March 25, 2013

Vol.5 No.7 www.csrej.com March 25, 2013

Platinum GroupAnniversary Party

Peak Producersat Cordera

Cobalt Mortgage Grand Opening

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National News ........... Page 2Local News ............... Page 14On the Move ............. Page 21Local Expert ............. Page 22Around the Corner ...... Page 23

Kevin BentBranch Manager(719) [email protected] #251284State Lic #100018895

Aric UlmerLoan O� cer(719) [email protected] #257977State Lic #100011170

Chad DennySales Manager(719) [email protected] #665068State Lic #100037389

Tom SusemihlSr. Loan O� cer(719) [email protected] #208307State Lic #100013573

Rose KellySr. Loan O� cer(719) [email protected] #10326State Lic #100020386

Debbie HavensSr. Loan O� cer(719) [email protected] NMLS #653845State Lic #100018256

Tobi MondejarLoan O� cer(719) [email protected] #241570State Lic #100008696

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 Regulated by the Colorado Division of Real Estate, Corp NMLS #3113

Four reasons to be optimistic

Mortgage loans projected to get more expensiveAs it looks more and

more that a real estate recovery is taking hold, one factor the industry may face in 2013 is the likely increase in the cost associated with ob-taining a mortgage loan. We have had unprec-edented aff ordability in recent memory. Th is is in large part due to government intervention with respect to the Federal Reserve buying large quantities of mortgage backed securities and treasury debt, and the expanded roles of FHA and the government sponsored enter-prises (GSE), Fannie Mae and Freddie Mac.

Excluding market interest rate movements, which are unpredictable, the cost of originating a mortgage loan is increasing.

Numerous factors are combining to make the cost of obtaining a mortgage more expen-sive. Th e goal of the Federal Housing Finance Agency (FHFA) – the regulator for the GSEs – has been to reduce the impact of these entities in the mortgage market. Currently, when com-bined with FHA, they account for 90 percent of the mortgage market. With the guarantees on these loans provided by these entities, they are a very att ractive option for investors. But, what would be a real free market price for mortgages

March 25, 2013

By Elliot Eisenberg, Ph.D.

While economic growth has been

lackluster since the end of the recession in summer 2009, this is likely to change, despite the sequester. Here are my top four reasons why, in rank order of their importance to the economy going forward.

Th e painful process of deleveraging is over. Deleveraging is, in part, what caused this recession to be so painful compared with all other post-WWII recessions. Non-fi nancial corpora-tions have outstanding balance sheets, and have actually begun to releverage. Commercial and industrial loans are once again on the rise and the bank-ing sector is healthier than it has ever been since record keeping began. To give just one indicator, the core capital ratio of banks is 9.2%; the post WWII average is 7.5%. Households are prett y good shape too. Th ere are now only about nine million households seri-

ously behind on some sort of payment. At the peak of the recession, the num-ber was 20 million, while now credit card and auto loans and personal loan defaults are all profoundly low. Th e surprisingly rapid rate of deleveraging is partly why the housing sector is now recovering much faster than expected.

Th e housing market has turned the corner and the next few years should be excellent. At their weakest, housing starts were 550,000 units/year. Th ey are now at 900,000 and should grow by 200,000 units/year for the next three to four years, topping out at about 1.7 mil-lion units in 2016. Th is is being driven by a rise in household formations that were delayed due to the anemic job market. Note that each new home creates about 5 new jobs nationwide, so 200,000 new homes means a million new jobs. And while there are still about three million fi rst mortgages in foreclosure, that num-ber is way down from where it was and is on its way to the 750,000 mark, which is the historic norm.

Th e next reason I am optimistic is because US corporations are pro-foundly competitive and have drasti-cally lowered their costs. As a result, they are now able to compete with

fi rms anywhere and win. Unit labor costs are way down. In the manufac-turing sector, they are back to where they were 20 years ago, and as a result corporate profi ts have been sett ing re-cords quarterly. Productivity is so high fi rms that would not have previously considered manufacturing here (like Apple) are now taking a second look.

Lastly, despite severe dysfunction on Capitol Hill, substantial progress

Th e housing market has turned the corner and the next few years should be excellent.

Mortgage loans projected to get more expensive

By Jon PaukovichEnt—

NAR Survey: Buyers value storage space, in-law suites

Th e National Association of Realtors® 2013 Profi le of Buyers’ Home Feature Preferences exam-ines the features buyers prefer when it comes to purchasing a home, as well as the diff erences in preferences when it comes to factors such as region, demographics and household composi-tion. Th e survey captures buyers who purchased a home between 2010 and 2012.

“Deciding where to live comes with a lot of options, but buyers quickly realize that some features are more important than others when it comes to choosing the right house for them,” said NAR President Gary Th omas, broker-owner of Evergreen Realty, in Villa Park, Calif. “Buyers need to have a clear idea of what fea-tures are important to them and know where they are willing to compromise; in this respect,

See Mortgage Loans | 4

See Optimism | 4See Buyers | 2

2 www.csrej.com Colorado Springs Real Estate Journal March 25, 2013

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Realtors® can bring buyers home. Realtors® visit hundreds of homes with buyers each year, and have a unique understanding of what buyers value in their local markets.”

Geography

Geography and demography strongly influence what buyers value in a home. The typical recently purchased home was 1,860 square feet and was built in 1996. Repeat buyers, buyers of new homes, married couples and families with children typically purchased larger homes. First-time buyers and single women

tended to buy older homes. The typical buyer purchased a home with three bedrooms and two full bathrooms. Slightly over half of the homes purchased were on a single level.

Southerners tend to buy newer homes; they were more like-ly to want a home less than five years old and in a wooded lot with trees when compared to other regions. Not surprisingly, buyers in the South also placed a higher importance on central air conditioning.

Garages, Basements, Flooring

While more than three-fourths – 78 percent – of all buyers purchased a home with a garage, garages were more popular

Buyers from 1

March 25, 2013 Colorado Springs Real Estate Journal www.csrej.com 3

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among new-home buyers, Midwestern-ers, and suburbanites. Forty-one percent of homes purchased had a basement, but this feature was more popular among buyers in the Midwest and Northeast. Northeastern buyers also value hard-wood fl oors more than people in other regions. Southerners typically bought the largest home at 2,000 square feet. Th ose in the Northeast followed closely behind with a typical home purchase of 1,850 square feet.

Single-level Living

Among buyers 55 and older, 42 per-cent considered fi nding a single-level home very important, compared to just 11 percent of buyers under age 35. Single women also placed higher importance on single-level homes, while single men wanted fi nished basements. Both single men and married couples placed higher importance on new kitchen appliances.

Among all 33 home features in the survey, central air conditioning was the most important to the most buyers; 65 percent of buyers considered this feature very important. Th e next most important feature was a walk-in closet in the master bedroom; 39 percent of buyers consid-ered this feature very important. Closely behind was having a home that was ca-ble-, satellite TV-, and/or Internet ready, as well as an en-suite master bathroom.

When it came to actually buying a home, among buyers who considered central AC and cable-, satellite TV-, and/or Internet ready very or somewhat im-portant, 94 percent bought a home with these features. Th e next most common feature was an eat-in kitchen; 89 percent of buyers who thought this was important purchased a home with an eat-in kitchen.

Buyers value some features so much that they are willing to spend more money to have them. Sixty-nine percent of buy-ers who did not purchase a home with central AC would be willing to pay $2,520 more for a home with this feature. Sixty-nine percent of buyers who did not pur-chase a home with new kitchen appliances would be willing to pay $1,840 more for a home with this feature. A walk-in closet in the master bedroom was the third most common feature on which buyers would spend more. Sixty percent of buyers who did not purchase a home with a walk-in closet would be willing to pay $1,350 more for a home with this feature.

Th e features on which buyers placed the highest dollar value were waterfront properties and homes that were less than fi ve years old. Th irty-two percent of buy-ers would be willing to pay a median of $5,420 more for a home on the water-front, and 40 percent of buyers would be willing to pay a median of $5,020 more for a home that was less than fi ve years old.

Th e rooms that buyers were willing to pay the most for were a basement and an in-law suite. Th irty-three percent of buyers would be willing to pay a median of $3,200 more for a home with a base-ment, and 20 percent of buyers would be willing to pay a median of $2,920 more

for a home with an in-law suite.When it came to rooms that buyers

want in a home, 55 percent of buyers thought it was very important to have a living room, although buyers in the Northeast placed more importance on a home with a dining room. Buyers aged 55 and older placed more importance on a bedroom on the main level of the house. Buyers aged 35 to 54 placed more importance on a laundry room, while those with children placed more impor-tance on a family room.

Th e two most common rooms buy-ers were willing to spend more for were a laundry room and a den/study/home offi ce/library. Sixty-three percent of buy-ers who did not purchase a home with a laundry room would be willing to pay $1,590 more for a home with this room. Forty-four percent of buyers who did not purchase a home with a den/study/home offi ce/library would be willing to pay $1,920 more for a home with this room.

Although 97 percent of recent buy-ers were satisfi ed with their home pur-chase, there are always features buyers would like that they don’t have, said NAR Vice President of Research Paul Bishop. “Most satisfi ed homeowners still said they would like more or larger clos-ets and storage space. In addition, nearly half of recent buyers would prefer a larger kitchen, and two out of fi ve would prefer a larger home overall.”

Within three months of a home pur-chase, 53 percent of buyers undertook a home improvement project. Th e typical buyer spent $4,550 on various projects. Remodeling the kitchen was the most common home improvement project; 47 percent of buyers undertook a project in the kitchen. Bathrooms were a close sec-ond at 44 percent. Forty-one percent of buyers who made home improvements added or replaced lighting, and 37 per-cent added or replaced appliances soon aft er becoming a homeowner.

In October 2012, a sample of house-holds that had purchased any type of residence real estate during 2010 to 2012 and still owned the property was surveyed. Th e survey sample was drawn from a representative panel of U.S. house-holds monitored and maintained by an established survey research fi rm. A total of 2,005 qualifi ed households responded to the survey. Households were sampled to meet age and income quotas represen-tative of all home buyers drawn from the 2011 NAR Profi le of Home Buyers and Sellers.

© Copyright National Association of Realtors. Reprinted with permission.

“Most satisfi ed home-owners still said they would like more or larger closets and storage space.”

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if there wasn’t this government involve-ment? Th at’s what the FHFA would like to fi nd out.

In an att empt to draw private capi-tal back into the mortgage market, the FHFA wants to increase the cost to lend-ers (which means it gets passed on to borrowers) to have loans purchased or guaranteed by the GSE’s. Th us, as we saw last year, we expect to see at least .25 per-

cent fee increases once or twice this year. Th is could translate into an additional .15 to .25 percent increase in interest rates.

While the FHFA’s eff orts to reform the GSEs will continue to be a major factor in mortgage costs, potentially the biggest factor will be the recent regula-tions released by the Consumer Finan-cial Protection Bureau (CFPB). Th ere were seven major regulations issued, most of which will be eff ective in January 2014.Th e costs that will result from these regulations will ultimately fi lter through to borrowers. Lenders will be spending money to ensure their systems are com-pliant, and working with att orneys and compliance experts to understand how to properly implement the new rules. Added steps like these can slow the pro-cess of gett ing a mortgage and increase costs in the long run.

We have seen signifi cant volume in refi nances the past four years because of the low rate environment and the af-fordability of mortgage loans. So, with the impending increase of the cost of a mortgage loan coming, some are saying the refi nance volume is likely to taper off . However, purchase volume is steadily in-creasing as home values have been on the rise. Th is is a positive sign for the market; however, it’s doubtful this volume will completely make up the diff erence from the drop in refi nances.

As costs and rates increase, lenders will likely be trimming margins as much as possible to remain competitive in the market. While comparing costs and rates is important when choosing a lender, it’s also important to look at other factors. Choosing a knowledgeable lender who provides excellent customer service – from the initial application process all the way through the servicing of the loan – is equally important. Knowing your lender is reliable, responsive and trust-worthy makes the home buying process much more enjoyable. While we can’t al-ways control the rates and costs associat-ed with a loan now days, you can choose to partner with a lender who looks out for your client’s best interests. Th at way they’ll not only receive a competitively priced mortgage product, but also the service they want and deserve.

Mr. Paukovich oversees the direction and manage-ment of mortgage lending, including loan servicing, at Ent Federal Credit Union. He can be reached at [email protected]

has been made on the fi scal front. Th e cu-mulative impact of the tax increases and spending cuts enacted in spring 2011, during the debt-ceiling fi asco of late sum-mer 2011, the recently completed New Year’s Day fi scal-cliff negotiations, along with the most recent sequester have come close to stabilizing our public debt-to-GDP ratio somewhere in the 75% to 78% range. With another $500 billion in

spending cuts and or tax increases over the next decade, we will be done.

Our economy has come a long way. Th e worst is over and by the end of the year the economy will hopefully look a lot diff erent than it does now. And hous-ing will be leading the way.

Elliot Eisenberg, Ph.D. is President of Graphsand-Laughs, LLC and can be reached at [email protected]. His daily 70 word economics and policy blog can be seen at www.econ70.com.

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PLAtINuM GROuP REALtORS ANNIVERSARY PARtY

The Platinum Group, Realtors held their 8th Anniversary Party at The Briarhurst Manor in Manitou Springs. The evening was fi lled with a recap of a successful 2012 and positive energy for a successful 2013.

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One year in, Realtor® University's Graduate Real Estate Program thrives

Jan. pending home sales up in all regions

Today marks the one-year anniversary of Realtor® Uni-versity’s Master of Real Estate degree program. Th e National Association of Realtors® created Realtor® University to help Realtors® bring value to home buyers, sellers and investors.

With 50 active students, the program is now one of the larg-est graduate real estate programs in the world. Students come from 26 states and Canada and range in age from 25 to 70.

“Th e Master of Real Estate degree program has gone a long way toward raising professionalism in real estate and creating the highest stan-dard of competency in the industry,” said Realtor® University President and NAR Chief Executive Offi cer Dale Stinton. “Our ultimate vision is to be the leading resource for advanced education in real estate.”

Th e university delivers its programs through a global online campus to meet the needs of a diverse and geographically dispersed student population. Courses include a business and real estate core curriculum and concentration areas in Asset and Property Management, Residential Sales, Marketing and Management, Appraisal and Valuation Services and Commercial Investment and Analysis.

“Our goal is to foster lifelong student learning through high-quality entrepreneurial and career-oriented programs in real estate, and to deliver practice-based, applied, cur-rent and specialized knowledge opportunities,” said Chairman of the University Board of Regents, Richard Rosenthal.

Courses are off ered in eight-week sessions, six times annually and taught by Ph.D.-level academic/practitioners. Realtor® University also has the largest real estate library in the world and a Center for Real Estate Studies, a think tank/real estate research labo-ratory that provides current, hands-on and results-oriented data and analysis relevant to practical applications of industry trends and policy issues. Th e Center has produced research projects on topics including generational homeownership trends, housing mobility, and the rent vs. buy decision. Th e fi rst issue of Th e Journal of the Center for Real Estate Studies will be published in spring 2013.

Melvin Guerrero, a student from Honolulu, said, “I cannot give enough praise to the program, professors, staff and the rewards of the degree. Learning how to apply this knowledge to everyday work is absolutely breathtaking. No matt er how long you have been in the business there is something everyone will take away from this program.”

For more information on Realtor® University, visit www.RealtorU.com or call 855-786-6546 (855-RU-ONLINE).

Realtor® University is an Illinois 501(c)(3) not-for-profi t corporation established by the National Association of Realtors® and organized and operated exclusively for educational, research and related purposes. Th e aff airs of the University are under the direction of its Board of Regents. Realtor® University operates a degree granting educa-tional institution that off ers and awards a graduate degree concentrating on real estate and real estate business, off ering professional development and continuing education in real estate, provide scholarship assistance programs and has developed and operates the Realtor® University Center for Real Estate Studies to conduct and disseminate real estate research and data.


Pending home sales rose in January, and have been above year-ago levels for the past 21 months, according to the National Association of Realtors®. Th ere were healthy monthly gains in all regions but the West, which is constrained by limited inventory but was slight-ly improved.

Th e Pending Home Sales Index, a forward-looking indicator based on contract sign-ings, increased 4.5 percent to 105.9 in January from a downwardly revised 101.3 in De-cember and is 9.5 percent above January 2012 when it was 96.7. Th e data refl ect contracts but not closings.

Th e January index is the highest reading since April 2010 when it hit 110.9, just before the deadline for the home buyer tax credit. Aside from spikes induced by the tax credits, the last time there was a higher reading was in February 2007 when it reached 107.9.

Lawrence Yun, NAR chief economist, said inventory is the key to this year's housing market. "Favorable aff ordability conditions and job growth have unleashed a pent-up de-mand. Most areas are drawing down housing inventory, which has shift ed the supply/demand balance to sellers in much of the country. It's also why we're experiencing the strongest price growth in more than seven years," he said.

"Over the near term, rising contract activity means higher home sales, but total sales for the year are expected to rise less than in 2012, while home prices are projected to rise more strongly because of inventory shortages," Yun said.

Th e PHSI in the Northeast rose 8.2 percent to 84.8 in January and is 10.5 percent high-er than January 2012. In the Midwest the index increased 4.5 percent to 105.0 in January and is 17.7 percent above a year ago. Pending home sales in the South rose 5.9 percent to an index of 119.3 in January and are 11.3 percent higher January 2012. In the West the index edged up 0.1 percent in January to 102.1 but is 1.5 percent below a year ago.

Yun expects approximately 5.0 million existing-home sales this year. However, price growth could exceed a 7 percent gain projected for 2013 if inventory supplies remain low. Previously, NAR had expected 5.1 million existing-home sales in 2013, while prices were forecast to rise 5.5 to 6.0 percent.


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2184 Reed Grass Way The Stratton Wilshire Ranch 2468 / 3603 4 / 2.5 $249,997 Now | PRICE REDUCED2247 Blue Fescue Ct. The Red Rock Wilshire Ranch 2340 / 3387 3 / 2.5 $256,900 SOLD2335 Reed Grass Way The Incline Wilshire Ranch 1884 / 1884 3 / 2.5 $214,900 SOLD

7557 Muhly Court The Cascade Wilshire Ranch 2797 / 4153 4 / 2.5 $281,200 April7567 Muhly Ct. The Cutler Wilshire Ranch 3106/3350 4 / 3 SOLD SOLD

7578 Muhly Court The Cutler Wilshire Ranch 3118 / 3298 4 / 3 $272,200 April2015 Reed Grass Way The Pikes Peak Wilshire Ranch 3364 / 3364 4 / 3 $271,500 April2035 Reed Grass Way The Pikes Peak Wilshire Ranch 3426 / 3426 5 / 3.5 $269,900 April2354 Reed Grass Way The Cascade Wilshire Ranch 2797 / 4153 4 / 2.5 $273,300 April2374 Reed Grass Way The Red Rock Wilshire Ranch 2340 / 2340 3 / 2.5 $235,400 April2114 Reed Grass Way The Pikes Peak Wilshire Ranch 3364 / 3364 4 / 3 SOLD SOLD

7807 Stockton Dr. The Cutler Mesa Ridge 3118/3298 3/3 $289,900 NOW7836 Stockton Dr. The Incline Mesa Ridge 1884 / 1884 3 / 2.5 $219,900 April7867 Stockton Dr. The Cascade Mesa Ridge 2797 / 4153 3 / 2.5 $289,900 April7846 Stockton Dr. The Cutler Mesa Ridge 3106 / 3350 4 / 3 $271,500 April7876 Stockton Dr. The Pikes Peak Mesa Ridge 3364 / 3364 3 / 2.5 SOLD SOLD6654 Alliance Loop The Pikes Peak Lorson Ridge 3364 / 4897 4 / 2.5 $299,700 April6662 Alliance Loop The Cascade Lorson Ridge 2797 / 4153 3 / 2.5 $284,200 April6670 Alliance Loop The Cutler Lorson Ranch 3118 / 3298 4 / 3 $266,300 April6678 Alliance Loop6678 Alliance Loop The Pikes Peak Lorson Ranch 3364 / 3364 4 / 2.5 $278,550 April

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Tax season is underway, and homeowners gearing up to meet the April 15 fi ling deadline can fi nd the tax tips and insights they need at HouseLogic.com, the award-winning comprehensive website for homeowners from the National Association of Realtors®.

HouseLogic’s “Homeowner’s Guide to Taxes” can help fi lers take advantage of the tax benefi ts that come with homeownership while avoiding common home-related tax mistakes.

“From the mortgage interest deduction to energy tax credits, many homeowners can take advantage of a va-riety of tax strategies that can lower their tax bill,” said Pamela Kabati, NAR senior vice president of communi-cations and HouseLogic spokesperson. “For example, a family who bought a home last year with a $200,000, 30-year, fi xed-rate mortgage, assuming an interest rate of 4.5 percent, could save nearly $3,500 in federal taxes when they fi le this year.”

HouseLogic also off ers tips to keep homeowners from making unnecessary mistakes on their taxes. “9 Easy Mistakes Home Owners Make on Th eir Taxes” identifi es common errors like deducting the wrong year for property taxes, confusing the escrow amount for ac-tual property taxes paid, and neglecting to take the pri-vate mortgage insurance deduction.

Homeowners who make certain energy-effi cient home improvements may be eligible for certain tax cred-its, and owners who had a portion of their mortgage for-given as part of a workout plan, short sale, or foreclosure don’t have to pay income tax on the forgiven debt, pro-vided the mortgage was secured by a principal residence and the total amount of the outstanding debt is not more than the original purchase price plus improvements.

Among the tax questions you’ll fi nd answers to at HouseLogic.com:•How to Deduct PMI•How to Deduct Mortgage Interest

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Homeowners should consult a tax professional for any advice applicable to particular transactions or cir-cumstances; the information on HouseLogic should not be relied upon as tax or legal advice.

HouseLogic is a free source of information and tools

from the National Association of Realtors® that helps homeowners make smart decisions and take responsible actions to maintain, protect, and enhance the value of their home. HouseLogic helps homeowners plan and or-ganize their home projects and provides timely articles and news; home improvement advice and how-tos; and information about taxes, home fi nances, and insurance.


National News

HouseLogic helps homeowners get the tax breaks they're due

Send us your [email protected]


Local News

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C o l o r a d o S p r i n g s

P u e b l o

The Pikes Peak Association of REALTORS® is again participating in the Nationwide Open House Weekend on April 20 & 21.

This event is an opportunity for interested buyers to tour available houses on the market and learn about the benefits of homeownership in a low pressure environ-ment. For sellers, this event provides a high-visibility ef-fort to promote traffic and drive home sales. For partici-pating REALTORS®, this is an opportunity to connect with consumers in their communities about the housing issues that matter most to them as well as provide expert insight into the local housing market.

PPAR will be conducting a marketing campaign on radio and television, geared toward the public during the month of April to help promote consumer awareness and encourage participation in this exciting event. PPAR will also provide marketing resources to participating REAL-TORS® to help stimulate consumer interest. These materi-als will include items for printed advertising, such as flyers for the open houses and customizable pieces for news-letters and emails, and online resources, such as a video and web banners advertising the event that REALTORS® can put on their websites. PPAR will also be giving away prizes to prospective buyers who register at participating open houses and to REALTORS® who are hosting them.

Brokerages are encouraged to rally widespread inter-est among their agents to increase the scope and power of this nationwide event.

To participate in this event:

• List participating open houses in www.ppar.com.• Pick up blue and white REALTOR® balloons from the

PPAR office to display at your open houses to increase visibility.

• Use provided promotional materials to encourage buyers and sellers to participate in this event.

• Collect the “Golden Tickets” from open house visi-tors during the event.• The “Golden Tickets” must be received by PPAR by

end of business day on April 30th, 2013

• The registration forms can be dropped off at PPAR’s office at 430 N. Tejon St., 80903, mailed to PPAR‘s office or Faxed to 719-476-8140

• Have blank “Golden Tickets” at your Open House for visitors who didn’t bring one.• Go to PPAR.com

• Using the "Open House Search" icon on the main page, find your listing

• Click on the “Golden Ticket” icon on the lower right hand side

• Print as many copies as you would like

• Make sure the “Golden Tickets” have your Open House address and MLS# listed

• REALTORS® are also encouraged to hold a mini-drawing at their open house for a prize, such as a bas-ket or gift card.

Visit the PPAR Members page at http://members.ppar.com for more informa-tion on this event.

Get ready for the 2013 Realtor® Nationwide Open House WeekendFormer Metrolist CEO passes in tragic car accident

Today we are sad to announce the passing of Patricia Bybee, the former CEO and longtime leader of Metrolist. Many of us have spent a majority of our careers involved with Pat and with Metrolist. She was instrumental in starting our or-ganization, and through her 27 years of guidance it has grown and prospered to become a nationally recog-nized force in the Real Estate industry. Pat was known for her unending dedication to our organization and our industry. She was a leader, a friend, an advocate for Realtors® and everything real estate, not just in Colo-rado, but nationally as well. We all grieve for her pass-ing and send our thoughts and prayers to her husband Vern, her family and friends.

“I grieve as we all do for Pat’s loss. We have been colleagues and friends for over 19 years. I will miss her and she will be in my thoughts and prayers. The orga-nization she helped build will continue to move for-ward. Her dedication, spirit and enthusiasm will con-tinue to light our path forward. She will be missed.”

- Gary Bauer

“Pat’s passing is a terrible shock to all of us at Metro-list. We are all grieving and our Board of Directors, staff and customers feel a tremendous sense of loss. Pat was instrumental in starting our organization, and through her 27 years of guidance it has grown and prospered. Pat was known not only for her unending devotion to the organization and her industry, but her Realtor® fam-ily as well. Please join us in extending our thoughts and prayers to her husband Vern, her family, and friends.”

- Kirby Slunaker

Courtesy www.metrolist.com, www.recolorado.com


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Local News

RE/MAX Properties, Inc. celebrates their 2012 accomplishments

CAR replacing MongoFax soon

Hombuyers priced out of market?

RE/MAX Properties, Inc. held their annual Awards Cel-ebration Breakfast on February 19, 2013 at the Crowne Plaza Hotel.

Twenty-three broker associates qualified for the Qual-ity Service Certification (QSC) Platinum & Gold Awards which recognizes those who have a 4.7 (out of 5) or greater Customer Satisfaction Rating (CSR). Awards based on sales volume were also distributed from RE/MAX Interna-tional and RE/MAX Properties, Inc. RE/MAX Properties, Inc. received the "Total Volume Achievement" award from RE/MAX LLC. Ms. Dean and Ms. Jamison from RE/MAX LLC in Denver, CO presented the award to Joe Clement, Broker Owner at the beginning of the awards ceremony. It was a fantastic way to start the celebration. In addition to RE/MAX LLC and RE/MAX Properties, Inc. pecuniary awards, the following members of RE/MAX Properties, Inc. were honored with:

• Jeanne Guischard Client Service Award• Tiffany Lachnidt Marketing and Self-Promotion• Gerre Gerdes Community Service Award• Ron Johnson Newcomer of the Year• Chris Card Intern of the Year• Debra Gerdin Team Member of the Year• Jeff Johnson Team Member of the Year• Linda Deming Unlicensed Assistant of the Year• Pam Palone Rick Logan Memorial Award• Linda Lewis Employee of the Year Award• Dawn Edgington Broker’s Cup• Brad Secundy Peer Coach of the Year• Pam Palone Peer Coach of the Year• Treasure Davis Take the Ball and Run• Vicki Westapher John Arends Spirit Award

Vicki Westapher also received bus bench advertising cour-tesy of TAP Media and RE/MAX Properties, Inc.

As the word has spread that MongoFax is out of busi-ness, CAR has received many inquires about where can members turn to next for this under the radar valuable benefit. It has been suggested that MetroFax (www.me-trofax.com) and MyFax.com (www.MyFax.com) are suitable replacements while CAR begins its research to replace MongoFax.

While all of the regions in Colorado saw a home prices increase the Metro, Northwest, Southeast and Southwest districts saw double-digit increases in hous-ing prices, making some real estate analysts wonder if the housing recovery will make it difficult for many people to afford to buy in 2013.

Just last December J.P. Morgan revised its U.S. hous-ing forecast upward, predicting an overall gain of 3% to 4% in home prices for 2013.

New sellers listing their homes and builders adding to the supply will also have an impact on the market. Other factors that could affect the market include, shadow inventory, the fear over cutting of the mort-gage-interest tax deduction, which survived the fiscal cliff talks so far.

With the uncertainty of these other factors prices may not rise as sharply and homes may remain more affordable. Not only will buyers find it easier to afford a new home, but bidding wars that many sellers are see-ing now will drastically decrease.

While Colorado’s housing industry is off to a good start, consumers and REALTORS® really won’t know what’s going to happen until we’re well into spring.

© Copyright Colorado Association of Realtors. Reprinted with permission.

CENTURY COM

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orad

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omebuilder


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EMPIRE tItLE WOODLAND PARk OFFICE GRAND OPENINGMarch 7, 2013

Th e Pikes Peak Chapter of the Women’s Council of REALTORS® was ex-cited to host their annual Rookie REALTOR® Seminar on Th ursday, February 28 at the Cordera Community Center.

“Designed to take agents (rookie and experienced) from contracts to clos-ing, this year’s Rookie REALTOR® Seminar had over 35 REALTORS® att end last week’s all day session.” said Renate Carrier, WCR President.

Th is year’s sponsors included: Cordera, Campbell Homes, Pillar to Post, Chris Roy (Farmers Insurance), Blue Ribbon Home Warranty, Colorado West-ern Title, First Mortgage, and Th e Marketing Group.

WCR IS a network of successful REALTORS®, empowering women to exercise their potential as entrepreneurs and industry leaders. The organization meets monthly the second Thursday of each month from 11 a.m. to 1 p.m. at the Clarion Hotel. For additional information on events or membership, contact Kathy Tutko at [email protected].

WCR hosts Rookie Realtor® Seminar


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Veterans United Home Loans of Colorado Springs is a VA-approved lender and is not affiliated with any government agency. NMLS 1907. Regulated by the Division of Real Estate. "Veterans United” is a registered trademark of Mortgage Research Center, LLC. All Rights Reserved.

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On the Move

Butler, Gutierrez, DanleyKeller Williams Partners

Keller Williams Partners would like to welcome Jerrod Butler to our family. Jerrod is a Certifi ed Distressed Property Expert and has been in Real Estate for 2 years as an investor. He loves the tangible aspect of Real Estate and enjoys working with people and problem solving. Jer-rod passions include being a dad to two young children and enjoying the outdoor lifestyle of Colorado.

We are proud to welcome Tara Gutier-rez to the Keller Williams Partners fam-ily. She comes to us with an impressive background including USAF, Lockheed Martin- NASA, Domestic Engineer, and Johnson and Johnson. Tara has been in the real estate business for four years and loves to help people purchase their dream home. She has lived in Colorado Springs for 17 years and takes advantage of the active lifestyle available here.

Keller Williams Partners is excited to announce Jennifer Danley as the newest member of our family. Jennifer graduat-ed from Everest College and completed Kaplan for Real Estate. She has a back-ground in small business and loves to help people. Jennifer is all about family and spends as much time with them as possible.

Deppe, Reddish, Fisher, GliddenRE/MAX Properties

Tony Deppe has been selling real es-tate in Colorado Springs since 2001 and loves helping people. His #1 goal is to do everything he can for his clients. In the past 11 years he has had the pleasure of helping over 450 families and individu-als with their real estate transactions and would love to share his market knowl-edge with you.

Stacy Reddish has lived in Colorado Springs since 1998. She grew up in Iowa, Graduated from the University of Iowa and then joined the Air Force. Stacy is now retired from the Air Force aft er 20 years of service. She has 4 children and she enjoys keeping them active in several sports. Stacy and her children appeared on HGTV’s "House Hunters on Vaca-tion" in September.

Michelle Fisher is a native of Colorado and has lived in Colorado Springs for the past 13 years. As a wife, mother, and for-mer elementary educator, she strives to put others fi rst and her main objective is

to provide others with the highest level of care and concern. Michelle says “In-tegrity, morals, values, ethics, profession-alism, quality customer care, community and market knowledge, marketing and promotion savvy, and eff ective negotia-tion skills are just a few of the qualities and att ributes I possess, all of which are fundamental to how I operate as a Broker Associate.”

Stephanie Glidden received her fi rst Real Estate license in California in No-vember 2002. Once She started selling Real Estate Stephanie found that she has a real passion for it. Stephanie sold Real Estate in California for 7 years prior to moving to Colorado in 2009. She has been married to her husband, Keith, since 1985. Th ey have 2 daughters and are ex-pecting their fi rst grandchild. Stephanie adds “I love to help my clients' att ain the American Dream. Th ere is nothing quite like the feeling of handing over a new set of keys!”

Hepworth, StarkieAmeriFirst Financial

AmeriFirst Financial, Inc. welcomes Sally Hepworth, Loan Offi cer. Sally has been assisting home buyers in achieving the American dream of home ownership for over 15 years. Focused primarily on new home buyers, Sally secures fi nancing for home buyers throughout Colorado, with a wide array of fi nancing options.Sally has established a strong foundation of repeat customers and referral business. Highly trusted and respected by real es-tate professionals throughout the Pikes Peak Region, her clients benefi t from her professional relationships. Carla Starkie, Loan Offi cer and Sally Hepworth have joined as business partners to bett er serve the real estate market.

AmeriFirst Financial, Inc. welcomes Carla Starkie, Loan Offi cer. With nearly 20 years experience in real estate, title insurance and mortgage lending, Carla Starkie brings a wealth of well-rounded knowledge to each transaction. Carla enjoys consulting with borrowers and coaching Realtors through the entire home buying process. Committ ed to your success, Carla is always available for a mastermind session. She teaches class-es and workshops on business planning, processes and procedures, marketing, technology and much more. Partnering with Sally Hepworth, this power-house team brings an unparalleled level of ser-vice to you and your clients.

See Page 2 for details

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Local Expert

By Bill McAfeeEmpire Title—

Empire Title of Colorado Springs

Empire Title of Woodland Park

For those of you who know me, I am fairly confi dent that you see me chowing down on the fi ve dollar foot long sandwich. I must caution you to not be too rash. Th e sandwich is tempting, but let’s look at four factors driving our market and then make the decision. Th e factors are: number of listings, inventory levels, interest rates and shell shock. We are seeing things in our local market that we have not seen for more than a decade.

Listings are at a 12-year low. See the chart above for the actual number of homes available through the MLS. Due to the econ-omy, up until the last two years, builders literally stopped building. Th is has created a shortage of homes, especially in the low-end. Homes in the $250k and below are selling like hot cakes. Homes $200k and below are selling like chocolate truffl es on Valentine’s Day. Th e number of listings isn't the only factor driving the market. Inven-tory levels are another.

Inventory levels are a leading indicator of what is to come in the near term, near term being 12 months or less. Inventories are made up of two components: the fi rst is the current number of listings; the second is the demand over the last 12 months. Remem-ber that listings are lower than they have been in over a decade. Th e number of units being sold is the same as it was in 2008, and our inventory levels across the MLS are equivalent to 2007. Bear in mind the inventory levels on homes $750K and above still have entirely too much inventory. Homes under $250K and especially under 200k are running shortages. Inventory calculations help us look into the future using formulas to calculate demand and supply. Here is something that needs no explanation.

Interest rates are at near historic lows. I do not want to bore you with a lot of details but suffi ce it to say I do not see drastic upward pressure in the near term on interest rates. But I do have a question for you. Where are they likely to go over the long term? Th e high point was 1981 when interest rates were at 18% during this time. Th e fi nal factor is shell shock.

For the past six to seven years the economy has been a roller coaster. Some say it was like a war and we have had shells being lobbed over our heads. Many people actu-ally got hit and were economically harmed. We have gott en used to the shells and are starting to come out of the fox holes. Th e years beginning in late 2006 and continuing through 2010 were devastating for many people. Many did short sales, bankruptcies, and foreclosures. Many young people stayed at home or lived in an apartment. We got used to having the shells lobbed at our heads. People who had challenges to their credit can now buy. Many people are buying their fi rst home at age 30 or above. Th ey have been in mom and dad's basement or an apartment for the last 6 to seven years. Demand is picking up because we are coming out of hiding and making a decision to buy. Emotion is a hard thing to judge but the current climate seems to indicate that the buyers are back.

We are back to where we started: foot long or four factor? Listings as low as they have been in over a decade; inventory levels are indicating a phenomenal increase in demand; interest rates are fantastic, enabling buyers to keep their payments low; and, we have gott en used to the heavy artillery and are back in the game. Th is will come as a shock to most of you, but I will take the four factors over the foot long!! I am talk-ing near term of course. You didn't honestly think I was gett ing rid of the foot long. Silly Readers.

Would you rather have a fi ve dollar foot long or a four factor real estate market?

twitter.com/csrej

March 25, 2013


Around the Corner

* Events subject to change. Due to space, please check with event/class holders early for more detailed information on cost, CE credits, sponsors and registration dates.

send

eventus your

[email protected]

Thursday, March 28NARPM Annual Landlord SymposiumAll Day @ Crowne PlazaAlex Yoder, 719-213-9100

Thursday, April 4 Masterminds Networking Group7:30am – 9am @ Canon National BankRSVP to David Alley, 719-632-3526 [email protected]

B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10am @ The Grill at Latigo Trail Equestrian Center. Roxene, 495-6213

Monday, April 8Seller Mastery9:30am – 2:30pm @ DeVry [email protected] 719-442-1900

Wednesday, April 10Commission Update9am – 1pm @ Empire Title W. Park719-686-9888 [email protected]

Beginners' eContracts 10am – 12pm @ Empire [email protected] 719-884-5300

Thursday, April 11Farm and Land8:30am @ The Peak GrilleGreg Wolff: 719-590-1711

Commission Update 8:30am – 12:30pm @ Empire [email protected] 719-884-5300

Mortgage Loan Originators Mandatory Update Course9:30am – 2:30pm @ DeVry [email protected] 719-442-1900

Women's Council of Realtors11am – 1pm @ Clarion Hotel (I-25 & Bijou)Michele: 719-633-7718

Friday, April 12Mortgage Loan Originators Mandatory Update Course9:30am – 2:30pm @ DeVry [email protected] 719-442-1900

Tuesday, April 16NARPM Meeting11am – 1pm @ Clarion Hotel (314 W. Bijou)Alex Yoder, 719-213-9100

Wednesday, April 17New Contract Class9am – 1pm @ Empire Title W. Park719-686-9888 [email protected]

Thursday, April 18New Contracts Class 8:30am – 12:30pm @ Empire [email protected] 719-884-5300

CTM eContracts Intermediate Course2pm – 4pm @ DeVry [email protected] 719-442-1900

Tuesday, April 23Successfully Selling HUD Homes 9am – 12pm @ Empire [email protected] 719-884-5300

Wednesday, April 24Myths, Mistakes & Mayhem in Short Sales9am – 11pm @ Empire [email protected] 719-884-5300

Keep checking members.ppar.com for more details on the dynamic PPAR plan

to bring exposure to your listings!

Coming to Meridian Ranch!New Model Open May 1st, Lots Available Now!

Finished Basements and 3 Car Garages are Included!1/4 Acre Lots.

Sell One G.J. Gardner Home – Get Standard Commision + $2000 BonusSell a Second G.J. Gardner Home – Get Standard Commision + $3000 BonusSell Three or More G.J. Gardner Home – Get Standard Commision + $4000

Bonus on Each Additional Sale All Year Long!Registration is open from 3-25-13 to 4-30-13. To register, contact a Falcon G.J. Gardner Sales Consultant.

Realtor must be pre-registered prior to setting an initial customer appointment and present at all appointments with client to qualify.Bonus paid at final handover provided local franchise owner accepts build contract prior to Dec 31, 2013. Not valid with any other offer or

incentive. Incentives are accumulated on an individual basis, not by a team.

For more information, call 719.495.7664or visit www.GJGardnerFalcon.com

$299,200 3156 sf $375,500 4450 sf$347,088 3488 sf

CSREJ Half Page 5:Layout 1 3/12/13 1:15 PM Page 1

Snappy won’t do It.Neither will brisk.

Swift might get you a little closer, but if you’re really really really serious about pocketing a whopping $4,000 cashbonus—along with your regular 4% commission plus your usual Hooked on Classic bonus—our best advice would be to, well, haul hiney.

Here’s what you need to know…Classic has two homes in the Flying Horse community. �e Realtor(s) who sells and closes on them by 4/30/13 will be awarded the aforementioned bonus money ($4,000 per home), plus a 4% commission on the base price, plus a hefty Realtor incentive from the Hooked on Classic Program.

Ready to make a run at it?�en read on—and good luck!

Classic Homes at Flying Horse (719) 495-7297

2098 Bent Creek Dr. (80921)

*Limited-time o�er valid on select inventory homes subject to change without notice. Hooked on Classic Program Terms and Conditions: 1) Hooked on Classic 2013 Bonus Incentives will be paid on all contracts originated between 1/1/2013 and 12/31/2013. Contracts must close to receive bonus. 2) You must be an active Colorado licensed real estate agent and must have actively participated in the sale, to include being present at the initial client meeting, contract signing, and other relevant homebuyer/builder meetings. 3) All bonus commissions will be paid at closing. 4) Employees of Classic Companies and Flying Horse Realty are not eligible for this program. 5) Bonus commissions are earned on an individual REALTOR basis, team sales are not cumulative. 6) Bonus incentives will be awarded to the individual agent listed on the contract. 7) Program subject to change without notice.

You’ve Heard

Well, Here’s Your Chance to

Make $4,000 of �emBefore April 30th.

�e Rhapsody in �e Village of Encore2445 Veneto Way (80921)Offered at $399,900 - MLS #745221

• 3,242 sq. ft. Ranch style home with finished basement

• Low-maintenance living: Fully landscaped and maintained yards

• Stucco, stone, and tile roof exterior

• 3 bedrooms, 2.5 baths, 3 car garage, stainless steel appliances (dishwasher, range/oven, and over-the-stove microwave)

• Granite slab kitchen and master countertops, site finished woodfloors in entry, kitchen, dining room, and great room

�e Rockaway in �e Village of Siena13135 Cake Bread Heights (80921)Offered at $361,867 - MLS #746108

• 3,226 sq. ft. Ranch style patio home

• Low-maintenance living: fully maintained landscaped with sprinkler system

• Stucco, stone and tile roof exterior

• 4 bedrooms, 3 baths, 3 car garage, site-finished hickory flooring, stainless steel appliances

• Granite kitchen countertops with tile backsplash, granite bath countertops, upgraded carpet, 2 fireplaces, and finished basement with wet bar

Quick Buck?Making a

about

The two homes around which this special is centered are

“The Rhapsody” in The Village of Encore, and “The

Rockaway” in The Village of Siena. Each is ready for

immediate move-in, and each comes with a coveted Social

Fitness Membership at the Club at Flying Horse. Sell one,

or both, by April 30th, and you’ll be rolling in dough.

THELIMITED-SELECTION

REALTOR SPECIAL

Two Homes

Two $4,000 Bonuses

One Great Chance to

Earn a Quick Buck

www.ClassicHomes.com

Documents

March 25, 2013