677-MOVE(6683) to discuss the present opportunity for you to buy your home.

CONSUMER CONFIDENCE RISES NATIONALLY

A new national survey released by Prudential, shows that Americans are significantly more optimistic about home ownership than they were a year ago. According to the survey, a full 60 percent of Americans have favorable views toward the real estate market. That is up eight points since last year.
More details from the national Prudential Survey:

• With interest rates at historically low levels, 96 % agree or somewhat agree that now is a good time to buy.
• A full 70 % of respondents have some degree of confidence that property values will improve over the next two years; with an eight-point increase in those “very confident”, or “confident” compared to last year.
• 63 % believe that real estate is a good investment despite the recent market volatility; that is up 11 points from last 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.

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

LATEST STATISTICS

Click here for the latest Sales and Listing statistics for the Pikes Peak area. These statistics are issued each month by the Pikes Peak Association of Realtors and enable us to help you determine current Listing prices and Sales prices in every neighborhood in this area. Please give us a call, if you have any questions about the numbers.

JOKE OF THE WEEK

OK, we know that some people are offended by ‘blonde jokes’, so we have edited the following to refer to ‘Green-Haired-Ladies’ (GHL). There, now. Nobody has to be offended, so just enjoy!!!

FIRST DEGREE
A married couple were asleep when the phone rang at 2 in the morning.
His GHL wife picked up the phone, listened a moment and said 'How should I know,
that's 200 miles from here!' and hung up. The husband said, 'Who was that?'
The wife answered, 'I don't know, some woman wanting to know if the coast is clear.'

SECOND DEGREE
Two GHLs are walking down the street. One notices a compact on the sidewalk and leans down to pick it up. She opens it, looks in the mirror and says, 'Hmm, this person looks familiar.'
The second GHL says, 'Here, let me see!' So, the first GHL hands her the compact.
The second GHL looks in the mirror and says, 'You dummy , it's me!'

THIRD DEGREE
A GHL suspects her boyfriend of cheating on her, so she goes out and buys a gun. She goes to his apartment unexpectedly and when she opens the door she finds him in the arms of a redhead. Well, the GHL is really angry. She opens her purse to take out the gun, and as she does so, she is overcome with grief. She takes the gun and puts it to her head. The boyfriend yells, 'No, honey, don't do it!!!' The GHL replies, 'Shut up, you're next!'

FOURTH DEGREE
A GHL was bragging about her knowledge of state capitals. She proudly says, 'Go ahead, ask me, .. I know 'em all.' A friend says, 'OK, what's the capital of Wisconsin ?'
The GHL replies, 'Oh, that's easy . it's W.'

FIFTH DEGREE
Q: What did the GHL ask her doctor when he told her she
was pregnant? A: 'Is it mine?'

SIXTH DEGREE
Bambi, a GHL in her fourth year as a UCLA Freshman, sat in her US Government class The professor asked Bambi if she knew what Roe vs. Wade was about. Bambi pondered the question; then, finally, said, 'That was the decision George Washington had to make before he
crossed the Delaware .'

SEVENTH DEGREE
Returning home from work, a GHL was shocked to find her house ransacked and burglarized. She telephoned the police at once and reported the crime. The police dispatcher broadcast the call on the radio, and a K-9 unit, patrolling nearby, was the first to respond. As the K-9 officer approached the house with his dog on a leash, the GHL ran out on the porch, shuddered at the sight of the cop and his dog, then sat down on the steps. Putting her face in her hands, she moaned, 'I come home to find all my possessions stolen. I call the police for help, and what do
they do? They send me a BLIND policeman!'

March 19, 2012

March 12, 2012

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

GOOD NEWS !!! COLORADO SPRINGS HOMES SELLING BETTER IN 2012 THAN LAST YEAR
The Gazette, Wednesday Mar. 7, 2012

The Gazette reports that local home sales hit 514 in February, 2012. This represents a 14.7% rise in sales over 2011 and marks the 8th straight month of increasing local sales. So far in 2012, our local housing market has shown an 8.8% rise in the number of sales over the same period last year.

Considering the fact that this is an election year, it is very likely that the government will take whatever actions are necessary to boost home prices during the rest of the year. So, with higher prices, low rates, shrinking inventory ….If you have been on the fence about buying or selling your home, now is certainly the time to make your move.

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

HOUSING AFFORDABILITY REACHES NEW RECORD HIGH

Housing affordability rose to a record high during the fourth quarter of 2011, which means that a home buyer’s purchasing power is greater than it has ever been since record-keeping began in 1970, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

NAR’s Housing Affordability Index rose to a record high 206.1 in January, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power.

An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments. For first-time buyers making small down payments, the affordability levels are relatively lower. Based upon these parameters, the Index showed that 75.9% of all new and existing homes sold in the fourth quarter were affordable to families earning the national median income of $64,200. This marks the highest percentage recorded in the index’s 20-year history.

NAR President Moe Veissi, said this latest data underscores buyer opportunities in today’s market. “This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home,” he said. “For buyers who can qualify for a mortgage, now is a very good time to become a homeowner.”

NAR projects the affordability index for all of 2012 will be at an annual high, with little movement in mortgage interest rates or home prices during the year. “Housing inventory levels have declined to a point where conditions are becoming much more balanced in much of the country,” Veissi said. “If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth.”

Considering today’s low prices, low mortgage-interest rates and high inventories of available homes, it’s obvious that now is the time to buy your new home, or to acquire that rental property.

Call us at 598-3200, or, 800-677-6683, to discuss this opportunity.

WHAT YOU NEED TO KNOW ABOUT CANCELATION OF MORTGAGE DEBT
By Linda Goold, Tax Counsel for National Association of REALTORS®.

A lender will, on occasion, forgive some portion of a borrower’s debt. The general tax rule that applies to any debt forgiveness is that the amount forgiven is treated as taxable income to the borrower. Some exceptions to this rule are available, but, until recently, the borrower was required to pay tax on the debt forgiven. A new law enacted in December 2007 provides relief to troubled borrowers when some portion of mortgage debt is forgiven. However, this relief expires on December 31, 2012 and NAR will be working to obtain an extension throughout the year.

Below is some general information you need to know about this law and cancellation of mortgage debt.

General Rule for Debt Forgiveness
If a lender forgives some or all of an individual’s debts, the general rule is that the forgiven amount is treated as ordinary income and the borrower must pay tax on the forgiven amount. Exceptions apply for bankruptcy, insolvency and certain other situations, including mortgage debt.

Current Law for Mortgage Debt
(Jan. 1, 2007 through Dec. 31, 2012): A borrower can be excused from paying tax on forgiven mortgage debt. The debt must be secured by a principal residence and the total amount of the outstanding obligation may not exceed the original mortgage amount plus the cost of any improvements.

Does the relief apply only to a sale?
No. The provision has broader application. Lenders might forgive some portion of mortgage debt in a short sale (when value at sale is less than the amount owed) or in a foreclosure where the debt is wiped out. In addition, if a borrower still living in the home is able to make an arrangement with a lender that reduces the principal balance of a mortgage, the amount forgiven in that workout will not be taxed.

Can the homeowners in a short sale or foreclosure claim a loss?
No. The loss is considered a personal loss and is, therefore, ineligible for either capital loss or ordinary loss treatment.

What happens to the seller when mortgage debt is forgiven?
Until January 1, 2013, the homeowner will pay no tax on any forgiven amount.

Does this provision apply to a refinanced mortgage?
Only in limited circumstances. The relief provision can apply to either an original or a refinanced mortgage. If the mortgage has been refinanced at any time, the relief is available only up to the amount of the original debt (plus the cost of any improvements). Tax relief is generally not available for second mortgages or home-equity lines of credit where the funds are not used for home improvement. Any amount that is not eligible for the relief provision will be taxed as ordinary income.

How does the homeowner get the correct information to the IRS?
The lender is required to provide the homeowner and the IRS with a Form 1099 reflecting the amount of the forgiven debt. The borrower/homeowner must file a Form 982 to reflect the amount forgiven and to show the reason why the forgiven amount is not taxable. Any taxable portion of forgiven debt will then be reported on the homeowner’s Form 1040 for the tax year in which the debt was forgiven.

What if a property declines in value but the owner stays in the house?
The provision would not apply. The provision applies only at the time of sale or other disposition or when there is a workout (reduction of existing debt) with the lender.

Do all lenders forgive mortgage debt when property values decline or the home is in foreclosure?
No. Some states have laws that allow a lender to require a repayment arrangement, particularly if the borrower has other assets. Forgiveness of debt is always at the lender’s discretion.

SMALL BUSINESS OWNERS, TAKE NOTE. …CUSTOMERS ARE LOOKING FOR YOU ONLINE
real estate Trends March 11, 2012

As a business owner operating in a local market, the reliance of consumers on their smart phone and tablet devices has put you in the position to capitalize more so than ever before. The way in which the technology, mobile apps and social media have come together has placed the focus on “local” more so than ever before.

A recent study by comScore revealed that 64 percent of tablet owners are searching weekly and 61 percent of smart phone users conduct local searches from their device. In addition, the report shows a 67 percent increase in social network local business searches since 2010. One thing we know about social network users is that they are in large part accessing from their mobile device.

Take for a moment a real life scenario; you’re out to dinner with friends and you mention you are going to need a plumber. Your friend replies, “I know a great company you should work with.” The common practice in many social circles now-a-days is to immediately Google or look up that recommendation through a social network from your mobile device. We’ve all done this in one form or another.

This means that your information not only needs to be accessible and updated in the various business profiles and on maps in engines like Google, Bing and Yahoo, but it also means that the link to your website needs to work on mobile and tablet devices as well as it does on PCs. Your brand and your information need to be consistent no matter the device the consumer is using.

The old days of just advertising your business in the Yellow Pages are gone forever.

SALES AND LISTING STATISTICS

Click here to see the latest PPAR statistics regarding area sales and listings And be sure to give us a call, if you have any questions, or would like to discuss these statistics in more detail. Call us at 598-3200, or, 800 677-6683.

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, 800 877-MOVE (6683).

JOKE OF THE WEEK

RETIRED/BORED HUSBAND

After I retired, my wife insisted that I accompany her on her trips to Target. Unfortunately, like most men, I found shopping boring and preferred to get in and get out. Equally unfortunate, my wife is like most women - she loves to browse. Yesterday my dear wife received the following letter from the local Target:

Dear Mrs. Harris, Over the past six months, your husband has caused quite a commotion in our store. We cannot tolerate this behavior and have been forced to ban both of you from the store. Our complaints against your husband, Mr. Harris, are listed below and are documented by our video surveillance cameras:
• June 15: He took 24 boxes of condoms and randomly put them in other people's carts when they weren't looking.
• July 2: Set all the alarm clocks in Housewares to go off at 5-minute intervals.
• July 19: Walked up to an employee and told her in an official voice, 'Code 3 in Housewares. Get on it right away'. This caused the employee to leave her assigned station and receive a reprimand from her Supervisor that in turn resulted with a union grievance, causing management to lose time and costing the company money.
• August 4: Went to the Service Desk and tried to put a bag of M&Ms on layaway.
• August 14: Moved a 'CAUTION - WET FLOOR' sign to a carpeted area.
• August 23: When a clerk asked if they could help him he began crying and screamed, 'Why can't you people just leave me alone?' EMTs were called.
• September 10: While handling guns in the hunting department, he asked the clerk where the antidepressants were.
• October 3: Darted around the Store suspiciously while loudly humming the ' Mission Impossible' theme.
• October 18: Hid in a clothing rack and when people browsed through, he yelled 'PICK ME! PICK ME!'
• October 22: When an announcement came over the loud speaker, he assumed a fetal position and screamed 'OH NO! IT'S THOSE VOICES AGAIN!'
And last, but not least:
• October 23: Went into a fitting room, shut the door, waited awhile, and then yelled very loudly, 'Hey! There's no toilet paper in here.' One of the clerks passed out.

Some people just have no sense of humor !!!

March 5, 2012

HARRY’S WEEKLY UPDATE

A CURRENT LOOK AT THE COLORADO SPRINGS RESIDENTIAL real estate MARKET

LATEST LOCAL STATISTICS ARE LOOKING GOOD !!

The February PPAR statistics were just released today, and our numbers are looking good. The number of sales in February was up 8.4%, the average sales price went up 3.8% in one month, and the median sales price went up 2.6% in one month. Those numbers indicate that our local market is getting much more active. .

Another indicator that things are getting better is that our inventory of available homes has gone down by over 1000 homes since last year (3224 vs 4315). That’s a 25.3% reduction and a good indication that we are working through the foreclosure problem.

The most recent PPAR statistics regarding sales and listings in the Pikes Peak area will provide you with extensive data to assist you with your decision about buying or selling your home. We would be happy to discuss these statistics with you and to review the sales history of the neighborhoods that interests you.. Just call us at 598-3200 or 800 677-6683(MOVE)

Click here to see the most recent statistics

AND, LOCAL, NEW-HOME CONSTRUCTION IS UP

The Gazette (March 2, 2012) tells us that last month was the 2^nd- best February in 5 years for home building permits. Permits totaled 110 in February in Colorado Springs and El Paso County, according to the Pikes Peak Regional Building Department. That’s up nearly 70% over the same month in 2011. And, for the first two months in 2012, permits totaled 195, a one-third, year-over-year increase.

PENDING SALES OF EXISTING HOMES UP TO ALMOST A TWO-YEAR HIGH

RIS Media - March 4, 2012

More Americans are signing contracts to buy existing homes than at any time in nearly two years, boosting the housing industry’s slow recovery, according to the National Association of REALTORS®’ index of pending home sales.

The measure is up 2 percent to 97 in January after slipping 1.9 percent in December. The index of deals for previously owned homes is up 8 percent compared with January of 2011.

Last month saw the highest point on the index since April 2010, when consumers drawn by a home-buyer tax credit pushed the figure to 111.3. That was the last time the measure exceeded 100 — the benchmark for industry health. The REALTORS® group said last week that existing home sales in January were up more than 4 percent to an annual rate of 4.57 million.

Housing experts such as Lawrence Yun, NAR’s chief economist, credit the sliding unemployment rate—which fell in January to its lowest point in three years —as well as a downward trend in home prices and a supply of homes that is at a nearly seven-year low.

“Movements in the index have been uneven, reflecting the head winds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery,” Yun says in a statement.

HOW IS THE NATIONAL ECONOMY DOING? IT LOOKS LIKE IT IS PICKING UP SPEED

The Gazette (Thursday, March 1, 2012) reports that stronger hiring and higher pay and savings should support solid growth for the economy in coming months, according to a recent report on economic growth from the Commerce department.

The economy grew at a 3% annual rate in the October-December quarter, up from the previous estimate of 2.8%, the Commerce department said.

Economists stressed that the fundamental drivers of the economy – incomes, consumer spending and business investment – are rising.

The unemployment rate has fallen for five straight months. Consumer confidence rose in February to the highest point in a year, which should lead to more spending and faster growth

The Fed said Wednesday that all 12 of its banking districts reported some level of growth in January.

In a related story, The Wall Street Journal (Friday, March 2, 2012) also reported that there are other hopeful signs that the foundation for healthy growth are beginning to take root. Recent job gains have been broader-based and longer-lasting than at other points in the recovery. Household saving is up and the home-building market is showing signs of improvement.

Finally, REALTORMag (Feb. 28, 2012) reports the inventory of new homes on the market shrank to its lowest point on record in January, marking a 5.6 month supply at the current sales pace, according to the Commerce Department. They also noted that new home sales were up 3.5%, compared to the same time last year.

“This is indicative of the incremental, steady progress that the market is making toward recovery in conjunction with modest economic and job growth”, said David Crowe, the National Association of Home Builders chief economist.

“Increasingly, potential buyers are feeling better about their financial situation and their ability to buy a home, but the challenges posed by tight credit conditions and appraisal issues continue to slow that process”, Crowe said.

FINALLY, EVEN WARREN BUFFETT SAYS IT’S TIME TO BUY

In his Feb. 25 letter to Berkshire Hathaway Inc., Warren Buffet says. “I’m optimistic again. Housing will come back- you can be sure of that. Every day we are creating more households than housing units. People may postpone getting married during uncertain times, but eventually hormones take over and, while ‘doubling up’ may be the initial reaction during a recession, living with in-laws can quickly lose its allure”

That Warren sure is a romantic son of a gun.

BOTTTOM LINE: IT’S TIME TO GET OFF THE FENCE AND BUY THAT NEW HOME

Prices are down ….rates are low …Inventory is beginning to shrink and you’ll never see this kind of opportunity again.

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

AND, IF ALL OF THIS DOESN’T PERSUADE YOU, HERE’S ANOTHER REASON TO BUY NOW …FHA WILL SOON RAISE ITS FEES

In an effort to try to recoup some of its depleted reserves, and in an effort to encourage the return of more private capital to the market, FHA announced on Monday, Feb. 27, 2012, that it will soon raise its fees.

Specifically, FHA will increase two fees that borrowers pay. Starting April 1, it will increase its annual mortgage insurance premiums for loans under $625,500, bringing the total cost from 1.15% of the loan amount to 1.25%. Starting June 1, 2012, larger loan premiums will see an increase of 0.35% of a percentage point, bringing the total premium costs up to 1.5% of the loan amount.

FHA also announced it will raise a fee for the upfront mortgage premium by 0.75 of a percentage point, which will now total 1.75% of the loan amount

These new fees will also apply to home owners who want to refinance their mortgages, the agency announced

BOTTOM LINE: Call us at 598-3200, or, 800 677-6683(MOVE) to discuss these fee increases and to discuss how they could affect your home-buying decision.

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.

Just click on the icon at the top of this email to listen to my latest podcast. ….And, if you would like to learn more about our Job Loss Protection Program, please contact us.

JOKE OF THE WEEK

On the first day, God created the monkey and said, "Enjoy yourself, entertain people, do tricks, and make them laugh. For this, I'll give you a thirty-year life span." The monkey said, "Monkey tricks for thirty years? That's a pretty long time to perform. How about I give you back twenty?"

And God, again saw that it was good.

On the second day, God created the cow and said, "You must go into the field with the farmer all day long and suffer under the sun, have calves and give milk to support the farmer's family. For this, I will give you a life span of sixty years." The cow said, "That's kind of a tough life you want me to live for sixty years. How about twenty and I'll give back the other forty?" 

And God agreed that it was good.

On the third day, God created the dog and said, "Sit all day on the front porch of your owner’s house and bark at anyone who walks past or tries to come in. For this, I will give you a life span of twenty years." The dog said, "That's a long time to be barking. How about only ten years and I'll give you back the other ten"

And God saw that it was good.

On the fourth day, God created humans and said, "Eat, sleep, play, marry and enjoy your life. For this, I'll give you twenty years." But the human said, "Only twenty years? Could you possibly give me my twenty, the twenty the monkey gave back, the forty the cow gave back and the ten the dog gave back; that makes eighty, okay?"

"Okay," said God, "You asked for it."

So that is why for our first twenty years, we eat, sleep, play and cavort like monkeys. For the next forty years, we slave in the sun to support our family. And for the last ten years, we sit on the front porch and bark at everyone. 

Life has now been explained to you. There is no need to thank me for this valuable information. I'm doing it as a public service. 

If you are looking for me I will be on the front porch.  

February 27, 2012

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

BABY BOOMERS MEAN BIG BUSINESS FOR EL PASO COUNTY
The Gazette (Feb. 24th, 2012)

Brent Green, CEO of Brent Green & Associates and an expert in generational marketing, discussed "Marketing to Baby Boomers" this week in Colorado Springs. His message was that El Paso County baby boomers could mean big business for those who figure out how to market and create new products and services for the generation with spending power.

Green was among a group of marketing and economic experts who spoke Friday at the Business of Aging Summit, sponsored by the Greater Colorado Springs Chamber and Economic Development Corps.

“Baby boomers are where the wealth and income are –they spend about $2.3 trillion a year and own about $28 trillion in assets. Colorado Springs had better think about how it will develop around this generation with deep pockets.”, said Green.

The boomer population in El Paso County increased nearly 40 percent from 2000 to 2010. That’s double the increase of the total population, according to a report from Innovations in Aging Collaborative and Tucker Hart Adams, from Summit Economics.

Colorado Springs has the assets to become an international test market and incubator for the “longevity revolution, a global business opportunity,” Green said. Boomers will be in search of lifestyle pursuits, adventure vacations and natural and energy efficient products.

And, 26 million of the boomers will relocate. With Colorado Springs being in the top ten targets for retiring boomers, that’s good news for our local housing market.

The business opportunities are endless, Green said. Sixty-seven percent of boomers believe the best years are still ahead of them. “Billions will be made in helping boomers live on their own,” Green said.

“Those who warn of economic catastrophes due to population aging too often peer into the future through a rear view mirror,” Green said. “I propose that the boomer future is robust with transformative business opportunities.”

WHAT’S GOING ON HERE??? ALONG WITH THE GROUNDHOG, THE OPTIMISTS ARE NOW COMING OUT

It has been a long time since we have read any optimistic predictions about the housing market, but this past week has seen some very upbeat news and articles about the real estate market in 2012. The following is a compilation of some of these optimistic articles:

THE WALL STREET JOURNAL SEES RISING HOME SALES AS A HEALTHY SIGN (WSJ Feb. 23, 2012.)

WASHINGTON—Sales of previously owned homes in the U.S. rose last month to the highest level in nearly two years, and the inventory of unsold homes contracted to a level considered healthy by economists, positive signs for the housing market. Compared with January a year ago, sales rose 0.7%.

"We're slowly improving for the right reasons: more jobs, more credit availability and affordability of homes," said Stuart Hoffman, chief economist with PNC Financial Services Group.

Guy Berger, U.S. economist with RBS Capital Markets, wrote, “It seems that the housing sector may have turned the corner."

FEWER HOME OWNERS BEHIND ON PAYMENTS
Daily real estate News | Tuesday, February 21, 2012

The number of home owners behind on their mortgage payments dropped to the lowest level in three years, according to a report of data from the fourth quarter of 2011 released by the Mortgage Bankers Association.

"Mortgage performance is also improving faster than the overall economy," says Jay Brinkmann, MBA's chief economist.

The lower delinquencies serve as an important sign needed for a healing housing market.

HOUSING INVENTORIES DROP, LIST PRICES RISE
Daily real estate News | Tuesday, February 21, 2012

In a growing number of housing markets, sellers are facing less competition now compared to a year ago.
Inventory of for-sale homes has dropped by about 23 percent compared to this time last year and fell by 6 percent alone from December 2011 to January 2012, according to Realtor.com data.

Meanwhile, as inventory is falling, the median list price has been on the rise: up nationally more than 3 percent year-over-year.

“Over the past year, an increasing number of markets have registered year-over-year increases in median list prices while fewer markets have experienced year-over-year list price declines,” a statement by Realtor.com notes.

HOME SALES ON THE RISE: READY FOR SPRING BUYING SEASON?
Daily real estate News | Thursday, February 23, 2012

Existing-home sales rose 4.3 percent in January to a seasonally adjusted annual rate of 4.57 million, marking the third gain for home sales in the last four months, the National Association of REALTORS® reports.

“The uptrend in home sales is in line with all of the underlying fundamentals – pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents,” NAR’s Chief Economist Lawrence Yun says.

While sales ticked up, inventories of for-sale homes also continued to show improvement, NAR reported. At the end of January, total housing inventory fell 0.4 percent to 2.31 million existing homes for sale, which represents a 6.1-month supply at the current sales pace.

Unsold listed inventory has steadily dropped since reaching a peak of 4.04 million in July 2007. It now is 20.6 percent below where it was a year ago, NAR reports.

Housing Affordability Improves

As home prices have fallen and mortgage rates at all-time record lows, housing affordability is at some of its highest levels on record.

“Word has been spreading about the record high housing affordability conditions and our members are reporting an increase in foot traffic compared with a year ago,” says NAR President Moe Veissi. “With other favorable market factors, these are hopeful indicators leading into the spring home-buying season. We’re cautiously optimistic that an uptrend will continue this year.”

EXISTING-HOME SALES RISE AGAIN IN JANUARY, INVENTORY DOWN
real estate Trends - February 23, 2012

Existing-home sales rose in January, marking three gains in the past four months, while inventories continued to improve, according to the National Association of Realtors®.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3 percent to a seasonally adjusted annual rate of 4.57 million in January from a downwardly revised 4.38 million-unit pace in December and are 0.7 percent above a spike to 4.54 million in January 2011.

Lawrence Yun, NAR chief economist, said strong gains in contract activity in recent month’s show buyers are responding to very favorable market conditions. “The uptrend in home sales is in line with all of the underlying fundamentals— pent-up household formation, record-low mortgage interest rates, bargains home prices, sustained job creation and rising rents.”

Total housing inventory at the end of January fell 0.4 percent to 2.31 million existing homes available for sale, which represents a 6.1-month supply at the current sales pace, down from a 6.4-month supply in December.

Total unsold listed inventory has trended down from a record 4.04 million in July 2007, and is 20.6 percent below a year ago.

“Home buyers over the past three years have had some of the lowest default rates in history,” Yun says. “Entering the market at a low point and buying at discounted prices have greatly helped in that success.”

In light of all these optimistic reports and predictions, the bottom line for our readers is:

If you are a Seller, you should consider putting your home back on the market as soon as possible. With inventories falling, you won’t have as much competition as you have had in recent years and your home will attract more attention. Keep in mind, however, prices are trending up, so give us a call to help you price your home properly.
Call us at 598-3200 or 800 677-6683(MOVE)

If you are a Buyer, it’s becoming obvious that the home you buy today will be worth more tomorrow, so don’t wait around for lower prices. They probably won’t happen. ….And, the longer you wait, the smaller inventory you will have to choose from.
Call us at 598-3200 or 800 677-6683(MOVE)

INVESTORS, TAKE NOTE !!! THE NEW TAX ON SOME INVESTMENT INCOME BEGINS JANUARY 1, 2013

We received a lot of response from our readers about our article in our last Weekly Update concerning the new tax on some investment income. Apparently, this new tax did not receive much publicity in the general media and it took some investors by surprise. So, in case you missed the article, we are reprinting it here:

New tax legislation will affect some real estate income, beginning January 1, 2013. This new tax will affect some, but not all real estate transactions and holdings. Because this is a complicated tax, you should consult with your CPA about its possible effects upon you and your holdings.

Bottom line: If you are planning to sell any investment property, this new tax might affect your decision regarding the timing of the sale. NAR has developed a complete analysis of how the new law might affect you. To see a copy of this informative analysis, CLICK HERE

SALES AND LISTING STATISTICS

The most recent PPAR statistics regarding sales and listings in the Pikes Peak area will provide you with extensive data to assist you with your decision about buying or selling your home. We would be happy to discuss these statistics with you and to review the sales history of the neighborhoods that interests you.. Just call us at 598-3200 or 800 677-6683(MOVE)

Click here to see the most recent statistics.

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

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

JOKE OF THE WEEK

THE IMPORTANCE OF WALKING

Walking can add minutes to your life.
This enables you at 85 years old to spend an additional 5 months in a nursing home at $4,000 per month.

My grandpa started walking five miles a day when he was 60.
Now he's 97 years old and we have no idea where the hell he is.

I like long walks, especially when they are taken by people who annoy me.

The only reason I would take up walking is so that I could hear heavy breathing again.

I have to walk early in the morning, before my brain figures out what I'm doing...

I joined a health club last year, spent about 250 bucks. Haven't lost a pound.
Apparently you have to go there!

Every time I hear the dirty word 'exercise', I wash my mouth out with chocolate.

I do have flabby thighs, but fortunately my stomach covers them.

The advantage of exercising every day is so when you die, they'll say,
'Well, he looks good doesn’t he?'

If you are going to try cross-country skiing, start with a small country.

I know I got a lot of exercise the last few years,...... just getting over the hill.

We all get heavier as we get older, because there's a lot more information in our heads.
That's my story and I'm sticking to it.

AND

Every time I start thinking too much about how I look, I just find a bar with a Happy Hour ….
and by the time I leave, I look just fine.

You could run this over to your friends ….But just e-mail it to them …It will save you the walk!

Keep walking! And, have a good laugh