Thursday, February 11, 2010

Wednesday, July 22, 2009

Another One Bites the Dust

The Plate Restaurant located at Briargate Point in Pine Creek closed today. Too bad. Fantastic place to eat and we will miss it. Best of wishes to Walter, Ryan, Rick and Chuck. This unfortunately spells more bad news for Janny Richardson the embattled developer who is still trying to get the Cinemark Theaters finished at Colorado Crossing. She is also the owner of Briargate Point. With the Colorado Springs commercial real estate market at a veritable standstill, potential loss of lease payments here won't help.

Monday, July 20, 2009

Colorado Springs a place you can put your feet up, relax and enjoy the view!

Tuesday, June 30, 2009

Anyone can give their house away.

Seems like most Realtors these days take a single approach to home selling. Price, Price, Price. Don't get me wrong, proper pricing is important. But if you have a problem with your foot, is it reasonable to amputate it? Seller's deserve an agent who can properly diagnose their real estate problem and share the diagnosis in a way that will solve the seller's affliction. They want to get their home sold for the most amount of money possible with the least amount of hassle. Any idiot can amputate.

Monday, June 29, 2009

8,000 Free Reasons

After a false start, details of the new government program that allows home buyers to use the first time home buyer tax credit at closing have finally been released here. Here are the major points:

The program can only be used on FHA-insured loans. VA, conventional, and other programs are not included.

The credit cannot be used towards the required 3.5% down payment. Closing costs, mortgage discount / origination point(s), and other closing costs can be covered by the credit.

So although you can’t get your new home with no money out of pocket, you can use the credit to “buy down” your mortgage interest rate and/or even possibly negotiate a lower price on the home.
This $8,000 dollar credit is only good until the last day of November 2009.

This is Great news!

Monday, January 26, 2009

Buyer and Seller Myths

Buyer myth No. 1: The Longer the House is on the Market, the More You Can Negotiate.
When buyers ask, “How long has this property been on the market?”, they think “six months” means they can negotiate the price down. It more often means the seller is stubbornly holding on to their price.

Buyer myth No. 2: The Sellers Today are Desperate.
Most aren’t. Always ask why the sellers are selling. It’s the key to finding how motivated and anxious they are. “I’m being transferred ” is a very different answer than “We’d like to find something bigger.” The first homeowner is hot to trot.

Buyer myth No. 3: You Can’t Buy a Home Today with Less Than 20 Percent Down.
FHA loans require only 3.5 percent down, and you can even ask the seller to pay the closing costs.

Buyer myth No. 4: You Need Good Credit to Get a Good Loan.
Once again, the FHA to the rescue! They’re happy to lend money to buyers with bad credit.

Buyer myth No. 5:
You Shouldn't Buy Before Prices have Bottomed.
You can’t sharp shoot the real estate market. Once you identify the “bottom,” prices have already moved up.

Seller myth No. 1: Now’s the absolute Worst Time to Sell.
Not necessarily. It depends upon where you live. Many of the worst hit markets, like Las Vegas, Phoenix or San Diego, are already beginning to turn around. And if you’re a homeowner who wants to trade up, the loss you’ll take on your current home will be more than offset by the bargain you’ll get on the next one.

Seller myth No. 2: Never Respond to a Low-Ball Bid.
All buyers today feel obligated to put in low-ball offers to see if the seller bites. If you respond with a reasonable counter offer, most buyers can be convinced to come up in price and make the deal.

Seller myth No. 3: The First Offer is Never the Best Offer.
Most sellers believe that it’s smart to hold out for something better. But four times out of five, the first offer is the best you’ll ever see.

Seller myth No. 4: 'I Can Always Reduce My Price Later.'
Sellers often price their home high for a few weeks just to test the market. But buyers shop by price bracket and if your house is in the wrong one, you’ll just help sell everyone else’s home while yours sits there overpriced. And reducing your price later in small increments puts you in the position of chasing the tide as it goes out.

Monday, September 22, 2008

Monday Morning MOJO

Good Morning

I’ve been thinking a lot this week about the country’s financial crisis and the bailout of Wallstreet by Big Brother. I even heard someone on the radio refer to it now as the “People’s Republic of Wallstreet”. It is interesting to me that the government would save the banks who loaned the people (who never should have had loans) money while leaving the unfortunate borrowers to fend for themselves. I have a lot of sympathy for the people who couldn’t have otherwise bought a home, bought one but are now in trouble. Who doesn’t want to own a home? Shame on those who bought more than they could reasonably afford. Where will the bailouts end? No one knows, but it smells a lot like the Savings and Loan bailouts of the 80’s. The greedy fat cats received their gains while the country suffered. Was this that hard to see coming? Not really. Those of us in the industry everyday marveled at the loans being handed out. If you could fog a mirror….you could get a loan for a home. Most of our issues in the real estate sector are that we borrowed buyers from the future, buyers who weren’t really ready, buyers who had no track record for paying money back. Now the future is here. The piper will be paid.

Now the good news, I am asked everyday “How is the real estate market?” I guess I should expect that question from all the negative press with which we are being bombarded. The answer is that the real estate market is absolutely fantastic now. Better than it has ever been. How can that be? Don’t you read the papers? Watch the news? Look, interest rates are still at historic lows and coupled with low home prices and plenty of choices. We’ve never experienced those conditions together before. Never. But you ask…. “Aren’t sellers in trouble? Yes….some are. But you have to remember that in every deal there is a buyer and a seller. 50% are buyers. That means that for 50% of the people involved in any transaction this is a fantastic market. Fantastic. Never been better. What about the sellers? Well, statistics show that 62% of those sellers will be buying another home. That’s 31% of the total participants. Add that to the 50% who were the fortuitous buyers and you have 81% of the market benefiting from the current conditions. That’s right, for 81% of the people involved in buying or selling a home the market is phenomenal. Does that sound bad? Why don’t we hear about this? Bad news sells. Ask yourself how many positive stories you saw on the news last night?

If 81% of the people benefit right now, why isn’t everyone buying? It really is an interesting phenomenon. Two years ago when you had 5 choices in homes and no negotiating leverage, everyone wanted to buy. Now when you have 40 choices, low interest rates and the ability to call the shots, where are all the buyers? They call it a buyer’s market for a reason. It’s a great time to buy.

By and large, people feel a sense of comfort when they can look around and see that other people are doing what they are doing. If they see others buying homes, they feel that it must be safe to buy a home. If they aren’t buying, there must be a reason. Much like the water buffaloes we’ve seen in those crocodile videos on Animal Planet and Wild Kingdom, the herd stands back to see if the thirstiest get eaten before they mosey down to the watering hole. Then it’s a free for all. They really don’t even wait to see if they get eaten or not. They just rush right on in behind them. Safety in numbers. For the most part, people do the same. They do what they see other people doing. They feel that there is safety in hanging with the herd. The laws of economics say that high demand drives up prices and low demand forces prices down. The difference between crocodiles and economics is that by sheer numbers it is be safer when it come to crocodiles because each croc can only catch one water buffalo. He will be busy then. No longer a threat. The market on the other hand can catch all of the water buffaloes who participate regardless of how many there are. The market will not be busy eating one while all of the others pass safely by. It can devour them all.

The winners in economics do the opposite of what the herd does. Real investors are making their moves now. They bet against the herd and win 90% of the time. I had a conversation with my 15 and 16 year olds last night and advised them that when financial matters are concerned, look around and see what the majority of other people are doing and do the exact opposite. You will be right 90% of the time. You will be using economic law to your benefit. When supply is up and prices are down, you buy. When supply is down and prices are up, you sell. Buy low, sell high. We’ve all heard it. If you didn’t know now is the time to buy low….you do now. Get out there and take advantage of the market conditions. Be bold and be a winner. Take it from Warren Buffet, “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”
Get your MOJO on and have a great week!

Dustin Kimberlin
V.P. Broker Associate
The Dustin Kimberlin Team
Keller Williams
Clients’ Choice
Office 719 302-1810
Cell 719 310-5366
Fax 719 481-2292

You can have everything in life you want, if you will just help other people get what they want. Zig Ziglar

Friday, June 20, 2008

Springs Fifth Among

Kiplinger’s Top 10 Cities

Kiplinger's Personal Finance magazine has ranked Colorado Springs No. 5 among its top 10 cities in which to live and work.Top cities were chosen because they offer strong economies, abundant jobs, reasonable living costs-and fun things to do.This year's cities are profiled in the July issue of the magazine. "We know our readers put a premium on affordability, so cost of living was also a key ingredient in our formula," said Kiplinger's senior editor Robert Frick. "Another big factor was livability. We wanted places with great entertainment and cool places to live and shop."

Kiplinger's top 10 cities for 2008

1. Houston, Texas
2. Raleigh, N.C.
3. Omaha, Neb.
4. Boise, Idaho
5. Colorado Springs, Colo.
6. Austin, Texas
7. Fayetteville, Ark.
8. Sacramento, Calif.
9. Des Moines, Iowa
10. Provo, Utah

Tuesday, June 3, 2008

Want to know what's happening to local home values?

Colorado Springs-area homeowners have grown accustomed to rising home prices from one year to the next. That changed last year. Against the backdrop of the nation's housing slump and foreclosure crisis, and a worsening U.S. economy, the region's more-than-a-decade-long streak of yearly price increases came to a halt in 2007.
Click on the links below to read what the newspaper found and stories about housing trends in 2007.

This interactive version of The Gazette's special report allows users to find your neighborhood and see dynamic charts about each area. Each neighborhood has a profile including the median price of homes that sold in the neighborhood, the typical size of the homes that sold and how home values have changed year-over-year.
Local Real Estate Headlines

CHILL FACTOR: Colorado Springs market takes rare hit
By RICH LADEN THE GAZETTE Colorado Springs-area homeowners have grown accustomed to rising home prices from one year to the next. That changed last year. Against the backdrop of the nation's housing slump and foreclosure crisis, and a worsening U.S. economy, the region's more-than-a-decade-long streak of yearly price increases came to a halt in 2007. In its third annual analysis of the area's housing market and appreciation rates, The Gazette found that the median price of all single-family homes that sold last year in Colorado Springs and El Paso County fell to $225,900, a 0.5 percent drop from $227,000 in 2006.

Experts differ on price effect of foreclosures
There's little disputing El Paso County's dramatic rise in foreclosures. More than 3,500 foreclosures - a legal action in which a lender acts to reclaim property for nonpayment of a loan - were filed in the county last year, which broke a 19-year-old record.

THE SHORT SALE: Lender takes lower payoff, owner forestalls foreclosure
By RICH LADEN THE GAZETTEStetson Hills homeowner Eric Saunders admits he wasn't very smart when he took out a pair of 125 percent mortgages on his home in 2000 and 2007. He used the money to refinance his original mortgage, consolidate debt, buy a central air conditioning system and pay for new carpeting, among other expenses. Now he says he owes about $260,000, and probably will pay for getting in over his head with the loss of his house. Thousands of homeowners in the Colorado Springs area and millions around the country face similar situations because of financial troubles or bad loans that have led to foreclosure.

SIX-MONTH WAIT: Disappointed couple accepts reduced price
By RICH LADEN THE GAZETTESheena and Bob Binder felt their home on Colorado Springs' northeast side was ready to sell when they put it on the market around June. The Binders, who were moving to Castle Rock to be closer to Bob's architectural business in Denver, had purchased the newly built home five years earlier. Despite the home's extra touches, the Binders found themselves in the same position as thousands of other sellers - waiting for the right buyer.

BUYER'S MARKET: Good deals abound amid glut of homes for sale
By RICH LADEN THE GAZETTEGary Gilley has a background in car sales and says he knows how to bargain. That's just what he did last year when he and his wife, Lunell, bought a house outside of Colorado Springs. He paid $375,000 - about $40,000 less than the asking price.

As buyers prepare to shop, and sellers contemplate putting up a for-sale sign, here's some advice - do's and don'ts - from several local real estate experts.

NOW HEAR THIS: A round table with local real estate professionals
There's not much good news on the housing front, and the Pikes Peak region is wrestling with the same problems found in many areas of the country. Four members of the local housing industry recently discussed issues of the day, and saw some rays of light amid the doom and gloom.

Friday, March 21, 2008

Colorado Springs Weather

Springtime visitors to Colorado Springs and Colorado will find balmy, sunny days with cool evenings. With the Colorado Springs weather being so comfortable, medium weight clothing such as a comfortable pantsuit for women or a lightweight jacket for men will be most appropriate. Colorado Springs weather is usually mild and dry.
Cool, casual clothing is ideal for our warm, sunny summer days in Colorado Springs. Sunglasses are a must with more than 300 days of sunny Colorado Springs weather. When the sun goes down, the Colorado Springs weather may change. Evenings can be cool, so it might be advisable to have a light sweater on hand. Summer days in the mountains are quite pleasant. However, summer storms can arise suddenly and those who venture into the backcountry are strongly advised to have long pants, long-sleeved shirts, and a warm jacket close at hand.
Colorado Springs weather in the fall is pleasantly similar to Spring with warm days and cool evenings. Medium weight clothing with a jacket and/or topcoat for evenings should prove a comfortable combination in this Colorado Springs weather. A visit to the mountains will generally require warmer clothing. However, daytime temperatures can vary from warm to crisp, so several layers of medium weight clothes (shirts, sweaters, and jackets) will allow adjustment for maximum comfort.
Winter days are generally a combination of warm sun and crisp air. Daytime temperatures can vary from below freezing to above 60 degrees, so layers of medium weight clothing together with a warm jacket or overcoat are desirable. Many may think Colorado Springs weather is full of snow, but that's actually not true. Snow falls infrequently in Colorado Springs and usually disappears quickly; however, a pair of boots should be included in the wardrobe. Remember, because our Colorado Springs weather is typically mild and dry, golf and tennis can be enjoyed year -round!
Wintertime in the mountains can become very cool, but warm sunshine frequently makes the heaviest clothing unnecessary. Nevertheless, and particularly for evenings in the mountains, thermal underwear and very warm outer clothing such as heavy sweaters, ski jackets, and warm-up pants are advisable.

Monday, February 18, 2008

Colorado Springs Real Estate Blog

The Kimberlin Team

Wants to Keep
Informed About the
Current Real Estate Market.


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