New Homes Colorado Springs!

2011-11-30T13:50:00.001-07:00

Negotiate Your Best House Buy

Here are six tips for negotiating the best price on a home.

1. Get prequalified for a mortgage

Getting prequalified for a mortgage proves to sellers that you’re serious about buying and capable of affording their home. That will push you to the head of the pack when sellers choose among offers; they’ll go with buyers who are a sure financial bet, not those whose financing could flop.

2. Ask questions

Ask your agent for information to help you understand the sellers’ financial position and motivation. Are they facing foreclosure or a short sale? Have they already purchased a home or relocated, which may make them eager to accept a lower price to avoid paying two mortgages? Has the home been on the market for a long time, or was it just listed? Have there been other offers? If so, why did they fall through? The more signs that sellers are eager to sell, the lower your offer can reasonably go.

3. Work back from a final price to determine your initial offer

Know in advance the most you’re willing to pay, and with your agent work back from that number to determine your initial offer, which can set the tone for the entire negotiation. A too-low bid may offend sellers emotionally invested in the sales price; a too-high bid may lead you to spend more than necessary to close the sale. Work with your agent to evaluate the sellers’ motivation and comparable home sales to arrive at an initial offer that engages the sellers yet keeps money in your wallet.

4. Avoid contingencies

Sellers favor offers that leave little to chance. Keep your bid free of complicated contingencies, such as making the purchase conditional on the sale of your current home. Do keep contingencies for mortgage approval, home inspection, and environmental checks typical in your area, like radon.

5. Remain unemotional

Buying a home is a business transaction, and treating it that way helps you save money. Consider any movement by the sellers, however slight, a sign of interest, and keep negotiating. Each time you make a concession, ask for one in return. If the sellers ask you to boost your price, ask them to contribute to closing costs or pay for a home warranty. If sellers won’t budge, make it clear you’re willing to walk away; they may get nervous and accept your offer.

6. Don’t let competition change your plan. Great homes and those competitively priced can draw multiple offers in any market. Don’t let competition propel you to go beyond your predetermined price or agree to concessions—such as waiving an inspection—that aren’t in your best interest.

2011-04-13T14:38:00.001-06:00

COLORADO SPRINGS, Colo. – April 13, 2011 - Zane Whitfield, an experienced real estate professional and member of the Pikes Peak Association of Realtors, has joined Coldwell Banker Residential Brokerage in Colorado Springs as a broker associate. Zane currently serves the diverse real estate needs of clients throughout the greater Colorado Springs area, including the communities of Monument, Manitou Springs, Fountain, Falcon, and Woodland Park, among others. "My team at Coldwell Banker Residential Brokerage is dedicated to providing our buyers and sellers with valuable information needed to make informed home buying or selling decisions," said Whitfield. "We strive to provide the best customer service possible while conducting business with honesty and integrity. I chose Coldwell Banker Residential Brokerage due to the company's high profile national brand recognition, superior marketing programs, and leading Internet presence." Whitfield earned his real estate license in 2001 and was previously with Heritage Realty. A six year veteran of the U.S. Army, his professional background includes six years in outside sales for Georgia Pacific where he earned Sales Person of the Year honors in 2000. Zane and his wife, Kristen, enjoy spending time with their three children and three Jack Russell terriers. He enjoys coaching Little League Baseball, traveling, and competitive shooting. Zane Whitfield can be reached directly at 719.332.3930 or via email at zane@newhomescoloradosprings.com.

2011-03-30T10:14:00.003-06:00

Little-known secret to reduce mortgage payment Request loan recast when financial disaster strikes Inman News™By JACK GUTTENTAG A mortgage recast is an adjustment in the monthly payment that makes the payment fully amortizing. The recast will be a payment increase when the existing payment is less than fully amortizing, and a payment decrease when the existing payment is more than fully amortizing. For example, let's say your home loan has a balance of $100,000 at 5 percent with 300 months to go and a payment of $450 that, if continued, will not pay off the balance. The payment recast is an increase to $584.60, which will fully amortize the balance over 300 months. However, if the current payment was $650, the recast would be a payment decrease to $584.60. Payment-increase recasts occur on two kinds of mortgages. One carries an interest-only option, where the required payment for some initial period, often 10 years, covers only the interest. The payment-increase recast occurs at the end of the interest-only period. The second type of mortgage open to a payment-increase recast is the adjustable-rate mortgage (ARM) that allows payments that are less than fully amortizing. These ARMs sometimes have recasts at specified intervals, often every five years, or the recast may be triggered by the loan balance reaching some limiting value, such as 110 percent of the original loan amount. This can happen at any time, or it may not happen at all. Payment-increase recasts are designed to protect the interest of the lender by making sure that the loan will pay off as scheduled. All interest-only loans and all ARMs that allow payments that are less than fully amortizing have explicit provisions for recasts in the loan contract. Provisions for payment-decrease recasts, in contrast, which are designed to meet the needs of borrowers, are not included in loan contracts. The lender can agree to a recast; can agree subject to a charge, which can range from nominal to extortionate; or can refuse it. I have encountered all three such responses. The borrowers who request recasts usually have fixed-rate mortgages (FRMs) on which they have been making extra payments in order to pay off before term, and then unexpectedly encounter a financial reversal. With their income reduced, their objective shifts from paying off early to reducing the payment, for which purpose they need a recast. They deserve it, and the cost to the lender is nominal, but some lenders will take advantage of them just because they can. The borrower's right to a payment-reducing recast ought to be mandatory for all home mortgage contracts. Borrowers should not have to grovel for what can be critically important to them and of little consequence to lenders. Making recasts into a right would have the side benefit of encouraging borrowers to make extra payments as a form of contingency insurance. Note that payment-reducing recasts are needed for fixed-rate mortgages much more than for ARMs. The reason is that when the interest rate is adjusted on an ARM, the payment is automatically recast. On ARMs that reset the rate every year, no additional recasts are needed. On ARMs with initial rate periods of 5-10 years, however, the need for a recast can arise in the early years just as it does on FRMs. Today, borrowers are motivated to make extra payments primarily by the hope of getting out of debt sooner. With a right of recast made explicit, they will also view extra payments as a worst-case backstop. The more you pay when you have the means, the larger the payment reduction you can command in an emergency. I can't think of an easier way to motivate consumers to save more. The writer is professor of finance emeritus at the Wharton School of the University of Pennsylvania. Comments and questions can be left at http://www.mtgprofessor.com/.

2011-03-09T13:57:00.000-07:00

Mortgage rates ease for third week in a row
MBA survey shows demand for purchase loans still weakBy Inman News, Thursday, March 3, 2011.
Inman News™
Mortgage rates fell for a third week in a row as turmoil in the Middle East had investors seeking safety in bonds, including those that fund most mortgage loans.

Rates on 30-year fixed-rate mortgages averaged 4.87 percent with an average 0.7 point for the week ending March 3, down from 4.95 percent last week and 5.05 percent the week ending Feb. 10, according to a weekly survey by Freddie Mac.

A homebuyer taking out a 30-year fixed-rate loan this week could expect to pay $263 less per year on a $200,000 loan than a borrower taking out a loan at 5.05 percent, said Frank Nothaft, Freddie Mac chief economist.

Luxury Home Sales Soar

2011-02-22T11:24:00.002-07:00

Luxury home sales in the Denver metro area jumped sharply in December compared to a year ago as the luxury market gained momentum heading into the new year, according to a report released today by Coldwell Banker Residential Brokerage.

A total of 51 homes sold for more than $1 million in the Denver Area in December, up 54.5 percent from the 33 that changed hands in December 2009. Sales were also up nearly 16 percent from November. Independent broker Gary Bauer released a report last week, showing a similar trend. Both Coldwell Banker and Bauer used data from Metrolist, publisher of the Multiple Listing Service.

The median sale price of million-dollar homes edged higher in December from November, reaching $1.25 million, up from $1.23 million the previous month, according to Coldwell Banker. However, the median was down 7.4 percent from last year's level of $1.35 million.

"There definitely has been a lot more optimism in the market lately," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "High-end buyers are starting to feel more confident about the economic recovery, both in the U.S. and here in the Denver area."

Mygatt added that buyers in general are realizing that there are unusually good opportunities in the market. "This is a rare situation where you still have interest rates near record low levels at the same time that home prices are extremely affordable and inventory is plentiful. I think buyers understand that these conditions won't last forever, especially as the economy gains momentum."

Some key findings from this month's Coldwell Banker Residential Brokerage luxury report:

*The most expensive sale in the Denver area in December was a five-bedroom, nine-bath 9,270-square-foot home in Cherry Hills Village that sold for $3.1 million.
*Denver boasted the most million-dollar sales with 11, followed by Boulder with 10, Cherry Hills Village with six and Castle Rock with four.
*Sellers on average received 90.32 percent of their asking price, up from 83.87 percent a year ago and 89.27 percent the previous month.
*It took an average of 148 days to sell a million-dollar home in the area, up from 145 days last year but down from 151 days the previous month.

CNN Money.com Colorado Springs is ranked number 8 in the country to most likely rebound from the housing crisis.

2011-02-10T13:15:00.000-07:00

Colorado Springs, Colo.

Median home price: $220,000

Drop since market peak: 12%
Forecast gain by 9/2012: 2.9%

Demand for homes is still strong in Colorado Springs, according to Chris Mygatt, president of Coldwell Banker Residential Brokerage Colorado. The area's economy has been steady, thanks to the stabilizing effects of government jobs, especially connected with the Air Force Academy and military bases.Demand for housing has grown along with the population. That rose more nearly 17% from 2000 through 2009, faster than the national average of just over 9%.
Mygatt credits the Springs' popularity to the mild, four-season climate, natural beauty and proximity to the cultural and entertainment attractions of nearby Denver. Affordability is a big factor as well. You can buy a fine, three-bedroom, two-bath house in a good neighborhood for about $230,000. Those prices will remain flat this year, according to Fiserv's forecast, and pick up in 2012, rising 3.6% in the 12 months ending Sept. 30.

2010-02-18T15:54:00.001-07:00

Take a look at all the new listings! Visit www.newhomescolordosprings.com

2010-01-22T13:31:00.002-07:00

Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

Who Qualifies for the Extended Credit?
First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.If you or your client purchased a home between January 1, 2009 and November 6, 2009.

Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
The price of the home.
The buyer's income.
PriceUnder the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer IncomeUnder the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

2009-11-20T12:01:00.000-07:00

Delinquent Mortgages Reach Record Levels

Almost 10 percent of all mortgages on one- to four-unit properties are in some stage of foreclosure, up from 2.65 percent a year ago on a seasonally adjusted basis, according to the Mortgage Bankers Association’s National Delinquency Survey released Thursday.The combined percentage of loans in foreclosure or at least one payment past due was 14.41 percent on a non-seasonally adjusted basis, the highest ever recorded in an MBA delinquency survey.The bankers blamed the high foreclosure levels on unemployment. “Over the last year, we have seen the ranks of the unemployed increase by about 5.5 million people, increasing the number of seriously delinquent loans by almost 2 million loans and increasing the rate of new foreclosures from 1.07 percent to 1.42 percent,” says Jay Brinkmann, MBA’s chief economist.Brinkmann points out that prime fixed-rate loans represent the largest share of foreclosures and are the biggest driver of the increase in foreclosures.Home builders and housing analysts mostly shrugged at the high foreclosure-rate information.“My prediction is we’ll probably recover on a seasonal basis,” Robert Toll, chairman and CEO of Toll Brothers, the largest builder of luxury houses, said yesterday at a conference in New York sponsored by Citigroup Inc. “It’s generally accepted that the homebuilding industry is off the mat and on the road to recovery.”Josh Levin, a housing analyst at Citigroup Global Markets Inc. in New York, said he expects sales to continue to be slow until January or early February, followed by a surge as buyers try to beat the April 30 expiration of the tax credit.“The bouncing along the bottom is distorted by government policies,” he said in an interview with Bloomberg News yesterday.Source: Mortgage Bankers Association (11/19/2009) and Bloomberg, Kathleen M. Howley and John Gittelsohn (11/20/2009)

$8000 Tax Credit Extended

2009-11-12T12:02:00.002-07:00

The Tax CredGets an Extension and an Expansion!

Existing Homeowners: Now’s Your Chance!

I am extremely pleased to share with you an exciting new tax credit, designed for first time home buyers and existing homeowners.

The new bill calls for an incentive for existing homeowners who have owned their current homes at least five years, making them eligible for tax credits of up to $6,500 when they purchase a new home. First time homebuyers – or anyone who hasn’t owned a home in the last three years – would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010 and close by June 30.

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.
The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.

As an industry, we are certainly pleased about this new tax credit. The key to returning stability to the economy lies within the housing market, and this is a meaningful credit that will create a strong foundation for future growth and make a measurable difference over the next seven months in our economy.

Furthermore, tax credits like this only work by creating the sense of urgency to take advantage of them. This is said to be the last extension of the home buyer tax credit and I urge people – whether you’re a first time home buyer who has always dreamed of having a home of your own or someone who has been gridlocked in the challenges of our move-up market to take advantage of this opportunity.

Now is the time! If you’d like to learn more, please contact me today.

New Homes Colorado Springs Team @ Coldwell BankerColdwell Banker Colorado Springs2075 Research Parkway Ste BColorado Springs, CO 80920
info@newhomescoloradosprings.com
www.newhomescoloradosprings.com
719.593.1518

©2009 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned And Operated by NRT LLC. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully.

6 signs your home will increase in value

2009-11-04T14:19:00.002-07:00

1. The unemployment rate It's quite simple: Without a job, you can't buy a home.
And as the unemployment rate rises, fewer individuals are capable of purchasing a home. That decreases the demand for homes, which drives prices down. (Currently, to get approved for a mortgage, you'll need to show proof of income, says DeVol.)
Video: Has housing hit a bottom?
To find a city's unemployment rate, and see whether it's rising or falling, visit the Bureau of Labor Statistics' Web site. The most recent report, from Oct. 28, breaks down the unemployment rates in each state's major metropolitan areas and compares those numbers to the previous year's.
Also, see if local businesses are hiring and if large corporations are moving into the area. More jobs leads to more employees buying homes in the area.

2. Rising incomes House hunters who want to dig a little deeper can look at the average or median change in income among households in a neighborhood.
At a minimum, confirm that incomes are being adjusted for inflation (or, ideally, rising.) Homeowners who have stagnant or declining salaries may not have much cash left over after they pay their mortgage; as a result, they might not maintain their homes or stay on top of repairs, which could lower a home's value and even the value of neighboring homes, says Zandi.
The Bureau of Economic Analysis (BEA) offers some insight on personal income. Click here and choose tabs labeled "per capita personal income" and "all metropolitan areas" to see how an area's personal income compares to others and to previous years.
A big drawback is that the data released this year ends with 2007 figures. (The BEA will release 2008 data in April 2010.)

3. Fewer foreclosure filings and sales On average, foreclosed houses sell for 30% less than similar homes in the same area, although the figure varies by market, says Rick Sharga, a senior vice president at RealtyTrac.com, which tracks foreclosures. In areas hit hardest, especially cities in Sunbelt states, foreclosed homes often sell at half the price.

4. Inventories are declining In most areas where "for sale" signs are common, home prices are far from recovery.
In general, when more than 2% of homes in a neighborhood are selling at the same time, inventory is high, says Dean Baker, a co-director at the Center for Economic Policy and Research. As the number of homes for sale decrease, sellers have more leverage and a better shot at getting an offer close to their asking price.
Look at the month's supply of inventory, or how many months it will take at the current sales pace for inventory to be depleted. Five to six months is the normal range, but the current average is just under 10 months.

5. The list-to-sales price ratio is shrinking On a national level, homes are selling at around 5% to 10% below their asking price, says Baker.
Look at list-to-sales price ratios, which is the difference between the listing price of a home and the price at which it sold. If the price difference is shrinking for an area that suggests the real estate market is improving, says Michael Evans, the president of the American Society of Appraisers and owner of Evans Appraisal Service, which appraises residential properties.
Appraisers also can provide average list-to-sales price ratios and historical comparisons.

6. Home prices are falling On the other hand, decreasing sales prices could mean that the housing market has hit its bottom, says Baker. They also guarantee that the buyer is getting into a market at a fraction of the price that buyers paid during the bubble.

2009-09-08T10:52:00.000-06:00

Local Housing Market Shows Signs of Improvement

September 04, 2009 11:31 AM
WAYNE HEILMAN
THE GAZETTE

The Colorado Springs area housing market moved closer to a turnaround in August as sales rose the fastest in nearly four years and prices fell by the smallest amount in more than a year, the Pikes Peak Association of Realtors reported Thursday.
Sales last month jumped 14.5 percent from a year ago to 891 houses, the third consecutive monthly increase and the biggest monthly gain since October 2005. Through the first two-thirds of the year, sales are off 3.9 percent from a year ago to 5,732. The number of homes on the market in August was down 20.3 percent from a year earlier to 5,040, the fourth consecutive monthly decline of more than 20 percent and the 16th consecutive month that the supply has dropped.
Homes stayed on the market in August an average of 80 days, about the same as the previous month but 10 days less than what the average was during the first half of the year. The median price of homes sold in August fell just 2.2 percent from a year ago to $199,550, the smallest monthly decline since July 2008. Prices have declined from a year ago every month for more than two years. The median prices is the midpoint of all sales prices.
“We are seeing the makings of a turnaround,” said Jay Gupta, partner and managing broker at Prudential Rocky Mountain Realtors and past president of the Realtor association. “Mortgage rates below 5 percent and first-time home buyers getting an $8,000 federal income tax credit are both very good signs for the market. The housing market is improving and hopefully it will continue getting better and bring us to a good market coming into next spring.”
Sales figures include transactions handled by association members, but not homes sold by owners. Most of the sales took place in El Paso and Teller counties. Most of the homes sold through association members are resales. The market for new homes also is improving — new single-family home construction last month jumped 42.3 percent from a year earlier to 111, the third consecutive monthly gain after 3½ years of monthly declines.
One other real estate market indicator isn’t showing signs of improvement — mortgage foreclosures last month were up 75.5 percent from a year ago in the biggest monthly increase in nearly two years. Foreclosure filings so far this year, 3,653, already exceed every other year but last year.

2009-08-21T12:34:00.000-06:00

Market Insights: 8-21-2009
By Larry Baer:

The National Association of Realtors reported this morning that sales of previously owned homes jumped 7.2% higher in July – posting its best performance since August 2007. July’s percentage increase was the largest monthly gain since the data series started in 1999. The July existing home sales data marked the fourth consecutive monthly improvement in this measure of activity in the housing sector.
There is a notable “fly-in-the-ointment” in this data set -- much of the recent sales gain in existing home sales has been a function of falling prices created by foreclosure sales and other distress motivated transactions. The median existing-home price has fallen by 15.1% on year-over-year basis. The share of homes sold as foreclosures or otherwise distressed properties held at 31% in July.
The massive government borrowing spree continues unabated – with Uncle Sam in the credit markets on Tuesday looking to borrow $42 billion in the form of 2-year notes, followed by Wednesday’s demand for $39 billion in the form of 5-year notes and wrapping up with Thursday’s request for $28 billion in 7-year notes. Be aware that last time around the demand for the 2- and 5-year notes was downright awful – which provided mortgage investors with all the justification they needed to push mortgage interest rates higher.
Keep your fingers crossed that the “safe-haven” appeal of government debt obligations and mortgage-backed securities continues to shine bright as the investment community debates the sustainability of the stock market rally. If, as I expect, those that argue stock values cannot be sustained at current levels without a solid increase in consumer spending ultimately win the debate – the rotation of capital out of riskier assets like stocks into safer investments like bonds and mortgage-backed securities should limit the upward trajectory of mortgage interest rates over the course of the next couple of weeks.
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Colorado Springs #3 for Housing Recovery

2009-08-20T12:23:00.001-06:00

Best Cities For A Housing Recovery

Increased transactions and relatively low foreclosure resales spell good news for these markets.

In Depth: Best Cities For A Housing Recovery
The stock market is up 50% from its lows in March, and consumer spending increased in May, June and July. But when will housing turn around?
Even the wisest can't answer that, and experts caution against putting too much hope in rising home prices given the country's unemployment situation and high rate of mortgage defaults. But key measures indicate that some metros are more on their way to recovery than others.

Take Miami. Sales are up 27% over last year and only 3.5% of those are the result of foreclosure resales. In Lincoln, Neb., where sales are 15% higher this year than last, only 3.6% of them involved bank-owned properties Both top our list of markets on their way to health.

In Depth: Best Cities For A Housing Recovery

Behind The NumbersIn compiling our list, Forbes looked at 161 of the country's largest metropolitan statistical areas (or metros)--geographic entities defined by the U.S. Office of Management and Budget (OMB) for use by federal agencies in collecting, tabulating and publishing federal statistics--where sales activity had picked up over the last year, but where foreclosure sales, as a percentage of overall sales were the lowest. Our data came from Zillow.com, an online housing data firm based in Seattle, Wash. Our list doesn't profess to call the turnaround, but rather point out which cities are in the lead on the road to recovery.
To be sure, the national real estate picture remains grim. In Las Vegas and Madera, Calif., for example, respective sales are up 40% and 64% from a year ago. But 67% and 71% of those respective sales are from foreclosure resales.

The Rankings
10. San Jose, Calif.
9. Santa Barbara, Calif.
8. Redding, Calif.
7. Denver, Colo.
6. Bremerton, Wash.
5. San Luis Obispo, Calif.
4. Salem, Ore.
3. Colorado Springs, Colo.
2. Lincoln, Neb.
1. Miami-Ft. Lauderdale, Fla.

Other areas, however, are showing a spark at the very least and signs of bottoming at the very best.

Miami and Lincoln were followed by Colorado Springs, Colo., Salem, Ore. and San Luis Obispo, Calif. Here, sales have returned, but foreclosures are a relatively small percentage. In Colorado Springs, sales activity is up 14%, while transactions involving bank-owned properties made up one-fifth of them. While 20% is still a sizable chunk, it's relatively sound compared with areas like Bakersfield and Vallejo, Calif., and Phoenix, where over 50% of sales made up of foreclosures.

Because housing, like any asset, depends on supply and demand, the sales rate is an incredibly useful statistic in judging a recovery. However, an increased number of sales does not necessarily mean an imminent recovery.
"A bottom in sales volume is not the same thing as a bottom in home values," says Stan Humphries, chief economist at Zillow.com. "The former is a necessary precondition for the latter, but most economists expect prices to keep falling nationally through at least the early part of next year."

2009-08-18T12:40:00.000-06:00

Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Latest news: NAR Research First-Time Home Buyer Tax Credit Webinar: September 3, 2009

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

2009-07-21T15:49:00.001-06:00

5 top blunders of Internet home buyingHere's some advice to help you avoid the common pitfalls of online real-estate searching.While the painful real-estate swoon appears likely to extend well into 2009 — at least — the number of Americans using the Internet to find the home of their dreams is poised to keep on climbing.According to the 2008 National Association of Realtors Profile of Home Buyers and Sellers, 87% of homebuyers used the Internet to search for homes last year. That's up steadily from 84% in 2007 and 80% in 2006.But despite its mounting popularity, the Internet home-buying process can present a host of pitfalls. To help make your online real-estate searching more effective, here's a look at the top five Internet home-buying blunders and what you can do to avoid them.1. Assuming you can do it all yourselfThe Internet allows users to handle for themselves many of the tasks that could once only be performed by real-estate agents. The NAR profile, for example, found that the number of homebuyers who first learned of their homes on the Internet has been rising in recent years, to 32% in 2008, up from a tiny 2% in 1997. Accordingly, the number of homebuyers who first learned of their homes through agents has been declining, to 34% in 2008, down from 50% in 1997.But although the Internet can provide heaps of helpful tips and research, it would be a mistake to assume that the Web is all you need to buy a house — unless you are an experienced real-estate investor. Purchasing real estate can be extremely complicated from a legal standpoint, and it's easy to make a mistake if you don't have an expert advising you. And when it comes to something as expensive as real estate, those mistakes could cost you thousands of dollars."Doing all the paperwork yourself is a huge mistake," says Joshua Dorkin, chief executive officer of BiggerPockets.com, a real-estate networking and information site. "There are so many things you can miss on a contract."2. Looking too narrowlyThe sheer amount of information about the real-estate market online can be overwhelming. As a result, buyers can be tempted to stick to just one or two popular real-estate search engines, such as Realtor.com, for their research. The problem with doing that, however, is that you're missing out on the biggest advantages that the Internet offers. [Realtor.com is a partner of MSN Real Estate.]First, you're closing yourself off to a smaller cross section of the homes that are out there. "A lot of the sites aren't comprehensive and don't have all of the new listings," says Pat Kitano, a co-founder of Domus Consulting Group, which works with real-estate brokerage firms on technology marketing strategies.Don't assume that because a house is on one real-estate Web site, it is on all of them, says Greg Healy, vice president of operations at ForSaleByOwner.com. "It's still very fragmented," he says. Healy recommends using several Web sites to get a more complete picture.Second, you miss all the breaking, up-to-the-minute information on the housing market that can make you a smarter consumer. Blogs have become a popular resource for real-estate agents and others to post information as it happens. "If consumers are interested in a local area, they should find local real-estate bloggers who know this breaking information," Kitano says.3. Ignoring the independentsOne area that major real-estate search engines often overlook is the market for homes sold by the owners. "A lot of people forget to think how many homes are sold without agents," Healy says. The current estimate is that 20% to 25% of homes are listed by owner, he says.Your dream house could easily fall into that 20% to 25%. So how do you bring homes sold independently into your online searches? "Craigslist is one of the best resources," Dorkin says.4. Falling for fake listingsRemember, the Internet is a giant playground for scammers, and unfortunately they have penetrated the world of online home buying as well. Combine big dollars for online advertising and a lot of people searching for homes, and the result is a proliferation of fake home listings. There are a number of red flags to look out for."If there are no photos [of the house], that's a big warning sign. That's just people trying to collect page views," Healy says.But even if the listing has photos, it's not guaranteed to be legitimate. Legitimate Web sites will put watermarks on their home photos to brand those photos as their own. If a home's photos have several different watermarks on it, then you can guess you are looking at the work of a scammer.5. Putting too much stock in home-valuation Web sitesSites such as Zillow.com and Cyberhomes.com have changed the way people buy homes by putting pricing information at buyers' fingertips. But they're not infallible.Don't assume to know what the value of a home should be based on what these sites tell you about the neighborhood. There are many elements of a home's value that home-valuation sites cannot incorporate."Take their values with a grain of salt," Dorkin says. He recommends using this information merely as a range. Conduct other research to narrow that range. For example, walkscore.com can tell you the number of amenities within walking distance of a location — those are some of the factors that can raise or lower the value of a home.By Matthew Bandyk, U.S. News & World Report

2009-07-21T15:46:00.000-06:00

Local employment conditions unchanged in JuneComments 6 Recommend 0
July 17, 2009 - 1:07 PM
WAYNE HEILMAN
THE GAZETTE
The Colorado Springs area job market remained little changed in June as the unemployment rate stood at 8.1 percent for the fourth time in the past five months and job losses from a year earlier continued to hover around 10,000.
The Colorado Department of Labor and Employment reported Friday that job losses were widespread across the area economy with every industry but health care and government employing fewer than a year earlier. Professional and business services, manufacturing and tourism all lost at least 2,000 jobs since June 2008. The employment numbers, which come from a survey of employers, are adjusted for seasonal changes.
The 8.1 percent jobless rate is up from 5.6 percent a year ago and likely is the highest since the early 1990s, although no direct comparisons can be made because of variances in the department’s data. The unemployment rate before seasonal adjustments last month was 8.3 percent, up from 7.7 percent in May but below the 20-year high of 8.6 percent in March.
The statewide unemployment rate also remained unchanged in June, at 7.6 percent, a 21-year high and up from 4.8 percent a year ago. The state has lost more than 100,000 payroll jobs during the past 12 months, or a 4.4 percent decline.
Although other local and national economic indicators are improving, unemployment and job growth numbers tend to take longer to show improvement because businesses wait to expand staff until they are sure conditions have improved.
See archived 'Top Stories' stories »

2009-07-21T15:44:00.001-06:00

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Home > Daily News, News > Local multifamily listed among the nation’s best
Local multifamily listed among the nation’s best
by Becky Hurley
Published: July 17,2009
Time posted: 10:09 am
Tags: apartments, multifamily
While U.S. apartment vacancies rose to their highest level in 22 years, Pikes Peak region apartments were filling rapidly.
Analysts at Reis Inc. tracked 79 markets throughout the country and 45 experienced increased vacancies. The survey listed Colorado Springs; Columbia, S.C.; New Haven, Conn.; and Birmingham, Ala., as the U.S. cities with the fastest-shrinking vacancy rates.
The Springs’ overall vacancy rate dropped to 8.47 percent during the second quarter for complexes of 50 units or more. That was down from 9.9 percent during the prior quarter.
It’s also the lowest vacancy level since 2006, according to multifamily broker Doug Carter of Sperry Van Ness who cited findings published in the latest Apartment Insights quarterly review published by Cary Bruteig.
Geography matters
Some areas of town fared better than others.
Security-Widefield-Fountain finally saw its rental ship come in after 11 consecutive quarters with an average vacancy rate of 14.18 percent. Not surprisingly, Fort Carson’s new and returning soldiers leased hundreds of units.
Likewise, the southwest submarket — mostly 80906 neighborhoods — saw vacancies drop to less than 5 percent, filling even Class B properties, as rents remained the same or slightly lower.
Even complexes in hard-hit neighborhoods near the airport or in south-central neighborhoods off Nevada Avenue, Circle Drive and Venetucci Road, with vacancies of almost 20 percent during past quarters, watched renters pour in, filling all but about 13 percent of available apartments.
Carter and Apartment Insights calculated that only the west and north-central Colorado Springs submarkets have not seen improved occupancy.
Despite all this activity, however, rents have remained about the same.
During the second quarter, rents paid by tenants, also know as effective rents, increased by $9, but were not enough to compensate for the prior quarter’s average loss of $12. Overall, rents remain about $6 below a year ago.
Bye-bye concessions
Carter said that many landlords have begun to drop concessions — a free month’s rent or extending current lease rates for a few months — in return for signing a lease. Apartment Insights reported the average concession decreased by $8 this quarter to $58 per month, a discount of 8.4 percent from gross rent levels.
Carmen Azzopardi, division manager of Griffis Blessing Management Services Group, said that rents among the company’s 4,500 local property management clients are stable.
“What you see mostly are owners offering fewer concessions like first month’s free rent,” she said.
That’s in contrast to national statistics cited in the Reis report that show effective rents fell 0.9 percent, to $975, compared to the previous quarter and were off 1.9 percent from a year earlier.
Declines were highest in San Jose, San Francisco, Las Vegas, Southern California’s Orange County and Seattle. Those cities had been boosted by technology companies or the housing boom.
Perhaps the Pikes Peak region’s best news came in the form of the total net gain in leased units for the second quarter — improving by 507. That came on the heels of last quarter’s 120-unit gain.
So, after a volatile couple of years for area landlords, the area’s net absorption on a year-over-year basis settled at a respectable 559 units.
Apartment communities on the city’s north side such as the new Alexan at Briargate were big winners. That submarket saw absorption of 157 units. Properties near the airport absorbed 152 units during the same period.
Cary Bruteig, author of the Apartment Insights report, said aside from lower apartment complex investor volume, “all fundamental measures of the apartment market were strong.”
He also cited the city’s 1.5 percent drop in vacancies for the quarter as “significant,” though Carter cautioned that, so far, Colorado Springs has not seen a sustained trend.
“When you look at the last few quarters, we’ve been up, but we’ve also been down,” Carter said. “Last fall we were at a 7.4 percent vacancy rate — a pretty positive sign. Then two quarters later we were back up to 9.6 percent vacancies.”
Both credited the area’s growing military population for the good news.
“These are the initial signs of what we expect to be a significant improvement in the rental market in the quarters and years ahead,” Bruteig said. “New troops at Fort Carson were not expected until mid-summer, but our survey results show that arrivals were already beginning in May. We expect even greater improvement next quarter.”
Bruteig said he also expects a large influx of military households will accompany “limited new (multifamily) construction,” though most of it will consist of about 100 affordable housing units.

2009-04-14T10:50:00.000-06:00

Last Week in Review
"THE FACT THAT AN OPINION HAS BEEN WIDELY HELD DOESN'T MEAN THAT IT'S NOT UTTERLY ABSURD." Bertrand Russell. True words - and last week was one that was full of opinions that moved the financial markets - here are some highlights.
The week began with bank analyst Mike Mayo spewing out a negative forecast, which included his thoughts that loan losses by financial institutions would ultimately exceed levels from the Great Depression. This was followed by word from hedge fund giant George Soros that the US banking system is insolvent and that the economy won't recover in 2009.
However, as mentioned in many previous newsletters, the recent changes to mark-to-market should prove to have a positive impact on the economics and overall operations of financial institutions. Why? Because the recent ruling to look at mark-to-market accounting in a more relaxed light will free up the banks' capital ratios and allow them to do more lending, which will help their profitability, as well as ultimately help the economy unlock as businesses and consumers are once again able to borrow and use credit in a more normal fashion.
Lo and behold...as earnings season began last week, there was already evidence of this playing out as true, when Wells Fargo said Thursday that it expects record 1st quarter earnings and that their Wachovia acquisition was exceeding their expectations. In addition, the New York Times said Thursday that the US banking system overall may be in better shape than most people think.
As you can see in the chart below, Stocks hit an all time high in October 2007...until mark-to-market accounting practices were instituted. And notice also that Stocks reversed course, and have been on a strong rise since early March of this year, buoyed simply by the speculation that there would be a change in mark-to-market, which was finally announced on April 2nd by the Financial Accounting Standards Board.
-----------------------Chart: Dow Jones
Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve. And this is exactly what happened in the early part of the week when Stocks were plagued by the negative opinions mentioned above. However, Stocks rallied on the good news that ended the week, causing Bonds and home loan rates to give back some of the gains they had made, ending the week unchanged to slightly worse from where they began. The Bond market closed early Thursday and both the Stock and Bond markets were closed Friday in observance of the holiday weekend.
MOST PEOPLE SHARE THE OPINION THAT PAYING TAXES IS NO FUN, ESPECIALLY DURING TOUGH ECONOMIC TIMES. BUT FILING ON TIME IS IMPORTANT, EVEN IF YOU CAN'T FOOT THE WHOLE BILL ON TIME. CHECK OUT THIS WEEK'S MORTGAGE MARKET VIEW FOR IMPORTANT FILING INFORMATION.
Forecast for the Week
Last week may have been a quiet one in terms of economic reports, but the middle part of this week will be jam-packed with reports. Tuesday will bring the Retail Sales Report for March. We know that consumers continue to watch their spending, but how much they are still doing so will be interesting to see.
There's also news on the inflation front coming both Tuesday and Wednesday. Tuesday brings the wholesale measuring Producer Price Index (PPI) Report, while on Wednesday we get the Consumer Price Index (CPI) Report. It will be important to see if these reports are inflationary or deflationary in direction. Given the low interest rate environment we are in, along with all the recent economic stimulus provided, it seems a foregone conclusion that inflation will become an issue that must be dealt with. These reports will give us clues on any significant changes to the rates of inflation, which is the arch enemy of home loan rates.
Thursday will be a busy day as well, as we will get a read on the Housing Market with the Housing Starts and Building Permits Reports. The Philadelphia Fed Report will also be released Thursday, and this monthly survey of manufacturing purchasing managers conducting business around the tri-state area of Pennsylvania, New Jersey, and Delaware is one of the most-watched manufacturing reports.
As you can see in the chart below, stocks' late week rally pulled money out of the Bond market, and caused Bonds to fall below a key floor of support. I will be watching closely to see if Bonds and home loan rates can reverse direction this week and find some improvement.
Chart: Fannie Mae 4.0% Mortgage Bond (Friday Apr 10, 2009)
The Mortgage Market View...

File Your Taxes on Time. Even If You Can't Pay!
The deadline to file your taxes is practically here!
But what do you do if you've completed your tax returns only to find out that you owe way more to Uncle Sam than you were expecting - or worse, that your tax bill is more than you can possibly afford to pay right now?
Don't worry. If this is the case, you're not alone. especially in today's economy. And more importantly, you're not going to jail just for being a little short on cash.
Rest assured, the IRS only seeks criminal charges for those who the agency can prove intentionally chose not to file and pay taxes. So, even if you can't pay your bill right away, file your return on time, and not only will you stay off the IRS's bad side, you'll avoid some hefty financial penalties in the process.
Penalties
According to the IRS, the penalty for filing late is generally 5% per month, or up to 25% of the total tax amount due. Not to mention interest charges, which the IRS changes quarterly, and which range between 4% and 9%. This interest applies to the unpaid balance, penalties, and to any interest that has been charged to the account as well.
If no effort is made to pay back-taxes, the IRS can impose stricter penalties, including levying bank accounts, wages, other income, or taking other assets like houses and cars. A Federal Tax Lien could also be filed, which could ruin your credit history for years to come.
The penalty for filing on time but paying late, however, is only half of one percent or .5% per month, up to 25% of the total amount owed. If you choose an installment plan to pay your debt, interest will accrue on the unpaid debt amount only.
Therefore, when you file your return, pay as much as you can and cut down the penalties even more.
Extensions
It is possible to get a 30- to 120-day extension to pay your taxes after filing a return on time. Soon after filing, the IRS will send you a tax bill for the amount you still owe. Simply call the number on the bill and request an extension and explain your situation. If granted an extension, the penalties and interest will be much lower.
If you cannot pay any part of your tax bill, the IRS may temporarily delay collection until your financial situation improves, although interest and penalties will accrue throughout this time. But this extension is reserved for what the IRS calls "significant hardship."
The Week's Economic Indicator Calendar
Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.
Economic Calendar for the Week of April 13 - April 17
Date
ET
Economic Report
For
Estimate
Actual
Prior
Impact
Tue. April 14
08:30
Core Producer Price Index (PPI)
Mar
0.1%

0.2%
Moderate
Tue. April 14
08:30
Producer Price Index (PPI)
Mar
0.0%

0.1%
Moderate
Tue. April 14
08:30
Retail Sales
Mar
0.3%

-0.1%
HIGH
Tue. April 14
08:30
Retail Sales ex-auto
Mar
0.1%

0.7%
HIGH
Wed. April 15
02:00
Beige Book

Moderate
Wed. April 15
10:30
Crude Inventories
4/10
NA

1645K
Moderate
Wed. April 15
09:15
Industrial Production
Mar
0.9%

-1.4%
Moderate
Wed. April 15
09:15
Capacity Utilization
Mar
69.7%

70.9%
Moderate
Wed. April 15
08:00
Empire State Index
Apr
-35.0

-38.2
Moderate
Wed. April 15
08:30
Consumer Price Index (CPI)
Mar
0.2%

0.4%
HIGH
Wed. April 15
08:30
Core Consumer Price Index (CPI)
Mar
0.1%

0.2%
HIGH
Thu. April 16
08:30
Building Permits
Mar
550K

547K
Moderate
Thu. April 16
08:30
Housing Starts
Mar
550K

583K
Moderate
Thu. April 16
08:30
Jobless Claims (Initial)
4/11
NA

654K
Moderate
Thu. April 16
10:00
Philadelphia Fed Index
Apr
-32.0

-35.0
HIGH
Fri. April 17
10:00
Consumer Sentiment Index (UoM)
Apr
58.5

57.3
Moderate
The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.
As your trusted advisor, I am sending you the MMG WEEKLY because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.
In the unlikely event that you no longer wish to receive these valuable market updates, please USE THIS LINK or email: cleri@fcbcolo.com
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Coleen Leri First Community Mortgage5225 N. Academy Blvd.Suite #100Colorado Springs, CO 80918
Mortgage Success Source, LLC is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. Mortgage Success Source, LLC does not grant to you a license to any content, features or materials in this email. You may not distribute, download, or save a copy of any of the content or screens except as otherwise provided in our Terms and Conditions of Membership, for any purpose.

2009-03-10T11:31:00.000-06:00

7 Steps to House-Selling Success
Step 1: Plan and Prepare to Sell Your House
Step 2: Get a REALTOR®
Step 3: Set the Price
Step 4: Market it
Step 5: Sell it
Step 6: Closing
Step 7: Moving

Current Listings

2009-02-04T15:58:00.001-07:00

2009-02-03T12:06:00.001-07:00

Awards, Accolades & Rankings for Colorado Springs
Colorado Springs consistently ranks at the top of a variety of national and international lists.

No. 1 - Men's Fitness, "Fittest City in America"
No. 1 - Money, "Big Cities to Live In"
No. 1 - Forbes, "America's Most Pet-Friendly City"
No. 1 - Men's Health, "Best Cities for Dogs"
No. 3 - Earth Day Network, “Best Places to Live”
No. 4 - Frommer's Travel Guide, "Cities Ranked and Rated"
No. 5 - Kiplinger's Personal Finance, "Best Cities to Live, Work and Play"
No. 5 - MSNBC, "Best Cities to Live, Work and Play"
Top 10 - U.S. News and World Report, "Green Places to Retire"
No. 11 - ERC & Primacy Relocation, "Best Places to Relocate"
No. 11 - The Boyd Company, "Best Places to Build a Data Center"

2009-01-26T15:38:00.003-07:00

5 top blunders of Internet home buying
Here's some advice to help you avoid the common pitfalls of online real-estate searching.

While the painful real-estate swoon appears likely to extend well into 2009 — at least — the number of Americans using the Internet to find the home of their dreams is poised to keep on climbing.
According to the 2008 National Association of Realtors Profile of Home Buyers and Sellers, 87% of homebuyers used the Internet to search for homes last year. That's up steadily from 84% in 2007 and 80% in 2006.
But despite its mounting popularity, the Internet home-buying process can present a host of pitfalls. To help make your online real-estate searching more effective, here's a look at the top five Internet home-buying blunders and what you can do to avoid them.

1. Assuming you can do it all yourselfThe Internet allows users to handle for themselves many of the tasks that could once only be performed by real-estate agents. The NAR profile, for example, found that the number of homebuyers who first learned of their homes on the Internet has been rising in recent years, to 32% in 2008, up from a tiny 2% in 1997. Accordingly, the number of homebuyers who first learned of their homes through agents has been declining, to 34% in 2008, down from 50% in 1997.
But although the Internet can provide heaps of helpful tips and research, it would be a mistake to assume that the Web is all you need to buy a house — unless you are an experienced real-estate investor. Purchasing real estate can be extremely complicated from a legal standpoint, and it's easy to make a mistake if you don't have an expert advising you. And when it comes to something as expensive as real estate, those mistakes could cost you thousands of dollars.
"Doing all the paperwork yourself is a huge mistake," says Joshua Dorkin, chief executive officer of BiggerPockets.com, a real-estate networking and information site. "There are so many things you can miss on a contract."

2. Looking too narrowlyThe sheer amount of information about the real-estate market online can be overwhelming. As a result, buyers can be tempted to stick to just one or two popular real-estate search engines, such as Realtor.com, for their research. The problem with doing that, however, is that you're missing out on the biggest advantages that the Internet offers. [Realtor.com is a partner of MSN Real Estate.]
First, you're closing yourself off to a smaller cross section of the homes that are out there. "A lot of the sites aren't comprehensive and don't have all of the new listings," says Pat Kitano, a co-founder of Domus Consulting Group, which works with real-estate brokerage firms on technology marketing strategies.
Don't assume that because a house is on one real-estate Web site, it is on all of them, says Greg Healy, vice president of operations at ForSaleByOwner.com. "It's still very fragmented," he says. Healy recommends using several Web sites to get a more complete picture.
Second, you miss all the breaking, up-to-the-minute information on the housing market that can make you a smarter consumer. Blogs have become a popular resource for real-estate agents and others to post information as it happens. "If consumers are interested in a local area, they should find local real-estate bloggers who know this breaking information," Kitano says.

3. Ignoring the independentsOne area that major real-estate search engines often overlook is the market for homes sold by the owners. "A lot of people forget to think how many homes are sold without agents," Healy says. The current estimate is that 20% to 25% of homes are listed by owner, he says.
Your dream house could easily fall into that 20% to 25%. So how do you bring homes sold independently into your online searches? "Craigslist is one of the best resources," Dorkin says.

4. Falling for fake listingsRemember, the Internet is a giant playground for scammers, and unfortunately they have penetrated the world of online home buying as well. Combine big dollars for online advertising and a lot of people searching for homes, and the result is a proliferation of fake home listings. There are a number of red flags to look out for.
"If there are no photos [of the house], that's a big warning sign. That's just people trying to collect page views," Healy says.
But even if the listing has photos, it's not guaranteed to be legitimate. Legitimate Web sites will put watermarks on their home photos to brand those photos as their own. If a home's photos have several different watermarks on it, then you can guess you are looking at the work of a scammer.

5. Putting too much stock in home-valuation Web sitesSites such as Zillow.com and Cyberhomes.com have changed the way people buy homes by putting pricing information at buyers' fingertips. But they're not infallible.
Don't assume to know what the value of a home should be based on what these sites tell you about the neighborhood. There are many elements of a home's value that home-valuation sites cannot incorporate.
"Take their values with a grain of salt," Dorkin says. He recommends using this information merely as a range. Conduct other research to narrow that range. For example, walkscore.com can tell you the number of amenities within walking distance of a location — those are some of the factors that can raise or lower the value of a home.

By Matthew Bandyk, U.S. News & World Report

2009-01-20T16:17:00.002-07:00

Market Insights: 1 -20 -2009

Chronic uncertainty over the impact of massive government stimulus efforts is creating an uncomfortable level of risk for investors -- strong enough to limit the ability of mortgage interest rates to move notably lower. With more than $1 trillion of borrowing by Uncle Sam in the works for this year alone – investors are looking at two different scenarios:
1. If the government stimuli work, an economic recovery may get under way relatively soon. As the engines of growth rumble back to life the demand for capital will rise – pushing interest rates higher across the board, or
2. If the massive government borrowing fails to revive the sputtering economy – how much more additional borrowing will it take and what impact will all this debt have on the sovereign creditworthiness of the United States? If Uncle Sam were to loose his AAA credit status mortgage investors are keenly aware that the cost of all credit – including mortgage credit – would rise notably higher.

Against this backdrop of worry, investors will be listening intently to president-elect Obama’s inauguration speech. If as expected, he presents a plan that contains viable measures for turning the labor market around and kick-starting the economy (think major government infrastructure spending) stocks will likely rally while mortgage interest rates will do well to trade near last Friday’s levels.

On the other hand, if market participants conclude the new president has yet to develop concrete courses of action and/or that his plans will likely encounter strong political pushback and delay from Congress -- look for stocks to move lower while mortgage interest rates remain steady to fractionally lower.

PROGRAM- Purchase 30 DAY RATE

CONFORMING 30 YEAR FIXED
80% LTV and >275,000 <= 417,000 5.0% CONFORMING 15 YEAR FIXED 80% LTV and >275,000 <= 417,000 4.75% CONFORMING 40 YEAR FIXED 80% LTV and >275,000 <=417,000 N/A CONFORMING 3-1 ARM 80% LTV and >275,000 <=417,000 4.75% CONFORMING 5-1 ARM 80% LTV and >275,000 <=417,000 4.875% CONFORMING 7-1 ARM 80% LTV and >275,000 <=417,000 5.125% VA/FHA 30 YEAR > $200,000
5.00%

CONV. JUMBO 30 YEAR FIXED
80% LTV and > 417,000
7.5%

CONV. JUMBO 5/1 ARM
6.625%

RATES AND POINTS ARE SUBJECT TO CHANGE WITHOUT NOTICE

2009-01-14T13:25:00.000-07:00

What a REALTOR® Can Do for You
The REALTOR® you work with could be one of your most valuable resources. Unlike many real estate agents who are simply licensed by their state to do business, REALTORS® have taken additional steps to become members of the local board of REALTORS® and have agreed to act under and adhere to a strict Code of Ethics. Plus...
A REALTOR® can help you determine how much home you can afford. Often a REALTOR® can suggest ways to accrue the down payment and explain alternative financing methods.
A REALTOR®, in addition to knowing the local money market, also can tell you what personal and financial data to bring with you when you apply for a loan.
A REALTOR® is already familiar with current real estate values, taxes, utility costs, municipal services and facilities, and may be aware of local zoning changes that could affect your decision to buy.
A REALTOR® can usually research your housing needs in advance through a Multiple Listing Service--even if you are relocating from another city.
A REALTOR® can show you only those homes best suited to your needs--size, style, features, location, accessibility to schools, transportation, shopping and other personal preferences.
A REALTOR® often can suggest simple, imaginative changes that make a home more suitable for you and improve its utility and value.
A REALTOR® is sensitive to the importance you place on this major commitment you are about to make. Look for a real estate professional to facilitate negotiation of a win-win agreement that will satisfy both you and the seller.

2008-09-30T13:50:00.000-06:00

Obama rallies in Colorado, says Congress will produce a bailout bill

September 29, 2008 - 10:06AM

THE ASSOCIATED PRESS

WESTMINSTER - Democrat Barack Obama called on Congress to stay in Washington and pass a bailout for the hobbled financial industry, minutes after the House rejected the latest plan.
"One of the message I have for Congress: Get it done," Obama said.

The Democratic presidential candidate said he's confident Congress will eventually work out something, however. "I'm confident we're going to get there, but it's going to be rocky," the Illinois senator said.

Obama had planned to return to Washington for a Senate vote. Before the defeat in the House, that vote had been anticipated for Wednesday. The candidate has been keeping in touch with the negotiators by telephone.

The House voted down the $700 billion bailout bill today, and panicked investors sent the stock market plunging as they realized no immediate help was coming from Washington.
Obama said he talked with Treasury Secretary Henry Paulson, House Speaker Nancy Pelosi and other leaders, who were trying to figure out the next step.

Obama said he knew the vote "was a hard thing to do for Congress."

But "today, Democrats and Republicans in Washington have the responsibility to put make sure that the emergency rescue package is put forward that can at least stop the immediate problem we have," Obama said.

2008-09-30T13:45:00.000-06:00

McCain will be in Denver , Pueblo this week
September 30, 2008 - 11:48AM

THE GAZETTE

John McCain will be back in Colorado on Thursday and Friday. Both events are free and open to the public. Tickets are required for entrance into both events.

Thursday, McCain will be in Denver to hold a "Country First" Women's Town Hall Meeting at the Sheraton Grand Hotel (formally the Adam's Mark Hotel) in the Grand Ballroom, 1550 Court Place. The program begins at 12:30 p.m. Doors open at 11 a.m.Call 303-952-4670 for more information.

Friday, McCain will hold a town hall meeting in Pueblo at the Colorado State University, Massari Arena, 2200 Bonforte Blvd. The event begins at 11 a.m., with doors opening at 9 a.m. Call 719-543-1725 for more information.

You can also visit: http://colorado.johnmccain.com for more information

2008-09-11T16:01:00.002-06:00

Did You Know? We Have the Answers!

First-Time Home Buyer Tax Credit at a Glance

The tax credit is available for first-time home buyers only.

The maximum credit amount is $7,500.

The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

The tax credit works like an interest-free loan and must be repaid over a 15-year period.

Additional Options for Home Buyers.....

$35,000 to Improve/Renovate a qualifying home.

Zero Down & Zero Closing Costs

FHA & VA Financing Rate of 5.5%

For New, Resale, Short Sales, Foreclosures

Call for a complete list and details at New Homes Colorado Springs at Heritage Realty.
866-593-1518 Toll Free Direct
info@newhomescoloradosprings.com

Certain qualifying construction restrictions apply.

2008-09-11T15:54:00.001-06:00

View Some Qualifying Homes for This Program......

http://www.mypropertylistings.com/Modules/RSDisplayListings_143.asp?mwid=143

UPCOMING CONCERTS

2008-08-05T10:07:00.010-06:00

James, Ogden Theatre, Denver, Sept. 29, TM
Robert Cray Band, Boulder Theater, Boulder, Sept. 29, BT
Obituary, Bluebird Theater, Denver, Sept. 30, TM
Luis Miguel, Broomfield Event Center, Broomfield, Oct. 2, TM
Cold War Kids, Boulder Theater, Boulder, Oct. 3, BT
Big Head Todd & the Monsters, Gothic Theatre, Englewood, Oct. 4, TM
The Glitch Mob, Fox Theatre, Boulder, Oct. 4, FT
Yellowjackets feat. Mike Stern, Boulder Theater, Boulder, Oct. 4, BT
Clutch, with the Sword, The Black Sheep, Oct. 6, TWB
The Gourds, Gothic Theatre, Englewood, Oct. 9, TM
Jim Gaffigan, Temple Buell Theatre, Denver, Oct. 10, TM
Lotus, Ogden Theatre, Denver, Oct. 10, TM
Third Day and Switchfood, with Robert Randolph and Jars of Clay, Broomfield Event Center, Broomfield, Oct. 12, TM
Tegan & Sara, Paramount Theatre, Denver, Oct. 13, TH
Stereolab, Gothic Theatre, Englewood, Oct. 14, TM
The Magnetic Fields, Boulder Theater, Boulder, Oct. 15, BT John Brown's Body, Gothic Theatre, Englewood, Oct. 18, TM
Mest, Bluebird Theater, Denver, Oct. 22, TM
Bob Schneider, Bluebird Theater, Denver, Oct. 23, TM
Felice Brothers, Fox Theatre, Boulder, Oct. 28, FT
Kamelot, Bluebird Theater, Denver, Oct. 29, TM
Jedi Mind Tricks, Fox Theatre, Boulder, Oct. 31, FT
Ozomatli, Fox Theatre, Boulder, Nov. 1-2, FT
k.d. lang, Temple Buell Theatre, Denver, Nov. 8, TM
Henry Rollins, Boulder Theater, Boulder, Nov. 8, BT
Madonna, Pepsi Center, Denver, Nov. 11-12, TM
New Kids on the Block, Broomfield Event Center, Broomfield, Nov. 14, TM
Deadmau5, Fox Theatre, Boulder, Nov. 19, FT
Coldplay, Pepsi Center, Denver, Nov. 21, TM
Crystal Method, Fox Theatre, Boulder, Dec. 2, FT
Celtic Thunder, Wells Fargo Theatre, Denver, Dec. 12, TM