05.27.08
Posted in Colorado Springs Real Estate at 6:21 am by Angela Byrne
Believe it or not, there are months in Colorado Springs where outdoor swimming pools actually get some use. If you are planning to move here from out of area, you may be watching the weather. We’ve started to see some consistently warmer days. However, this Thursday is going be be one of the warmest we’ve seen so far (highs projected into the 90s). We’ll see if we get there.
If you’re used to having a swimming pool, you may find it difficult to locate homes for sale with swimming pools. It’s often easier to find neighborhoods that have community pools or neighborhoods close to recreation centers with pools. Here is a list of neighborhoods with pools here. Keep these in mind as you are looking for your new piece of Colorado Springs real estate.
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Downtown (pool at Monument Valley Park)
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Broadmoor Glen (S/W near South Academy and Hwy 115)
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Wagon Trails in Nor’wood
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Sierra Ridge in Nor’wood
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Cordera
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Skyway (Little Dipper Pool) (S/W near Bear Creek Park)
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Pleasant Valley (Valley Swim Club near Garden of the Gods)
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In Rockrimmon (there are Parks and Rec Pools and a private pool)
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Colorado Springs Country Club (in Northeast)
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Flying Horse (Black Forest near Hwy 83)
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Fountain Valley Ranch (in Security)
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Copperfield (In Security)
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Dakota Ridge (Briargate)
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Village 7 (East - Around North Carefree)
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Woodmoor
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Vista Grande (Near Academy and Austin Bluffs)
There are several YMCAs around town and the City of Colorado Springs maintains a couple of pools. This is not a comprehensive list, but should provide a good start for your search. If you’d like a custom search established for homes with swimming pools, or homes near community pool, please complete a Buyer Wishlist or contact Angela Byrne for more information.
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05.23.08
Posted in Colorado Springs Real Estate at 6:26 am by Angela Byrne
Introducing the Springs Living Team! This month, I brought on a full-time, dedicated Buyer’s Agent to work with our real estate clients. This is going to be a lot of fun…and it’s going to add another layer of customer service that most other real estate pros cannot match.
I think we are starting to see more and more team structures in the real estate industry. There are a great many benefits to the consumer and to us as Colorado Springs real estate agents. For the Realtors involved, we are able to share time ‘on call’. I normally have my cell phone on me at all waking hours (when I’m not in the office, the calls forward through to my cell phone). I do this because we have certain dates and deadlines to meet and we need to stay connected to clients. We also tend to see more home inquiries (ie; sign calls, magazine ad calls, internet hits, etc.) during the evening and weekend hours. These contacts need to be answered as they come in. There are a lot of folks who are looking for quick answers and won’t leave a message if we don’t pick up. This is a service we provide to those selling a home in Colorado Springs with our team.
There are other substantial benefits to those working with us. One main advantage this gives our clients is the ability to work with someone who is keenly focused. When Courtney Wallis, our new Buyer’s Agent I mentioned, is working with a Buyer her attention is not divided. She’s not worried about other properties she has listed (how to market them, what home Sellers need to be contacted, etc.) because she doesn’t have properties listed. This means her time and energy is spent counselling those buying a home in Colorado Springs. She is able to provide convenient times to view available properties. She can concentrate on preparing a solid market pricing analysis before an offer is delivered. She can spend time taking Continuing Education classes that specifically benefit Buyer clients.
We also have a full-time transaction and customer care coordinator who works in the office. Carrie is the one who will assist with placing marketing, scheduling appointments, collecting data, etc. She works with our team as a sort of hub that keeps us all connected.
When you are deciding who it is that will assist you in your next move, be sure to look at those real estate professionals operating as a team. A one man show can be fun, but are you really getting the focused attention and the combined experience that a team can provide? Let us know if you have any questions about this.
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05.20.08
Posted in Colorado Springs Real Estate at 12:42 pm by Angela Byrne
One of the things we determine when putting a home on the market to sell is how to contact the homeowner 
to schedule showing appointments. I am often asked about the amount of notice that Realtors give when setting these appointments and how the Seller can be accommodate prospective Colorado Springs real estate Buyers. In one phrase, my answer is “Try to be as flexible as possible”.
According to an informal survey regarding recent showing activity, here is a summary of the notice given to homeowners.
These were showings for 10 different properties, ranging from a vacant $62K Townhome to an occupied $360K Single Family home.
- There were just as many “less than 1 hour” showings for the Occupied Higher end Single family homes as I did for the lower end properties
- As can be seen below, less than 1 hour showing notification seems very popular
- Over 50% of all showing arrangements that agents try to make are within 4 hours of their desired show time
- Most agents that tried to set up a showing that required 24 hours notice, tried to set up same day. When they couldn’t set-up due to 24 hour requirement, they did not show.
Showing Notifications
0 to <=1 Hour
Number of Showings: 28
Percentage of Total Showings: 28%
>1 to <=2 Hour
Number of Showings: 18
Percentage of Total Showings: 18%
> 2 to <=4 Hour
Number of Showings: 15
Percentage of Total Showings: 15%
>4 to <=8 Hour
Number of Showings: 8
Percentage of Total Showings: 8%
>8 to <=16 Hour
Number of Showings: 3
Percentage of Total Showings: 3%
>16 to <24 Hour
Number of Showings: 12
Percentage of Total Showings: 12%
>=24 hour
Number of Showings: 16
Percentage of Total Showings: 16%
The best way to accommodate these short notice showings is to have the house show-ready at all times. By modifying a few habits, this doesn’t have to be as tough as it sounds. For instance, if you have Rubbermaid containers under the sinks, then toiletries can easily be stowed. Check out my staging suggestions for other detailed tips. Once you have a good routine down, you won’t feel the need to run home and tidy up when a showing appointment is scheduled. As a result, you’ll be more inclined to allow showing appointments on short notice.
You will also have the opportunity to have a “Must Confirm” status on your showing instructions. This means our office must contact you before the showing is allowed. There are a few good instances that this is necessary (removal of pets, time for people with limited mobility to leave the home, etc.). Anyone who flags their contact as “Must Confirm” needs to be near a phone at all times. If the office calls to confirm a showing, then the homeowner needs to be able to respond in a timely fashion. Failure to do so can result in a loss of showings. The more often showings are missed, the longer the home will remain on the market.
So, to sum it up. Be flexible and understand that visitors often will give little notice for their showing appointments. Allowing folks to come through and enjoy the fruits of your labor will result in procuring an offer earlier in the process…which often means a higher list price to sale price ratio for your Colorado Springs real estate. In the end, everyone wins.
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05.16.08
Posted in Colorado Springs Real Estate at 11:03 am by Angela Byrne
I created a simple chart for the home buying process. There’s a fairly logical order to a purchase transaction when you’re interested in buying Colorado Springs real estate. The first step (and one that cannot be skipped) is getting prequalified by a lender. During this process, you will take a few minutes to share some information about your debt, your income, your credit score, your employment and payment history, etc. During this process, a good lender will counsel you as to any necessary changes required to consummate the purchase. They will also let you know the available loan types and the loan amount they have prequalified you for. Before we look at a single property, this must be done to identify the correct search criteria.
Once we have this valuable information, I’ll ask you to complete a Buyer Wishlist. This will let me know how to begin the hunt for the right house for you. Once the list is narrowed (incorporating your ‘needs’ and, if possible, your ‘wants’) we’ll go and see some of the properties in person.
Once we’ve found the right Colorado Springs CO real estate, we have to write up a formal offer. Anything delivered verbally has no guarantees. This is why we have a ten page contract, an addendum and multiple disclosures…to protect you! When we have a formal offer (with all signatures) it is time to deliver it to the Seller. At this point, an Earnest Money check should accompany the offer along with the pre-approval letter from your lender.
Once we have negotiated a deal with the other party, we can begin our due diligence period. We’ll start with a home inspection and continue by collecting Common Interest Community Documents (Covenants,Bylaws, and more), collecting a Title Commitment, etc. It’s during this time that we are going to try to learn as much as we can about the house, the other party, the neighborhood and more.
At this point in the transaction, a good Lender is really working hard for you. They are gathering necessary documents, researching other scenerios that might work better for you or for the property. If you’d like a list of qualified, experienced Lenders, contact me. Once we have loan approval, it’s time for settlement.
The time of settlement is sometimes referred to as the “closing”. Most of the time we try to get all parties together around the same table. This gives the Seller a chance to meet you face-to-face and to give you the keys. Your lender should be present should there be any last-minute issues with funding the loan. Colorado is what is called a “Good Funds” state which means the loan must be completed (or cash must be delivered) before the transaction can be completed. You should have your final figures 24 hours prior to closing. This allows you to be prepared for the closing in case you need to bring money or something.
Once settlement is done, you should have a set of keys to your new home…congratulations! The process isn’t difficult with an experienced Realtor on your side. If you are ready to get started, give me a call or request a free home buyer packet.
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05.13.08
Posted in Colorado Springs Real Estate at 11:01 am by Angela Byrne
For those homeowners who don’t want to sell their current home but need some of the equity released, a reverse mortgage may be a good route to explore. Nathan Johnson, a Xinnix Certified Originator & Reverse Mortgage Specialist with the Cherry Creek Mortgage Company, put together the following information about 
reverse mortgages. I thought this was well-organized and helpful.
Today’s Reverse Mortgage
What it is:
• A non-recourse loan that allows senior homeowner’s age 62+ to access equity trapped in the home without monthly payments for as long as they own their home.
What the Qualifications are:
• Homeowners must be at least 62, on title, and have equity in their home.
• No credit or income requirements
• Property must appraise and meet minimum FHA and/or lender standards
• Home must be primary residence
What the details of a Reverse Mortgage are:
• The cash received is based on borrower’s age, value and location of home, county or national lending limits, and current interest rates.
• Borrowers can receive a lump sum, monthly payments, a line of credit with a growth rate feature, or a combination tailor fit to the borrowers needs.
• No monthly payments are required, but repayments can be made on the interest or principle and interest.
• Repayment of loan is only required upon borrower’s death, permanent move from home, sale of home, or if home is not maintained to lenders minimum requirements.
Multiple Solutions when using a Reverse Mortgage:
• Pay off your mortgage payment, increase your cash flow
• Help pay for your cost of living- prescription drugs, taxes, medical bills
• Subsidize social security income / pension
• Take a vacation
• Gift money for grandkids education
• Fund Long Term Care Insurance, Life Insurance, Health, Etc.
• Pass on more money to your kids
• Stay in your home as long as you want to
• Maintain your independence
• Cover costs of health care: Chiropractic, Home care, Hospital bills, etc.
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05.12.08
Posted in Colorado Springs Real Estate at 7:17 am by Angela Byrne
I gab a lot about where we are in our Colorado Springs real estate market. However, beyond Days Supply numbers, I don’t think I’ve posted the specific activity for the Pikes Peak region. These stats are compiled by ReMax Properties, but they come directly from our Pikes Peak Multiple Listing Sevice. The numbers are posted regularly…so I should have April soon. However, these numbers are still good and provide a solid way of viewing activity (both ‘active’ listings and ’sales’) as it changes in Colorado Springs.
“Active” Single Family Homes
These numbers compare activity from 2007 to activity in 2008. We did see a slight increase in the single family homes on the market (a 3.4% increase from 5,659 to 5,849). This is better than the double digit increases we saw at this time last year. I think it’s a very good indication that we’re seeing things work towards balance. The market may not be fully stabilized, but the numbers are looking much better.
“Sales” of Single Family Homes
Here’s where we need to see things change more dramatically. While inventory isn’t climbing quickly, our sales aren’t where I’d like to see ‘em. The Pikes Peak MLS reported a two month improvement in sales (over the things we were recording last year) so I’m looking for this to improve slowly, but consistently. If you can’t read the chart, we had a 19% decrease in sales in comparison to 2007 (from 891 sales of Single Family Homes to 722).
“Active” Condos and Townhomes
Activity on Condos and Townhomes are where we’ve seen the hardest hit. I’ve never seen them appreciate like they do in other markets. However, with the market changes, they’ve taken a hit concerning values. The active listings for Condos and Townhomes in the Colorado Springs real estate market have decreased 8.8% (from 1065 to 971) which is wonderful news.
“Sales” of Condos and Townhomes Homes
Yikes! Sales down again. This is where we’re hurtin’ with the Condo and Townhome values. We continue to see the sales decrease every single month. Last year would have looked about the same. We are still seeing significant decreases in sales even though we saw the same thing last year. We may have had a surplus and hence the demand isn’t there. Looking to buy a new condo/townhome right now…you may want to think twice if you’re looking at it from an invenstment standpoint.
So, there you have it. The numbers don’t lie. Single Family Homes are starting to do better month by month. This is the place for investors to keep their money for now. Perhaps an influx of single soldiers and small military families will help the condo and townhome market…but it’ll take time.
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05.09.08
Posted in Colorado Springs Real Estate at 6:18 am by Angela Byrne
In Colorado, we “close” to the contract. This means the terms/conditions/deadlines in the contract trump any other ancillary agreements or preferences. In short, anything in writing isn’t worth the paper it’s written on.
To be sure all things are closed to the contract a final “walk-through” is a MUST. The best time to do this is the day of the closing. Call me paranoid, but what if you walk through the day before and the water heater blows that night? You’ve just bought yourself 2000 s.f. of soggy house!
What am I looking for in a walk-through? For one, we want to make sure all inspection items are completed to your (the Buyer’s) satisfaction. Second, we need to be sure the sellers are ready to deliver possession. If they’re not, alternative arrangements need to be made prior to closing. Are they going to be penalized? Will we need to draft a Seller Rent Back Agreement? Should we reschedule the closing? I use a great addendum that outlines the specific condition of the house for conveyance. Finally, the last reason is to check for any unpleasant surprises (like that water heater)!
There are a lot of “what if’s” (things that can go wrong). They can all be prevented and/or addressed by conducting a walk-through.
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05.08.08
Posted in Colorado Springs Real Estate at 7:31 am by Angela Byrne
Florida is perfect in May. Weather is warm with cloudless skies. Pool water is just right. We spent time over the weekend visiting Disney’s Magic Kingdom and Disney’s Animal Kingdom. What a hoot! Our daughter, who just turned 4 this year is at a great age for enjoying these sorts of trips.
We also fished yesterday. This time, our four year old lasted all of five minutes. You can see that playing in 
the water and rolling in the sand and seaweed was a much stronger attraction.
Since I have family in Florida we are there to visit once per year. I noticed this time that some of the homes that have been on the market for sale FOREVER are now occupied by new owners. This is a refreshing thing to see. There market has been the pits for a long time now. Values were overinflated, property taxes continued to climb and (with hurricane activity) homeowner’s insurance was either denied or cost prohibitive. I’ve talked to several people who say the inventory of homes in Florida is starting to come down. This is good news. I think they started into a tough market before we started to see changes in Colorado Springs. The fact that they are starting to see the sun after the storm is good news for everyone.
My sister also mentioned that waits at restaurants aren’t quite as long now (perhaps a sign that people are lying low and curbing spending until things turn around?). I didn’t see a lot of obvious signs of this. Both of the Disney parks we went to were packed…although I’m not sure what percentage of visitors are Florida residents, folks from other states, or those visiting from other countries.
Anyway, some of the things I heard suggested a strenthening of the housing market in Florida. I would hope this same is applicable for Colorado Springs real estate. While we didn’t see the changes that many other parts of the country did….we are still not a balanced market.
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05.01.08
Posted in Colorado Springs Real Estate at 6:31 am by Angela Byrne
On my way to sunny Florida soon and I was just thinking about how great it is to live in a place (Colorado Springs) that’s fun to visit, as well. When I moved to Colorado, I immediately found friends and family preparing their visits. Every visit is different and they’ve allowed me to do a lot of things in our area that I probably wouldn’t have done on my own. To name a few: cog railway up Pikes Peak, Cave of the Winds, Flying W Ranch, skiing, hiking (of course!), Air Force Academy sites, Cripple 
Creek, and more. The list of attractions goes on…
According to the Colorado Springs Economic Development Corporation, tourism is one of the strongest parts of industry here…a hearty boost to the economy. Here’s the 2007 Report from the EDC. (Note: this is a really big file…don’t even attempt it if you have a slow connection).
I think tourism also helps our Colorado Springs real estate market. There are so many things to do, there are a solid variety of jobs supplied and the economy is fortified by those visiting. Tourism adds a fun twist to things. You’re always meeting new people (and seeing out-of-town license plates). We are lucky to live in a place that is visitor-ready 12 months of the year. It means our parks are in good shape and we’ve got interesting attractions. What more could you ask for?
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