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Colorado Springs Real Estate News October: Upward Trend Continues

November 1, 2017 By Charles Vinson Leave a Comment

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More encouraging data came from The Pikes Peak Realtors Association this last month, indicating that though Denver’s housing market is showing signs of a slow-down, Colorado Springs has been going steadily upwards.

An article from the Pueblo Chieftan reads:

Denver’s housing market might be showing signs of a slowdown, but Colorado Springs-area home sales and prices soared again in September.

The latest Pikes Peak Association of Realtors report showed that home sales totaled 1,509 last month in the Springs and surrounding communities, a 9.3 percent increase over the same month last year. Monthly sales have risen on a year-over-year basis for most of the past three years.

Through the first three quarters of 2017, Springs-area home sales totaled 12,449, up 7.1 percent over the same period in 2016.

If sales continue on the same pace during the fourth quarter, they could top last year’s record of 15,318.

 
The rest of the article:

The brisk pace of local sales contrasted with that of the Denver market, where single-family home sales dropped 15.3 percent in September on a year-over-year basis, according to the Denver Metro Association of Realtors.

Other highlights of the Pikes Peak Association of Realtors’ report include:

Homes averaged 26 days on the market before selling, down from 35 days in September 2016.

The median price — or mid-point — of homes that sold in September increased to $275,000 or 4.2 percent higher than the same month last year. Median prices now have increased every month since December 2014 on a year-over-year basis. In Denver, median prices hit $409,000 in September, up 7.6 percent from a year earlier.

The average price, considered less reliable because it can be skewed by a few very high or very low sales, totaled $309,698 in September, up 6.3 percent compared with last year. Average prices also have risen every month since late 2014. Denver’s average single-family home sales price of $476,051 in September climbed 8.5 percent on a year-over-year basis.

Most homes sold in the Colorado Springs area were in lower price ranges; 61.2 percent of September’s sales were priced at $300,000 or less.

The supply of homes for sale remains low, based on trends over the past several years. Only 2,145 homes were listed for sale in September, down 12.2 percent from a year ago. Monthly listings routinely topped 5,000 during the Great Recession years. Even before the downturn, however, monthly inventories often topped 3,000.

In general, local real estate agents have said a stronger economy, increased job growth, improved consumer confidence and low mortgage rates have stoked the demand for housing. That demand, combined with a tight inventory, has helped drive up prices.

The Pikes Peak Association of Realtors’ report tracks home sales whose transactions were handled by real estate agents but doesn’t include sales by individual owners. Most home sales last month took place in El Paso County.

Source: © Copyright 2017 Pueblo Chieftain

Filed Under: Business, Real Estate Tagged With: Colorado Springs Real Estate Trends, October, Real Estate News

Colorado Springs #18 Hottest Real Estate Market: September 2017

October 6, 2017 By Charles Vinson Leave a Comment

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Colorado Springs #18 Hottest Real Estate Market: September 2017

According to an article published by Realtor.com, Colorado Springs is continuing its trend as one of the hottest real estate markets in the country, end the month of September at #18, from a previous rank in August of #17. A small shift but that’s just the ebb and flow of things.

The hot list

Rank (September) 20 Hottest Markets Rank (August) Rank Change
1 San Jose, CA 2 1
2 San Francisco, CA 3 1
3 Vallejo, CA 1 -2
4 Fort Wayne, IN 7 3
5 San Diego, CA 9 4
6 Stockton, CA 5 -1
7 Santa Rosa, CA 14 7
8 Sacramento, CA 10 2
9 Modesto, CA 12 3
10 Detroit, MI 4 -6
11 Columbus, OH 8 -3
12 Dallas, TX 11 -1
13 Denver, CO 18 5
14 Oxnard, CA 19 5
15 Fresno, CA 15 0
16 Nashville, TN 20 4
17 Boise-City, ID 23 6
18 Colorado Springs, CO 17 -1
19 Boston, MA 26 7
20 Los Angeles, CA 28 8

Source: Realtor.com – ©1995-2017 National Association of REALTORS® and Move, Inc.

Colorado Springs, CO Housing Market 

$330K

Median Listing Price

$114

Price per Square Foot

$258K

Median Closing Price

2,864

Homes for Sale 

563

Homes for Rent
Source: Realtor.com - ©1995-2017 National Association of REALTORS® and Move, Inc.
Colorado Springs Median Listing Price - 2017
The Median Listing Price for homes in Colorado Springs has been rising steadily for the past few years due to many contributing factors but the simple take-away from that is homes in Colorado Springs across the board have been gaining value.
Source: Realtor.com - ©1995-2017 National Association of REALTORS® and Move, Inc.
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Filed Under: Business, Real Estate

Rents Are Shooting Up & Why Rent-to-Own is Trending

April 19, 2016 By Charles Vinson Leave a Comment

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Everyone has been talking about how rent prices have been surging across the nation.  

Colorado Springs has been on the front line of these increases. Realtor.com quotes,

Rents in the fast-growing city, about an hour away from Denver, surged 11.4%, according to the report. That brought the median rent for a one-bedroom to $790 and a two-bedroom to $1,010.

Many predict these changes will remain constant and even continue to rise over the next few years, and as you can expect many long-time renters are seeking alternatives to the cash-in cash-out cycle of renting.

Ideally the money you pay to keep a roof over your head should be an investment in you and your family’s future, not an accepted sunk cost.  That is why so many people are looking into rent-to-own lately as it is one of the only ways to break the renting cycle outside the conventional home buying process.

Everyone is looking really hard at Rent-to-Own options, and that’s what we specialize in.

If Rent-to-Own is something you’ve been thinking about and would like more information on, we’d love to answer any questions you might have.

First step:

Fill out our Buyers Profile and we can get you the information you need.

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Filed Under: Business, Featured, Lease Option, Real Estate, Rent to Own Tagged With: Colorado Springs Real Estate, Real Estate News, rent to own, Rising Rents

Rent-to-Own Homes Make a Comeback

April 13, 2016 By Charles Vinson Leave a Comment

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Investment firms bank on giving renters an option to buy.

A recent article by Wall Street Journal published some encouraging findings on the state of the Rent-to-Own market that we wanted to share with you.

Wall Street firms have found a new way to profit from consumers with blemished credit who can’t qualify for a mortgage: let them rent a home first with the option to buy it later.

Rent-to-own programs, once run mainly by small operators, were popular with cash-strapped consumers during the 1990s. They faded a decade later when easy lending made it possible for almost anyone to buy a home with no money down, but with lenders setting a higher bar, they are making a comeback.

For investors, it is a chance to profit off the recovering housing market. Consumers get a chance to lock in a home before they have the money together for a down payment. But the price may be higher rent in the interim and a higher purchase price the longer they wait to move from renting to owning.

One of the fastest-growing rent-to-own companies is Home Partners of America, which was co-founded three years ago by former Goldman Sachs executive William Young.Mortgage securities veteran Lewis Ranieri was an early investor in the company, and real-estate mogul Sam Zell has acted as an adviser to Mr. Young. Late last year, Home Partners received a $500 million equity investment from a group led by money manager BlackRockInc.’s alternative investments arm.

Mr. Young, who formerly co-headed Goldman Sachs’s European mortgage department, said he saw an untapped market helping people who are being shut out of the housing market.

“What really frustrates me personally is that a lot of people I grew up with, extended family members, would have trouble getting access to mortgage credit today,” said Mr. Young. He says his company spent $100 million to buy about 320 homes in June, up from $15 million, or 66 homes, in June of last year.

Brian Stern, a managing director at BlackRock, said he sees Home Partners as a long-term, sustainable business. Mr. Ranieri said the program is both viable and needed given tightness of mortgage credit and the lack of readily available solutions. Mr. Zell declined to comment.

Here’s how Home Partners’ program works. A consumer teams up with a real-estate agent to select a home in one of Home Partners’ approved communities, which tend to be suburban locations with strong school systems and with homes priced between $100,000 and about $725,000. Home Partners buys the home and leases it to the consumer, who has the right to purchase the home from Home Partners within five years in most places. During the renting years, the consumer is expected to repair his or her credit and save for a down payment, but the longer they rent the more they will pay to acquire the house.

For example, a house shown on Home Partners website has a list price of $449,975 in Chula Vista, Calif. The family that agrees to rent that house from Home Partners has the right to purchase the home for $472,035 after one year and would have to pay $573,762 if it waited five years before purchasing, a markup of 28% from the initial list price.

The monthly rent on the property would start at $2,810 a month and escalate to $3,256 in the fifth year.

For consumers, that likely means that they are paying a premium over renting or buying a typical home. Monthly payments on a 30-year conventional mortgage on the same house would be around $1,800. The average rent for a single-family home in San Diego is $2,270 a month, according to Moody’s Analytics—although typical single-family rentals are likely smaller and in less desirable areas.

Home Partners officials say that the increases are in line with the rapid rise in home prices in markets such as California and rents are typically within 5% to 10% of comparable properties in the market. The S&P/Case-Shiller Home Price Index, covering the entire nation, rose 4.4% in the 12 months ended in May, slightly greater than a 4.3% increase in April. Home prices in San Diego climbed 4.8% year-over-year in May 2015, according to the index.

Home Partners also notes that the consumer can decide not to purchase if the home is more expensive than comparable properties in the area. If price growth slows and the consumer thinks buying a home is a bad deal, they can walk away with no penalty and Home Partners would re-rent the home. The company says that they expect about half of their renters to ultimately purchase.

Tiffany Morgan, who works in marketing in Sugarland, Texas, turned to Home Partners 2013 after a divorce destroyed her credit. When she first heard about the program, she thought it was a scam. “I thought no way…it’s some scheme that I’m going to fall into,” said Ms. Morgan, who is in her mid-30s with a 7-year-old son.

Home Partners purchased the home for around $205,000 and she rented it for about a year for $1,730 a month. That same year she improved her credit and bought the house for $215,000. She thought, “What’s the worst case? I’ll lease it for a while and then if I fall in love with it I’ll do what I need to do to make it happen.”

For consumers, the advantage is that the homes tend to be in nicer neighborhoods with better school districts than most single-family rental properties. It also guarantees that if house prices escalate faster than that, the price is guaranteed when they go to purchase the home.

Sarah Edelman, a senior policy analyst at the Center for American Progress, a Washington-based nonpartisan policy institute, said that it is early to tell if Home Partners’ rent and home price bumps will prove to be in line with the market.

“All things equal this could be a really great opportunity for consumers,” she said, referring to the cost of Home Partners program versus the rest of the market. “But all things need to be equal.”

So far, Home Partners operates only in 30 metropolitan areas in 15 states, including California, Florida and Texas. It currently doesn’t operate in the Northeast. But Home Partners is teaming up with Berkshire Hathaway Home Services and Realogy HoldingsCorp., which operates several real-estate brokerage franchises including Century 21 and Coldwell Banker, which will give it national reach.

A motivating factor for home buyers to use a rent-to-own program is the combination of government policies and banks’ increased cautiousness have made mortgages much more difficult to get, even for middle-class Americans. Buyers typically must have higher credit scores than were needed even in the early 2000s, before the subprime boom. The homeownership rate for middle-income Americans has fallen to 63% from 69% in 2000, according to Zillow.

Home Partners isn’t alone in seeing a profitable niche in the rent-to-own space. New York City-based HomeLPC, started by a former Lehman Brothers banker, launched about a year ago and has expanded to three states, where it has bought two dozen homes. It plans to expand into five more states by the first quarter of 2016. Premium Point Investments, a New York-based asset manager, is in the midst of testing a rent-to-own business focused on the South and Southeast.

Whether rent-to-own will prove to be profitable remains to be seen. A number of companies that rent out single-family homes have found that few renters have become buyers, either because they haven’t been able to restore their credit or haven’t been able to save enough for a down payment. But Home Partners said its credit screening targets middle-class and affluent clients who have steady jobs and an overall financial history that makes it likely they will be able to repair their credit and save money for a down payment within a few years.

 

By

LAURA KUSISTO

Updated March 21, 2016 4:11 p.m. ET

Filed Under: Business, Owner Finance, Real Estate, Rent to Own Tagged With: rent-to-own, Wall Street

Real Estate News: Colorado real estate industry prepared for new disclosure rules

October 21, 2015 By Charles Vinson Leave a Comment

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New disclosure forms will make it easier for consumers to shop for mortgages and help avoid surprises at closing.

The Denver Post reported on October 2nd about the upcoming policy changes regarding private mortgages that we felt is very important to pass along to our existing and future customers.

In layman’s terms these new changes will make the mortgage process much more transparent and ensure the borrower is 100% aware of all costs throughout the entire process at the very start. This is exciting news, and a great step to continuing to protect buyers.

Though this will be a new policy for some, this has been something that Colorado Home Trust has made part of our core business practice since the very beginning.  Our highest priority is our customers’ future security and safety, and it’s great to know that now it will not just be expected but enforced.

For the rest of the article you can read it below or view it at the Denver Post’s website: 

Starting Saturday, purchasing a home with a mortgage will come with a whole new set of disclosures and different procedures for closing a sale.

Bid farewell to the good faith estimate, two truth-in-lending forms and the complicated HUD-1. Replacing them are a simpler loan estimate and closing disclosure under the ” Know Before You Owe” program developed by the federal Consumer Financial Protection Bureau.

“It will be better for borrowers overall and for the industry in the long run,” said Jerra Ryan, who has dedicated 4,000 hours to the changes as vice president of compliance at Cherry Creek Mortgage in Denver.

For starters, the information on the loan estimate now lines up with the closing disclosure, making it easier for consumers to track costs from start to finish.

Standardization means consumers can directly compare different loan offers, which should help lower costs over time.

“If you get those loan offers side by side, it is probably going to be pretty clear which is the best loan offer for you,” said Holden Lewis, a mortgage analyst with Bankrate.com.

With interest rates and loan terms fairly competitive, variations usually come in the added fees and closing costs, Lewis said. Padding, while not eliminated, will be easier to spot.

Another rule change requires the final disclosure be in a consumer’s hand three days before closing, allowing ample time for a review.

“There is less of a chance that closing will get delayed because of a change,” Ryan said.

Among the downsides, at least initially, are longer closing times as everyone gets accustomed to the new system and higher costs.

“You should be writing 45-day contracts,” Colorado Division of Real Estate spokesman Eric Turner said.

Consumers also need to avoid resetting the three-day disclosure window, especially if a closing is “stacked,” or tied to another one, which is the case about half the time in Colorado.

An example would be a borrower buying a bunch of furniture on a new store credit card before completing a home purchase, Lewis said.

Lenders pull a fresh credit report right before the closing, and any moves that lower a borrower’s credit score could push up the interest rate. An increase above 0.125 percent would require a new three-day disclosure period.

Ryan called those fears overblown. Only a few clearly defined situations reset the disclosure clock, he said.

Those don’t include a seller providing additional money to fix problems found on a walk-through.

The changes have taken years to craft, and implementation — including new software systems and training — will cost title companies, lenders and real estate brokers billions of dollars that could be passed to consumers, Ryan said.

But the new rules have fostered unprecedented cooperation among the three groups, which should make for smoother closings, Ryan said.

HUD, as far back as 1996, tried to simplify disclosures, and the bureau started focus groups on the forms in 2011.

Lewis said the new disclosures are a case where a government agency actually managed to clarify rather than complicate.

“I always hated the HUD-1 and thought it was a horrible document,” Lewis said.

Borrowers who started a loan under the old system will close under the previous disclosures. But starting Saturday new disclosures will accompany new loan offers.

Aldo Svaldi: 303-954-1410, asvaldi@denverpost.com   or @aldosvaldi

 

 

We hope you found this as insightful as we did, feel free to comment below or contact us with any questions!

Filed Under: Business, Featured, Lease Option, Owner Finance, Real Estate Tagged With: Buyer Protection, Colorado Real Estate, Mortgage, Real Estate Policy

We Buy Houses Colorado Springs

June 15, 2015 By Charles Vinson Leave a Comment

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We buy houses in Colorado Springs, any condition, any situation!

What’s my house worth? How do I do For Sale by Owner? Can I get a cash offer for my home? Is a lease option right for me?

These are all questions we can help answer and have answered for dozens of people who just call in with questions.  We are always willing to have a conversation about your situation and any possible opportunities you may have, even if we don’t end up closing the deal for you.

To get started, simply fill out our Property Information form or just give us a ring at 719-203-9500!

Filed Under: Lease Option, Real Estate, Rent to Own, Sell My House Now, We Buy Houses Colorado Springs, What's My House Worth? Tagged With: Co Springs Real Estate, Colorado Home Trust, Colorado Springs Lease Option, Colorado Springs rent to Own, Colorado Springs Sell My House Now, Lease Option, rent to own, We Buy Houses Colorado Springs, What's My House Worth?

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We were saddled with a property that was in an "un-sellable" or un-rentable condition.  Colorado Home Trust, LLC. was honest and forthcoming during the whole transaction. I give them 5 stars, 10 outta 10, 2 thumbs up or any other way of saying their performance was exemplary.

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