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Vol. 1 No. 20

June 22, 2009

www.csrej.com

NAHB answers how to pay upfront costs with tax credit

process, restores their faith that the American dream is still attainable and exemplifies our own faith in the economy.” Home buyers eligible for the Brookside Homes program must have had 12 months of continuous employment at closing, must live in the home for at least 60 days before receiving funds from the program and cannot have had previous knowledge of any pending job loss. If unexpected job loss does occur for Brookside home buyers who meet those criteria, the builder will pay up to $1,000 per month for six months. The program is also weighted to assist two-earner households. “For example, in the event of a married couple where the wife may bring in 60% percent of the income, if she loses her job, the benefit to both home owners would be $600 per month for six months,” Robertson said. The protection plan is available to the first 25 sales that meet the program’s criteria. The idea for the program arose from several dis-

NAHB is providing answers to frequently asked questions from prospective first-time home buyers who qualify for the $8,000 tax credit and are seeking information on how they can get a loan to help cover downpayment or closing costs. The U.S. Department of Housing and Urban Development announced on May 29 that the Federal Housing Administration will allow state housing finance agencies to provide second mortgages “monetizing” the tax credit so that borrowers can use the funds for upfront costs for the purchase of homes with FHAinsured mortgage loans. “This is great news for thousands of families who want to take advantage of today’s low interest rates, competitive prices, great selection and the federal tax credit that is only available until Nov. 30, but could not save enough money for a downpayment and closing costs,” said NAHB Chairman Joe Robson. HUD announced that FHA-approved lenders can purchase the tax credit from the home buyer in advance, so that the home buyer can use the funds for closing costs or make a downpayment in addition to the 3.5% minimum. Home buyers who go directly to FHA-approved lenders still need to come up with the 3.5% minimum downpayment that is required for an FHAinsured loan. Home builders in recent weeks and months have reported that the tax credit has helped bring more prospective first-time buyers into the marketplace. To spread the word, builders and home builders associations around the country have been providing consumers with information on the availability of the credit. The new FHA monetization program is expected to result in an additional 40,000 home sales, many of which will be made to trade-up buyers who have been able to sell their existing home to a first-timer.

See Protection Plans page 5

See Tax Credit page 3

Job loss payment protection plans that insure consumer purchases on everything from cars to furniture — and now homes — are one of the hottest trends to get people buying during the recession.

Home builders offering job loss payment protection plans Within the housing industry, the programs provide a safety net that many home buyers need in order to feel confident about making such a major purchase. High production builders such as Lennar, Pulte Homes, Ryland Homes and Toll Brothers have initiated job loss protection plans. Many have partnered with the Rainy Day Foundation, a nonprofit established to create and maintain responsible homeownership, to provide that coverage. Small builders and real estate agencies are also beginning to offer similar programs. Small Builder’s Program Creates Community Buzz, Traffic and Sales Brookside Homes, based in Wilmington, N.C., launched its own builder-funded “Homebuyer Protection Plan” in April. “No doubt the program restores confidence in the buyers,” says Page Robertson, owner/manager of Brookside Homes. “We assume some of the risk our buyers would otherwise be burdened with. It frees them up to have an easier decision-making

Pending home sales up for three months in a row Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to

90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5. Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the

Page 4 Heritage Title Co. Client Appreciation at Sky Sox

market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.” The Pending Home Sales Index in the

Compiled and analyzed by Jay Gupta, Past Chairman

Page 6

See Pending Home Sales page 2

Page 7 Land Title Reverse Mortgage Class

PPAR May Housing Stats

Page 8 Empire Title Continuing Ed.

ALSO INSIDE National News.................. Page 2 Local & State News............ Page 6 On the Move.................... Page 9 Sales & Motivation............. Page 10 Around the Corner............. Page 11


NATION NAR: A vital mortgage market needs Fannie Mae, Freddie Mac A secondary mortgage market model that includes some level of government participation is necessary to ensure affordable and available home mortgages. That is the message the National Association of Realtors® delivered during a House Financial Services Subcommittee hearing this month. “Fannie Mae and Freddie Mac serve an important role in expanding homeownership and providing a solid foundation for our nation’s housing financial system,” said Realtor® Frances Martinez Myers, who spoke on behalf of NAR. “Unlike Meyers private secondary market investors, Fannie and Freddie remain active in housing markets during downturns, using their federal ties to facilitate mortgage

Pending Home Sales from page 1

finance and support homeownership opportunities for all qualified borrowers.” By providing capital for mortgage finance during disruptive and down markets, these government-sponsored enterprises are vital to the success of the nation’s housing system. “As the market turmoil reached its peak in late 2008, it became apparent that the role of the GSEs, even in conservatorship, was of utmost importance to the viability of the housing market, as private mortgage capital effectively fled the marketplace,” Martinez Myers said. Fannie Mae and Freddie Mac help ensure that home buyers have access to fair and affordable mortgages, which in turn stimulates real estate transactions and

See Fannie Mae, Freddie Mac page 5

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Northeast shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago. In the Midwest the index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008. The index in the South slipped 0.2 percent to 93.0 in April but is 3.5 percent higher than a year ago. In the West the index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008. NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said there are numerous buyer assistance programs around the country. “Some states McMillan are offering bridge loans that allow firsttime buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,” he said. “Just last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger downpayment. Buyers who are wondering about their options should contact a Realtor®, who can advise consumers on the housing assistance programs and resources available in a given area.” NAR’s Housing Affordability Index is in record territory. The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income; tracking began in 1970. A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800. Yun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability. “In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” he said. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.” The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun said.

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josh@csrej.com June 22, 2009


Nation Tax Credit from page 1 For NAHB’s FAQ PDF on monetization, visit NAHB.org. Builders can direct consumers to this information by sending them to www.federalhousingtaxcredit.com. The new PDF can be found by going to the “Frequently Asked Questions” section of this site and scrolling down to question 20. Following is the new information that has been posted on the tax credit site: What exactly does “monetizing” the tax credit mean? The term “monetization” is defined as the act of converting something into money. In the context of the first-time home buyer tax credit, monetization means treating the payment of the credit as if it were cash and allowing its use as a payment for certain closing and downpayment expenses. What is a “bridge” loan? A bridge loan is a type of loan that is intended to be outstanding for a very short time period, often only a few days or weeks. Bridge loans are used to provide funds in situations where the borrower is expected to receive funds, such as the payment of this tax credit, within a very short time. What is a state housing finance agency? A state housing finance agency, often referred to as an “HFA,” is an organization that provides funding for a variety of loan and grant activities related to for-sale and rental housing. HFAs are also typically responsible for distributing grant funds from federal agencies, such as the U.S. Department of Housing and Urban Development (HUD). How do I find out if my state housing finance agency is providing this service? The best way to locate information about your state’s HFA is via the Internet. The National Council of State Housing Agencies (NCSHA) maintains a directory of state HFAs at: www. ncsha.org/section.cfm/4/39/187. Most state HFA Web sites include phone numbers and e-mail addresses by which they can be contacted. What kinds of lenders are doing this? How can I find a list of lenders who are providing these short-term loans? Many state housing finance agencies are either running or sponsoring programs that will use a tax credit for a downpayment. These programs often place a second lien on the home as collateral to secure the eventual repayment of the tax credit funds. Some state HFAs lend directly to home buyers while other HFAs work through networks of state-approved lenders. In addition to state agencies, FHA-approved lenders may be offering to purchase a first-time home buyer’s tax credit in conjunction with an FHA-insured mortgage loan. Interested buy-

ers should check with area lenders, home builders or real estate agents for the names of participating lenders. The Federal Housing Administration (FHA) also has an online tool to find FHA-approved lenders: www.fhaoutreach.gov/ FHALookup.

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Director of Advertising Rachelle Nardo

What types of loans qualify? Any lender can offer a program that would permit a first-time home buyer to apply the tax credit to funds needed for a loan that is obtained in conjunction with a home purchase. At this time, however, only the FHA has issued guidance regarding the monetization of the first-time home buyer tax credit in conjunction with FHA-insured mortgage loans. Can this short-term loan be applied to the minimum 3.5% downpayment required by my FHA loan or is it only available above and beyond the initial downpayment required? If an FHA-approved lender or state housing finance agency is purchasing a tax credit and therefore making a short-term loan that is secured only by the repayment of the first-time home buyer tax credit, these funds cannot be applied to a downpayment in lieu of the home buyer’s funds. A home buyer still has to provide the 3.5% downpayment from his or her own funds. The money from the short-term loan can be used to pay closing costs and prepaid expenses, such as escrow for taxes, insurance and community association assessments. These funds can also be used to make a larger downpayment or to “buy down” the interest rate on the mortgage loan. However, many HFAs are offering tax credit loan programs that offer home buyers a short-term loan backed by the anticipated tax credit and secured by a second lien, which in general will be paid off after the home buyer receives their income tax credit from the IRS. The proceeds of these loans may be used to satisfy the 3.5% downpayment requirement for FHA-insured loans. The National Council of State Housing Agencies (NCSHA) maintains a list of such tax credit loans programs at: www. ncsha.org/section.cfm/3/34/2920. Is this an interest-free loan or are there fees associated with this type of short-term loan? If a governmental agency — such as a state housing finance agency or an FHA-approved lender — purchases a first-time home buyer tax credit, it is allowed to charge no more than 2.5% of the amount of the credit. How can I tell if the short-term loan on the tax credit is being offered by a reputable company? If the organization is a unit of state government, it is safe to say that it is reputable. Otherwise, a home buyer may want to check with their local Better Business Bureau or a state or local government’s department of consumer affairs. The above article has been provided to you compliments of NAHB and Nation’s Builder News.

New Leads Group June 10, 2009

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Director of Publishing Josh Olson

josh@csrej.com 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:

josh@csrej.com • 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.

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• On the Move Please submit a short bio 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.

Above: Laurent Carrier with Carrier Financial, Bobbi Price with Herman Group Real Estate, Kelly Noble with Campbell Homes and Stephanie Hawthorne with Empire Title. June 22, 2009

Above: Christy Schmitt with Bank Of America, Janet Glissmeyer with Cross Country Travel, Don Ramler with Ramlin Realty Service and Gordon Stegner with Palace Homes.

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Heritage Title Company's Client appreciation at sky sox

June 11, 2009

Above: Matt Tolooee and Jeff Piggot of RE/MAX Real Estate Group.

Above: Carmen Kolson of Heritage Title Co and Cheryle Burgess of RE/MAX Advantage.

Right: Jim Braverman of Heritage Title Company, Tracey Wilson of IPX 1031, Craig Parker, Angela Parlet, Cindy Gauch, Shelly Farmer and Norell Grandy of Heritage Title Company.

Above: Jim Braverman of Heritage Title Co, Demi Blacklidge of First Community Mortgage, Kristin Scarboro of Heritage Title Co along with husband Zachary Scarboro of Keller Williams and their daughter, Kasi.

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Colorado Springs Real Estate Journal

Above: Linda and Gary Jacobson (right) of Help-U-Sell along with Linda's parents, Robert and Myrt Herbst.

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Above: Phil and Michelle Wilcoxson of Keller Williams, Therese and Tom Cox of Cox & Company.

June 22, 2009


Nation Protection Plans from page 1 cussions involving the Brookside Homes sales team and the company’s development partners. “We are very lucky to be able to sell homes under $200,000, offer 100% financing through the USDA rural home loans program and attract buyers who can take advantage of the federal first-time home buyer tax credit,” said Robertson. “But even with all of these things going for us, we were not selling more homes. Through our discussions, we were able to identify job security concerns among potential buyers and form the program.” When creating the program, Brookside Homes determined that the chance to increase traffic and sales outweighed any financial risks that could occur. “We based our scenarios on 30% unemployment, and even in those worse-case scenarios, the offer made sense in terms of momentum in the neighborhood and the subsequent payoff on development company debt,” said Robertson. Because the home buyer protection plan is not a mortgage insurance program, Brookside Homes has funded the program by escrowing funds for any necessary payments in its development company. Robertson attributes six sales as well as increased traffic and Realtor® participation to the buzz created by the builder’s “Homebuyer Protection Program.” “We are small and we can react quickly to what the market is telling us,” said Robertson. “We talked about such buyer protection on a Thursday, created a logo, changed our advertising message, hired a public relations firm and rolled out the program to the public in less than a week.” Real Estate Agency Offers Tools to Build Home Buyer Confidence Long & Foster, the largest privately held residential real estate company in the country, has partnered with the Rainy Day Foundation to offer its own job loss protection program to help its real estate agents and agencies sell in today’s market. The Chantilly, Va.-based company has launched its “Buy Confident” campaign that incorporates the Rainy Day Foundation’s HELP service — home owner education and loan protection — created to keep home owners from becoming delinquent, make home owners current if they are delinquent and to create long-term financial stability. The program is offered by its agencies throughout the mid-Atlantic. “This is the first time the HELP program has been available through the real estate broker channel,” said Scott Shaheen, of Long & Foster in Richmond, Va. The job loss protection program is available for any current or new listings — both resale and new properties — and is funded Long & Foster, the largest out of the seller’s proceeds at settlement. privately held residential real Buyers who are employed full time, are a U.S. estate company in the country, resident and between 18 and 66 at the time of has partnered with the Rainy closing are eligible. Day Foundation to offer its own Underwritten by Virginia Surety Compa- job loss protection program to ny, qualified buyers can receive up to $1,800 help its real estate agents and a month for six months in the event of a job agencies sell in today’s market. loss within the first 24 months of the loan. The agency’s “Buy Confident” plan also offers tools and resources — such as personalized assessments, a home mortgage rate guarantee (in conjunction with Prosperity Mortgage, an affiliate of Wells Fargo Home Mortgage) — along with the Rainy Day Foundation’s job loss protection. Rainy Day’s HELP program also offers buyers six months of counseling by phone and through newsletters, if needed. “Everyone is touting that it’s a great time to buy,” said Shaheen. “We want to make sure that potential buyers fully assess their situation and select a knowledgeable real estate agent to help them make responsible choices.” The above article has been provided to you compliments of NAHB and Nation’s Builder News.

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Fannie Mae, Freddie Mac from page 2 supports the larger economy. “If no government-backed entity had existed as private mortgage capital dried up, the housing market would have come to a complete halt and thrown our nation into a deeper recession, or even a depression,” said Martinez Myers. A thriving U.S. housing market and economy will require a secondary mortgage market with safe, sound and dependable participants. NAR shared with Congress a set of principles for ensuring a robust financing environment for homeownership. These principles include facilitating the flow of capital into the mortgage market, in all conditions; requiring institutions to pass on the advantage of lower borrowing costs to qualified borrowers; mandating sound underwriting standards; and providing rigorous oversight to protect taxpayers. “We believe that the principles we have set forth today will help Congress and our housing partners design a secondary mortgage model that will be in all of our best interests, now and in the future. We look forward to working with Congress and the Obama administration in ensuring a strong housing market and a full economic recovery,” Martinez Myers said. © Copyright National Association of REALTORS. Reprinted with permission.

June 22, 2009

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Karen Weller Escrow Officer

Karen has been in the Title Industry for 9 years and in the Real Estate Industry for over 15 years. She has experience in closing Residential, Commercial, Builder and Short Sale Closings. Customer Service is Karen’s # 1 priority and she is the best at catering to all her clients needs. She believes in working as a team with the agents and lenders to get the closing done in a timely, professional manner. With the continuing changes in Real Estate, Karen is proactive in staying in front of the change.

Rebecca has been in the Title Industry as a closer for 12 years working Commercial, Builder, Refinance & Residential transactions. She also has experience in the commercial real estate industry as an agent assistant. Her strengths as a closer are; follow through, consistency and a positive attitude. Regardless of the situation in a transaction, Rebecca maintains an even temperament. In our current industry, it is important for the agent and/or the lender to be the focal point to help cultivate Rebecca Gossage your client relations. Escrow Officer

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LOCAL & STATE

PPAR May housing stats compiled and analyzed by Jay Gupta Disclaimer

Sold Listings Analysis

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.

El Paso County (S.F./Patio Homes May 09):

May Stats Dashboard PPMLS All Areas (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:

1,561 5,042 832 16.5% $183,858,429 $189,130 $220,983 97.4% 89 Days

769 Sold Listings by Price Range: 92% Sold under $400,000 8% Sold over $400,000 4% between $400 to $500,000 3.5% between $500 to $800,000 0.5% Sold over $800,000

1,362 4,086 769 19% $170,896,164 $189,900 $222,231 97.5% 85 Days

Summary In the midst of unprecedented economic crisis, here are some highly encouraging indicators demonstrating incremental recovery in housing:

Sale Price to Listing Price Ratio El Paso County (S.F. / Patio Homes 2009) January 96.9% Sold 9.2% DOM 89 February 96.6% Sold 11% (+19.6%) DOM 95 March 96.8% Sold 12% (+9%) DOM 92 April 96.6% Sold 15.3% (+27.5%) DOM 93 May 97.5% Sold 19% (+24%) DOM 85 Days On the Market (DOM)

Listing Inventory continues to shrink - This is crucial step to market stabilization

PPMLS All Areas - May 2009: Total Active Listings: 5,042 (S.F./Patio Homes) Listings Sold: 832 16.5% Sold in 0 - 30 days 35% Sold in 31- 60 days 20% Sold in 61- 90 days 10% [65%] Sold in 91- 120 days 9.5% [74.5%] Sold in 120+ days 25.5% [100%]

Active Listings Analysis El Paso County

Colorado Foreclosure Dashboard

S.F. / Patio Homes May 2009:

Foreclosure Filing: number has to do with how many borrowers have become seriously delinquent on their loans.

Active Listings by Price Range : 73% Active under $400,000 27% Active over $400,000 8.3% between $400 to $500,000 12.2% between $500 to $800,000 6.5% Active over $800,000

24% 63% 37% 45% -(16)% -(26%)

S.F./Patio Existing Homes:

Importance of Pricing Right

8% (13.7)% 8,543 7,157 (16.2)%

CHANGE

Existing Home Sales Analysis

PPMLS New Listings Re-cap

S.F./Patio Existing Homes: From Apr 09 to May 09: From May 08 to May 09: Year-to-Date 2008: Year-to-Date 2009: New Listings Dropped:

SALES 6,258 7,782 12,699 17,451 25,320 21,301 4,354

(1st quarter stats of 2009 compared to first quarter of 2008)

In the midst of the unprecedented economic crisis, Colorado Springs' housing market has done amazingly well: Apr 09 to May 09 17.5% May 08 to May 09 (1)% Year-to-Date 08: 3,426 Homes Year-to-Date 09: 3,021 Homes Change: (11.8)%

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:

YEAR FILINGS CHANGE 2003 13,573 2004 16,801 24% 2005 21,782 30% 2006 28,435 30% 2007 39,915 40% 2008 39,307 -(2)% Q1 '09 10,745 -(8%)

Foreclosure Sale: numbers generally indicate how many households have lost all equity in the home as the result of a home being sold to another party at auction, including the mortgage company, an investor, or others.

• Closed Sales and Pending Home Sales Bas on Contracts Signed are up significantly: Jan to Feb 09: Feb to Mar 09: Mar to Apr 09: Apr to May 09:

Closed Sales 22% 12.3% 25.1% 17.5%

Pending Up 16% Up 25% Up 18% Up 9%

• New Listing Inventory is continuing to Shrink From May 08 to May 09: Jan – May 08 vs. 09:

Down (13.7)% Down (16.2)%

In closing, I would like to remind Buyers that it is A GREAT TIME TO BUY: • Homebuyer Tax Credit – The legislation provides for as much as an $8,000 tax credit to first-time buyers for the purchase of a principal residence (“The American Recovery and Reinvestment Act of 2009.)” • Mortgages are at Historically Low Rates currently hovering below 5%. • FHA Loan Limit: Recently, the FHA Loan limit for a single family home in El Paso county was increased to $325,000 with a down payment requirement of 3.5%. • Generally speaking, currently there are motivated sellers and a good selection of properties to choose from. • Home ownership is the key to building longterm wealth. • Home ownership can lead to many, many years of Happy Memories.

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

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Land Title Reverse Mortgage Class

June 9, 2009

Right: Nathan Johnson with 1st Reverse Mortgage USA explains reverse mortgages.

Left: Sherry Romero with Choice Realty, Roberto Torres with Gloriod & Associates, Dan Steinhour with Lincoln Mortgage and David Horne with The Rawhide Company.

Right: AJ Parker with Parker St. Claire Realty Company, Bob Longgrear with Gloriod & Associates and Kellen Harmon with Cameron Butcher Commercial Real Estate.

Ongoing Commitment to service earns CENTURY 21 Curbow Realty broker associate Quality Service Pinnacle Award Treasure Davis Recognized for Ongoing Commitment to Customer Satisfaction Jacob Curbow, broker/owner of CENTURY 21 Curbow Realty announced that Century 21 Real Estate LLC, franchisor of the world’s largest residential real estate sales organization recently recognized associate broker Treasure Davis with the CENTURY 21 Quality Service Pinnacle Producer Award for 2008. "The Quality Service Pinnacle ProDavis ducer Award is an integral part of the CENTURY 21 System’s commitment to excellence and recognizes Treasure’s dedication to making each and every client interaction a positive one," said Thomas R. Kunz, President and Chief Executive Officer of Century 21 Real Estate LLC. The annual award is based on results from the CENTURY 21 Quality Service Survey (QSS) which is emailed to consumers immediately after the purchase or sale of a home through a CENTURY 21 System office. To earn the CENTURY 21 Quality Service Pinnacle Producer Award, an agent must receive completed customer surveys for at least 30 percent of their transactions from January 1, 2008 - October 31, 2008, with an average survey score of at least 95% or better for 2 consecutive years. "Treasure provides her clients with knowledge and advice related to their real estate transaction and offers them peace of mind and confidence during what may be the most significant purchase of a lifetime," said Jacob Curbow, broker/owner of CENTURY 21 Curbow Realty. Davis has receive a customized glass trophy, in addition to being recognized at the CENTURY 21 International Convention.

Left: Kathleen Benzie with Benzie Realty, Elizabeth Hall with Land Title and Lisa Rubick with Land Title.

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newRealtor in the

office?

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.com

Let us know! See Page 3 for details June 22, 2009

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.com/Mortgage

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

www.csrej.com

Colorado Springs Real Estate Journal

7


Continuing education at empire title June 3, 2009

ERITAGE REALTY

Stability, Integrity, Professionalism.

100 % Commission

100 MO.

$

Above: Tiffany Elmore and Carol Croft with 1031 Corporation and Bill McAfee with Empire Title.

Why Heritage Realty? “Hello, my name is David J. Clancy, I am a Real Estate Agent with Heritage Realty, the best office to work at in Colorado Springs. I have been with Heritage for over 10 years and truly enjoy the atmosphere. The staff is very professional which is truly important to me and my clients. I enjoy the low monthly fee as it allows me to be creative with my listings. As an independent agent I am always watching my budget. This is a Great place to be.”

David J. Clancy (719) 548-0400

“I have enjoyed working at Heritage Realty for the past 6 years and have found it to be a company that cares about “YOU” the Realtor. Much of our real estate success comes from the people that we are around and the company that we work with. The independent agents at Heritage are more than willing to help the newer agents with any questions you may have. Heritage has the business experience you and I need as agents. They have a professional environment for your and your Dan Funkhouser client. When I was a newer agent, Heritage (719) 570-6193 was always there to watch over me and assist me with any questions I had and made sure that my contracts and clients were properly taken care of. Great location, quality staff and professional environment with conference rooms, open desks and private offices. With its 25 years of experience and excellent reputation for integrity it has been a safe place for me. They have given us the freedom and tools to become successful agents. They are there for you the agent!!! Why not check us out and see if you could be part of this experienced professional team.”

Above: Sue Schenk with Walker Asset Management Realtors, Linda Bevans with Abraham & Bennett Realty, LLC and Johnny Walker with Tall Pine Properties, LLC.

Above: Lee E. Elmstedt with The Masters Real Estate Group and Glinda Baxter with Herman Group Real Estate.

Call us today! ASK FOR ROCKY MANNING Heritage Realty is dedicated to providing our Realtors the finest basic services at the lowest cost to maximize their income and freedom, allowing us to prosper as a business for the benefit of our Realtors, employees, clients, and customers. We are 100% local and not a franchise.

(719) 548-0400 | www.heritagecsp.com 5265 N. Academy Blvd., Ste 3300 Colorado Springs, CO 80918

8

Colorado Springs Real Estate Journal

Above: Gerry Schneider with Schneider Group and Roberta Loughman with HermanGroup Real Estate. www.csrej.com

June 22, 2009


On the Move Wally Roy CB&T Mortgage CB&T Mortgage, a division of Central Bancorp, is proud to announce that Wally Roy joins them as a Loan Advisor. Mr. Roy brings 10 years of mortgage experience to CB&T Mortgage, and he has been a Colorado resident for nearly 20 years. He moved here after graduating from the US Military Academy at West Point. He served here at Fort Carson in the 4th Infantry Division and upon exiting the military he choose Colorado Spring as his new home. “My philosophy is simple – provide each customer with the level of service and integrity that I would give to my own family,” says. Roy. Gene Mills, president of CB&T Mortgage says he was excited to add Roy to his team due to his service record and strong technical expertise. “We are glad to be able to expand our ability to serve El Paso County residents, yet we can only afford to have the very best loan advisors on our staff. Wally is a perfect fit with our doing-the-right-thing,-every-time mentality,” says Mills.

Tiffany Lachnidt & The Distinctive Group RE/MAX Properties Tiffany Lachnidt (CDPE) Proprietor, Betsy Wernet (CDPE) and Paul Jensen (CDPE), known as The Distinctive Group, has joined RE/MAX Properties, Inc. -- Southern Colorado’s largest real estate company -- as a broker associate in their North Office at 1730 Chapel Hills Drive. Tiffany Lachnidt, team leader of The Distinctive Group, is a Colorado Springs native. In less than four

years in the real estate profession she has received Silver, Double Gold and Triple Gold Sales Achievement Awards. She has become a National speaker and coach teaching Realtors and related professionals on the subject of Distressed Properties. Lachnidt was able to foresee the downturn in the Distressed Property market a few years earlier and quickly became known for her experience and knowledge and now is sought out to be a Keynote Speaker for local, regional and national seminars. Lachnidt is an efficient and assertive real estate broker associate. She also has been involved with such volunteer positions as chairing TESSA’s Pasta in the Park fundraiser for 2 years and has served on the planning committee for 5 years. Lachnidt is skilled and knowledgeable in Luxury Properties, Distressed Properties, working with Military families as well as other relocation services. She is also ready to help clients with custom homes and new construction. She chose this career path because she “loves the challenge and problem solving aspect of real estate.” Betsy Wernet was asked to join The Distinctive Group once she became a licensed Realtor. Lachnidt saw her talent, determination and love for people early on in Wernet’s career. Wernet’s former Wernet career spanned fourteen years as a Registered Nurse. Originally from Menlo Park, California, Wernet enjoys working with real estate buyers. She emphasizes the importance of relationship building and playing an advocacy role when representing her clients. Her natural “people skills” enable her to do this extremely well. Wernet stated, “when Tiffany talked to our team in regards to the upcoming market challenges a while back, I wanted to become as educated as I could so I could guide my clients through difficult times”. I too became a Certified Distressed Property Expert along with Tiffany and the rest of our team”. Paul Jensen has been an active member of The Distinctive Group for the last 4 years. He assists Lachnidt with Listings as well as Residential and Investment Property.

Experience great service from your Lawyers Title Team in Colorado Springs. Our number one priority is to help real estate and lending professionals reach their goals. We ensure transactions close smoothly with high quality, and speed remains a priority. Our team is committed to providing customer closing solutions that are second to none. We appreciate the loyalty of our customers and are looking forward to sharing our experience with those clients who are looking for the experience that Lawyers Title brings to the real estate transaction. Make Lawyers Title your #1 transaction provider.

New Agents at Keller Williams Partners Keller Williams Partners would like to welcome the following agents to the office:

Jan Dillenbeck

Sue Weir

Valerie Bennett

Eva Finley

170

$ Lawyers Title #1 in Service

He states, “I have been a homeowner since I was 20 and have always been a firm supporter of Home Ownership. My father’s second career was as a real estate agent and I also wanted to be an agent because I Jensen love to work with people -- helping them with their real estate choices. In addition, I want to gain knowledge and tools from the sales process to further my own investment portfolio as well as my client’s”. An avid fan of his hometown’s Green Bay Packers, his prior work includes 14 years as a firefighter and paramedic in addition to 13 years of retail management. Jensen is an active outdoorsman, participates in hunting, fishing and skiing. He coaches his children’s sports teams (primarily soccer) and has volunteered as a ski instructor for the National Sports Center for the Disabled in Winter Park, CO. When asked why they chose to join RE/MAX Properties, Inc. (RMP), Jensen says, “RMP is adapting and changing with the times. Through support and education, RMP is growing and helping their agents grow when most agents and brokerages are shrinking and even going out of business.” Lachnidt adds, “The Power of the Balloon! I believe that Joe Clement (Broker/Owner of RMP), as well as RE/MAX International, has a vision for where the new face of Real Estate is going.

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June 22, 2009

www.aspenviewhomes.net www.csrej.com

Colorado Springs Real Estate Journal

9


SALES & MOTIVATION

Overcoming speaking fear communication and the energy factor Jerry Seinfeld summed it up one night when he said, "You know people would rather DIE than give a speech. Think of the poor guy giving a eulogy at a relative's funeral, he'd rather be in the box!" Why do we fear speaking?

to be here say it while smiling. • To expand your vocal variety: • Breathe from your diaphragm, not from your head. (I learned this the hard way and developed nodules on my vocal chords) • Relax your vocal cords before your speech • Avoid caffeine before your speech (it constricts the vocal chords), only drink room temperature water • Project your voice. Say a test sentence out loud in a normal, conversational voice. Then inhale through your nose, a deep diaphragm breath and say the sentence again pushing it out to the last row. • Warm up your voice by saying repetitive phrases over and over. In the movie, Bugsy, Warren Beatty warmed up his voice by saying A22 dwarfs doing handstands on the rug. • Practice varying your pitch. Use a song or a poem and say it in a sing-song fashion. Practice pumping feeling and conviction into your words as you say them. Have your voice go up and down. • Practice varying your pace-Practice using long pauses. Read the newspaper out loud and use long pauses to emphasize certain words for impact.

By Melinda Brody Melinda Brody & Co. —

The biggest fear of most humans is speaking in public, otherwise known as performance anxiety. In sales, whether you're a manger or salesperson, professional speaking skills will be a critical component of your success. We fear speaking because: • We fear making ourselves vulnerable in front of others. • We fear failure. • We fear being ridiculed. • We fear we're being judged. As a professional speaker or one who makes occasional presentations, you will never get rid of the fear but you will learn to channel it. Performance anxiety is the dynamic tension necessary to give energy to your speech. Keep in mind the words of Emerson. Do what you fear the most and the death of fear is certain. Ways to handle the fear: • Visualize your success • Check the room early and get set up at least one hour prior to audience arriving. • Deep breathing-look in the mirror and say out loud, For the next 30 minutes (or whatever), these are the most important people in my life. This will take the pressure off of you. Communication: To make an impact on your audience, you need to emotionally connect. For your message to have impact, the presenter must have believability and be passionate about their message. Think back to high school-who was the best teacher you ever had? The teacher who stands out has ENERGY, is INTERESTING to listen to and who had DYNAMIC and CREATIVE ways of getting the message across. It had nothing to do with the depth of knowledge or degrees earned. The best teachers were the most excited and enthused, this is called The Energy factor. Who are the best communicators? A 2 year old, of course!! They don't care what people think of them, they will shout, cry, whine, make faces to get their point across. They are most persuasive. The secret of your favorite teacher and a 2 year old is ENERGY. 4 Sources of Energy: #1 Voice and Vocal Variety You can tell the mood of a person on the phone when they say hello. Listen to yourself on tape. That's what others hear. Record yourself. How much energy do you transmit when you speak? Rules: • Make your voice naturally authoritative by deepening it. • Put your voice on a roller coaster-rise and fall with emotion, avoid monotone. • Be aware of your telephone voice-84% of your emotional impact is from your voice if people can't see you in person. • Put your real feeling into your voice. I'm really excited

10

#2 Verbal and Non-Verbal The words you say and your body language are a HUGE part of your message. • Use of Words: Build your vocabulary and use rich, varied words with impact. Use "meticulous" instead of "careful". Instead of "fired up", say "salsa in the belly" (like my fellow speaker Susan Hyland from Phoenix) • Paint colorful word pictures: Paint colorful word images. Instead of the "night sky", try "sparkling cosmic ocean". • Beware of jargon: Outside your industry, use correct terms. Eliminate "ah,um, uh". These non-words take energy out of your speech and make you sound unconfident. Tape yourself and count your non-words. Replace with something more powerful-NOTHING! Pause for 3-4 seconds. #3 Listener Involvement There are many ways to involve your audience and totally capture their attention. • Use Drama: tell a dramatic story, close speech with a motivational quote, ask the audience to take a specific call to action. • Maintain eye contact: Look at the audience before you begin. Make strong eye contact with several people in the audience. • Move: avoid lectern, podium, desk. Move around the room. • Use visuals: support the main points and replace notes. Use props, overheads, power point, flip charts, video clips to SUPPORT your message, not distract. • Ask Questions: Ask for a volunteer(s), ask for a show of hands. • Use Demonstration: Ask for a volunteer to role play. • Create interest: Pace activities to keep interest up. #4 Humor "The one who causes them to laugh gains more votes for the measure than the one who forces them to think" -Unknown "Laughter is the shortest distance between two people" -Victor Borge Humor creates a special bond. It's impossible to dislike someone who makes us laugh. A sense of humor makes you appear more genuine and more likeable. It

Colorado Springs Real Estate Journal

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makes your message more enjoyable and more memorable. Rules of Humor in Speaking: • Don't tell jokes: tell humorous personal stories that make a point. • Fun is better than funny: Your goal is not comedy but connection. • Find a form of humor that works for you: Stories, antidotes, poke fun at yourself. • Develop your humor muscle: Think funny, carry a little notebook, keep a micro cassette recorder in the car, note funny happenings. Some things to remember so your speech will be: All audience members look for 2 things when they attend a presentation: • "What's in it for me?" • "Can I take this back to the job?" Make sure you: • Tell them what you are going to tell them • Tell them • Tell them what you told them Openings: • Does it break pre-occupation? • Does it facilitate networking? • 3-Is it relevant? Types of Openings • Tell a story • Refer to the occasion • Offer a sincere compliment • Start with a quotation • Make a significant statement • Refer to the previous speaker • Make a promise • Ask a question Types of Closings: • Summarize • Recap • Tell a story • Ask a rhetorical question • End like the beginning (Paul Harvey) Being a better communicator will improve your career and your personal relationships. Like anything else, the more practice you have, the better you will become!! See you at the next convention and "break a leg"!! 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 www.melindabrody.com or sign up for her free monthly electronic newsletter by e-mailing her at sell@melindabrody.com.

June 22, 2009


Around the Corner June

Thursday, July 30 HBA Rally Ride & Poker Run Kick Off Party

Tuesday, June 23 Green Day at the HBA

5pm @ TBD 719-592-1800 | shirley@cshba.com

11:30am @ HBA 719-592-1800 | john@cshba.com

Wine & Cheese Meet & Greet

August

4pm @ Allstate Insurance, Monument Ruthie Lohrig-Kline | 719-492-3998

Friday, August 7 (thru 23) HBA Parade of Homes

Wednesday, June 24 HBA Membership After Hours

www.cshba.com

Wednesday, August 12 NAHREP Luncheon

5:30pm @ Banning Lewis Ranch 719-592-1800 | shirley@cshba.com

11am @ Community Partnership for Child Development www.nahrepcos.org

Concert: The Vintage Band 7pm @ Wolf Ranch Gateway Park www.wolf-ranch.com

Saturday, June 27 First-Time Home Buyers 10am @ Ent (Campus) 719-550-6095

Saturday, June 27 Sunday, June 28 Purely Ponds Parade of Ponds 9am-5pm @ CS, Monument, Falcon purelyponds@comcast.net 719-896-0026

Bike in the MS150 www.coloradorealtors.com Click on Events

JuLY Wednesday, July 8 eContracts (Advanced) 1pm @ Land Title 719-634-4821

Concert: Redraw the Farm HBA Cares - Builders Inventory Blow Out Sale (Furnishings etc) 5:30pm @ Cheap Chic Boutique www.cshba.com | HBA members only and their clients. Open to public July 11 at 8am and 11am on July 12.

Concert: Promises Quintet 6pm @ Wolf Ranch Gateway Park www.wolf-ranch.com

Saturday, July 11 First-Time Home Buyers 10am @ Ent (Galley) 719-550-6095

Wednesday, July 15 Housing Market Update 7:30am @ HBA 719-592-1800 | shirley@cshba.com

NAHREP Luncheon

Thursday, July 9 Breakfast w/the Chamber Military Affairs

11am @ Community Partnership for Child Development www.nahrepcos.org

7am @ TBD 719.635.1551

Metro List Advantage (thru 16th)

Thursday, July 16 WCR Luncheon 11am @ Embassy Suites mvanmetre@ppar.org

Wednesday, July 22 Concert: World's Truly Most Dangerous Summer Band 6:30pm @ Wolf Ranch Gateway Park www.wolf-ranch.com

6pm @ Wolf Ranch Gateway Park www.wolf-ranch.com

Thursday, August 13 WCR Luncheon 11am @ Embassy Suites mvanmetre@ppar.org

Wednesday, August 26 Concert: Redraw the Farm 6pm @ Wolf Ranch Gateway Park www.wolf-ranch.com

Saturday, July 25 First-Time Home Buyers 10am @ Ent (Campus) 719-550-6095

send

us your

Tuesday, July 28 Green Day at the HBA 11:30am @ HBA 719-592-1800 | john@cshba.com

Wednesday, July 29 Concert: Swing Connection 6pm @ Wolf Ranch Gateway Park www.wolf-ranch.com

event

info

josh@csrej.com

TBA @ Land Title 719-634-4821

turn

your

friends

cash! into

call

rachelle

for details

719.205.1299 June 22, 2009

www.csrej.com

Colorado Springs Real Estate Journal

11


the best gift this year...

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

rachelle@csrej.com 719.205.1299 | www.csrej.com


Colorado Springs Real Estate Journal