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Vol. 9 No. 8

April 24, 2017

Forget Millennials: Gen X is driving the market Millennials may often get all the attention, but members of Generation X are really the ones who have been driving the housing market lately. Gen Xers, who are between the ages of 37 and 51, make up the second largest share of home buyers, comprising 28 percent in 2016, according to data from the National Association of REALTORS®. They also are buying the largest, most expensive homes compared to any other generation. The median price of homes purchased by Gen X buyers is $261,000, and the median size of the homes is 2,100 square feet, according to NAR. Further, Gen Xers boast a median household income of $106,600, higher than any other generation. Some Gen Xers are drawn to previ-

ously owned homes for their charm and character, while others prefer new homes in order to customize design features, NAR data shows. Gen X buyers are also the most likely to purchase a home in neighborhoods that are convenient to schools. But they're willing to compromise: “They also 21 percent of are buying Gen Xers indithe largest, cate a willingness most to make concesexpensive sions on the conhomes dition of a home, compared more than any to any other other generation. generation” The largest share of sellers are also members of Gen X at 29 percent, according to NAR. They are selling homes at a

median price of $240,000. One in five Gen X sellers say they wanted to sell earlier but couldn't because their home had been worth less than their

mortgage. On average, Gen X sellers purchased their home 10 years ago. See Gen X | Page 2

While CFPB’s future is cloudy, its RESPA enforcement commitment is clear As you’ll recall, RESPA Section 8 prohibits a person from giving or receiving a fee, kickback or “thing of value” in exchange for referrals of settlement services related to a federally-related mortgage. The regulation applies to, among others, mortgage lenders, title companies, lawyers, servicers and real estate agents. In this instance, the CFPB charged Prospect with paying real estate brokers for leads and also encouraging the listing broker to require a Prospect loan preapproval before accepting an offer. While it appears the parties cited had clearly crossed the RESPA line, the CFPB’s enforcement also has implications that it would be wise for our industry to focus on. I’m specifi-

cally referring to marketing service agreements (MSAs) and desk rental agreements that are common between lenders and real estate brokers. In order to stay within compliance, MSAs need to be based on a true proportional share of all co-marketing expenses. Likewise, desk rentals should not be based on the volume of referrals, but rather the market value of the office space itself. While it’s important to adhere to these benchmarks, it’s also important to remember they are just that. At this time, the CFPB has not provided specific rules on how MSAs and desk rentals agreements should be structured. As a result, it’s especially important to adhere not just to long-standing RE-

WCR 3rd Annual Fashion Show

Tech Corner: All About A.I.

Jay Gupta's March Housing Stats




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

SPA guidelines, but also to the intent behind them: to help home buyers more easily compare real estate closing services costs and to eliminate practices resulting in unnecessary settlement costs. As our industry seeks to serve homebuyers while remaining viable in a competitive marketplace, vigilance in regard to marketing efforts is advised. Until the CFPB provides clear standards on MSA and desk rental arrangements, these practices should be approached with care. If an action seems to be skirting the letter or spirit of RESPA, using common sense and consulting with a qualified legal advisor remains prudent.

National News............ Page 2 Local News................ Page 6 On the Move.............. Page 13 Local Expert.............. Page 14 Around the Corner....... Page 15

Debbie Havens

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While the future of the Consumer Financial Protection Bureau (CFPB) un- By Jon Paukovich Vice President and der the new admin- Senior Chief Lending Officer Ent Credit Union istration is cloudy, it — remains clearly committed to enforcing existing consumer protection statutes. Recently, the CFPB alleged that Prospect Mortgage, LLC had violated the Real Estate Settlement Procedures Act (RESPA) by paying illegal kickbacks for mortgage business referrals. While RESPA action against lenders is nothing new, this is the first time in recent memory that enforcement has also been taken against the participating real estate brokers.

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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 once 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 industryrelated professionals. CSREJ is not responsible for any opinions or facts expressed by non-staff 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.

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Why mortgage rates are dropping After the Federal Reserve raised its key interest rate about a month ago, mortgage rates were expected to increase as well. Instead, they've been dropping in recent weeks. The 30-year fixed-rate mortgage averaged 4.08 percent last week, its lowest point so far in 2017 and its fourth consecutive week for declines, Freddie Mac reported.

When the Fed raises its federal funds rate, it becomes pricier for banks to borrow money, which generally leads to higher borrowing rates for consumers. Mortgage rates, on the other hand, tend to coincide more with the 10-year Treasury note. Lately, investors have been buying them up, and the higher demand has been sending mortgage rates lower, CNNMoney

reports. The 10-year Treasury yield is about 2.23 percent; a month ago, it was about 2.62 percent. Mortgage rates have moved lower as the 10-year Treasury has inched lower. "We will probably see rates higher at the end of the year—around 4.5 percent," says Len Kiefer, Freddie See Rates | Page 4

Gen X from 1 Other findings about Gen X home buyers include: • They tend to have the largest families: 62 percent have at least one child under the age of 18 years old living at home; 30 percent have two children. • Sixty-eight percent are married couples, more than any other generation. • The primary reasons they purchase a home are the desire for a larger home, job-related relocation, or a change in family situation. • The median age of this group is 43 years old. • They have the largest number of single-family home purchasers at 87 percent. • They are the most racially and ethnically diverse group of home buyers (21 percent identify their race as other than white/Caucasian) and have the highest percentage of non-English speakers. © Copyright National Association of Realtors. Reprinted with permission.













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Colorado Springs Real Estate Journal

April 24, 2017


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Colorado Springs Real Estate Journal


National News Rates from 2 Mac's deputy chief economist. The lower mortgage rates may have come as a welcome surprise to home shoppers this spring, particularly as many markets' inventory woes are pressing home prices higher overall. "We know that with every move higher with mortgage rates, it adds to the cost, but that is only going to limit purchases on the margin," Mark Hamrick, senior economic analyst at Bankrate. com, told CNNMoney. © Copyright National Association of Realtors. Reprinted with permission.

Owners question appraised values: Too low?


Homeowners say their homes are worth more than what appraisers say they’re worth, and the gap between the values is growing, according to Quicken Loans’ latest Home Price Perception Index reading for March. Appraisals, on average, were 1.77 percent lower than what homeowners expected, according to the index. This marks the fourth consecutive month in which the gap between homeowner estimates and appraiser opinions has widened. That said, appraisals are showing higher values than what homeowners expected in some of the hottest housing markets, mainly on the West Coast, according to the index. “The national average shows appraisals lower than homeowner expectations, but some cities are bucking that trend,” says Bill Banfield, Quicken Loans’ vice president of Capital Markets. “With prices sprinting forward in many of the booming housing markets in the West, it can be difficult for homeowners to keep up with appraisers, who are on the ground, examining real estate price changes every day. This study is one more reminder for consumers to keep an eye on their local market before selling or refinancing. The state of their local market could affect their home’s value—on either end of the spectrum.”


Now, even more choices await you at The Farm, a distinctive new master-planned community in northern Colorado Springs. We’re proud to announce Phase 2 is now live, with two more builders contributing to our already eclectic mix of new homes. Set against the backdrop of beautiful front range views, this new phase will be thoughtfully integrated amongst protected open space, beautiful trails and a future Gathering Place nestled among the ponds. Visit The Farm to see how abundant the future could be!

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*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

© Copyright National Association of Realtors. Reprinted with permission.


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4/18/17 11:19 AM

April 24, 2017

Aimee Binkley

Carrie Lukins

Debbie Railey

Jenelle Meyer

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Robin Searle


Krista Fowler

Jana Bingham

Preston Smith

April Falk

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Dominic DaSilva

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Huge CONGRATULATIONS to our top-producers at Sellstate Alliance Realty. Keep up the great work! April 24, 2017

Colorado Springs Real Estate Journal


Local News

Ent voted “Best Mortgage Company” in Colorado Springs 2017

Ent Credit Union has been voted the “Best Mortgage Company” in Colorado Springs by readers of The Gazette who participated in their annual “Best of the Springs 2017” survey. In recognizing Ent in the “Best Mortgage Company” category, The

Gazette’s survey results, published Sunday April 16, stated: a “local company that keeps your loan and offers incredible service” and “mortgages like it used to be” while also actively supporting community causes and nonprofits.

Remember days like this?

PPAR® announces RPR View as datasharing solution The Pikes Peak Association of REALTORS® (PPAR) announced the selection of REALTORS® Property Resource (RPR) View as a solution for data-sharing and collaboration with Market Listing Services (MLSs) across the state. “With all the discussions regarding data-share along the front-range, PPAR is delighted to collaborate with other MLSs and provide the best service to our members and their clients” said Charles D’Alessio, PPAR Chairman of the Board. RPR View makes it easy for MLSs to provide the ability to access local and regional listing data to REALTOR® subscribers of other MLSs, or to all REALTOR® members nationally. RPR View offers two main categories of listing authorization: 1) On Market/Active listings and 2) Sold/Historical listings. “RPR View is a great first step to cooperate with brokers and Associations near and far. PPAR is excited about this announcement and looks forward to future collaboration with MLSs,” said D'Alessio. Jacob Curbow, President of the REALTOR® Services Corporation (RSC) added, “The future may hold different opportunities for even stronger relationships between REALTORS® across the state, and RPR View may be the conduit. Unlike our previous data share with just two other MLSs, RPR provides the opportunity to easily establish data sharing throughout the state.” PPAR, the Voice for Real Estate, was founded in 1902 and currently represents over 3,300 REALTORS® and affiliates in the Pikes Peak Region. For more information about PPAR visit

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April 24, 2017

Local News

Women's Council of Realtors 3rd Annual Fashion Show By Amy Cox Perceptive Image Creations The WCR kicked off its 3rd Annual Fashion Show on April 13th at the Antler’s Hilton. The event made for a unique evening out for the WCR’s guests to see the latest spring & summer fashions available from local and national retailers while sipping cocktails and enjoying a sampling of delicious hors d’oeuvres. The fashion show attendees were joined by special four-legged guests from the National Mill Dog Rescue, the non-profit selected by the WCR president, Gabriele Onofre, to receive a portion of the proceeds from the WCR’s fund-raising efforts. So far this year, WCR has donated $1500 to help with the NMDR mission.

Right: April and Aaron Fashion Show Chair and PresSalladay model fashions ident-Elect Laura Read shared, from White House Black “Our event is unique in that it Market and J.C. Penney. incorporates shopping at 13 fabulous vendor tables, cocktail hour, hors d’oeuvres, prizes, dogs, and ends with a show! It’s a great excuse to dress up for an evening out, network your business, and support a great cause at the same time.”

See Fashion Show | Page 9

WCR President, Gabriele Onofre shares information about the National Mill Dog Rescue with guests of the WCR Fashion Show.

Gold Sponsors Eileen Wolff, Terry Williams and Amelia Walsh of Heritage Title enjoy networking at the WCR Fashion Show.

Charles and Dodi D’ Alessio model fashions from Dillard’s and White House Black Market.

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Colorado Springs Real Estate Journal


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Local News Fashion Show from 7

Above: WCR Fashion Show Chair and President-Elect Laura Read walked the runway with Rex Read.

Models for the event hit the runway in fashions from Bellissima, White House Black Market, Sparkles and Lace Boutique, Dillard’s (Robert Brisbon) and J.C. Penney. Emcees Joni Mailander and Don Gardner along with DJ James Brown contributed an upbeat energy during the event that kept guests excited and engaged with the show. Contributing to the success of the fashion show this year were sponsors Nova Home Loans, Heritage Title Company, Equity Colorado Real Estate, Blue Ribbon Home Warranty, Inc., Land Title Guarantee Company, Wells Fargo Home Mortgage, Legacy Title Group, Closet Factory and Jay Billups Creative Media. For more photos from the event, visit Left: Sandi Greenfield in a dress from Sparkles & Lace. Photo by Sean Blumenhein. Below: WCR Fashion Show models Sandi Greenfield, Ruthie Lohrig-Kline, Andrea Kohlman, Amelia Walsh, April Salladay, Dodi & Charles D’Allessio, Aaron Salladay & Dustin Snyder model fashions from Bellissima, White House, Black Market, Sparkles & Lace, Dillards and J.C. Penney.






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Move in ready! This “Kirkland” 4 BR, 3 BA ranch located in beautiful Monument is available now! Features include a Great Room with indoor-outdoor fireplace, real hardwood floors, wrought iron spindles. Gourmet Kitchen with granite countertops, gas cooktop, glass tile backsplash and stainless steel appliances. Main level Master Suite with 6’ oval soaking tub, and double vanity. Finished Basement with 9’ walls! Main level Laundry Room and a 15x10 Deck. 3-car garage is 26’ deep! Contact Fred Heedt at 719.494.8010 or monument@

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Colorado Springs Real Estate Journal



Housing Stats Dashboard and Sales Analysis Jay Gupta, BME MA MRE CRS CMRS SRES CDPE COMPILED AND ANALYZED BY:

Cultivating Our Community For Over 50 Years

Housing Stats Dashboard Colorado Springsand AreaSales Analysis Compiled and analyzed by:

2008 PPAR Chairman and 2010 REALTOR® of the Year Jay Gupta , BME MA MRE CRS CMRS SRES CDPE

CAR Research Committee Southeast Region Spokesperson

® of the Year 2008 PPAR andin2010 REALTOR WithChairman over 2-Billion personal and managed sales CAR Research Committee Southeast Region Spokesperson Berkshire Hathaway Home and Services Rockysales Mountain, REALTORS® With over 2-Billion in personal managed ® Berkshire Hathaway Home Services Rocky please Mountain, REALTORS For comments & questions, contact: For comments & questions, please contact:

Housing Stats Dashboard

Single Family/Patio Homes Sold Through Pikes Peak MLS

THE TITLE TEAM When you call our office, the first person you talk with will most likely be Allie. Allie is very active in the Colorado Springs Boy Scouts. She was so proud of her son when he participated in the Cub Scout Shoot and got 2nd place! Stewart Title wants to partner with you to help you, your clients and our community. Call Stewart Title today.

Month / Year / Change % New Listings Active Listings Monthly Sales YTD Sales % of Active Listings Sold Monthly Sold Volume YTD Sold Volume Median Price Average Price % of List Price Received Average Days on Market Months' Supply % of Sold Listings … Sold in 0 to 30 Days … Sold in 31 to 60 Days … Sold in 61 to 90 Days … Sold in 91 to 120 Days … Sold in 121+ Days

March 2016 1,790 1,941 1,172 2,891 60.4% $314,108,763 $773,200,841 $239,500 $268,010 99.3% 47 1.7 months

March 2017 1,759 1,454 1,247 2,955 85.8% $368,898,608 $881,337,615 $268,000 $295,828 99.8% 36 1.2 months

61.8% 12.2% 8.4% 5.3% 12.3%

70.2% 9.1% 6.3% 5.7% 8.7%

Sales Analysis

Change (1.7)% (25.1)% 6.4% 2.2% 25.4% 17.4% 14.0% 11.9% 10.4% 0.5% (23.4)% (29.4)% 8.4% (3.1)% (2.1)% (0.4)% (3.6)%

Single Family/Patio Homes Sold Through Pikes Peak MLS Month and Year March 2016 March 2017 Price Range

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Under $199,999 $200,000 to $299,999 $300,000 to $399,999 $400,000 to $499,999 $500,000 to $599,999 $600,000 to $799,999 $800,000 to $999,999 $1,000,000 to $1,999,999 Over $2 million

29.4% 45.1% 14.8% 5.2% 3.2% 1.7% 0.2% 0.2%

0.5 months 1.0 months 2.5 months 5.0 months 4.1 months 8.7 months 42.5 months 46.0 months

19.6% 43.5% 21.3 % 8.7% 3.8% 2.4% 0.2% 0.3%

0.4 months 0.5 months 1.0 months 2.2 months 3.0 months 6.6 months 27.0 months 23.3 months


29.0 months



Disclaimer: This representation is based in whole or in part on information from the Pikes Peak REALTOR® Services Corp. (“RSC”) or its PPMLS for the period of March 2016 and 2017. Content is deemed reliable; however, neither the RSC nor the PPMLS nor PPAR 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. © Copyright Jay Gupta. All rights reserved. Unauthorized reproduction is prohibited.

Jay Gupta’s Observations and Remarks: In the month of March 2017, the number of Active Listings was at a historical low, dropping the supply to a shocking low of 1.2 months. At the same time, the monthly and year-to-date sales were at a record high. • 93.3% of Single Family/Patio Homes Sold in March 2017 were Priced Under $500,000: ​The exceptionally low inventory in this price range is providing an excellent opportunity to list and sell properties as there are plenty of buyers ready and willing to buy. • 6.2% of Single Family/Patio Homes Sold in March 2017 were Priced Between $500,000 to $800,000: Th ​​ ere is a great opportunity for buyers and sellers to buy and sell in this price range with a reasonably balanced supply and demand situation. • 0.6% of Single Family/Patio Homes Sold in March 2017 were Priced Over $800,000: ​​It is an opportune time for buyers to buy in this price range as there is a wide selection of properties to choose from and there are motivated sellers. • ​A Comparison of March 2017 Sales Data with Previously Record Setting March 2006: • ​Active Listings are down by 67.6% • ​​Monthly Dollar Sales Volume is up by 41.6% • ​​Months’ Supply is down at 1.2 from 4.3 months in 2006

• Monthly Sales are up by 20.2% • YTD Sales are up by 20%

• ​Y TD Dollar Sales Volume is up by 42.9% • Average Sale Price is up by 17.8% • ​​Median Sale Price is up by 26.4%

• Historically Low-Interest Rates: During the 2005-2006 record-setting real estate market, the interest rates were hovering around 6%. The current historically low rates are providing financially qualified home buyers an incredible opportunity to stretch their buying power and lock-in the low rates for 30-years. It is important to keep in mind that every 1% increase in the interest rate reduces the borrowing power by 10% for the same amount of monthly payments. ​​In recent months, interest rates have started to move upward and additional small increases are anticipated in the coming months. • Note: It is important to keep in mind that even in a hot real estate market with low inventory, not every property listed for sale sells. Buyers generally buy realistically priced properties offering competitive values.

Colorado Springs Real Estate Journal

See Housing Stats | Page 11 April 24, 2017

Tech Corner

Cindy has you covered

By Danny Cruz North American Title ​pening up the O subject of artificial intelligence (AI) might first inspire thoughts of aliens, robots, and the end of human necessity, but the landscape is far less scary; aliens are not a part of this discussion. Robots and reducing human necessity, conversely, is very much where technology is moving. For starters, artificial intelligence is briefly defined by the Association for the Advancement of Artificial Intelligence (yes, it is a real organization) as "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines.” Another phrase often linked to AI is “machine learning,” which is simply computer programming that adapts with user experience and input. One of the most common and widespread uses of machine learning can be found on a smart phone. Every time you enter data, like an address, a contact, or phrase in a text application, the system running behind the scenes is cataloging that information to streamline future actions. As AI advances, operating systems are going beyond manually entered data to predict user activity simply based on patterns and past trends. Thus, within the world of marketing, there are now programs that take big data and combine it with artificial intelligence to predict and cater to consumer buying behavior. Many industries are already implementing these types of programs to create a better experience for consumers, and the real estate industry is beginning to adapt now as well. A company called

Colorado Springs

Call Cindy Bonick today and start enjoying the Peace of Mind that comes with a home protection plan from Fidelity National Home Warranty

Amitree launched a product called Folio in 2016 that analyzes a Gmail account and gathers corresponding data as it specifically relates to real estate. This free Google plug-in will create smart folders within Gmail categorizing individual transactions, acting as an automated assistant to help keep agents organized. This type of technology could be extremely helpful to a busy agent or team. On the consumer end, in August of 2017, a new product will launch from a company called DOSS that will act as a “Siri” or “Alexa” solely for real estate. Intended to be a complete concierge for discovering and servicing homes, Ask DOSS will utilize big data, AI, and voice recognition software to answer anything real estate for consumers. While some may see this as a threat to the value of a real estate agent, the developers behind DOSS are seeking to provide enhancements to the industry. These products are just the beginning. Next month in the tech corner, AI goes even further to produce some of the most innovative technology in the industry that operates completely without human interaction to qualify and convert leads. To reiterate a past point, the product or service that meets the need the fastest with the best result wins.

Cindy Bonick Sales Executive


Housing Stats continued from 10 March 2017 Sales Analysis By MLS Areas Compiled by Jay Gupta Single Family/ Patio Homes

MLS Area Black Forest Briargate Central East Fountain Valley Manitou Springs Marksheffel Northeast Northgate Northwest Old Colorado City Powers Southeast Southwest Tri-Lakes West Woodland Park

# of Months' # of Active Sold Supply Listings Listings

Median Price $

Average Price $

SP to Avg. List DOM %

All Real Estate Market Activity is "Local" 42 19 2.2 11,836,100 465,000 116 65 1.8 24,155,583 380,000 53 85 0.6 20,993,345 225,000 32 66 0.5 16,999,913 242,500 135 208 0.6 48,510,812 230,000 16 8 2.0 3,043,450 341,225 43 42 1.0 13,207,096 295,000 60 100 0.6 30,011,298 267,750 100 41 2.4 18,376,577 430,000 42 26 1.6 10,269,100 397,500 20 26 0.8 7,228,727 250,500 78 136 0.6 35,918,279 260,000 24 73 0.3 14,079,805 190,000 147 42 3.5 14,180,324 282,450 110 51 2.2 23,292,566 425,000 29 17 1.7 6,446,360 290,000 34 24 1.4 8,291,259 327,200

622,952 371,624 246,980 257,574 233,225 380,431 314,454 300,112 448,209 394,965 278,027 264,104 192,874 337,626 456,716 379,197 345,469

97.2 99.5 100.3 100.4 100.1 98.4 101.8 100.1 99.6 99.2 98.8 100.6 100.4 100.2 99.4 98.8 99.4

Sales Volume $

76 39 31 31 24 56 46 24 65 29 44 23 10 29 56 36 45

Disclaimer: This representation is based in whole or in part on information from the Pikes Peak REALTOR® Services Corp. (“RSC”) or its PPMLS for the period of March 2017. Content is deemed reliable; however, neither the RSC nor the PPMLS nor PPAR 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. © Copyright Jay Gupta. All rights reserved. Unauthorized reproduction is prohibited.

April 24, 2017

Colorado Springs Real Estate Journal


In Depth

Home is the Key Pikes Peak Habitat for Humanity joins national movement in April to address affordable housing needs. One in four households in the U.S. pays more than 30 percent of their income for housing and may have difficulty affording necessities such as food, clothing or medical care. In El Paso County, we have one of the fastest rental rate increases in the country, and to afford a two-bedroom rental at fair market value of $950, a family needs an annual salary of $34,234 which is nearly $15,000 greater than full-time employment at minimum wage. To address the critical need for affordable housing in our community and across the country, Pikes Peak Habitat for Humanity is joining Home is the Key, a national campaign by Habitat for Humanity International aimed at highlighting the critical need for decent, affordable shelter throughout the month of April. Everyone is encouraged to stop by the Pikes Peak Habitat ReStore during this season of spring cleaning to donate and recycle items. Donated items stay out of landfills, are repurposed by shoppers, and all proceeds from sales support Habitat for Humanity in building more houses. And now the ReStore offers recycling for metal and procelain items, including broken appliances. “We have seen firsthand how an affordable home can play a key role positively influencing education, health and financial opportunities for families and individuals,” said Kris Medina, Executive Director of

Pikes Peak Habitat for Humanity. “Decent shelter is something we all need to thrive, and yet many in El Paso County still live in inadequate housing conditions. We invite our community in joining us in April and help us partner with even more homeowners in need of a hand up and a decent place to call home.” Founded in 1986 Pikes Peak Habitat for Humanity is one of 27 affiliates in Colorado, and is currently developing Country Living, a 34-lot neighborhood in Fountain, Colorado. Building on average six to eight homes every year, Pikes Peak Habitat has as-

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sisted 151 families in achieving permanent housing in El Paso County. To learn how to get involved with Pikes Peak Habitat for Humanity, visit

Pikes Peak Habitat for Humanity and Lowe’s team up for 10th annual National Women Build Week Pikes Peak Habitat for Humanity will work alongside Lowe’s volunteers and all-female construction crews for Habitat for Humanity’s 10th annual National Women Build Week, May 6-14. Habitat’s National Women Build Week invites women to help make a difference and devote at least one day to help build decent and affordable housing in their local communities. More than 17,000 women, including Lowe’s Heroes volunteers, are expected to volunteer at construction sites across the country as part of Habitat’s 2017 National Women Build Week. “We are excited to participate in the 10th annual National Women Build Week,” said Kris Medina, Executive Director of Pikes Peak Habitat. “This is a great opportunity for women of all skill levels to come together to help a family build or repair a decent and affordable place they can call home, and we are grateful to Lowe’s for their financial and volunteer support.” In Fountain, Colorado at Pikes Peak Habitat’s Country Living development, volunteers will work on foundation work, possibly framing, and most likely painting. There are currently 14 homes built in that neighborhood with three more under construction. Lowe’s helped launch National Women Build Week in 2008 to empower women to advocate for affordable housing and spotlight the homeownership challenges faced by many. Each year, Lowe’s provides the support of their employee volunteers, Lowe’s Heroes, and conducts how-to clinics at stores to teach volunteers construction skills so they can feel equipped to take part in the builds. Lowe’s Heroes will be among more than 50 volunteers joining to help build decent, affordable housing in El Paso County as part of National Women Build Week. “Through our partnership with Habitat and support of National Women Build Week, Lowe’s empowers women to get involved in their communities, learn construction skills and make a meaningful impact,” said James Frison, Lowe’s director of community relations. “We’re grateful to all the women in El Paso County who will volunteer this week to help build and repair decent and affordable housing.” Lowe’s donated nearly $2 million to this year’s National Women Build Week, including a $5,000 store gift card to Pikes Peak Habitat for Humanity. Since 2003, Lowe’s has committed more than $63 million to Habitat’s mission and helped more than 6,500 families improve their living conditions. Habitat’s first Women Build event was held in 1998. Since then, all-women construction crews have helped build more than 2,500 homes in partnership with families. For more information on Habitat for Humanity’s Women Build program and to learn about Women Build events in communities across the U.S. year-round, visit April 24, 2017

On the Move

Hee, Johnson, Lontz, Casados, Morales, Lobo Keller Williams Partners Realty Help us welcome Walter Lau Hee to our Keller Williams family! Walt is the Rainmaker of his Team: The Lau Hee Group! As a Veteran, Walt [Certified MRP] and his team specialize in relocating Military families. He and his family were stationed in many places, but when Colorado Springs became his last duty station, they knew that Colorado is where they would stay! Walt is also very much a family man, and loves to be with his bride and two kids! Help us welcome Lesley Johnson to our Keller Williams family! Lesley is another member of The Lau Hee Group who’ve joined us in our Market Center! She hopes her venture into Real Estate will help give herself and her prospective clients the financial freedom they’re looking for! She is very family oriented and enjoys spending her free time dancing, camping and hiking with her 4 teenage children [ages 12-18]! We are excited to welcome her and all her positivity! Help us welcome Steve Lontz to our Keller Williams family! He joined us with the rest of his team, The Lau Hee Group! He is a U.S. Army Veteran as well as a retired Police Officer. He may not be a native to Colorado Springs but he’s stayed to make a home with his wife and children for the last 17 years! We're excited to have Steve and his sense of humor here in our Office! Help us welcome Tony Casados to our Keller Williams family! As a

Colorado Springs native, he knows exactly what people are looking for in a home! He loves spending his time outdoors riding ATVs, snowboarding or even just hiking. But his favorite activity of all is being a dad! Tony is experienced in management as wells as structural design! He hopes to help people and find solutions to any issue he can! We welcome him with the rest of his team, The Lau Hee Group, with open arms! Help us welcome Ashley Morales to our Keller Williams family! Ashley is a fitness enthusiast who’s decided she wants more growth and flexibility in her life! She comes to us as a member of The Lau Hee Group and has a commitment to communication and trust with her clients to meet any of their real estate needs! Help us welcome Pete Lobo to our Keller Williams family! Pete was raised in Florida and moved to Colorado Springs in 2013! He has only been in real estate for a year but he’s backed by an awesome team- The Lau Hee Group! Pete’s decision to enter this field was fueled by his love for helping people- so why not find them a home? He loves to be outside in nature and do almost all outdoors activity or sport, as well as watching sports or hanging out with his best friend of 12 years- his yellow lab!

the most important investments you will make…the purchase or sale of your home.

Plesscher, Bennett, Jōb RE/MAX Properties We are pleased to announce that Brian Plesscher has joined RE/ MAX Properties, Inc. Brian chose RE/MAX Properties, Inc. because of the Agent Mastery Program as well as other training opportunities offered by the company. Brian feels that the education that he will receive at RE/MAX Properties, Inc. will keep him ahead of the curve. RE/MAX Properties, Inc. is excited to see what the future has in store for Brian and warmly welcomes him to the team! We are pleased to announce that Chris Bennett has joined the AMPed Program at RE/MAX Properties, Inc. Chris has returned to Colorado after 15 years of living in New York. He landed in Colorado Springs July 15, 2016 and has been smiling ever since. Chris has spent the last 15 years investing/remodeling historic estate homes, commercial, and multi family properties. He acted as general

contractor over seeing multiple construction crews on multiple projects, interior designer, landscaper, and property manger. We are pleased to announce that Patricia Jōb has joined the AMPed Program at RE/MAX Properties, Inc. Escaping the heat and humidity of Florida, Pat moved to Colorado Springs seven years ago to enjoy our ideal climate with four seasons and picturesque mountain views. She holds a Bachelor’s of Fine Arts in Graphic Design and Marketing and has many years of experience in design, advertising and publishing. Pat has a passion for home renovation and her keen design skills and eye for detail help her suggest how a home can be tweaked or overhauled if necessary to meet the needs of her clients. Along with her construction manager husband, Jeff Sollenberger, Pat has renovated and staged many homes in the area. When not immersed in the excitement of real estate she enjoys the outdoors, cooking, photography, travel and producing mixed media art.

Someone new in the office?

Karen Burke Elite Real Estate Group Karen Burke is the newest Realtor® to join Elite Real Estate Group and is excited to be part of this great team. And we’re excited to have her! The majority of her career has been focused on the field of education. As rewarding as this has been for her over the years, she has come to realize her desire is to serve in a different fashion, namely working in the field of Real Estate. Having moved into this second phase of her career, she’s eager to assist you as her client with one of

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April 24, 2017

Colorado Springs Real Estate Journal


Local Expert

Feeling (Bon) Jovial about our Real Estate Market!

Empire Title of Colorado Springs

5755 Mark Dabling Blvd., Ste 110, Colorado Springs, CO 80919 Phone: (719) 884-5300 - Fax: (719) 884-5304

Empire Title of Woodland Park 350 N. Pine St., Woodland Park, CO 80863 P.O. Box 9004, Woodland Park, CO 80866 Phone: (719) 686-9888 - Fax: (719) 686-8208

It is easy to find the good humor in today’s real estate market, By Michael Podoyak Empire Title much easier than finding the Good Humor Man around our — real estate market – but summer quickly approaches. It really wasn’t all that long ago when property values and home sales were “Living on a Prayer” in the Pikes Peak area and around the country during the Great Recession of the late 2000’s and early 2010’s. By some calculations, as many as 30% of the local homes were in negative equity during that time - and in 2009 alone, 2017 YTD vs. 2016 YTD 5,288 properties in El Paso • Average Price 11.7% County went into foreclosure • Median Price 10.0% in a “Blaze of Glory.” 2.2% However, those that were • Residential Units Sold 34.9% able to “Keep the Faith” • Inventory Levels 26.6% through those times have • Number of Listings been rewarded with mar- • Foreclosures 1 31.9% ket conditions presently • Average Days on Market: 36 that can’t help but make you • Interest rates 4.14% “Have a Nice Day.” The biggest challenge now of course are homeowners that “Never Say Goodbye” to their current properties. There is such a demand for inventory, that almost any type of property is “Wanted, Dead or Alive” – even high-priced homes are moving faster than they have in over a decade.

*This information is deemed reliable, but not guaranteed. It is intended to show market trends and should not be us individual properties. Sources for this information include but are not limited to: El Paso County Clerk and Recorder Public Trustee, Empire Title of Colorado Springs LLC, the Pikes Peak Multiple Listing System, and Empire Title of C

Our Commitment is to YOU because, honestly, it’s the Best Policy. Experience the benefits of working with a local title agent:  Your title search is completed prompted and locally by examiners that know our community and live in it  We have the ability to work with different underwriters to provide your client the best possible title policy in price and coverage  Decisions are made right here — not out of town or out of state

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As is “Always” the case, prospective buyers need to be prepared – meaning pre-qualified and with realistic expectations – to present a strong offer, and a quick one, once they locate a property they want to purchase. I’ve always said, ‘You can’t lose something you never had’ – but to be outbid on your dream home because you didn’t give it your best effort/offer is still some “Bad Medicine” to swallow. Truly, despite a smaller selection of homes of which to choose, with the help of an experienced lender and a professional real estate agent, “Who Says You Can’t Go Home?”

Colorado Springs Real Estate Journal

Send us your PHOTOS! April 24, 2017

Around the Corner Tuesday, April 25 Intro to Title & Escrow 1pm-3pm @ Legacy Title

Tuesday, May 16 NAPRM April Luncheon 11am @ Hotel Eleganté

Wednesday, April 26 2017 Real Estate Contract 9am-1pm @ Empire Title 719-884-5300

Lunch and Learn: Understanding the Title Commitment 11:45am-1pm @ North American Title Company RSVP to

Thursday, April 27 Work Your Perfect Client 1pm-3pm @ Challenger Homes

2017 ACU 8:30am-12:30pm @ Legacy Title

Wednesday, May 3 Basics of the Title Commitment 2pm-4pm @ Empire Title Woodland Park 719-686-9888 Thursday, May 4 2017 Annual Commission Update 9am-1pm @ North American Title Company RSVP to Saturday, May 6 First-Time Homebuyer Workshop 9am-3pm @ Rocky Mountain Community Land Trust (2715 Bentley Point) 719-447-9300 ext. 5 Tuesday, May 9 Advanced CTM eContracts 2pm-4pm @ North American Title Company RSVP to Wednesday, May 10 Annual Commission Update 9am-1pm @ Empire Title 719-884-5300 Thursday, May 11 Farm and Land 8:30am @ The Egg and I - Chapel Hills Charlie Triplett: 719-896-1777 Women’s Council of Realtors Luncheon 11am-1pm @ Hotel Eleganté 719-633-7718 Ext. 110 YPN (Young Professionals Network of Realtors) 3pm-4pm Meeting @ PPAR (board room) 4pm-6pm Social @ Red Martini (downtown) Michele VanMetre: 633-7718 Behind The Scenes Look At How Lenders/ Lending Really Works 9am-12pm @ Legacy Title


Wednesday, May 17 2017 Real Estate Contract 9am-1pm @ Empire Title 719-884-5300 Thursday, May 18 eContracts - Beginners 10am-12pm @ Empire Title 719-884-5300

Spring Forward

Intermediate CTM eContracts 2pm-4pm @ Legacy Title Saturday, May 20 First-Time Homebuyer Workshop 9am-3pm @ Rocky Mountain Community Land Trust (2715 Bentley Point) 719-447-9300 ext. 5 Tuesday, May 23 Intro to Escrow 1pm-2pm @ Legacy Title Wednesday, May 24 Basics of the Title Commitment 9am-1pm @ Empire Title 719-884-5300 Thursday, May 25 Writing Killer Contracts 9am-3pm @ Challenger Homes

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Vol.9 No.5

Shirlee Dobbs 719-640-9454 Colorado License Producer # 143745

Rich Feasel 719-565-7487 Colorado License Producer #92937

Veronica Bélanger 719-602-0980 Colorado License Producer # 482555

Builders pick up the pace this winter is still the fourth highest single-family pace since the Great Recession, and single-family starts also posted solid gains for the year,” says Granger MacDonald, chairman of the National Association of Home Builders. “Builders remain confident and we expect further growth in the single-family market in the year ahead.” Across the country, combined single and multifamily housing production increased 31.2 percent in the Midwest; 23.5 percent in the West; and 18.5 percent in the Northeast. The South was the only major region to post a loss, dipping 1.4 percent last month.

"This report represents firm growth for housing in 2016, as single-family starts rose 9 percent and multifamily production was down slightly," says Robert Dietz, NAHB’s chief economist. "We expect that 2017 will be another year of gradual, steady improvement in the housing market. Multifamily starts have been volatile in recent months, but should level off as supply meets demand. Meanwhile, single-family production continues to gain momentum but is limited by supply-side headwinds." Single-family permits – a gauge of future construction – increased 4.7 percent to 817,000 units in De-

America’s 10 healthiest housing markets spent an average of 56.3 days on the market, significantly less than the national average of 169.6 days. Indeed, seven of the top 10 markets in the U.S. are located in towns within the Midwest region, including three markets that are in Michigan. To determine the healthiest housing markets in the country, SmartAsset took into account factors like

the percentage of homeowners with negative equity; the average time a for-sale home spends on the market; affordability as the monthly cost of owning a home (and as a percentage of household income in each county and city); among other factors.

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Chad Denny

cember. That is the highest level in 2016. Multifamily permits, however, dropped 9 percent to 393,000 units, the Commerce Department reports. © Copyright National Association of Realtors. Reprinted with permission.

Trump puts a halt to FHA mortgage cuts Just hours after being sworn in, President Donald Trump moved to suspend a plan to reduce the Federal Housing NAR officials Administra“disappointed” tion’s mortgage insurance premiums that was set to go into effect on Jan. 27. The plan had been announced just a few days ago by the outgoing Obama administration and Housing and Urban Development head Julian Castro. The reduction in premiums by 25 basis points, or a quarter percentage point, “has been suspended indefinitely,” according to an FHA news release. See FHA | 5

See Healthiest Markets | 5

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What makes a healthy housing market? According to SmartAsset, it is one that shows stability, affordability, and in which homeowners are able to easily sell their homes with a low risk of losing money over the long run. The healthiest housing market in the country: Edgewood, Ky., a suburb of Cincinnati. Homes in Edgewood

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January 30, 2017

Housing production nationwide edged up 11.3 percent on a seasonally adjusted basis in December due to a surge in multifamily construction, the Commerce Department reported this week. Multifamily production – often viewed as volatile month-to-month – surged 57 percent to 431,000 units in December. Single-family starts, on the other hand, fell 4 percent to a seasonally adjusted annual rate of 795,000 units. But builder sentiment remains high for the single-family market’s outlook. “Despite the slight dip in singlefamily production, December’s rate

April 24, 2017

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April 24, 2017