CSREJ - May

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Vol. 10 No.9

May 29, 2018

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Pros and cons of bypassing an appraisal

Townhouse construction continues making gains as buyers’ appetites once again increase for this type of single-family attached housing. Over the last four quarters, ending with the first quarter of 2018, townhouse starts were 7 percent higher than the prior four quarters.

Townhouses accounted for 21,000 starts during the first quarter of 2018.

The market share of new townhouses now stands at 12.3 percent of all singlefamily housing starts, according to an analysis from the National Association of Home Builders. Over the last two decades, the peak market share for townhome construction was reached in the first quarter of 2008, when the share was at 14.6

percent of total single-family construction.

“I expect future gains in the share as townhouses are a useful bridge from rentership to homeownership for younger prospective home buyers in high-cost markets, among other market opportunities,” Robert Dietz, the NAHB’s chief economist, writes at the builder association’s Eye on Housing blog.

“The long-run prospects for townhouse construction are positive given the large numbers of homebuyers looking for medium-density residential neighborhoods, such as urban villages that offer walkable environments and other amenities.” © Copyright National Association of Realtors. Reprinted with permission.

Photo: M.O. Stevens / CC-BY-SA-4.0.

its value, and what it sold for, you’re more apt to get a property inspection waiver,” Don Frommeyer, a mortgage originator at Marine Bank in Indianapolis, told realtor. com®. However, “the longer it hasn’t been appraised, the more apt you are not going to get a property inspection waiver.”

Bypassing the in-person appraisal could save home buyers money; the average cost of a traditional in-person appraisal is $500, according to Fannie. But real estate experts warn that even if they are eligible, home buyers See Appraisals | Page 2

RentCafé's most prosperous cities While coastal cities have long been hotbeds for industry development and relocating homeowners, metros in Texas are beginning to usurp them as top places for prosperity. The Lone Star state boasted six of the top 20 prosperous cities, according to apartment site RentCafé.

What makes a city prosperous? RentCafé researchers analyzed six indicators of prosperity throughout U.S. cities with populations of more than 100,000 to see how they’ve changed between 2000 and 2016.

They ranked 303 cities by the magnitude of changes that affected their population, median income, home values, share of inhabitants holding a higher education degree, poverty

HBA Builder Product Expo

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Builders speed up new townhome construction

Since mortgage giants Fannie Mae and Freddie Mac announced last year special rules for when a property does not need a traditional in-person appraisal, only about 5 percent of Fannie’s 1.2 million home mortgages—or 60,000—have qualified, The Washington Post reports. Freddie estimates that, eventually, no-appraisal mortgages will account for up to 15 percent of its new loans.

In some transactions, Fannie and Freddie are relying on proprietary analytics and property data to value homes rather than sending an apOnly about 5% praiser to inspect of Fannie’s 1.2M it. But not every home mortgages buyer is eligible have qualified to bypass the in-person appraisal. Generally, banks collect a down payment of at least 20 percent, and then Fannie and Freddie identify which properties are eligible.

“If [Fannie and Freddie] have a good basic inventory of information about the house,

rate, and unemployment rate.

The most prosperous U.S. cities from 2000 to 2016, according to the study, are: 1. Odessa, Texas Home value change: 91% 2. Washington, D.C. Home value change: 135% 3. Charleston, S.C. Home value change: 39% 4. Fontana, Calif.

Home value change: 60% 5. North Charleston, S.C. Home value change: 59% © Copyright National Association of Realtors.

Reprinted with permission. See the full list at Rentcafe.com.

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.

Debbie Havens

Joe Drew

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

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

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.

may not want to bypass the appraisal.

“It can save buyers money, but it can potentially lead to them overpaying if they don’t have that second opinion in the appraisal,” says Danielle Hale, realtor.com®’s chief economist. For example, if the appraisal comes in lower than a buyer’s offer, the buyer may be able to renegotiate. “But many markets are so hot right now that buyers may not be able to negotiate the

price anyway, even if an appraisal came back too low.”

For borrowers who are refinancing, they may find bypassing an appraisal worth it, Hale says. Some lenders may like the option, too. “We think it’s great for borrowers,” Mat Ishbia, president and CEO of United Wholesale Mortgage, told the Post. It “saves time and money” and leads to shorter timelines for locking in interest rates and closing transactions. More than 10 percent of the lender’s home loans

are now appraisal-free, Ishbia says.

But not all are convinced that noappraisal loans are a good move for home buyers. Fannie and Freddie’s computer programs “cannot smell 20 cats living at the property,” Ryan Lundquist, an appraiser based in Sacramento, Calif., told the Post. “They won’t be able to identify problems that could potentially lower the value of the home.” © Copyright National Association of Realtors.

Reprinted with permission.

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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National News

NAR announces brand evolution with new logos When Bob Goldberg was named NAR CEO in 2017, it was with a pledge to move the association boldly into the future while honoring the successes of the past. This April, the association took a symbolic step, announcing the evolution of the iconic REALTOR® brand. The trademark “block R,” launched in 1973, will be transformed beginning this June into a three-dimensional logo.

The new brand retains a comforting familiarity, employing the blue color palette and Futura Black “R” that has graced REALTOR® pins, signs, and business cards for 45 years. But the “R” has been slightly altered and the flat background raised to denote that NAR and its members are “multi-dimensional, dynamic, and future focused.”

“The evolution of the REALTOR® brand reinforces who we are as an organization, an unrivaled

Old vs. New

advocate and trusted resource in real estate, growing and adapting to the changing demographics and needs of today’s buyers, sellers, and investors,” says NAR President Elizabeth Mendenhall, CEO of RE/MAX Boone Realty and a sixth-generation REALTOR® from Columbia, Mo. “It expresses the role that REALTORS® play in a meaningful and deeply emotional milestone in life. We are helping clients achieve their hopes and dreams.”

Along with the membership mark, the NAR logo is changing. It will incorporate the threedimensional mark and shift from the elegant Garamond font to a more contemporary sans serif font, Montserrat.

The branding changes are part of a series of breaks from the past since Goldberg became CEO last August, including a major staff restructuring and across-the-board cost-cutting. All the changes, Goldberg says, are aimed at making NAR a nimbler, more member-centric organization.

“Technology, shifting market conditions, and consumers are reshaping the real estate industry at a breakneck pace,” Goldberg says. “The new brand embodies the association’s rich history, but better reflects our forward-thinking focus and how we’ll stay ahead of industry evolution and disruption and continue to lead the real estate industry in the years ahead.”

NAR filed an application this morning with the U.S. Patent and Trademark Office to trademark the new membership mark and company logo. NAR will begin the transition in early June when new brand guidelines are released; members and associations that use the membership mark are asked to incorporate the new branding by December 2019.

To learn more, visit nar.realtor/brand. © Copyright National Association of Realtors. Reprinted with permission.

The cities that boast bike-friendliness Minneapolis, Portland, and Chicago are the best cities for bicycling in 2018, according to the revamped Bike Score rankings by the Redfin company Walk Score.

The Bike Score tool rates locations based on several factors on its bike-friendliness, such as access to bike loans, road connectivity, and hilliness. Bike Score ratings are available now for nearly 2,000 cities and about 20,000 neighborhoods on walkscore. com. Redfin has identified bike paths and bike lanes in cities and neighborhoods across the country.

Minneapolis once again topped the list for 2018 as the most bikeable city in the country. Minneapolis lawmakers have made strides in achieving greater bike-access for its residents. In 2015, lawmakers passed a protected bikeway update to develop goals and benchmarks for making biking in Minneapolis more widespread and safe. The metro Bike Score ratings area has added more are available now for nearly protected bike lanes 2,000 cities and on city streets that use about 20,000 reflective white pylons neighborhoods on as a divider on busier walkscore.com. streets. It has a goal of adding 30 miles of onstreet protected bike lanes by 2020, Redfin reports.

“As both a mayor and a bicyclist, I place a high priority on sustainable and inclusive transit,” Minneapolis Mayor Jacob Frey told Redfin. “This first place finish is a testament to our collective commitment to the Minneapolis model for meeting the transportation, safety, and environmental demands of the 21st century.” © National Association of Realtors. Reprinted with permission.

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Colorado Springs Real Estate Journal

May 29, 2018

HBA BUILDER PRODUCT EXPO April 24, 2018 @ Chapel Hills Mall

Photos by Blu Owl Photography | Blu-Owl.com

and through dappled sunlight among towering pines and whispering wind another day brims with possibility stones skip over peaceful ponds laughter rings, grasses sway —and so we live abundantly

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8:44 AM

National News Retirees preferring dog parks over golf Owners:

Ashley Bush, Matt Hall, Patti Walter

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Generations of retirees are showing a shift in housing priorities. John Burns Real Estate Consulting recently compared nearly 3,000 registered new-home shoppers born in the 1940s to more than 5,200 new-home shoppers born in the 1950s to uncover some of those shifting trends.

For one, younger retirees are showing more preference to live near dog parks. The 1950s generation surveyed rated a dog park as their top retiree amenity, which replaces golf cart trails as the top preference among those born in the 1940s. Fifty-six percent of the 1950s generation surveyed said they wanted a dog park, compared

to 50 percent of those born in the 1940s, according to John Burns Real Estate Consulting research, which is featured in the book Big Shifts Ahead.

Younger retirees are also showing a growing preference for more personal organic gardens as well as an organic community garden.

And they’re showing less desire to live near golf. The percentage of 1950s respondents who selected golf cart trails dropped 6 percent to 47 percent. They also are showing less desire for pickle ball. Pickle ball dropped by 8 percent to 22 percent among 1950s respondents who said they wanted a pickle ball court.

© Copyright National Association of Realtors. Reprinted with permission. Source: “Retirees Want More Dogs and Gardens, Less Golf and Pickle Ball,” John Burns Real Estate Consulting

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May 29, 2018

Local News

2018 Legislative session wrap-up REALTORS® continued to successfully protect private property and the free enterprise system. The Colorado Association of REALTORS® (CAR) Legislative Policy Committee (LPC) worked very hard this year to make sure that REALTOR® interests and private property rights were protected and enjoyed many successes this session.

SB18-015 – “Protecting Homeowners and Deployed Military Personnel Act” Also known as “The squatter’s bill”, this bill will prevent the unauthorized occupation of property statewide by creating an emergency civil court process that a property owner may pursue when a squatter illegally takes up residence in their home.

The Highlights: • Gives rightful property owners a remedy to remove squatters and lessen damages to private property without going through the traditional eviction process.

• Gives law enforcement officials the tools and necessary procedures to remove squatters.

• Protects consumers from becoming a victim of housing scams.

• Deters fraudulent transfers of real

estate and squatter events that threaten private property rights.

Four Colorado Springs legislators carried this bill and, called upon The Pikes Peak Association of REALTORS® (PPAR) to assist with advocacy efforts. The PPAR Public Policy Committee and PPAR members that specialized in property management worked together with legislators, including testifying in support of the bill in front of the House Committee on State, Veterans, and Military Affairs. After two months of negotiations, it was unanimously passed on May 8th by both the House and Senate chambers and has been sent to the Governor for his signature.

SB18-001 - “Transportation Infrastructure Funding” This bill allocates funds towards transportation infrastructure in Colorado. There is hope that with this bill, and CDOT’s commitment for funding transportation throughout the state, there will be money available to complete the Gap (18 mile stretch of highway between Castle Rock and Colorado Springs).

CAR and PPAR work with other trade and business groups in a statewide coalition group to make sure that infrastructure (roads, bridges,

etc.) is a priority for legislators.

The Highlights: • The state will spend $645 million in the next 2 years on road improvements.

• Authorizes a ballot measure may be placed on the ballot for the November 2018 general election to authorize the state to issue transportation revenue anticipation notes without raising taxes.

This is a step to making sure that our economic development efforts in transportation needs are fulfilled in Colorado.

HB 18-1128 – “Protections for Consumer Data Privacy”

ing in recent years, including credit companies such as Equifax, it became apparent that further protection of personal information was needed.

The Highlights: • Requires public and private entities in Colorado that maintain paper or electronic documents that contain personal identifying information to develop and maintain a written policy for the destruction and proper disposal of those documents.

• Requires individual or commercial entities to report data breaches to the attorney general's office after the discovery of a security breach.

See Legislature | Page 9

With all the data breaches happen-

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Local News

2018 SkillsUSA Competition winners announced – local students sweep Colorado Springs Careers in Constructions students competed in statewide competition Housing and Building Association of Colorado Springs (HBA) and Associated General Contractors of Colorado (AGC) launched the Careers in Construction (CIC) program to support vocational education through local Colorado Springs high schools. Students who participate in the CIC classes competed in the construction industry programs in the Colorado Springs-hosted SkillsUSA Competition on April 19th.

During the competition, approximately 300 students from career technical education programs worked against the clock and each other, proving their expertise in occupations such as carpentry, welding, electrical construction wiring, masonry, plumbing, and other professional skill training program competitions.

Contests ran with the help of industry experts, trade associations, and labor organizations. Test competen-

cies were set by professional industry standards. First place winners will move on to compete in the national SkillsUSA Championships this June in Louisville, Kentucky.

“Our Careers in Construction program had the most participants we’ve ever had at the SkillsUSA State competition. We’re very proud our students were able to showcase their learned skills and, as a bonus, sweep first place in Plumbing and Masonry with a second place finish in Electrical. One of our first-year students was also elected State Officer,” said Renee Zentz, Chief Executive Officer of the HBA.

List of Winners: • Plumbing - 1st Place: Ethan McVicker - Widefield High School; 2nd place - Caleb Davis - Mesa Ridge High School • Masonry - 1st Place: Daniel Smith - Mesa Ridge High School; 2nd place - Reece Lieby - Widefield High School • Electrical - 2nd Place: Nathan Follmar - Widefield High School • Team Works - 3rd Place: Devin Haller, Obed Orozco, Jace Leimkuhl, Hunter Preussner - Mesa Ridge High School.

• State Officer - Zach McVicker - Widefield High School

Below: Pictured: (Left) John Bissett -- President of JM Weston Homes, (Middle) Mayor John Suthers, (Right) Jeff Stuber -- Instructor at Career Readiness Academy.

Careers in Construction was launched in 2015 to help young people connect with construction trade education in the Pikes Peak and Southern Colorado regions. Careers in Construction (CIC) was piloted by the Housing & Building Association of Colorado Springs to support vocational education at area high schools and colleges – and to encourage our allies in the construction industry to join us in creating well-paying career opportunities while helping their industries.

For more information about Careers in Construction and Colorado Springs high school opportunities, please visit their website: gobuildco.com. For more information about SkillsUSA, please visit: www.skillsusa.org/about. Photos courtesy of CSHBA.

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May 29, 2018

Local News Legislature from 7 CAR and LPC worked to include a definition of third party service providers based on contracts to maintain, store and process personal information so REALTORS® involved in transactions have clear operating procedures on the responsibility for personal data management and communication of any securities breaches. The bill was sent to the Governor this week.

There were also some unfriendly bills that would have adversely affected REALTOR® issues that were introduced this session. CAR and LPC were successful in defeating these bills.

Two bills were introduced this session that would put the construction defects legislation of 2017 at risk by making arbitration more burdensome.

provisions that we believe are harmful for consumer REALTOR® clients, but talks broke down late in the session and the bill died on the calendar.

None of these successes would have been possible without the tireless efforts of the REALTOR® volunteers of the CAR LPC and the PPAR Public Policy Committee. These volunteers recognize that the real estate industry is one of the most heavily regulated industries in the nation and legislation at all levels of government needs to be closely monitored to ensure the protection of private property

rights and the free enterprise system. These successes were also made possible by all the REALTOR® members who donated to the REALTOR® Political Action Committee (RPAC). These funds are used to support or defeat legislation that would be harmful to homeownership and the real estate industry.

To learn more about PPAR Public Policy or to donate to RPAC, please visit ppar.com.

The above article has been supplied by the Pikes Peak Association of Realtors®. For more information log on to www.ppar.com or call 719-633-7718.

SB18-109 – “Authorize Audio-Video Communication Notarial Acts” This bill would have allowed notaries public to perform notarial acts using audio-visual communication. The process is called remote notarization and is like a skype or face-time type of interaction where there is audio and video communication between the notary and the person having a document notarized. Under current regulations, an individual must physically appear before a notary public to have a document notarized.

This legislation would have established several requirements a notary must comply with, such as rules and standards about the necessary evidence to identify the individual seeking remote notarization and how that process of identification should take place.

The bill had a glaring issue in the drafted language. It would have allowed a notary to keep all the information from the transaction and sell the data to other parties outside of the transaction, such as marketing companies. This would have been a huge problem for protecting the safety of consumer data, especially the kind of financial information that is part of a real estate transaction.

As mentioned earlier, CAR and LPC are very concerned with protecting personal information and this concern was raised with legislators. Negotiations were attempted to remove the sale of data

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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

April 2017 1,817 1,570 1,309 4,264 83.4% $408,185,055 $1,289,510,352 $275,000 $311,829 100.1% 28 1.2 months

April 2018 1,972 1,524 1,286 4,399 84.4% $448,206,595 $1,491,890,057 $305,000 $348,527 100.4% 25 1.2 months

78.8% 7.3% 3.8% 3.1% 7.0%

81.7% 7.0% 3.2% 2.4% 5.7%

Sales Analysis

Change 8.5% (2.9)% (1.8)% 3.2% 1.0% 9.8% 15.7% 10.9% 11.8% 0.3% (10.7)% 0%

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.

2.9% (0.3)% (0.6)% (0.7)% (1.3)%

COLORADO SPRINGS – DOWNTOWN 102 N. Cascade Ave. | Suite 330 Colorado Springs, CO 80903 t: 719.578.4100

Single Family/Patio Homes Sold Through Pikes Peak MLS Month and Year April 2017 April 2018

COLORADO SPRINGS – NORTH 8610 Explorer Drive | Suite 105 Colorado Springs, CO 80920 t: 719.598.5355

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

14.2% 46.4% 20.7 % 10.5% 4.8% 2.2% 0.5% 0.5%

0.6 months 0.4 months 1.3 months 1.9 months 2.7 months 7.3 months 12.3 months 14.0 months

7.4% 40.4% 27.8 % 11.5% 5.5% 5.0% 1.5% 0.9%

0.1%

25.0 months

0.0%

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

0.7 months 0.4 months 1.1 months 2.1 months 2.4 months 2.5 months 4.4 months 9.3 months

www.nat.com/CO

Infinite

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 April 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 How was the Colorado Springs area housing market in April 2018? During the past year, the Colorado Springs area housing market set so many new records that it has become challenging to continue to exceed them every month. But, just keeping up with those amazing levels represents an awesome market reality. Though the month-over-month single-family home sales and total active listing numbers were flat, new listings were up by 8.5%, average price is up by 11.8%, median price is up by 10.9%, and year-to-date volume is up by 15.7%. Comparing April 2018 to the previously record-setting market in April 2005, the stats are mind-blowing. Monthly sales are up 16%, year-to-date sales are up by 24%, monthly volume is up by 69%, year-to-date volume is up by 80%, average price is up by 46%, and median price is up by 56%.

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

Apr 2018: Apr 2008: Apr 1998:

Active Listings 1,524 Sales 1,286 Listings Sold 90.3% Months’ Supply 1.2 Active Listings 6,175 Sales 772 Listings Sold 12.5% Months’ Supply 8.0 Active Listings 3,760 Sales 702 Listings Sold 18.7% Months’ Supply 5.4

‘Price Segmented’ Supply and Demand Analysis • 87.2% of Single Family/Patio Homes Sold in April 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.

•

•

10.5% of Single Family/Patio Homes Sold in April 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.

2.3% of Single Family/Patio Homes Sold in April 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 April 2018 Sales Data with Previously High Record Setting April 2005 • Active Listings are down by (62.1)% • Months’ Supply is down at 1.2 from 3.6 months in 2005 • Monthly Sales are up by 15.8% • YTD Sales are up by 24.2% • Monthly Dollar Sales Volume is up by 69.1% • YTD Dollar Sales Volume is up by 80.3% • Average Sale Price is up by 46.1% • Median Sale Price is up by 56.4%

•

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 (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.

May 29, 2018

April 2018 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 Sold Supply Active Listings Listings

Sales Volume $

All Real Estate Market Activity is 56 19 2.9 11,962,000 139 90 1.5 38,943,056 35 65 0.5 17,235,960 20 77 0.3 22,191,006 140 197 0.7 53,436,946 13 2 6.5 710,000 77 40 1.9 12,821,742 41 84 0.5 27,187,364 94 44 2.1 22,067,912 48 37 1.3 18,105,315 32 23 1.4 8,570,281 69 147 0.5 43,124,108 25 70 0.4 16,200,541 91 58 1.6 27,822,050 129 73 1.8 42,147,461 28 21 1.3 7,447,500 37 31 1.2 11,927,800

Median Price $

Average Price $

SP to Avg. List DOM %

"Local" 575,000 428,696 240,115 272,000 275,000 355,000 304,751 300,000 448,700 470,000 352,000 289,000 225,000 419,250 544,482 285,000 380,000

629,578 432,700 265,168 288,194 271,253 355,000 320,543 323,659 501,543 489,332 372,620 293,361 231,436 479,690 577,362 354,642 384,767

99.6 100.1 100.6 101.2 101.1 94.8 100.2 101.2 99.8 99.6 100.8 101.1 103.2 98.9 100.3 100.9 99.0

43 55 6 7 17 154 44 10 45 19 20 11 7 44 52 9 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 April 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

Don’t sweat Facebook’s newsfeed changes

By Lee Davenport You’ve undoubtedly heard some of the doom and gloom about Facebook’s latest newsfeed changes. It’s not the social media storm of the century it’s made out to be. I’ve been analyzing the changes from a real estate business perspective, and I’ve found that the social media best practices I’ve been teaching seem to be standing the test of time. Keep following these rules, and you’ll continue to have a powerful presence on Facebook.

External Links = Bad News

Facebook ads have been the prince of Facebook marketing, and now they’re becoming king as the platform moves further toward a “pay-toplay” strategy. But if you are paying a service to post article links that direct people to a site outside Facebook, you may likely find yourself throwing money at a broken process. The key is to run a lead generation ad (not simply a boosted post) that allows you to capture contact information without people going to external links. If you are linking them to another page or video on Facebook, those may not negatively affect your positioning since it stays “in the family.”

If you don’t have time to manage

12

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this, I recommend hiring a savvy virtual assistant (or, perhaps, a family member or friend who is a social media maven). Some virtual assistants have made Facebook their forte, and you can often spend as little as $10 to $20 per week while maintaining a personal touch that does not feel automated or generic. Having a thriving social media presence without lifting a finger is worth skipping a latte or two in order to afford the extra help.

Boring Videos Downgraded

If you are posting listing videos on Facebook, you may start to notice they’re not getting any traction.

While interesting videos can “break the internet,” lackluster videos seem to be on Facebook’s chopping block.

Truthfully, it seems that even wellexecuted videos of home tours, howto tutorials, and other real estate topics will not rank high unless they are done live. What’s so special about Facebook Live? It typically generates authentic comments, shares, and likes, no matter the topic. Facebook’s algorithm is now promoting this type of interaction rather than posted videos with little engagement. In other words, Facebook wants to make sure we stay social on its site. Go figure.

If you’re going to spend your time and money on video creation, opt to

do it live. I understand that many people are averse to live video because they want more control over how their videos are presented online.

You can maintain quality by rehearsing and even doing a practice filming first, especially if you want to personally critique the video production.

Have you ever heard the saying, “broken crayons still color”? It means we don’t have to wait for perfection to make progress. With time and consistency, we will all get better at doing videos on the fly (with a little rehearsal first).

Fewer “Newsfeedings”

Yes, some of us and our prospective clients have a steady diet of Facebook updates in our newsfeeds.

However, Facebook is determined to lessen these “feedings” from pages and groups. You don’t have to be worried though, because autobots are saving the day! These aren’t the same souped-up Camaros in the “Transformers” movie, but they do have superpowers on social media. Facebook Messenger is still a powerful tool for connecting with clients, and automated bots can help.

Engagement Bait Nixed

Merriam-Webster defines clickbait as “something (such as a headline)

Colorado Springs Real Estate Journal

designed to make readers want to click on a hyperlink, especially when the link leads to content of dubious value or interest.” If you have ever clicked on something that has led you to disreputable information, or worse, infected your computer, you know that removing clickbait from newsfeeds is worthwhile.

I have been saying it in every class I teach, but I will say it again: “Stories matter!” The more stories we can tell about how our clients are finding and selling fantastic real estate (with their permission), the more people we’ll be engaging organically. Stories grab potential clients’ attention without using “sales-y” clickbait tactics. © Copyright National Association of Realtors Reprinted with permission.

Dr. Lee Davenport is an Atlanta-based real estate coach and blogger who has been featured in REALTOR® Magazine and the Huffington Post, to name a few. She trains real estate agents and brokers across the country on how to work smarter with technology. Join Lee's free RE Tech Insider's Club at LearnWithLee.REALTOR for tips and tools to help your business thrive.

May 29, 2018

On the Move

Burdick, Councill, Eshak, Masterson, Burdick, Brown Keller Williams Partners Mickey Burdick has his MBA from CSU and has lived in Colorado Springs off and on since 2000. In 2006, Mickey relocated permanently to serve as producer and artistic director of TATC at the Historic Butte Theater in Cripple Creek, CO. After ten years working in that capacity, He sold his portion of the company, so he could finish grad school. It was during his MBA studies that he took a class in real estate and was hooked.

Mickey is a wonderful addition to the KW Family and we can’t wait to get started working with him.

Eric Councill was born and raised in Tampa Florida but has been in Colorado Springs for a little over 4 years now. He spent 10 years in the hospitality industry, 3 years in direct sales, and obviously love dealing with and helping people and building relationships. Eric Love being outdoors, hiking and exploring and also snowboarding. He has been putting off getting a real job for years while learning lots of trades, but now he couldn’t be more excited to start his career off at Keller Williams!

Shady Eshak is new to the profession of real estate. He has lived in Colorado for 20+ years and has a passion for both the people and the breath-taking mountain views. Before that, he spent time in both Dubai and California, but Colorado Springs was where he ultimately chose to settle and grow his business. He's a local business owner of 13+ years and an avid sports fanatic. If you have a home to buy or sell, no one will work harder and more diligently for you.

Jennifer Masterson is native to Colorado Springs and has lived here for 36 years. She is moving into Real Estate after doing hair for 14 years.

She loves to make people laugh, has great attention to detail and is a wonderful communicator. Her goal here at Keller Williams is to make people’s dreams come true when finding the perfect house. She promises to always treat her clients with respect, honesty and will work hard for them. KW is so happy she picked us!

John Burdick has lived in Colorado Springs for the last two years and is the JV baseball coach for Vista Ridge High School. He has his BA in Business Administration which comes in handy with real Estate. He decided May 29, 2018

to get his license after being a part of multiple transactions and realizing he had a passion for it. John loves to help others find their dream home; just like he did, right here is Colorado Springs.

Michael Brown has lived in Colorado Springs, CO for 21 years, and really enjoys classical music, sound tracks, reading, and coffee. Michael loves to meet new people and keep things simple. Michael wants to focus on helping people improve their lives and is grateful to become a member of Keller Williams. The core values Keller Williams holds dear, is the same thing Michael follows and that’s one of the reasons he chose to come here.

Stacy Mojica Synergy Realty Group My life mission is to educate families so that they can be empowered to support other families in their own fulfilling lives. When it comes to real estate, this means helping my clients become informed consumers.

Buying or selling a house for the first time can be stressful, even frightening- but it doesn’t have to be! Knowledge is power. I am a businesswoman at heart and helping families is my niche. While my daughters were babies I founded and grew a national cloth diaper mentorship and lending program 501(c)(3) nonprofit with sites in six states. Now that my girls are in school and my husband is retired from an 11 year career in the Army, we are settled in the foothills of the purple mountain majesties. I have years of experience working with other military families and a passion for superior client service.

camping and hiking and spending any time possible with his family.

Margy Gullickson has joined RE/ MAX Properties, Inc. Margy chose RE/MAX Properties, Inc. because of the training the company provides, the professionalism of its agents, and the support it provides its agents.

Trina Lemons has joined RE/ MAX Properties, Inc. Trina has her own coffee shop chains on the Military Bases in Colorado Springs and plans on using the customer service skills she has developed over time to help her clients buy and sell real estate. She chose RE/MAX Properties, Inc. because it is the number one real estate company in Colorado Springs.

Jerry Woolfolk has joined The Tina Swonger Team at RE/MAX Properties, Inc. Jerry loves working with people and wants his clients have their version of the American Dream by helping them achieve their goals as homeowners.

Bryan Rodriguez has joined the Lana Rodriguez Group at RE/MAX Properties, Inc. Bryan’s goals are to establish an undeniable trust with his clients by giving them the care they deserve when buying or selling real estate. The Lana Rodriguez Group is a proven, resourceful and caring group that only wants to bring value to their client’s lives and Bryan is excited to be a part of their success.

Doug Truitt joined RE/MAX Properties, Inc. in May of 2017. Truitt is a longtime resident of Colorado Springs. He has spent most of his professional career in the Commercial Banking business primarily working with residential and commercial real estate customers. This background has provided valuable expertise for helping clients in today’s challenging real estate market. Truitt is a customer focused real estate professional.

He will represent you and your best interests. Working with people to help find solutions for their real estate needs is his specialty. Truitt can help clients buy, sell or invest in real estate.

John Neumeister Berkshire Hathaway Rocky Mountain, Realtors Adams, Gullickson, Lemons, Woolfolk, Rodriguez, Truitt RE/MAX Properties Brian Adams has joined the Lana Rodriguez Group at RE/MAX Properties, Inc. Brian has been in real estate for over 8 years with over 800 closings to date. His passion lies in getting the client into their dream home or taking the seller from contract to close no matter how small the deal. Brian is a father to a 5-year-old son, Liam, and has 4 pets, 2 dogs and 2 cats. His hobbies include working on cars in his garage as well as racing when time allows. He also enjoys

John Neumeister grew up in Pueblo, went away to get a degree in Economics and Psychology from Stanford University on a NROTC scholarship, leading to arriving in San Diego as a fighter pilot in the U.S. Navy. My service career included two combat tours, exchange duty with the U.S. Air Force, Topgun Instructor and Naval Reserve fighter squadron. Following my service I became a real estate broker in San Diego for six years, primarily in residential income property and property management, as well as a private investor in residential income property. My wide expe-

rience, both as a broker and a buyer, has shown me there are an incredible number of possible twists and turns in a real estate transaction. A positive attitude with the notion that nothing is impossible is my basic approach and that helping others through a transaction is incredibly fulfilling.

Leitzel, Jones Structure Real Estate Group Trisha Leitzel: As a Colorado native, Trisha graduated from ACC in 2010 with an Associates of Arts degree focused in Early Childhood Education. She is passionate about serving her community and currently leads Tinkergarten classes with local families right here in beautiful Colorado Springs. As a military spouse, Trisha supported her husband’s career in the U.S. Air Force across the country and world. Most recently located in Stuttgart, Germany she and her family are thrilled to be settled back home in Colorado. With six children ranging in ages from 6 months to 14 years she is no stranger to “controlled chaos,” and has truly become a relocation expert through this military lifestyle. After purchasing and selling several homes of their own, Trisha fully understands the joys and challenges that come with the home buying/selling process.

Julie Jones is an expert in relocation. As a military spouse (with 10 cross-country moves in 17 years,) Julie has a clear understanding of the challenges her clients face when planning a move to a new home. She has bought, sold, and invested in real estate from coast to coast, often sight unseen before having to make critical buying and selling decisions. Having undertaken many remodel projects, Julie has an eye for “what can be” when looking at properties. Julie has an extensive background in sales, marketing, customer service, and has served in many volunteer roles with the military. Julie had the honor of being selected as U.S. Coast Guard Spouse of the Year - Alaska in recognition of her volunteerism in a community outreach capacity, helping to foster a strong relationship between the Coast Guard and the communities they serve. This closely mirrors the relationship of Realtor/Client.

Building relationships and trust is essential to a successful real estate transaction. Julie serves clients with this in mind, vigorously representing their interests at every stage of the process.

Someone new?

Send a short bio and headshot to josh@csrej.com. Space is limited.

Colorado Springs Real Estate Journal www.csrej.com

13

Local Expert

The Dirty Dozen

Empire Title of Colorado Springs

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

www.etcos.com

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

www.empirewp.com

Empire Title of Canon City

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

www.empirecanon.com

“The Dirty Dozen” – a movie believed by many to be among the top 100 ever made – is about a group of WWII military convicts gathered to carry out a virtual suicide mission. It’s probably not far from how Buyers must feel in today’s real estate market … especially if their real estate agent looks and sounds By Michael Podoyak Empire Title like Lee Marvin or Ernest Borgnine.

— Just in the last 12 months, the average and median prices of 2018 YTD vs. 2017 YTD area homes have increased 12% • Average Price 12.0% and 12.2%, respectively, while • Median Price 12.2% • Residential Units Sold 3.2% inventory levels have plum• Inventory Levels 11.8% meted nearly 12% in that time.

• Number of Listings 5.9% The demand has grown so dirty • Foreclosures 1 18.4% that a home for sale here lasts on • Average Days on Market: 25 average only about two-dozen • Interest rates 4.58% days on the market.

The Median Sales Price of local homes broke another record last month, hitting $305,000. Twelve years ago, that figure was $201,950 – having increased 51% since that time. The Average Sales Price also broke a record last month by hitting $348,527 – a 43% increase over the average sales price a dozen years back.

Active Listings on the PPMLS saw the second straight increase last month, reaching 1,524 residential properties on the market in April of this year compared to 4,800 listed for sale in April 2006. Last month, 1,286 properties sold in our area – 84.4% of those listed. A dozen year ago, 1,060 properties sold that month, accounting for 22.1% of those listed.

Months of Inventory April 2018

25.0

Number of Months

20.0

19.13

15.0

10.0 6.94 5.0

.31 0.0

$140,000 $159,999

.19

.30

$160,000 $179,999

$180,000 $199,999

.48

.27 $200,000 $249,999

$250,000 $299,999

1.30

$300,000 $399,999

2.19

$400,000 $499,999

2.87

$500,000 $749,999

$750,000 $999,999

$1,000,000 $5,000,000

When it comes to Months of Inventory, the historical norm is considered to fall at half a dozen months. We don’t see that level of inventory now until you surpass the $750,000+ price ranges. Even homes in the $1M+ price range have only about a dozen and one-half months of inventory available.

30.0%

Percentage of Sales by Price Year to Date 2018

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

Thank you for voting Empire Title the Gold Medal winner for the sixth consecutive year in the Gazette’s Best of the Springs! We are grateful and humbled … and encouraged even more to go further above and beyond what you expect from your title company.

Please think of Empire Title as your primary resource for all of your Escrow, Title, Short Sale and Marketing Needs.

WE DON’T SUCCEED UNLESS YOU DO!

14

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The three most popular price levels through the first third of this year, which ranges from $200,000 to $400,000, account for 66% of the residential properties sold. That’s 5-1/2 dozen percent of all sales, right?! I mean, really, who talks like that?

When you sit down and look at all the numbers, “dozen” it make more sense why interested Buyers are feeling shell-shocked? That’s when utilizing a real estate agent can provide so much guidance - and hopefully - relief. Like writing this article, it’s a Dirty job, but somebody’s got to do it.



Colorado Springs Real Estate Journal

Send us your PHOTOS!

josh@csrej.com May 29, 2018

Around the Corner CTM eContracts - Intermediate 2pm-4pm @ Empire Title rsvp@etcos.com 719-884-5300

NARPM Luncheon 11am-1pm @ Hotel ElegantĂŠ coloradosprings.narpm.org

A Guide for Renovation Loans 10am-11am @ Empire Title rsvp@etcos.com 719-884-5300

Thursday, June 14 Farm and Land 8:30am @ The Egg and I - Chapel Hills Charlie Triplett: 719-896-1777

Wednesday, June 20 2018 Real Estate Contract 9am-1pm @ Empire Title rsvp@etcos.com 719-884-5300

Monday, June 4 New Agent Jump Start #4: Business Planning and Time Management 8am-10am @ Legacy Title asalladay@legacytitle-llc.com

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

HBA PAC Golf Tournament 11:30am-5:30 pm @ Kissing Camels Golf Course at the Garden of the Gods Club www.cshba.com

WCR: Using Social Media to Grow Your Business 11am-1pm @ The Antler's www.ppwcr.org

Wednesday, June 6 Quality Credit Clients for Realtors 9am-11am @ Empire Title rsvp@etcos.com 719-884-5300

Title Commitment Introduction 9am-11am @ Empire Title rsvp@etcos.com 719-884-5300

Wednesday, May 30 HECM for Purchase 101 9am-10am @ Empire Title rsvp@etcos.com 719-884-5300

Friday, June 8 Annual Commission Update 9:30am-1:30pm @ PPAR www.ppar.com Saturday, June 9 WCR: A Night in Black and White 6:30pm-11pm @ The Antler's www.ppwcr.org Monday, June 11 New Agent Jump Start #5: Title Commitment, Mortgages & Contracts 8am-11am @ Legacy Title asalladay@legacytitle-llc.com Wednesday, June 13 Mortgage Loan Officer Update Course 8am-5pm @ Legacy Title asalladay@legacytitle-llc.com Annual Commission Update 9am-1pm @ Empire Title rsvp@etcos.com 719-884-5300

Friday, June 15 Independant Brokers Forum 10am-11:30am @ PPAR www.ppar.com Monday, June 18 New Agent Jump Start #6: Social Media & Technology 8am-10am @ Legacy Title asalladay@legacytitle-llc.com Tuesday, June 19 CHFA Housing Forum 9am-4pm @ Gold Mesa Exchange Building chfainfo.com/hfc

*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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us your

Tuesday, June 26 Council of Elite Property Managers 3pm-5pm @ PPAR www.ppar.com GoMLS Pikes Peak App 3pm-5pm @ PPAR www.ppar.com

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MODEL HOME NOW OPEN!

We are excited to announce the opening of our two newest models!

Visit us at 9807 Beckham St.

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