HARRY’S COLUMN

EVERYBODY LOVES COLORADO SPRINGS

On January 21, 2010, the Colorado Springs Regional Development Corporation released their annual report on the economy of Colorado Springs in 2009. In their 20 page report, they included some references to our city in various national publications. In no particular order, here are some of the recognitions that Colorado Springs received in 2009:

The University of Colorado at Colorado Springs was ranked 6th best in the nation for engineering and the quality of all programs – U.S. News and World Report

3rd Best Cities for a Housing Recovery – Forbes.com

24th Metro Least Touched by Recession – Business Week

One of the best Southwest cities for defense jobs – FedSmith.com

9th in America’s Best Midsize Metropolitan Areas – MSNBC

10th on the list of Best Places for Business and Careers – Forbes Magazine

8th best city to find a fresh start – Business Week.com

6th top city for defense jobs – ClearJobs.com

9th in America’s “Best Bang For The Buck Cities” – Forbes.com

3rd Midsize Magnet city – Next Cities

14th for areas with the cleanest air – American Lung Association

Best Place to Live – Outside.online

7th Best City to Raise an Outdoor Kid – Backpacker Magazine

3rd most-obsessed sports town in America – Men’s Health Magazine

2nd fittest city in the country – Men’s Fitness Magazine

One of the top “10 Best Drivers’ Cities in America” – Car and Driver Magazine

10th best drivers – Allstate America’s Best Drivers Report

Well, this is all fine and dandy, but many people think it might be a good idea to keep all this positive P.R. a secret. They don’t want everybody in the world to know what a great place this is to live. But we wanted you, our readers, to know, so you could take advantage of the opportunity to buy real estate right now, while prices and interest rates are low and before the secret is out.

APRIL 5 AND APRIL 30 – TWO DEADLINES FOR BUYERS AND SELLERS

There are two upcoming deadlines that will affect both Buyers and Sellers of real estate nationally. We will outline both of these deadlines here:

The first deadline for Buyers and Sellers is April 5, 2010. On that date, the Department of Housing and Urban Development will initiate new regulations for FHA loans. Among the changes that will take affect on that date are:

1. The mortgage insurance premium for FHA mortgage insurance on loans which are assigned on or after April 5, 2010 will be raised from 1.75% to 2.25% of the loan amount.

2. Individuals who have a credit score of less than 580 will be required to pay a minimum down-payment of 10% of the sales price, rather than the traditional minimum of 3.5%.

3. The percentage of loan fees and closing costs which the seller is allowed to provide will be reduced from 6% to 3%.

These changes will make purchasing a home more expensive for Buyers and will reduce the incentives that Sellers can offer to prospective Buyers.

Because there will probably be a lot of people who want to beat this deadline, there could easily be a backlog of loan applications, so we are advising our clients to buy in March, to insure that their loans will be assigned by April 5, 2010.

The second deadline involves the Homebuyers Tax Credit, which provides for a tax credit of $8000 for first-time Buyers and up to $6500 for repeat Buyers. This tax-credit will no longer be available for anyone who does not have a contract in place by April 30, 2010 and which must close by June 30, 2010. Please give us a call to discuss the details of this program which could be a very valuable benefit to you.

Buyers, please contact us to learn more about the soon-to-be-expired opportunities for purchasing your home. Sellers, please contact us for information about marketing your home, especially for assistance in properly pricing your home in this competitive market.   

The bottom-line for both of these significant deadlines is that, whether you are a prospective buyer or seller,  NOW IS THE TIME TO MAKE YOUR MOVE  !!!

NEW IRS FORM AVAILABLE FOR FIRST-TIME HOMEBUYERS CREDIT

Department of the Treasury Form 5405 is now available online for individuals claiming their tax credit as first-time homebuyers, or, as repeat buyers. Click here for a copy of the form.

U.S.CONSUMER CONFIDENCE REACHES HIGHEST LEVEL SINCE SEPTEMBER 2008.

After declining throughout much of 2009, American consumer confidence improved sharply in January 2010, returning to levels not seen since the financial crisis began in September, 2008. This was reported in the most recent results of the RBC CASH (Consumer Attitudes and Spending by Household) Index, as reported in RISMEDIA. Driven by the largest-single-month gain in expectations for jobs since the inception of the Index eight years ago, the RBC Index for January 2010 stands at 58.3, up 19.3 points from its December 2009 reading of 39.0.

On the local front, sales tax collections rose 2.54% in December 2009, compared to December of 2008. This represented the largest monthly gain since January of 2008 and was the second consecutive year-to-year gain, in spite of the fact that local unemployment in November, 2009 was reported at 7.3%. Compared to the reported national unemployment figure of 10%, that would place us about 20% better-off than the rest of the country.   

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 37 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, or, about our CyberHomes Complete Market Analysis of a property, please contact us. 

JOKE OF THE WEEK

 A man receives a call from his Credit Card Company,

“Sir, we have detected an unusual pattern of spending on your card, and we are calling to see if everything is alright.”

"Yes,” replied the man. “My card was stolen over a month ago.”

“Why didn’t you report your card as stolen?” asked the card company representative.

The man replied, “Well, whoever stole my card is spending a lot less than my wife!”