Polimino: Seller's market over

On InsideRealEstateNews this week, Dan Polimino swears that the seller's market in Colorado is over.

Polimino says:

I am ready to proclaim that the seller’s market is over. Gone are the days of multiple offers, homes selling in a few hours at over the asking price. Get ready for business being back to normal.

We believe that based on two strong economic factors:

• The rate of new home builds was ramping up faster than expected and as such, home builders would soon pump more and more inventory into the marketplace, giving buyers more choices. This would level out prices and builders would begin to take a larger market share.
• It was not realistic to think that Denver could sustain a 10 percent annual growth year after year. We believe that the market would not pass a 6 percent gain in appreciation this year and it looks like that is what it’s going to shape up to be.

To read Polimiino's conclusions, and the full article, click here.

How to Rent a House in Colorado Springs

So You Want to Rent Your Home

So you have property in the Colorado Springs area, and you are thinking about renting your house. When you think about everything involved in being a landlord, you might decide to not to pursue having an investment property. You’ve probably heard horror stories from other people who have tried to rent their house and either lost money or had to spend so much time making repairs on the property that they missed work or family time.

Thankfully, we have some answers, but first, let’s look at what is involved in renting your home in Colorado Springs.

Things to Take Into Account Before Renting Your Home

• How will you market your rental so that you get it rented quickly, and attract the kind of people you want to live in your house?

• What will you charge? Do you know the rent rates our current market will allow for?

• How will you maintain your property so the yard has the best chances to survive and that beautiful painting you did in the living room isn’t destroyed? How will you even know if damage is being done inside your rental?

• How will you collect prompt payments? What if the renters get behind--what do you do then?

• How will you handle repairs? If your tenants call on Thanksgiving with a flooded basement, will you want to take time away from your festivities to go address the issue?

• Are you good with accounting? You’re going to have to keep close track of the finances so as to not lose money and to please Uncle Sam.

• Do you have a good, affordable lawyer? You might need to sue for damages, or to evict someone.

• Do you know all the laws and rules about renting, including tenant rights? How can you figure this out?

• How’s your muscle tone? Will you be able to confront a bad tenant on issues if you need to?

The Answer That Covers all Your Bases

This is a lot to think about. So what is the answer? How can you rent your house, know you're getting the best market rent rates, and be able to have all of the time you have now to enjoy your life?

It is simple. Hire a good Property Manager who will do all of this for you and transfer rent proceeds to you monthly.

Sound too good to be true?  It’s not! Hundreds of property owners with homes in the Colorado Springs area trust All Seasons, LLC, CRMC Property Management division to take the stress out of being a landlord.

You can save money by hiring them. This is how it works: they charge a percentage of your property's monthly rental rate in exchange for their services; there is no fee when your property is vacant; they charge no mark-ups when they do routine repairs on your property. Monthly proceeds are electronically deposited, and your monthly statements are available online.

Here’s what All Seasons, LLC, CRMC will do for you:

Marketing, Advertising, and Screening - They will utilize the best online advertising in an effort to locate tenants for you quickly, and avoid long vacancies. 

They are available for showings every weekend--one reason their vacancy rate is about half of what it is city-wide in Colorado Springs. Their managed properties are snapped up so quickly that if one is available, multiple people contact the office and oftentimes, there are multiple applications on the same property, giving them the opportunity to pick the cream of the crop.

Their screening process includes running credit, background, previous rental history, and employment references/verifications in an effort to ensure that the approved tenant for your property is qualified to rent. This is all done at no additional charge to you, the homeowner.

Setting the Right Price - A good property manager can set the ideal rental price for your property. This ensures that you get the max monthly income possible, given current market conditions while also obtaining a short vacancy period.

Documenting Your Rental - They use extremely thorough videos to document how the house looks when tenants move in, and identify the issues when they move out. Talk about indisputable evidence as to the condition of the property and whether damages are caused - this is it! They also do exterior assessments three times a year on the single family properties to ensure the tenant is making good efforts in regards to the yard and the general exterior state of your property.

Vendors - These are the guys who fix things on the property. All Seasons, LLC, CRMC has a winning line up of vendors, who not only make the needed repairs, but report back to All Seasons about any other problems they see in the house. Regular vendor review is conducted to ensure the rates being offered for the services by the insured and licensed (if applicable) professionals are competitive. 

Collecting Rental Payments - All Seasons, LLC, CRMC uses an efficient method to effectively collect rent and make sure the payments are on-time--crucial to maintaining your cash flow. With 24/7/365 online access to your "Owner Portal" you can monitor expenses, review bills as they're posted to your account, and even see pictures of issues that need brought to your attention, even when you're worlds away.

So how can you go wrong?

You’ve got the option of DIY, which runs the risk of losing you money and time.

Or, you can hire All Seasons, LLC, CRMC, and let them take care of the time consuming aspects involved with Property Management. 

I know what I will do!

Bloomberg: Young Renters Trading Size for Frills

Published in Bloomberg | July 10, 2104 | Written by Prashant Gobal

Young professionals are paying top-market rents to live in new upscale apartment towers sprouting in Nashville and other downtowns across the country. They’re sacrificing living space for a prime urban location and extras such as cooking classes, dog-wash stations and poolside Wi-Fi.

Developers, in the biggest U.S. apartment-construction boom in almost a decade, are shrinking the size of units so they can command luxury rates without narrowing the pool of potential tenants. The median size of apartments in new U.S. buildings fell last year to 1,043 square feet, the smallest since 2002, Census Bureau data.

At the same time, leasing is getting more expensive. The U.S. average rent per square foot was $1.25 in May, the highest in records dating to 1996, according to Axiometrics Inc.

To read the entire article: http://ow.ly/AibwP

Realtor.org: Great news! Your house is probably worth more money today than it was in January

Published on Realtor.org | Written by Adam DeSanctis | June 23, 2014

Existing-home sales rose strongly in May and inventory gains continued to help moderate price growth, according to the National Association of Realtors®. All four regions of the country experienced sales gains compared to a month earlier.

Lawrence Yun, NAR chief economist, said current sales activity is rebounding after the lackluster first quarter. “Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” he said. “Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.” 

Read the full article here: http://www.realtor.org/news-releases/2014/06/existing-home-sales-heat-up-in-may-inventory-levels-continue-to-improve

7 Colorado Lawn Care Tips for Green & Healthy Grass

Caring for a lawn at high altitude in a dry climate can be a challenge. Here are 7 tips to help you succeed. 

Lawn Care Tip 1 - One-Third Rule 

Removing more than 1/3 of the grass blade will stress out your lawn. If you cut or take out too much of the grass blade, your lawn will have a difficult time thriving and will instead look burnt out.

Lawn Care Tip 2 - Highest Acceptable Height

When you have long grass blades, your roots will grow deeper. Grass that has deeper roots will withstand drought and oppose pests and diseases.

Lawn Care Tip 3 - Sharp Mower Blades 

Your lawn's appearance is enhanced by sharp mower blades. Cleaner cuts of grass are provided by sharp blades. Grass will be able to recover from mowing faster when it is cut by sharp blades.

Lawn Care Tip 4 - Apply Fertilizer 

Use fertilizer to get a healthy, green lawn. You have to apply fertilizer at the right time to get the best results. Consult with your local Weed Man professional for options.

Lawn Care Tip 5 - Deal with Weeds, Insects and Diseases

Brown circles or dry areas around your lawn means that you might have a problem. As problems travel under the soil, big circles called brownouts caused by fungal disease or insects leave a line of traceable dead grass. Your Weed Man professional can help identify the exact problem and recommend treatment.

Lawn Care Tip 6 - Deep Watering

Deep (rather than shallow) lawn watering is encouraged to grow deeper roots. One inch of water to 12 inches of soil is the preferred ratio for watering actively growing grass. Watering your lawn every three days is better than watering a few minutes every day.

Lawn Care Tip 7 - Check Your Irrigation System

For proper turf watering, test your irrigation system. One suggestion is to place five straight-sided pans around your lawn. When you turn your irrigation system on, take note of how long it takes for one inch of water to accumulate. Check to see if all the pans get the same amount of water. You might need to adjust the amount or distance of your lawn's sprinkler heads.  

To read the full article on WeedManUSA, click here: http://ow.ly/ypPMD

AIA's 2014 Top Ten Green Buildings in the US

The American Institute of Architects has revealed its 2014 selection of top ten green buildings in the US.

As was the case with last year’s list, the judges came up with an interesting list of buildings that includes some lesser-publicized green-building projects, such as a homeless shelter, a treehouse, and even a Net-Zero energy courthouse.

To read the full article click here.

CSBJ Best of Business 2014 - Voting Ends Today!

The CSBJ Best of Business voting has begun.   Of course, we'd love for you to show your support for us again!  We are entered in the following areas:

• Best Property Management Residential: All Seasons LLC

There are some rules to the voting, but it is worth the few minutes it will take you to do it! Here are the steps, rules, and some recommendations.

1. Go to: http://csbj.com/2014-best-of-business/
2. Click on the image to begin voting.
3. Register/Login - complete simple login information
4. Start with the Non-Book of List Categories and the website will guide you through the entire list of categories.

It's that simple, but heads up! You must vote in at least 25 categories for your votes to count. You can vote for your favorites in any of the other categories. Happy Voting!

'Widespread' Softness Defines Market

from Colorado Real Estate Journal | by Jennifer Hayes | April 30, 2014

Widespread softness marked the Colorado Springs apartment market in the first quarter of 2014.
Apartment Insights recently released its Statistics/Trends Summary for the first three months of the year in which it noted vacancy rose, absorption dropped and rents saw a slight increase.

“Vacancy increased in most categories, including affordable properties, absorption was negative and concessions increased, more than offsetting the increase in rents,” explained Doug Carter of Sperry Van Ness/Doug Carter LLC, who co-authored the report with Cary Bruteig of Apartment Appraisers & Consultants. “Although long-term trends remain positive for the area, the recovery continues at an uneven pace.”

Read the rest of the story at the Colorado Real Estate Journal by clicking here.

Pros and Cons of Living Within a Homeowners Association

from Realtor.com | by Michele Lerner | April 25, 2014

Ask two different homeowners what they think about living in a community with a homeowners association and you may see one of them scowl and another smile. The difference of opinion on homeowners associations, or HOAs, depends on several factors, including individual personalities and preferences and the quality of the particular HOA.

To learn more about HOAs read the rest of the article by clicking here.

Report: Year-Over-Year Foreclosure Down in January

from Colorado Springs Business Journal | by Cameron Moix | March 31, 2014

While increasing from the month prior, Colorado Springs foreclosure rates decreased year-over-year in January, according to a report by real estate research firm CoreLogic.

CoreLogic reported foreclosures in the Colorado Springs area dropped from more than 1 percent in January 2013 to .77 percent in January 2014.

To read the rest of the article click here.

Average rent continues to rise in Springs

from Colorado Springs Business Journal | by Cameron Moix | February 28, 2014

Average apartment rent rose in the Colorado Springs metro for the 16th consecutive quarter (year over year) at the close of 2013, according to a report released Friday by the Colorado Division of Housing and the Apartment Association of Southern Colorado.

The report indicated that the average rent for Springs residents rose $9 (or 1 percent) to $799 compared to the same quarter of 2012. Although the year-over-year rate has increased for 16 straight quarters, the report specified that average rent is down from $830 during the third quarter of 2013.

To read the rest of the article at the Colorado Springs Business Journal click here.

The Mortgage Market Is About To Get Smaller

from PropertyManager.com | by Marc Courtenay | February 27, 2014

As 2014 begins a bureau created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, The Consumer Financial Protection Bureau (CFPB), will set new rules concerning mortgages. Lenders will be required to verify and inspect borrowers’ financial records. The rules discourage lenders from allowing borrowers to carry total debt payments totaling more than 43 percent of the person’s annual income.

To read the rest of the article click here.

Paid-off Home Loans Decline Over Last Quarter

from Colorado Springs Business Journal | by Marija B. Vader | February 20, 2014

The number of home loans paid off in Colorado was down 28.2 percent from the fourth quarter of 2012 to the fourth quarter of 2013, but comparing the full year of 2013 to 2012, the total was up 13 percent.

According to a report released Wednesday by the Colorado Division of Housing, public trustees in Colorado released a total of 62,312 deeds of trust during the fourth quarter of 2013, compared to 86,816 released during the fourth quarter of 2012.

To read the rest of the story click here.

Too Many MLSs?

from REALTOR Mag | by Meg White | January 2014 

Data standardization remains a challenge across various listing platforms, causing some to call for MLS consolidation.

The strain between brokers and agents was evident when the subject of the number of MLSs across the country was discussed at the MLS Forum at the 2013 REALTORS® Conference & Expo last November.

Sales associates are frustrated because they have to pay membership fees to more than one organization, and brokers often have difficulty coordinating data between disparate sources. Some brokers at the forum said they have members of two different associations in the same real estate office or listings that are directly across the street from each other appearing in two separate MLSs.

To read more find the full story here.

8 States With the Most Mortgage Fraud Cases

from REALTOR Mag | February 11, 2014 |

Overall, suspicious activity in lending is down, but mortgage fraud remains particularly problematic in cerain areas across the country, according to the LexisNexis 15th annual Mortgage Fraud Report (PDF). The report highlighted the worst states for mortgage fraud, based on the highest number of investigations in 2012. 

To see the states at the top of the list click here.

Springs May Be On Verge of Economic Rebound

from The Gazette | January 12, 2014 

All should hope for more headlines similar to those carried this week in The Gazette's business section. A sampling:

• "Colorado Springs-area jobless rate falls to five-year low"
• "Colorado Springs-area car sales hit eight-year high despite slow December"
• "Colorado Springs home sales for 2013 hit highest level in seven years"

Americans have endured a protracted and painful recession. Bad federal policies—most notably the Patient Protection and Affordable Care Act—have slowed recovery. Yet, a few key economic indicators look good locally and should serve as incentive to consider new investments in the community's future.


To read the rest of the article at The Gazette click here.

Year in Review: Real Estate

from The Colorado Springs Business Journal | December 27, 2013 | by Marija B. Vader

If someone put a home on the market in Colorado Springs, chances are good it sold within two months.

As of the end of June, single-family homes spent an average of 62 days on the market, the lowest number since June 2006, when the Pikes Peak Association of Realtors started keeping records.

The total number of active listings was extremely low at 3,450, said Fred Crowley, associate director of the Southern Colorado Economic Forum. He compared that number with around 6,000 active listings in June 2010.

“The available homes for sale decreased 40 percent over three years ago,” Crowley said. “These numbers are just mind-boggling.”

To read the rest of the year in review click here.