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Web Resources for Veteran Home Buyers July 30th, 2009

Patricia

The Veterans Administration has automated many of it’s procedures relating to how loans and appraisals are processed making buying a home easier for VA home buyers. The electronic Certificate of Eligibility program now allows lenders working with VA buyers to securely access and print out a veteran’s Certificate of Eligibility without having to wait on the mail.

Veteran Links

VA Home Loan Information

VA Forms

Military Pay Charts, Housing, and benefits

VA Foreclosures

National Association of State Directors of Veterans Affairs

National Personnel Records Center

Contact me about buying a home in Colorado Springs at 719-660-9058

Military Relocation

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For more information on Colorado Springs Real Estate or the Colorado Springs Area contact me or visit my website.

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Colorado Springs Homes: Downsizing and planning for the future July 30th, 2009

Patricia

Many homeowners make the decision to downsize. Often times, a large living area is no longer needed once the children have grown or many are planning for retirement and want to find a home where they can live in comfortably without having to move again.

For those who plan on purchasing a home to stay in for the years to come need to think about a few important factors:

1. Floor plan: A ranch style home that offers main level living will probably be more accommodating than a floor plan with many stairs. Individuals who experience knee replacements, arthritis, use a walker, or a wheelchair may be hindered by too many stairs. A floor plan with enough space and privacy for guests who visit is a factor for some as well. The property type is another decision to make. Some favor living in a single family home while others may prefer a patio home, condo, or independent senior living community.

2. Yard size: A large yard will require more maintenance and will be a factor for buyers who do not want to deal with yard work in the years to come. Conversely, it can be a positive for buyers who enjoy spending time in the garden. Some may even consider a Xeriscaped yard for easy maintenance and a lower water bill. For those who yard without having to do the work may prefer living in a home where the exterior is maintained by the local HOA.

3. Modifications: Some homes are easier to modify than others. Seniors may want to add grab bars, ramps, or other modifications that are necessary. The size of rooms is also important; homes with narrow hallways or small bathrooms may not meet the needs of some buyers.

4. Location: Seniors may want to live in a home that is conveniently located near family, friends, activities, church, and shopping centers. Living in a neighborhood near parks, trails, a golf course, or a Recreation Center could be another factor. This may be a time when many make the decision to move to another state closer to loved ones.

5. Amenities: If you don’t plan on moving to another home in the future, why not buy a home with a few things you have always wanted in a dream home? Privacy, a gourmet kitchen, radiant floor heating, theater room, wine cellar, lighting system, workshop, or master suite may be a few of the wants on your list.

For further information on available Homes in Colorado Springs contact your Colorado Springs Real Estate Agent, Patricia Beck.

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Colorado Springs Homes: Reverse Mortgages July 30th, 2009

Patricia

For seniors 62 and older, Reverse Mortgages may be a great option for gaining access to the equity in their home for additional income. No monthly mortgage payments are required and the equity pulled out of the home does not have to be paid back until the home is sold.

Unlike other loans, there are no credit score or income requirements to obtain a Reverse Mortgage. Reverse Mortgages allow homeowners to increase their monthly income or to utilize the equity in their home to purchase another home that fits their needs. Best of all, the income from a Reverse Mortgage is not taxed. With an FHA Reverse Mortgage, the borrower nor their children will inherit the debt since the Reverse Mortgage cannot exceed the value of the home.

For further information Homes in Colorado Springs contact your Colorado Springs Real Estate Agent, Patricia Beck.

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Colorado Springs Real Estate – Market Statistics for Northeast July 28th, 2009

Patricia

The Northeast area is located in the in School District 11. A total of 92 single family homes sold in the month of June with the average sale price of $235,506. The average days on market for homes that sold in June 2009 was 76 days.

There are currently a total of 315 single family homes listed for sale and 120 single family homes that are under contract or pending in the Northeast area.

Northeast Area Market Report - Colorado Springs Real Estate

Home sales for the Northeast area of Colorado Springs have gradually declined since 2005; the area experienced the lowest number of home sales in 2008 like many other areas in the city. Total single family home sales for 2009 already look better than last year so the market seems to be turning around in the right direction.

Northeast Yearly Sales Statistics for Colorado Springs Real Estate Market

List Price vs. Sale Price Ratios in the Northeast area were lowest in the first quarter of 2009 (96%) but increased to 97.9% in the second quarter. We have seen a fluctuation between 97.5% – 99.9% over the past few years. The list price vs. sale price ratio for June 2009 was 98.1%.

Northeast Area Market Report - Colorado Springs Real Estate

The Average Sale Price was lowest in 2005 at $231,553 and highest in 2006 at $242,157 when looking back over the past few years. The average sale price has gradually increased since the beginning of this year and in June, the average sale price was $235,506.

Colorado Springs Real Estate Market Report for Northeast Colorado Springs

*Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

For further information on available Homes in Colorado Springs contact your Colorado Springs Real Estate Agent, Patricia Beck.

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Energy-Efficient Mortgages available to VA buyers July 27th, 2009

Patricia

VA is offering Energy-Efficient Mortgages (EEM) to borrowers who are interested in making energy-efficient improvements to their home. New borrowers or current homeowners interested in re-financing can increase their loan amount to account for the Green improvements that will be made to the home.

Depending on how much the borrower’s mortgage payment is increased as a result of the EEM, the improvements made will need to reduce the cost of utilities in the home in order to be worthwhile. There are situations in which the EEM will require approval by the underwriter.

If $3,000 or less is wrapped into the loan for energy-efficient improvements, the borrower will need to have written estimates for each improvement to be completed. If the EEM is more than $3,000 but less than $6,000, borrowers will also need to demonstrate that the increase in their mortgage payment does not exceed the monthly savings in utilities. If the EEM is more than $6,000, the appraisal will have to support the new increase in the loan amount to be approved.

In many instances, the improvements may not be completed before closing so the borrower will have to document that the “Green” money is going to be placed into a separate account, to be used for energy-efficient improvements only. Energy-efficient appliances do not count. Energy-efficient improvements may include: Solar systems, Low-E windows, programmable thermostats, or insulation. Check with VA to find out if installing an energy-efficient furnace or water heater is observed as an improvement.

Wrapping the cost of energy-efficient improvements into the loan should not impact the veteran’s entitlement but may increase the VA funding fee.

Military Relocation

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For more information on Colorado Springs Real Estate or the Colorado Springs Area contact me or visit my website.

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Colorado Springs Real Estate- Assuming VA Loans July 27th, 2009

Patricia

One advantage of having a VA mortgage is that it is assumable. If the interest rates skyrocketed and a buyer wanted to assume the seller’s VA loan instead of obtaining a new loan with a high interest rate, it can be done with approval of VA. If the loan was originated before March 1, 1988, the seller would not need approval to transfer the loan.

If the assumer is a veteran, the seller has the ability to utilize the Certificate of Eligibility to purchase another property since the veteran has substituted his/her entitlement in place of the seller’s. If the assumer is not a veteran, the seller’s Certificate of Eligibility is still tied to the property and cannot be used.

The seller is also released from liability if the buyer who assumed the veteran’s loan misses mortgage payments. However, if the property forecloses, the veteran’s entitlement may not be restored.

Colorado Springs Real Estate Agent, Patricia Beck, providing real estate services to home buyers and sellers.

Military Relocation

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Housing Grants available for Veterans July 23rd, 2009

Patricia

Many Veterans are not aware of the Specially Adapted Housing (SAH) and Special Housing Adaptation (SHA) grants that are available.The grants provide disabled Veterans with the opportunity to make necessary adaptations to their home in order to meet their needs. Veterans are allowed to use only one of the grants, SAH or SHA.

Veterans who have lost/lost use of both their lower or upper extremities qualify for the Specially Adapted Housing Grant.The grant can be used up to three times by the Veteran and there is no time limit in which the grant has to be used.The grant maximum is $60,000 and can be used to adapt their present home, to build a home that meets their needs, or to reduce their mortgage principal.Additionally, a temporary grant may also be available for those temporarily residing in the home of a family member.Veterans must apply for the grant and can visit the VA office for information.Please refer to the official Department of Veterans Affairs website for more information about the SAH grant.

The Special Housing Adaptation grant is available to Veterans who have blindness in both of their eyes or loss of use in both hands.This grant can also be used up to three times and has no time limit to be used by.The grant maximum is $12,000 and can be used to adapt their present home, to build a home that meets their needs, or to reduce their mortgage principal.Veterans must apply for the grant and can visit the VA office for information.Please refer to the official Department of Veterans Affairs website for more information about the SHA grant.

Contact me about buying a home in Colorado Springs at 719-660-9058

Search for homes in Colorado Springs

For more information on Colorado Springs Real Estate or the Colorado Springs Area contact me or visit my website.

Military Relocation

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Single Family Home Inventory Stats for El Paso County – June 2009 July 15th, 2009

Patricia

Home inventory increased by 4% for the month of June 2009 when compared to six months ago (January 2009). Compared to the previous month of May, there was a slight increase (1.6%) in single family homes for sale. It is good that we are seeing inventory levels remaining steady while home sales are increasing; this will ultimately reduce the months of inventory in Colorado Springs.

Single Family Home Inventory in the Pikes Peak MLS was 22% higher in June 2008!

Looking at stats for June 2009, Single Family Home inventory in the Pikes Peak MLS is sitting at 5.8 months (compared to 6 months in May). We have not seen the inventory this low in a long time! There is a balanced market in Colorado Springs when inventory sits at 6 months; the market is definitely improving for sellers.

Many buyers are probably noticing bidding wars and multiple offers on properties at this time, particularly with bank owned properties. Additionally, I have observed many sellers are not negotiating as much on the price as they were a few months ago.

Home Inventory Statistics for El Paso County - June 2009

*Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

Patio homes are included in these stats

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For more information on Colorado Springs Real Estate or the Colorado Springs Area contact me or visit my website.

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Single Family Home Sales – Colorado Springs – June 2009 July 15th, 2009

Patricia

Homes sales increased by 4.9% in El Paso County for the month of June when compared to May 2009.

There were only 6 additional single family home sales in June 2008 when compared to total single family home sales for June 2009. There were also an additional 1,469 single family homes for sale in June 2008!

The average ($225,402) and median ($194,700) sales price increased when compared to the previous month of May and has been steadily increasing over the past six months.

Single Family Home Sales for El Paso County - June 2009

*Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

Patio homes are included in these stats

Search for homes in Colorado Springs

For further information on available Homes in Colorado Springs contact your Colorado Springs Real Estate Agent, Patricia Beck.

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Homes with Polybutylene Plumbing in Colorado Springs July 14th, 2009

Patricia

Many homes in Colorado Springs built in the mid 70′s through the late 90′s had Polybutylene plumbing installed since it was more economical than copper. It was later discovered the Polybutylene pipes had problems with deterioration in addition to problems with the aluminum fittings. As you can imagine, this would cause flooding and major water problems for homeowners.

Homeowners who have Polybutylene plumbing may find it more difficult to sell their home; buyers do not want to incur the cost of replacing all of the plumbing in the house with copper. If a buyer chooses to purchase a home with Polybutylene piping, it may be a challenge obtaining home owner’s insurance since Polybutylene pipes that fail or burst can cause extensive water damage to a home resulting in an insurance claim.

If you think you may have Polybutylene plumbing in your home, you may want to hire a licensed plumber to inspect the plumbing and advise you on what course of action to take.

Colorado Springs Real Estate information and services.

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