Advice for First-Time Home Buyers

Daily Real Estate News| December 2, 2013

Movoto Real Estate, an online real estate brokerage based in San Mateo, Calif., asked its agents for advice that they would give clients looking to purchase a home for the first time. These tips can help guide your clients through every step of the process.

To read the full article click here.

Prepare Your Home for Freezing Temperatures

Below-freezing temperatures are coming this week!  Prepare your water pipes to keep them from freezing. Frozen pipes can burst when the temperatures drop, causing extensive and costly water damage.




Here are some simple steps you can take to help ensure your pipes are ready for the cold temperatures.

• Check water supply lines that are located in unheated areas. Check the basement, crawl space, attic, garage, and under kitchen and bathroom cabinets. 
• Insulate hot and cold water pipes in these areas. 
• Drain automatic landscaping sprinkler systems.
• Disconnect all hoses from water supplies around the outside of your home. 
• Set water to drip from any faucet served by exposed pipes. (Running water through the pipe,  even at a trickle, helps prevent pipes from freezing.)

2014 Housing Outlook: Home Prices Head Higher

from MSN.com | November 19, 2013 | by Pat Mertz Esswein

Home prices will rise in 2014 but at a slower, more steady pace compared with historical trends.

The housing recovery has pushed up home prices nearly everywhere. In the past year, home prices rose in 225 of the 276 cities tracked by Clear Capital, a provider of real estate data and analysis. (See how home prices are shifting in 276 metro areas.) Prices nationwide increased  by 10.9 percent, pushing the median price for existing homes up by $30,000, to $215,000. For people who have waited to sell their home or refinance their mortgage, that's good news. (Bing: How are interest rates looking this week?)

Rising home prices in Seattle enabled Mike and Kristin Litke to refinance their first mortgage last summer and pay off a second mortgage that had an 8.2 percent interest rate. The Litkes, who bought their three-bedroom, 1.5-bath home for $512,500 in 2007 at the peak of Seattle's housing market, had used the second mortgage to avoid paying private mortgage insurance. In 2010, just as home prices in the area hit a trough, they refinanced their first mortgage to a 30-year fixed rate of 4.375 percent but were stuck with the second mortgage because they didn't have enough equity to do a "cash-out" refi.

To read the rest of the article click here.

Springs Listed as #4 U.S. Military Boomtown

Published in The Colorado Springs Business Journal | November 20, 2013 | by Cameron Moix

Colorado Springs came in at No. 4 among America’s top 10 military boomtowns, according to a list compiled using U.S. Bureau of Statistics data from 2009 to 2011.

The list, compiled by Texas-based tech startup SpareFoot Inc., showed that Colorado Springs has seen average annual population growth of 2.3 percent and an annual per-capita income growth of 1.6 percent. The metropolitan area average annual growth in per-capita military gross domestic product is 7.9 percent, while the same growth for non-military is only .4 percent, according to the list.

“Military spending contributes billions of dollars to the U.S. economy, and nowhere is that spending felt more than in American communities that host military bases,” SpareFoot said in a news release. “Some of these communities are booming — enjoying growth in population, per-capita personal income and gross domestic product, a key indicator of an area’s economic health.”

Colorado Springs — with five major military installations — places behind Hinesville, Ga., El Paso, Texas and Elizabethtown, Ky., as one of most rapidly expanding military communities.

To read the rest of the article click here.

WSJ: Fall is Time to Prepare the Yard for Spring

Published in The Wall Street Journal | October 20, 2013 | Written by Lindsay Gellman

Simple Chores Done Now Could Save You Cash Next Year

Fall is in the air—which means leaves will soon be on the ground in the colder states, and cooler, drier air is blowing into the South and West.

Now's the time to begin fall yard work such as raking leaves, weeding and cleaning out the gutters. But it isn't just about aesthetics. A few chores now could save you headaches—and cash—in the spring.

1. Rake leaves

If you're in a colder region, make sure to rake the leaves from your yard before the first snow hits or mold could set in and damage your lawn, says Bruce Allentuck, president of Allentuck Landscaping Company in Clarksburg, Md. One option is to bag the leaves for removal.

Check with your town to see whether there is a municipal leaf-composting program, says Margaret Roach, founder of gardening blog AWayToGarden.com in Copake Falls, N.Y.

Programs such as these collect leaves in the fall for composting and provide residents with low-cost or even free leaf-compost material for spring planting (a cubic yard of similar material sells for $25 to $55 plus delivery from a landscaper or garden center, Ms. Roach says).

Or you can create your own compost heap in a corner of the yard that you're not using, she says.

2. Weed and prune

It may be tedious, but a little weeding now will go a long way in the spring, Ms. Roach says. People "spend a lot of their dollars and time trying to get rid of weeds," she says. "Right now is when you can really minimize next year's weed problems."

Your goal should be preventing current issues from worsening, rather than perfection. Target seed-laden weeds and others with runner-like roots, says Ms. Roach.

You should also examine woody plants, like shrubs and trees, to see if there are any dead or broken branches that might give way in winter winds or snow, potentially causing damage, Ms. Roach says. If so, prune them, or for larger trees, consider hiring a professional to do so for you, she says.

3. Clear gutters and drains

Unclogging gutters and outdoor drainage is essential for preventing water damage to your house, says Nicholas Brand, founder of Vancouver-based window- and gutter-cleaning service Men in Kilts.

If you neglect your gutters, Mr. Brand says, you risk water backing up and seeping into your roof or spilling over and down the side of the house, damaging your foundation.

The timing of your cleaning is critical, he says—too early and your gutters will reclog; too late and they'll be filled with frozen debris. Aim for a cleaning right before the first snow, he says.

If you hire a professional, the service typically runs $250 to $300, but varies by house size, says Mr. Brand. Be sure that you have sufficient liability insurance and that the service company has local workers'-compensation insurance, he says.

4. Insulate plants

"When it's cold outside, we can put jackets on, but plants can't," Mr. Allentuck says. So if the temperature in your area dips below freezing, or you know a cold snap is coming, make sure your plants have adequate insulation, he says.

One way to do so is to put down a one-layer inch of mulch to protect roots, he says. In addition, it's a good idea to cover frost-sensitive plants with burlap, a sheet or a cardboard box, he says. You can move potted plants indoors or close to the house for extra warmth, he adds.

But be sure to remove those coverings once the sun comes up and temperatures rise. "Otherwise, you'll end up with a baked plant," says Tom MacCubbin, host of a gardening radio program in Orlando, Fla.

5. Plant new perennials

In many regions, late fall is the perfect time to plant new perennials—and in warmer climates, most trees and shrubs as well as cool-season annuals, says Lili Singer, director of special projects and adult education at the Theodore Payne Foundation for Wildflowers and Native Plants in Sun Valley, Calif.

Garden centers often have steep discounts this time of year, says Ms. Roach. Ask a local garden professional which plants typically thrive in your area if planted now.

And in some southern states, where lawns can really take a beating during the summer months, this might be the right time to aerate, reseed and fertilize your lawn, says Mark McAuliffe, vice president of operations at Cross Creek Nursery and Landscaping in Richmond, Va.

Read the article on The Wall Street Journal: http://online.wsj.com/news/articles/SB10001424052702304864504579139320312957410

Beware Frozen Water Lines

Beware Frozen Water Lines

from Colorado Springs Utilities | October 13, 2013

Don't get left in the cold with frozen or broken water pipes. Besides creating a soggy mess, broken water pipes can put a strain on your wallet. Whether indoors or outdoors, service lines are the homeowner or property owner's responsibility. This includes the pipe connected from the water main (usually in the street) to and then through your residence or business. We recommend you regularly have lines checked for blockages or aging.

To see the full statement click here.

Homeownership Rates: Top and Bottom 5 States

Homeownership Rates: Top and Bottom 5 States.

from National Association of Realtors | by Ken Fears | August 27, 2013

Affordability has a strong impact on homeownership.  Not surprisingly, four of five states with the lowest homeownership rates in the US are characterized by markets with high prices.

To read more about homeownership rates in the U.S. follow the link to the full article here.

More Markets See More Homes Listed for Sale

More homes being listed for sale expand buyers' choices and may help to moderate price increases.

from USA TODAY | by Julie Schmit | August 13, 2013

More homes are coming on the market, which is a good sign for buyers. 

In July, the inventory of homes for sale nationwide was only down 5.2% from a year ago, Realtor.com says. 

That's an improvement from January, when for sale inventories were down 16% from the year before, according to Realtor.com. 

More markets are also seeing inventories grow. 

The for-sale inventory was up year-over-year in 25 markets in July, compared to just seven in April, Realtor.com says. 

Three of those were Riverside, Calif., where inventories were up 26% year over year; Atlanta, up almost 18%; and Sacramento, Calif., up almost 17%. 

All three cities have seen rapid price appreciation in the past year, in part because of super tight inventories.

To read the rest of the story at USA TODAY click here.

About 20 Homes Flooded in Waldo Canyon Burn Area

from Fox21NEWS | by Fox Continuos News Desk 

MANITOU SPRINGS, COLO. (AP) -- A storm that caused flash flooding in the area burned by Colorado's Waldo Canyon Fire last year damaged about 20 homes, roughly a half dozen of them significantly.

More than a half inch of rain fell in less than 20 minutes Monday, causing mud to flow into the houses in Manitou Springs and western Colorado Springs.

To read more about flooding in the Waldo Canyon burn area you can read the full article here.

Prepare for a Slowdown in Housing Prices

from FORTUNE | by Nin-Hai Tseng | June 28, 2013

FORTUNE – For many months now, U.S. home prices have risen to new highs as the housing market recovers from one of the worst crashes in recent history. The rebound comes as more Americans find jobs and as homebuyers work their way through the remaining housing inventory following years of lackluster construction.

Just before mortgage rates began their swift march upward, prices in 20 U.S. cities climbed 12% in April from a year earlier -- the biggest gain since early 2006 when home values began to level off before the market collapsed, according to Standard & Poor's Case-Shiller home price index released Tuesday. Some of the hardest-hit markets during the recession saw the biggest one-year jump, with prices in Atlanta, Detroit, and Las Vegas each rising about 20%. In Los Angeles, prices rose 19%, while prices in Boston, Chicago, and Denver increased almost 10%.

To read the complete article click here.

Colorado Springs Homes Appreciate 8.2%

from the Colorado Springs Business Journal | posted by Amanda Miller | June 4, 2013

Colorado Springs home prices climbed 8.2 percent year-over-year in April, according to analysis firm CoreLogic .

They rose 2.1 percent from March to April. Excluding the distressed sales, short sales and bank-owned properties, sales prices climbed 7.1 percent year-over-year.

The sales price increases are good news for the rebounding real estate industry. While the figures in Colorado Springs are strong, they trail the national average, where home sales prices increased 12.1 percent year-over-year.

Nationally, April saw the biggest year-over-year home price increase since February 2006, according to the report. However, the national home price index is still 22.4 percent below its 2006 peak.

Home prices climbed 3.2 percent nationally from March to April.

For more on this, the full article can be found at the Colorado Springs Business Journal by clicking here.

The Gazette: More Colorado Springs building permits issued in wake of fire

The Gazette in Colorado Springs reports this week that 200 homes destroyed in the Waldo Canyon fire are an track to be rebuilt.

Ryan Handy says:

"Eleven months after the fire destroyed 347 homes in Mountain Shadows, the Pikes Peak Regional Building Department has issued 176 rebuilding permits for homes in the northwest neighborhood that was ravaged by the fire on June 26.

The majority of those new permits were issued to homeowners returning to the neighborhood, but some were issued to new residents and others were given to contractors for "spec" houses, said Bob Cutter, president of Colorado Springs Together, a nonprofit fire recovery group."

Read more: http://gazette.com/more-colorado-springs-building-permits-issued-in-wake-of-fire/article/1501313

Hot market: Fire serves to reignite Westside construction, home buying

This home is just one example of how Mountain Shadows is rebounding from the Waldo Canyon fire, with Realtors able to sell homes and lots quickly, and customers happy about joining the neighborhood despite the still-visible fire scars.

The Colorado Springs Business Journal said last week that the Waldo Canyon fire has "reignited" westside construction.

"“This is the first time in a lot of years that people have been able to have new construction on the Westside,” said Dean Weissman, a Realtor with The Platinum Group. “The market over there — it’s extremely hot.”

The west side of Interstate 25 has been built out for at least 10 years, Weissman said. And most of the real estate nestled into the hillsides is more than 20 years old.

The fire destroyed a wide variety of homes in Mountain Shadows, but the average price of the burned houses was above $350,000. Some homeowners have decided to rebuild with their insurance money and stay.

Others, for emotional or financial reasons, opted to sell their lots and move on, Patterson said."

Read more: http://csbj.com/2013/05/10/hot-market-fire-serves-to-reignite-westside-construction-home-buying/ 

CSBJ: Strong real estate market has brokerages beefing up

In the Colorado Springs business journal, Amanda Miller says that the real estate business is strong in Colorado Springs.

"Local real estate brokerages are hiring.

ERA Shields has hired more than 20 real estate agents and support staff members in the past year. RE/MAX Properties has added 16 since January. Prudential Rocky Mountain Realtors has bumped its staff from seven agents to nine.

Some of the hires are seasoned real estate professionals simply moving from one brokerage to another. But many are new to the industry.

The reason behind all the hiring activity is simple — the real estate business is strong and it looks like it will continue getting stronger, said Toby Schifsky, director of real estate education for Kaplan Professional Schools.

“We stand at the front door of the industry,” Schifsky said. “And we really started seeing enrollment increase last year.”"

Read more: http://csbj.com/2013/05/10/strong-real-estate-market-has-brokerages-beefing-up/ 

Honored and humbled to be part of Waldo Canyon museum exhibit

Published in The Gazette | April 26, 2013 | Written by Bill Vogrin

In The Gazette today, Bill Vogrin said that the Colorado Springs Pioneer Museum is creating an exhibit on the Waldo Canyon Fire.

"The museum is putting together an exhibit on the Waldo Canyon fire to correspond with the one-year anniversary. Called “From the Ashes: The Waldo Canyon Fire,” it debuts June 22 at the museum, 215 S. Tejon St. downtown. 

Recently, I got a sneak peek at the exhibit. I can tell you it will be a powerful display of mementos of the inferno that charred 18,247 acres, killed two people and destroyed 347 homes in Mountain Shadows as well as the cherished Old West tourist attraction Flying W Ranch.  I expect the exhibit to be a popular attraction, and not simply because it’s free."

The Waldo Canyon fire started about 4 miles northwest of Colorado Springs on June 23, 2012.  It moved into Colorado Springs, and when done had burned 346 homes in total. It was the most destructive fire in Colorado Springs history.

Fire Safety in Your Home

Stay safe in your home this Summer and throughout 2013. Every year there are around 11,000 house fires and sadly, many people continue to lose their lives instead of taking some simple precautions.

Your Home

• Test that smoke alarms are working 
• Be alert when cooking and never leave food unattended 
• Never leave candles or incense to burn unattended 
• Never leave children unattended with candles, matches, or lighters 
• Have a locked cupboard for combustible materials and dangerous tools 
• Don’t overload electrical circuits with too many appliances 
• Develop and practice an escape plan with household members 
• Know what to do if a person’s clothing catches on fire; Stop, Drop, Cover & Roll.
• Get rid of items cluttering your home which no longer have any use: old documents, newspapers, clothing, furniture, appliances and rubbish.  When these items block exits and narrow hallways, they block escape for the occupant and access for fire fighters.

Your Garden

• Cut long grass
• Regularly rake up leaves, bark and twigs
• Clear any dead branches and undergrowth near your home
• Prune lower tree branches
• Keep mulch and woodpiles away from walls
• Carefully place any flammable matter including boxes, cartons, and paper in trash can
• Remove any timber and old junk lying around

Share the Work

To get ready for the summer months, why not invite your friends, family and neighbors over for a busy bee? Work is always quicker, easier and more fun with more people involved!

Don’t gamble with your lives. With a little preparation, it’s easy to help prevent your home from going up in flames.

Who Says Money Doesn't Grow On Trees?

The Realty Times, in an article published on April 2, says that having trees on your property adds value to your home. They emphasize that though having trees on your property is important, it is just as important to have the right tree for the right location.

Arbor Day Foundation sells saplings for $15 or less. The price is smaller if you are a member.

They go on to say:
"

• HomeLogic reports the USDA Forest Service says a single tree on a property adds about $630 to the value of the property, provided the right tree is used in the proper location. 

• Over time, three well placed trees can save even more in energy savings - from $100 to $250 every year, due to cooling shade and winter windbreaking. 

• The U.S. Environmental Protection Agency says strategically planted trees and vegetation that block the sun's rays and reduce heat transfer to a home can reduce cooling energy consumption by up to 40 percent annually.And then there's the reduced carbon footprint that helps save the planet. It's tough to put a price tag on Mother Earth.

• HouseLogic reports the Trust for Public Land estimated that one mature tree takes 48 pounds of carbon out of the atmosphere each year and returns enough oxygen for two human beings .For the return on your money, trees are a cheap investment. 

"

Read the whole article on RealtyTimes: http://realtytimes.com/rtpages/20130402_moneytrees.htm

Gazette: Pace of Local Homebuilding Doubles

In an article published on March 1, 2013, the Gazette says that homebuilding in Colorado Springs has doubled from a year ago at this time. Single-family homebuilder permits have increased from 220 in February of 2012 to 398 this February.

This is really good news for Colorado Springs real estate, as the numbers of permits can reflect the future economic outlook builders have for the local economy.



The Gazette says:

         "The number of permits issued for housing construction is a key barometer of the local economy,  employing thousands of people and generating millions of dollars in taxes on the purchase of building materials. That tax revenue helps fund basic services such as public safety, roads and parks."

Other good news is that foreclosures are down, in fact, they are the lowest in monthly total since December of 2006.

The data definitely shows that economic recovery is beginning in Colorado Springs.

Read more: http://www.gazette.com/articles/year-151666-february-last.html#ixzz2NGjzgRVL