Showing posts from March, 2012

More Affordable To Buy in 98% of Major Metros

By The KCM Crew

Last week, Trulia released their Winter 2012 Rent vs. Buy Index. In the index, they report that:

“After years of home price declines and tightening rental markets, home ownership is now more affordable than renting in all but two of the 100 largest metros – even in expensive real estate markets such as New York, Los Angeles and Boston.”

The two metros where renting was more affordable were Honolulu and San Francisco. However, Trulia explains that, even in these markets, buying a home:

“…might make sense for people who plan to stay in their next home for at least five years and can benefit from the mortgage-interest tax deduction.”

This rent/buy ratio favors buying more so then at almost any time in history. In a recent article, Forbes Magazine quotes Jed Kolko, Trulia’s chief economist:

“Certainly prices have continued to fall nationally, but rents have been rising so this would be the lowest price-to-rent ratio that we’ve seen.”

Bottom Line
It might be time to talk to a loca…

2-Story Home For Sale in Colorado Springs

Beautiful 2 Story Home For Sale in Colorado Springs featuring 4 Bedrooms, 4 Bathrooms, 3 Car Tandem Garage and over 2,700 Square Feet. Click Here to Tour This Home For Sale in Colorado Springs. As you enter this home from the large covered porch, you are greeted by warm, neutral colors throughout. The light and bright living room includes a cozy gas fireplace that is perfect to cozy up to on chilly nights. The living room is open to the gourmet kitchen with granite counters, maple cabinets, ceramic tile flooring and a large eating area that has walk out to the backyard. The main level also includes a half bath and office. The upper level master retreat is the perfect place to unwind from a long day and includes an attached 5 piece bathroom and walk in closet. The upper level also includes 2 secondary bedrooms, full bathroom and laundry area. The fully finished basement is perfect for entertaining with a spacious family room, rough-in for wet bar, full bathroom and 4th bedroom. The fen…

Rents Rising as Rental Availability Shrinks

By The KCM Crew

Because of the challenges in the current economy, many families have either decided to rent or been forced to rent. How has this impacted rental options and the cost of the available options?

HousingWire recently quoted Paul Dales, senior economist with Capital Economics:

“As a consequence of Americans being less willing and less able to buy a home, the number of households in rented accommodation is set to rise by at least 850,000 a year over the next few years.”

The price of anything is determined by supply and demand. As demand increases, the price of an item will increase unless there is an equal increase in supply. The article mentioned above said:

“Dales said in his research that rental vacancy rates will fall again in the future, pushing prices up. The median rent is already up to $712 per month—well above the average monthly mortgage cost of $647, Dales reported.

He estimates vacancies in the home-rental market will push average rental rates up as much as 5% by early…

Buying a Home? The COST Is More Important Than the PRICE

By The KCM Crew

We have often advised buyers to look at the COST of purchasing a house more than the PRICE of the home. Obviously, price is part of the cost equation. The other piece, assuming you are not an all cash buyer, is the mortgage rate. The mortgage rate to finance a purchase can have a dramatic impact on the overall cost. Recently, there are more people talking about the possibility that mortgage rates could begin to increase. studies trends in mortgage rates. They explain:

“A better economic climate almost always brings higher rates, and a lessening of the troubles in Europe from massive central bank assistance adds to the movement of money from safe havens to more risky assets, driving rates upward.”

Dan Green of The Daily Market Reports recently stated:

“The Fed sees growth coming faster than originally expected. There’s suddenly less chance that the Federal Reserve will intervene to help keep mortgage rates low. Absent Fed intervention, mortgage rates are apt to rise …

Home For Sale in Colorado Springs

This charming, turn-key Home For Sale in Colorado Springs has been recently renovated and features 4 bedrooms plus bonus room, 2 bathrooms, detached 1 car garage and 1,864 square feet. Click Here to Tour this Home For Sale in Colorado Springs. The main level features beautiful hardwood floors, coved ceilings, brushed nickel fixtures and original glass door knobs. The kitchen has been completely remodeled with custom cabinets, double sink and hardwood floors. Both bathrooms have been remodeled with new plumbing fixtures, faucets, custom mirrors and sconces. The main level master suite and second main level bedroom both have walk-in closets. The finished basement includes new lighting and fixtures, new carpet, 2 additional bedrooms with large closets, family room/bonus room, laundry area and additional storage space. Since this home was built in 1946 with thick walls, you are able to stay cool in the summer and warm in the winter and the newer mechanical with a Hi-Efficiency Amna furnac…

Home For Sale in Colorado Springs

Move in Ready 2 Story Home For Sale in Colorado Springs boasting 4 Bedrooms, 4 Bathrooms, 2 Car Garage and 2,428 Square Feet. Click Here to Tour this Home For Sale in Colorado Springs! Perfect for the First Time Home Buyer, if you are Relocating to Colorado Springs or Moving Up! The Perfectly Appointed Kitchen features Hardwood Floors, Ample Cabinet and Counter Space, Pantry, Upgraded Appliances, Spacious Eating Area and Walk Out. The Spacious Living Room is Light and Bright with a Cozy Gas Fireplace. The Upper Level Boasts all 4 Bedrooms Including 2 Master Bathrooms both with attached bathrooms and walk in closets. The Finished Basement is Perfect for Entertaining with a Family Room and Large Storage/Play Area. The Fenced Backyard is Perfect for Summer Gatherings and has a beautiful perennial garden. This home also includes Central AC for your comfort. This Home For Sale in Colorado Springs also includes Central AC for your comfort and is in a great location with easy access to shopp…

REO to Rental Program: Its Impact on the Housing Market

By The KCM Crew

There has been much talk about the government selling bulk foreclosures which will be converted into rentals. What will this actually mean to the housing market? For the answer to that question, we go directly to the 2/28/2012 Senate testimony of the person making the decisions on this subject: Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency.

Have Any Foreclosures Been Sold in Bulk?

“Yesterday we announced the first transaction in our REO Initiative pilot program. This transaction includes approximately 2,500 properties, divided into 8 sub pools by geographic area.”

Will These Sales Be Limited to Certain Markets?

“The targeted Metropolitan Statistical Areas are likely no surprise to you because they represent hard-hit parts of the country: Las Vegas, Nevada; Phoenix, Arizona; various communities in Florida; Chicago, Illinois; Riverside and Los Angeles, California; and Atlanta, Georgia… Future transactions will also be targeted to these types of mark…

Is the Housing Market Actually Recovering?

By: The KCM Crew

Everyone wants to know if the housing market is truly showing signs of a recovery. There are conflicting headlines every day. One day, we hear sales are up. The next day it is reported that prices are down. Is the real estate market coming back? The answer is ‘yes’ and ‘no’.

There are two aspects that must be evaluated: house sales and house prices. They will not recover at the same time. Sales are already increasing rather nicely while prices will still soften in many markets through 2012.

Home Sales
The National Association of Realtors (NAR) issues a Pending Home Sales Report each month. We can see by the graph below that sales have been increasing nicely over the last twelve months. Real estate professionals across the country are reporting that activity has increased compared to last year. The sales side of the recovery is starting to show great promise.

Home Prices
Many price indices have shown that national home prices are continuing to stumble. Even with demand incre…

Home For Sale Near Colorado Springs

Move in Ready 2 Story Home For Sale Near Colorado Springs in D-38 boasting 4 Bedrooms, 4 Bathrooms, Oversized 2 Car Garage and 3,000 + Square Feet. Perfect for families Relocating to Colorado Springs or the Move Up Home Buyer! The Main Level Features a Formal Living Room that is open to the Formal Dining Room. The Perfectly Appointed Kitchen includes Ample Cabinet and Counter Space, a Center Island, Eating Area and Walk Out. The Family Room is Light and Bright with a Cozy Gas Fireplace and Open to the Kitchen. Unwind in the Upper Level Master Retreat with an Attached 5 Piece Bathroom. There are 2 Additional Bedrooms and a Full Bathroom on the Upper Level. The Fully Finished Basement is Perfect for Entertaining with a Wet Bar, Large Rec Area, 4th Bedroom and Beautiful Bathroom. This Home also includes Central AC for your comfort, humidifier, Security System and is Pre-Wired for Surround Sound. Enjoy Beautiful Mountain and Air Force Academy Views from your Front Door. Great Location wit…

Another Refi Boom?

by Dean Hartman

There have been a few developing (and some already existing) programs that are worth mentioning, as the newspaper headlines applaud the opportunity. With interest rates remaining at near historic lows for quite some time, many people have been unable to take advantage of these rates because of problems in securing a high enough appraised value.

To that end, here are a few thoughts to consider:

New FHA Streamline Announcement

HUD announced that they will be rolling back the insurance premiums on this program for loans closed prior to June 2009. The Upfront Premium (the one that is added into the loan amount) will be .01% and the annual premium (the one that is paid in the monthly payment) will be slashed to .55%. These cuts could reduce borrowers’ expenses drastically. This program can be done where the lender pays the closing costs – without an appraisal, income verification, or even a credit check. Most lenders will look for a good mortgage payment history.

The VA IRRL – (…

The most important real estate decisions are yours to make

By Dian Hymer

Buying or selling a home can be rewarding, although often stressful. To ease the pain, assemble a group of professionals to help you get the job done.

A good real estate agent can make the project a lot easier. Be sure to make your agent selection carefully. If you don't already have an agent with whom you've had a good prior experience, ask acquaintances who live in the area where you're buying or selling to recommend a well-respected, local agent.

Rapport is a very important component of the agent selection process. Your agent will act on your behalf with prospective buyers, other agents, contractors and inspectors, to name a few. Pick an agent you trust, respect and who has good communication skills.

HOUSE HUNTING TIP: Your agent can help coordinate the many details that need to be managed before and during the sale transaction. However, never forget who's in charge. Your agent works for you.

You rely on your agent's recommendations, intuition and skill…

Housing High Point: Pending Sales of Existing Homes Up to Nearly Two-Year High

By Tiffany Hsu

(MCT)—More Americans are signing contracts to buy existing homes than at any time in nearly two years, boosting the housing industry’s slow recovery, according to the National Association of REALTORS®’ index of pending home sales.

The measure is up 2 percent to 97 in January after slipping 1.9 percent in December. The index of deals for previously owned homes is up 8 percent compared with the 89.8 level from January 2011.

Last month saw the highest point on the index since April 2010, when consumers drawn by a home-buyer tax credit pushed the figure to 111.3. That was the last time the measure exceeded 100 — the benchmark for industry health.

The index showed year-over-year increases in every region—a 9.8 percent increase in the Northeast, a 10.8 percent rise in the Midwest, a 10.5 percent boost in the South and a smaller 0.7 percent uptick in the West.

Contracts are usually signed a month or two before a deal closes and the home purchase is finalized, making the pending-sal…

House Sales in the U.S

If you are considering Relocating to Colorado Springs, Purchasing a Home for Sale in Colorado Springs, considering Selling a Home in Colorado Springs, or want more information on the Colorado Springs Real Estate Market, Contact your Colorado Springs Real Estate Expert, Mike MacGuire Today! Click Here to Check out my informational video if you are considering Selling a Home in Colorado Springs. Click Here to Check out my informational video if you are considering Purchasing a Home for Sale in Colorado Springs.

Local Home Construction off to solid start in 2012

By: Rich Laden Colorado Springs Gazette

Home construction in the Pikes Peak region is off to a solid start in 2012.

Single-family homebuilding permits, which measure local construction activity, totaled 110 in February in Colorado Springs and El Paso County, according to a report released Thursday by the Pikes Peak Regional Building Department. That’s up nearly 70 percent from the 65 permits issued during the same month a year ago.

The first few months of the year are typically a slow time for home construction, but last month was the second-best February in the last five years.

For the first two months of 2012, single-family permits totaled 195, a one-third, year-over-year increase, Regional Building’s figures show.

Some members of the homebuilding industry have said they expect a better year in 2012 when it comes to construction, but they’ve also warned that Springs-area homebuilding has at least a few years to go before it fully recovers from the economic downturn of the last…