Search for Colorado Springs Homes

Why should you care that there is less inventory on the market?

Real estate has always been about supply and demand. When there are more houses on the market then the demand, the market conditions start to adjust and pricing goes down. When there is less houses on the market, pricing starts to stabilize and go up.   As the information listed below, housing inventory, is down.  In fact, it’s way down.

I’m not sure if this means we are going to start to see a rise in pricing, but I do think the market has hit bottom.  As usual, time will tell ………………

Existing Single Family Homes on the Market

April 2012               4,433                          Sales 2,289

April 2011                4,866                          Sales 2,252

April 2010                6,228                          Sales 2,382

April 2009                5,304                         Sales  2,009

April 2008                6,787                          Sales 2,298

April 2007                6,372                          Sales 3,007

April 2006                 6,114                          Sales 2,725

April 2005                 6,512                          Sales 2,659

April 2004                 6,181                          Sales 3,068

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To find out more information about buying a home or an investment property in Colorado Springs area, call ….

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

]]> http://coloradospringsvintagehomes.com/2012/05/03/less-inventory-a-more-stable-colorado-springs-housing-market/feed/ 0 http://coloradospringsvintagehomes.com/2012/04/03/sales-of-historic-homes-in-old-colorado-city-remain-strong/ http://coloradospringsvintagehomes.com/2012/04/03/sales-of-historic-homes-in-old-colorado-city-remain-strong/#comments Tue, 03 Apr 2012 17:54:48 +0000 Kathy Torline http://coloradospringsvintagehomes.com/?p=8345 Colorado Springs Housing Market Report for Old Colorado City Homes, Single Family

Neighborhoods Include:  Crown Hill Mesa, Colorado City, and Old Colorado City

Zip code 80904, 80905, 80903

Search for homes in Old Colorado City Area Colorado Springs

Search for Colorado Springs Historic Homes

Here’s a quick summary of the Real Estate Market for Old Colorado City Area Colorado Springs as of December 31, 2011

• Pricing decreased by 5% from 2011 to 2010
• Number of homes sold increased by 16% from 2011 to 2010
• Days on Market increased by 6% from 2011 to 2010

Most Expensive Sale in area:

• Address:  1710 W. Pikes Peak Avenue

• Price:  $424900

• Square Feet:  2464

• Area:  Old Colorado City

Least Expensive Sale in the area:

• Address:  617 Cooper Avenue

• Price:  $30,000

• Square Feet:   808

• Area:  Sherman

This Colorado Springs Real Estate report contains information on Single Family homes in Old Colorado City area in Colorado Springs

This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.

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To find out more information about buying a home or an investment property in Colorado Springs area, call ….

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

Search for Colorado Springs Investment properties

Here’s 4 key points to remember when you starting to invest in real estate

1.  What are your real estate goals?

Why do you want to purchase investment property?

Do you want to flip properties? Are you willing to take the risk?  Do you understand home construction and remodeling?  Do you have the skills to do it; or to manage the process?

If you aren’t flipping, how long do you plan on holding a property? 5 years?  10 years?  15 years?

If you are looking into buying rental properties, what type of renters do you want to attract?   Would you prefer a duplex, a single family home, a fourplex, or an apartment building?   Do you want to own near a college?  Near a military installation?  Near a hospital?  Near major industry?

Do you want to finance a property, or are you a cash buyer?   Have you already talked to a lender to understand your financing options?   If you are a cash buyer, do you have fairly quick access to your money?

Would you prefer to be a passive investor?  If so, flipping is probably not for you.

What percentage return are you looking for on your investment?

Are you looking for a property that may benefit future appreciation in pricing?

2.  Decide where to buy

This is decision that will make or break your real estate investment.    Consider places of good employment, development and decent growth.   Don’t buy in an area where the economy is declining, unless you really want to own for the long term.   Where’s the demand for properties?  Where’s the strong demand for rentals?  Remember your real estate goals.

3.  Who should manage the rental property?

Are you going to be the landlord?  Do you want to hire a property manager?   Do you want to screen the potential tenants?  Can you be gentle but firm with your tenants?  Do you want to take the calls from tenants when things need fixed?

4.  Remember, it’s strictly business

As an investor, you need to guided by your goals; not your emotion.  Your goals and guidelines should be at the forefront of all of your decisions.

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To find out more information about buying a home or an investment property in Colorado Springs area, call ….

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

Search for Homes in Crystal Hills

Search for Homes in Manitou Springs

Zip Code:  80929

The Crystal Hills housing market continues to be a BUYERS Market, as there is currently a 5 month of supply of homes on the market.   A 6 month supply of houses on the market is considered a “NEUTRAL MARKET“.

Single Family Homes in Crystal Hills were primarily built from 1965 to 2006 with an average age built of 1984.  The majority of the houses are 2-stories, ranches, and raised ranches, with 2-4 baths, with 2-3 car garages.  The average home has appx. 2000 to 3000 square footage.

You can reach the neighborhood by going West on Manitou Blvd, South on Crystal Hills Dr, South on Crystal Hills under Highway 24, then up the hill to Crystal Hills.

There are also several townhome complexes in the area including; Cielito Lindo which are priced from $365,000 – $625,000; and Crystal Park which are priced from $97,500 to $160,000.

The Manitou Parks in the area include Bill Bauers and Deer Valley Nature Park.  The school District is District 14.

Here’s a quick summary of the 2011 Real Estate Market for Crystal Hills

• Pricing decreased by 11% from 2011 to 2010.
• Number of holds sold decreased by 15% from 2011 to 2010.
• Days on Market increased by 2% from 2011 to 2010.
• Price per FINISHED square feet decreased by 13% from 2011 to 2010.
• Price per TOTAL square feet decreased by 17% from 2011 to 2010.
• The pricing for homes in Crystal Hills in Manitou Springs is 19% above the average and pricing in Manitou is 24% above the average pricing for homes in Colorado Springs

This Colorado Springs Real Estate report contains information on Single Family dwellings in Manitou Springs area of Colorado Springs

This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.

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

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

Related Articles:

• 21 Hidden Gems of Colorado Springs, #1 The Gardens at Monument Valley Park
• 21 Hidden Gems in Colorado Springs, #2 Monument Valley Park
• Hidden Gems in Colorado Springs Parks, #3 North Cheyenne Canon Park
• Garden of the Gods Park, the crown jewel of Colorado Springs
• Check out some Colorado Springs Hiking Trails

Since I used to be in tourism and hospitality before I got into real estate, I always keep a pulse on what’s going on with different tourist attractions in the city and continue to be a member of the Colorado Springs Convention and Tourism Bureau. Since I’ve lived in the area for over 30 years, I still enjoy visiting some of the attractions and usually have family come visit 3 or 4 times year; hence the new attractions list they published was a good reminder for me of the many things to do in the area.

There were even some things on the list that I didn’t know about, like the Wind Walker Challenger Course at the Cave of the Winds and the Olive Tap store in Manitou Springs.

They’ve put together a fun promotion called 55 attractions in 5 days.  Sounds like an amazingly crazy schedule, but as I looked through options it did look like it was doable.

Here’s the link to 55 attractions in 55 days in Colorado Springs

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To find out more information about buying a  home in Colorado Springs, call ….

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

]]> http://coloradospringsvintagehomes.com/2012/02/07/visit-colorado-springs/feed/ 1 http://coloradospringsvintagehomes.com/2012/01/30/97-high-school-graduation-rates-are-possible/ http://coloradospringsvintagehomes.com/2012/01/30/97-high-school-graduation-rates-are-possible/#comments Mon, 30 Jan 2012 11:38:56 +0000 Kathy Torline http://coloradospringsvintagehomes.com/?p=8278

Search for Colorado Springs Homes

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• It’s against the law
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• I can’t be there to see it, now what?
• Private schools in Colorado Springs provide options
• District 11 continues to be the biggest

There are many different ways to evaluate Colorado Springs schools, but one measurement is the graduation rate.    The percentages are based on a federal formula that takes the number of students receiving a regular diploma  divided by the number of students who started 9th grade + students transferred in – students transferred out.  Graduation rates are one indicator of whether the local Colorado Springs public school system is doing what it is intended to do: enroll, engage, and educate youth.

The complete reports are on the Colorado Department of Education web site, and you can download the data into an Excel Spreadsheet.    For someone who loves statistics (which is me),  it’s full of amazing information including the graduation rates by gender and by race; and you can even pull data by each High School in the districts.   As an example, in District 11, Mitchell High School has a 74.4% graduation rate vs. 81.2% for Coronado High School vs 61% for Wasson.   Also, it’s interesting to note that the average graduation rates in Colorado is 73%.    For another take on the information, check out the article in the Gazette, the Local Colorado Springs newspaper.

There is another web site that I’ve recently been seeing television commercials for called www.coloradoschoolgrades.com, where you can search for schools by many different ways including by district, by zip code, by address.  It grades the schools (A-F); and breaks down the grades by different subjects including Reading, Math, English and Science.  It rates the Cheyenne Mountain Grade School an A+, and Chipeta in District 11 in Mountain Shadows is also rated an A+.

Here’s a quick recap of the Colorado Springs Schools High School graduation rates:

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To find out more information about buying a home or an investment property in Colorado Springs area, call ….

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

Search for Homes in Central Colorado Springs

Zip Code 80903 & 80907

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Single Family Homes in Old North End were primarily built from 1901 to 1981, with an average age built in the 1920’s.  The majority of the houses are 2-stories and ranches, 2-3 baths, with 0 – 2 car garages, both attached and detached.

The Old North End housing market continues to be a BUYERS Market, as there is currently a 16 month of supply of homes on the market.   A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”.

Here’s a quick summary of the 2011 Real Estate Market for North End

• Average Pricing decreased by 43% from 2011 to 2010
• Number of homes sold decreased by 53% from 2011 to 2010
• Days on Market decreased by 5% from 2011 to 2010
• Price per FINISHED square feet decreased by 3% from 2011 to 2010

The area is located in Central Colorado Springs, between Fillmore and Uintah, East and West of Nevada.  There are several parks in the area, including Monument Valley Park The school District is District 11; and the majority of students to go Steele Grade School, North Junior High and Palmer High School.   The neighborhood is close to Downtown Colorado Springs, Patty Jewett Golf Course, and Penrose Hospital.

This Colorado Springs Real Estate report contains information on Single Family Homes in The North End.

This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.

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

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

Search for Colorado Springs Homes

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• Rents keep rising

There was an interesting article in DS News about how cash investors are pushing down prices.  According to a quote in this article “In December 2011, data collected for the HousingPulse Survey shows that the overall proportion of cash buyers in the housing market surged to a record 33.2 percent, up from 29.6 percent a year earlier.”  There is also a Press Release put out by Campbell, that essentially was repeated by DS News.

I did a quick calculation of Colorado Springs home transactions for 2011 and came up with the following information on what type of financing was used for home purchases in the area;

Cash 19%

Conventional Financing  31%

FHA Financing  19%

VA Financing  31%

One of the reasons that the numbers are different from the national average  in the Colorado Springs Housing market, could be because of the strong military presence in the area which is shown by the 30% of home buyers that use VA financing.

This article has several key points on why they think cash buyers were bringing down prices

1. More cash buyers are the winning bidders on REO properties, and REO banks prefer transactions that can close within 30 days
2. Even though investors may not be the first offer accepted, they often end of getting the property because other buyers can be eliminated because of lengthy mortgage approval timelines.  Since cash sales can typically close in 20 to 30 days and financed offers, especially VA and FHA can take closer to 45 – 60 days, REO banks have a strong preference for cash.

In my opinion, investors are important in this market.    They often buy homes that are distressed and can’t be financed because of the condition of the property.   If the house is in disrepair, most lenders don’t want to lend on them.   As an example, the roof may be in bad shape, plumbing may not work, the house may have been stripped of all of the appliances and cabinets by the foreclosed home owner.    Seems to me it’s much better to get the house sold, and fixed up, vs. letting it sit empty.  (Although I have to admit that I’m biased, as I’m also a real estate investor).

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To find out more information about buying a home or an investment property in Colorado Springs area, call ….

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

Search for Colorado Springs Homes

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Home owners who have decided not to use a Realtor to sell their Colorado Springs Home used to be able to pay a small fee to some Limited Service real estate companies and list their home on the Pikes Peak MLS.    Due to some recent commission statements by the Colorado Springs Real Estate Commission, this is no longer an option.

The Colorado Real Estate Commission, periodically issues Commission Statements to clarify their positions on certain topics.

CP-36 is a Commission Statement on Minimum Service Requirements of a Realtor. My understanding is that the statement came as a result of complaints that had been received by the Real Estate Commission about the minimum services a Realtor must provide

The statements details the minimum requirements which are exactly the same as the requirements a Realtor uses in the Exclusive Right to Buy document and the Exclusive Right to List document. The statements goes onto to say “A broker is not allowed to solely perform “additional” services which require a real estate broker’s license, i.e. offering the real property of another for sale through advertisements, without providing the minimum duties required by single agency or transaction brokerage.

Essentially a home seller can ask a Realtor to “just list their property in the MLS’ and the homeowner will take care of everything else, including negotiating the contract and receiving the Earnest Money.   If a Realtor does this, they are in direct violation of CP-36.

I’m not completely sure why this commission statement was instituted, but in my opinion every Colorado Realtor by terms of their license is held to  minimum duties required to be performed by a real estate broker; and if the only thing a Realtor is doing for a seller is putting the home in the MLS, the Realtor is not performing the minimum duties required.  Some of the duties required are:

• Presenting all offers to and from the seller or landlord in a timely manner regardless of whether the property is subject to a contract for sale or a lease or letter of intent to lease;

• Accounting in a timely manner for all money and property received

• Counseling the seller or landlord as to any material benefits or risks of a transaction which are actually known by the broker;  Advising the seller or landlord to obtain expert advice

• Seeking a price and terms which are acceptable to the buyer or tenant; except that the broker shall not be obligated to seek other properties while the buyer is a party to a contract to purchase property or while the tenant is a party to a lease or letter of intent to lease;

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To find out more information about buying a home or an investment property in Colorado Springs area, call ….

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

]]> http://coloradospringsvintagehomes.com/2012/01/24/limited-service-listing/feed/ 0 http://coloradospringsvintagehomes.com/2012/01/19/dont-assume-anything-in-real-estate-series-1/ http://coloradospringsvintagehomes.com/2012/01/19/dont-assume-anything-in-real-estate-series-1/#comments Thu, 19 Jan 2012 14:01:23 +0000 Kathy Torline http://coloradospringsvintagehomes.com/?p=8214

I’ve decided to start a new Series, Don’t Assume Anything in Real Estate.

This series is really just a bunch of random articles about the many assumptions buyers and sellers make when selling, leasing, or purchasing a home.

Search for homes in Colorado Springs

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You aren’t under contract yet!

Some buyers are under the mistaken impressions that once they write an offer on their dream home, or their first investment property,  they are under contract to purchase the home.   This is definitely not correct.

After they put together their offer, their Buyer’s Agent submits the offer to a Listing Agent, and the offer is then presented to the seller.    The seller has many options on how they respond.

1. They can reject the offer and not respond.
2. They can counter the offer
3. Or they can accept the offer.

THE MOST IMPORTANT THING TO UNDERSTAND ……….. Until the offer is completely accepted and all of the appropriate documents are signed and acknowledged, a buyer and seller are not under contract.     Another offer can always be presented to the seller from a completely different buyer and the seller can accept it.

The terms “under contract” may seem like a technicality, but it’s not.   After a seller presents a counter-offer to the buyer, it’s important to remember that another offer can come in on the property and the seller can certainly accept it.

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

To find out more information about buying a home or an investment property in Colorado Springs area, call ….

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