WHAT NOT TO DO WHEN SELLING YOUR HOME !

So many time Sellers are told what to do to sell their home. Well guess what! What not to do is just as important. The Colorado Springs Real Estate Market currently is very competitive. According to the Pikes Peak Association of Realtors there are 5,839 homes for sale. Total sales year-to-date (through August)  are 5,767. To get a home buyer today, you must keep your house in tip top shape.  Focus on the following so you can be one of the homes sold.

1.      Curb Appeal – Do not allow your house to look in disrepair. This is the first contact a buyer has with your home, when they pull up in front. If the grass isn’t cut, shrubs are growing over, paint is pealing, a buyer could refuse to go into the house. They just sense that if the outside is bad, so is the inside.

           Home Repairs Can Boost Selling Time and Profit

When it comes to repairing or remodeling your home the Colorado Springs Real Estate market is no different then anywhere else. According to “Remodeling Magazine” the Top 10 Big-Impact, Low Cost Remodeling Projects are:

1. Tidy up Kitchen Cabinets
   • Buyers open Kitchen cabinets. If needed replace the shelf paper and possibly ad some slide out shelves.
2. Ad or Replace Tile
   • Replace cracked tile and grout. Can make a room look cleaner.
3. Add a Breakfast Bar
   • When a wall separates a Kitchen from a Family Room, cut out an opening to create a Breakfast Bar
4. Install Granite Tile instead of a Slab
   • Today people love granite in the Kitchen. Granite Tiles are considerably cheaper than Slab Granite.
5. Freshen up a Bathroom
   • Replace the Medicine cabinet, Light Fixtures, Vanity or Faucet.
6. Freshen up the Basement
   • Seal any cracks, paint the floor and check for any dampness.
7. Add a Room
   • Look for spaces that can be enclosed or ad a closet to a room to create another Bedroom
8. Spruce up Cabinet Fronts
   • Update tired looking Kitchen cabinets by reconditioning or replacing fronts.
9. Replace Light Fixtures
   • Recessed can lights are in today for Kitchens. Add a dimmer switch.
10. Tech-up the Garage
    • Put a combo pad outside the garage door.

Don’t forget the Exterior. If your home needs a new roof, replace. Chances are that it will show up in the inspection and you will eventually have to do it anyway.

Buyers in most cases want to buy a home that is move in ready with modern conveniences. The competition among Listing is tough today. Get your home in the best condition you can before Listing it !

Colorado Springs Real Estate Market – August Update

“Not a good month for Home Sales”

 Bad news for the Colorado Springs Real Estate Market as it was down again in August. According to the Pikes Peak Association of Realtors, Single Family/Patio Homes sales totaled 688, down from 891 in August of 2009 or -22.8%. Year to date sales through August of 2010 are 5,767 units.

Total Active Listings came down slightly from last month to 5,839. This is about a 8.4 months inventory level. In El Paso County, the Average Price was $249, 415, and Selling Price to List at 96.6%. The Average Days on the Market went up to 85 days.

The top areas for # of Listings Sold are:

1. Powers (74)
2. Fountain Valley (74)
3. Briargate (54)
4. Northeast (48)
5. East (45)

 The Terms of Sale(Sales):

1. Conventional Loan  (250)
2. VA  (230)
3. FHA  (144)
4. Cash  (124)

 The Sold Analysis (Single Family Homes / Patio Homes):

                            Up  to       $200,000     $300,000   $400,000  $500,000

                         $199,999     $299,999     $399,000   $499,000  $599,000   

El Paso County    285              183              78                34            20

Teller County       17                10                7                  1               1

Lets look for better numbers next month !

“Based on information from the Pikes Peak Realtor Services Corp,  (RSC), for the Period August 1,2010 through August 31, 2010, RSC does not guarantee or is anyway responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market”

Woodland Park, Colorado

“The City above the Clouds”

One of Merit Company’s four real estate offices is located in beautiful downtown Woodland Park. Woodland Park rests at the side of Pikes Peak, with spectacular views of the Peak and Rampart Range. Surrounded by the 1 million acre Pike National Forest, Woodland Park is at an elevation of 8,465 feet and just 18 miles west of Colorado Springs, in Teller County.  Bike paths and hiking trails wind throughout the region offering a serene get-away from a busy life. Stroll through a multitude of shops and cafes or visit the Rocky Mountain Dinosaur Resource Center, a museum devoted to Dinosaurs and Fossils. Home to 7,900 residents, many part time, Woodland Park is an ideal vacation spot to rent a Colorado Mountain cabin and relish the beauty of the woodsy outdoors.  Tourism fuels the economy. Enjoy the areas many attractions from its central location. Visit the famous mining towns of Victor and Cripple Creek and when in Cripple Creek take time to visit the casinos.

Woodland Park was incorporated in 1891 and the primary business was saw milling. It is the largest city in Teller County.

The medium list price of a home in Woodland Park is $279,900.

Some other interesting statistics from city-data.com:

Median Resident Age:        37.5

Males:                                3,331 (50.1%)

Females:                             3,319 (49.9%)

Average Household Size:     2.6 people

Estimated Medium Household Income:  $60,389

See the city live by visiting utepasscams.com.

Merit Company, in addition to residential and land sales, is a major property management company. Please call us for help with all your real estate needs.

WHOA …….. YOU WANT A GUARANTEED SALE!

In today’s Real Estate Market, you will see companies advertising “If your house doesn’t sell, we will buy it” Oh WOW, what a deal or is it. Let’s take a look at some of the “requirements” for this to happen. The requirements are different with individual companies, not every guaranteed sale program is the same, but here are some requirements for your review:

1.)  House must be listed for 6 months with the buyout company and in some cases    you must buy your next home from them.

2.)  You must provide and pay for a home inspection.

3.)  You must provide an appraisal, in most cases two from their recommended appraisal list. Average from these two appraisals becomes appraised value. Offer may be extended to homes only in a certain price range.

4.)  You must reduce the price during the selling period (probably monthly).

5.)  You must have a minimum of 20% equity.

6.)  House must be marketable?

7.)  Must be current on all mortgage payments.

8.)  Homes that are harder to sell usually don’t qualify.

9.)  Usually a buyout fee is charged from 1-5%. Could also be charged if you take the house off the market.

10.)Your offer, from the buyout company, will generally be from 75% to 90% of appraised market value.

Be sure to read the fine print and be prepared to net less money for this incentive. Again, shop around as different companies will have different requirements.

Remember -

“If you want a guarantee, buy a toaster”

                                      - Clint Eastwood

Good Luck!

Colorado Springs Real Estate Market – July Update

Stats are out for July on Single Family Home sales and they were down from last year. According to the Pike Peak Association of Realtors, Single Family/Patio Homes sales were 713, down from July of 2009 at 946 or - 24%. This is the first decline we have seen in nearly 15 months. The average Monthly Sales price fell slightly from last month at $237,029. This number is still strong verses July 2009 average sales price at $231,457.

The Average days on the Market fell slightly from June to 75 days and Total Sales YTD thru July are at 5,079.

Total Active Listings is at 5,955 up from last year at this time of 5,135.

The top Five areas for Listings Sold were:

            -  Fountain Valley      92

            -  Powers                    74

            -  Briargate                51

            -  Northeast               49

            -  Tri-Lakes               44

The sold Listings Analysis for El Paso County :

HOME PRICES                          NUMBER SOLD

up to $199,999                                      299

$200,000-$299,999                              183

$300,000-$399,999                               89    

$400,000-$499,999                               40

I believe that we are still seeing fallout from the end of the Tax Credit and with unemployment still up, all we can do is hope that it levels itself out soon.

“Based on information from the Pikes Peak Realtor Services Corp,  (RSC), for the Period July 1, 2010 through July 31, 2010, RSC does not guarantee or is anyway responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market”

Generally 7-10 days after a contract is accepted on a home, the Buyer has a choice. Should I spend around $350.00 -$600.00 to have someone look at the home and its moving parts. I always recommend home inspections. You just can’t be to careful today. Although Home Inspectors are not licensed in Colorado there are very knowledgeable companies in the business. If you do not know a home inspector, ask your real estate agent for a couple recommendations.

A Home Inspector will evaluate the physical condition of a home, including the structure, mechanical systems and construction. They generally will do a computer based report which they will give to you at the Inspection or within 24 hours. They are paid by the Buyer on the spot once the inspection is complete. A good Home Inspector will complete the following tasks and in some cases estimated the useful life left:

-         Outside Inspection, including siding, roof, chimneys, decks and drainage

-         Inside, they will check:

o       Furnace

o       Hot water Heater

o       All appliances

o       Electrical outlets in all rooms

o       Plumbing

o       Windows

o       Attic

o       Electrical Box

o       Garage Door Openers

o       Fireplaces

o       Other Items, depending on the home

Some items Inspectors will do, but do charge extra. Some examples are:

-         Radon test

-         Test for Bacteria in well water

Items like wells and septic should be inspected by licensed contractors that specialize in that type of work. If the Inspector has an issue with a furnace, it also should be inspected by a licensed contractor.

If a seller refuses to make repairs, you basically have three options:

-         Continue to negotiate and possibly give them an ultimatum or only ask for the major items to be repaired

-         Buy the property as is, knowing that some of the items you may have to address immediately.

-         Terminate the contract as long as everything was completed within the time frame specified in the contract.

            Contact any agent at Merit Co for help !

The 56^th Annual Parade of Homes opens TODAY!!!

Don’t miss out on this 17 day Parade of Home showcase.  Featuring first hand look at current trends to include 23 homes in 15 communities across the El Paso area.  View the greatest innovations and the latest design trends to affordable living to the luxury dream home you’ve always wanted! 

Tickets can be purchased at Safeway, $10 for Adults 18-64, and $5 for Seniors 65 or older.  The Parade of Homes is open from Monday to Sunday; 11am to 7pm. 

Put on your walking shoes and grab a few friends. And go view some of the most spectacular homes TODAY!!    

Click here to view the 2010 Parade of Homes Builder list

Click here to view the 2010 Parade of Homes Map and Directions

Colorado Springs Real Estate( Single Family Homes)  continued to grow in June according to the Pikes Peak Association of Realtors. Total number of sales were up 4.4% vs. June of 2009. This was the 14^th consecutive month of sales increases in the Colorado Springs Real Estate Market.

The sales price to list % was at 97.6%, with the average days on the market of seventy nine.

With the tax credit expiring April 30, 2010 (The time by which the contract must have been written) and no extension in sight, will this have any effect on the market?

Stay tuned! With our Military and the fact that Colorado Springs is such a desirable place to live, we look forward to seeing our increases continue.