Archive for October, 2010

Good Neighbor Next Door Program – Colorado Springs October 21st, 2010

Patricia

Many Colorado Springs Residents are not aware of the Good Neighbor Next Door Program offered through the Department of Housing and Urban Development (HUD).  Buyers that qualify for the program include full-time teachers, firefighters, police officers, and EMTs.

Buyers can choose from HUD homes (FHA insured foreclosures) in specific areas of Colorado Springs that are considered revitalization areas.  Qualified buyers can purchase a HUD home for 50% of the appraised value!  If the home needs work, buyers may be eligible for an FHA 203(k) Rehab Loan to assist them financially with needed repairs.  Once the home is financed, the amount discounted off of the list price is recorded as a silent second (no payments and no interest) mortgage.   The second mortgage is released once the home is sold, as long as the buyer met HUD’s required guidelines during the three year period.  If the home appreciates, the buyer receives profit made on the sale of the home.

The home teachers, firefighters, and EMT’s purchase must be located in the area where they serve.  Additionally, the buyers are required to live in the home as their primary residence for at least three years.  HUD may require buyers pay back the amount that was discounted if they live in the home for less than three years.

HUD offers a FAQ on their website regarding the Good Neigbhor Next Door Program.

For further information on available Homes in Colorado Springs contact your Colorado Springs Realtor, Patricia Beck.

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Fannie Mae and Freddie Mac Foreclosure Properties October 20th, 2010

Patricia

Buyers who intend to occupy a home as their principal residence, have an advantage over investors when it comes to purchasing a Fannie Mae or Freddie Mac foreclosure property.  Investors still have to wait 15 days before submitting an offer, but these types of foreclosures may be a good option for investors if the property is not snagged up within the 15-day window.

Through Homesteps, Freddie Mac ensures their foreclosed properties are clean and safe which often requires making repairs, painting, adding appliances, or changing flooring before putting the property on the market for sale.   The homes also come with a 2-year Home Warranty and a discount on appliances if needed (this benefit is not available to investors who purchase a Freddie Mac home as an investment property or rental).  Buyers are also eligible for 3.5% in closing costs if they close on or before September 30, 2011 (owner occupants only).

Fannie Mae also brings homes back to good condition with repairs, paint, change of carpet, etc…  Through the HomePath program, Fannie Mae is offering buyers up to 3.5%  to use toward closing costs (transactions must close prior to June 30, 2011).  The closing costs incentive only applies to individuals who will be occupying the home as their primary residence.  Owner occupants and investors can choose to go through HomePath for financing a FannieMae property with a low down payment.  Through HomePath financing, buyers do not have to pay for an appraisal or mortgage insurance.  Additionally, owner occupants can qualify for a HomePath Renovation Mortgage in order to renovate a Fannie Mae home (participating in HomePath).   To view a list of available lenders in Colorado that offer HomePath Renovation Mortgage Financing, click here.  Alternatively, investors may qualify for Fannie Mae’s HomeStyle Renovation Mortgage.

Purchasing a Fannie Mae or Freddie Mac foreclosure may be more advantageous to buyers who want to find a bargain on a foreclosure property that does not need a ton of work.  Contact me about buying a home in Colorado Springs at 719-660-9058.

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

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Foreclosure moratorium may impact investors in Colorado Springs October 17th, 2010

Patricia

Major banks including Bank of America, GMAC, and JP Morgan Chase are halting foreclosures to investigate if homes were properly foreclosed upon since issues have arisen from incorrect paperwork being filed and from concern regarding the entity actually foreclosing on many properties (MERS (Mortgage Electronic Registration Systems)).   Bank of America is temporarily freezing foreclosures in 23 states.

Investors who are looking to purchase bank owned properties may not see many bargains on real estate in Colorado Springs during this foreclosure freeze.  We will most likely see a temporary increase in home prices since foreclosure sales will be minimal.  Investors can still find good buys in the Short Sale arena but those transactions usually take more time to close.

Once the foreclosure moratorium is over, investors will probably see a considerable amount of bank owned properties hit the real estate market in Colorado Springs.  Once this occurs, we will most likely see home sale prices take a dip once again.  Additionally, many of the properties will have sat vacant for a period of time which may result in plumbing breaks even if the properties were winterized during the cold season.

Investors may want to move forward on purchasing bank owned properties they have been considering since we may not see a whole lot of them hit the market for a while!

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

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Single Family Home Inventory Stats for El Paso County – September 2010 October 8th, 2010

Patricia

Home inventory increased nearly 8% for the month of September 2010 when compared to six months ago (April 2010). Compared to the previous month of August, there was a slight decrease of 4.8% in single family homes for sale. We are now entering the slower season for real estate in Colorado Springs and can expect inventory levels to decrease again next month.

Single Family Home Inventory in the Pikes Peak MLS was 14.9% lower in September 2009 and there were 220 more single family home sales.

Looking at stats for September 2010, Single Family Home inventory in the Pikes Peak MLS is sitting at 9.2 months (compared to 8.4 months in August).  There is a balanced market in Colorado Springs when inventory sits at 6 months.

Home Inventory Statistics for El Paso County - September 2010

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

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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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2010 Parade of Homes Colorado Springs – Winners October 8th, 2010

Patricia

The Housing & Building Association has awarded various builders that were featured in the 2010 Parade of Homes in Colorado Springs.  There were a total of 23 homes in the Parade of Homes this year and 7 of them were custom built.

 
Awards were given in various price ranges to specific homes/models of builders.  Some of the winners of the 2010 Industry Awards of Excellence included:

 Award  Builder
Best Overall Home  JM Weston Homes, SilverWood Homes, Saddletree Homes, G.J. Gardner Homes,
Vanguard Homes
Best Floor Plan Classic Homes, Ari Homes/RMCLT, Vantage Homes, Saddletree Homes, G.J.
Gardner Homes
Best Kitchen JM Weston Homes, Oakwood Homes, SilverWood Homes, Vanguard Homes, Saddletree
Homes, G.J. Gardner Homes 
Best Master Suite Challenger Homes, Hammer Homes, Vanguard Homes, Saddletree Homes, G.J.
Gardner Homes 
Best Landscaping Oakwood Homes, Challenger Homes, Creekstone Homes, Copperleaf Homes, G.J.
Gardner Homes  
Best Architectural Exterior Challenger Homes, Classic Homes, Hammer Homes, Goetzmann Custom
Homes, Saddletree Homes, G.J. Gardner Homes  
Best Innovative Feature SilverWood Homes, Vanguard Homes, Saddletree Homes, G.J. Gardner
Homes  
Best Interior Design JM Weston Homes, SilverWood Homes, Goetzmann Cusom Homes, Saddletree Homes,
G.J. Gardner Homes 

G.J. Gardner Homes was the only builder who received an award for each category.   

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

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Single Family Home Sales for September 2010 – El Paso County October 8th, 2010

Patricia

Homes sales decreased by 12.4% in El Paso County for the month of September when compared to
August.

There were 220 fewer single family home sales in September 2010 when compared to September 2009 (26.7% decrease).  There were 721 fewer single family homes for sale in September 2009 as well.  Home sales are typically decrease during this time of year as we enter the slower season for real estate in Colorado Springs. We are also still seeing an impact from the expiration of the first time home buyer tax credit.

Compared to the previous month of August, the average sales price ($230,419) and the median sales price ($195,000) decreased. Last September, the average sales price was $214,848 and the median
sales price was $189,900.


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

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Colorado Springs Homeowners: Rebates = Cash in your pocket! October 6th, 2010

Patricia

Not only will you save money each year by using less energy and water but you can get rewarded for it through rebates from Colorado Springs Utilities and the Governors Energy Office.  The rebates are available until funds run out.  Any upgrades or installs prior to April 19, 2010 do not qualify.

1.       High-efficiency clothes washer (up to $75)

2.       Dishwashers (up to $50)

3.       Refrigerators (up to $100)

4.       Irrigation Equipment (up to $200)

a.       Rain Shutoff Devices

b.      Rotating matched precipitation sprinkler nozzles

c.       Weather-based irrigation controllers/soil moisture sensors

5.       Windows (up to $200)

6.       Toilets (up to $100)

7.       Energy Monitor (40% of cost up to $100)

8.       Energy Audits/Inspections (up to $100)

9.       Insulation

a.       Duct Sealing  (40% of cost up to $150)

b.      Insulation and Air Sealing (40% of cost up to $600 only through October 15th, 2010)

10.   Furnace

a.       Gas Condensing Furnaces ($500)

b.      Gas Boilers ($400)

11.   Water Heaters  (up to $200)

12.   Solar (Residential)

a.     Solar Thermal (up to $3,000)

b.     Photovoltaic  ($1.5 per watt for the first 3kW)

c.     Wind ($1 per watt for the first 3kW)

 

Click here to find rebates for your area 

For more information on available rebates, visit the Governors Energy Office (GEO)

GEO Rebate FAQ

Federal Tax Credits for Energy Efficiency are available:  30% of cost up to $1,500 through December 31, 2010.  The tax credit amount does not include installation or labor costs. 

1.)     Windows, Doors, and Skylights

2.)    Roofs

3.)    Insulation

4.)    Biomass Stoves (corn, pellet, or wood-burning stoves)

5.)    Furnaces and Boilers

6.)    Water Heaters

7.)    Central Air Conditioning

 

A tax credit (30% of cost with no upper limit) is available for the list of items below with the exception of Fuel Cells ($500 limit), through December 31, 2016

1.)     Geothermal Heat Pumps

2.)    Small Wind Turbines

3.)    Solar Energy Systems

4.)    Fuel Cells (30% of the cost, up to $500 per .5 kW)

 

 

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

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Custom Homes – G.J. Gardner Homes in Colorado Springs October 6th, 2010

Patricia

G.J. Gardner Homes is a true custom home builder in Colorado Springs that can build many different types of homes in various price ranges. G.J. Gardner Homes franchises with local builders and is currently working in many locations all over the world.

G.J. Gardner puts forth the extra effort to work with their clients.  For example, if buyers have a floor plan that they like from Chicago, they can bring it to G.J. Gardner and they can work with it.  If a buyer is handy and prefers to lay his/her own tile flooring, the builder deducts it from the cost and allows the buyer to come in during the process to complete the work.  The local builder recently worked with a client to install geothermal heating in a Colorado Springs home.

Although, there are many options to choose from in their design center,the builder is flexible if you prefer a material through another vendor not available in the design center such as granite countertops.

What makes G.J. Gardner different?

- Buyers can design a house however they like and G.J. Gardner will give specific pricing quickly compared to other custom builders.

- They will build anywhere a buyer finds a lot and are currently building homes in the Village Center subdivision in Monument.

    - G.J. Gardener guarantees they are competitively priced and provide high quality of materials.
    - The builder is currently offering an $8,000 incentive that buyers can apply toward closing costs, a price reduction, or design options.

    - Soil tests are completed before the quote.

    To get a better idea of G.J. Gardner Homes, click here to see the virtual tour of one of their homes that was part of the 2010 Parade of Homes.

    For information on the buying process and available Homes in Colorado Springs please go to www.patricia-beck.com.

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    Affordable Home Ownership – Rocky Mountain Community Land Trust October 5th, 2010

    Patricia

    Rocky Mountain Community Land Trust (RMCLT) is a non-profit organization located in Colorado Springs to help make the American dream a reality for people who could not otherwise own a home.  Properties include single family homes, townhomes, and condos in various areas of Colorado Springs and El Paso County.

    Income limitations for this affordable housing program vary depending on family size and it is only available to first time home buyers (includes individuals who have not owned a home in the past three years). RMCLT provides assistance by investing at least 20% of the purchase price of a home making monthly house payments very reasonable. When the home resells, the appreciation is shared between the family and RMCLT.  This makes it possible for RMCLT to provide a second family with the same opportunity on the resale of the home. RMCLT holds the title to the land while allowing a family to live in the home.

    Those who do not meet the criteria of RMCLT can also look into owning a home through the Pikes Peak Habitat for Humanity.  The homes are built by volunteers and the homeowner is expected to assist as well.  Habitat Homes offer affordable house payments as well.

    RMCLT holds an orientation twice a month for anyone interested in finding out more about the program and qualifications.  A fundraiser is also held once a year and this year it will be at Colorado College on October 28, 2010.  RMCLT provides additional support to families after their home purchase and that is probably why they have not had a single foreclosure yet!

    RMCLT is always looking for volunteers to participate on one of their committees or to assist with landscaping and other home projects.  Individuals can also contact the Pikes Peak Habitat for Humanity to find out more about the homes currently being built by volunteers.

    Rocky Mountain Community Land Trust
    1212 W. Colorado Ave. Colorado Springs, CO 80904
    (719) 447-9300

    Colorado Springs Real Estate information and services

     

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