Page 1


Vol.1 No.9

January 12, 2009

Mortgage downpayment clarification

NAR urges financial

regulators and Industry

to make mortgages more attainable

There is some misinformation in the media lately about the required size of a down payment for a mortgage in today’s market, and the blog world is abuzz with misperceptions. Not all so-called experts are knowledgeable in this area, and some experts are being misunderstood.

The facts:  An individual may be required to put down 20 percent based on that person’s financial situation. But that is not an across-the-board requirement for all borrowers.  A borrower who puts down less than 20 percent is required to obtain mortgage insurance.  Even in a declining market, a borrower is required to make at least a 5 or 10 percent down payment.  FHA requires a 3.5 percent down payment by borrowers, so long as they meet a 31 percent housing cost-to-income ratio. In other words, anyone who stays within their budget and who can afford a 3.5 percent down payment (even with family help) can become a homeowner.

" The National Association of Realtors® applauds recent actions by the Federal Reserve and the Treasury making mortgage interest rates more affordable. However, further action is needed to help the thousands of people trying to buy a home or to stem off foreclosure to get a mortgage easily and quickly. “Our members tell us that families are once again looking to enter the housing market only to find that delays, process and bureaucracy are getting in the way,” said NAR President Charles McMillan, a broker

...further action is needed to help the thousands of people trying to buy a home or to stem off foreclosure to get a mortgage easily and quickly.

with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “The federal government and the mortgage lending industry must address continuing problems that are impeding the delivery of mortgage credit to home buyers and those trying to avoid foreclosure.” In a letter to the Treasury Department, the Federal Reserve Board and the Federal Housing Finance Agency, and copied to President-elect Barack Obama’s transition team, NAR notes that in addition to lowering interest rates, the federal government must


work with mortgage lenders and credit reporting agencies to eliminate processes that are making it difficult to close on a mortgage loan so that the housing market and the nation’s economy can have a robust recovery. “Now really is a great time to buy a home. Inventory is high, prices are down and mortgage rates are near 50-year lows. We have to unclog the system and let people achieve and hold on to the dream of homeownership,” McMillan said. See Mortgages page 4

Colorado Springs ranked 7th-safest among 50-city natural disaster study At the Least Risk 1. Mesa, AZ 1. Milwaukee, WI 3. Cleveland, OH 3. Phoenix, AZ 3. Tucson, AZ 3. El Paso, TX 7. Colorado Springs, CO 8. Philadelphia, PA 8. Minneapolis, MN 8. Detroit, MI

At the Most Risk

PLEASE NOTE: FHA market share has grown roughly tenfold in the past year to an estimated 30 percent of new mortgage originations.

46. Honolulu, HI 47. San Francisco, CA 48. Oakland, CA 49. New Orleans, LA 50. Miami, FL

© Copyright National Association of REALTORS. Reprinted with permission.


In a recent study, SustainLane examined the largest 50 cities assessing natural disaster risks. SustainLane looked at hurricanes, major flooding, catastrophic hail, tornado super-outbreaks, and earthquakes, taking into consideration potential frequency of disaster as well as the extent of damage. Cities with the greatest risk were afflicted by hurricanes, earthquakes, and major flooding due to hurricanes and tsunamis. Many of these cities lay near major faults attributing to earthquakes. Cities with the least risk of facing major earthquakes, hurricanes, flood-

ing, catastrophic hail and tornado outbreaks were typically located where "they lack geographic, geologic and atmospheric conditions needed to create these disasters." Drought and urban wildfires were left out this particular study due to the fact that "wildfire damage in modern cities typically affects only limited areas" and "this [drought] natural phenomenon may be mitigated by water importation and conservation." For the full list of cities examinded and for more information please visit

Realtors: Fed action creates best interest rates in 50 years The National Association of Realtors® applauds the actions of the Federal Reserve Board in lowering interest rates for home buyers and homeowners who need to refinance. This will significantly impact housing sales, home valuations, and the nation’s overall economy. The Federal Reserve is purchasing large quantities of agency debt Page 3 WCR's Holiday Auction

and mortgage-backed securities to provide support to the mortgage and housing markets. “NAR has been aggressively calling for mortgage rate reductions, and the Fed’s action to slash interest rates, coupled with the actions by the Federal Housing Finance Agency and the Department of the Treasury, has driven down interest rates to make the Page 4

naHReP Holiday Party

dream of homeownership once again attainable for thousands of Americans,” said NAR President Charles McMillan. Mortgage rates, which had averaged 6.3 percent in the third quarter, have recently fallen into the 4 percent range in some parts of the country.


Housing Stats Page 11

See Interest Rates page 14 Page 9

KW Hope Realty Opens New Downtown Office

Jay Gupta’s

Page 13 alSo inSide nHa of Co. Holiday Party

National News ................. Page 3 Local & State News ........... Page 10 On the Move ................... Page 12 Sales & Motivation ............ Page 14 Around the Corner ............ Page 15

NewYear! Happy

from your friends at


Colorado Springs Real Estate Journal

January 12, 2009


Economic slump weakens pending home sales After holding fairly stable for a year, pending home sales declined in the face of job losses and an eroding economy, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in November, fell 4.0 percent to 82.3 from a downwardly revised reading of 85.7 in October, and is 5.3 percent below November 2007 when it was 86.9. The current index is the lowest since the series began in 2001. Lawrence Yun, NAR chief economist, said a weakening was inevitable. “Mounting job losses and very weak consumer confidence deterred home buyers from signing contracts in November,” he said. “December’s housing market

activity could be comparably lower due to ongoing problems in the economy, so a real estate-focused stimulus plan is urgently needed.” Yun said the outlook will depend heavily on the stimulus package. “With a proper real-estate focused stimulus measure, home sales could rise more than expected, by more than 10 percent to 5.5 million in 2009, and easily begin to stabilize home prices in many parts of the country. Stable home prices will, in turn, lessen foreclosure pressures and lay the foundations for a solid economic recovery as the nation’s 75 million homeowners regain confidence,” he said. The impact of mortgage interest rates declining to near 50-year lows in December is not reflected in current data. The PHSI in the Northeast dropped 7.2 percent to 63.2 in November and is 14.6 percent below a year ago. In the Midwest the index fell 6.7 percent to 74.2 and is 10.1 percent below November 2007. The index in the South declined 2.2 percent to 85.3 in November and is 12.7 percent below a year ago. In the West, the index was down 2.4 percent to 101.2 but remains 19.3 percent higher than November 2007. NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said there can’t be an economic recovery without a focus See Economic Slump page 6

WCR Holiday auction

December 11, 2008

Not affiliated with The Colorado Springs Business Journal

Director of Advertising Rachelle Nardo

Director of Publishing Josh Olson Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colorado Springs, Colorado. CSREJ is published twice a month and distributed through US Mail to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Building Association and many other industry-related professionals. CSREJ is not responsible for any opinions or facts expressed by nonstaff writers. CSREJ shall not be held responsible for any errors in advertising or editorial content. Realtor® is a registered trademark. Sometimes the word Realtor® or Realtors® will appear without the “®” symbol for the purpose of saving space. The registered trademark should be assumed if it is not present.

We welcome the submission of articles, photos and press releases. Please email any considerations to: • Article Submission Please submit articles no longer than 700 words in a Word document with an accompanying byline and appropriate contact information. A headshot is also welcomed. Please submit headshot in JPG format.

Above: Pikes Peak WCR Past Presidents with Mr. and Mrs. Clause (David Duarte and LaRa Fryer of Countrywide) Above: Doug Marsh of Marsh Auction Group auctions off a donation from the Colorado Springs Real Estate Journal. Right: Michael Podoyak of North American Title and Ron Pipkin of Stewart Title. Below: Cheryl Dingwell-Keckritz of Cutting Edge Realty, Barb Asbury of Prudential Colorado Real Estate and Ann Brown of Land Title.

• Press Releases Please submit press releases directly into an email or an attached Word document. A PDF is acceptable but not preferred. Please include any photos in JPG format attached to the same email.

• On the Move

Above: Current WCR President Mary Fryer, past President Judy Carty, President-Elect Ranate Carrier and Immediate Past President Barb Asbury. Below: Alan Lovitt of Prudential Professional Realtors and PPAR CEO Terry Storm.

Please submit a short bio or press no more than 150 words for anyone that has joined your team in a Word document or directly in an email. A headshot may also be attached to the email as a JPG. This is for any business in the industry (Real Estate, Builders, Title Companies, Mortgage Companies, etc.)

• Photos/Events Please attached pictures in JPG format in an email with any notes or captions directly in the email or in a Word document.

Office: 719.217.3433 Fax: 719.550.4373 Above: Mary Kay Van Dorpe of Land Title and Lynn Edgin of Keller Williams Hope Realty. January 12, 2009 Colorado Springs Real Estate Journal LLC 3608 Galley Rd | Colo Springs, CO 80909

Colorado Springs Real Estate Journal



naHReP Holiday PaRty deCembeR 10, 2008

Above: Hector Hernandez with Century 21 Metro Alliance and Stephanie dombrowski of Ent.

Mortgages from page 1 NAR is recommending that the Treasury Department provide additional TARP funds for the sole purposes of making additional loans and modifying mortgages to help prevent foreclosures. “The housing market is clogged with short-sales that take frustratingly too long to clear. Though lax underwriting standards should never return, many lenders’ credit score requirements have become overly stringent. Good people with good credit scores are finding it difficult to qualify for loans despite the historically low mortgage rates,” said McMillan. NAR is asking mortgage lenders and mortgage insurers to make sure they have not over-corrected their underwriting standards and added unnecessarily strict underwriting standards, such as excessively high credit scores to qualify for a mortgage. In addition, credit reporting bureaus should improve compliance with the Fair Credit Reporting Act, including providing prompt responses to consumers who want to correct errors in their file. Lastly, NAR is calling on all mortgage lenders, their servicers, Fannie Mae and Freddie Mac, and investors in mortgage assets to implement aggressive policies that result in more loan modifications to prevent as many foreclosures as possible, expedited processes for short-sales, and added liquidity to the nonconforming mortgage market. “If rates stay low at near 5 percent or lower, home sales could rise nationally by 10 to 15 percent in 2009 and stabilize prices in many parts of the country,” said NAR Chief Economist Lawrence Yun. “That, in turn, will help reduce foreclosure pressures and lower the rate of re-defaults on recently modified distressed loans. Improved loan modification tools are also necessary. Everyone needs to work together so this can become a reality.” NAR continues to advocate for other measures that would help create long-term stability by ensuring that safe and affordable mortgages are available throughout the nation, including making the higher loan limits passed in the economic stimulus bill earlier this year permanent and extending the temporary $7,500 tax credit for first-time home buyers to all home buyers and eliminating the repayment requirement. “The work is not yet finished, and NAR is committed to continuing its efforts with policy makers and the new Congress and administration to get the real estate market back on track – the nation’s economy depends on it,” McMillan said.

Left: Carli Johnson, ed edwards of Edward Alan Homes, don bivens with Brown and Brown Ins. and tracy Starratt with Community One Financial.

Above: Past and Present Board Member of NAHREP.

Above: Rose malca joins her daughter, Above: thelma gomez with Dynasty Clarissa arellano of PPAR and Suzanne Mortgage, Jean daniell with Celebration Mortgage, linnea Clayton Craig with Pre Paid Legal Services. with Credit Facts and Rick trujillo with Farmers Insurance.

© Copyright National Association of REALTORS. Reprinted with permission.

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NAHB shares construction lending concerns with FDIC Chairman NAHB Senior Officers emerged from a Dec. 17 meeting in Washington with Federal Deposit Insurance Corporation Chairman Sheila Bair and her staff with the encouragement that the FDIC is interested in working with home builders to resolve key issues related to the ongoing credit crunch for acquisition, development and construction (AD&C) financing. NAHB has been receiving increasing reports from its members in the field that they are encountering extreme difficulty in obtaining credit for viable projects. Builders with outstanding construction and development loans say they are experiencing intense pressure as the result of requirements for significant amounts of additional equity, denials on loan extensions and demands for immediate repayment. In too many cases, performing loans are being rendered nonperforming as a result of these actions, adding to foreclosures and increasing the inventory

of unsold or only half-completed homes. In their meeting with Chairman Bair, the Senior Officers said that the problem has now spread beyond the housing boom and bust states to almost all parts of the country. Banks have become growingly reluctant to continue making loans on viable housing development, despite banking regulators advising them of the importance of doing so. At the same time, they are not providing reasonable flexibility on working on modifying the terms of troubled outstanding loans to avoid foreclosures or loan calls. At the meeting, Bair indicated that the FDIC would reiterate its existing supervisory guidance that encourages lenders to work with borrowers to avoid foreclosure. The FDIC also said that it is in the process of including in its supervision of lenders a system that will monitor how institutions are using the TARP (Troubled Asset Relief Program) money and other

federal liquidity assistance that they are receiving. Builders are increasingly concerned that lenders are not using this capital enhancement to make new loans or support workouts on existing loans. Perhaps most significantly, Bair expressed a strong interest in working with NAHB to improve the FDIC’s receivership process and develop information for builders affected by the agency’s takeovers of failed banks. NAHB members have been reporting major difficulties with funding cutoffs and in communicating and dealing with personnel at institutions that have been taken over by the FDIC. The Senior Officers commended the chairman for her efforts to reduce mortgage foreclosures and expressed support for the FDIC's proposed new foreclosure mitigation program. The above article has been provided to you compliments of NAHB and Nation’s Builder News.

Economic Slump from page 3

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on housing. “It’s crucial for Congress and the new administration to move quickly to remove impediments and offer home buyers the incentives they need to tap into today’s historic low mortgage interest rates,” he said. “NAR advocates expanding a $7,500 tax credit to all home buyers and eliminating the repayment feature, and permanently raising loan limits to bring down interest rates for many buyers in high-cost areas. We also need to expedite short sales and unclog the mortgage pipeline,” McMillan said. The 30-year fixed-rate mortgage should hold fairly steady through the first half of the year and rise slightly in the second half. NAR’s housing affordability index, which looks at the relationship between home prices, mortgage interest rates and family income, is on track to match a record high set in 1972. “The unique housing affordability conditions in today’s market underscore the opportunity in giving consumers the necessary incentives to stimulate our economy through a housing recovery,” Yun said. © Copyright National Association of REALTORS. Reprinted with permission.

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January 12, 2009


PEOPLES Hosts Reverse Mortgage class

First-ever Realtor float wins award The National Association of Realtors® inaugural float won the Isabella Coleman Trophy for “Best Presentation of Color and Color Harmony Through Floral Use,” at the 2009 Tournament of Roses Parade. The Pasadena Tournament of Roses Association selected the Realtor® float from among 45 other entries. The float, titled “Celebrating the Dream of Home Ownership for 100 Years,” is a salute to NAR’s Centennial celebration currently under way through May 2009. Hundreds of Realtors® volunteered over 10,000 hours to help with decoration. “As the leading advocate for home ownership, Realtors® take pride in helping people achieve their dream of owning a home,” said 2008 NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “Winning this award symbolizes the incredible resiliency and commitment our members possess.” The Realtor® float depicted a fantasy floral representation of the Swiss Family Robinson tree-house-home. The Swiss Family Robinson story was published in 1812, yet still epitomizes the traits Americans have come to value highly: resourcefulness and adaptability. Today, about 70

December 19, 2008

percent of all families in the United States own their own home. The float was created from creamy ecru colored ironed cornhusk and sesame seeds with accents of white coconut flakes. The roof tiles were fashioned from peach lentil seeds edged in white sweet rice. Over 20,000 stems of purple Madame Pompadour and lavender Bombay orchids were used and tropical foliages and ferns complement the 30,000 Neon pink roses that comprise the exotic gardens. This is the 120th year of the Rose Parade Tradition, an American classic that began as a way to promote Southern California real estate, and has marched through wars and the Great Depression. Millions of spectators from around the world watched the beautiful pageantry of floats. The parade is seen in more than 200 countries.

Above: Karen Ayers with Rawhide CO, Debbie Broderick with Rusinak Real Estate and Holly Skelton with ERA Shields. Right: Kris Korinek with Coldwell Banker Residential Brokerage, Jack Brady of Trader Jack’s Real Estate, Jennifer Browning with RE/ MAX Properties, and Deanna Brunson with Prudential Professional Realtors.

© Copyright National Association of REALTORS. Reprinted with permission.

Left: Nathan Johnson with 1st Reverse Mortgage USA, Dave Allbrook with Peoples National Title, Lillian Lucian and James Vincent with Peoples Mortgage.

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Colorado Springs Real Estate Journal

January 12, 2009

KelleR WilliamS HoPe Realty oPenS neW doWntoWn oFFiCe

deCembeR 12, 2008

Above: Hernando Pena and Jeff Ryder with Keller Williams Clients Choice Realty and mark mcWilliams with Keller Williams Hope Realty.

Above: brian miller with Empire Title, aimee daugherty with Keller Homes and launa Walter with Title America.

Above: Rich Spieker with Kyani, dawn gassiot with Empire Title, Cliff boyles and Jeff Phillips with Keller Williams Hope Realty and doreen Hussmann with Empire Title.

Above: ed Jones with Keller Williams Hope Realty, Paul muhly with CO Home Warranty, ingrid allen with Keller Williams Hope Realty, Roger Collins with First National Bank and lynn edgin with Keller Williams Hope Realty.

Above: Stephanie taylor with Chicago Title, Willie breazell with Keller Williams Hope Realty, danielle abell with Chicago Title, Jim Skadden and Robert edgin with Keller Williams Hope Realty

Above: matt Hall, edward Smith and tracie Hudson with Legacy Title.

It’s a dream vacation for two, just for doing what you do! Close on a Todays Home by February 28, 2009 and we’ll fly you and a guest round-trip anywhere in the Continental United States for FREE. We’re even throwing in hotel accommodations for a seven-day trip. So, you can get a deep, deep tan while the rest of us frump around in our overcoats and snow boots. Plus, to help you close, Todays Homes is offering $20,000 in incentives to your buyer and we’ll be sending the buyers on a trip too.

For more information call Todays Homes at 719.322.6800. * Offers, incentives and availability vary by community. The $20,000 amount is available on select homes and is not available on all homes in all communities. Vacation package is limited to new contracts on existing inventory homes only and must close on or before February 28, 2009. Vacation is limited to select destinations and includes airfare and hotel accommodations only and may not be redeemed for cash or any other goods or services. Vacation package is subject to Fly Free America® terms and conditions. Prices, terms and conditions are subject to change without notice. See on site sales representative for more details. Subject to lender approval.

719.322.6800 January 12, 2009 Colorado Springs Real Estate Journal


LoCaL & State Organizations serving younger business professionals join together to provide the 1st Annual “The Summit: A Step Ahead for Young Business Professionals” The Business Professionals Networking, Chamber Rising Professionals, Colorado Springs Young Professionals, and Leadership NOW are presenting the 1st Annual "The Summit: A Step Ahead for Young Business Professionals". Various businesses and organizations will be presenting activities and opportunities they provide for young business professionals in and around the community. Kevin Johnson from E.L.O.P.E. will be speaking about how he went from Garage Company to International Business Success and how this can be achievable for other Colorado Springs young business professionals. There will also be an area to voice opinions about what Colorado Springs could do to become a better place to live, work, and play. Realtor Ad.pdf The Summit will be1 12/19/2008 4:24:11 PM

held January 13th, 2009 at the Antler’s hotel from 11:00 AM TO 1:00 PM. Cost is $25 for partnering organization members and $35 for non members. To RSVP participants should go to, click on Calendar of Events and then “The Summit: A Step Ahead for Young Business Professionals”, there will be a link that says Register Now. Participants are encouraged to come early for the Summit and network with large, small, and desirable employers as well as check out other things to see and do in Colorado Springs. Lunch will be provided and hundreds of other young business pro-

FREEDOM IS having a partner you can trust.

"This is the most exciting event for Young Business Professionals that Colorado Springs has ever offered." Jenifer Furda - Chamber Rising Professionals

fessionals will be in attendance from the area. Jenifer Furda of the Chamber Rising Professionals said, “This is the most exciting event for Young Business Professionals that Colorado Springs has ever offered”. Jon Seversen of the Colorado Springs Young Professionals says, “Colorado Springs is on the rise as a community that is quickly becoming a Young Professional Friendly community.” Courtney Halemartin of Business Professionals Networking commented, "Networking is crucial in this economy and is an essential tool in job searches as well as expanding your current business opportunities." For additional information on The Summit, contact Sandy Wenger or visit, click on Calendar of Events. Business Professionals Networking, Chamber Rising Professionals, Colorado Springs Young Professionals, and Leadership Now are organizations geared toward provide services for Young Business Professionals in Colorado Springs with various emphasis on professional, social, recreational, and civic life.

February 17: Tom Bechtel (719) 550-6486

Marcus Brown (719) 550-6408

Josh Callens (Denver) (720) 833-3324

Diane Danner (719) 550-6441





Alex Deboer (719) 550-6482



Stephanie Dombrowski (719) 550-6485

Carol Flynn (719) 550-6470

Cathy Gonzalez (719) 550-6431

Realtor Day at the Capital Register today for REALTOR® Day at the Capitol on February 17 that will be held at the Colorado State Capitol and take advantage of your opportunity to discuss Colorado Real Estate related issues with your state legislators. Don’t miss out on your chance to have a voice on issues such as:


• Improving the Quality of Life in your community


• The marketability of property in your neighborhood Suzi Gradisar (Pueblo) (719) 296-2107

Brad Shaw (719) 550-6995

Lisa Shoblo (719) 550-6480

Tony Sloan (719) 550-6439

ENT - A REALTOR’S LENDING PARTNER As a Realtor, it’s important to help your buyers find the home they’re most comfortable in. At Ent, we’re here to make it easy for them to find the financing they’re comfortable with!

Ent offers a wide variety of mortgage loan options* to fit any homebuyer. Plus, all of Ent’s loan decisions are made locally and we service most loans in house. Ask about our $300 Mortgage Guarantee, too! For more information, call one of our Mortgage Loan Officers or visit

Ent is a community-chartered credit union • Equal Opportunity Lender • Federally insured by NCUA © Ent Federal Credit Union, 2009 • Ent is a registered trademark of Ent Federal Credit Union.

Colorado Springs Real Estate Journal

• Educating and screening policy makers who support REALTOR® issues, plus more! Your support with grassroots efforts like this is needed and speaks volumes as CAR continues to protect and promote favorable real estate policies in Colorado. Pre-Register by Tuesday, February 10, 2009 for $40 (includes lunch, materials and transportation to Capitol) Register after Tuesday, February 10, 2009 for $50 (onsite registration subject to availability for luncheon). © Copyright Colorado Association of REALTORS. Reprinted with permission.

*Standard credit qualifications apply. Loans are subject to final credit approval. Property insurance is required. Financing available on homes throughout Colorado.


• Protecting your income and maintaining your commissions and

January 12, 2009

LoCaL & State

Jay Gupta’s December Housing Stats Disclaimer This representation is based in whole or in part on information from the Pikes Peak REALTOR® Services Corp. (“RSC”) or its PPMLS. Content is deemed reliable; however, neither the RSC nor the PPMLS nor PPAR nor Gloriod & Associates nor Jay Gupta guarantees or is in any way responsible for its accuracy. Data maintained by RSC does not reflect all real estate activity in the market. Information is deemed reliable but not guaranteed. All rights reserved. Unauthorized reproduction is prohibited.

December Stats Overview PPMLS All Counties (S.F. / Patio Homes): # of New Listings: # of Active Listings: # of Listings Sold: % of Active Listings Sold: Total Sold Volume: Median Price: Average Price: Sale to List Price Ratio: Average Days On Market:

892 4,951 495 10% $112,551,140 $180,000 $227,376 96.1% 99 Day

El Paso County (S.F. and Patio Homes) # of New Listings: # of Active Listings: # of Listings Sold: % of Active Listings Sold: Total Sold Volume: Median Price: Average Price: Sale to List Price Ratio: Average Days On Market:

781 4,035 444 11% $103,658,430 $183,706 $233,464 96.1% 98 Days

PPMLS New Listings Re-cap Listing Inventory continues to Shrink - This is crucial step to market stabilization S.F./Patio Existing Homes: From Nov 08 to Dec 08: From Dec 07 to Dec 08: From Jan to Dec 2007: From Jan to Dec 2008: New Listings Dropped:

(6.2)% (9)% 20,705 17,770 (14.2)%

Active Listings Analysis El Paso County S.F. / Patio Homes December 2008: 4,035 Active Listings by Price Range : 77% Active under $400,000 23% Active over $400,000 7% between $400 to $500,000 10% between $500 to $800,000 6% Active over $800,000

Sold Listings Analysis El Paso County (S.F./Patio Homes Nov 08): 444 Sold Listings by Price Range: 91% Sold under $400,000 9% Sold over $400,000 2% between $400 to $500,000 5.2% between $500 to $800,000 1.8% Sold over $800,000

Existing Home Sales Analysis S.F./Patio Existing Homes: In the midst of the unprecedented economic crisis,

Colorado Springs housing market has done amazingly well: Jan - Dec 07: 8,841 Homes Jan - Dec 08: 7,557 Homes Change: (14.5)%

noVembeR 22, 2008

Median Price Short Term Fluctuations • When the median price increases, it can be reflective of the fact that more expensive than inexpensive homes sold during that period. • Similarly, a decrease in the median price can indicate that more inexpensive than expensive homes sold during that period. Median Price Relevancy: For measuring changes in the housing price, Median Price has greater possibility for accuracy over a long period of time to balance the mix of expensive and inexpensive homes sold during that period.

Above: Rick gonzales of The Masters Real Estate Group with son, ben gonzales and friends Rachel nicely with daughter, Celina martinez.

Importance of Pricing Right Sale Price to Listing Price Ratio (chart) El Paso County (S.F. / Patio Homes 2008) June 97.1% Sold 14.5% DOM 90 July 97.3% Sold 15% DOM 89 August 96.8% Sold 13.4% DOM 79 September 96.7% Sold 13.2% DOM 95 October 96.3% Sold 12% DOM 82 November 97.5% Sold 10% DOM 83 December 96.1% Sold 11% DOM 98 Above: Judy music with The Masters Real Estate Group and Collette guida with Pajama Program join the kids around the donations of pajamas for children in need.

Days On the Market (DOM) PPMLS All Areas - December 2008: Total Active Listings: 4,951 (S.F./Patio Homes) Listings Sold: 495 10% Sold in 0 - 30 days 25% Sold in 31- 60 days 22.5% Sold in 61- 90 days 15% [65.5%] Sold in 91- 120 days 8.5% [71%] Sold in 120+ days 29%

Summary Unequivocally, there is currently much bad news about the economy and the housing market. People are fearful about making a decision to buy a home. Buyers want to know whether or not this is a good time to buy. Unfortunately, there is no universal answer. Each buyer ought to assess his or her own personal situation by asking the right questions and gathering necessary information to make an informed decision. Here are some suggestions and comments for those who are in this predicament: • Assess your financial stability and qualifications to obtain a loan. In today’s market, qualified buyers with good credit are still able to secure loans in a normal fashion. If you have not already done this, make an appointment with a reputable lender.

Above: Pamela dasher and theresa montoya with Pajama Program, Santa and diane gonzalez with The Masters Real Estate Group.

• Assess your family conditions which often outweigh market conditions. • Evaluate and understand the long term impact of a price drop of a few thousand dollars versus a low interest rate mortgage. For example, the payments on a $250,000 fixed rate, 30 year mortgage at 6% interest is $1,498.88. For the same amount of monthly payment of $1,498.88, at 5% interest a borrower can borrow $279,213. • Right now, there is a good selection of properties to choose from. • It is highly advantageous to buy-up in a down market. If a seller decides to wait for the prices to go up on seller’s smaller home, the price increase on a higher price home the seller wants to buy will be proportionately much higher when the prices go up. • First-time home buyers can now take advantage of a temporary tax credit. • Undoubtedly, home ownership is the key to building long-term wealth. • It is important to remember that each market is different. The market situation in Colorado Springs is not the same as what is happening in California, Nevada, Arizona, and Florida, etc.

© Jay Gupta, Past Chairman PPAR Board. Reprinted with permission. For more information or questions please contact Jay at

January 12, 2009

tHe maSteRS Real eState gRouP Client aPPReCiation

Above: Sharon Williams, Juanita Simkins and mary Fontana with The Masters Real Estate Group join Miss pre-teen Colorado Galaxy; Jackie delgado and Miss Colorado Galaxy; amanda Kepple and of course, Santa.

got pictures?

Colorado Springs Real Estate Journal


On the Move Jim Roethler RE/MAX Properties Jim Roethler, ABR, QSC, E-Pro has joined RE/MAX Properties, Inc., Southern Colorado’s largest real estate company, as a broker associate in their South Office at 2630 Tenderfoot Hill Street. Roethler calls Wecota, SD his home town. After a distinguished 20-year career in the U.S. Army, Roethler has built an extremely successful real estate business over the last 28 years. Not only is he a recipient of the RE/MAX 100% Club award but he is also a Brian Buffini Certified Mentor. He is highly educated and experienced in all areas of real estate but specializes in Residential and Bank-Owned properties. Taking advantage of the Colorado lifestyle, Roethler enjoys fishing and hiking. When asked about his work, he says, “I like having my own business without being completely by myself.” Roethler chose to join RE/MAX Properties, Inc. “because of the technology advantage” provided by the company.

Patty Matteo Prudential Professional Realtors Patty Matteo was born and raised in Tuckahoe, New York and Bethel, Connecticut. After getting married she moved around and lived on both coasts. Patty finally settled in Colorado in 1992. She has two sons. Jesse is her oldest and works for Bible Electric here in town. Jesse and his wife, Stephanie, have three children, Riley, Gage, and Ethan. Luke is her youngest and works at Circuit City. Luke and Lori live nearby as well. As a way to get to know people Patty started working in School District 38 at Lewis Palmer Middle School in Monument in 1993. She started out as a Special Education Paraprofessional then switched to the Counseling Secretary and Registrar position. What a great job and an ideal way to meet people and make connections. Patty started Real Estate in May of 2005 which fits perfectly with her school job. She specializes in first time home buyers, teachers, and growing families. After living here for 16 years, she really loves Colorado Springs and surrounding areas. If you are relocating she been here long enough to support you in finding schools, churches, recreational, businesses, and shopping. Call her when you are ready for the sale of your home, buying, or with buying your first home.

Linda Lampasso Prudential Professional Realtors Linda Lampasso has been in the real estate business for 7 years. Most recently she has been with Keller Williams Premier Realty and prior to that Coldwell Banker Cheyenne Mountain Realty. Linda specializes in working with military buyers, sellers and out of state relocation, and is a Certified Military Relocation Specialist. She is the exclusive relocation specialist for 6 of the area hotels. Linda also enjoys working with first time home buyers. She holds the GRI & CRS designations and feels it is imperative to keep up with continuing education to stay at the top of the real estate industry.

George Barrette Prudential Professional Realtors Bill Havens, Managing Broker, recently shared with the Prudential Professional team the addition of another broker to their fast growing organization. Recently join-


ing the company is George Barrette who brings his 35 years of experience in the Colorado Springs real estate market to the company. George believes in exceeding his client’s expectations and providing a level of unparalleled service in real estate transactions. To that end, whether working with a buyer or marketing a property for a seller, George’s goal is to make the experience enjoyable, easing the stress, and making the sale or purchase as smooth as possible. George has also been the exclusive marketing agent for new homes being built by Briese Enterprises, LLC, a semi-custom home builder in the Tri-Lakes area for 15 years. National Realtor designations currently held by George include the Certified Residential Specialist (CRS) and Accredited Buyer Representative (ABR).

Terry Galloway Prudential Professional Realtors Terry’s goal as a Colorado Springs Real Estate Agent is to keep clients informed about trends in the marketplace using the latest statistics in your local area. Terry believes real estate is a sound investment for now and for the future. Terry Galloway is your local area expert, having held an active Real Estate license in the state of Colorado since 1978. Her three children were born here, and went from elementary school to college in the state. In this state it is not easy to be classified as a "native" but she has been here since 1965, and this is where she plans to stay. As a result, she has found it very fulfilling to get involved in activities that benefit our community. Terry is a wildlife transport member for the Division of Wildlife, and a guide for visually impaired and blind skiers in an organization called VIBeS. Terry Galloway’s education has been comprehensive from a degree earned from L´Université d´Aixen-Provence, France to her undergraduate work at the University of Colorado, Boulder, and finally a Masters Degree in Business with an emphasis in Marketing from the University of Colorado at Colorado Springs. She is currently active with the Alumni Association at UCCS. In the Real Estate discipline, Terry holds a GRI designation and the prestigious CRS designation that puts her in the top 5% of REALTORS® nationally. Terry’s business experience covers many years but is primarily focused within four venues: Marketing and Sales, Customer Service, Management, and Entrepreneurship. Her late husband and she were the proprietors of two highly successful retail businesses: Christy Sports and The Wine and Hop Shops. After over 25 years in Real Estate, she finds that her past service, organizational and entrepreneurial orientation has been a benefit to her current customers.

Amy Lassen RE/MAX Properties Amy Lassen, has joined RE/MAX Properties, Inc., Southern Colorado’s largest real estate company, as a broker associate in their North Office at 1740 Chapel Hills Drive. Lassen, originally from Glen Canyon City, UT, spent 7 years as a Home School Parent then turned her attentions to developing a successful real estate career. With over four years as a real estate professional, Lassen specializes in Residential and Relocation services for her existing and new clients. She states, “I love research, details and working with people. I get to earn my living helping people make one of the most important investment decisions they’ll ever make.” When asked why she decided to join RE/MAX Properties, Inc., Lassen says, “I see the potential to grow my business with the tools and support at RE/MAX Properties, Inc.”

Colorado Springs Real Estate Journal

Rodney Canterbury Prudential Professional Realtors We are pleased to announce that Rodney Canterbury, RLI, an experienced REALTOR®, has joined the Prudential Professional team. He specializes in residential properties, farm, and ranch properties in the state of Colorado. He also has farms in other states and networks with other agents in those areas. Rodney’s experience has allowed him to develop a great knowledge of our real estate market. Regardless if the property is large or if it is small, Rodney gives each client his undivided attention. Rodney is a member of the Pikes Peak, Colorado and National Association of REALTORS®.

Cathy Brittain Prudential Professional Realtors Prudential Professionals are excited to announce another experienced real estate broker has joined its family of REALTORS®. Cathy Brittain is a veteran of real estate sales and earned the designation of GRI and CRS. She is very knowledgeable in pricing properties to get the quickest transaction, at the highest price with the lowest amount of inconvenience. Cathy also works very closely with mortgage professionals to help her buyers find the right program for their needs. She knows that one size does not fit all.

Ray Otero Prudential Professional Realtors Ray comes to Prudential Professional REALTORS® after almost six years with Coldwell Banker Residential Brokerage, where he specialized in the local Hispanic market. Back in 1986, Ray started as a Real Estate Salesperson in the Los Angeles area, so he brings many years of experience. He graduated from UCLA with a Masters in Social Welfare and taught sociology in college for 16 years, including 12 years at Occidental College. He takes pride and satisfaction in being a good listener, helping others and providing the best possible advice.

Toby Lorenc RE/MAX Properties Colorado Springs REALTOR® Toby Lorenc of RE/ MAX Properties, Inc., joins a select group of industry experts with the Graduate REALTOR® Institute (GRI) designation. At least 90 hours of training is required to earn the GRI designation. Lorenc recently completed an intensive series of courses in advance real estate topics ranging from contract law to professional standards. A REALTOR® with a GRI possesses a higher degree of education and skill to better serve prospective clients and customers. Lorenc is a member of the team at RE/MAX Properties downtown at 216 N Tejon Street in Colorado Springs. RE/MAX Properties is ranked #1 in downtown sales in Colorado Springs. Lorenc works with home buyers and sellers throughout El Paso County, and in all price ranges.

Be a Part of this Section See Page 3 for Details January 12, 2009

New Home Associates of Colorado Holiday Party December 17, 2008

Below: Sue Ellen Bombardier-Cox of NHA of CO. with husband, Parrish; Joan and Bill Kuemmerle of NHA of CO.

Above: Ruby Davis, Greg and Tamara San Agustin of NHA of CO.

Above: Award winners and management.

Above: Matt Moore of NHA of CO. and wife, Shannon; Louis and Nina Torres of NHA of CO.; Rhonda Karwoski of NHA of CO. and husband, Chance.

Above: Back - Dereck Presley with Michelle Wilkerson of NHA of CO. Front - Vince Carpio of NHA of CO. with wife, Jenna; Jessica and Brandon Renaud of NHA of CO.

Above: Leslie Moberly of NHA of CO. and husband, Dan; Deborah Shorter-Barfield of NHA of CO. with husband, Mark Barfield of Mortgage Solutions.

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January 12, 2009

Starting from

189,950 Colorado Springs Real Estate Journal


SaLeS & MotivatioN



Interest Rates from page 1

List for Creative Follow Up 9



Since few prospects purchase a home on the first visit, we should all become experts in getting them to return. Here are some helpful tips:







your notes in one place and a regular reminder system to keep calling. 7. Set a goal for a minimum of one appointment per day.

1. Be committed to instant follow up.

If you follow this formula, you will by melinda brody Follow up with everyone who visited have approximately 18 extra sales each Melinda Brody & Co. that day. Don't let the follow up pile up! year. One appointment each day/365 — All your conversations will be fresh in appointments of which possibly 50% your mind and the prospects will be imwon't show up=182 that will show up pressed that you are so organized. The purpose of the and you close 10% of those. Now take 18 sales x call and/or note is to thank them for stopping in. an average of $2000 commission and you earn $36,000 more in income for the year. Worth your 2. Be Creative time and effort? The definition of creative is to look at what every other Realtor is doing with follow up and do some- 8. Customize and personalize. thing unique and different to stand out from the In today's world of high tech, it is so refreshing to crowd. One Florida client who sold beachside conget something one of a kind. All notes need to be dos sent little bags of sand with a business card athand addressed. You can delegate this to a group tached to all snowbirds who visited during the win- that has handwriting down to a science...Grandter. Another developed a creative brochure, which mas!! Consider hiring senior women to help you showed the numerous golf holes in 3D. hand address the note cards. You need to include some personal information you gathered when they 3. Send something, then call. visited. The better you are in the "discovery" phase, It's great to send notes, postcards and customized the better follow up note you can write. Don't write letters. But, unless you follow up with a phone call, the usual "Thank you for visiting...if you have any you don't have the opportunity to invite your pros- questions, please give me a call"...BORING pects back. Always have a reason to call. Perhaps 9. Send follow up. Directly to the kids. they asked for some information you didn't have handy. You can find out the answer, send it to them Do your children LOVE getting mail? My 12 year and call that they did receive it goes nuts if junk mail has her name on it. Find out what interests the kids have and make an effort to 4. PS on all form letters. send something of interest to them. A form letter is better than no letter. Be certain it 10. Organize your time and keep your momentum. always contains a PS on the bottom to warm it up. Plan a time each day that you will make your calls, 5. When calling, stand up! send e-mails or follow up notes. Keep going unA great tip to instantly intil you set that appointment. Stay focused on your crease energy and enthusiasm goal. Put your follow up activity in your day timer. is to always stand when you Give yourself a pat on the back for sticking to it. are making sales calls. You will immediately become more anCreative follow up takes time and effort. imated and your voice will reflect your body language. The Are you willing to do what it takes to make extra worst is to slump in the chair sales this year? and slurp the coffee! 6. Use a contact management system. The most effective way to manage your follow up is on the computer, whether it's ACT, Goldmine or whatever you choose. This will allow you to have all


Colorado Springs Real Estate Journal

Melinda Brody, MIRM has been inspiring and evaluating salespeople for almost two decades. She offers sales seminars, keynotes and video mystery shopping services for builders across North America. Visit or sign up for her free monthly electronic newsletter by e-mailing her at

“That is the lowest rate in nearly 50 years and will bring buyers back to the market,” McMillan said. “We are pleased that the government heard our message and responded to our call for action.” NAR has estimated that a one percentage point decrease in mortgage rates will increase home sales by more than 500,000 homes. “To boost the economy, it is critical to stem the rising tide of foreclosures and boost home buyer confidence in the housing market.” McMillan said. “Lower interest rates coupled with increased foreclosure mitigation are the key ingredients to stabilizing the housing market and preserving communities and homeownership.” NAR continues to call on the federal government to maintain the higher loan limits passed in the economic stimulus bill earlier this year and to expand the $7,500 tax credit for first-time home buyers to all buyers and to eliminate the credit repayment requirement. “Together, all of these actions will stimulate and stabilize the housing market and begin an overall economic recovery,” McMillan said. © Copyright National Association of REALTORS. Reprinted with permission.

CSREJ Crossword #1 (Answers) E


























































January 12, 2009

aRoUND the CoRNeR JANUARY Monday, January 12 Business Planning and Marketing

Colorado Association of Real Estate Appraisers Meeting 6:30pm @ Academy Hotel Gary Eisenbraun | 719-278-9080

Tuesday, February 17 Realtor Day at the Capital


9am @ Empire Title / 719-884-5300

Promote your upcoming event here.

Wine & Cheese w/ The SMC 5:30pm @ Central BanCorp

give Rachelle a call.


Advanced Foreclosure and Short Sale: Part 1 8:30am @ Empire Title / 719-884-5300

1031 Exchanges – Everything You Ever Wanted to Know 11am @ Empire Title / 719-884-5300

Friday, January 16 HBA Membership Benefits 8:30am @ HBA / 719-592-1800

Wednesday, January 21 2008 Annual Commission Update Course Version Two 8:30am @ Empire Title / 719-884-5300

11am @ Marriott Hotel /393-3532

Wednesday, March 18 State of the Economy

Colorado Association of Real Estate Appraisers Meeting

8am @ Colorado Springs Country Club Ruthie Lohrig – Kline 719-492-3998

10am @ Land Title (Downtown) Call Kris: 719-634-4821

Thursday, March 12 WCR Luncheon “Business Planning”

8am @ Crowne Plaza Hotel / 719-592-1800

Thursday, January 15 Pikes Peak Marketing Forum

Foreclosures (3 CE)

Friday, March 6-8 HBA Home & Garden Show 1 pm @ Phil Long Expo Center / 719-592-1800

10am @ Empire Title / 719-884-5300

Wednesday, January 14 The EstimatorTM


Saturday, January 24 First-Time Home Buyers 10am @ Ent (Galley Rd) Register at or call 719-550-6998

Saturday, January 31 HBA Annual Awards Dinner | 719-592-1800


Thursday, February, 12 WCR Luncheon “Guerilla Selling in Hard Times”

11am @ Marriott Hotel / 393-3532

Friday, February 13 Breakfast With The Builders 8am @ Doubletree Hotel / 592-1800

Tuesday, February 26 The Challenge of New Home Sales Management 8am@ HBA Centennial, CO 303-551-6724

6:30pm @ Academy Hotel Gary Eisenbraun | 719-278-9080

APRIL Thursday, April 9 WCR Meeting “Think Like a Spy” (on Identity theft) 11 am @ Marriott Hotel / 393-3532

Design/Build Solutions for Aging and Accessibility 8am @ HBA Centennial, CO 303-551-6724

Wednesday, February 27 Business Management for Building Professionals 8am@ HBA Centennial, CO 303-551-6724


us your






cash! into



for details

719.205.1299 January 12, 2009

Colorado Springs Real Estate Journal


the best gift this year...

{ growth } Plant your seeds now and watch your business grow. 719.205.1299 |

Colorado Springs Real Estate Journal  

January 12, 2009

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