HARRY'S BI-WEEKLY UPDATE 10.9.19
October 8, 2019
HARRY’S BI-WEEKLY UPDATE
A Current Look at the Colorado Springs Residential real estate Market
As part of my Unique Brand of Personal Service, it is my desire to share current real estate issues that will help to make you a more successful and profitable buyer or seller.
HOUSING FORECAST IS BRIGHT…AND ESPECIALLY SO RIGHT HERE AT HOME…
I’m thrilled to tell you that once again in Colorado Springs, both the average and median sales prices are continuing their upward trend. This is true for both single family/patio homes and condo/townhomes as you’ll see in the statistics below.
There have been national news reports saying that while housing is starting to “bounce back”, it is still “underwhelming” in the overall economic environment. Let me remind you once again that when it comes to housing, it’s all about localizing. Our local housing market is alive and doing very well, thank you, and it should continue to do so for the foreseeable future.
Even on a national level, the housing market forecast is a “bright spot in a worrisome economy, despite fears of an economic slowdown” says Sam Khater, Freddie Mac’s chief economist. He went on to say that “while mortgage rates have ticked up in recent weeks, they remain lower than they were a year ago, which will help boost sales headed into the fall”.
His comments follow on the heels of several housing reports that suggested a solid housing market. Existing home sales rose to the highest level in 17 months according to NAR’s latest report, and more new homes are entering the pipeline as well.
Freddie Mac economists predict that the 30-year fixed-rate mortgage will remain below 4% for the remainder of this year, which should ease affordability concerns somewhat for potential buyers.
And speaking of buyers, much of the demand lately has being coming from young adults. “The millennial cohort has now entered the housing market in force and is already driving major changes in buying and selling patterns,” according to Frank Martell, president and CEO of CoreLogic.
“Almost half of the millennials over 30 years old have bought a house in the last three years. These folks are increasingly looking to move out of urban centers in favor of the suburbs, which offer more privacy and a greener environment. Perhaps more significantly, almost 80% of all millennials are confident they will become homeowner in the future”, he added.
This is especially great news for us in Colorado Springs since we’re one of the top 10 areas where millennials want to live. Companies are also realizing this, moving their offices here and relocating employees as well. All these folks are looking for housing and many want to buy. At the moment there are not a lot of existing homes for sale which is helping drive up prices. Lawrence Yun, chief economist for NAR recently said, “Rising demand will reaccelerate home price appreciation in the absence of more supply.” Fortunately, the mortgage interest rates are keeping monthly payments from escalating too rapidly but no one knows how long they will remain this low.
Anyone who has even considered selling their present home and trading up or moving to a new neighborhood might want to take the time to find out all their options NOW. It takes a lot of information to make an informed, relevant decision, most especially since we’re talking about most folks' greatest financial asset.
That’s where I come in. I’ve been in the local real estate arena for 47 plus years and have seen all types of cycles and know the “ins and outs” of buying and selling in all of them. When you add that to my investment banking background, you’ll find I’m your man to go to for answers to most any of your residential real estate questions. More importantly, if there is something I don’t know, I do know where to get the answers—an added value for my clients.
Any real estate decision should not be taken lightly or without thinking of what it all entails. This is true for selling or purchasing an existing home, buying new construction or purchasing a home for investment purposes. There are all kinds of housing information sites on the internet that should be taken lightly. A number of uninformed sources who call themselves experts give opinions without facts to back them up and this can be dangerous. Just remember—if it sounds too good to be true, it probably is.
An experienced real estate professional like me can provide answers to help you make the best decisions for you and your family. Sometimes it’s not in your best interest to move and I’ll tell you that, too. Your goals become mine and when we work together, we can find the best way for you to proceed--or not, if it’s not the right move at present.
It all starts with a phone call to me at 593.1000 or an email to Harry@HarrySalzman.com. I’m looking forward to hearing from you so we can get the ball rolling. The sooner we talk, the sooner you will be one your way to achieving your personal “American Dream”.
SEPTEMBER 2019 BROUGHT SMALLER GAINS IN HOME VALUES AND A LOW NUMBER OF SALES
Statistics provided by the Pikes Peak REALTORS Service Corp., or it’s PPMLS
Here are some highlights from the September 2019 PPAR report. Don’t forget that the new format of this report no longer provides monthly statistics for each individual neighborhood. However, if you are interested in what’s happening in your neighborhood, I can provide you with this information through other means.
In El Paso County, the average days on the market for single family/patio homes was 26. For condo/townhomes is was 18.
The sales price/list price for single family/patio homes was 99.8% and for condo/townhomes was 99.7%.
You can see from those statistics alone that buying a home in today’s seller’s market is not as easy as in the past, but with me on your side you’ve got a considerably better than average shot at it.
Please click here to view the detailed 9-page report, including charts. If you have any questions about the report or to find out how it relates to your individual situation, just give me a call.
In comparing September 2019 to September 2018 for All Homes in PPAR:
Single Family/Patio Homes:
· New Listings are 1,421, Down 6.3%
· Number of Sales are 1,394, Up 9.5%
· Average Sales Price is $368,430, Up 7.1%
· Median Sales Price is $325,500, Up 6.5%
· Total Active Listings are 2,089, Down 14.7%
· Months Supply is 1.5
Condo/Townhomes:
· New Listings are 213, no change
· Number of Sales are 202, no change
· Average Sales Price is $270,453, Up 9.9%
· Median Sales Price is $241,000, Up 11.4%
· Total Active Listings are 209, no change
· Months Supply is 1.0
Now a look at more statistics…
SEPTEMBER 2019 LOCAL MARKET UPDATE AND MONTHLY INDICATORS ILLUSTRATE OUR LOCAL TRENDS IN DETAIL
Colorado Association of REALTORS® ,Pikes Peak REALTORS Service Corp, or it’s PPMLS
Providing greater detail than the above report, this contains information on both Colorado Springs and Teller counties for residential real estate.
It is broken down by geographical areas and you can look to see how your neighborhood is doing in terms of sales, prices, and more.
The “Activity Snapshot” for all residential properties in El Paso and Teller counties shows the Year-to-Date one-year change:
- Sold Listings for All Properties were slightly Down 0.1%
- Median Sales Price for All Properties was Up 6.8%
- Active Listings on All Properties were Down 21.3%
You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographical area of your choice from the 18-page Local Market Update. I recommend that you check out your own area or one that you are considering, to get a good idea of the local pulse. As an example, here is a detailed report on the Colorado Springs area:
6 GRAPHS SHOWING THE STRENGTH OF THE CURRENT housing market (Infographic)
Keeping Current Matters, 9.13.19
This is a national average….and our stats are better, but more data to support why NOW is a good time to buy and sell.
Some Highlights:
- Keeping an eye on the current status of the housing market is one of the best ways to make powerful and confident decisions when buying or selling a home. That’s just one of the many things I do for you.
- Mortgage rates remaining near historic lows and homes selling quickly are just two of the key elements driving the strength of today’s market.
- While the national data is shown here, make sure to contact me to determine what’s happening locally so you can be fully informed when making your housing decisions. Just give me a call and let’s get the ball rolling.
MORE REASONS TO HIRE A real estate PROFESSIONAL…AKA ME..
Keeping Current Matters, 9.6.19
In case I didn’t make it clear earlier…
HOW WILL THE NEXT RECESSIOIN AFFECT THE housing market?
Keeping Current Matters, 8.2019
I get asked this quite often and the following infographic provides a great answer:
Points to “take home”...literally:
- There is a lot of talk in the media about a pending economic slowdown.
- The good news is, home values actually increased in 3 of the last 5 U.S. recessions, and decreased by less than 2% in the 4th.
- Many experts predict a potential recession is on the horizon; however, housing will NOT be the trigger and home values will still continue to appreciate. It will NOT be a repeat of the crash in the 2008 housing market.
6 THINGS PROFESSIONAL BURGLARS DON’T WANT YOU TO KNOW
RISMedia, 4.2017
A burglary occurs every 20 seconds in the U.S., but you can still protect yourself without installing expensive security features.
Home burglary generally has a pattern; criminals are looking for an easy target they can rob fast. Here are six tips from career burglars you can use to defend your home and prevent break-ins.
- Nighttime Burglaries Aren’t the Best Time. Burglars like to break into homes during daytime hours—the last thing they want to do is encounter someone at home. Weekdays are ideal for thieves, since weekend schedules are too unpredictable. Between 12:30 p.m.and 2:30 p.m. are the most popular times because there’s a high chance people will be away at work or school.
- They Know When You’re Not Home—Thanks to Social Media. While it’s tempting to show photos of your vacations while you are away, it is better to wait until you return to do so. Criminals scout social media accounts like Facebook, Twitter and Instagram to find victims. Locating someone’s physical home address is relatively easy using GPS data embedded in photos posted online. Even if all your accounts are private, that old friend from high school or new neighbor down the street could be a potential criminal. Don’t give them information concerning your comings and goings.
- They Don’t Like Your Security Practices. Burglars want nothing to do with alarm systems—no matter who installs them. Homes without a security system are 300 percent more like to be targeted for a break-in. If you do install an alarm system, use a strong security code. And wipe off dirt from numbers that are regularly pushed. Unlocked windows, unused deadbolts, poorly lit homes and residences without security systems are prime targets. It’s also good to use tricks that make it look like someone is home like motion sensor lights and timed lights, or tvs or radios left on. Cars parked in the driveway also deter burglars.
- Great Targets Advertise Their Weapon Supply. If you’re a proud gun owner, that won’t scare burglars away—it only entices them. A gun is stolen every two minutes in the U.S. so homeowners should be sure to always lock up their guns. An NRA bumper sticker on a car or Smith & Wesson sign on a house advertises that there are lots of guns to steal.
- Shrubs and Architecture Make Great Hiding Spots. Tall bushes are favorites of burglars since they offer an unobstructed view from the street and an easy way to hide from neighbors. Keep shrubs and large landscaping features trimmed. If you want something big by the window, choose thorny plants like cactus or roses that will detract burglars. Also, high fences and half walls provide burglars a place to hide and plot their method of entry. The best defense is a clear view of your front porch.
- Valuables in the Open Help Them Decide on a Target. Keep your expensive items out of sight. You make it too easy if you advertise the type of valuables a burglar can steal. Don’t leave a laptop by your kitchen window or even a nice car in a garage window with a clear sight line to the street. Key hooks—especially with labels for each key—need to be concealed out of view of windows too. It’s also a good idea to keep family calendars out of view. No need to advertise when you’ll be away. Any ID documents or mail left in plain sight are also a gold mine for a criminal looking to easily steal your details for identity theft.
