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Vol.2 No.12 www.csrej.com August 23, 2010
Meridian Ranch Brunch
BBQ at Fidelity
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HBA Poker Run
PAGE 5 PAGE 11PAGE 6
PRSRT STDUS POSTAGEPAIDPERMIT 745 COLO SPGS CO
National News ................. Page 2Local News ..................... Page 9On the Move ................... Page 13Local Expert ................... Page 14Around the Corner ............ Page 15
Yun
Wally RoyBranch Manager(719) [email protected]#305901
Aric UlmerLoan O� cer(719) [email protected]#257977
Sharon HigashiLoan O� cer(719) [email protected]# 100019804
Honest & Ethical Service from People You Know.5 3 3 3 N o r t h U n i o n B l v d . S u i t e 1 0 0 , C o l o r a d o S p r i n g s , C O 8 0 9 1 8
HELPFUL TIP:Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website:
www.dora.state.co.us/real-estate/index.htm
Housing starts rise 1.7 percent in July
Broad stabilization in second quarter metro area home prices with strong sales
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Nationwide housing starts inched up 1.7 percent to a seasonally adjusted an-nual rate of 546,000 units in July from a downwardly revised figure in the previ-ous month, according to U.S. Commerce Department figures released today. The gain occurred entirely on the multifamily side, with single-family housing produc-tion falling 4.2 percent to 432,000 units.
“Builders are very reluctant to build more homes in view of the current state of the economy and weak buyer de-mand,” noted Bob Jones, chairman of the National Association of Home Build-ers (NAHB) and a home builder from Bloomfield Hills, Mich.
“Right now the housing market is es-sentially in a holding pattern,” acknowl-edged NAHB Chief Economist David Crowe. “As our latest member surveys have indicated, builders are seeing greater
hesitancy among potential home buyers who are uncertain about what’s in store for the economy and jobs going forward. That said, favorable home buying condi-tions including historically low mortgage rates and low house prices should help spur additional demand as the job mar-ket gradually improves later this year.”
The entire 1.7 percent gain in housing production this July was due to a 32.6 percent jump on the more volatile mul-tifamily side, which brought that sector back closer to trend at a 114,000-unit rate following a major dip in the previ-ous month. Meanwhile, single-family housing production declined 4.2 percent to a seasonally adjusted annual rate of 432,000 units, its lowest mark since May of 2009.
Two regions registered improved starts activity in July, with the Northeast
and Midwest each posting double-digit gains, of 30.5 percent and 10.7 percent, respectively. The South, which is the country’s largest housing market, posted a 6.3 percent decline in starts this July, while the West posted no change in starts activity.
Permit issuance, which can be an in-dicator of future building activity, de-clined 3.1 percent to a seasonally adjust-ed annual rate of 565,000 units in July. Single-family permits fell 1.2 percent to 416,000 units, while multifamily permits fell 8 percent to 149,000 units. Region-ally, permits fell nearly 26 percent in the Northeast, 1.1 percent in the Midwest, and 4.9 percent in the West, but gained 3.9 percent in the South in July.
The above article has been provided to you compliments of NAHB and Nation’s Builder News.
The trend in firming home prices so-lidified in the second quarter with more metropolitan areas showing increases from a year ago, aided by a surge in home sales driven by the home buyer tax credit, according to the latest survey by the Na-tional Association of Realtors®.
In the second quarter, 100 out of 155 metropolitan statistical areas1 (MSAs) had higher median existing single-fam-ily home prices in comparison with the second quarter of 2009, including 14 with double-digit increases; two were unchanged and 53 metros showed price declines. In the first quarter of this year 91 areas had higher prices, while only 26 MSAs experienced annual price gains in second quarter of 2009.
The national median existing single-
family price was $176,900 in the second quarter, up 1.5 percent from $174,200 in the same period of 2009. The median is where half sold for more and half sold for less. Distressed homes accounted for 32 percent of second quarter sales, down from 36 percent a year ago.
Lawrence Yun, NAR chief economist, said the correction in home prices ap-
pears to have ended in 2009. “All year we’ve been seeing relatively flat na-tional home prices, which appear to be supported by market fundamentals,” he said. “Prices in some
areas remain below replacement con-struction costs, so even with an elevated supply of existing homes on the market
we don’t expect any consequential move-ment in home prices for the foreseeable future. Very low inventory of newly built homes also will help to support home values.”
Yun urged caution on interpreting price data. “The median price is influ-enced by the mix of homes that were sold and do not reflect pure appreciation or depreciation,” he said. “The recorded home prices in many markets were sig-nificantly depressed last year because of a large percentage of distressed homes sold at discount. Now as more normal, non-distressed home sales are occurring, the median price in many areas is showing higher values.”
See Second Quarter page 4
2 Colorado Springs Real Estate Journal www.csrej.com August 23, 2010
Director of AdvertisingRachelle Nardo
Director of PublishingJosh Olson
Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colo-rado Springs, Colorado. CSREJ is published once a month and dis-tributed through US Mail to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Build-ing Association and many other industry-related professionals.
CSREJ is not responsible for any opinions or facts expressed by non-staff writers. CSREJ shall not be held responsible for any errors in advertising or editorial content.
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New dental insurance program makes Realtors smileAfter a successful first year of offering
Realtors® Core Health Insurance, NAR’s new benefit, Realtors® Dental Insurance, is the next step in efforts to provide unique and valuable benefits to members and aims to help bridge the dental gap. Real-tors® can obtain RDI through the National Association of Realtors®’ REALTOR Ben-efits® Program in partnership with Ameri-tas Group and SASid (Smart And Simple Insurance Development).
“NAR understands the unique needs of Realtors® who, as independent con-tractors and small business owners, of-ten do not have access to quality and af-fordable insurance,” said Bob Goldberg, senior vice president of Marketing and Business Development, Commercial Services and Business Specialties. “Re-altors® Dental Insurance is custom-de-signed to offer affordable and valuable large group dental insurance benefits to NAR members and their families nation-wide. This crucial benefit would not have been made possible without our part-ners, Ameritas Group and SASid.”
Eighty-five percent of Americans re-
port awareness that their oral health is very important to their overall health, with the number one reason for not going to the dentist being a lack of dental insur-ance. Independent contractors and small business owners are especially susceptible to limited access to quality and affordable health and wellness insurance benefits.
RDI plans are designed exclusively for NAR members and their families and provide coverage for preventive, basic and major dental expenses. Realtors® can choose from four plans that cover more than 300 dental procedures. Plans also include bonus benefits such as orth-odontia, cosmetic and Dental Rewards®. Other plan highlights include credit for
existing plans by waiving waiting periods that may apply, easy online billing and personal service
Participants are free to visit any li-censed dentist of their choice or an Ameritas PPO provider. Ameritas PPO providers have agreed to charge reduced fees to NAR member clients, which can result in significant savings. The Ameritas PPO network is composed of more than 130,000 dentist locations nationwide.
Realtors® can review plan options and obtain a free quote online at www.RealtorsDentalInsurance.com or by calling 877-267-3752. Realtors® must mention their NAR membership (NRDS) number.
NAR’s REALTOR Benefits® Program offers practical solutions for Realtors® on the products and services they use ev-ery day. The program includes offerings from nearly 30 companies in a variety of categories recognized as leaders in their respective industries.
© Copyright National Association of Realtors. Reprinted with permission.
August 23, 2010 www.csrej.com Colorado Springs Real Estate Journal 3
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Total state existing-home sales, including single-fam-ily and condo, rose 9.1 percent to a seasonally adjusted annual rate2 of 5.61 million in the second quarter from 5.14 million in the first quarter, and were 17.3 percent above the 4.78 million-unit pace in the second quarter of 2009.
Sales increased from the first quarter in 44 states and the District of Columbia; 47 states and D.C. had increas-es over year-ago sales levels.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said record low mort-gage interest rates will help cushion a summer slow-down. “As expected, sales are slowing down now that the home buyer tax credit has expired, but record-low mortgage interest rates, along with stable and affordable home prices in most areas, provide opportunities for buyers who weren’t able to take advantage of the credit,” she said.
According to Freddie Mac, the national average com-mitment rate on a 30-year conventional fixed-rate mort-gage was a record low 4.91 percent in the second quarter, down from 5.00 percent in the first quarter; it was 5.03 percent in the second quarter of 2009.
“Job creation will give home buyers more confidence, but the market over the next few months is likely to be below what we would expect for the size of our grow-ing population,” Golder said. “With improving bank bal-ance sheets, credit restrictions should gradually improve – Realtors® are a great resource for consumer informa-tion on loan availability as well as neighborhood market conditions, which vary widely.”
In the condo sector, metro area condominium and cooperative prices – covering changes in 55 metro areas – showed the national median existing-condo price was relatively flat at $175,700 in the second quarter, down 0.5 percent from the second quarter of 2009. Twenty-six metros showed increases in the median condo price from a year ago and 29 areas had declines; the first quar-ter of 2010 showed 24 metros up, while only four metros saw annual price gains in second quarter of 2009.
Regionally, the median existing single-family home price in the Northeast declined 3.2 percent to $238,000 in the second quarter from a year earlier. Existing-home sales in the Northeast jumped 14.9 percent in the sec-ond quarter to a level of 980,000 and are 23.6 percent above the second quarter of 2009.
In the Midwest, the median existing single-family home price increased 1.4 percent to $148,500 in the second quarter from the second quarter of last year. Existing-home sales in the Midwest rose 14.5 percent in the second quarter to a pace of 1.30 million and are 20.9 percent above the same period in 2009.
In the South, the median existing single-family home price slipped 2.0 percent to $155,500 in the second quarter from the second quarter of 2009. Existing-home sales in the South increased 10.9 percent in the second quarter to an annual rate of 2.10 million and are 18.8 percent above a year ago.
The median existing single-family home price in the West rose 2.6 percent to $219,700 in the second quarter from a year ago. Existing-home sales in the West fell 2.6 percent in the second quarter to an annual rate of 1.23 million but are 7.6 percent higher than the second quar-ter of 2009.
© Copyright National Association of Realtors. Reprinted with permission.
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The National Association of Realtors® today commended the Federal Housing Finance Agency for taking steps to restrict govern-ment-sponsored enterprises – Fan-nie Mae, Freddie Mac and the 12 Federal Home Loan Banks – from investing in mortgages with private transfer fee covenants.
A private transfer fee, often at-tached to a property by a developer, is a fee due to the developer each time the property is resold. The term of some covenants can extend for 99 years. NAR is a leader of a co-alition that strongly opposes such fees.
“NAR is the leading advocate for private property rights and hous-
ing issues and we firmly believe that private transfer fees add an unneces-sary burden to the real estate trans-action and can delay a closing or even kill the transaction. There is no service performed for such fees and they add nothing to the value of a property,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates, Tucson, Ariz. “FHFA is to be commended for proposing a guidance that would ban this un-necessary fee.”
FHFA, as required by law, has sent a Notice of Proposed Guidance to the Federal Register for publica-tion and seeks public comment on its proposal. The public comment period on the proposed guidance
will be open for 60 days after the notice is published.
Twelve states enacted legislation in 2010 that ban private transfer fees. They are Arizona, Delaware, Hawaii, Illinois, Iowa, Maryland, Louisiana, Ohio, Mississippi, Min-nesota, North Carolina and Utah. A growing number of other states have indicated they are considering similar actions.
The Federal Housing Admin-istration has also denied its home loan programs to transfer fees.
© Copyright National Association of Realtors. Reprinted with permission.
NAR hails proposal to restrict GSE mortgages with private transfer fees Second Quarter from page 1
August 23, 2010 www.csrej.com Colorado Springs Real Estate Journal 5
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Above: Jim Martin, Pat Bigley and Doug Wolfe with ERA Shields, Maureen Miller with Vantage Homes, Kristie Laufer with Realty Connection and Jim Wright with ERA Shields.
Right: Dave Moore with Flying Horse Realty, Theresa Anderson and Jean Tindill with CB&T Mortgage.
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6 Colorado Springs Real Estate Journal www.csrej.com August 23, 2010
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August 23, 2010 www.csrej.com Colorado Springs Real Estate Journal 7
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Heritage Title Company, represent-ing Commonwealth Title in Colorado has long been an organization involved in their communities across the state. Over the last 30 years, Heritage Title participated in canned food, toy and coat drives. They have as-sisted families in crises, through fires and floods; even raising over $12,000 for the vic-tims of 9/11. Employees of Heritage Title have helped build many houses and made the wishes come true for sick children through the Make a Wish Foundation.
A group of long-time employees saw how the company could garner the power of all these individual efforts into an organization called Heritage Hearts in Partnership. HHIP creates opportunities for employees to help in their communities through part-nerships with local non-profits. Through conversation with the employees we knew there was a desire to volunteer but, they did not know how to get started. Now em-ployees can view and sign up for opportunities on the intranet. Since April, Heritage employees have worked over 400 hours to help organizations like Habitat for Human-ity and the Ronald McDonald House. Through a partnership with one of their clients, Universal Lending, HHIP has adopted the home of an elderly woman. Volunteers are scraping paint, applying fresh coats, fixing the front steps and building a fence, among many other improvements.
Heritage Hearts raises money through sponsorships from vendors and employee fund-raisers like selling jeans day certificates for $5 each. Employees get to wear jeans during a manager-approved workday and they wear a badge, “Ask me why I am wearing jeans today,” that encourages discussion about the HHIP program and their mission of “Bridging company culture and communities while enriching lives in Colorado.” Dol-lars earned fund many exciting programs. One program gives age-appropriate gift bags to local police departments and homeless and abuse shelters to give to children who appear before them with little or nothing to do during long waits.
Heritage Title Company is pleased to see the benefits of the HHIP program. HHIP complements the identified focus and direction of the company, “Making Transactions Personal.” This program is one that develops leaders and encourages teamwork and skill development while informing the community about Heritage Title Company, their people, products and services.
“I had a BLAST! It felt wonderful to be helping out someone who so truly needs the help and instead of whistling while we worked I loved chatting while we worked. My group had so much fun we decided that next summer we should do this again plus once a month go to each others homes and help each other! I Slept like a baby that night. It is the best feeling, a warm and fuzzy with a great feeling of accomplishment. It is amaz-ing how much you can get done. If you want to feel good, in your heart, soul, body and mind –volunteer!” Deb Kompus – Branch Manager
The company is proud of the work they do, so they have created an email newsletter distributed to employees and customers spreading the word about Heritage Hearts in Partnership. This allows the company to share a different side of our industry than is often shown in the media while encouraging participation. The HHIP committee has been happy to welcome family, friends, and customers to volunteer events and see par-ticipants enjoy an increased sense of self-worth, accomplishment and pride at giving back. It has been clear to anyone who gives of themselves that volunteerism enriches the fabric of their lives.
“Volunteering at the Ronald McDonald house was a great experience for me. One of the things that truly impressed me that night was that no matter the stress and sadness that these families were experiencing, the showed us great gratitude for being able to sit down and relax to a warm meal. Not only did it feel great to give back to the community, it was also great to spend time with other Heritage employees and get to know them. I can't wait to do this again.” Gracie Casias –Sales Representative
Thank you to Suzanne Killmer, VP of Commercial Escrow who spearheaded this program along with others, including Connie Malonson, April Kovari, Patty Robinson, Sandra Weidenfeller and Vanessa Coates. Special recognition goes to Ginny Johnson, former President of Heritage Title, who armed with the vision, made Heritage Hearts in Partnership a reality. Getting employees HHIP will be her lasting legacy at Heritage Title Company.
To learn more about HHIP, see their short video at http://www.youtube.com/watch?v=6J7GyKqklq4
Many hands make work light
Keller Homes voted Best Custom Builder by CSBJKeller Homes was voted the Best Custom
Home Builder by CSBJ readers for the second year in a row.
Buyer's expectations are higher. Good design is no longer an option and being en-vironmentally sensitive and energy efficient are required. These are qualities of solid home building Keller Homes has embraced since the company began, more than 25 years ago.
Offering homes in five neighborhoods, ranging from the mid $200's to the $800's, Keller Homes is neither the least nor most expensive home builder in Colorado Springs. But, all of their homes are Energy Star rated and have been recognized with an Environmental Protection Agency award for energy efficient construction.
10 Colorado Springs Real Estate Journal www.csrej.com August 23, 2010
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By Bill McAfeeEmpire Title—
Trying to predict today’s real estate market has become increasingly com-plicated. There are many factors to con-sider. We all look for indicators to help us structure our business plans. We need to know when to spend money and when to pull back. We need to use automation when possible and yet keep personal relationships with our clients. We watch inventory levels, interest rates, showings, incentive pro-grams, and the job market. One of the hardest things to predict, but defi-nitely plays a major roll in our real estate market, is fear.
If people do not have faith in the mar-ket or stability in their jobs, fear begins to take over. Confidence would be another way to describe this feeling. Interest rates are at historic lows and yet we are not seeing a dramatic increase in sales. In fact we had a 22% drop in the number of sales comparing June to July. One explanation for this drop is most people believed the Home buyer credit was going to expire June 30th. It was extended at the last minute until September 30th, but only for those homes under contract April 30th. Under the original credit Military buyers must be under contract April 30th 2011 and close June 30th 2011. In addi-tion to the drop in the number of homes sold, many brokers confirmed showings were down from June. Fear is in the mar-ket and people are reluctant to make de-cisions.
As an industry I believe we should help educate people and empower them to overcome their fear. Buyers in today’s market must understand that rates are at historic lows. (See slide #1) One objec-tion is that the prices may drop. Based on current conditions prices may fall further. The danger for the buyer is that rates may go up. It is impossible to pre-dict with 100% certainty what will hap-pen. We know that rates are at historic lows. We know that the average sales price, on a running average, is equivalent to 2003 and 2004 prices. We peaked out in 2007 and declined until November of 2009. Since then home prices have been steadily increasing. (See slide #2) If a buyer has a steady job and wants a prima-ry residence, it is a good time to buy. If an investor wants to get in the rental market, now is a great time to buy. Interest rates, home prices, and vacancy rates are low. Rents are increasing due to high demand.
It is important that buyers understand the market as it exists today. What hap-
pens tomorrow is usually something we cannot control. Fear is perpetuated by the unknown. If we work hard getting the most reliable information we can to our buyers and sellers some of the fear may be alleviated. If people see them-selves in a good position to buy or sell they will be more likely to make a deci-sion. The information they get must be accurate, up to date, and understandable. Help your buyers and sellers assess their situations. Some buyers shouldn’t buy and some sellers shouldn’t sell. The true value you can bring to the table is helping them evaluate their own circumstances. Help them discover if it is fear, or the lack of good information that is hinder-ing them in the buying or selling process. You can help them understand that the fear factor is a part of the process, but not the whole process.
Market Update
Interest Rates continue to decline (See slide #1)
Average sales price, on a 12 month running average, increasing at a slower rate (See slide #2)
Median sales price, on a 12 month running average, continues to increase. (See slide #3)
The Fear Factor
See Market Update page 12
August 23, 2010 www.csrej.com Colorado Springs Real Estate Journal 11
Call Rachelle:
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Left: Rick Allen, Bobbie Rupp, Cliff Lewis and Joe Nester with RE/MAX Properties and Karen Bloser with Fidelity.
Left: Dan Salmore with McGinnis GMAC Real Estate, Terry Galloway with KellerWilliams Client's Choice and Bob Smith with The Platinum Group.
Left: John Longo and Michelle Webb with Fidelity National Title Company.
Right: Priscilla Tankersley, Deb Hemmann, Nancy Murry and Francis Bendish with Keller Williams Client's Choice.
Right: Lori Van Der Wege with Keller Williams Client's Choice, Scott Mullennix with RE/MAX Properties and Norm Karasa with North Summit Real Estate.
Right: Karen Bloser with Fidelity, Beth Ward with Mountain Shasta Realty, HarryBorowski with ERA Herman Group and Shirlee Dobbs with Fidelity.
12 Colorado Springs Real Estate Journal www.csrej.com August 23, 2010
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We Don’t Succeed Unless You Do!
Working with BuyersThe 10-step buyer interviewA buyer’s 4 greatest fearsBuyer’s real motivations
Pretend states
Working with SellersThe 16-step listing process
Market analysis & valuation systemsAbsorption rate pricing
Price lines
Getting Listings SoldAbsorption rate pricing (continued)
12 skills to get listings sold
Negotiation Skills & Real Estate Investment Strategies
3 keys to successful negotiationsNegotiation skills
The negotiation continuumReal Estate investment rules of thumb
Review/quiz
• D I R E C T C O N N E C T • with Larry Kendallwith Larry Kendallwith Larry Kendall
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PerMonth
Number of residential sales, on a 12 month running average, declines for the first time since May of 2009 (See slide #4)
Active listings, on a 12 month running average, increased for the 4th straight month. (See slide #5)
Sales as a percent of active listings, on a
12 month running average, decreased for the 3rd straight month. (See slide #6)
Inventory levels approach 8 months for the first time since November of 2008. (See slide #7)
Percent of sales by price shows the $300,000 - $399,999 improving. (See slide #8)
* This information is deemed reliable but not guar-anteed. Resources: Pikes Peak Multiple Listing Services, National Association of Realtors, El Paso County Clerk and Recorder, IRS, Freddie Mac.
Local News
Market Update from page 10
August 23, 2010 www.csrej.com Colorado Springs Real Estate Journal 13
On the Move
Esther BerglingKeller Williams Partners Realty
Keller Williams Partners Realty is pleased to welcome Esther Bergling! Esther is a Colo-rado Springs native and has been involved with the Real Estate business since 1995. She traveled extensively within the Southern US for 17 years as a former Navy wife and under-stands the needs of the military family. Wel-come Esther!
Dan MennaRE/MAX Advantage
Dan Menna, a Colorado Springs Realtor with RE/MAX Advantage has been awarded the prestigious Certified Residential Specialist (CRS) Designation By The Council Of Resi-dential Specialists. Realtors who receive the CRS Designation have completed advanced courses and have demonstrated professional expertise in the field of residential real estate. Just 4% of all REALTORS in the Nation have earned this Designation. Home buyers and sellers can be assured that CRS Designees subscribe to the strict realtor code of ethics, have access to the latest technology and are specialists in helping clients maximize profits and minimize costs when buying or selling a home. Dan Menna is a Broker/Associate with RE/MAX Advantage in Colorado Springs and is a member of the Pikes Peak Association of Realtors. Dan also holds other real estate designations including "Certified Distressed Property Expert," helping families who are behind on their house payments, or facing foreclosure.
Jennifer MontoyaColdwell Banker Residential Brokerage
Jennifer Montoya, a leading real estate pro-fessional with Coldwell Banker Residential
Brokerage in Colorado Springs, has garnered “The Best in the Business” award from Quality Service Certification, Inc. (QSC) and Leading Research Corporation.
Montoya was recognized as one of the top 250 real estate professionals in North American in service excellence and customer satisfaction. From among the approximately 30,000 real estate professionals who work with QSC, Montoya was ranked among those with the highest standards for service and sat-isfaction.
“The real estate business has traditionally focused on sales and production as the mea-sure of excellence,” said Andy Sommer, man-aging broker for Coldwell Banker Residential Brokerage in Colorado Springs. “Agents who are recognized as ‘The Best in the Business’ average nearly 30 closed transactions with a record of virtually perfect service, with 100 percent of their clients very satisfied with their overall service. Jennifer is a very dedicated real estate professional and we are proud to have her on our team.”
New Additions toKeller Williams Partners Realty
Keller Williams Partners Realty would like to welcome Christy Dunfee, Yuhuan Jin, Lane Rome, Robin Searle, Wendy Torres and Chris Vawter to our family! We are very excited to have you with us!
New Additions toERA Herman Group
We are pleased to announce that Tom Bell an experienced REALTOR, has joined the ERA Herman Group Real Estate team. He specializes in residential property in the great-er Chaffee County area. Tom’s experience has allowed him to develop a great knowledge of our real estate market. Regardless if the prop-erty is large or if it is small, he gives each client her undivided attention. Tom is a member of the Chaffee County Board of Realtors, and the Colorado and National Association of REAL-TORS. You can reach Tom by calling 719-239-0964.
ERA Herman Group Real Estate is excited to announce another real estate broker has joined its family of REALTORS. Michele Fin-ley is a veteran of real estate sales. She is very
knowledgeable in pricing properties to get the quickest transaction, at the highest price with the lowest amount of inconvenience. Mrs. Finley also works very closely with mortgage professionals to help her buyers find the right program for their needs. Michele knows that one size does not fit all and that Real Estate is a very personal transaction.
Angie Parker, Vice President of Southern Colorado recently shared with the ERA Her-man Group team the addition of another ex-pirenced broker to their fast growing organiza-tion. Joe Humphries is an experienced broker. Mr. Humphries has chosen to live in Colorado Springs because of the great quality of life. He enjoys the active Colorado life style. Joe en-joys working in real estate. Regardless if he is working with a buyer or a property owner, Joe works to make sure that the real estate transac-tion is as smooth as possible. He is always pay-ing attention to the many details of real estate transactions.
We are pleased to announce that Michelle Fouts an experienced REALTOR, has joined the ERA Herman Group Real Estate team. She specializes in residential property in the greater Colorado Springs and Teller County areas. Michelle’s experience has allowed her to develop a great knowledge of our real estate market. Regardless if the property is large or if it is small, she gives each client her undi-vided attention. Michelle is a member of the Royal Gorge Association of Realtors, and the Colorado and National Association of REAL-TORS.
ERA Herman Group Real Estate is excited to announce another real estate broker has joined its family of REALTORS. Carol (Car-rie) Johnson is a veteran of real estate sales. She is very knowledgeable in pricing proper-ties to get the quickest transaction, at the high-est price with the lowest amount of inconve-nience. Mrs. Johnson also works very closely with mortgage professionals to help her buy-ers find the right program for their needs. Car-rie knows that one size does not fit all and that Real Estate is a very personal transaction.
Angie Parker, Vice President of Southern Colorado recently shared with the ERA Her-man Group team the addition of another ex-pirenced broker to their fast growing organiza-tion. John Chapman is an experienced broker. Mr. Chapman has chosen to live in Colorado Springs because of the great quality of life.
He enjoys the active Colorado life style. John enjoys working in real estate. Regardless if he is working with a buyer or a property owner, John works to make sure that the real estate transaction is as smooth as possible. He is al-ways paying attention to the many details of real estate transactions.
Kelly Miller & TeamKeller Williams Partners Realty
Keller Williams Partners Realty is please to announce that Kelly Miller, ABR, GRI and her Colorado Best team has joined our market center. Kelly is passionate about Real Estate, believing in personal yet professional service. Her team covers it all from high end to first time home buyers, from Relocation services to property management. Their mission is to work in the spirit of excellence at all times. Left to right, Jennifer Birch, Admin of Property Management. Nancy Weaver, Property Man-agement and Residential Sales. Kelly Miller, Colorado Best Team Leader. Teri Maynez, Residential Sales. Christy Dunfee, Residential Sales. Marie Nowak, Property Management and Residential Sales. Brandi Risley, Admin of Residential Sales.
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14 Colorado Springs Real Estate Journal www.csrej.com August 23, 2010
Local Expert
The home buying process can be a stressful time for a buyer. They are faced with sev-eral choices to make and can sometimes be overwhelmed. Where should we live? What can we afford? Who should our agent be? What kind of loan is right for me? All these questions can be confusing and make it difficult for a buyer to know where to start. A recent study at George Washington University, however, has found the right place to start is with a pre-approval.
Researchers decided to analyze two groups of buyers – those that got pre-approved before choosing their home, and those that waited until after they bought a home to secure financing. What they found was the buyers that waited to apply for their mortgage until after signing a contract were more likely (by 50 percent) to choose the wrong mortgage program – one that re-ally didn’t fit with their long term goals for their home. This was attributed to the fact that they felt overwhelmed by having to make two major, life changing decisions within a short period of time.
Since sales contracts typically only give buyers three days to apply for a mortgage, most buyers don’t have the time to really evaluate their options and shop around. In-stead, they hastily decide on a mortgage based on one factor, like monthly payment, alone. However, in those that were pre-approved ahead of time, only one in five made a riskier mortgage choice.
This study reiterates the importance of pre-approvals. They really set the tone for the entire home buying experience. Getting pre-approved assures the buyer that they are in the right loan program that meets their specific needs. They will be more comfortable as they start to shop because they know what they can afford up front and they know their payment, rate and loan terms. It also gives them more buying power when they start shopping – an offer accompanied with a pre-approval letter may be more attractive to a seller.
Just like selecting a new home, selecting a lender and getting pre-approved is very important. You’ll want to partner with a lender that has a knowledgeable staff of loan officers that can guide your buyer through the many loan options available to them. When a buyer chooses a loan that matches their goals and objectives, they will be ready to shop with confidence and enjoy the home buying experience much more. It will allow them to focus on just one life changing decision – choosing their perfect home.
Mr. Paukovich oversees the direction and management of mortgage lending, including loan servicing, at Ent Federal Credit Union. He can be reached at [email protected]
By Jon PaukovichEnt—
The importance of Pre-Approvals
© Ent Federal Credit Union, 2010 • Ent is a registered trademark of Ent Federal Credit Union.
Ent is a community-chartered credit union Equal Opportunity Lender Federally insured by NCUA
*Standard credit qualifications apply. Loans are subject to final credit approval. Financing available on homes throughout Colorado.
Ent – A Realtor’s Lending PartnerAs a realtor, it’s important to help your buyers find the home they’re most comfortable in. At Ent, we’re here to make it easy for them to find the financing they’re comfortable with!
Ent offers a wide variety of mortgage loan options* to fit any homebuyer. Plus, all of Ent’s loan decisions are made locally and we service most loans in-house. Ask about our $300 Mortgage Guarantee, too!
Contact one of our Mortgage Loan Officers, today.
Freedom is
having a par tner you can trust.
Learn more in person, online, or by phone.
Ent.com/Mortgage (719) 574-1100 ext. 5602 or
800-525-9623 ext. 5602
Tom Bechtel(719) 550-6486
Marcus Brown(719) 550-6408
Josh Callens (Denver)
(720) 833-3324
Diane Danner(719) 550-6441
Alex Deboer(719) 550-6482
Stephanie Dombrowski
(719) 550-6485
Carol Flynn(719) 550-6470
Cathy Gonzalez(719) 550-6431
Suzi Gradisar (Pueblo)
(719) 296-2107
Brad Shaw(719) 550-6995
Lisa Shoblo(719) 550-6480
Tony Sloan(719) 550-6439
August 23, 2010 www.csrej.com Colorado Springs Real Estate Journal 15
AUGUSTWednesday, August 25Wolf Ranch Concert at Gateway Park6:00pm – 8:00pm @ Gateway ParkBand: Sofa Killers
Thursday, August 26Farm and Land8:00am – 9:30amMaggie Mae's RestaurantJim Crossey, 719-579-0404
Friday, August 27Pikes Peak Exchangers8:00am – 9:30amValley Hi Golf Course RestaurantJohnny Revious, 719-527-8838
SEPTEMBERWednesday, September 1REALTAC8:00am – 9:30am @ PPARHolly Skelton at 719-593-1000
Wet Wednesday Class (Check cshba.com)11:30am – 1:00pm @ [email protected]
Parade of Homes Awards Banquet5:30pm – 8:30pm @ Olympic Training [email protected] 719-592-1800
Thursday, September 2B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10:00amThe Grill at Latigo Trail Equestrian CenterRoxene, 495-6213
Tuesday, September 7SMC Social Hour4:00pm – 5:00pm @ [email protected] 719-592-1800
Wednesday, September 8Wet Wednesday Class (Check cshba.com)11:30am – 1:00pm @ [email protected]
Thursday, September 9Farm and Land8:00am – 9:30am @ Maggie Mae'sJim Crossey, 719-579-0404
Women's Council of Realtors11:30am – 1:30pmEmbassy Suites HotelRenate Carrier, 888-313-5928
Saturday, September 11First Time Homebuyers (for Consumers)10:00am – 12:00pm @ Ent (Spaulding)Ent.com/Seminars or (719) 550-6670
Monday, September 13Taste of First & Main Town Center at Wolf Ranch11:00am – 2:00pm @ Wolf Ranch
Wednesday, September 15HBA Chili Wing Ding Brew Fest5:00pm – 8:00pm @ ProRodeo Hall of [email protected] 719-592-1800
Thursday, September 16Colorado Springs Networking Group8:00am – 9:30am @ Colo Springs Country ClubRuthie, 719.492.3998
Friday, September 17Pikes Peak Exchangers8:00am – 9:30amValley Hi Golf Course RestaurantJohnny Revious, 719-527-8838
Saturday, September 11First Time Homebuyers (for Consumers)10:00am – 12:00pm @ Ent (Galley)Ent.com/Seminars or (719) 550-6670
Wednesday, September 22Wet Wednesday Class (Check cshba.com)11:30am – 1:00pm @ [email protected]
Thursday, September 23Farm and Land8:00am – 9:30amMaggie Mae's RestaurantJim Crossey, 719-579-0404
Friday, September 24Pikes Peak Exchangers8:00am – 9:30amValley Hi Golf Course RestaurantJohnny Revious, 719-527-8838
Saturday, September 11Building a Home (for Consumers)10:00am – 12:00pm @ Ent (Galley)Ent.com/Seminars or (719) 550-6670
Wednesday, September 29Wet Wednesday Class (Check cshba.com)11:30am – 1:00pm @ [email protected]
Around the Corner
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Meridian Ranch (5)
7123 Red Cardinal Loop
$195,995The Hallberg: 2-Story, 3 Bedrooms, 2.5 Baths, Kitchen Island, 2 Car Garage.
Forest Meadows (6)
* Varies by plan. See builder for details.
2 NEW LOCATIONS
