2014 Home Sale Forecast

In the first half of this year, home prices rose. From January to June, the average sales price of a single family home went up by 1.8%. The average sales price of a condo or townhome went up by 2.8%.   First quarter (Jan-Mar) single family home sales started out slow, but they made a nice recovery in the second quarter with better results (Apr-Jun).   And while sales are not quite at last year’s pace yet, I believe they will be by end of the third quarter. There are still plenty of buyers buying, interest rates are still low, and summer is only half over.   Historically we slowdown in late fall, so we still have much buying time left to bring those numbers up.

Interestingly, there is a lot more inventory meaning homes for sale, this year. We ended June with 4,233 single family homes for sale, a dramatic increase over last June when we saw only 3,868 single family homes for sale. I think the increase is the result of two things: (1) many sellers were waiting until the market improved to put their home up for sale, and when it finally did they all did. AND (2) new construction is booming again, causing many to move up into a newer home.

I think the biggest factor to consider here is inventory has gone way up, but sales have only gone up slightly.   With more supply and less demand, prices will probably stabilize.

Continue reading
1658 Hits

Keep Your Eyes Open During the Final Walk-Through

You’ve found your dream home…the offer was accepted…the loan is secured…your inspector has given the thumbs up…and you’re about to sign the closing papers. There’s one more important step I urge you not to overlook before you receive the keys: the final walk-through. This should be done the day before, or even the day of, your closing.

The final walk-through is a critical part of the home buying process. You and your agent will visit the property to make sure that the home is in good condition and that you are getting everything that was written into the sales agreement. This generally includes all window coverings, attached light fixtures (e.g. chandeliers, track lighting), appliances, area rugs/carpets and spas/pools, unless otherwise indicated in the agreement. You’ll also want to ensure that any previously agreed-upon repairs have been completed.

Make sure that the home is clean, the cabinets and garage have been emptied, the toilets, sinks, dishwashers and laundry machines are functional, the heat and air conditioning work and that all trash has been removed. Turn on all the light switches and test the outlets. Other potential surprises include large carpet stains that were hidden by furniture, large wall cracks that were camouflaged under paintings or mirrors, or water stains from leaks that have developed since you last saw the property. If you discover any of these conditions, you have the option of asking the owner to repair them before closing or to provide financial concessions on the selling price. Once you have closed, the sellers are no longer obligated to make any repairs.

If I still haven’t convinced you of the importance of the walk-through, here’s a cautionary tale that we personally experienced. The buyer and agent did a walk-through on a home that was built in 2005. They thought they had done a completely thorough inspection and everything appeared to be in working order, so they proceeded to closing.

A few weeks later, the buyer called our company and said that the furnace did not look like it belonged in the house. Sure enough, upon inspection, the furnace was a beat up, rusty model from the 1970s—the owners had swapped out the new furnace after the inspection and replaced it with an old one! You can be sure that from that point on, we included the furnace in our walk-throughs and advise you to do the same.

Continue reading
2032 Hits

Spotless 2-Story in Middle Creek Manor

12710 Rockbridge CR
Colorado Springs, CO 80921

 

Located in the Popular Middle Creek Manor Subdivision

 

The main level has both formals and a great room as well as an office and 2 staircases. The kitchen features granite counter tops and backsplash, upgraded appliances, double ovens and a kitchen island. The kitchen opens up to the family room with 17’ ceilings, a gas log fireplace and a wall of windows allowing plenty of light.

The master suite is located on the back side of the home which has great views of the mountains. The master bath has double vanities, a large soaking tub, a tiled shower and a walk in closet. There is a fireplace located between the bath and the bedroom.The basement is great for entertaining with a large wet bar that has upgraded cabinets, granite countertops and a refrigerator.

There are 2 bedrooms that share an updated bath as well.The exterior is stucco and the roof was replaced in 2013. Located on a third of an acre, the property has Northwest views to include, Pikes Peak and the Front Range and the Air Force Academy. There is a stamped concrete patio, a pergola complete with outdoor grill, a hot tub and is fully landscaped.Updates include air conditioning, interior paint,, plantation shutters, rod iron spindles, granite in the kitchen and bathrooms, upgraded kitchen appliances.

For More Information, please visit:http://www.rockbridgecr.com/

 

Continue reading
1568 Hits

Remember to Vote!

Tuesday, June 24th, is Primary Election Day in Colorado.  This is the day when U.S. Citizens have the opportunity to voice their opinion and vote for local and regional government.  I am grateful to live in a country where my vote does count, where I have a say in how government is run.

 

I wouldn't want to live in Great Britain.   There they have a monarchy, where government consists of royalty such as a Queen and/or King and a parliament.  The royals are not voted in by the people, and government is not as easily changeable.  And citizens pay higher taxes than we do.

 

America was founded on democracy, a political system in which the supreme power lies in a body of citizens. In the ever-famous Gettysburg address, delivered by President Abraham Lincoln in 1863, we heard the words..."a government of the people, by the people and for the people. It's OUR government. It's our freedom. It's our privilege to vote!

 

Continue reading
1841 Hits