Colorado Springs Housing Report

Search for homes in Colorado Springs

Must Read Articles

• Schools in the Colorado Springs Area
• High Altitude Tips
• Trees make a neighborhood special
• Relocating, it’s all about the schools
• Government and Military are #1 employers in El Paso County

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Kathy (719-287-1049)   KTorline@msn.com

 Buying a Colorado Springs Foreclosed Homes — important to understand the trustee process

As a student of Foreclosures in Colorado, both to help sellers facing foreclosures, and for buyers looking to buy a Colorado Springs foreclosure, I’m always trying to learn more about the foreclosure process in Colorado.     I attended a class this week taught by Pete Griffiths, the in-house legal counsel for Land Title.   Very good instructor, and definitely understands the legal process of foreclosures in Colorado Springs.   Here’s some of the things I learned in the class that I thought I’d pass on.

• There was 50,514 foreclosures in Colorado in 2009.
• Legally, the definition of  foreclosure in Colorado for contract purposes, is defined as a homeowner who is 30 days behind in their payments.
• Colorado is the only state that has a Public Trustee, whose duties are defined by statute.
• If you are the successful bidder on a foreclosed home at at the Public Trustee auction, you don’t automatically own the property.  There are redemption periods for junior lien holders.   Only at the end of the redemption periods (if junior lien holders don’t redeem) will you officially be the owner of the property.
• The majority of junior liens are “wiped out” if you are the successful bidder at the Public Trustee sale, but not everything goes away.   it’s important to partner with a good title company who can give you information about other liens on the property including HOA liens and tax liens.

Remember, make sure and do your research

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Kathy (719-287-1049)   KTorline@msn.com

Valentine’s Day in Colorado Springs

How do you choose which of their award winning restaurants to go to?  Charles Court?  Penrose Room?  The Summit?  The Golden Bee?  Also, make sure to check out one of their Romantic packages.

Briarhurst Manor Estate
404 Manitou Ave in Manitou Springs
719-685-1864
Don’t just celebrate Valentine’s for a day this year – celebrate it for a whole week at Briarhurst Manor.   They will be featuring a menu that incorporates a fare of “Love and Passion” with a pre fixe six course menu.   (If you don’t make it for Valentine’s Day, maybe you’ll want to come for one of their Murder Mystery Dinners.)

Melting Pot
30-A Pikes Peak Ave. in Colorado Springs
719-385-0300
Looking for a special way to spend the most romantic night of the year? Then The Melting Pot is the place for you. You and your date can dip into four courses including a spinach artichoke cheese fondue, lobster, filet mignon, bananas foster, plus much more!

Continue reading this post…

How do I choose a home inspector?

Related Articles:

• One way to find a good home inspector
• Top 5 Remodeling projects
• Free local money for home improvements
• Federal Tax credit available for remodeling

Since, I have several buyers who have recently have gotten contracts accepted to buy their dream homes, I thought it was good timing to write a quick blog about home inspectors and inspections.   Almost all REALTORS® (99%) recommend a home buyer to have a home inspection; as a good qualified home inspector is crucial to the home buying process. 

There are lots of ways to find a good home inspector in Colorado Springs, and referrals are one of the best ways.  Or you can look online, or check the local phone book.  But regardless of which way you choose, here’s a list of potential questions you could ask before you hire the inspector:

• What are your qualifications?  How long have you been in the business?
• What organizations do you belong to?  Do you belong to the Better Business Bureau in Colorado Springs? (see previous article:  Don’t forget about the Better Business Bureau)
• Do you have a list of past clients I can contact? Continue reading this post…

Colorado Springs Foreclosures

Search for Foreclosures in Colorado Springs

Related Article:  9 key things to know about buying a bank repo 

I’m definitely a “data-queen”, as I love analyzing data, looking at numbers.   As I continue to become more and more of an REO specialist, I recently crunched some numbers to look at the current homes for sales in Colorado Springs and specifically focusing on foreclosed homes, including bank-owned, HUD homes, VA repos, and other foreclosures.  It’s interesting to see where the majority of foreclosed homes for sales are located at in the Colorado Springs area.  Any even more importantly, what parts of the city have very few foreclosures.

Manitou Springs and the Ute Valley area currently have very few foreclosures for sale;  the northwest area of the city ; including Rockrimmon and Mountain Shadows also continue to see very little foreclosure homes for sale.    The southeast part of the City (Soaring Eagles, Pikes Peak Park) and Powers area (Stetson Hills, Springs Ranch) currently have the highest amount of foreclosures for sale.   The Central area (including downtown) is also continuing to see a high amount of foreclosed homes for sale.

Also, according to a new report published by Realty Trac, 1 in every 69 homes is in foreclosure, and Colorado Springs ranks #49 in their U.S. Metro Foreclosure Market Data.  In Las Vegas, 1 in every 13 homes is in foreclosure, in Phoenix, it’s one out of every 22 homes.

  Continue reading this post…

Colorado Spring Real Estate

Market Report for Colorado Springs Townhomes & Condominiums

Search for Townhomes and Condominiums

Related Articles: 

• 5 reasons townhomes make an easy transition from apartment life
• New rules make condo buying harder
• Colorado Springs Home — Is a Condo or a Townhome right for you?
• Do you know what your townhome insurance covers? 

Townhomes and Condos in Colorado Springs continue to be a BUYERS Market, as there is currently a 8 month of supply of homes on the market.   A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET“. 

• Number of Townhomes and Condos in Colorado Springs sold are only down 1% from 2009 in 2008, but are down substantially from 2006, when 1767 townhomes/condos were sold.
• Average pricing continues to see downward pressure, currently down 7% from 2009 to 2008.   2009 pricing is down 15% from the high in 2006.

Continue reading this post…

Fiduciary Duties

Related Articles: 

• Real Estate Agent or Realtor? What’s the difference?
• How to choose a Buyer’s Agent 

I came across a great article in the Gazette over the weekend about Fiduciary Responsibilities.   It was informative, well-written, and very much applies to Colorado Springs Real Estate and Realtors.   My favorite quote from the article written by Jim Flynn  ”The law expects more of fiduciaries than others who have legal duties to another person.”    Some examples of professional who have a fiduciary responsibility are trustees, executors, and guardians, as well as Realtors.

You may wonder what all of this has to do with real estate.  The answer is, it has everything to do with Realtors and real estate in Colorado and it starts with an understanding of agency in Colorado

Agency and Real Estate

Colorado is considered an agency state, and Real Estate Agents have 2 choices of how they represent clients.  According to the information in the Colorado Real Estate Manual:

Colorado Spring Real Estate

Market Report for West, Single Family Homes

 Includes Homes in Pleasant Valley and Kissing Camels

Search for Homes in WEST area

• Federal Tax credit available for remodeling
• Real Estate Agent or Realtor? What’s the difference?
• Don’t forget about the Better Business Bureau
• What is the MLS?

Homes in Colorado Springs WEST area continue to be a NEUTRAL Market, as there is currently 5.7 months of supply of homes on the market.   A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET“. 

• Number of Homes in WEST area in Colorado Springs sold are up 13% more than in 2008, but are down substantially from 2005, when 241 homes were sold.
• Average pricing continues to see downward pressure, currently down 3% from 2009 to 2008.   2009 pricing is down 19% from the high in 2007.

Continue reading this post…

VA Vendee Financing

Related Article:  What is a VA Repo?

Search for Foreclosed Home in Colorado Springs

If you are interested in buying a VA Repo home in the Colorado Springs area, you’ll want to understand take advantage of VA Vendee Financing.  Here’s some of the basic the facts:

• It’s a loan product offered to individuals and investors to help finance the purchase of VA Repos
• It’s offered to both veterans and non-veterans
• VA may contribute up to 6% of the purchase price for buyer’s closing costs
• Interest rates are determined by the VA
• For investors there is no maximum number of investment properties; down payment can be as little as 5% down
• For owner occupieds, amount can be financed with 0% down.
• Mortgage insurance is not required.
• It’s available to both owner occupied and investors
• Properties are always sold “as-is”
• There is no contingency for financing or for inspection

There are currently several Continue reading this post…

Colorado Spring Real Estate

Market Report for Old Colorado City, Single Family Homes

 Search for Homes in Old Colorado City

• Federal Tax credit available for remodeling
• Real Estate Agent or Realtor? What’s the difference?
• Don’t forget about the Better Business Bureau
• What is the MLS?

Homes in Colorado Springs Old Colorado City area continue to be a NEUTRAL Market, as there is currently a 10 months of supply of homes on the market.   A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET“. 

• Number of Homes in Old Colorado area in Colorado Springs sold are 15% more than in 2008, but are down substantially from 2005, when 295 homes were sold.
• Average pricing continues to see downward pressure, currently down 7% from 2009 to 2008.   2009 pricing is down 18% from the high in 2005.

Continue reading this post…

 Bank Repos can be surprising

Search for Foreclosed homes in Colorado Springs

Related Article:  What makes buying a foreclosure different?

I was out previewing properties yesterday for a buyer who is moving to Colorado Springs from our of state; and it reminded me how nothing takes the place of seeing a property in person.   No matter how good technology is,  you still have to see it.

One of the properties I was looking at was in the North Central part of Colorado Springs in a neighborhood called Roswell.  Roswell is a unique neighborhood, lots of history with some houses being built in the early 1900’s.   Parts of the neighborhood have been rehabbed and some parts still look a little rough and distressed.

The property I previewed is on Tremont Street, listed at $109,000 for 2100 square feet.  At first glance it seemed like a great deal at around $50.00 per square foot, 5 bedrooms, 2 baths.   This is the description in the MLS, which certainly gives fair warning that the property needs work:

FIXER UPPER, FIXER UPPER, FIXER UPPER. PROPERTY CAN BE A SINGLE FAMILY RESIDENCE OR SET UP AS A DUPLEX. STUCCO EXTERIOR, TWO SEPERATE ENTRANCES. STAMPED AND STAINED CONCRETE PATIO WALK WAY. NEWER VINYL WINDOWS. LARGE LOT PLENTY OF ROOM FOR A DETACHED GARAGE. CLOSE TO PENROSE HOSPITAL AND DOWNTOWN AND TWO BLOCKS FROM 1/2 MILLION DOLLAR HOMES ON WOOD AVENUE!!!! NO UTILITIES SO USE A FLASH LIGHT. CLOSE TO MONUMENT VALLEY PARK AND WALKING TRAILS. UNIQUE LOCATION.

Continue reading this post…

VA Repos in Colorado Springs

Related Article:  What makes buying a foreclosure different?

Search for Foreclosed Home in Colorado Springs

There are many different types of foreclosed homes in Colorado Springs, as well as the rest of the US, that hit the market, including VA repos.  These are the result of foreclosed homes that were financed with a VA loans.  Currently these homes are marketed for sale through Bank America Homes Loans.

The properties are typically listed in the MLS, but they can also be viewed on www.reotrans.com and on www.homesales.gov and www.va.reotrans.com

Here’s some basic facts about VA repos.

• Buyers must use a Real Estate agent to submit their offer.
• VA provides addendums which outline their policies
• VA properties are always sold “as-is”
• VA does not include an inspection period in their offers.  If a buyer is interested, they should do the inspection before they put in their offer. Continue reading this post…

 How to Buy a Foreclosure — Part I

If you are interested in buying a Foreclosure in Colorado Springs, it’s important that you realize that these are a “different type of sale”; and they go by different rules than “normal sellers”.

Most people who are looking to buy a REO in Colorado (foreclosed property) are looking for a deal.   It’s important to know that deals can be had, but they can’t be stolen.   Lenders are very good at pricing the properties correctly, and they typically have them priced correctly.

What makes buying a foreclosure different?

1. Asset Managers set the rules, and the rules very from lender to lender as well as the and the rules can also vary from Manager to Manager within the same lender.  (9 key things to know about buying a bank repo )
2. Asset Managers set the price by reviewing BPO (Broker’s Price Opinions) and Appraisals.  (Banks, how low will they go?)
3. Asset Managers typically work Monday through Friday, no weekends, no holidays, no evenings.
4. Asset Managers are looking for the highest net return and the quickest closing.
5. The properties are sold “as-is” with no repairs, no warranties and no guarantees.  (Homes sold “As Is” in Colorado Springs….what does it mean?)
6. Asset Manager almost always require a pre-qualification letter and an Earnest Money Check before submitting an offer.
7. Asset Managers can take days to give an answer on a contract.
8. Asset Managers  may also need to receive additional approval from their investors, mortgage services and the mortgage insurance companies on low offers.   Many times they don’t have the final say in accepting a contract.
9. REO Foreclosures almost always have an additional addendum’s.  It’s crucial for buyers and their Realtors to read the addendum thoroughly as the addendum’s supersede the terms, dates, and deadlines in the contract.
10. Remember, The Asset Manager is an employee, they are not real estate agents.  Their job description is to get the property sold.  They typically will be working on 300 to 400 files at a time.  For them it’s a business decision.

The most important thing to remember, they all want to recover the most they can in a sale in the quickest amount of time.

• Don’t let your dream house become a nightmare
• Pre-Qualification or Pre-Approval, which do you need to buy a home?
• Homes in Colorado Springs, 5 things to know about buying foreclosures
• 8 biggest mistakes made by Colorado Springs home buyers
• Buying HUD homes in Colorado Springs, Part I
• Buying HUD homes in Colorado Springs, Part II
• Colorado Springs HUD Homes – Part III in FAQ’s
• HUD homes available for $100.00 downpayment 
• Buying a short sale vs. a foreclosure, what’s the difference?
• Abandoned pets are foreclosure victims
• 7 reasons to buy a HUD home in Colorado Springs
• Rules are Rules for Title Seasoning 
• The Million Dollar Question

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Kathy (719-287-1049)   KTorline@msn.com

New rules for FHA borrowers who previously had a short sale

Since Colorado Springs, like many places in the US have their share of homeowners who have done short sales, I was really glad to see that HUD released some new guidelines about Short Sale Borrowers and information on when they may be eligible for a FHA loan.  There are many reasons to do a short sale (12 Acceptable Reasons for a Short Sale) , and in my opinion, some are legitimate and some are not.   These new rules give some clear guidelines.

Here’s a recap of document published on December 19, 2009:

Here is the actual language from the new FHA Guidelines:

FHA Guidance on Short Sales Borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement on his or her principal residence simply to take advantage of declining market conditions, and purchase, at a reduced price, a similar or superior property within a reasonable commuting distance.

Continue reading this post…

Housing Market Report for Manitou Springs, Single Family Homes

Includes Homes in Crystal Hills

Homes in Manitou Springs continue to be a Buyers Market, as there is currently a 10.1 months of supply of homes on the market.   A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET”. 

• Number of Homes in Manitou Springs sold are down by 18% in 2009 vs. 2008.    When comparing the high of 90 homes sold in 2006, unit sales are down by 43%.
• Average pricing continues to see downward pressure, currently down 2% from 2009 to 2008.    Pricing is actually down 32% from the high of $326,257 in 2007.

Continue reading this post…

 Buying a home in Colorado Springs?  Don’t forget about the big ticket items

Related Articles:

• One way to find a good home inspector
• Top 5 Remodeling projects
• Free local money for home improvements
• Federal Tax credit available for remodeling

Since I work with many first time home-buyers looking at homes in the Colorado Springs area, I really like to help educate them on what components of a house they should look closely at.   Of course, real estate is and probably will always be about location, location, location.    But once a buyer finds the perfect location and the perfect floor plan, then they should really focus on the condition of the house.

A qualified home inspector (see Appraisals and Inspections, 2 important steps for home buyers article) will help immensely with going through the major components of a house; but I still think it’s a good idea for potential buyers to have a mental check list of things they should be looking at.   If a buyer knows up front that there are problems with the house, they can then keep that in mind when submitting their offer to the seller.  My mantra………. an educated buyer can make better decisions.

What are the big ticket money items?

Here’s my list of the seven big items I think buyers should focus on:

1. Roof -  How does it look?  Are there shingles missing?  What type of roof is it?   Is it shake shingle?  Is it Woodruff?  It is concrete?  Are the shingles curling on the edges?  Is there one or two layers of shingles, or even 3 layers?   Can you see dips in the roof?    Do you see any signs of water damage in the ceilings or on the walls?  Continue reading this post…

Want to buy a Colorado Springs Foreclosure, check out FHA 203K Loans –

Related posts:

• 10 things to know about Colorado real estate
• One way to find a good home inspector
• 11 things to ASK about when buying a new home in Colorado Springs
• Top 5 Remodeling projects
• Free local money for home improvements
• Federal Tax credit available for remodeling

With foreclosures at an all time high in the Colorado Springs area, it’s a perfect time to pick up a good deal on a home.    BUT, the challenge is that many of these homes need work and many buyers don’t know they have options on loan that can help them purchase the property as well as still have money for the  work that needs to be done.   One of the best programs around is the FHA 203K Loan.  It’s provides a great way to buy a distressed property and to still have money to get the repairs done.   Let’s start with some of the basics.

What type or properties are eligible?

• A one to four-family dwelling that has been completed for at least one year, including townhouses and condominiums
• The program can also be used to convert a one-family dwelling to a two-, three-, or four-family dwelling 

Where can I get more details?

• The HUD web site has more information than you probably ever need to know, but it’s worth reading the highlights on the web site.   There is also a great section about FHA 203K Loans on the FHA web site.

What type of Improvements are eligible in the FHA 203K Streamline?

• Repair/Replacement of roofs, gutters and downspouts
• Repair/Replacement/upgrade of existing HVAC systems (When and why should I replace my furnace?)
• Repair/Replacement/upgrade of plumbing and electrical systems
• Repair/Replacement of flooring, tiling and carpeting
• Remodeling, such as kitchens and bathrooms
• Weatherization, including storm windows and doors, insulation, weather stripping
• Purchase and installation of appliances, including free standing ranges, refrigerators, washer/dryers, dishwashers and microwave ovens
• Repair/replace/add exterior decks, patios, porches
• Window and door replacements and exterior wall re-siding  (Colorado Springs home Improvement — it’s all about the windows)
• Basement finishing and remodeling
• Basement waterproofing
• Septic System and/or well repair or replacement
• Lead-based paint stabilization
• Accessibility improvements for persons with disabilities

 The next post will include a step-by-step guide of the application process.

  If you enjoyed reading this article, why not Subscribe to be notified of the next one? 

Kathy (719-287-1049)   KTorline@msn.com

Market Report for CENTRAL and DOWNTOWN area, Single Family Homes

Includes Homes in Old North End, Roswell, Bonnyville, Patty Jewett, Downtown

Search for homes in CENTRAL and DOWNTOWN Colorado Springs

Related Articles:

• Federal Tax credit available for remodeling
• Real Estate Agent or Realtor? What’s the difference?
• ILC versus a Survey, what’s the difference?
• Don’t forget about the Better Business Bureau
• Colorado Springs home Improvement — it’s all about the windows
• Preparing your home for a home inspection – Advice for Sellers
• What is the MLS?

Homes in Colorado Springs CENTRAL area continue to be a NEUTRAL Market, as there is currently a 6.7 months of supply of homes on the market.   A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET”. 

• Number of Homes in CENTRAL area in Colorado Springs sold are up in 2009 vs. 2008, but are down substantially from 2005, when 802 homes were sold.
• Average pricing continues to see downward pressure, currently down 13% from 2009 to 2008.    Pricing is actually down 25% from the high of $192,233 in 2007.

Continue reading this post…

Market Report for Single Family Homes in Southwest

Includes Homes in Broadmoor Bluff, Cheyenne Meadows, Quail Ridge, Broadmoor

Search for homes in Southwest Colorado Springs

• Federal Tax credit available for remodeling
• Real Estate Agent or Realtor? What’s the difference?
• ILC versus a Survey, what’s the difference?
• Don’t forget about the Better Business Bureau
• Colorado Springs home Improvement — it’s all about the windows
• Preparing your home for a home inspection – Advice for Sellers
• What is the MLS?

• Number of Homes in Southwest Colorado sold are up in 2008, but are still down substantially from 2005, when 801 homes were sold.
• Average pricing continues to see consistent downward pressure, currently down 16% from 2009 to 2008.
• Average days on market has continued to increase from 97 to 91.

Continue reading this post…

Come see a move-in ready home in Central Colorado Springs

Search for Homes in Colorado Springs

Kathy will be at an open house this weekend on Sunday from 12:00-3:00pm, you can stop by and see her at this home at 1419 Alexander in Central Colorado Springs; close to Palmer Park and Union.  Priced to sell at $175,000.

Refinished Wood Floors, Designer Paint Colors

Continue reading this post…

Colorado Spring Real Estate

Market Report for Northwest – Single Family Homes

Includes Homes in Rockrimmon, Mountain Shadows, Peregrin, Pinecliff

Homes in Colorado Springs Northwest continue to be a NEUTRAL Market, as there is currently a 4.1 months of supply of homes on the market.   A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET”. 

• Number of Homes in Northwest Colorado Springs sold are almost the same as 2008, but are down substantially from 2005, when 532 homes were sold.
• Average pricing continues to see downward pressure, currently down 12% from 2009 to 2008.

Continue reading this post…

#33 Unique Things to do #8 – Annual Fruitcake Toss

Search for Homes in Manitou Springs

Looking for something unique to do this weekend?   Plan on coming to the 15th Annual Fruitcake Toss held in Manitou Springs.  The launch is set to begin at 9:30 am on January 9, 2010 at the Manitou Spring High School.  The event used to beld at the Park but it has been moved back to the the High School to allow even more room to fling  the fruitcakes.

It’s the dessert that gets no respect

“The worst gift is fruitcake,” Johnny Carson once suggested. “There is only one fruitcake in the entire world, and people keep sending it to each other.”  When I was a kid growing up in Kansas, but dad used to get fruitcakes from his customers and suppliers during Christmas.   I truly think we threw most of them away, at least I hope we did.

What are the rules for the toss?

The rules of the Fruitcake Toss are pretty entertaining to read, and here are some of my favorites ……….the cakes cannot contain anything inedible, they’ll be inspected by the fruitcake Toss Technical inspector, if you don’t have a Fruitcake you can rent one $1.00, there are weight classes for 2 lb. and 4lb. cakes;  and the launch device can’t be powered by fuel.

Continue reading this post…

Buy or Selling a home in Colorado Springs?  Check out the Furnace

Related Articles:

• Don’t forget about the Better Business Bureau
• Colorado Springs home Improvement — it’s all about the windows
• Preparing your home for a home inspection – Advice for Sellers

For a Free Market Analysis on Colorado Springs neighborhoods, email Kathy Torline at KTorline@msn.com

There are many things that are important when you go to buy and sell a house; but it’s crucial you understand the major components of a house and the related costs to replace them.  Roofs, windows, heaters; all can run into major money.  Since my hubby and I are planning on buying a Colorado Springs investment property this year, we’ve been putting together a list of contractors to use for major home components.     Let’s start with some of the essentials.

What is the life span of a furnace?

The typical life of a furnace is appx. 20 years; but some furnaces last 25 to 35 years.    One way to make sure it lasts even longer is to periodically have it serviced and change your furnace filter as recommended by the manufacturer.  Think of it the same way you think of “an oil change” for you car.   Preventative maintenance can definitely extend the life of the furnace.

Why would I replace the furnace?

If your furnace or boiler is older than 20 years, it may be good investment to replace it with a high-efficiency model with the guidance of a licensed contractor.   Also, with the current energy tax credit Continue reading this post…

Home repair tops list of #1 scams in Colorado

Must read posts:

• Do your homework on building permits
• Top 5 Remodeling projects
• ILC versus a Survey, what’s the difference?
• Free local money for home improvements

The Denver Post recently published an article listing the ANNUAL LIST of scams published by the Denver-Boulder Better Business Bureau.  The Pikes Peak Better Business Bureau also has a similar list published on their web site.  Drum roll please …………., #1 on the Denver-Boulder Better Business Bureau list:

• Home Repair swindles.     The article states “ Due to the historic storms Colorado saw in the summer of 2009, countless unscrupulous contractors swarmed into the state to take advantage of damaged property owners. Some of the worst problems reported involved contracts that required all insurance money be owned to the contractor, even if the consumer cancels before work begins, inflated costs and high-pressure sales.”

Here’s some suggestions on how to avoid the scam artists:

1. Ask to see reference, then follow up with the references. Continue reading this post…

NEW Colorado Springs Foreclosures homes as of December 31, 2009

During the December 2009, 151 foreclosures came on the market; 56 (37%) of them are already under contract.  

Homes in Southeast Colorado Springs and Homes in the Powers area and Homes in Fountain are still continuing to see more foreclosures than other areas of the city.

For a FREE list of up-to-date Foreclosure Homes in Colorado Springs, Email KTorline@msn 

Continue reading this post…

Colorado Springs Townhomes and Condos

 Related Articles

• 5 reasons townhomes make an easy transition from apartment life
• New rules make condo buying harder
• Colorado Springs Home — Is a Condo or a Townhome right for you?

Sales continue to be brisk in 2009, and it looks like they will end the year higher in 2009 than 2008.  But pricing has continued to see downward pressure. 

Continue reading this post…

Colorado Springs Foreclosure Pick of the week

Search for Foreclosures in Colorado Springs

Related Article:  Buying a short sale vs. a foreclosure, what’s the difference?

My pick of the week is in Falcon Highlands, east of Colorado Springs, on 11006 Birch Hollow Way.  Falcon is only a short commute to Schriever AFB, and Peterson AFB.

It includes over 4800 square feet, with 3 bedrooms, 3 baths,  and a 3 car attached garage, priced at less than $300,000.

If you are looking for a BIG house at reasonable price in Falcon; then this is the property for you.   The property was built in 2007/2008; by John Laing; but was never finished as John Laing went into Bankruptcy. 

The house has a great floor plan, with lots of room to expand in the 2500 square foot basement.

The upsides….. large attached two car and one car garage, laundry on the same level as the bedrooms, open floor plan, separate dining space, main floor office, newly built; never lived in.  Plus it’s on over 1/2 acre lot.   The downsides ………….. no landscaping, no window coverings, and no floor coverings, except in the kitchen and bathroom.

The description in the MLS Says:  “Newly finished former popular Clayborn floorplan includes slab granite counters, upgraded Whirlpool appliances, and hardwood floors in the entry and kitchen / eating nook. Kitchen offers a gas cooktop, double oven, and breakfast bar. This spacious rancher has a great room, main level laundry, convenient mud room, 3 car garage, and unfinished basement with plenty of room to expand. Living spaces flow with ease from one to another, and home has a functionality that all will appreciate!” 

Continue reading this post…

Remodeling in Colorado Springs?

For a Free Market Analysis on your neighborhood, email Kathy Torline at KTorline@msn.com

HOME REPAIR Must read Articles:

• Colorado Homeowners, don’t remodel until you read this! 
• Do you want to do some green remodeling?

The 2009 Remodeling Cost vs. Value Report just got released, and I think it’s a MUST read for all Colorado Springs homeowners and all Realtors.  There is an amazing wealth of information is included in this report.  It the 22nd annual report and compares the cost of remodeling vs. value.   I really enjoyed the data since I’m personally getting ready to do my first flip this year, which also made me realize what a great document it is for Investors.

On the web site, you can pull up the info on 80 different cities.  It starts with going to your area of the country on the map, then picking out the closest city.   Colorado Springs wasn’t one of the cities, but Denver was; hence the data may need to be adjusted slightly for the Colorado Springs area vs. Denver; as our housing prices are probably 10% to 20% less.  Once you are in the report, you can sort by Cost Recovered, Resale Value, and other headings.   It’s heaven for a statistic junkie.

Remodeling in Colorado Springs?

If you are thinking about starting a remodeling project in 2010, this is where I would suggest to start.   Many sellers and homeowners assume Continue reading this post…

As part of a recent 2 day class I attended to get my SRES Designation (Senior Real Estate Specialist) the class had a great section on 1031’s.   I definitely learned some things and I wanted to share it with my readers.

If you would like more information about a 1031 tax exchange for Colorado Springs real estate, Call Kathy at 719-287-1049 or email, KTorline@msn.com

What is a 1031 exchange?

It’s a federal tax allow that allow taxpayers to DEFER capital gains tax on exchanged of property used in trade of business held for investment.  They DEFER taxes, not eliminate them. 

Why would you want to do a 1031 exchange?

There are many reasons including acquiring a future retirement residence, acquiring property with more appreciation potential, relocation of investments in another location, deferring capital gains.

Are there some basic rules?

• Property must be used in trade of businesses or held for investment.
• Property must be exchanged for like like property (i.e. real estate to real estate NOT real estate to stocks and bonds). 
• Replacement property must be identified within 45 days of transferring the exchange property.  Only 3 properties can be identified
• Replacement property must be acquired within 180 days or the tax filing deadline
• For a detailed list of the rules and regulations, here’s a link to the IRS web page.
• The value of the replacement property must be equal to or greater than the value of the relinquished property.

Continue reading this post…

Attention Colorado Springs first time home buyers

For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com

Must read posts:

• Credit score explanation
• Pre-Qualification or Pre-Approval, which do you need to buy a home?
• Why do I have to pay mortgage insurance?
• 26 criteria used to determine interest rates

HUD Secretary Shaun Donovan recently announced some changes to FHA loans that could come as early as the first quarter in 2010.  Since a large percentage of first time home buyers use FHA loans, some home buyers may want to get a home purchased before these changes come into affect:

 Here’s a quick summary of some of the expected changes:

1. Seller concessions may be reduced from 6% to 3%.
   1. Many buyers ask the seller to pay for all or a portion of their closing costs, and the lower seller concessions may make this more challenging to do.
2. Minimum credit scores will be raised for FHA borrowers. (the speech didn’t give specifics on what this credit score was going to be raised to.) Continue reading this post…

Unless you’ve been hiding under a rock, you’ve probably heard about the new tax credit that Congress passed in November.   Here’s a quick summary of the FAQ’s on the credit, and at the end of the article there are some links to other sites to give you even more details on it.  Essentially if you are already planning on buying a house in 2010, this is even one more reason for you to purchase before April 30, 2010.    Homes in Colorado Springs are more affordable than they have been in the last year, and with interest rates at all time low, the tax credit adds the icing on the cake.   It’s a great time for the Colorado First Time home buyer. 

For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com

Who Qualifies?

• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

Which Properties Are Eligible?

• The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

• The maximum allowable credit for first-time home buyers is $8,000.
• The maximum allowable credit for current homeowners is $6,500.

Continue reading this post…

What makes a successful Short Sale?

If you are interested in a short sale, It’s important to  utilize a Colorado Springs Real Estate Agent that specializes in Pre-foreclosures, Foreclosures, and Short Sales; and has a successful and ethical track record.  Call Kathy Torline – Nordstrom, 719-287-1049, KTorline@msn.com

Some statistics say that only 10% of short sales result in a successful closing.  Not good odds.  Made me start thinking about what makes a successful short sale.  They do take a lot of hard work and each one is different, but there are some key factors that can make the difference between a successful short sale and one that fails.

1. Seller has a genuine hardship.
2. Seller is cooperative and motivated to complete the steps required by the lender(s)
3. Lender(s) and other lien holders have been contacted and are willing to consider a short sale Continue reading this post…

Do you want to buy a bank-owned property in Colorado Springs? 

Understand the Differences

Related Articles:

• Don’t let your dream house become a nightmare
• Pre-Qualification or Pre-Approval, which do you need to buy a home?
• Homes sold “As Is” in Colorado Springs….what does it mean?
• Homes in Colorado Springs, 5 things to know about buying foreclosures
• Buying a short sale vs. a foreclosure, what’s the difference?

Buying Bank properties is very different than buying a home from a regular seller.   Make sure you and your Realtor have discussions about what makes them different, as bank-owned properties aren’t for everyone.    Here’s some of the big differences

(1) “As-is”:  Most banks won’t repair anything in the property, the property is sold “as-is”.  Although there are starting to be some exceptions to this and some banks are starting to fix up the properties, most are sold “as-is”.

(2) No Seller’s Disclosures:  The banks typically won’t give out any Seller’s Disclosures or Square Footage Disclosures as they don’t know anything about the property.    Hence, it all up to the buyer to do their due diligence.

(3) Response Time:  Sometimes banks respond quick and fast when they receive an offer;  but many times it can take days, or even a week to get a response to an offer. Continue reading this post…

Resources for Home Inspection issues

Related Article:  Appraisals and Inspections, 2 important steps for home buyers - Tips #11-15

I’m always on the lookout for new web sites that I can forward on to my Colorado home owners, and at the suggestion of Justin Smith, I checked out a site for US Inspect, which seems to be comprehensive resource on home inspections,  by US Inspect .  I read through a couple of the articles, and I especially liked the one on GFI’s; as this seems to come up in almost every inspection I attend.   It was nice to see a comprehensive easy to understand blog on the topic.

One of the other things I really like about the site is the Basic Component and Systems of the Home Section.  As an example, I loved the detailed description is had about Septic Systems, complete with pictures, links to Septic Terms, types of systems, and care of the system.

I also really liked the Radon Article, as it expands on some of the Radon articles I’ve posted on my blog site.

• Radon testing is important in Colorado Springs
• Radon poses a threat to Colorado Springs Homes

Go check it out, let me know what you think about the site.  It seems like a good resource.

  If you enjoyed reading this article, why not Subscribe to be notified of the next one? 

Kathy (719-287-1049)   KTorline@msn.com

Foreclosures on the rise in El Paso County

Related Articles:

I was doing some research for a couple of clients on foreclosures this morning, and pulled up the current foreclosure reports for Colorado Springs as of November 30th, 2009    We’re definitely still on the upswing for foreclosure filings with a 16% increase in 2009 from 2008.   Last year the average monthly rate for new foreclosures was 384, this year the monthly rate is 446.  Here’s the link to the Report and here’s a quick summary of the last several years:

2004    2,298 Filings

2006     2,570 Filings Continue reading this post…

America’s Fastest Recovering Cities

Good news for Colorado Springs

Search for Homes in Colorado Springs

For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com

I love it when I come across a national article giving Colorado Springs postive recognition.  This morning, I happened to see an article from Forbes about America’s Fastest Recovering Cities.

According to the article, the list was formed by compiling statistics from the 100 largest Metropolitan areas, and the statistics included unemployemnt, housing prices, GMP, Foreclosures, and sales rates.

Heres a link to the complete list; Colorado Springs is #14, Continue reading this post…

Colorado Springs homeowners, check this out!

I just came across a very informative blog about free money, and cheap money.  The blog detailed a local Colorado Springs program to help residents install energy efficient items in their houses.  As usual when I come across an article like this, I like to go to the original source about the program so I can give even more information to my readers.

The City of Colorado Springs has an entire section of their web site dedicated to Housing Rehabilitation.  I was impressed with the range of programs offered including Lights and Locks for Seniors, Emergency Repair, Energy Environment Economy Program, and Owner Occupant Rehab.

The Owner Occupant Rehab program is targeted towards low income home owners in Colorado Springs and can be used to improvement the energy efficiency of a house; including replacing windows, upgrading a furnace, adding insulation, upgrading plumbing.    They have some criteria to qualify including you must live in the home and it must be valued less than $247,000.    If you meet the income guidelines, your interest rate is 3%.  Yes I did type it right, only 3%.

The web site includes the contact name at the City to get more information about all of the program.

Previous Posts

• 5 reasons lack of building permits cause big problems
• Colorado Springs Building Codes and Permits – Part I 
• Colorado Springs Building Permits – Part II
• Colorado Springs Building Permits – Part III
• Colorado Springs Building Permits — Part IV  
• Colorado Springs Building Permits — Part V 
• 5 reasons lack of building permits cause big problems
• Do your homework on building permits

  If you enjoyed reading this article, why not Subscribe to be notified of the next one? 

Kathy (719-287-1049)   KTorline@msn.com

Manitou Springs Real Estate  – Single Family Homes – Market Report for October 31, 2009

Search for Homes in Manitou Springs

The Manitou Springs Springs housing market continues to be a Buyer’s Market, as there is currently a 15 month of supply of homes on the market.   A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”.  Sales were only 1% from 2008 to 2007, but average pricing was down 10% from 2008 to 2007.    Sales have continued to decline in 2009, but pricing has increased.

Continue reading this post…

Colorado Spring Real Estate, October 31, 2009

Market Report for Southwest – Single Family Homes, Homes Close to Fort Carson

Includes  Homes in the Broadmoor, Cheyenne Meadows, Bluff Bluffs, Quail Ridge

Search for Homes in Southwest Colorado Springs

The Southwest housing market continues to be a BUYERS  Market, as there is currently a 9.7 month of supply of homes on the market.   A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”.   2008 Sales units were down 25% from 2007, but 2008 pricing was only down 10% from 2007.   Sales have continued to declined in 2009 and pricing has continued to see downward pressure.

Continue reading this post…