CSREJ - June by Colorado Springs Real Estate Journal

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Vol. 11 No.10

June 24, 2019

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Fewer babies is bad for business The U.S. birth rate has fallen to its lowest level in more than three decades. Nearly 3.8 million births were recorded nationwide last year, down 2% from a year prior and marking the fourth consecutive annual decline, according to data from the Center for Disease Control and Prevention. All age groups of women under 35 saw a decline in birth rates.

As fewer women get married and have children before the age of 35, they may be less likely to start their own household. That will suppress housing demand in for-sale and for-rent singlefamily housing, the preferred choices of families with children under 18 years old, according to an article at the National Association of Home Builders’ Eye on Housing blog. The impact may already be evident: A record high number of young adults are living with their parents or relatives or sharing housing with roommates. Fewer young adults are starting households of their own. “Declining birth rates mean lower demand for rental

housing two decades from now, when those born in recent years will be entering the rental market,” the NAHB notes. “The effects will spread to the single-family market in the following years and will persist for years to come.” The U.S. fertility rate—the number of births that a hypothetical group of 1,000 women would have over their lifetimes—set a new record low in 2018. It now stands at 1,728 births per 1,000 women, according to the Centers for Disease Control. The NAHB researchers says that besides an evident cultural shift, they suggest that housing affordability can’t be ignored as a possible factor that is contributing to the trends of later marriages and fewer children. “Solving housing affordability issues would not only help halt declines in fertility and birth rates but would also boost population growth by attract-

ing migrants from out of state and foreign-born immigrants,” researchers note. Only two states in the nation have seen fertility rates move higher— Utah and South Dakota. On the other hand, Washington, D.C., has the lowest fertility rate in the country, followed by all six states in New England and then Oregon. In general, the coastal states tend to also have lower fertility rates, while central states tend to skew higher. © Copyright National Association of Realtors. Reprinted with permission.

Quicken Loans to pay $32.5M in suit over faulty FHA loans mortgages, according to the lawsuit. Since the loans were insured by the FHA, Quicken Loans was paid even if the borrower defaulted. Quicken Loans officials have denied any wrongdoing. The company did “nothing wrong” except pay for losses involving “human error,” Vice Chairman Bill Emerson told the Detroit Free Press. “Resolution is the right term, not settlement,” Emerson said, adding that the error was a 0.02% rate on some $108 billion in

FHA-related lending since 2007. Quicken Loans is one of the nation’s largest FHA lenders and will continue to remain in the FHA program. “All parties fully understand the important role the FHA program plays in helping middle-class Americans access home financing, and this resolution allows the parties to move ahead together with that mission and

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Quicken Loans has agreed to pay $32.5 million to settle claims that the lending giant resold faulty mortgages to the Federal Housing Administration. After the announcement of the agreement Friday, the lawsuit was dismissed by a federal judge. In the lawsuit, the federal government accused Quicken Loans of not properly vetting FHA-insured loans by verifying borrowers' income. Quicken Loans also allegedly used improper appraisals to issue larger

to ensure their future relationship,” former federal judge Gerald Rosen, who was involved in mediation in the case, said in a statement. “The parties worked diligently and in good faith to mediate for a solution to resolve their differences and to put the dispute behind them.” © Copyright National Association of Realtors. Reprinted with permission.

National News............ Page 2 Local News................ Page 6 On the Move.............. Page 8 Local Expert.............. Page 10 Around the Corner....... Page 11

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Ventilation is the 'new frontier' for 'healthy' homes

Josh Olson

josh@csrej.com Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colorado Springs, Colorado. CSREJ is published once a month and distributed through USPS, digitally, or by hand to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Building Association and many other industry-related professionals. CSREJ is not responsible for any opinions or facts expressed by non-staff writers. CSREJ shall not be held responsible for any errors in advertising or editorial content. Realtor® is a registered trademark. Sometimes the word Realtor® or Realtors® will appear without the “®” symbol for the purpose of saving space. The registered trademark should be assumed if it is not present.

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Indoor air quality is one of the top five environmental risks to public health, researchers say. After all, most people spend 90% of their time indoors, whether in homes, office buildings, or other structures. Ventilation is the “new frontier for making houses healthy,” Carl Seville of SK Collaborative, a green building consulting and certification firm, told Forbes.com in a recent article. There’s reason for the added attention. Recent studies have shown indoor air is polluted with lead, dust mites, radon, pests, carbon monoxide, pet dander, mold, and secondhand smoke, according to the National Environmental Education Foundation. Ventilation in the form of bathroom fans and kitchen range hoods can help remove some of the bad air from homes. Older homes, however, may be prone to leaks of these pollutants. Some homeowners are taking it to the extreme to purify their home’s air. For example, a new 9,500-square-foot home in San Francisco was built in 2018 by Troon Pacific and boasts hospital-grade air filtration via a Zehnder whole-house ventilation system. It changes all of the air in the home every two hours. Also, a whole-house vacuum system ensures all areas are allergen- and dust-free. The system costs around $10,000. Builders also are constructing newer homes more tightly than they did in the past. As such, newer homes may be more energy-efficient, but their tightness may be keeping fresh air out. Some homeowners are turning to heat recovery ventilation and energy recovery ventilation systems. They both essentially pull out bad air and replace it with good air using different methods. HRV systems run between $600 to $1,100 for a mid-size system; similar-sized ERVs may cost $150 to $200 more, according to Forbes.com. © Copyright National Association of Realtors. Reprinted with permission.

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National News

Real estate pros say these design trends don’t work

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Real estate professionals know how to look at houses from a buyer’s perspective and can spot decor trends that are likely to turn their clients off. “I am selling space, and I need to be sure that the spaces are not distracting and that the buyer does not have to work too hard to take in the overall size, proportion, and scale of a room,” Robin Kencel of Compass told Apartment Therapy. Some of today’s most popular design trends could prove to be less than ideal for your buyers. Real estate pros tell Apartment Therapy which interior design trends they believe won’t impress potential buyers—and may even make them want to pass on a home, including: COLORFUL KITCHENS. The trend toward bold colors in the kitchen, rather than just white or neutral colors, is catching on. But real estate pros don’t believe that most buyers will warm up to this hot trend. Bright kitchen cabinets and appliances—in hues of reds, greens, or blues—can be polarizing, they say. TAXIDERMY. The art of stuffing and mounting animals on the wall may offend some buyers. “While it might be natural for a decorator to include taxidermy into the room decor, I always recommend removing any once-living animals from a room before the house gets listed,” Kencel says. “I have seen buyers physically recoil and refuse to enter a room that has taxidermy in it.” The same thing applies to fur accessories and animal skin rugs; some buyers may be sensitive to their use as well. BOLD CONTRASTS. The black-and-white trend in home decor is catching on, but real estate pros told Apartment Therapy they don’t believe it works when showing off a home for sale. “While some might like this bold look, it is really not for everyone,” says Kathryn Landow of Warburg Realty. Black-andwhite marbled entries, accessories, and color blocking in cabinetry can prove to be a little much. Any use of the black-and-white trend is best kept to decorative accents, real estate pros say. Those are much cheaper to swap out than tile or marble flooring or kitchen cabinetry. © Copyright National Association of Realtors. Reprinted with permission.

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Local News

Habitat for Humanity kicks off "Cost of Home" campaign Nearly 19 million households across the United States are spending at least half of their income on a place to live, often forgoing basic necessities such as food and health care to make ends meet. In El Paso County, over 75,000 people live below the poverty line The median price of a home in El Paso County is $310,000 and median rent is $1,335/mo. Affordable rental units are scarce with vacancies at a mere 3% for units with monthly rents at $750 or less. The stability that housing should bring continues to remain out of reach for many people.

The Cost of Home campaign is increasing home affordability by influencing policies focused on: • Increasing supply and preservation of affordable homes • Equitably increasing access to credit • Ensuring access to and development of communities of opportunity • Optimizing land use for affordable homes This month, Pikes Peak Habitat for Humanity (PPHFH) joined Habitat organizations across the country to launch a new national advocacy cam-

paign aimed at improving home affordability for 10 million people in the U.S. over the next five years. Marking significant growth in Habitat’s commitment to ensuring that everyone has a safe and decent place to call home, the Cost of Home campaign seeks to identify and improve policies and systems through coordinated advocacy efforts at the local, state and federal levels. Cost of Home focuses on improving housing af-

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fordability across the housing continuum in four specific policy areas: increasing supply and preservation of affordable homes, equitably increasing access to credit, optimizing land use for affordable homes, and ensuring access to and development of communities of opportunity. Pikes Peak Habitat for Humanity already has taken several steps toward these goals, and is participating in Colorado’s Statewide Legislative Build Day on Thursday, June 27, 2019. PPHFH is inviting local government officials and community leaders to come together to impact El Paso County families by building strength, stability, and self-reliance. Executive Director and CEO Kris Medina says, “To build a strong sustainable community, we need to be aware of the needs of those around us and how those needs directly and indirectly impacts the quality of our lives as well as our community. Affordable housing impacts each and every one of us, and Habitat’s Cost of Home is helping inform all of us that meeting the need for affordable housing has many solutions and positive outcomes, and we can all be a part of that solution if we understand the issue.” More details about Habitat’s Cost of Home policy platform and campaign activation are available at habitat.org/costofhome. For more information or to speak to Pikes Peak Habitat for Humanity about the campaign, please contact Laura Williams-Parrish at laura@pikespeakhabitat.org or 719.475.7800 ext. 106.

We take pride in the strong position we hold in Colorado Springs and in working with you the way we’ve always done: efficiently, with integrity and discipline. That’s something you can always depend on when you partner with us – today, tomorrow, and for decades to come. We’re always here to help. Contact us today. 719-531-0222

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Local News

Colorado Springs ranked #8 “Best Small City”* by Resonance Consulting Colorado Springs added to its growing stack of top rankings today, earning a #8 ranking among cities with populations under one million. The ranking comes thanks to Resonance Consultancy’s Best Cities ranking, which Bloomberg calls “the most comprehensive study of its kind; it identifies cities that are most desirable for locals, visitors and business people alike …“ Resonance ranks cities based on 23 factors grouped into six core categories; Place, Promotion, Product, Programming, People and Prosperity. Resonance also considers “perception-shaping quantitative measures” such as the number of cor-

Colorado Springs is

#2 IN ATTRACTIONS #4 IN PROMOTIONS porate headquarters, economic markers, etc. Colorado Springs’ highest-scoring factors fell in the Product and Promotions categories. In the category of “Product,” Resonance called the city a “wonderland for those who love the outdoors,” and recognized its growing culinary scene. In the “Promotions” category, Colorado Springs ranked 4th

for its “ability to tell its story.” Wrote Resonance, “The City is also getting the word out about its rise, moving up seven spots to #4 in our Promotions category, including piquing plenty of interest with the most Google Searchs among small cities in the country (other than Charleston).” Read the full report at http://media.resonanceco. com/uploads/2019/05/Resonance-2019-Americas-Best-Cities-Report.pdf *By Resonance’s criteria, a “Small City” is one with a population of under 1 million. © Copyright www.coloradosprings.gov

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On the Move

Gandy, Fellhauer, Phillips, Vafides EXIT Realty Pikes Peak Duane Gandy, who most know as “Gandy”, is from Racine, Wi but now calls Colorado Springs “home”. He is the proud father of four amazing kids, one son and three daughters, ranging in age from 4 to17. He served just over 20 years in the Air Force and says he enjoyed every minute of it! Newly licensed, he’s excited to join the EXIT team and looks forward to making a positive impact in our community. Genevieve Fellhauer is a Colorado native and a UCCS graduate. She is a proud mom to an 18-month-old son & to 3 bonus kids as well. She is engaged to be married this September, and her family is the most important aspect of her life. She is newly licensed and looking forward to learning as much as possible, as well as reaching her financial goals. Tammy Phillips was born and raised in New York and has been a resident of Colorado Springs since 2007. A Realtor for over eleven years, it is her top priority to make her clients happy. She listens to her clients wants and needs to achieve the best outcome in every transaction & strives to ensure that the home buying or selling process is fun, easy and stress-free.

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Christine Vafides is a recent graduate from CSU in Fort Collins and decided to make Colorado Springs her new home. She is very excited to start a career in real estate. She is an avid FRIENDS fan, and loves to spend time in Colorado’s beautiful sunshine.

Leichliter, Schneider, Johnson Berkshire Hathaway Rocky Mountain, Realtors Bea Leichliter is originally from Southern California. She was stationed in Colorado Springs during her Air Force enlistment and decided that Colorado was where she would grow roots. Bea spent 19 years as an Engineer working in the Aerospace Industry. She has a Bachelors degree in Computer Science and is at ease when things get technical. She is an engineer at heart and loves a good problem to solve. Real Estate has been her passion since she purchased her first home at 20 years old. She is excited to be part of your team and to support you through the processes of buying or selling your home. Amanda Schneider is a part of the Constantino-Rubley Team with Berkshire-Hathaway HomeServices Rocky Mountain REALTORS. She is a Nebraska native, but has lived in Colorado for the past 6 years and considers this state her forever home. As a U.S. Army veteran and spouse of a Special Forces soldier, Amanda is intimately familiar with the unique needs of military families when it comes to real estate. She also has several years of business experience and is a seasoned real estate investor. Amanda is passionate about giving back to her community, especially when it comes to organizations that support service members and other veterans. She is proud to be involved in the following

community organizations: Mt. Carmel Veteran’s Services, Angels of America’s Fallen, Team Red, White & Blue, Victory Service Dogs, and Mountain Post Spouses Club. Hilary Johnson brings 18 years of real estate expertise, excellent customer service and commitment to making her clients have the best possible experience in buying or selling the biggest investment of their life – a home. She has found that stepping back and just listening to her clients needs, wants and desires in buying or selling a home is the most effective tool in building a positive and enriching client relationship. Enthusiasm and appreciation for life are two of the driving forces behind Hilary Johnson’s Real estate practice – and her life. She describes herself as a happy and fortunate person, and she brings that attitude to everything she undertakes.

Eric Wagner RE/MAX Real Estate Group Eric has a great foundation in homes and safety; he loves helping families buy or sell houses while protecting and securing their biggest investments. Eric served many years as a firefighter/EMT, retiring as a Fire Captain in the Four Corners area of Colorado. It was his job to engage and train community members and build relations, while protecting communities of Colorado to keep them safe in all-risk fire, rescue and emergency services. Eric has been in the construction trades as a Certified Home Inspector, building residential homes from the ground up, while specializing in decorative tile flooring and carpentry. He also started a low voltage company, selling and installing home audio/visual equipment and security systems. As a resident of Colorado since 1985, Eric loves all that Colorado has to offer, from mountain biking, hiking, rafting, and camping to en-

Colorado Springs Real Estate Journal

joying the many exceptional sporting events, restaurants and brew pubs. Eric and his wife Tanis have two girls, Stella (4) and Vivian (2).

Stowell, Loflin, Lechner RE/MAX Properties Sarah Stowell has the following designations: Certified Senior Advisor (CSA), Certified Senior Housing Professional (CSHP), and Certified Residential Specialist (CRS). When Sarah isn’t working on real estate, you can find her learning French, snowshoeing in the backcountry, working in her garden, or tending her flock of urban chickens. Kristy Loflin began her career in real estate 20 years ago in the foothills of the Appalachian Mountains in NE Tennessee working with her family owned RE/MAX franchise. Kristy has helped over 400 families reach their dream of home ownership. Kristy and her husband Tom relocated to the Colorado Springs area for career opportunities and for their love of the outdoor lifestyle. Kristy and Tom have one daughter, Jessica and two fur babies, Percy and Lucy. Kristy’s real estate mission is to create new opportunities to match buyers and sellers and provide outstanding service for all our Raspberry Mountain Team clients. Lori Lechner: Real estate is not only Lori’s job, it is her hobby and her passion. Lori has spent with majority of the last 18 years in new home sales and has a good relationship with many new home builders in the area. She and her husband Ralph also own many rental properties including “short term” rentals.

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Local Stats

QUALITY SIGNAGE at BUDGET $$’s with QUICK TURNAROUND

COLORADO SPRINGS AREA

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

Housing Stats Dashboard and Sales Analysis

Jay Gupta, MA MRE CompiledBME and analyzed by: CRS CMRS SRES CDPE

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

CAR Research Region Spokesperson 2008 PPAR ChairmanCommittee and 2010Southeast REALTOR of the Year With over 2-Billion inSoutheast personal and managed sales CAR Research Committee Region Spokesperson WithBerkshire over 2-Billion in personal and managed sales Hathaway Home Services Rocky 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 ®

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

May 2018 2,080 1,885 1,568 5,967 83.2 $558,094,905 $2,049,956,883 $317,250 $355,927 100.5% 22 1.2 months

May 2019 2,114 1,849 1,564 5,932 84.6 $582,458,906 $2,135,472,544 $329,250 $372,416 100.1% 25 1.2 months

84.2% 6.8% 2.7% 1.0% 5.4%

80.6% 8.0% 3.3% 2.2% 5.9%

Sales Analysis

Sales@ABudgetSigns.com

NOTARY SEALS

Change 1.6% (1.9)% (0.3)% (0.6)% 1.4% 4.4% 4.2% 3.8% 4.6% (0.4)% 13.6% 0.0%

Realtor Yard Signs Custom Banners Brochure Boxes In-Stock Riders

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 May 2018 and 2019. 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 Colorado Springs area weather may have changed but the housing market remains strong and steady. During the past two years in the month of May, single-family/patio home active listings and home sale levels have been remarkably steady. In May 2018, there were 1,885 active listings, 1,568 monthly sales, and 5,967 year-to-date sales while in May 2019, there were 1,849 active listings, 1,564 monthly sales, and 5,932 year-to-date sales. Unlike some other areas in the country, sales-price growth has not hit a wall in our market. From May 2018 to May 2019, the average price increased 4.6 percent and median price 3.8 percent. May 2019 had the highest level of single-family/patio home year-to-date sales volume along with highest average and median sale price levels compared to any prior month of May on record. Year-over-year, there was a 21 percent drop in the sale of single-family/patio homes priced under $300,000, primarily due to the inventory shortage, while a 16 percent increase in homes priced between $300,000 and $400,000, and a robust 35 percent increase in homes priced between $500,000 and $600,000.

Active Listings 1,849 Active Listings 5,042 Active Listings 3,559

NATIONAL STRENGTH

SHELLY FARMER 719.330.1624

12.3% of Single Family/Patio Homes Sold in May 2019 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 better supply and demand situation.

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2.3% of Single Family/Patio Homes Sold in May 2019 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.

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A Comparison of May 2019 Sales Data with Previously High Record Setting May 2005  Active Listings are down by (56)%  Months’ Supply is down at 1.2 from 3.5 months in 2005  Monthly Sales are up by 28%  YTD Sales are up by 24%  Monthly Dollar Sales Volume is up by 98%  YTD Dollar Sales Volume is up by 90%  Average Sale Price is up by 55%  Median Sale Price is up by 63%

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Historically Low-Interest Rates: The current historically low rates (in the low 4% 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.

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Note: In May 2019, over 32% active listings in El Paso and Teller Counties in the PPMLS had price reductions. It is a fact 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.

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www.heritagetco.com May 2019 Sales Analysis By MLS Areas

‘Price Segmented’ Supply and Demand Analysis • 85.4% of Single Family/Patio Homes Sold in May 2019 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.

June 24, 2019

EXPERTISE

NYSE: FNF

Sales 1,564 Listings Sold 84.6% Months’ Supply 1.2 Sales 832 Listings Sold 37.9% Months’ Supply 6.1 Sales 795 Listings Sold 31.4% Months’ Supply 4.5

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NEXT DAY STAMP SERVICE

LOCAL

Unprecedented Supply and Demand Imbalance (Single Family/Patio Homes) May 2019: May 2009: May 1999:

NAME BADGES LOGO

in most cases

(3.6)% 1.2% 0.6% 1.2% 0.5%

Single Family/Patio Homes Sold Through Pikes Peak MLS May 2018 May 2019 % of Total Months % of Total Months Price Range Monthly Supply Monthly Supply Sales Sales Under $199,999 5.7% 0.8 months 2.8% 1.3 months $200,000 to $299,999 36.1% 0.5 months 32.0% 0.4 months $300,000 to $399,999 31.3% 1.0 months 36.3% 0.8 months $400,000 to $499,999 15.2% 1.5 months 14.3% 1.7 months $500,000 to $599,999 5.1% 2.8 months 6.9% 2.2 months $600,000 to $799,999 4.4% 2.6 months 5.4% 2.7 months $800,000 to $999,999 1.5% 4.3 months 1.7% 4.9 months $1,000,000 to 0.4% 16.1 months 0.5% 12.8 months $1,999,999 Over $2 million 0.1% 17.0 months 0.1% 38.0 months

  

INTERIOR SIGNS

Custom Designed Yard Signs

Housing Stats Dashboard

CUSTOM RUBBER STAMPS

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 71 24 3.0 16,182,000 153 109 1.4 47,498,058 71 77 0.9 23,348,171 49 80 0.6 24,398,560 117 275 0.4 79,734,050 23 8 2.9 3,729,504 53 61 0.9 21,906,686 40 95 0.4 32,245,660 111 59 1.9 30,903,610 43 47 0.9 21,554,388 36 23 1.6 7,899,097 51 149 0.3 47,397,198 21 74 0.3 18,345,414 106 83 1.3 38,718,670 137 77 1.8 45,552,045 32 25 1.3 8,871,275 67 28 2.4 12,367,572

Median Price $

Average Price $

SP to List %

"Local" 606,500 430,000 264,900 296,450 290,000 435,000 342,150 316,000 500,000 424,000 305,000 313,000 249,500 425,000 525,000 325,000 403,750

674,250 435,762 303,223 304,982 289,942 466,188 359,126 339,428 523,790 458,604 343,439 318,102 247,911 466,490 591,585 354,851 441,699

98.4 100.0 99.6 101.1 100.8 99.4 99.7 100.9 99.8 100.0 99.9 100.8 101.7 99.1 99.4 99.9 99.5

Avg. DOM

38 41 23 8 13 41 49 14 39 15 24 15 8 30 57 13 32

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 May 2019. 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

Local Expert Losing Interest Prospective buyers in the real estate market lost interest last month – and that’s a good thing! The already-low Freddie Mac 30-Year Fixed Rate Mortgage dropped from 4.2% in April to 3.99% in May. Lo and behold – and that’s how we prefer our interest rates, low and to be held there – mortgage rates are creeping down to some of the lowest levels in history. The last time rates were this low was at 3.9% in November 2017.

By Michael Podoyak Executive Manager Empire Title —

Freddie Mac 30 Yr. Fixed Rate Mortgage 20.0%

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

18.0%

16.0%

14.0%

12.0%

10.0%

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

www.empirewp.com

8.0%

3.99%

6.0%

4.0%

2.0% January - 1971

Empire Title of Canon City

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

www.empirecanon.com



Easy Seller Net Sheets



Quick Buyer Estimates



Useful Comparisons

May 2019

The lowest the Freddie Mac 30-Year Fixed Rate Mortgage has ever fallen was to 3.4% in November 2012 and again in September 2016, What’s really of interest is how many other real estate related factors are seemingly affected by a change in the mortgage rate. Last month, sales prices again broke the all-time record for the second consecutive month, with Median Price hitting $329,250 and Average Price hitting $372,416. Those higher prices didn’t deter too many buyers, who were surely helped at least some by the lower interest rates. Just that slight drop of .21% in interest rate shaves a little over $40 from the monthly payment on last month’s Median Sales Price – a savings of over $14,430 in interest over the life of a 30year loan. So, despite the higher prices, there’s still high interest in purchasing a home. In May there were 1,564 properties sold through the Pikes Peak Multiple Listing Service (PPMLS), 244 more than sold the month before and 662 more than sold in January – a 73.4% increase in monthly sales in just five months.

Number of Sales Per Month 2,000



Rent vs. Buy



Powerful Marketing



Social Media Posting



Ridiculous Affordability



Much, much more!

1564

1,800

1,400 1,200 1,000 800 600 400 200 0

Nov-19 Aug-19 May-19 Feb-19 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

For Apple & Droid devices

1,600

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See your Empire Sales Rep for more details!

Sales as a % of Active Listings 100.0%

84.59%

90.0%

Doreen Hussmann 719-499-6301

80.0% 70.0% 60.0% 50.0%

Brian Miller 719-440-2942

40.0%

Wanda Abramson 719-822-3424

Alissa Edmondson 719-209-2635

20.0%

10.0% 0.0%

Michael Podoyak 719-884-5333 Executive Manager

WE DON’T SUCCEED UNLESS YOU DO!

Oct-19 Jul-19 Apr-19 Jan-19 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

Lori Wollaston 719-686-9888 Woodland Park

30.0%

Interestingly, the number of active listings on the PPMLS has grown only 14.4% since the start of this year compared to the 73.4% growth in sales. Over the last three months, an average of 84.1% of the homes listed on the PPMLS have sold. Thus, homes are averaging only 25 days on market – the lowest since 22 days on market in July 2018. The all-time low appears to be 21 days on market. Basically, if your buyers still have an interest in our local real estate, it is likely in their best interest to act now.

"Like" us on facebook.com/csrej 10

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Colorado Springs Real Estate Journal

June 24, 2019

By including more service easier to quote settlemen

Around the Corner Intro to PPMLS Matrix 1p-4p @ PPAR www.ppar.com

Friday, June 28 Real Estate - Your Way - On Purpose 1p-3p @ Legacy Title asalladay@legacytitle-llc.com

Friday, July 12 Instanet Basic Concepts 2p-4p @ PPAR www.ppar.com

Saturday, June 29 Realtor Day with the Rocky Mountain Vibes www.ppar.com

Deadline

Friday, July 19 Annual Commission Update 8:30a-12:30p @ PPAR www.ppar.com

Tuesday, July 16 WCR Happy Hour 4p-6p @ Salsa Brava - Rockrimmon www.ppwcr.org

First American Title is

Wednesday, July 10 2019 Real Estate Contract – Revised 9a-1p @ Empire Title rsvp@etcos.com 719-884-5300

UPCOMING DEADLINES

Thursday, July 18 72 Hour Pre-Listing 9a-11a @ Legacy Title asalladay@legacytitle-llc.com

Making Closing Fees Simple

New Member Orientation 8:30a-12:30p @ PPAR www.ppar.com

Thursday, July 25 NARPM - July Social 6p-9p @ The Summit coloradosprings.narpm.org

Jul 18, 2019

Jul 29, 2019

Aug 15, 2019

Aug 26, 2019

Sep 19, 2019

Sep 30, 2019

Dec 16, 2019

Dec 30, 2019

COLO

Effective De HereOct is17,an2019 example of fees Oct 28, 2019 14, 2019 Nov 25, 2019 that Nov may be charged by other

Wednesday, July 24 Short Sales & Foreclosures 9a-11a @ Empire Title rsvp@etcos.com 719-884-5300

Wednesday, July 17 HBA Party on the Patio 5p-7p @ The Pinery www.cshba.com

Distribution

...about Solar Homes Basic Resale Escrow Closing 9a-11a @ Empire Title rsvp@etcos.com 719-884-5300

First American Title is Recording Services Friday, July 26 Pricing Strategy Advisor Mastering CMA 8:30a-4p @ PPAR www.ppar.com

Making Closing Fee Courier / Express Delivery

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Basic Resale Escrow Closing Service Save the Date

REALTOR® Day with Recording Services

Saturday, June 29th

premium charged separately. Applies to Basic Resale Title Escrow Closing Service ADDITIONAL CHARGE INCLUDED

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082

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