Archives
November 2008
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The Perfect Storm
It is the perfect storm for the real estate market. Real estate prices are at a very attractive level. In fact in some areas, due to an over-correction, the properties are undervalued.
Mortgage interest rates are very low and very attractive and we have a huge over-supply of resale inventory. You add all of this together, and for the real estate investor and the natural real estate buyers, the ones who want to move up or move down or move to a new area or whatever the reason is, you have one of the very best times in years to buy property.
The year of 2008 is going to go down in the history books as the year that the current real estate market makes a u-turn and starts to stabilize and appreciate again. Everyone keeps saying now is the time to buy. Let me tell you, it’s not only the time to buy, it’s one the very best times to buy we will see for years to come.
With permission from James A. Crumbaugh is CEO of Allison James Estates and Homes Real Estate
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Thanksgiving week is upon us. Midst all the turmoil in the economy and the distressful time in the real estate world there is still much to be thankful for. We live in a wonderful country with a capable military that is paying a big price for our freedom and keeping us safe. I am blest with a wonderful family, a comfortable home, food to eat, and a car to get around. This is only the beginning of all the many blessings I have to be thankful for. My real estate career is a bit slow right now but that is to be expected this time of year. I wish you all a week filled with the knowledge of all the good things that come our way each day.
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Your home should sell fast if the price is right and a professional market analysis will quickly establish what that price should be.
Full time Realtors® know what homes comparable to yours are selling for, and you should be realistic in setting a price that is competitive with other properties currently listed.
Many factors influence your home's true market value: size, condition, and yard area, interior finish and so on. Special features such as a finished basement, a hobby room or custom-made cupboards add value.
Your Realtor® knows how these factors affect asking price and is able to compare your home fairly against similar homes that have sold recently. A price within 5% of market value should garner a reasonably quick offer and hopefully the successful completion of the sale.
--Realty Tips
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It looks like an interest rate for a 30 yr conventional loan is aroung 5.75% right now. What a great rate and a great time to purchase a home. Today was not a good day on the stock market but it is Monday!! I heard lately that when the market settles down inflation will go up and interest rates could increase by 2 percent in the next couple years. We will see!
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There are 4 homes for sale in Top of Skyway with prices ranging from $590,000 to $2,500,000
Eight properties sold this year with a prices ranging from $489,900 to $842,000.
Top of Skyway had a good year.
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Today is Veteran’s Day. I want to personally thank all branches of our military that are willingly giving there lives for our country. I pray each day for all of you who are currently serving our country that you will be safe and know that God is in control. I am also very thankful for all those vets who have served in the past. We are so proud of each one of you and thank you for your service.
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Skyway Heights update-November 8, 2008
Skyway Heights is a delightful place to live. From every home there is a view of our beautiful Colorado Springs, or a mountain view and some homes have a view of Garden of the Gods.
There are currently 2 homes for sale in Skyway Heights with prices of $649,900 and $845,000.
Five properties closed this year with prices ranging from $525,000 to $700,000
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Austin Heights is a fairly new development. The view of the mountains is awesome.
There are currently 14 homes for sale in Austin Heights with prices ranging from $269,900 to $599,000
Seven properties sold this year with prices of $290,000 and $489,000
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I attended a real estate meeting at PPAR last week and the speaker spoke about the real estate market in general and then told us that El Paso County is not in a declining market according to the criteria used for a declining market. In my experience this year we are in a slower market and I think our values have slipped a little but not nearly as much as other parts of the country. It may take longer to sell our homes but our prices have not bottomed out. Right now all buyers are looking for a bargain and most of them are getting a good deal when they purchase a home. What a great time to be buying a home! Check out http://www.pikespeakfacts.com/. Jay Gupta, managing broker of Gloriod & Associates and past president of Pikes Peak Association of Realtors, has worked very hard to put this website together to keep all of us in El Paso County informed on what is happening. It is updated every month. Thank you Jay!
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