CSREJ - April

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Vol. 10 No.8

April 30, 2018

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Young buyers: Student debt kills ownership

The National Association of Realtors® is joining its 1.3 million members across the country to commemorate the 50th anniversary of the Fair Housing Act and further advocate for inclusion and diversity in the nation’s communities.

NAR is also recognizing April as Fair Housing Month, with education and events for members and state and local Realtor® associations throughout the month.

As a leading advocate for homeownership, NAR is a strong supporter of the Fair Housing Act, legislation passed in 1968 prohibiting discrimination based on race, color, religion, sex, handicap, familial status and national origin.

As a part of the yearlong 50th anniversary commemoration, Realtors® are looking back and acknowledging NAR’s changing role in the fight for fair housing, understanding how the nation is constantly improving its commitment to fair housing and leading efforts to further advance fair housing policy issues.

“As Realtors® join our industry partners, allies and consumers today and throughout 2018 to commemorate the 50th anniversary of the Fair Housing Act, we believe that fair housing for all should remain a core focus of the housing industry, and we must ensure policies and programs continue to affirmatively further fair housing,” said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty.

Earlier this decade, Realtors® further demonstrated their all-inclusive support of ensuring fair housing opportunities by adding sexual orientation and gender identity to their See Fair Housing | Page 6

“Student loan debt holders do want to own a home; that’s part of their American dream,” Jessica Lautz, NAR’s managing director of survey research, told CNBC. “It’s just really hard to get there right now.”

More than 80 percent of people between the ages of 22 to 35 with student loan debt who have not purchased a house yet blame their debt, according to NAR’s research.

The Federal Reserve’s data shows that for every 10 percent in student loan debt a person holds, their chance of homeownership falls 1 to 2 percentage points during their

first five years after school.

Further, nearly one-fifth of people with student loans who apply for a mortgage are denied due to their debt-toincome ratio being too high, according to NAR. “The bank looks at it as ‘unsecured debt,’” says Doug Amis, a certified financial planner at Cardinal Retirement Planning in Cary, N.C. “With a mortgage, you have the asset of the house. If you stopped paying, you could foreclose on the house. But you can’t go and foreclose on an education.” © Copyright National Association of Realtors. Reprinted with permission.

Affordability

Supply

NAR, realtor.com® report housing supply and affordability are at odds in markets across U.S At the national level, housing affordability is down from a year ago and fewer households can afford the active inventory of homes currently for sale on the market based on their income. That is according to joint research from the National Association of Realtors® and realtor.com®, a

leading online real estate destination.

Using data on mortgages, state and metro area-level income and listings on realtor. com®, the Realtors® Affordability Distribution Curve and Score is designed to examine affordability conditions at different income lev-

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Jay Gupta's March Housing Stats

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Realtors commemorate 50th anniversary of Fair Housing Act ®

Student loan debt is creating a barrier to homeownership. About 45 million people in the U.S. have student debt, with the average borrower owing more than $30,000, according to Student Loan Hero, a resource for managing education debt. Nearly one-fifth of borrowers owe $100,000 or more, according to data from the National Association of REALTORS®.

Paying for student loan debt is taking up a sizable portion of people’s incomes.

It also threatens their credit scores and makes it difficult to save for a down payment on a home.

els for all active inventory on the market. A score of one or higher generally suggests a market where homes for sale are more affordable to households in proportion to their income distribution.

See Affordability | Page 2

National News............ Page 2 Local News................ Page 7 On the Move.............. Page 13 Local Expert.............. Page 14 Around the Corner....... Page 15

Honest & Ethical Service from People You Know.

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Joe Drew

(719) 264-1967

(719) 266-6155

Loan Officer Assistant

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Branch Manager 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.

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samantha.barton@academymortgage.com MAC218-1453439

National News Affordability from 1 Not affiliated with The Colorado Springs Business Journal

State affordability

Colorado Springs Real Estate Journal LLC 4655 Fencer Road, Colo Spgs, CO 80911

According to March data, the states with the lowest Affordability Score were Hawaii (0.52), California (0.57), Oregon (0.60), and the District of Columbia, Montana and Rhode Island (all at 0.64). In these areas, households at the median income level can afford only 19 to 23 percent of the active housing inventory. The states with the highest Affordability Score were Ohio (1.12), Indiana (1.09), Kansas (1.09), Iowa (1.07), and West Virginia (1.05). In these areas, a typical household can afford 54 to 62 percent of the active housing inventory currently on the market.

Director of Advertising Rachelle Nardo

rachelle@csrej.com

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 once a month and distributed through USPS, digitally, or by hand 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 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.

We welcome the submission of articles, photos and press releases. Email josh@csrej.com your submissions or questions.

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Metro affordability

By looking at the data by metropolitan statistical area (MSA), more metro areas experienced weakening (45) affordability conditions compared to improving conditions (35) from a year ago. The markets with the lowest affordability scores include Los Angeles-Long Beach, California (0.35), San Diego-Carlsbad, California (0.37), San Jose-Sunnyvale, California (0.43), Oxnard-Thousand Oaks-Ventura, California (0.45) and San Francisco-Oakland, California (0.48), where a typical household

can only afford 3 to 11 percent of the active housing inventory.

The Youngstown-Warren, OhioPennsylvania market had the highest Affordability Score at 1.25, followed

by Dayton, Ohio (1.19), Toledo, Ohio (1.18), Akron, Ohio (1.16), and Scranton-Wilkes-Barre, Pennsylvania (1.11). In these areas, the typical household can afford nearly 75 percent of the homes that are currently on the market.

Lawrence Yun, NAR chief economist found a notable imbalance between what potential home buyYun ers can afford and what is listed for sale. “The survey confirms that the lack of entry-level supply is putting affordability pressures on too many buyers – especially those at the lower end of the market, where demand is the strongest. This is why first-time buyers continue to struggle finding affordable properties to buy and are making up less than a third of home sales so far this year,” said Yun. The Affordability Score decreased nationally from 0.86 to 0.84 between March 2017 and March 2018, because of rising prices across the country and a spike in mortgage rates. However, 14 states had better affordability compared to a year earlier, with the greatest increase in affordability in the District of Columbia (from 0.59 to 0.64), Vermont (from 0.81 to 0.84) Hawaii

Colorado Springs Real Estate Journal

(from 0.50 to 0.52) and North Dakota (from 0.95 to 0.97). Thirty-five metro areas had better affordability compared to a year earlier, led by Austin-Round Rock, Texas (from 0.55 to 0.66), Syracuse, New York (1.04 to 1.1), North Port-Sarasota, Florida (0.60 to 0.66) and Palm BayMelbourne, Florida (0.71 to 0.77).

“We’ve seen affordability improve as inventory declines have begun to lessen these areas. More balanced supply and demand dynamics have kept listing price growth below the national average, providing some much needed relief for stretched home buyers in these areas,” according to Danielle Hale, chief economist for realtor.com®.

“Wages are growing, which is welcome news for prospective buyers, but prices are increasing at a faster rate, up almost 6 percent in the first two months of 2018. Solutions to improve these conditions include more homeowners selling, investors releasing their portfolio of single-family homes back onto the market and more single-family housing construction,” Yun said.

The Realtors® Affordability Distribution Curve and Score was created to be a valuable resource for Realtors® and consumers to assess the affordability of markets in different income groups. © Copyright National Association of Realtors.

Reprinted with permission.

April 30, 2018

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WELCOMES NEW TEAM MEMBERS

FRAUD IN A REAL ESTATE TRANSACTION HAS THE POTENTIAL TO AFFECT EVERY PARTICIPANT. The best defense is vigilance and a determination to TRUST, BUT VERIFY when suspicions arise. At North American Title, we are committed to working closely with our real estate agent customers and their clients to raise awareness of fraud schemes that can wreak havoc on a real estate transaction.

To learn more about how you can join us in our fight against fraud, visit www.nat.com/COPreventFraud Count on North American Title to protect you and your client throughout the real estate transaction process.

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©2017 North American Title Group, LLC and its subsidiaries. All Rights Reserved. | CO 17-10536 R 05.03.17

Aspen View Homes has come into 2018 with a clear focus on continuing to build a team of excellence. A crucial element to any builder’s success story starts with the first step in the process of building homes, Land. With that focus in mind we attained two new team members that have experience and expertise specifically in Land and Development. Along with the knowledge that these two gentlemen bring to the organization they also pride themselves in providing top notch customer service to all parties involved and since Aspen View Homes values Customer Service above all else, they are a great addition to our team.

Roger Miller Biography Mr. Miller has 34 over years of combined skills and experience in the areas of executive management of land development operations, budgeting, estimating, planning, finance, engineering, project/program management, along with extensive construction operations/field management experience. Mr. Miller has worked in the client sectors of Private, Municipal, County, State, Military, and Federal agencies. Mr. Miller has managed or constructed projects in the areas of Land Development, Transportation, Drainage, Downtown/Urban Revitalization and Vertical Building.

Dan Romano Biography Mr. Romano has been in a construction related business for over 30 years. Mr. Romano graduated in 1981 and completed his Associates Degree in Computer Science in 1983. He then partnered in an underground communications business starting in 1995 and grew the business to over 230 employees in 4 States. After leaving that business in 2001, Mr. Romano started with Mallon Development Company in which we developed over 6,000 lots up until 2007 at which time he purchased the business and ran it for several years until closing it down in 2015. In 2015 he started with a different Colorado Springs builder, helping them create a Land Development Team with solid processes for bidding, estimating and field supervision.

Colorado Springs Real Estate Journal

April 30, 2018

National News $500 MORTGAGE GUARANTEE

3 Steps for unmarried couples looking to buy Homebuying dreams can become real for shoppers in unmarried but committed relationships. According to Jessica Lautz, the National Association of REALTORS®’s director of survey research and communication, a report from NAR found that the highest share of first-time buyers who are unmarried couples was in 2017—the highest on record since 1981. Of course, there are significant risks when buying a home with an unmarried partner. But there are precautionary steps your partnered clients can take to ensure they can deal with the posed risks throughout the home planning and shopping together. A recent article in the Seattle Times gives details on three crucial steps: 1. Sign a prenup for the home. Renee Bergmann, a real estate attorney and owner of Bergmann Law in Westmont, N.J., says couples must have a conversation about potentially breaking up if they want to be co-homeowners.

Using help from a legal professional, she says coupled clients should establish a co-ownership contract before closing day. Do not “wait and see what happens”—without a written agreement, Bergmann says, things could get messy very quickly.

2. Choose the right title. Ownership titles are different in various states, but usually these titles include: sole ownership (one person has the full ownership), joint tenancy (a 50-50 split ownership, with one tenant’s share transferring to the other in the case of death), and tenants in common (allows unequal ownership, such as a 75-25 split). All three approaches have pros and cons, but Bergmann says your clients should consider revising the deed to reflect their new legal status, using a “quitclaim deed,” if they decide to get married after buying.

3. Leave parents out of it. Younger couples often get their parents involved during the stressful homebuying process and final transaction. But doing so may cause more confusion, so it may be best to leave the parents at home, says Danielle Moy, an agent with Coldwell Banker Residential Brokerage in Orland Park, Ill. When parents show uncertainty about the situation, it causes “a bit of an emotional roller coaster when they’re looking at homes,” according to Moy. The chosen home and the final decision will ultimately be left in the clients’ hands, Moy says, so be sure to help your partnered clients become aware of what they can agree on and what they want for their homeowning future. © Copyright National Association of Realtors. Reprinted with permission.

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Linda is a Colorado Native and has called Colorado Springs home for over 50 years. Married to David Schmidt for 33 years; together they can be found on America’s Mountain with David racing in the Pikes Peak International Hill Climb, or at an event for Susan G. Komen of Southern Colorado raising money for the fight against Breast Cancer.

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(719) 574-1100  800-525-9623  Ent.com Standard qualifications apply. Loans are subject to final credit approval. Financing on homes in Colorado. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes. Consult a tax adviser for further information regarding the deductibility of interest and charges. Property insurance required. Equal Housing Lender. *$500 Mortgage Closing Guarantee is based on the mortgage loan closing date provided in the original sales contract. This guarantee is only available on purchase mortgage loans with closing dates set for a minimum of 30 days after the original purchase contract is signed. Loan closing date is subject to receipt of completed application and required supporting documentation. Required supporting documentation must be provided no less than two (2) business days after application receipt. Loan closing is subject to underwriting approval. Closing guarantee is not applicable if: a. borrower changes loan products or terms, b. closing is delayed due to seller’s failure to close on time, c. borrower fails to meet contract requirements, d. closing is delayed due to a third party requirement, including appraisal and inspection, e. closing date is not included in the contract, f. closing is delayed due to inclement weather or natural disaster, or g. loan documentation or application contains fraudulent information. Ent reserves the right to amend, terminate or withdraw this offer at any time without prior notice. Guarantee paid in the form of a $500 credit on the settlement form at closing.

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April 30, 2018

Colorado Springs Real Estate Journal www.csrej.com

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National News Fair Housing from 1 code of ethics. Since 2016, NAR has sought changes in the Fair Housing Act to also prohibit discrimination based on sexual orientation and gender identity.

Looking ahead, Realtors® will continue this effort and advocate for more expansive fair housing policies that support access to housing for all.

Today, NAR continues to lead efforts that underscore its commitment to advancing fair housing through its advocacy efforts and extensive educational materials and information on diversity and fair housing laws, as well as programs and resources to help educate Realtors® across the country about the importance of inclusive housing practices and diverse homeownership.

Throughout 2018, NAR is joining its members and industry partners to commemorate the 50th anniversary of the Fair Housing Act with activities, special events and an enhanced focus on addressing community fair housing issues. NAR has developed new resources for associations and members to bring greater awareness to the anniversary, including monthly articles, videos, posters and print and banner advertising. During the REALTORS® Legislative Meetings & Trade Expo, May 14-19, in Washington, D.C., NAR will focus on fair housing, with events and speakers that will acknowledge the past fight for fair housing and embrace the future and further advancing fair housing policies.

Local and state Realtor® associations across the country are also commemorating the yearlong 50th anniversary and Fair Housing Month through events focused on increasing access to homeownership, revitalizing their communities and expanding affordable housing opportunities.

For more information, visit www.FairHousing. realtor to learn about the commemoration, find materials and resources, and see what else Realtors® are doing to advance fair housing.

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© National Association of Realtors. Reprinted with permission.

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Colorado Springs Real Estate Journal

April 30, 2018

Local News

Get ready for the...

The Pikes Peak Association of REALTORS® is holding the Pikes Peak Region Open House Weekend on May 5 & 6.

This event is an opportunity for interested buyers 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 and television, geared toward the public during this annual occasion to help promote consumer awareness and encourage participation in this exciting event. PPAR will also be giving away prizes to prospective buyers who register at participating open houses and to REALTORS® who are hosting them.

Brokerages are encouraged to rally widespread interest among their agents to increase the scope and power of this event.

Ent mortgage loan officers named to Colorado and Colorado Springs Best Mortgage Lenders lists Eleven of Ent Credit Union’s mortgage loan officers (MLOs) were recently named to the “Colorado Best Mortgage Lenders 2018” list according to AskaLender.com, an online platform designed to help borrowers research lenders.

Additionally, Ent MLOs filled the top five spots on Ask a Lender’s “Colorado Springs Best Mortgage Lenders 2018” list.

Of Colorado’s 14,488 active mortgage loan originators, only 125 made the Colorado list which ranked lenders according to the number of loans, total loan volume and average loan amount generated in 2017.

The Ent Credit Union mortgage loan officers included are: Colorado Best Mortgage Lenders 2018

Rank Stephanie Dombrowski 4 Lisa Holbrook 9 Gina Allman 12 Keri Bills 13 Tom Bechtel 16 Shirley Stange 20

Suzi Gradisar 22 Mary Greenwood 28 Brad Shaw 35 Matt Davidson 37 Josh Callens 70 Colorado Springs Best Mortgage Lenders 2018

Rank Stephanie Dombrowski 1 Lisa Holbrook 2 Gina Allman 3 Keri Bills 4 Tom Bechtel 5 “Having 11 mortgage loan officers rank in the top 70 statewide and the top five Colorado Springs’ spots filled by Ent MLOs is a real honor. It’s also a testament to their hard work and to Ent’s practice of having the same MLO work with our members from application to closing,” said Tony Sloan, Ent’s mortgage loan production manager.

GOT NEWS? Let us know!

josh@csrej.com

To participate in this event:

• List participating open houses in ppar.com.

• Pick up blue and white REALTOR® balloons from the PPAR office to display at your open houses to increase visibility (while supplies last).

• Collect the “Golden Tickets” from open house visitors during the event.

• The “Golden Tickets” must be received

by PPAR by 4:00pm MST on May 11th, 2018 • The registration forms can be:

• Dropped off at PPAR’s office at 430 N. Tejon St., 80903 • Mailed to PPAR‘s office at the above address • Faxed to 719-476-8165

• Have blank “Golden Tickets” at your Open House for visitors who didn’t bring one.

• Go to PPAR.com (use the Public Site, DO NOT login to the MLS) • Using the "Golden Ticket" button on the main page, find your listing • Click on the “Golden Ticket” icon in your listing • Print as many copies as you would like • Make sure the “Golden Tickets” have your Open House address and MLS# listed • REALTORS® are also encouraged to hold a mini-drawing at their open house for a prize, such as a basket or gift card.

Visit PPAR.com for more information on this event.

April 30, 2018

Colorado Springs Real Estate Journal www.csrej.com

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Local News

PPAR announces endorsements for CU Regent (5th Cong. District) and Sheriff “The Pikes Peak Association of REALTORS® is pleased to endorse Chance Hill on his bid to replace term-limited 5th Congressional District CU Regent Kyle Hybl,” said Debbie Howes, Chairwoman, PPAR board. “His passion for higher education, his knowledge, background and experience are some of the qualities that impressed us. Chance will be a

tremendous advocate for UCCS, one of the Pikes Peak region’s educational gems, as it (UCCS) continues to deliver premier educational opportunities to students near and far. Chance understands the economic impact that UCCS affords the Pikes Peak region and will serve as a supporter of the institution’s growing prestige within the CU System. Howes added,

“Chance displayed depth of knowledge about REALTOR® issues and the quality of life in our community.”

The Pikes Peak Association of REALTORS® (PPAR) announced its endorsement for Sheriff Bill Elder as he seeks a second term serving as the top law enforcement official in El Paso County.

REALTORS® value safety and a

quality of life that enables all citizens to thrive and be safe in their homes and community. Sheriff Elder has embodied this and been a significant player in making the Pikes Peak region a highly desirable and sought after place.

“The Pikes Peak Association of REALTORS® is pleased to endorse Sheriff Bill Elder in his bid for re-election said Debbie Howes, Chairwoman of PPAR. “Sheriff Elder has been a tremendous asset and leader not only for law enforcement, but for the community at-large. He has demonstrated grace and strength in the midst of peril. His collaborative spirit has paved the way for cross-sector partnerships and relationships that have enhanced our community’s safety. He leads an impressive team of individuals that put themselves on the line every day to protect the rich quality of life of the citizens of El Paso County, and for that we are extremely grateful.” Howes added “Sheriff Elder’s understanding and depth of knowledge about REALTORS® and issues that impact homeowners reaffirm our industry’s support and belief in his abilities to serve as Sheriff for a second term.”

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Colorado Springs Real Estate Journal

April 30, 2018

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PPAR'S 100TH CHARTER ANNIVERSARY WITH NAR CELEBRATION April 16, 2017 @ PPAR

Photos courtesy of PPAR

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Colorado Springs Real Estate Journal

April 30, 2018

Local Stats COLORADO SPRINGS AREA

Colorado Springs AreaSales Analysis Housing Stats Dashboard and COMPILED AND ANALYZED BY:

Housing Stats Dashboard and Sales Analysis

JayCompiled Gupta, BME MA MRE and analyzed by: CRS CMRS SRES CDPE

2008 ,PPAR 2010 REALTOR® of the Year Jay Gupta BMEChairman MA MREand CRS CMRS SRES CDPE

CARChairman Research Committee Southeast Region ® of theSpokesperson Year 2008 PPAR and 2010 REALTOR With over 2-BillionSoutheast in personalRegion and managed sales CAR Research Committee Spokesperson With over 2-Billion in personal managed Berkshire Hathaway Home and Services Rockysales Mountain, REALTORS® Berkshire Hathaway Home Services Rocky Mountain, REALTORS® For comments & questions, please contact: JayKGupta@gmail.com For comments & questions, please contact: JayKGupta@gmail.com www.ColoradoSpringsHomesAndStats.com www.ColoradoSpringsHomesAndStats.com

Housing Stats Dashboard

Single Family/Patio Homes Sold Through Pikes Peak MLS 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 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

March 2018 1,758 1,371 1,231 3,114 89.8% $419,271,328 $1,044,557,046 $300,000 $340,594 100.1% 28 1.1 months

70.2% 9.1% 6.3% 5.7% 8.7%

78.1% 8.0% 4.0% 3.2% 6.7%

Sales Analysis

Change (0.1)% (5.7)% (1.3)% 5.4% 4.0% 13.7% 18.5% 11.9% 15.1% 0.3% (22.2)% (8.3)%

The Genuine. The Original.

7.9% (1.1)% (2.3)% (2.5)% (2.0)%

Overhead Door Company of Colorado Springs, Inc.

Single Family/Patio Homes Sold Through Pikes Peak MLS Month and Year March 2017 March 2018 Price Range 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

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

8.2% 41.8% 27.4 % 12.1% 4.8% 3.7% 1.3% 0.6%

0.6 months 0.3 months 1.0 months 1.9 months 3.1 months 3.1 months 5.2 months 11.4 months

0.0%

Infinite

0.1%

31.0 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 2017 and 2018. 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 Colorado Springs area housing market, the Spring has sprung! The month-over-month single-family home activity in March 2018 was very exciting: new listings were up by 43%, total active listing up by 12%, monthly sales up by 30%, average and median prices were up by 3%.

However, with the increased sales, months’ supply dropped to a pathetically low 1.1 months.

Year-over-year in 2018, the sales volume is up by 19%, the average price by 13%, sales are up by 5%, and new listings by 4%. For the first time ever, the sale price to list price ratio has surpassed the 100% mark to 100.1% of the asking price.

Unprecedented Supply and Demand Imbalance (Single Family/Patio Homes) • • •

Mar 2018: Mar 2008: Mar 1998:

Active Listings 1,371 Sales 1,231 Listings Sold 89.8% Months’ Supply 1.1 Active Listings 5,849 Sales 772 Listings Sold 13.2% Months’ Supply 7.6 Active Listings 3,438 Sales 639 Listings Sold 18.6% Months’ Supply 5.4

‘Price Segmented’ Supply and Demand Analysis • 89.4% of Single Family/Patio Homes Sold in March 2018 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.

•

•

•

8.5% of Single Family/Patio Homes Sold in March 2018 were Priced Between $500,000 and $800,000: There is a great opportunity for buyers and sellers to buy and sell in this price range with a reasonably balanced supply and demand situation.

2.0% of Single Family/Patio Homes Sold in March 2018 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 2018 Sales Data with Previously High Record Setting Mar 2006 • Active Listings are down by (69.4)% • Months’ Supply is down at 1.1 from 4.3 months in 2006 • Monthly Sales are up by 18.7% • YTD Sales are up by 26.5% • Monthly Dollar Sales Volume is up by 61.0% • YTD Dollar Sales Volume is up by 69.4% • Average Sale Price is up by 35.6% • Median Sale Price is up by 41.5%

•

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 (in the 4.5% range) 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.

April 30, 2018

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March 2018 Sales Analysis By MLS Areas Compiled by Jay Gupta Single Family/ Patio Homes

MLS Area

# of Months' # of Sold Supply Active Listings Listings

Sales Volume $

All Real Estate Market Activity is 2.5 11,412,600 1.9 32,367,849 0.4 20,982,189 0.2 19,611,804 0.6 54,685,037 1.2 2,301,000 1.6 15,053,004 0.5 25,328,394 1.9 27,177,330 1.8 12,403,800 1.3 5,632,340 0.3 35,179,301 0.2 18,000,048 1.8 24,676,439 1.8 29,507,093 1.3 6,988,950 1.4 9,927,299

45 18 Black Forest 158 83 Briargate 30 75 Central 18 73 East 117 203 Fountain Valley 6 5 Manitou Springs 72 45 Marksheffel 40 79 Northeast 596-2171 •991205 53 Northgate 49 27 Northwest 27 21 Old Colorado City 37 117 Powers 14 77 Southeast 107 60 Southwest 103 58 Tri-Lakes 19 15 West 33 24 Woodland Park

Median Price $

Average Price $

SP to Avg. List DOM %

"Local" 552,500 385,000 250,000 260,000 267,000 290,000 319,000 292,500 469,000 389,500 230,000 295,635 233,500 300,000 482,000 343,000 373,500

634,033 389,974 279,762 268,654 269,384 460,200 334,511 320,612 512,779 459,400 268,206 300,677 233,766 411,273 508,742 465,930 413,637

98.3 100.5 100.1 101.0 100.6 98.4 99.8 101.2 99.5 99.2 99.0 100.4 101.4 99.6 99.8 97.8 99.5

www.ohdcs.com Ford St. • ovecs@aol.com

61 21 14 10 20 62 37 13 58 13 10 19 10 64 38 72 27

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 2018. 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.

Colorado Springs Real Estate Journal www.csrej.com

11

Tech Corner

Technology in Real Estate: Concentrate on Your Neighborhood

By AJ Archuleta

Business Development Representative North American Title Company

As a real estate agent, when it comes to technology and marketing, you have seemingly countless resources at your disposal. However, picking what works best for you sometimes means focusing your time and attention on a limited number of resources rather than spreading yourself and your budget too thin.

When thinking about your marketing strategy, have you considered marketing specifically to the neighborhood you live in? Just like marketing to your sphere of influence, having a marketing strategy geared toward your neighborhood is something every agent should consider. Think about how much time you spend at home and how much time you could save by getting to know your neighbors and neighborhood instead of an area all the way across town.

Consider these questions: • What if I was the top-of-mind agent for my block of 30+ neighbors?

• Would it be worth my time and attention to list one to two houses within my neighborhood each year?

• Would it benefit my business to know my neighbors better and to become the local resource for all things real estate?

One resource you may employ to execute part of your neighborhood marketing strategy is this month’s tech focus: Nextdoor.

What is Nextdoor? Founded in 2010, Nextdoor is marketed as a free, private social network that allows communication within your specific neighborhood. Everything from questions to recommendations to announcements can be shared on the platform. You can also search for neighbors through the directory or sell things through the app/website (similar to Facebook’s Marketplace).

Unlike Facebook, however, Nextdoor limits what content can be posted and seen based on the physical boundaries of your neighborhood, subdivision, etc. These boundaries are originally created by founding members (the first users within a particular area).

How does Nextdoor operate?

What started as a business idea backed by venture capital firms has now become an ideal social media platform that focuses on the smaller communities and neighborhoods that make up a vast and growing city like Colorado Springs. Nextdoor, like

12

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Colorado Springs Real Estate Journal

many social media platforms, has turned to sponsored content from businesses for funds and is also “testing allowing local real estate agents and brokerages to promote listings in their ZIP codes.”* In response to Facebook’s recent Cambridge Analytica data breach, many users are turning to apps like Nextdoor, which promises: “As always, protecting your privacy is paramount for us. Participating businesses will not have access to your neighborhood conversations or the directory. They will only be able to see and reply to comments on their own posts and messages neighbors choose to share with them.”* How can you use Nextdoor for real estate? First of all, simply joining Nextdoor is the first step to seeing how it operates. After verifying your address and setting up your personal account, you are now able to invite your neighbors, post and comment on their posts. The best way you can leverage your personal account is not through posting advertisements for your business (which will most likely be removed by Neighborhood Leads), but by becoming a local and recognized resource in your community. Try to stay involved in conversations and add value through your insight and recommendations.

Secondly, set up your free business page. A business page allows you to provide your contact information and respond to neighbor comments.

This is also where your past clients can leave recommendations. These recommendations are crucial! Start asking for recommendations from clients who live in your neighborhood as well as in any neighborhoods where you want your page to be seen.

Once a Nextdoor user recommends you as a real estate agent, their neighborhood is now able to see your page.

Therefore, the more recommendations in differing neighborhoods you have, the better your reach will be.

Lastly, consider paying to become a neighborhood sponsor of a ZIP area (based on ZIP code boundaries rather than neighborhood boundaries), where your picture and contact info shows at the top of the real estate section within the app. This gives you great exposure within the neighborhood. The great news is only 1-5 agents (based on several factors) are able to sponsor a specific ZIP with equal distribution of ads. You can also pay to brand your listings, which is a great way for potential buyers to reach out to you directly via Nextdoor. * https://help.nextdoor.com/customer/portal/ articles/807212 April 30, 2018

On the Move Rhonda Covey Stewart Title Rhonda moved to Colorado Springs from Southern California in 2016 to make a new home with her husband. Born and raised in Southern California, then making her way to the outskirts of Houston, Texas where her career in Title insurance started. Finding her first job as a receptionist then making her way to closer within a couple of years, and eventually finding a wonderful title position as escrow manager for American Title Company in 2000.

In 2006 Rhonda made her way back to her native state of California and continued growing her career in Escrow and Title, and finally making her way to the wonderful state of Colorado and serving as Branch Manager for the Stewart Title office located at 2060 Briargate Parkway, Suite 170!

Christa Reynolds The Platinum Group Realtors Christa is a new addition to the Danielle Frisbie Team bringing along her experience in project management and her passion to serve the community. With her personal experience moving across the country from Florida to Georgia to Washington, DC to Colorado, she knows the stresses and excitement of finding a new place to live. Christa has extensive experience in customer service and project management with Volkswagen of America where she worked with dealers to institute process improvements and also worked on designing showcases at the LA and Detroit Auto Shows. After moving to Colorado Springs, Christa pursued a career in real estate which would allow her to pursue her passion for serving the community and counseling individuals in finding the right home for them.

Wicks, Pi, Astrella Berkshire Hathaway Rocky Mountain, Realtors Bill Wicks, a PMP certified project manager, is an experienced business professional with 30+ years working in Information Technology. He has proven results in bringing executives, complex teams, and projects together, producing solutions through a handson approach. Originally from Tennessee, Bill moved to Colorado in 1990 to work for a Fortune 500 company in Boulder. His background brings a wealth of knowledge and experience that he applies to each real estate transaction, allowing him to provide both buyers and sellers a personal, professional, successful experience.

He joined The Becky Gloriod Partners in 2018.

Andy Pi lives in Colorado Springs with his wife, a Colorado Springs native, and their dog, rescued from a shelter. He loves living in Colorado Springs and taking advantage of the many things the area has to offer. This includes hiking with his family, snow sports, biking, and exploring the many restaurants and breweries in the area.

His interest in real estate spans many years and it lead him to attend law school in his home town of New Orleans. Andy practiced law in Denver, specializing in real estate and business law and he brings the same attributes that made him successful as an attorney to the field of real estate brokerage.

Megan Marie Astrella is a Colorado enthusiast. After growing up a Navy brat, she made the beautiful Pike’s Peak region home. Graduating from California State University Fullerton, she earned a BA degree in Organizational Communications.

She worked as a project manager for Apple Inc., then in local government with the El Paso County Public Information Office where she learned the

ins and outs of the region. With her extensive home remodeling experience she knows what to do and more importantly what not to do in homeownership! Megan Marie strives to make yourhome / real estate purchase, whether you're a first-time buyer or growing your investment portfolio, not just a transaction but an easy transition. She is proud to combine her knowledge, passion, drive and community ties to help make a difference in others’ lives.

King, Murray, Piper, Elliott, Spohr Century 21 Curbow Realty Demetris King: I am a United States Army Veteran and Current Colorado National Guard Engineer.

I spent 5 years in the United States Army right here at the mountain post.

A proud Tanker and OEF veteran. So I understand the time constraints and special needs of our veterans. I enjoy our mountain views and are amazing trails for biking and running. I decided to get into real Estate after my own home buying experience.

What is more rewarding than helping other people achieve their American Dream? Accountability, Transparency, timeliness, and dedication to my customers are my strong point.

As your agent you can count on being able to reach me 24/7 with any questions you may have. Whether you are a Veteran or not I am your buying and selling expert.

Jean Murray is an agent with integrity and ethics, positive energy and a very strong work ethic. Her career has been built around strong customer service skills, from a flight attendant,

to sales & marketing for a large restaurant, to serving the needs of finding the perfect home for her clients in the Real Estate Industry. She believes in over the top, going the extra mile kind of service. She is involved with her church, grand kids and being a great supportive military wife. Part time writer (book in progress) artist, personal shopper, DIYer on home projects. Home staging & decorating are high on her list of favorite things.

Richard Piper Jr. is a Realtor with 5 years experience in Residential/Commercial, and {Auction} Properties. A former loan originator.

U.S.M.C. Veteran. He admires his 22 year old son, 27 year old daughter, & his 3 grandchildren. He is an animal lover who during his free time enjoys hiking, camping and fishing. He is honest and committed toward his client/customers. He currently works with the D.O.D. Stewart Elliott: Colorado Native with great knowledge of the Colorado Springs area in particular. Honest with an attention to detail. I love to coordinate and make time for all the people in my life (Business or Personal). Sci-fi and movie enthusiast, live music, video gaming, Craft Beer and wind drinker, outdoor lover ie. (hiking, mountain biking, camping & tubing down the river) Amanda Spohr is a Colorado Native who was born in the Denver area and grew up in Falcon. Colorado is and always will be her home. Her favorite thing about this state, as much as she loves the stunning views, all the Rocky Mountains have to offer, and the fresh mountain air, her favorite part of this great state is the people.

With a background in customer service she has found a way to give back to all those people who make this great state what it is. She finds joy in helping those people and getting to know them along the way! As the administrative professional she gets to be the first impression for an office that she knows truly takes care of the great people of this state whether they are natives or just passing through.

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April 30, 2018

Colorado Springs Real Estate Journal www.csrej.com

13

Local Expert

Money-Hungry

Empire Title of Colorado Springs

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

This month’s article focuses on two primary themes: 1) Money – because of the latest developments in local home prices; and, 2) Hunger – because I am writing this right before lunch, and I have already worked off the little chocolate donuts

By Michael Podoyak that were my breakfast.

Empire Title Median and Average Sales Prices in the Pikes Peak real es— tate market again set records last month as the voracious hunger for housing continues. March’s 1,371 Active Listings in PPAR were amongst the six lowest months across more than a decade of tracking. The 1,231 home sales last month was a jump of almost 300 more sales than just one month before. Simply put, it means nearly 90% of the homes on the market sold in March! “Go on, take the money and run – yeah, yeah, yeah!”

Sales as a % of Active Listings

www.etcos.com

100.0%

Empire Title of Woodland Park

80.0%

89.79%

90.0%

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

www.empirewp.com

70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0%

1220 Main St., Canon City, CO 81212 Phone: (719) 275-4900 - Fax: (719) 235-5029

www.empirecanon.com

0.0%

Oct-18 Jul-18 Apr-18 Jan-18 Oct-17 Jul-17 Apr-17 Jan-17 Oct-16 Jul-16 Apr-16 Jan-16 Oct-15 Jul-15 Apr-15 Jan-15 Oct-14 Jul-14 Apr-14 Jan-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Oct-11 Jul-11 Apr-11 Jan-11 Oct-10 Jul-10 Apr-10 Jan-10 Oct-09 Jul-09 Apr-09 Jan-09 Oct-08 Jul-08 Apr-08 Jan-08 Oct-07 Jul-07 Apr-07 Jan-07 Oct-06 Jul-06 Apr-06 Jan-06 Oct-05 Jul-05 Apr-05 Jan-05 Oct-04 Jul-04 Apr-04 Jan-04 Oct-03 Jul-03

Empire Title of Canon City

The number of interested, prospective and famished homebuyers is in opposite proportion to a scarcity of selection, oftentimes leaving only table scraps of choices for the less motivated. In the last 16 months, there were 13 of them where more than 70% of the listed properties sold in the month. That consistent level of demand has driven home prices to record levels, leaving frustrated buyers feeling like they have “Money for Nothing.” Who can argue? Look at them Yo-Yo’s - that’s the way you do it.

Median Sales Price

$310,000

$ 300,000

$290,000

$270,000

$250,000

$230,000

$210,000

$190,000

$170,000

Dec-18 Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Jun-17 Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Sep-13 Jun-13 Mar-13 Dec-12 Sep-12 Jun-12 Mar-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-10 Sep-10 Jun-10 Mar-10 Dec-09 Sep-09 Jun-09 Mar-09 Dec-08 Sep-08 Jun-08 Mar-08 Dec-07 Sep-07 Jun-07 Mar-07 Dec-06 Sep-06 Jun-06 Mar-06 Dec-05 Sep-05 Jun-05 Mar-05 Dec-04 Sep-04 Jun-04 Mar-04 Dec-03 Sep-03 Jun-03 Mar-03

$150,000

Sales Price Previous 12 Month Median $310,000

$284,667 $290,000 $270,000 $250,000 $230,000 $210,000 $190,000 $170,000

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14

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Nov-17 Aug-17 May-17 Feb-17 Nov-17 Aug-17 May-17 Feb-17 Nov-16 Aug-16 May-16 Feb-16 Nov-15 Aug-15 May-15 Feb-15 Nov-14 Aug-14 May-14 Feb-14 Nov-13 Aug-13 May-13 Feb-13 Nov-12 Aug-12 May-12 Feb-12 Nov-11 Aug-11 May-11 Feb-11 Nov-10 Aug-10 May-10 Feb-10 Nov-09 Aug-09 May-09 Feb-09 Nov-08 Aug-08 May-08 Feb-08 Nov-07 Aug-07 May-07 Feb-07 Nov-06 Aug-06 May-06 Feb-06 Nov-05 Aug-05 May-05 Feb-05 Nov-04 Aug-04 May-04 Feb-04 Nov-03 Aug-03 May-03

$150,000

The Median Sales Price set a massive record in March, hitting $300,000 for the first time ever. The Median Sales Price has surpassed $290,000 over the last three months, and it is a little daunting to watch the incredible and historical climb in sales prices when factoring each month over a 12-month period. It is fascinating, comparable only to my blood sugar levels after finishing off the last of my Easter basket.

The hunger for housing (sounds like it should be a telethon) is sure to continue for a while, and it might actually be growing. The 30-Year Fixed Mortgage Rates have increased to 4.43% from 4% in January, possibly driving up urgency and anxiety. Still, the mortgage rate is within about 1% of its historic low of 3.4% from last summer and in November of 2012. There’s really not a lot for buyers to worry about - just their Cash, Johnny. Because while “Money don’t get everything, that’s true … what it don’t get, I can’t use. I want Money (That’s What I Want).” You heard it here first … but you’ll be hearing that from Sellers, too, for a while to come.

Colorado Springs Real Estate Journal

April 30, 2018

Around the Corner Wednesday, May 2 Annual Commission Update 1pm-5pm @ Empire Title Woodland Park lori@empirewp.com 719-686-9888 Thursday, May 3 Home Inspection Standards & Practices 9am-1pm @ Empire Title rsvp@etcos.com 719-884-5300 Building Your Facebook Business Model 10am-12pm @ Unified Title (S Sahwatch St) RSVP@UnifiedTitle.com Monday, May 7 New Agent Jump Start #1: Your Why, Daily Habits, Mindset and Goal Setting 8am-10am @ Legacy Title asalladay@legacytitle-llc.com Tuesday, May 8 Tech Series – What is the Cloud?

1pm-3pm @ Unified Title (S Sahwatch St) RSVP@UnifiedTitle.com Wednesday, May 9 2018 Real Estate Contract 9am-1pm @ Empire Title rsvp@etcos.com 719-884-5300 Thursday, May 10 Farm and Land 8:30am @ The Egg and I - Chapel Hills Charlie Triplett: 719-896-1777

YPN (Young Professionals Network of Realtors) 3pm-4pm Meeting @ PPAR (board room) 4pm-6pm Social @ Red Martini (downtown) Michele VanMetre: 633-7718 mvanmetre@ppar.org WCR: Eliminating Common Home Inspection Write-Ups 11am-1pm @ The Antler's www.ppwcr.org CTM eContracts – Beginners 10am-12pm @ Empire Title rsvp@etcos.com 719-884-5300 Monday, May 14 New Agent Jump Start #2: Prospecting Like a Pro 8am-10am @ Legacy Title asalladay@legacytitle-llc.com Tuesday, May 15 NARPM Luncheon 11am-1pm @ Hotel Eleganté coloradosprings.narpm.org Sales & Marketing for the Real Estate Professional 9am-11am @ Unified Title (S Sahwatch St) RSVP@UnifiedTitle.com Wednesday, May 16 Annual Commission Update 9am-1pm @ Empire Title rsvp@etcos.com 719-884-5300

First American Title Grand Opening 3pm-7pm @ First American Title - 1975 Research Parkway #150 www.firstamericancolorado.com

Thursday, May 24 First Time Homebuyers Class 9am-11am @ Unified Title (S Sahwatch St) RSVP@UnifiedTitle.com

Intro to Escrow 9am-10am @ Legacy Title asalladay@legacytitle-llc.com

Monday, May 28 Memorial Day

HECM for Purchase 101/Guide to Renovation Loans 9am-12:15pm @ Unified Title (S Sahwatch St) RSVP@UnifiedTitle.com Thursday, May 17 Reverse Mortgage 9am-10am @ Unified Title (S Sahwatch St) RSVP@UnifiedTitle.com Monday, May 21 New Agent Jump Start #3: CRM's, Drip Campaigns, Follow-up & Face to Face 8am-10am @ Legacy Title asalladay@legacytitle-llc.com Tuesday, May 22 Lunch & Learn – Surveying 101 11:30am-1pm @ Unified Title (S Sahwatch St) RSVP@UnifiedTitle.com Wednesday, May 23 Title Issues for Brokers 9am-1pm @ Unified Title (S Sahwatch St) RSVP@UnifiedTitle.com

*EVENTS SUBJECT TO CHANGE Due to limited space, please check with event and class holders early for more detailed information on cost, CE credits, sponsors and registration dates.

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12742 Longview Park Lane, Peyton 80831 Contact Roxanne Nice at 719.418.3969 or meridianranch@campbellhomes.com April 30, 2018

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Colorado Springs Real Estate Journal www.csrej.com

15

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