colorado springs real estate journal

Vol.1 No.9 www.csrej.com January 12, 2009

alSo inSidePage 3 Page 4 Page 9 3

WCR'sHolidayAuction

naHRePHoliday Party

KW Hope RealtyOpens NewDowntown Offi ce

nHa of Co.Holiday Party

PRSRT STDUS POSTAGEPAIDPERMIT 745 COLO SPGS CO

National News ................. Page 3Local & State News ...........Page 10On the Move ................... Page 12Sales & Motivation ............Page 14Around the Corner ............ Page 15

Vol.1 No.9 www.csrej.com January 12, 2009

Mortgagedownpayment clarifi cation

NAR urges fi nancial regulators and Industry to make mortgages more attainable

Colorado Springs ranked 7th-safest among 50-city natural disaster study

Realtors: Fed action creates best interest rates in 50 years

"Th ere is some misinformation in the media lately about the required size of a down payment for a mortgage in today’s market, and the blog world is abuzz with misperceptions. Not all so-called experts are knowledgeable in this area, and some experts are being misunderstood.

The facts:An individual may be required to put down 20 percent based on that per-son’s fi nancial situation. But that is not an across-the-board requirement for all borrowers.

A borrower who puts down less than 20 percent is required to obtain mort-gage insurance.

Even in a declining market, a borrower is required to make at least a 5 or 10 percent down payment.

FHA requires a 3.5 percent down payment by borrowers, so long as they meet a 31 percent hous-ing cost-to-income ratio. In other words, anyone who stays within their budget and who can afford a 3.5 percent down payment (even with fam-ily help) can become a homeowner.

PLEASE NOTE: FHA market share has grown roughly tenfold in the past year to an estimated 30 percent of new mortgage originations.

© Copyright National Association of REAL-TORS. Reprinted with permission.

...further action is needed to help the thousands of people trying to buy a home or to stem off foreclosure to get a mortgage easily and quickly."

Th e National Association of Real-tors® applauds recent actions by the Federal Reserve and the Treasury making mortgage interest rates more aff ordable. However, further action is needed to help the thousands of people trying to buy a home or to stem off foreclosure to get a mort-gage easily and quickly.

“Our members tell us that fami-lies are once again looking to enter the housing market only to fi nd that delays, process and bureaucracy are gett ing in the way,” said NAR Presi-dent Charles McMillan, a broker

with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Th e federal government and the mortgage lending industry must ad-dress continuing problems that are impeding the delivery of mortgage credit to home buyers and those try-ing to avoid foreclosure.”

In a lett er to the Treasury Depart-ment, the Federal Reserve Board and the Federal Housing Finance Agency, and copied to President-elect Barack Obama’s transition team, NAR notes that in addition to lowering interest rates, the federal government must

work with mortgage lenders and credit reporting agencies to eliminate processes that are making it diffi cult to close on a mortgage loan so that the housing market and the nation’s economy can have a robust recovery.

“Now really is a great time to buy a home. Inventory is high, prices are down and mortgage rates are near 50-year lows. We have to unclog the system and let people achieve and hold on to the dream of homeown-ership,” McMillan said.

See Mortgages page 4

In a recent study, SustainLane exam-ined the largest 50 cities assessing natu-ral disaster risks. SustainLane looked at hurricanes, major fl ooding, catastroph-ic hail, tornado super-outbreaks, and earthquakes, taking into consideration potential frequency of disaster as well as the extent of damage.

Cities with the greatest risk were af-fl icted by hurricanes, earthquakes, and major fl ooding due to hurricanes and tsunamis. Many of these cities lay near major faults att ributing to earthquakes.

Cities with the least risk of facing major earthquakes, hurricanes, fl ood-

ing, catastrophic hail and tornado out-breaks were typically located where "they lack geographic, geologic and at-mospheric conditions needed to create these disasters."

Drought and urban wildfi res were left out this particular study due to the fact that "wildfi re damage in modern cities typically aff ects only limited areas" and "this [drought] natural phenomenon may be mitigated by water importation and conservation."

For the full list of cities examinded and for more information please visit www.sustainlane.com.

At the Most Risk

1. Mesa, AZ1. Milwaukee, WI3. Cleveland, OH

3. Phoenix, AZ3. Tucson, AZ3. El Paso, TX

7. Colorado Springs, CO8. Philadelphia, PA8. Minneapolis, MN

8. Detroit, MI

46. Honolulu, HI47. San Francisco, CA

48. Oakland, CA49. New Orleans, LA

50. Miami, FL

At the Least Risk

Source: SustainLane.com

Th e National Association of Re-altors® applauds the actions of the Federal Reserve Board in lowering interest rates for home buyers and homeowners who need to refi nance. Th is will signifi cantly impact housing sales, home valuations, and the na-tion’s overall economy.

Th e Federal Reserve is purchas-ing large quantities of agency debt

and mortgage-backed securities to provide support to the mortgage and housing markets.

“NAR has been aggressively call-ing for mortgage rate reductions, and the Fed’s action to slash interest rates, coupled with the actions by the Fed-eral Housing Finance Agency and the Department of the Treasury, has driv-en down interest rates to make the

dream of homeownership once again att ainable for thousands of Ameri-cans,” said NAR President Charles McMillan.

Mortgage rates, which had aver-aged 6.3 percent in the third quarter, have recently fallen into the 4 percent range in some parts of the country.

ing large quantities of agency debt Page 11

Jay Gupta’s

DecemberHousing Stats

See Interest Rates page 14

2 Colorado Springs Real Estate Journal www.csrej.com January 12, 2009

from your friends at

NewYear!Happy

January 12, 2009 www.csrej.com Colorado Springs Real Estate Journal 3

WCR Holiday auCtiondeCembeR 11, 2008

NatioN

director of advertisingRachelle Nardo

[email protected]

director of PublishingJosh Olson

[email protected]

Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colo-rado Springs, Colorado. CSREJ is published twice 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.

Realtor® is a registered trade-mark. Sometimes the word Re-altor® or Realtors® will appear without the “®” symbol for the purpose of saving space. The reg-istered trademark should be as-sumed if it is not present.

We welcome the submission of articles, photos and press releases. Please email any considerations to:

[email protected]

article Submission•Please submit articles no lon-ger than 700 words in a Word document with an accompa-nying byline and appropri-ate contact information. A headshot is also welcomed. Please submit headshot in JPG format.

Press Releases•Please submit press releases directly into an email or an attached Word document. A PDF is acceptable but not preferred. Please include any photos in JPG format at-tached to the same email.

on the move•Please submit a short bio or press no more than 150 words for anyone that has joined your team in a Word docu-ment or directly in an email. A headshot may also be at-tached to the email as a JPG.

This is for any business in the industry (Real Estate, Build-ers, Title Companies, Mort-gage Companies, etc.)

Photos/events•Please attached pictures in JPG format in an email with any notes or captions direct-ly in the email or in a Word document.

office: 719.217.3433Fax: 719.550.4373

www.csrej.com

Colorado Springs Real Estate Journal LLC3608 Galley Rd | Colo Springs, CO 80909

Above: Pikes Peak WCR Past Presidents with Mr. and Mrs. Clause (david duarte and laRa Fryer of Countrywide)

Above: Current WCR President mary Fryer, past President Judy Carty, President-Elect Ranate Carrier and Immediate Past President barb asbury.

Above: doug marsh of Marsh Auction Group auctions off a donation from the Colorado Springs Real Estate Journal.

Right: michael Podoyak of North American Title and Ron Pipkin of Stewart Title.

Below: Cheryl dingwell-Keckritz of Cutting Edge Realty, barb asbury of Prudential Colorado Real Estate and ann brown of Land Title.

Above: mary Kay Van dorpe of Land Title and lynn edgin of Keller Williams Hope Realty.

Below: alan lovitt of Prudential Professional Realtors and PPAR CEO terry Storm.

Economic slump weakens pending home salesAfter holding fairly stable for a year, pending home sales

declined in the face of job losses and an eroding economy, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking in-dicator based on contracts signed in November, fell 4.0 percent to 82.3 from a downwardly revised reading of 85.7 in October, and is 5.3 percent below November 2007 when it was 86.9. The current index is the lowest since the series began in 2001.

Lawrence Yun, NAR chief economist, said a weakening was inevitable. “Mounting job losses and very weak con-sumer confidence deterred home buyers from signing con-tracts in November,” he said. “December’s housing market

activity could be comparably lower due to ongoing prob-lems in the economy, so a real estate-focused stimulus plan is urgently needed.”

Yun said the outlook will depend heavily on the stimulus package. “With a proper real-estate focused stimulus mea-sure, home sales could rise more than expected, by more than 10 percent to 5.5 million in 2009, and easily begin to stabilize home prices in many parts of the country. Stable home prices will, in turn, lessen foreclosure pressures and lay the foundations for a solid economic recovery as the na-tion’s 75 million homeowners regain confidence,” he said.

The impact of mortgage interest rates declining to near 50-year lows in December is not reflected in current data.

The PHSI in the Northeast dropped 7.2 percent to 63.2 in November and is 14.6 percent below a year ago. In the Midwest the index fell 6.7 percent to 74.2 and is 10.1 per-cent below November 2007. The index in the South de-clined 2.2 percent to 85.3 in November and is 12.7 per-cent below a year ago. In the West, the index was down 2.4 percent to 101.2 but remains 19.3 percent higher than November 2007.

NAR President Charles McMillan, a broker with Cold-well Banker Residential Brokerage in Dallas-Fort Worth, said there can’t be an economic recovery without a focus

Not affiliated with The Colorado Springs Business Journal

See Economic Slump page 6


naHReP Holiday PaRtydeCembeR 10, 2008

NAR is recommending that the Treasury Depart-ment provide additional TARP funds for the sole purposes of making additional loans and modifying mortgages to help prevent foreclosures.

“Th e housing market is clogged with short-sales that take frustratingly too long to clear. Th ough lax underwriting standards should never return, many lenders’ credit score requirements have become over-ly stringent. Good people with good credit scores are fi nding it diffi cult to qualify for loans despite the his-torically low mortgage rates,” said McMillan.

NAR is asking mortgage lenders and mortgage insurers to make sure they have not over-corrected their underwriting standards and added unneces-sarily strict underwriting standards, such as exces-sively high credit scores to qualify for a mortgage. In addition, credit reporting bureaus should improve compliance with the Fair Credit Reporting Act, in-cluding providing prompt responses to consumers who want to correct errors in their fi le.

Lastly, NAR is calling on all mortgage lenders, their servicers, Fannie Mae and Freddie Mac, and investors in mortgage assets to implement aggres-sive policies that result in more loan modifi cations to prevent as many foreclosures as possible, expe-dited processes for short-sales, and added liquidity to the nonconforming mortgage market.

“If rates stay low at near 5 percent or lower, home sales could rise nationally by 10 to 15 percent in 2009 and stabilize prices in many parts of the coun-try,” said NAR Chief Economist Lawrence Yun. “Th at, in turn, will help reduce foreclosure pres-sures and lower the rate of re-defaults on recently modifi ed distressed loans. Improved loan modifi -cation tools are also necessary. Everyone needs to work together so this can become a reality.”

NAR continues to advocate for other measures that would help create long-term stability by ensur-ing that safe and aff ordable mortgages are available throughout the nation, including making the higher loan limits passed in the economic stimulus bill earlier this year permanent and extending the tem-porary $7,500 tax credit for fi rst-time home buyers to all home buyers and eliminating the repayment requirement.

“Th e work is not yet fi nished, and NAR is com-mitt ed to continuing its eff orts with policy makers and the new Congress and administration to get the real estate market back on track – the nation’s economy depends on it,” McMillan said.

© Copyright National Association of REALTORS. Reprinted with permission.

Above: Hector Hernandez with Century 21 Metro Alliance and Stephanie dombrowski of Ent.

Above: Past and Present Board Member of NAHREP.

Above: Rose malca joins her daughter, Clarissa arellano of PPAR and Suzanne Craig with Pre Paid Legal Services.

Above: thelma gomez with Dynasty Mortgage, Jean daniell with Celebration Mortgage, linnea Clayton with Credit Facts and Rick trujillo with Farmers Insurance.

Left: Carli Johnson, ed edwards of Edward Alan Homes, don bivens with Brown and Brown Ins. and tracy Starratt with Community One Financial.

To see available homes in Pine Creek, take the Briargate Pkwy. exit 151 to Chapel Hills Dr. and follow the signs or visit PineCreek.com/AvailableHomes.

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The area’s top homebuilders. Academy District 20 schools. The Promenade Shops at Briargate. The Pine Creek Golf Club. A down-to-earth community feel. The reasons to live in Pine Creek are many. Unfortunately, the opportunities aren’t.

Don’t miss your chanceto own a new home in pine creek.Only a few new homes remain in one of Colorado Springs’ most desirable master-planned communities.

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COR-4437_Showcase_PC_FR1.indd 1 8/20/08 5:09:31 PM

NatioN

Mortgages from page 1


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NAHB shares construction lending concerns with FDIC Chairman

on housing. “It’s crucial for Congress and the new administration to move quickly to remove impedi-ments and off er home buyers the incentives they need to tap into today’s historic low mortgage inter-est rates,” he said.

“NAR advocates expanding a $7,500 tax credit to all home buyers and eliminating the repayment feature, and permanently raising loan limits to bring down interest rates for many buyers in high-cost ar-eas. We also need to expedite short sales and unclog the mortgage pipeline,” McMillan said.

Th e 30-year fi xed-rate mortgage should hold fairly steady through the fi rst half of the year and rise slightly in the second half. NAR’s housing af-fordability index, which looks at the relationship between home prices, mortgage interest rates and family income, is on track to match a record high set in 1972.

“Th e unique housing aff ordability conditions in today’s market underscore the opportunity in giv-ing consumers the necessary incentives to stimu-late our economy through a housing recovery,” Yun said.

© Copyright National Association of REALTORS. Reprinted

with permission.

Economic Slump from page 3

NAHB Senior Offi cers emerged from a Dec. 17 meeting in Washington with Federal Deposit In-surance Corporation Chairman Sheila Bair and her staff with the encouragement that the FDIC is inter-ested in working with home builders to resolve key issues related to the ongoing credit crunch for ac-quisition, development and construction (AD&C) fi nancing.

NAHB has been receiving increasing reports from its members in the fi eld that they are encounter-ing extreme diffi culty in obtaining credit for viable projects. Builders with outstanding construction and development loans say they are experiencing intense pressure as the result of requirements for signifi cant amounts of additional equity, denials on loan extensions and demands for immediate repay-ment.

In too many cases, performing loans are being rendered nonperforming as a result of these actions, adding to foreclosures and increasing the inventory

of unsold or only half-completed homes.In their meeting with Chairman Bair, the Senior

Offi cers said that the problem has now spread be-yond the housing boom and bust states to almost all parts of the country. Banks have become grow-ingly reluctant to continue making loans on viable housing development, despite banking regulators advising them of the importance of doing so. At the same time, they are not providing reasonable fl exibility on working on modifying the terms of troubled outstanding loans to avoid foreclosures or loan calls.

At the meeting, Bair indicated that the FDIC would reiterate its existing supervisory guidance that encourages lenders to work with borrowers to avoid foreclosure.

Th e FDIC also said that it is in the process of in-cluding in its supervision of lenders a system that will monitor how institutions are using the TARP (Troubled Asset Relief Program) money and other

federal liquidity assistance that they are receiving. Builders are increasingly concerned that lenders are not using this capital enhancement to make new loans or support workouts on existing loans.

Perhaps most signifi cantly, Bair expressed a strong interest in working with NAHB to improve the FDIC’s receivership process and develop infor-mation for builders aff ected by the agency’s take-overs of failed banks. NAHB members have been reporting major diffi culties with funding cutoff s and in communicating and dealing with person-nel at institutions that have been taken over by the FDIC.

Th e Senior Offi cers commended the chairman for her eff orts to reduce mortgage foreclosures and expressed support for the FDIC's proposed new foreclosure mitigation program.

The above article has been provided to you compliments of NAHB and Nation’s Builder News.


NatioN

The National Association of Realtors® inaugural float won the Isabella Coleman Trophy for “Best Presentation of Color and Color Harmony Through Floral Use,” at the 2009 Tournament of Roses Parade. The Pasadena Tournament of Roses Association selected the Realtor® float from among 45 other entries. The float, titled “Celebrating the Dream of Home Owner-ship for 100 Years,” is a salute to NAR’s Centen-nial celebration currently under way through May 2009. Hundreds of Real-tors® volunteered over 10,000 hours to help with decoration.

“As the leading advocate for home ownership, Realtors® take pride in help-ing people achieve their dream of own-ing a home,” said 2008 NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “Winning this award symbolizes the incredible resiliency and commit-ment our members possess.”

The Realtor® float depicted a fantasy floral representation of the Swiss Family Robinson tree-house-home. The Swiss Family Robinson story was published in 1812, yet still epitomizes the traits Ameri-cans have come to value highly: resource-fulness and adaptability. Today, about 70

percent of all families in the United States own their own home.

The float was created from creamy ecru colored ironed cornhusk and ses-ame seeds with accents of white coco-nut flakes. The roof tiles were fashioned

from peach lentil seeds edged in white sweet rice. Over

20,000 stems of purple Madame Pompadour and lavender Bombay orchids were used and tropical foliages and ferns comple-ment the 30,000 Neon pink roses that comprise

the exotic gardens.This is the 120th year of the

Rose Parade Tradition, an American classic that began as a way to promote Southern California real estate, and has marched through wars and the Great Depression. Millions of spectators from around the world watched the beautiful pageantry of floats. The parade is seen in more than 200 countries.


First-ever Realtor float wins awardPeoPleS HoStS

ReVeRSe moRtgage ClaSSdeCembeR 19, 2008

Above: Karen ayers with Rawhide CO, debbie broderick with Rusinak Real Estate and Holly Skelton with ERA Shields.

Right: Kris Korinek with Coldwell Banker Residential Brokerage, Jack brady of Trader Jack’s Real Estate, Jennifer browning with RE/MAX Properties, and deanna brunson with Prudential Professional Realtors.

Left: nathan Johnson with 1st Reverse Mortgage USA, dave allbrook with Peoples National Title, lillian lucian and James Vincent with Peoples Mortgage.

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Above: ed Jones with Keller Williams Hope Realty, Paul muhly with CO Home Warranty, ingrid allen with Keller Williams Hope Realty, Roger Collins with First National Bank and lynn edgin with Keller Williams Hope Realty.

Above: brian miller with Empire Title, aimee daugherty with Keller Homes and launa Walter with Title America.

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Realtor Day at the Capital

February 17:

Ent.com

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ENT - A REALTOR’S LENDING PARTNERAs a Realtor, it’s important to help your buyers �nd the home they’re most comfortable in. At Ent, we’re here to make it easy for them to �nd the �nancing they’re comfortable with! Ent o�ers a wide variety of mortgage loan options* to �t 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!

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*Standard credit quali�cations apply. Loans are subject to �nal credit approval. Property insurance is required. Financing available on homes throughout Colorado.

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Realtor Ad.pdf 1 12/19/2008 4:24:11 PM

LoCaL & StateOrganizations serving younger business professionals join together to provide the 1st Annual “The Summit: A Step Ahead for Young Business Professionals”

Th e Business Professionals Networking, Cham-ber Rising Professionals, Colorado Springs Young Professionals, and Leadership NOW are present-ing the 1st Annual "Th e Summit: A Step Ahead for Young Business Professionals". Various businesses and organizations will be presenting activities and opportunities they provide for young business pro-fessionals in and around the community.

Kevin Johnson from E.L.O.P.E. will be speak-ing about how he went from Garage Company to International Business Success and how this can be achievable for other Colorado Springs young business pro-fessionals. Th ere will also be an area to voice opin-ions about what Colorado Springs could do to be-come a bett er place to live, work, and play.

Th e Summit will be

held January 13th, 2009 at the Antler’s hotel from 11:00 AM TO 1:00 PM. Cost is $25 for partnering organization members and $35 for non members. To RSVP participants should go to www.colora-dospringschamber.org, click on Calendar of Events and then “Th e Summit: A Step Ahead for Young Business Professionals”, there will be a link that

says Register Now. Participants are encouraged to come early for

the Summit and network with large, small, and desirable employers as well as check

out other things to see and do in Col-

orado Springs. Lunch will be provided and hundreds of

other young business pro-

fessionals will be in att endance from the area.Jenifer Furda of the Chamber Rising Profession-

als said, “Th is is the most exciting event for Young Business Professionals that Colorado Springs has ever off ered”.

Jon Seversen of the Colorado Springs Young Pro-fessionals says, “Colorado Springs is on the rise as a community that is quickly becoming a Young Pro-fessional Friendly community.”

Courtney Halemartin of Business Professionals Networking commented, "Networking is crucial in this economy and is an essential tool in job searches as well as expanding your current business oppor-tunities."

For additional information on Th e Summit, con-tact Sandy Wenger or visit www.coloradosprings-chamber.org, click on Calendar of Events.

Business Professionals Networking, Chamber Rising Professionals, Colorado Springs Young Pro-fessionals, and Leadership Now are organizations geared toward provide services for Young Business Professionals in Colorado Springs with various emphasis on professional, social, recreational, and civic life.

"� is is the most exciting event for Young Business Professionals that

Colorado Springs has ever o� ered."Jenifer Furda - Chamber Rising Professionals

Register today for REALTOR® Day at the Capi-tol on February 17 that will be held at the Colorado State Capitol and take advantage of your opportu-nity to discuss Colorado Real Estate related issues with your state legislators. Don’t miss out on your chance to have a voice on issues such as:

Improving the Quality of Life in your • community

Th e marketability of property in your • neighborhood

Protecting your income and maintaining • your commissions and

Educating and screening policy makers who • support REALTOR® issues, plus more!

Your support with grassroots eff orts like this is needed and speaks volumes as CAR continues to protect and promote favorable real estate policies in Colorado.

Pre-Register by Tuesday, February 10, 2009 for $40 (includes lunch, materials and transportation to Capitol)

Register aft er Tuesday, February 10, 2009 for $50 (onsite registration subject to availability for luncheon).

© Copyright Colorado Association of REALTORS. Reprinted with permission.


LoCaL & StatetHe maSteRS Real

eState gRouP Client aPPReCiation

noVembeR 22, 2008Disclaimer

Th is representation is based in whole or in part on informa-tion from the Pikes Peak REALTOR® Services Corp. (“RSC”) or its PPMLS. Content is deemed reliable; however, neither the RSC nor the PPMLS nor PPAR nor Gloriod & Associates nor Jay Gupta guarantees or is in any way responsible for its ac-curacy. Data maintained by RSC does not refl ect all real estate activity in the market. Information is deemed reliable but not guaranteed. All rights reserved. Unauthorized reproduction is prohibited.

December Stats OverviewPPMLS All Counties (S.F. / Patio Homes):

# of New Listings: 892# of Active Listings: 4,951# of Listings Sold: 495% of Active Listings Sold: 10%Total Sold Volume: $112,551,140Median Price: $180,000Average Price: $227,376Sale to List Price Ratio: 96.1%Average Days On Market: 99 Day

El Paso County (S.F. and Patio Homes)

# of New Listings: 781# of Active Listings: 4,035# of Listings Sold: 444% of Active Listings Sold: 11%Total Sold Volume: $103,658,430Median Price: $183,706Average Price: $233,464Sale to List Price Ratio: 96.1%Average Days On Market: 98 Days

PPMLS New Listings Re-capListing Inventory continues to Shrink - This is crucial step to market stabilization

S.F./Patio Existing Homes:From Nov 08 to Dec 08: (6.2)%From Dec 07 to Dec 08: (9)%From Jan to Dec 2007: 20,705From Jan to Dec 2008: 17,770New Listings Dropped: (14.2)%

Active Listings Analysis El Paso CountyS.F. / Patio Homes December 2008:

4,035 Active Listings by Price Range :77% Active under $400,00023% Active over $400,0007% between $400 to $500,00010% between $500 to $800,0006% Active over $800,000

Sold Listings AnalysisEl Paso County (S.F./Patio Homes Nov 08):

444 Sold Listings by Price Range:91% Sold under $400,0009% Sold over $400,0002% between $400 to $500,0005.2% between $500 to $800,0001.8% Sold over $800,000

Existing Home Sales AnalysisS.F./Patio Existing Homes:

In the midst of the unprecedented economic crisis,

Colorado Springs housing market has done amaz-ingly well:Jan - Dec 07: 8,841 HomesJan - Dec 08: 7,557 HomesChange: (14.5)%

Median Price Short Term FluctuationsWhen the median price increases, it can be refl ective of the • fact that more expensive than inexpensive homes sold during that period.

Similarly, a decrease in the median price can indicate that more •

inexpensive than expensive homes sold during that period.

Median Price Relevancy: For measuring changes in the hous-ing price, Median Price has greater possibility for accuracy over a long period of time to balance the mix of expensive and inexpensive homes sold during that period.

Importance of Pricing RightSale Price to Listing Price Ratio (chart)

El Paso County (S.F. / Patio Homes 2008)June 97.1% Sold 14.5% DOM 90July 97.3% Sold 15% DOM 89August 96.8% Sold 13.4% DOM 79September 96.7% Sold 13.2% DOM 95October 96.3% Sold 12% DOM 82November 97.5% Sold 10% DOM 83December 96.1% Sold 11% DOM 98

Days On the Market (DOM)

PPMLS All Areas - December 2008:Total Active Listings: 4,951 (S.F./Patio Homes)Listings Sold: 495 10%Sold in 0 - 30 days 25%Sold in 31- 60 days 22.5%Sold in 61- 90 days 15% [65.5%]Sold in 91- 120 days 8.5% [71%]Sold in 120+ days 29%

SummaryUnequivocally, there is currently much bad news about the

economy and the housing market. People are fearful about making a decision to buy a home. Buyers want to know wheth-er or not this is a good time to buy. Unfortunately, there is no universal answer. Each buyer ought to assess his or her own personal situation by asking the right questions and gathering necessary information to make an informed decision. Here are some suggestions and comments for those who are in this predicament:

Assess your fi nancial stability and qualifi cations to obtain a loan. • In today’s market, qualifi ed buyers with good credit are still able to secure loans in a normal fashion. If you have not already done this, make an appointment with a reputable lender.

Assess your family conditions which often outweigh market • conditions.

Evaluate and understand the long term impact of a price drop • of a few thousand dollars versus a low interest rate mortgage. For example, the payments on a $250,000 fi xed rate, 30 year mortgage at 6% interest is $1,498.88. For the same amount of monthly payment of $1,498.88, at 5% interest a borrower can borrow $279,213.

Right now, there is a good selection of properties to choose from.•

It is highly advantageous to buy-up in a down market. If a seller • decides to wait for the prices to go up on seller’s smaller home, the price increase on a higher price home the seller wants to buy will be proportionately much higher when the prices go up.

First-time home buyers can now take advantage of a temporary • tax credit.

Undoubtedly, home ownership is the key to building long-term • wealth.

It is important to remember that each market is different. The • market situation in Colorado Springs is not the same as what is happening in California, Nevada, Arizona, and Florida, etc.

Jay Gupta’s December Housing Stats

© Jay Gupta, Past Chairman PPAR Board. Reprinted with permission. For more information or questions please contact Jay at [email protected].

[email protected]

Above: Rick gonzales of The Masters Real Estate Group with son, ben gonzales and friends Rachel nicely with daughter, Celina martinez.

Above: Judy music with The Masters Real Estate Group and Collette guida with Pajama Program join the kids around the donations of pajamas for children in need.

Above: Pamela dasher and theresa montoya with Pajama Program, Santa and diane gonzalez with The Masters Real Estate Group.

Above: Sharon Williams, Juanita Simkins and mary Fontana with The Masters Real Estate Group join Miss pre-teen Colorado Galaxy; Jackie delgado and Miss Colorado Galaxy; amanda Kepple and of course, Santa.


oN the Move

Jim Roethler RE/MAX Properties

Jim Roethler, ABR, QSC, E-Pro has joined RE/MAX Properties, Inc., Southern Colorado’s largest real estate company, as a broker associate in their South Office at 2630 Tenderfoot Hill Street.

Roethler calls Wecota, SD his home town. After a dis-tinguished 20-year career in the U.S. Army, Roethler has built an extremely successful real estate business over the last 28 years. Not only is he a recipient of the RE/MAX 100% Club award but he is also a Brian Buffini Certi-fied Mentor. He is highly educated and experienced in all areas of real estate but specializes in Residential and Bank-Owned properties.

Taking advantage of the Colorado lifestyle, Roethler enjoys fishing and hiking. When asked about his work, he says, “I like having my own business without being completely by myself.” Roethler chose to join RE/MAX Properties, Inc. “because of the technology advantage” provided by the company.

Patty matteo PrudentialProfessional Realtors

Patty Matteo was born and raised in Tuckahoe, New York and Bethel, Connecticut. After getting married she moved around and lived on both coasts. Patty finally set-tled in Colorado in 1992. She has two sons. Jesse is her oldest and works for Bible Electric here in town. Jesse and his wife, Stephanie, have three children, Riley, Gage, and Ethan. Luke is her youngest and works at Circuit City. Luke and Lori live nearby as well.

As a way to get to know people Patty started working in School District 38 at Lewis Palmer Middle School in Monument in 1993. She started out as a Special Educa-tion Paraprofessional then switched to the Counseling Secretary and Registrar position. What a great job and an ideal way to meet people and make connections.

Patty started Real Estate in May of 2005 which fits perfectly with her school job. She specializes in first time home buyers, teachers, and growing families. After liv-ing here for 16 years, she really loves Colorado Springs and surrounding areas. If you are relocating she been here long enough to support you in finding schools, churches, recreational, businesses, and shopping. Call her when you are ready for the sale of your home, buy-ing, or with buying your first home.

linda lampasso PrudentialProfessional Realtors

Linda Lampasso has been in the real estate business for 7 years. Most recently she has been with Keller Wil-liams Premier Realty and prior to that Coldwell Banker Cheyenne Mountain Realty. Linda specializes in work-ing with military buyers, sellers and out of state reloca-tion, and is a Certified Military Relocation Specialist. She is the exclusive relocation specialist for 6 of the area hotels. Linda also enjoys working with first time home buyers. She holds the GRI & CRS designations and feels it is imperative to keep up with continuing educa-tion to stay at the top of the real estate industry.

george barrette PrudentialProfessional Realtors

Bill Havens, Managing Broker, recently shared with the Prudential Professional team the addition of another broker to their fast growing organization. Recently join-

ing the company is George Barrette who brings his 35 years of experience in the Colorado Springs real estate market to the company. George believes in exceeding his client’s expectations and providing a level of unpar-alleled service in real estate transactions. To that end, whether working with a buyer or marketing a property for a seller, George’s goal is to make the experience en-joyable, easing the stress, and making the sale or pur-chase as smooth as possible. George has also been the exclusive marketing agent for new homes being built by Briese Enterprises, LLC, a semi-custom home builder in the Tri-Lakes area for 15 years. National Realtor desig-nations currently held by George include the Certified Residential Specialist (CRS) and Accredited Buyer Rep-resentative (ABR).

terry galloway PrudentialProfessional Realtors

Terry’s goal as a Colorado Springs Real Estate Agent is to keep clients informed about trends in the market-place using the latest statistics in your local area. Terry believes real estate is a sound investment for now and for the future. Terry Galloway is your local area expert, having held an active Real Estate license in the state of Colorado since 1978.

Her three children were born here, and went from el-ementary school to college in the state. In this state it is not easy to be classified as a "native" but she has been here since 1965, and this is where she plans to stay. As a result, she has found it very fulfilling to get involved in activities that benefit our community. Terry is a wild-life transport member for the Division of Wildlife, and a guide for visually impaired and blind skiers in an organi-zation called VIBeS.

Terry Galloway’s education has been comprehen-sive from a degree earned from L´Université d´Aix-en-Provence, France to her undergraduate work at the University of Colorado, Boulder, and finally a Masters Degree in Business with an emphasis in Marketing from the University of Colorado at Colorado Springs. She is currently active with the Alumni Association at UCCS.

In the Real Estate discipline, Terry holds a GRI des-ignation and the prestigious CRS designation that puts her in the top 5% of REALTORS® nationally. Terry’s business experience covers many years but is primar-ily focused within four venues: Marketing and Sales, Customer Service, Management, and Entrepreneurship. Her late husband and she were the proprietors of two highly successful retail businesses: Christy Sports and The Wine and Hop Shops. After over 25 years in Real Estate, she finds that her past service, organizational and entrepreneurial orientation has been a benefit to her current customers.

amy lassen RE/MAX Properties

Amy Lassen, has joined RE/MAX Properties, Inc., Southern Colorado’s largest real estate company, as a broker associate in their North Office at 1740 Chapel Hills Drive.

Lassen, originally from Glen Canyon City, UT, spent 7 years as a Home School Parent then turned her atten-tions to developing a successful real estate career. With over four years as a real estate professional, Lassen spe-cializes in Residential and Relocation services for her existing and new clients. She states, “I love research, details and working with people. I get to earn my living helping people make one of the most important invest-ment decisions they’ll ever make.” When asked why she decided to join RE/MAX Properties, Inc., Lassen says, “I see the potential to grow my business with the tools and support at RE/MAX Properties, Inc.”

Rodney Canterbury PrudentialProfessional Realtors

We are pleased to announce that Rodney Canterbury, RLI, an experienced REALTOR®, has joined the Pru-dential Professional team. He specializes in residential properties, farm, and ranch properties in the state of Colorado. He also has farms in other states and net-works with other agents in those areas. Rodney’s expe-rience has allowed him to develop a great knowledge of our real estate market. Regardless if the property is large or if it is small, Rodney gives each client his undivided attention. Rodney is a member of the Pikes Peak, Colo-rado and National Association of REALTORS®.

Cathy brittain PrudentialProfessional Realtors

Prudential Professionals are excited to announce an-other experienced real estate broker has joined its family of REALTORS®. Cathy Brittain is a veteran of real estate sales and earned the designation of GRI and CRS. She is very knowledgeable in pricing properties to get the quickest transaction, at the highest price with the lowest amount of inconvenience. Cathy also works very closely with mortgage professionals to help her buyers find the right program for their needs. She knows that one size does not fit all.

Ray otero PrudentialProfessional Realtors

Ray comes to Prudential Professional REALTORS® after almost six years with Coldwell Banker Residential Brokerage, where he specialized in the local Hispanic market. Back in 1986, Ray started as a Real Estate Sales-person in the Los Angeles area, so he brings many years of experience. He graduated from UCLA with a Masters in Social Welfare and taught sociology in college for 16 years, including 12 years at Occidental College. He takes pride and satisfaction in being a good listener, helping others and providing the best possible advice.

toby lorenc RE/MAX Properties

Colorado Springs REALTOR® Toby Lorenc of RE/MAX Properties, Inc., joins a select group of industry experts with the Graduate REALTOR® Institute (GRI) designation.

At least 90 hours of training is required to earn the GRI designation. Lorenc recently completed an intensive se-ries of courses in advance real estate topics ranging from contract law to professional standards. A REALTOR® with a GRI possesses a higher degree of education and skill to better serve prospective clients and customers.

Lorenc is a member of the peakdream.com team at RE/MAX Properties downtown at 216 N Tejon Street in Colorado Springs. RE/MAX Properties is ranked #1 in downtown sales in Colorado Springs. Lorenc works with home buyers and sellers throughout El Paso Coun-ty, and in all price ranges.

be a Part of this SectionSee Page 3 for details


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SaLeS & MotivatioN

CSREJ Crossword #1 (Answers)

List for Creative Follow UpTop 10

Since few prospects purchase a home on the fi rst visit, we should all become experts in gett ing them to return. Here are some helpful tips:

1. Be committed to instant follow up.

Follow up with everyone who visited that day. Don't let the follow up pile up! All your conversations will be fresh in your mind and the prospects will be im-pressed that you are so organized. Th e purpose of the call and/or note is to thank them for stopping in.

2. Be Creative

Th e defi nition of creative is to look at what every other Realtor is doing with follow up and do some-thing unique and diff erent to stand out from the crowd. One Florida client who sold beachside con-dos sent litt le bags of sand with a business card at-tached to all snowbirds who visited during the win-ter. Another developed a creative brochure, which showed the numerous golf holes in 3D.

3. Send something, then call.

It's great to send notes, postcards and customized lett ers. But, unless you follow up with a phone call, you don't have the opportunity to invite your pros-pects back. Always have a reason to call. Perhaps they asked for some information you didn't have handy. You can fi nd out the answer, send it to them and call that they did receive it

4. PS on all form letters.

A form lett er is bett er than no lett er. Be certain it always contains a PS on the bott om to warm it up.

5. When calling, stand up!

A great tip to instantly in-crease energy and enthusiasm is to always stand when you are making sales calls. You will immediately become more an-imated and your voice will re-fl ect your body language. Th e worst is to slump in the chair and slurp the coff ee!

6. Use a contact management system.

Th e most eff ective way to manage your follow up is on the computer, whether it's ACT, Goldmine or whatever you choose. Th is will allow you to have all

your notes in one place and a regular re-minder system to keep calling.

7. Set a goal for a minimum of one appointment per day.

If you follow this formula, you will have approximately 18 extra sales each year. One appointment each day/365 appointments of which possibly 50% won't show up=182 that will show up

and you close 10% of those. Now take 18 sales x an average of $2000 commission and you earn $36,000 more in income for the year. Worth your time and eff ort?

8. Customize and personalize.

In today's world of high tech, it is so refreshing to get something one of a kind. All notes need to be hand addressed. You can delegate this to a group that has handwriting down to a science...Grand-mas!! Consider hiring senior women to help you hand address the note cards. You need to include some personal information you gathered when they visited. Th e bett er you are in the "discovery" phase, the bett er follow up note you can write. Don't write the usual "Th ank you for visiting...if you have any questions, please give me a call"...BORING

9. Send follow up. Directly to the kids.

Do your children LOVE gett ing mail? My 12 year goes nuts if junk mail has her name on it. Find out what interests the kids have and make an eff ort to send something of interest to them.

10. Organize your time and keep your momentum.

Plan a time each day that you will make your calls, send e-mails or follow up notes. Keep going un-til you set that appointment. Stay focused on your goal. Put your follow up activity in your day timer. Give yourself a pat on the back for sticking to it.

Creative follow up takes time and effort.

Are you willing to do what it takes to make extra sales this year?

Melinda Brody, MIRM has been inspiring and evaluating salespeople for almost two decades. She offers sales seminars, keynotes and video mystery shopping services for builders across North America. Visit www.melindabrody.com or sign up for her free monthly electronic newsletter by e-mailing her at [email protected].

by melinda brodyMelinda Brody & Co.—

9 8 7 6 5 4 3 2 1

E A IL D T E N A N TE D V WV E F E AA B A N D O N M E N T IT D R T VI U E N O T I C EO M C R RN D L Y

E OL A S S E S S O RI U RN O N R E C O U R S EQ E F

H U T E R MU N D E R W R I T I N G RD N A R

C I AY L I E N L

“Th at is the lowest rate in nearly 50 years and will bring buyers back to the market,” McMillan said. “We are pleased that the government heard our message and responded to our call for action.”

NAR has estimated that a one percentage point decrease in mortgage rates will increase home sales by more than 500,000 homes. “To boost the economy, it is critical to stem the rising tide of foreclosures and boost home buyer confi dence in the housing market.” McMillan said. “Lower interest rates coupled with increased foreclosure mitigation are the key ingredients to stabilizing the housing market and preserving communities and homeownership.”

NAR continues to call on the federal govern-ment to maintain the higher loan limits passed in the economic stimulus bill earlier this year and to expand the $7,500 tax credit for fi rst-time home buyers to all buyers and to eliminate the credit repayment requirement. “Together, all of these actions will stimulate and stabilize the housing market and begin an overall economic recovery,” McMillan said.


Interest Rates from page 1


aRoUND the CoRNeR

JANUARYMonday, January 12Business Planning and Marketing10am @ Empire [email protected] / 719-884-5300

Wednesday, January 14The EstimatorTM

9am @ Empire [email protected] / 719-884-5300

Wine & Cheese w/ The SMC5:30pm @ Central [email protected]

Thursday, January 15Pikes Peak Marketing Forum8am @ Colorado Springs Country ClubRuthie Lohrig – Kline 719-492-3998

Advanced Foreclosure and Short Sale: Part 18:30am @ Empire [email protected] / 719-884-5300

Foreclosures (3 CE)10am @ Land Title (Downtown)Call Kris: [email protected]

1031 Exchanges – Everything You Ever Wanted to Know11am @ Empire [email protected] / 719-884-5300

Friday, January 16HBA Membership Benefi ts8:30am @ [email protected] / 719-592-1800

Wednesday, January 212008 Annual Commission Update Course Version Two8:30am @ Empire [email protected] / 719-884-5300

Colorado Association of Real Estate Appraisers Meeting6:30pm @ Academy HotelGary Eisenbraun | [email protected]

Saturday, January 24First-Time Home Buyers10am @ Ent (Galley Rd)Register at Ent.com/Seminars or call 719-550-6998

Saturday, January 31HBA Annual Awards Dinner [email protected] | 719-592-1800

FEBRUARYThursday, February, 12WCR Luncheon“Guerilla Selling in Hard Times”11am @ Marriott Hotel [email protected] / 393-3532

Friday, February 13Breakfast With The Builders8am @ Doubletree [email protected] / 592-1800

Tuesday, February 17Realtor Day at the Capitalcoloradorealtors.com

Tuesday, February 26The Challenge of New Home Sales Management8am@ HBA Centennial, [email protected]

Design/Build Solutions for Aging and Accessibility8am @ HBA Centennial, [email protected]

Wednesday, February 27Business Management for Building Professionals8am@ HBA Centennial, [email protected] 303-551-6724

MARCHFriday, March 6-8HBA Home & Garden Show1 pm @ Phil Long Expo [email protected] / 719-592-1800

Thursday, March 12WCR Luncheon “Business Planning”11am @ Marriott Hotel [email protected] /393-3532

Wednesday, March 18State of the Economy8am @ Crowne Plaza [email protected] / 719-592-1800

Colorado Association of Real Estate Appraisers Meeting6:30pm @ Academy HotelGary Eisenbraun | [email protected]

APRILThursday, April 9WCR Meeting “Think Like a Spy” (on Identity theft)11 am @ Marriott Hotel [email protected] / 393-3532

STAND OUTPromote your upcoming event here.

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