PRSRT STD US POSTAGE PA ID PERMIT 745 COLO SPGS CO
Vol. 9 No. 7
March 27, 2017
www.csrej.com
Bidding wars to heat up this spring Likely to be a hallmark of this year’s spring homeselling season: Bidding wars. As home listings are scarcer and buyer demand remains high, home shoppers are finding a lot more competition this spring, particularly in hot markets like the San Francisco Bay area, Denver, and Boston. “Home buyers are going to find this spring that, in a lot of markets, the inventory of homes priced and
sized at price “unlikely levels they were places are hoping for will getting be very limited,” significantly Thomas Lawler, tighter.” a former Fannie Mae economist who’s now a housing consultant in Leesburg, Va., told Bloomberg. Even “unlikely places are getting significantly tighter.” An improving job market, growing consumer confidence, and the threat
of rising mortgage rates have Americans flocking to housing. But many markets remain tight for listings. Housing starts remain well below levels prior to the recession and are geared more toward the higher end of the market. Homeowners also are reluctant to sell their existing home because they’re unsure of where they’d move to with the dearth of listings. See Bidding Wars | 2
Closing times are speeding up FHA increased its market share by 2 percentage points to 23 percent, and VA loans rose by 1 percentage point to 10 percent. FICO scores on closed loans decreased moderately in February, dropping from 722 in January to 720 in February. Ellie Mae’s report shows that average FICO scores are 11 points lower than the highs reached a year ago in August and September. Still, FICO scores are one point higher than the beginning of 2016. Seventy percent of all closed purchase loans had scores of 700 or more.
"The purchase market led the way in February, representing 57 percent of total closed loans," says Jonathan Corr, president and CEO of Ellie Mae. "Along with the growing purchase market, we're seeing the time to close all loans decrease and FICO scores decline, trends that we will continue to watch in the coming months." © Copyright National Association of Realtors. Reprinted with permission.
Aspen View Homes Casino Night
Peak Producers 2017 Membership Kick-Off Reception
Jay Gupta's February Housing Stats
PAGE 4
PAGE 9
PAGE 10
1730 Chapel Hills Drive Suite 100, Colorado Springs, CO 80920
HELPFUL TIP: Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website. Corp NMLS #3113
The Pikes Peak Association of REALTORS® is holding the Pikes Peak Region Open House Weekend on April 29 & 30. This event is an opportunity for interested buyers or those looking to buy in the near future, to tour available houses on the market and learn about the benefits of homeownership in a low pressure environment. For sellers, this event provides a high- visibility effort to promote traffic and drive home sales. For participating REALTORS®, this is an opportunity to connect with consumers in their communities about the housing issues that matter most to them as well as provide expert insight into the local housing market. PPAR will be conducting a marketing campaign on radio, television and media websites, geared toward the public during the month of April to help promote consumer awareness and encourage participation in this exciting event. PPAR will also provide marketing resources to participating See Open House Weekend | 5
National News............ Page 2 Local News................ Page 5 On the Move.............. Page 12 Local Expert.............. Page 14 Around the Corner....... Page 15
Debbie Havens
Marianne Elep Turner
Amanda Smith
(719) 264-1967
(719) 651-6757
(719) 264-1952
Branch Manager
Honest & Ethical Service from People You Know.
Mobile Issue (Beta)
Closing times were way down in February, falling from 51 days in January to 46 days for all loans last month, according to the latest Ellie Mae Origination Insight Report. Broken out, home purchase loans took an average of 45 days to close in February, down from 48 days in January. Refinanced loans took an average of 47 days to close in February, down from 53 days. Conventional loans commanded 63 percent of the market share, compared to 66 percent in January, according to Ellie Mae’s report. The
Get ready for the 2017 Pikes Peak Region Open House Weekend
NMLS #653845 State Lic #100018256
debbie.havens@academymortgage.com
Loan Officer
NMLS #231308 State Lic #100029888
marianne.elepturner@academymortgage.com
Loan Officer Assistant NMLS #1561851 State Lic #100506142
amandas@academymortgage.com