CSREJ - January

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Vol. 11 No.5

January 28, 2019

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Natural disasters hit real estate hard in 2018 Natural disasters struck the United States with a vengeance in 2018, as floods, wildfires, and hurricanes damaged thousands of homes and businesses. Eleven events in 2018—the third year in a row with an aboveaverage number of catastrophes—led to $11 billion or more in residential and commercial losses, according to the newly released Natural Hazard Report from CoreLogic.

“In 2018, the U.S. continued to ex-

perience damaging weather and natural catastrophes in high exposure areas, and in some instances, in regions that had been impacted in less than a year prior,” says Howard Botts, chief scientist at CoreLogic. “Hazards will always pose a threat to homes and businesses and knowing exactly what that risk entails is critical in helping ensure sufficient protection from the financial catastrophes that so often follow natural disasters.”

Disasters Continues | Page 2

Why 400,000 young adults aren’t buying

While many federal agencies crucial to the business are operating normally, a prolonged partial government closure threatens to disrupt mortgage applications, increase delinquencies, and put a dent in your business.

Most housing markets across the country aren’t yet feeling the effects of the partial federal government shutdown, with 75 percent of REALTORS® reporting no impact to their business, according to a National Association of REALTORS® survey conducted January 7.

Shutdown Continues | Page 3

WCR Holiday Auction

Local High School Students Attend Construction Fair

Jay Gupta's December Housing Stats

PAGE 5

PAGE 7

PAGE 9

Mobile Issue (Beta)

Long view for real estate as shutdown hits record stretch

Homeownership of all Americans drop in the rate to high student loans. has fallen 4 percentage points from Every increase of $1,000 in debt its peak of 69 percent in 2005. It has contributed to a 1- to 2-percentagedropped the most—from 45 percent point drop in homeownership, the to 36 percent—among those 24 to 32 study finds. Researchers note that years old. this equates to about 400,000 people “In surveys, young adults com- who otherwise would have expected monly report that their student loan to own homes but have not because debts are preventing them from buy- of their student loan debt. ing a home,” Fed researchers Alvaro “This finding has implications well Mezza, Daniel Ringo, and Kamila beyond homeownership, as credit Sommer write in the paper. “Our es- scores impact consumers’ access to timates suggest that increases and cost of nearly in student loan debt are an all kinds of credit, Every increase important factor in explaining of $1,000 in debt including auto loans contributed to a and credit cards,” their lowered homeownership rates, but not the central cause 1-2 percentage- the researchers point drop in of the decline.” noted in the report. homeownership The Fed’s paper did not “While investing identify the other causes for in postsecondary the decline in the homeownership education continues to yield, on averrate among younger adults. Research- age, positive and substantial returns, ers attributed about 20 percent of the burdensome student loan debt levels

may be lessening these benefits.”

The National Association of REALTORS® has also conducted studies showing the impact student debt is having on delaying homeownership.

A 2017 NAR study found that student debt delayed homeownership by about seven years. It also had an impact on the rest of young adults’ lives, such as holding millennials back from making financial decisions and reaching personal milestones, such as changing careers, continuing their education, marrying, or even having children. © Copyright National Association of Realtors.

Reprinted with permission.

National News............ Page 2 Local News................ Page 5 On the Move.............. Page 8 Local Expert.............. Page 10 Around the Corner....... Page 11

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

In 2018, there were more than 1,600 significant flood events in the U.S. Residential and commercial Director of Advertising COLO flood damage in North Carolina, Rachelle Nardo Effective De South Carolina, and Virginia from Here is an example of fees rachelle@csrej.com Hurricane Florence caused up to that may be charged by other $28.5 billion in damages. Eighty-five Director of Publishing Josh Olson percent of the residential flooding losses were not covered by insurance, josh@csrej.com the report showed. Texas, Maryland, Basic Resale Escrow Closing Colorado Springs Real Estate Journal LLC and Wisconsin also saw 1,000-year (CSREJ) is locally owned and operated out of Colorado Springs, Colorado. CSREJ floods last year, with some in areas is published once a month and distributed that had experienced 1,000-year Recording Services through USPS, digitally, or by hand to nearUnprecedented wildfires also floods less than two years before.

By including more services in our Closing fee, we’ve made it ly all members of The Pikes Peak AssociaNationwide, 6 percent of proper- wiped out real estate in 2018. “The tion of Realtors and The Colorado Springs of acres thatcosts. burned in 2018 Courier / Express Delivery to quote fees andFlood understand ties are within the Special Haz- numberclosing Housing easier & Building Association and manysettlement other industry-related professionals. ard Areas. But only about one-third of is the eighth highest in U.S. history,” as reported through By Nov.including 30, 2018, more services in our Closing fee, w those properties have flood insurance CSREJ is not responsible for any opinions or according to CoreLogic.

Eleven west- Cashier’s Checks policies. facts expressed by non-staff writers. CSREJ easier to quote settlement fees and understan In 2018, the Atlantic hurricane sea- ern states saw at least one wildfire that shall not be held responsible for any errors in advertising or editorial content. son had 15 named storms, including burned more than 50,000 acres. CaliIncoming / Outgoing Wire S eight that became hurricanes. Hurri- fornia and Oregon saw the most.

Realtor is a registered trademark. SomeHere is an example of fees Northern California’s Camp Fire cane Florence (Category 1) and Mitimes the word Realtor or Realtors will in November 2018 turned nearly the OTHER COMPANY chael (Category 4) caused massive FIRST AMERICAN TITL appear that without may the “®”be symbol for the charged by other companies.

Release Tracking Fee purpose of saving space. The registered into ash. damage when they struck the U.S. entire city of ParadiseHere is anMore example of fees trademark should be assumed if it is not About 700,000 residential and com- than 18,000 homes and businesses that may be charged by other companies. present. mercial properties Basic Resale Escrow Closing Servicesaw catastrophic were damaged. The Woolsey wildflooding and wind damage from Hur- fire in Malibu destroyed more than We welcome the submission Scan the code premium charged separately. Applies to Resale Title Escrow Closing Service 1,600 structures. TheseBasic two wildfires ricane Florence. Michael struck the of articles, photos and press ADDITIONAL CHARGE Recording Services alone caused up to $19 billion in total or visitCINCLUDED releases. Email josh@csrej.com Florida Panhandle and caused up to OLORADO your submissions or questions.

Effective Dec 20, 2018 losses, Core-Services $4 billion in residential and commer- insured and uninsuredRecording TinyURL.com/ Logic estimates.

ADDITIONAL CHARGE cial insured losses from the wind and INCLUDED Courier / Express Delivery 719.439.0773 csrejeblast Courier American storm surge,First according to CoreLog- Title © Copyrightis National Association of Realtors./ Express Delivery www.csrej.com Reprinted with permission. ic’s report.

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082

National News Shutdown from 1 But that tune may change if the shutdown—now the longest in U.S. history—continues and markets absorb the spillover effect of delayed mortgage application processing, increased mortgage and rental payment delinquencies, and reduced spending in the broader economy. “The government shutdown is an unambiguous negative for the real estate market,” says NAR Chief Economist Lawrence Yun. “It is delaying activity that would otherwise occur.”

Twenty-two percent of REALTORS® report some kind of impact to current or potential clients, most often involving buyers who see the shutdown, which began at midnight on Dec. 22, as a sign of economic uncertainty and are choosing to delay a purchase, according to the NAR survey.

The shutdown doesn’t affect the whole government. Congress has already passed numerous fiscal 2019 bills appropriating money to federal agencies, which President Donald Trump has signed. But several bills, including one to fund operations of the U.S. Department of Housing and Urban Development, have not been passed, and a broad-based budget deal to meet the government’s outstanding funding commitments collapsed in early January over border security.

“

”

...markets absorb the spillover effect of delayed mortgage application processing, increased mortgage and rental payment delinquencies...

As of mid-January, most home purchase transactions were not interrupted because conventional mortgage loans backed by Fannie Mae or Freddie Mac—which comprise the bulk of home purchase finance transactions—were being processed without delay. The same was true for transactions backed by the Federal Housing Administration and the Department of Veterans Affairs, both of which use a delegated lender process in which pre-approved private lenders can originate loans without agency approval as long as the loans are underwritten in accordance with agency guidelines.

The one agency directly involved with home mortgages that has been caught in the shutdown is the Department of Agriculture, which backs loans through the Rural Housing Service. The agency has authority to operate a delegated lender program like FHA’s, but it has not yet implemented the program, and many of its employees are furloughed. “As of right now, all loans must go through RHS for processing, so these loans are not getting approved,” says Megan Booth, NAR’s director of housing policy.

Still, there are more bright spots for real estate.

One is the IRS, which verifies borrowers’ income for certain types of mortgage loans, including those for self-employed buyers. After furloughs caused a brief period of delays to income verification requests, the IRS has straightened out issues over its authority to operate and is continuing to work through the shutdown. And for purchases needing federal flood insurance, the National Flood In-

surance Program is back in operation after a short period of uncertainty when the shutdown began.

“NAR worked vigorously to make sure that that program continues to be up and running, so buyers shouldn’t have problems getting flood insurance with their loans,” Booth says.

“

”

...purchases needing federal flood insurance, the National Flood Insurance Program is back in operation...

© Copyright National Association of Realtors.

Reprinted with permission.

Longer-term, though, a continued shutdown will have consequential effects on home sales and the broader economy. “This is fundamentally an issue of confidence,” Yun says.

“People are concerned about the direction of the economy and the perception Yun of a chaotic environment in Washington.

What we’re going through is not helping people make a firm decision for a major expenditure like a home purchase.”

Send us your event photos josh@csrej.com

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January 28, 2019

Colorado Springs Real Estate Journal www.csrej.com

3

In Depth

6 Rules for selling tenant-occupied homes Tenants know that when a For Sale sign pops up on the property they’re renting, they need to prepare for disruption to their lives. A new owner may impose additional leasing terms and rules, jack up the rent, or, most disruptive, make tenants move out. The potential emotional and physical upheaval that comes with selling tenant-occupied homes makes them much more difficult transactions than selling owner-occupied or even vacant properties.

That’s not to say that every tenant-occupied home is going to be hard to sell. But tenants represent a wild card that can negatively affect the sale if they are uncooperative with you, such as refusing to make the home available for showings.

Property condition is another variable that tends to have a deeper effect on the sale of tenant-occupied homes. Though you may make efforts to get tenants to tidy up their spaces, you’ll likely be showing the home at times when the trash hasn’t been taken out, the beds haven’t been made, and dishes and food haven’t been removed from the sink. It can get even worse. I recently was forced to show a house in the dark because the tenant’s utilities had been disconnected. Given these potential obstacles, how do agents successfully navigate the marketing, showing, and ultimate sale of a home that has tenants living there?

Learn what you can about the tenants from the homeowner. Not only do you work with

1.

the owner on developing a marketing plan and showing schedule, he or she is your first source of information about the tenants. You can avoid some headaches and missteps by getting a good overview of the situation from the owner. Ask what the tenants do for a living, whether they pay rent on time, if they frequently have visitors to the property, and how well they have maintained their spaces. The answers to these questions can give you a good idea about who the tenants are and whether they’re likely to be cooperative with you.

2.

Show tenants compassion, as if they were your clients. Meet and spend time with the tenants, and be transparent about your efforts to sell the house and the possible ramifications on them.

Explain the process you will use to show the home, but demonstrate that you understand it could inconvenience the tenants and you’ll do what you can to mitigate disruption. Showing this kind of care and concern can help tenants trust you more easily, which will make the transaction smoother. Get tenants’ contact information, and find out their work schedules. Some tenants work at night and would probably not appreciate a 9 a.m. showing.

3.

Give tenants reasonable notice when you need to access the property. Never schedule surprise showings at a home with tenants. I try to

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give tenants at least 24 hours’ notice when scheduling showings. This sends the message that you respect their time and space. After all, it is still their home.

4.

Hire a cleaning service to keep tenants’ spaces show-ready. If the tenants aren’t the cleanest and most organized, and the house is consistently unkempt, let them know that at your expense—and, hopefully, their convenience—someone will be coming in on a weekly or bi-weekly basis to clean and organize their space while the home is on the market. Talk them through any concerns they may have about entrusting their belongings to an outside service. Most tenants likely will welcome this offer.

5.

Remember to manage tenants’ emotions, too. Though the owner is your client, you don’t want the tenants to get confused or frustrated with the transaction either. They’ll want to know what’s going on as they watch people move in and out of the rental property, so keep them informed.

When you get a signed offer, let them know immediately. Give them some idea of the timeline of the sale so they can plan accordingly if they have to move. Also, inform them immediately if you know that the owner plans to continue renting the house as is. You’ll eliminate a lot of stress on them.

6.

Register at http://coloradosprings.narpm.org Questions… Please Contact: Robert Werthman RMP© Robert@callcornerstone.com

When you’re representing a property that’s under an active lease, you have to figure out how to get the renter on board with the seller’s plan.

Colorado Springs Real Estate Journal

Make yourself a resource for tenants. “Ninja selling” teaches the importance of building relationships and providing value for your clients.

It’s no different with tenants—in fact, they are potential clients. Get to know them and their plans for the future. How can you be a resource for them?

Provide information and assistance that will make the transition smoother. Let them know they are not alone and that you are ready and willing to help.

You might also work with your client to see if any incentives can be offered to tenants to encourage them to help make the transaction stress-free. A colleague of mine recently told me of a seller client who reduced her tenants’ rents while the property was on the market. The homeowner, my colleague said, saw it as a way to show tenants she understood the inconvenience the transaction posed to them and that she appreciated their cooperation. Some homeowners may feel this is unnecessary, but it is an option. At the end of the day, selling a home with tenants can be a complicated dance, but making them a part of the process can go a long way to keeping everyone in step. © Copyright National Association of Realtors.

Reprinted with permission.

GOT NEWS? Let us know!

josh@csrej.com January 28, 2019

Local News

WCR Holiday Auction a success The Antler’s Hotel in downtown Colorado Springs was filled with smiling and festive faces this holiday season as hundreds turned out for the Women’s Council of REALTORS® Pikes Peak Network annual December Holiday Auction. A huge success, the event well exceeded expectations.

Deep gratitude goes out to the Holiday Auction Team, all of it’s amazing donors and to the local real estate community for coming together to support this outstanding fundraiser.

The Holiday Auction, with its 2018 theme “It’s a Marshmallow World,” was more successful than any previous. Amazing trips were auctioned off, holiday baskets were bid on via an exciting phone app, and this year’s first silver spoon and diamond dig contests had the participants fully engaged in the fun and fundraising.

Laura Read had chosen St Jude Research Hospital as her charity for 2018, therefore a portion of the proceeds will go towards helping that worthwhile organization support both children with cancer and their families. While most funds needed to operate and sustain St. Jude must be raised from generous donors, the hospital also receives some revenue from insurance recoveries, research grant funding and returns on its investments. When you look at total revenue, ALSAC and St. Jude are proud that 82 cents of every dollar received has gone to support patients and research. Families never receive a

bill from St. Jude for treatment, travel, housing or food.

Live auction items, such as a trip to Ireland and an African Safari entertained the crowd as bidding wars erupted throughout the room. With hundreds of items to choose f rom in the silent and live auction, hardly anyone left empty handed. Debbie Havens was the Grand Silver Spoon Winner and selected the Game of Thrones themed trip to Ireland. In addition, there were also five Diamond Dig Contest Winners.

Women's Council of REALTORS® is a nationwide community of approximately 12,000 real estate professionals who include many of the best and brightest in the business. The backbone of the Council is its more than 260 local and state networks, led by volunteer managers trained to position their groups as a business resource in their REALTOR® communities. Today, it is not just an organization for women; men are encouraged to join. Those interested in becoming a member or learning about the advantages of joining Women’s Council of REALTORS® Pikes Peak Network are encouraged to contact Joni Mailander, Local Membership Director, at 719-213-4721.

Holiday Auction Team: Jackie Bonneville with Keller Williams Partners Realty (Team Lead) Lakyn Erickson with Land Title Guarantee Company (Team Lead) Debbie Mauro with Closet Factory of Colorado, Denise Whitaker with Sellstate Alliance Realty, Samantha Barton with Academy Mortgage, Lisa Ramsey with Aspen Home Mortgage, Lisa Lorenz with ERA Shields Real Estate, Arielle Levav with Touchstone Crystal by Swarovski, Mandy Blair Land Title Guarantee Company, Joni Mailander with Premier Homes, Auctioneers Darryl Harrison with and Elizabeth Bowen with Red Bow Realty, Photos compliments of Chris Kjeldsen with Ground Floor Home Inspection.

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.

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

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

COLORADO SPRINGS – NORTH 8610 Explorer Drive | Suite 105 Colorado Springs, CO 80920 t: 719.598.5355 www.nat.com/CO

January 28, 2019

Colorado Springs Real Estate Journal www.csrej.com

5

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*Program offer valid only on closing between 1/1/19 - 12/31/19. All offers for bonus prizes are subject to change at any time and subject to closed homes in 2019, in the Colorado Springs/Fountain market. See Sales Associate for details. © 2019 Oakwood Homes

6

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Colorado Springs Real Estate Journal

January 28, 2019

Local News HS Students network with Colorado construction companies at first-annual Career Pathways Fair Fifteen local construction companies and Careers in Construction (CIC), a workforce-development program powered by The Colorado Springs Housing & Building Association (CSHBA) and Associated General Contractors-Colorado (AGCC), partnered to host the first-annual Career Pathways Fair on Jan. 17, 2019, at The Pinery at The Hill, introducing over 60 CIC high school students to the variety of rewarding careers available in the industry.

CIC students are currently earning Department of Labor-recognized certificates in carpentry, electrical and plumbing, allowing them to start a career directly after high school. However, many students are not aware of the multitude of opportunities in construction. The Career Pathways Fair provided a chance for students to not only learn more about construc-

tion careers, but also meet successful tradespeople and understand their own potential in the industry.

“Walking around at the Career Pathways Fair, I learned about all of the different types of job positions within each trade, such as the plumbing and flooring industry,” said Devyn Miller,CIC student at The MiLL and junior at Mesa Ridge High School.

“Even though I am young, it’s exciting to be able to talk with actual companies and start making my own connections for when I graduate high school.”

The CIC program had students from the following school districts participate: Harrison School District 2, Widefield School District 3, Colorado Springs School District 11, and School District 49.

“Events like this are valuable because it is showing that there are people investing in seeing students enter the often overlooked construction industry,” said Chris Loncar, Human Resources Manager at Timberline

Peak Producers Fired Up

Landscaping. “Students are often unaware of the lucrative opportunities in our industry, so to give students exposure ensures they understand what is available to them. Many will find out what they are truly passionate about this way, and launch an incredible career early in life.”

The CIC program would like to thank the following companies for participating in the Career Pathways Fair: • Alpine Lumber Company • Classic Homes • CMR Installation, LLC • Colorado Asphalt Pavement Association • Elevated Views • GE Johnson Construction Company • Heating & Plumbing Engineers, Inc. • JWilliams Staffing of Colorado • Krafted Homes, Inc. • Noble Truss Colorado, Inc. • Pikes Peak Workforce Center • Pryor Floor Company, Inc. • Pyramid Construction, Inc. • Rusin Concrete Construction • Timberline Landscaping, Inc.

Pictured above, Chris Loncar, Human Resources Manager at Timberline Landscaping, speaks with student about career opportunities.

Pictured below, from left to right, Jordan Fushi and Ella Nunamaker, students at Patriot High School.

See more on facebook! facebook.com/csrej

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On January 16, members of the Peak Producers in Woodland Park, pictured here with Bill McAfee and Lori Wollaston of Empire Title, present a check for $700 they raised in support of the outstanding service of the Divide, Florissant and Four Mile volunteer fire departments.

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January 28, 2019

Colorado Springs Real Estate Journal www.csrej.com

7

On the Move Elizabeth Alexander Pink Realty Elizabeth Alexander loves working with Buyers and Sellers and strives to serve her clients best interests. Elizabeth obtained her Bachelor's Degree from UCCS and Teacher Certification from USC. She worked as a teacher in Colorado Springs, Oklahoma, and Hawaii before becoming a real estate agent.

Sofiia Dorsey Blue Spruce Real Estate Originally born and raised in Kiev, Ukraine, she graduated from Kiev International University with a bachelor’s degree in journalism at age 20.

She is fluent in three languages and specializes in representing clients whose first languages are Ukrainian or Russian. Sofiia has fallen in love with Colorado and the stunning landscapes of the Rocky Mountains. She takes every opportunity possible to enjoy creation and the natural beauty offered by this great state including her love of fishing. Grateful for such an amazing and beautiful place to live, Soffia makes sure new residents and homeowners feel welcome in Colorado Springs.

Greg Sands Ent Credit Union Ent Credit Union is pleased to announce the addition of Greg Sands as a mortgage loan officer. Sands has 18 years’ experience in the mortgage lending industry and was most recently a mortgage loan officer at JP Morgan Chase. A graduate of Colorado Springs’ Mitchell High School, Sands has served as a volunteer board member for the Fremont Center for the Arts and the Rocky Moun-

8

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tain Dinosaur Resource Center. He has also volunteered for Habitat for Humanity and as the Palmer Ridge High School men’s varsity and junior varsity golf coach.

Eve Courson RE/MAX Properties Eve Courson with RE/MAX Properties, Inc. has earned the nationally recognized Seniors Real Estate Specialist® designation from the Seniors Real Estate Specialist Council of the National Association of Realtors®.

“Working with seniors to meet their housing needs requires an expert understanding of their lifestyle and financial needs, and the SRES® designation means that as a Realtor® , I have that understanding,” said Eve Courson. “Whether they are buying, selling relocating or refinancing, seniors can be confident that a Realtor® designated SRES® will be able to help them every step of the way.”

supporters and she is thrilled to be working with them again!

Brianna Mattox have been a resident of Colorado Springs for over twenty years and loves waking up every day to Pikes Peak. She transitioned her career in healthcare for fifteen years over to Real Estate and is your housing expert! She also enjoys sharing her local knowledge on a wide variety of topics concerning the Colorado Springs area. Her priority is to make all her clients feel like family and to always be in great communication with them. She is a giver by heart and wants her clients to feel like family. With an ever-changing real estate market, Brianna prides herself in being an adaptable individual which allows her to provide top notch service.

She guarantees she will get the job done right!

Randy Lucas Structure Real Estate Group Jaw, Gaston RE/MAX Advantage

Shepard, Bonneville, Mattox Keller Williams Partners Jaimee Shepard has lived in Colorado Springs for over 20 years. She worked in the mortgage industry processing home loans for eight years.

She got into the Real Estate world excited and ready to help people. Jaimee works well with agents and has a great attention to detail that her clients always appreciate.

Jackie Bonneville began her real estate career in early 2016 with over 20 years of management and restaurant experience. She absolutely loves what she does, helping people and the community. She is proud to serve as a Director for Pikes Peak Association of Realtors and as Leadership for their local network of Women's Council of Realtors. When she is not with clients she is out in the community at fundraisers and events. Eric and Shawn have always been two of her biggest

by targeting her client’s buyer demographic. A Midwest farm girl raised in a real-estate family, Kim graduated from Eastern Illinois University with a BA in Communications. She led a career in advertising and graphic design as Account Manager for Fortune 500 companies such as Kraft General Foods, Taco Bell and Steelcase in Dallas, Chicago and Grand Rapids before moving with her husband to Briargate in 1997. She later launched her staging company, accredited by the Better Business Bureau since 2011, and received her REALTOR® license in 2012. Kim strives to provide a successful, smooth transaction that reflects her ethics and commitment to client care. She’s inspired by traveling with her family and walks with their goofy, golden retrievers.

Megan Jaw was born in Colorado Springs to a military family. She has a passion for the city and is eager to help get the right families into the right homes. She conducts her business with integrity and honesty, making sure she is serving her clients in the best way possible. She graduated with a bachelor’s in English from UCCS in 2013 and has a heavy background in customer service. Helping others is her passion. Outside of the office, Megan is a mother of three and married to a wonderful man. When she isn’t working, she is spending time with her family. Her hobbies include: drinking coffee, yoga, cardio training via chasing her kids around and weighing in on true crime documentaries to whomever will listen.

Kim Gaston is a Broker Associate at RE/MAX Advantage and Owner of Colorado Springs’ staging firm, Front Porch Interiors. She offers an advanced approach to the art of staging

Colorado Springs Real Estate Journal

Randy moved with his family from central Illinois to Colorado Springs in 1977 and quickly fell in love with all that Colorado has to offer. After college, Randy was offered a job selling office equipment. While not the dream job he had envisioned, it gave him a chance to learn how to work hand in hand with people and hone new skills. With his new love for helping people, Randy was hired

by Johnson & Johnson selling medical implants where he quickly moved into sales management. After 17 years and a very successful career in medical sales, Randy was ready for a new challenge that the automotive industry gave him. Working his way up again through the sales ranks, Randy spent the last 7 years in automotive finance, further expanding his working knowledge in business and contract negotiations. Having sold two homes and purchased another one in the last 12 months, Randy felt his expertise would be a perfect fit for the real estate market. Randy’s integrity, passion, dedication and skill in negotiation are unmatched.

January 28, 2019

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 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

December 2017 846 1,350 1,206 16,337 89.3% $389,717,920 $5,139,440,493 $285,000 $323,149 99.4% 33 1.1 months

December 2018 717 1,685 1,604 15,576 63.1% $362,726,085 $5,409,373,464 $300,855 $340,907 99.3% 40 1.6 months

67.3% 14.0% 8.6% 3.6% 6.4%

61.1% 17.5% 8.8% 5.4% 7.2%

Sales Analysis

1150 KELLY JOHNSON BLVD., SUITE 140 COLORADO SPRINGS, CO 80920 PH: 719.592.9933 90 S. CASCADE AVE., SUITE 950 COLORADO SPRINGS, CO 80903 PH: 719.639.7810

Change (15.2)% 24.8% (11.8)% (4.7)% (26.2)% (6.9)% 5.3% 5.6% 5.5% (0.1)% 21.2% 45.4%

We

love serving

(6.2)% 3.5% 0.2% 1.8% 0.8%

Single Family/Patio Homes Sold Through Pikes Peak MLS December 2017 December 2018 % of Total Months % of Total Months Price Range Monthly Supply Monthly Supply Sales Sales Under $199,999 9.4% 0.8 months 6.6% 0.9 months $200,000 to $299,999 46.6% 0.4 months 42.2% 0.6 months $300,000 to $399,999 25.0 % 1.1 months 30.2 % 1.5 months $400,000 to $499,999 10.0% 2.3 months 10.9% 3.0 months $500,000 to $599,999 4.6% 2.4 months 5.1% 3.4 months $600,000 to $799,999 3.2% 3.3 months 3.5% 3.8 months $800,000 to $999,999 0.5% 10.7 months 0.7% 11.7 months $1,000,000 to 0.7% 9.3 months 0.9% 7.6 months $1,999,999 Over $2 million 0.0% Infinite 0.0% Infinite

SHELLY FARMER EILEEN WOLFF 719.592.9933

719.963.5273

KERYN DERUBIS 719.930.3447

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 December 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 2018 was indeed an extraordinary year for the Colorado Springs area housing market for singlefamily homes, registering the highest year-to-date sales volume, highest average and median sales prices, and the second highest year-to-date sales ever. This poses the most puzzling question, why in this robust economy and record low unemployment, the sales have been declining during the past several months. The plausible answer is that the combination of steady increases in home prices and interest rates have most drastically impacted the affordability for buying homes. During the past 5-years, average sales price of single-family homes in Colorado Springs soared 42% and the median sales price escalated 40%. Additionally, interest rates increased over 1%. Unfortunately, every 1% increase in the interest rate reduces the borrowing power by 10% for the same amount of monthly payments. The affordability challenge is causing many potential buyers to postpone buying a home now, however, this will likely result in increased future sales due to pent up demand.

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

Dec 2018: Dec 2008: Dec 1998:

Active Listings 1,685 Sales 1,064 Listings Sold 63.1% Months’ Supply 1.6 Active Listings 4,951 Sales 495 Listings Sold 10.0% Months’ Supply 6.3 Active Listings 2,926 Sales 640 Listings Sold 21.9% Months’ Supply 4.6

December 2018 Sales Analysis By MLS Areas

‘Price Segmented’ Supply and Demand Analysis • 89.8% of Single Family/Patio Homes Sold in Dec 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.

Compiled by Jay Gupta Single Family/ Patio Homes # of Months' # of Sold Supply Active Listings Listings

Sales Volume $

Median Price $

Average Price $

SP to Avg. List DOM %

"Local" 555,000 429,450 253450 265,000 277,250 310,000 315,000 305,500 502,395 380,000 262,000 306,000 238,450 318,500 494,900 281,500 400,000

659,192 423,614 275,669 269,280 277,590 291,150 324,774 338,216 529,760 389,099 274,562 311,363 239,553 483,325 530,953 311,008 390,943

98.9 99.5 99.6 98.8 100.1 101.0 98.7 99.4 99.2 98.7 98.7 99.3 100.2 98.3 99.6 98.8 98.6

•

8.6% of Single Family/Patio Homes Sold in Dec 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 great supply and demand situation.

•

1.6% of Single Family/Patio Homes Sold in Dec 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 Dec 2018 Sales Data with Previously High Record Setting Dec 2005 • Active Listings are down by (58.6)% • Months’ Supply is down at 1.6 from 4.0 months in 2005 • Monthly Sales are up by 8.8% • YTD Sales are up by 18.7% • Monthly Dollar Sales Volume is up by 37.8% • YTD Dollar Sales Volume is up by 68.1% • Average Sale Price is up by 26.7% • Median Sale Price is up by 41.3%

•

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 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.

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

•

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 will sell as buyers generally buy realistically priced properties offering competitive values.

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 December 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.

January 28, 2019

MLS Area

All Real Estate Market Activity is 38 13 2.9 8,569,499 130 60 2.2 25,416,895 58 50 1.2 13,783,472 29 75 0.4 20,196,055 189 196 1.0 54,407,663 13 5 2.6 1,455,750 84 45 1.9 14,614,860 54 62 0.9 20,969,400 101 38 2.7 20,130,886 40 25 1.6 9,727,477 29 23 1.3 6,314,932 98 93 1.1 28,956,785 29 62 0.5 14,852,337 106 34 3.1 16,433,080 115 48 2.4 25,485,755 22 12 1.8 3,732,100 43 16 2.7 6,255,100

Colorado Springs Real Estate Journal www.csrej.com

80 53 26 28 30 28 53 36 66 46 29 33 18 34 50 27 80

9

Local Expert It Ain’t Over …

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 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

Active Listings

8,000

7,000

6,000

5,000

4,000

1685

3,000

2,000

1,000

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

www.empirecanon.com

Until it’s over? Until the Fat Lady sings? Maybe the good times in our real estate market aren’t over at all, and we just need to get over it? When one looks over the start and finish of last year, there’s plenty of reasons to be overjoyed about the

By Michael Podoyak potential that 2019 brings.

Manager Last year started out with 1,236 active listings in the Pikes Executive Empire Title — Peak Multiple Listing Service (PPMLS), and it finished with 1,685 active listings as of last month – which was 335 listings over that of December 2017. For the entire year there were 22,869 property listings in the PPMLS, with the monthly number of listings dropping over the last third of the year.

Last year also saw 938 residential sales in January 2018, finishing the year with 1,064 residential sales last month. For the year of 2018, there were 15,580 residential property sales through the PPMLS. Not to overreact, but that means 68.1% of the homes listed to sell, did!

Number of Sales Per Month

2,000

1064

1,800 1,600 1,400 1,200 1,000 800 600 400 200

Bill McAfee Empire President & Course Instructor

Aimee Daugherty Administrative Assistant

Brenda Duzenack Customer Service Manager

Empire Title with Pikes Peak School of Real Estate offers a tremendous variety of courses every month, brought to you by our stellar education team.

Look for Empire’s classes on the page to the right, Butt don’t wait too long to sign up - our classes are a kick, and they fill up fast. Be sure to register soon …

“Mule” be glad you did!

All classes now held at our new Training Center: 5555 Tech Center Drive, Suite #110 (just one-minute southwest of our current office)

WE DON’T SUCCEED UNLESS YOU DO!

PEAK PRODUCERS Invitations have been mailed to the Top 10% of Agents (based on number of transactions closed through PPMLS in 2018).

Congratulations to all of you on your success, and good luck to those applying for membership!

Nov-18 Aug-18 May-18 Feb-18 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

0

Even more overwhelming, there wasn’t a single month in 2018 where more than half of the homes went unsold; and, there were five months when over 80% of the homes on the market sold. The overabundance of purchasers drove up home prices last year: median sales price climbed 10.8% from $285,000 in December 2017 to $300,855 in December 2018; and, average sales price rose 10.6% from $323,149 to $340,907 in that same time frame.

The optimism in the real estate market is not over2018 YTD vs. 2017 YTD blown, and despite slight in• Average Price 10.6% creases to mortgage interest • Median Price 10.8% rates, there does not appear • Residential Units Sold 4.7% to be anything imminent to • Inventory Levels 5.3% overshadow the expected • Number of Listings 6.6% gains in our immediate fu• Foreclosures 1 16.7% ture that cannot be over• Average Days on Market: 40 come. At the risk of going overboard with this overall • Interest rates 4.55% theme, there are likely two things that will come over easy in 2019: real estate agents will continue to be overworked; and, I will continue to be overweight. Over and out.

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



Send us your PHOTOS!

josh@csrej.com

www.thepeakproducers.com

10

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Colorado Springs Real Estate Journal

January 28, 2019

Around the Corner Tuesday, January 29 HBA Breakfast with the Builders 8:30a-11a @ Chapel Hills Mall Event Center www.cshba.com Wednesday, January 30 2019 Contract Class 9a-12p @ Legacy Title asalladay@legacytitle-llc.com Tuesday, February 5 Certified Hyperlocal Real Estate Specialist 8:30a-5p @ Legacy Title asalladay@legacytitle-llc.com Wednesday, February 6 HBA Annual Awards Dinner 5p-9p @ Cheyenne Mountain Resort www.cshba.com Intermediate CTMe class 9:30a-11:30a @ 1745 Shea Center Dr. 4th Floor - Highlands Ranch, CO RSVP@UnifiedTitle.com or 719-955-7094 Annual Commission Update 1p-5p @ Empire Title Woodland Park lori@empirewp.com 719-686-9888 Thursday, February 7 2019 Real Estate Contract 9a-1p @ Empire Title Training Center 5555 Tech Center Drive, Suite #110 rsvp@etcos.com 719-884-5300 Business & Tax Fundamentals 9a-10a @ Legacy Title asalladay@legacytitle-llc.com Cyber Security For Real Estate Agents 10a-12p@ Unified Title University RSVP@UnifiedTitle.com or 719-955-7094

January 28, 2019

WCR Board Meeting 2p-4p @ PPAR www.ppwcr.org

2019 Update Contract Class 9a-12p@ Unified Title University RSVP@UnifiedTitle.com or 719-955-7094

Tuesday, February 12 NARPM Luncheon 11a-1p @ Hotel Elegante coloradosprings.narpm.org

Annual Commission Update Class 1p-5p@ Unified Title University RSVP@UnifiedTitle.com or 719-955-7094

eContracts – Beginners 10a-12p @ Empire Title Training Center 5555 Tech Center Drive, Suite #110 rsvp@etcos.com 719-884-5300

WCR Network Luncheon 11a-1p @ The Warehouse www.ppwcr.org

Intermediate CTMe 2p-4p@ Unified Title University RSVP@UnifiedTitle.com or 719-955-7094

Wednesday, February 20 Annual Commission Update 9a-1p @ Empire Title Training Center 5555 Tech Center Drive, Suite #110 rsvp@etcos.com 719-884-5300

WCR: Self Defense Class 9:30a-1p @ Library C21(1175 Chapel Hills Dr) www.ppwcr.org Wednesday, February 13 2019 Real Estate Contract 1p-5p @ Empire Title Woodland Park lori@empirewp.com 719-686-9888 2019 ACU 9a-1p @ Legacy Title asalladay@legacytitle-llc.com Instagram For Your Business 10a-12p@ Unified Title University RSVP@UnifiedTitle.com or 719-955-7094 Thursday, February 14 Farm and Land 8:30a @ The Egg and I - Chapel Hills Charlie Triplett: 719-896-1777 YPN (Young Professionals Network of Realtors) 3p-4p Meeting @ PPAR (board room) 4p-6p Social @ Red Martini (downtown) 719-633-7718 | mvanmetre@ppar.org

Tuesday, February 25 Fraud 12p-1p@ KW • 10375 Park Meadows Dr #100 Littleton, CO RSVP@UnifiedTitle.com or 719-955-7094 Wednesday, February 27 2019 Contracts Class 9a-12p @ Legacy Title asalladay@legacytitle-llc.com

UPCOMING DEADLINES Deadline

Distribution

Feb 14, 2019

Feb 25, 2019

Mar 14, 2019

Mar 25, 2019

VA Mortgages 9a-10a @ Legacy Title asalladay@legacytitle-llc.com

Apr 18, 2019

Apr 29, 2019

May 16, 2019

May 28, 2019

Jun 13, 2019

Jun 24, 2019

Secure Email 10a-12p@ Unified Title University RSVP@UnifiedTitle.com or 719-955-7094

Jul 18, 2019

Jul 29, 2019

Aug 15, 2019

Aug 26, 2019

Sep 19, 2019

Sep 30, 2019

Oct 17, 2019

Oct 28, 2019

Nov 14, 2019

Nov 25, 2019

Dec 16, 2019

Dec 30, 2019

Thursday, February 21 2019 Real Estate Contract 9a-1p @ Empire Title Training Center 5555 Tech Center Drive, Suite #110 rsvp@etcos.com 719-884-5300 Social Proof: How to boost your Ranking 10a-11a @ Legacy Title asalladay@legacytitle-llc.com WCR: New Member Orientation 9:30a-11a @ Aspen View Model Home 1401 Grand Overlook St, CS, 80910 www.ppwcr.org Friday, February 22 Annual Commission Update 9a-1p @ Cañon City Board of Realtors rosie@empirecanon.com 719-275-4900

Send us your event info! josh@csrej.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.

Colorado Springs Real Estate Journal www.csrej.com

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Welcome to Broadmoor View!

Homes Available!

Starting from the low $300’s 1401 Grand Overlook St. 80910 From Hwy 24, take S. Union south, turn right on Monterey Rd, follow signs to the model home.

• • • •

9 Quick Close Homes Gorgeous Mountain Views Convenient to Fort Carson & Downtown Incredible Buyer Incentives *Price and availability may change without notice. All buyer incentives tied to seller preferred lender.

Ed Hafferkamp Allison Wilcox

(719) 377-8338 (719) 396-4399

EHafferkamp@aspenviewhomes.net AWilcox@aspenviewhomes.net

AspenViewHomes.com The best move you’ll ever make.