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Duck Dynasty to appear in Castle Rock on Sunday
May 17, 2013 10:18 AM
Phil and Willie Robertson, co-stars of A&E’s reality TV show “Duck Dynasty,” will be in Castle Rock on Sunday for a fundraiser for The Rock Christian Academy, a small, private school in Castle Rock. The father and son will share their story of faith, family and ducks. Funds raised will go toward scholarships for students and improvements to the school and playground. A VIP event, that includes a meet and greet, starts at 5:30 p.m., and the regular event is at 7 p.m., Douglas County Fairgrounds and Events Center, 500 Fairgrounds Drive, Castle Rock, $40-$80. Details: 1-303-688-0777, therock.org.
Fewer properties in the Pikes Peak region are falling into foreclosure and being taken over by lenders and investors, a trend that mirrors most of the rest of the state, according to a Colorado Division of Housing report released Thursday.
Credit a turnaround in the housing market for the improving foreclosure situation, said Ryan McMaken, a Housing Division economist.
Low mortgage rates are driving a demand for homebuying, which is pushing up prices. That increase in values means it’s less likely homeowners will find themselves owing more on a mortgage than their property is worth; as a result, homeowners can sell a house faster and more easily if they fall into financial trouble – staving off a foreclosure, McMaken said.
Likewise, an improving housing market and lower mortgage rates mean homeowners can refinance their loan and lower their mortgage payment if they lose a job or encounter other financial woes, he said.
“In a declining market, where the prices are going down, it’s harder to get out of trouble and so you’re more likely to end up foreclosing,” McMaken said. Now, with housing on the rise, the opposite is true, he said.
The turnaround in the foreclosure situation should continue through the year, barring a spike in mortgage rates or a surge in unemployment, McMaken added.
According to the Housing Division’s report:
- El Paso County, which includes Colorado Springs, saw its foreclosure filings fall 36.2 percent in the first quarter of this year when compared with the same period in 2012. Filings are the start of the foreclosure process and can lead to the loss of a home or other property.
First-quarter foreclosure sales in El Paso County dropped 5.9 percent from the same period last year. In Colorado, residential properties are sold at a public trustee’s auction three to four months after a filing if owners can’t resolve their financial troubles. Most properties are purchased by banks that had made the loan; other properties are bought by investors who typically fix up properties and either sell or rent them.
- In Teller County west of the Springs, which includes Woodland Park, foreclosure filings declined 61 percent in the first quarter from the same time last year, while year-over-year sales were down 51.4 percent.
- Statewide, foreclosure filings dropped 41.3 percent in the first quarter and sales declined 30.5 percent. The number of filings and sales in the first quarter were the lowest for any quarter since the Housing Division began to track quarterly activity in 2007.
By Rich Laden Published: May 16, 2013 | 12:50 pm • 0
Denver housing market recovers but sellers remain scarce
POSTED: 05/11/2013 12:01:00 AM MDT
UPDATED: 05/11/2013 11:55:08 AM MDT
UPDATED: 05/11/2013 11:55:08 AM MDT
Denver’s housing rebound is in full swing, but sellers are acting as though they didn’t get invitations to the party.
“The question each and every day is: Where are the sellers?” said Gary Bauer, an independent real estate research analyst.
At the end of April,metro Denver had just shy of 7,000 pre-owned homes available for sale, a third fewer than a year earlier and less than half the 15,000 to 20,000 homes that Bauer said would represent a normal market.
“I can’t figure out why people aren’t listing,” said Brenda Yates, a broker associate with Keller Williams DTC.
Yates and her husband plan to put three properties on the market, after finally seeing enough appreciation to make it worthwhile, and they don’t expect it will take long for them to sell.
The median price of homes sold in metro Denver last month rose to $280,000, up from $268,200 in March. The latestStandard & Poor’s/Case-Shiller Home Price indexreports 14 straight months of price increases in Denver, with prices up nearly 10 percent year-over-year as of February.
Scarcity is triggering bidding wars and causing homes to move quickly, often on the first day, brokers report. The median time a new listing in April remained available before going under contract was four days, reports Jim Smith, owner of Golden Real Estate.
The law of supply and demand would argue that higher prices will bring out more sellers and restore balance. And while that may yet happen, several impediments are working against it.
Littleton resident Kelli Jo Paddilla chafes at reports that it is a seller’s market. She bought a condo at Shadow Canyons in 2006 for $208,000. When the developer discounted a larger
unit, she bought another one in 2009 and rented her first one to a family member.
And then prices plunged. Several units went into foreclosure and were converted into rentals. Tenants proved unreliable, and the rent she could get was $400 a month short of her costs.
“I have been stuck with that thing,” said Paddilla, who considered walking away but didn’t want to destroy her credit rating.
Paddilla estimates she would probably get only $107,000 out of the condo, in part because her development no longer qualifies for FHA financing. And while it sits empty, the condo is costing her $1,200 a month she doesn’t have.
“I am very uncomfortable having to make that mortgage payment one more time,” said Paddilla.
Despite recent price increases, many owners remain blocked out of the market. Paddilla, whose firm Key Concepts specializes in short sales, where a lender agrees to accept a sale price less than the remaining mortgage amount in a sale, said she may consider one herself if a tenant doesn’t show up at the increased rent she is asking.
Across metro Denver, 18.2 percent of homeowners carrying a mortgage owed more on their loans in the fourth quarter than what their homes were worth,according to a report from CoreLogic. Another 6.4 percent of mortgage borrowers were barely above water but couldn’t sell for enough to cover various costs, such as commissions.
Most sellers also need money to put down on the next property — 20 percent if they want to avoid tacking on private mortgage insurance or the added costs that come with an FHA loan.
And all of that is before even getting to the question of having enough equity to acquire a bigger and better property, a key motivation for many people selling in the first place.
The equity needed to fuel the “move up” market is still missing, said Michael Clarkson, a managing broker with Snow Coast Real Estate.
That mismatch between supply and demand, which Clarkson describes as “draining the tub,” could cause the market to lose momentum if not reversed, one reason he remains skeptical.
In a perverse kind of way, the tight inventory is making some sellers, especially those who don’t relish having to fight to find a new property, less likely to list, even though the market is very much in their favor.
“People are fearful (that) if they get their property sold, they can’t find a replacement,” said Van Lewis, with Re/Max Alliance 3000 in Aurora.
Scott and Mittie-Ellen Haase want to buy a larger home in Jefferson County before they list the one they own in Applewood, even though the strategy carries some risk.
“Carrying two mortgages is a scary position to be in,” Mittie-Ellen Haase said. “It is a question of finding something that we would move for.”
If the couple sold their house quickly, it could force them to make multiple moves and put them under more pressure to buy something that doesn’t fit, she said.
Haase recounts touring one new listing and realizing that severe water damage would make it a money pit, something that a more desperate buyer might have overlooked just to get a property.
If the couple doesn’t find a home they like, they plan to add on to their property rather than list it.
Because shortages create an expectation of higher prices in the future, sellers are also motivated to wait, especially if a refinanced mortgage has made their payments more comfortable.
Three-quarters of people surveyedby online real-estate firm Trulia expected that next year would be even more favorable for sellers. Only 32 percent expected next year would be more favorable for buyers.
“The very short answer is no one wants to sell near the bottom,” said Trulia chief economist Jed Kolko on why more sellers aren’t showing up.
Read more:Denver housing market recovers but sellers remain scarce – The Denver Posthttp://www.denverpost.com/business/ci_23220231/denver-housing-market-recovers-but-sellers-remain-scarce#ixzz2T1EvcNMY
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RICH LADEN • Modified: February 4, 2013 at 12:00 am • Published: February 4, 2013
Home sales and prices rose last month in the Colorado Springs area as the 2012 recovery of the local re-sale market continued into the new year.
In January, single-family home sales totaled 660, or nearly 40 percent higher than the same month last year, according to the latest Pikes Peak Association of Realtors’ report on market conditions. It was the highest number of home sales for any January since 2007.
Mortgage rates under 4 percent and pent-up demand on the part of homebuyers who had put off purchases for years continue to drive the market, experts have said.
“When we get a really good listing and put it on the market, it only lasts a few days,” said Paul Goldenbogen, team leader and employing broker at Keller Williams Partners Realty in Colorado Springs. “It really doesn’t matter what location it is. The pent-up demand is there and waiting.”
The median price — or midpoint — of homes that were sold last month was $205,000, a 19 percent year-over-year gain, the association’s report showed.
Up to now, homes in the $250,000-and-under range have been hot sellers. But homes in the $300,000 to $400,000 range also have started to sell, Goldenbogen said.
Like some other real estate industry members, Goldenbogen doubted that prices really have risen by double digits, as they did in January. Instead, he wondered if the sale of some high-end homes has inflated the statistics on prices.
Other positive indicators in the association’s report include:
• It took an average of 87 days for homes to sell in January, down from 101 days during the same month last year.
• There were 2,930 homes listed for sale in January, down 7.2 percent from a year ago and one of the lowest monthly inventories of homes for sale in 12 years.
The fact that the supply of homes for sale hasn’t soared has helped push up prices over the last few months, some experts have said. But now, the limited supply is proving to be an impediment, Goldenbogen said.
“If we had more inventory, there would be more people that would select and buy houses,” he said. “We have people that sometimes can’t find exactly what they’re looking for.”
Still, the market has improved steadily — a trend that is potentially more sustainable over the long term than a quick jump, he said.
“In the past, whenever we’ve had these downward spikes, there was almost a response going right back up again,” Goldenbogen said. “Actually what we’ve got now is good, steady growth. If it stays on the same path, it will take a little longer than we want, but that’s way better than coming back too fast.”
The Realtors Association report is composed of home sales whose transactions were handled by its members, not individual homeowners. Most sales took place in El Paso and Teller counties.
A Little-Known Secret to Moving Heavy Items Without Breaking the Back
You’ll learn the answer to two important questions when you have to move something really big and heavy. How much do you really want it? And how many good friends do you have?
Take that old sleeper sofa. There are few things heavier than a sleeper sofa. Do you really want it or need it in your new place? If so, here’s a trick – open it up and take the mattress out. It’ll be a lot lighter and easier to move. If you really don’t need it, though, you can save yourself a lot of sweat and bloody knuckles deciding that now.
When you’re moving big and heavy stuff, use wheels when you can. Piano dollies are carpeted platforms on wheels. Set your dresser on the dolly and wheel it out. Movers’ hand trucks look like bigger versions of the hand trucks UPS drivers use, and they have straps that wrap around stuff like your refrigerator to secure it. You can rent either from any place that rents moving vans.
Some big stuff disassembles and is much easier to deal with in pieces. Shelves come out of bookcases and entertainment centers. Drawers come out of dressers and desks. My old Steelcase desk weighs a frickin’ ton even with the drawers pulled out. Fortunately it breaks apart into four big pieces that I can carry alone; otherwise I’d be out of friends by now.
A few other tricks for big and heavy stuff: Lift it from a low point, if you can. When you’re carrying something, you want your arms straight, below your waist, not bent up by your chest. When you lift, keep your back straight. If something ‘s too heavy, stop. Get more help, then move it. When two or more people are carrying something, let the person walking backward set the pace. If you’re dealing with stairs, remember that the person on the downhill side takes all of the weight.
The better prepared you are to move, the easier it will be to get help. Nobody wants to stand around while you sort and pack.
I always help friends and co-workers move when they ask, because then they’ll help me when I need it. So the first trick to getting help moving is to help others. Besides, it lets you practice loading a truck with their stuff instead of your own. Bribery also works. If you’ve got furniture you’re not taking or even food that’s not making the trip, offer it to the folks helping you. It’s a gratuity, not a bribe. Keep your workers fed – burgers or a big bucket of chicken goes a long way to keeping people happy and energetic. Serve soda until the truck is loaded, and if you’re going to switch to beer, do that at the other end.
Also plan your loading and unloading with your volunteer help in mind. If you can load the front half of your truck with boxes and stuff you can handle yourself, do it. Schedule your help so they arrive when you need them for the really big stuff. Together you load that last and unload it first at the other end, and then you can send your helpers home. Chances are they’ll stay until the truck is empty anyway. And more importantly, chances are they’ll help you move again in a year or so because you made it so easy for them.
Cinco de Mayo Fiesta & Car Show – 30 Annual
Sunday, May 5 9:30a
Freedom Financial Services Expo CenterColorado Springs, CO
Join El Cinco de Mayo Inc. for the 30th Annual Cinco de Mayo Fiesta and Car Show at (NEW LOCATION) Freedom Financial Services EXPO Center Sunday, May 5th, 2013, an indoor and outdoor event! FREE FOR THE WHOLE FAMILY!
Food and Market Vendors
One of Colorado Springs Longest Running Car Shows
The real estate market is starting to look like a sellers market. Try to show a client some homes and the ones they wanted to see went under contract.
If you are thinking of buying selling and or investing residential real estate please give us a call at 719-339-2233
RE/MAX Properties, Inc.
Weekly Update: April 19, 2013
Throughout a heavy news week, mortgage rates were up and down. They improved during Monday’s Boston Marathon bombings, climbed back up Tuesday in a broader market rebound, and then continued to improve the rest of the week as negative US economic data and market movements have further indicated that the US economy is slowing down.
Market focus followed this week’s series of events, including Monday’s Boston Marathon bombings and pursuit of its suspects, poisonous letters sent to President Obama and Mississippi senator, Roger Wicker, American Airlines shutting down for a day due to system failure, and a deadly explosion of a Texas fertilizer plant. Traders have followed the news. There have been no indications that any of these events were linked or continuous. One of the Boston Marathon bombing suspects was killed this morning as the other is being chased by Federal officers and police, who have taken casualties throughout the pursuit. Two others are in custody at the suspects’ house as authorities continue to investigate motives and other possible effects.
The US economy continues to show signs it is cooling, as gold and copper prices both tumbled this week, with gold taking its worst one-day loss in thirty years. Concerns of deflation have been stated among Fed officials. This week’s economic data included a large dip in the Chinese GDP, as well as worse than expected US CPI, Philly Fed, and Leading Indicators. MBS volume and origination rose early in the week then dropped mid-week, with lower coupons performing best. The US economic outlook and market swings continue to support the continuation of Government bond-buying programs and a low-interest rate environment.