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Spring has arrived in Colorado Springs! We love seeing the trees starting to turn green and the flowers blooming. As far as real estate acitivity I think we are doing much better here in the Springs than many other areas. My listings are getting showings so buyers are out and about. Sometimes the end of May is slow because of graduation and Memorial Day holiday. June should be a good selling month. Sellers keep up your courage.
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There are currently 4 homes for sale in Top of Skyway with prices ranging from $675,000 to $785,000
There are 3 others under contract or Pending with list prices between $625,000 and $800,000
One property closed this year with a price of $679,000
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There are currently 3 homes for sale in Skyway Heights with prices ranging from $584,485 to $815,000.
One other property is under contract with a list price of $569,000
One property closed this year with a price of $549,000
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RISMEDIA, April 21, 2008-Do you consider yourself environmentally aware? Are you the Chief Recycling Officer of your household? What about at work?
Results of a North American survey released by Xerox Corporation to measure environmental consciousness in the workplace, found that work colleagues may have some strong objections to those who don’t walk-the-green-talk at the office.
Almost 40% of U.S. respondents said their number one office environmental pet peeve was mindless printing resulting in abandoned pages at the printer, followed closely by leaving the lights on in unused offices (37%).
A review of the other top office pet peeves included: lack of recycling bins (33%); excessive air conditioning or heating (29%); excessive use of paper products - like plates and cups (27%); coworkers who don’t recycle (27%) and coworkers who print single-sided instead of double-sided documents (24%).
“As we talk with our customers, we often find that environmental consciousness is left in the recycling bin that sits in employees’ garages. While they’re eco-friendly at home, the office is still breeding ground for bad habits,” said Patricia A. Calkins, vice president of Environment, Health and Safety at Xerox. “Yet, as this survey found, it takes a few small steps to make a big difference. Step number one: use the technology available in the office to cut back on paper use, reduce waste and reduce energy consumption. That can mean simply setting the office printers to default to two-sided printing, which cuts office paper use in half. Or, replace single function printers and copiers with multifunction systems, decreasing energy use.”
Gender and generations
The survey, which polled 1,569 office workers across the U.S. and Canada, revealed that U.S. women (91%) consider themselves more eco-conscious than their male counterparts (86%). Age had a noticeable effect on environmental consciousness too. Of U.S. workers aged 18-34, 27% ranked themselves as “extremely” or “very green” versus the next generation of employees aged 35-44 (17%).
The top ten environmental pet peeves among U.S. office workers:
1) Mindless printing resulting in increased waste (40%)
2) Leaving lights on (37%)
3) Lack of recycling bins (33%)
4) Excessive air conditioning in summer and heat in winter (29%)
5) Excessive use of paper products, like cups, plates, etc. (27%)
6) Coworkers not recycling (27%)
7) Coworkers not printing double-sided when they can (24%)
8) Too many cover sheets when faxing or printing (24%)
9) Having to store paper copies of existing, electronic files (24%)
10) Leaving computer on and not powering down when going home (23%)
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Experts differ on price effect of foreclosures, an article from The Gazette, reports that more than 3,500 foreclosures were filed in the county last year, which broke a 19-year-old record. Some economists say that due to foreclosures in the first two months of 2008 exceeding the annual total for several years in the 1990s, the county is on pace to again surpass the 3,000 mark this year. How these properties are effecting home prices is still up for debate. Bill Hurt, owner of ERA Shields Real Estate in Colorado Springs said, "Most of the sellers, and institutional sellers (lenders), are still attempting to get true value for the property. "They're not ‘firesaling.' And the value is still there." According to some real estate appraisers, many home sellers already have lowered their asking prices because of competition from foreclosed properties being sold at a discount by lenders trying to get them off their books.
http://www.gazette.com/articles/foreclosures_35030___article.html/price_differ --Roger Collins, First National Bank
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There are currently two homes for sale in Top of Skyway with prices of $675,000 and $749,000
One other property is under contract with a list price of $719,000
Two properties are pending with prices of $699,000 and $800,000
No properties have closed yet this year.
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Date: Apr. 8, 2008
Tags: None
There are currently three homes for sale in Skyway Heights with prices ranging from $584,485 to $815,000
One property closed this year on Skylight View with a sale price of $549,000
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County foreclosures set record - again, an article from The Gazette, relays that according to a report by the County Public Trustee's Office, foreclosures totaled 488 in March, the third time since December that monthly foreclosures have set a record. One thing to keep in mind about foreclosures, not every filing results in the loss of a home. Some homeowners are able to come up with money and catch up on their missed payments or they work out a payment plan with a lender, who withdraws the foreclosure action. Also, El Paso County's foreclosures are being spread out over a greater number of households because of the county's growth. Despite the rise in foreclosures, the rate of foreclosure per household is much lower than 20 years ago.
http://www.gazette.com/articles/county_34841___article.html/foreclosures_foreclosure.html
--Roger Collins, First National Bank
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Many of us have our own ideas of what our real estate market is doing in Colorado Springs. We have had a few slow months but it seemed in February things picked up a little bit. I feel that the market will be doing better as it always improves come spring.
Interest rates are really very good and with the many homes for sale what a great time to buy.
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I think interest rates are very good these days! I noticed today that a conventional loan rate is around 5.875 to 6%. FHA interest rate is from 5 to 6% depending where you are shopping and a CHFA interest rate is between 6.25-7%
What a good time to be purchasing a loan!
It should be a great help to buyers who have good credit but don't have a lot of savings that the FHA loan limit has been increased in El Paso county to $325,000.
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Mortgage Pre-Approval versus Mortgage Pre-Qualification
Is there a difference between a Mortgage Pre-Qualification letter and a Mortgage Pre-Approval letter?
The reality is that most all buyers need to obtain a mortgage loan to purchase a home. Since mortgage approval is such an integral aspect of a home purchase, wouldn't it make sense that REALTORS® have a better understanding of the mortgage pre-approval process, since so few buyers are able to buy a home and pay cash.
Speaking as a REALTOR®, the difference is in documentation and verification. In other words, is the buyer providing copies of income paystubs and bank account statements to the Mortgage Lender or is the Mortgage Lender simply relying on verbal information provided by the buyer? More often than not, the difference between the two terms is that one is issued without any verification of information and the other starts with the buyer providing written documentation of all information provided. While neither is a considered to be a mortgage commitment, nor a written mortgage guarantee, obtaining a Mortgage Pre-Approval letter is more preferred than obtaining a Mortgage Pre-Qualification letter.
Based upon my experiences in selling real estate since 1971, and helping buyers obtain mortgage financing, Mortgage Pre-Qualification is generally a process where a buyer contacts a Mortgage Lender/Mortgage Representative, often on the telephone, who then asks the buyer to provide some information. The information requested involves a current address and how long living there, a social security number and permission to order a credit report, annual income and hopefully the amount of down payment.
After the credit check is ordered and received by the Mortgage Lender, the Mortgage Rep then estimates the amount of mortgage the buyer can afford and sends (via fax or email) a letter to the buyer with the title Congratulations, You Are Pre-Qualified, for a mortgage loan in the amount of $__ or Congratulations, You Are Pre-Qualified, for a mortgage loan in the amount of $__ and a purchase price of $__. This is usually done within a half hour or so of the initial phone call, and at best can be described as an estimate of potential mortgage ability and purchasing power, and not Mortgage Pre-Approval.
The pre-qualification letter always includes varying type disclaimer information, such as: Subject to a formal mortgage application and payment of an application fee, subject to verification of employment, subject to verification of assets, subject to credit review, subject to mortgage underwriting guidelines, interest rate to be the prevailing rate of interest for the mortgage type applied for, among many other "subject to"-like statements. In other words, we will give you a mortgage when we see that the information you provided is correct and meets certain qualifying standards.
What problems could arise when a formal mortgage application is submitted by a buyer after they've obtained a Mortgage Pre-Qualification letter like that? The mortgage application process involves somewhat standard underwriting criteria and guidelines for each particular type mortgage, whether the mortgage is VA, FHA or Conventional. The varying underwriting criteria involves guidelines, whether Fannie Mae, Freddie Mac or the Lenders specific qualifying criteria, for verification of income, income qualifying ratios, verification of down payment, cash reserves after closing, credit check scores and work history, among others.
Yes, it is possible that the buyer provided correct information, and will obtain a mortgage commitment when a mortgage application is submitted. However, there are many circumstances where even though the information verbally provided is accurate, certain other details are not mentioned which may have a negative impact on the mortgage approval process. Details like income being received off the books, down payment being borrowed (not gifted from a family member), and savings for the down payment but no other assets for closing costs or inconsistency in work history, to name just a few situations that can cause problems in obtaining mortgage approval.
While Pre-Qualification letters like the previous example are common, not all Mortgage Lenders provide them in that manner. Many Mortgage Lenders require a more thorough process in providing Mortgage Pre-Approval. In addition to obtaining a credit report, many Lenders require the buyer to provide proof of two years of work history, pay-stubs or income tax forms, copies of bank statements for source of funds verification and copies of charge card statements.
When the documentation is provided, it is then submitted to the Mortgage Underwriter for review and approval. The Mortgage Pre-Approval letter is worded something like this: Congratulations, You Are Pre-Approved for a mortgage loan in the amount of $__ and a purchase price of $__ subject to a Contract of Sale and a satisfactory Bank Appraisal on the home being purchased. While more time consuming than the previous pre-qualification practice discussed above, it is more thorough and more reliable, shortens the formal mortgage application and approval process and provides the ability for a fast closing if one is desired.
Consider the advantages of this type Mortgage Pre-Approval. First of all, the buyer and REALTOR will have confidence in a price range and confidence in obtaining mortgage approval. In submitting offers, sellers will know they have a serious buyer who has taken the time to arrange for mortgage financing first. And just as important, the buyer will be more relaxed in spending money to hire an Attorney for contract review, providing the earnest money deposit, hiring a home inspector to perform the home inspection, termite inspection, radon inspection plus any other required inspections and paying for the mortgage application and appraisal fee. Why? They are concentrating on the home they have purchased, and not worrying about the mortgage approval process.
Needless to say, I can't even count the number of real estate transactions I've noticed fall apart after a buyer has paid all those fees for the home they hoped to purchase; only to find out they were not able to obtain mortgage approval, even with a Pre-Qualification letter. These are the financial ramifications for a buyer, but what about the ramifications for the others involved in a lost real estate transaction, the selling agent, the listing agent and the seller. Consider the time, energy, emotional strains and on and on. Real estate is a people business, a service business. Not much good can occur when a real estate transaction is cancelled for mortgage denial, especially when it occurs a month or so after contract acceptance.
Provide better service to your buyer clients, review their Mortgage Pre-Qualification letter with them, and don't be afraid to ask questions. Provide better service to your seller clients, read the Mortgage Pre-Qualification letter the selling agent is providing at the contract presentation, and don't be afraid to ask questions.
by David Fialk
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There are currently 2 homes for sale in Skyway Heights with prices of $599,900 and $815,000. One other property is pending with a list price of $569,000. No properties have closed yet this year in Skyway Heights.
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Date: Mar. 6, 2008
Tags: None
There are 3 homes for sale in Top of Skyway with prices from $699,000 to $749,000. One other property is under contract with a list price of $800,000. No homes have sold yet this year in Top of Skyway.
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Date: Mar. 6, 2008
Tags: None
As of March 6, 2008 there are 8 homes for sale in Austin Heights wit prices ranging from $340,000 to $610,000. Two properties sold this year with prices of $435,000 and $450,000
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The state of the environment is of increasing concern today. Why not mix your own earth-friendly cleansers? Here are a few ways to get started:
Safe all purpose Cleaner!
Add 1 cup baking soda to 1 gallon of water to clean appliances, tiles and more!
Make Glass Sparkle!
Mix 1 Cup each water and rubbing alcohol and add 3 Tbs. of ammonia.
Disinfect the bath!
Add 1/2 cup chlorine bleach to 1 gallon hot water and wash any hard surface except metal!
Gentle Degreaser!
Wipe walls with 1/2 cup white vinegar in a gallon of warm water!
Don’t forget gloves!
Just because its safe for the environment doesn't make it a beauty treatment! Be sure to protect your hands.
Pillar to Post
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Licensed movers are responsible for loss or damage to your property.
When you're moving, make a list of all items moved. Number your boxes, and make a list of the contents of each box. Label them clearly with your name and new address and phone number.
You and the mover should agree about the contents being shipped, and make sure the inventory list reflects your mutual understanding. At the time of delivery, note any items that are damaged or missing, and ask the mover for a liability claim form.
You and the mover should agree on the amount of liability the mover will assume for loss or damage to your property.
Keep in mind, the movers liability is limited to 60 cents per pound, so it's wise to add extra insurance if your goods are particularly valuable.
And remember, you must declare the value of your goods with the mover before you move.
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February 15, 2008
There is currently 2 homes for sale in Skyway Heights. The prices of these homes are $599,900 and $815,000
There is one home under contract with a list price of $569,000
No properties have closed yet this year.
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February 15, 2008
There is one home for sale in Top of Skyway with a list price of $699,000
One other property is Under Contract with a list price of $800,000
No properties have closed yet this year.
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