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Changing minds about Realtors

Real Estate Is a Driving Force in the Economy

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As the economy recovers from this year’s health crisis, the housing market is playing a leading role in the turnaround. It’s safe to say that what we call “home” is taking on a new meaning, causing many of us to consider buying or selling sooner rather than later. Housing, therefore, has thrived in an otherwise down year.

Today’s high buyer demand combined with low housing inventory means we’re seeing home prices appreciate at an above-average pace. This demand is being driven by those who want to take advantage of historically low mortgage rates. According to Freddie Mac:

The record low mortgage rate environment is providing tangible support to the economy at a critical time, as housing continues to propel growth.

These factors are driving a positive impact on the economy as a whole. According to the National Association of Realtors (NAR), the real estate industry provided $3.7 billion dollars of economic impact to the country last year. To break it down, in 2019, the average newly constructed home contributed just over $88,000 per build to local economies. Across the country, real estate clearly makes a significant impact (See map below):

In addition, the Bureau of Economic Analysis recently announced the U.S. Gross Domestic Product increased at an annual rate of 33.1% in the 3rd quarter of this year, after decreasing by 31.4% in the second quarter. There’s no doubt the growing economy is being fueled in part by the soaring housing market. Experts forecast this housing growth to carry into 2021, continuing to make a big impact on the economy next year as well.

Bottom Line

The American Dream of homeownership has continued to thrive in the midst of this year’s economic downturn, and “home” has taken on a new meaning for many of us during this time.  Best of all, the housing market is making a significant impact as the economy recovers.

 

Article originally published at https://www.keepingcurrentmatters.com/2020/11/04/real-estate-is-a-driving-force-in-the-economy/.

November is Military Family Month

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Military Family Month dedicates November to military families around the world. The observance recognizes the commitment and dedication these families make to their service members. Their sacrifices make it possible for our military to remain organized and strong.

While servicemen and women are actively serving, deployed or training, their families provide a vital foundation at home that allows confidence in the field. Spouses and children are often separated from their service members for long periods of time and over great distances. Communication can be patchy and under stressful conditions. And they frequently move, uprooting children and jobs. But, military families are adaptable.

During November, the country honors the military families who make the U.S. Armed Forces strong.

HOW TO OBSERVE #MilitaryFamilyMonth

Thank a veteran, active duty, reserve or national guard service member or family member for their service by giving back. Ask your military families how you can support them. Many will not ask when they need it. In many cases, through deployments or other circumstances, military families will band together. But even then that may not be enough.

  • Adopt a military family for the holidays. You can also sponsor a Food Basket or Toys for junior enlisted military families through the ASYMCA’s Operation Holiday Joy.
  • Offer to run errands for military spouses who may have their hands full with their children or even their pets.
  • Volunteer or donate services to military organizations.
  • Read upcoming legislation and learn how it impacts our military, veterans, and their families. Then write and call your legislators.
  • Families, participate in events all month long in your honor. Many organizations will be hosting dinners, webinars, educational opportunities, and more.
  • Donate a Thanksgiving gift to junior-enlisted members and their families through the USO-Metro’s Turkeys for Troops!
  • Create a Spouse or Service Member Care Package with items that would help either ease stress during a deployment.
  • Adopt-a-Soldier for the Holidays
  • Create a spouse care package for them to enjoy and help reduce stress during training, deployment, and PCS moves and relocations.
  • Thank an Active-Duty Member, Veteran, Military Spouse, or Military Child for their service.
  • Visit war memorials with your family to teach your children the value of service.
  • Fly the U.S. Flag.
  • Contact your nearest military base Morale, Welfare, And Recreation (MWR) office to see what events or activities might be planned on-post honoring families including special events, contests, or discounts for local businesses or attractions. Sometimes just showing up for an event or ceremony creates a stronger bond in the community.
  • Volunteer at a local chapter of a Veterans Service Organization (VSO) such as the Red Cross, AmVets, Disabled American Veterans (DAV), American Legion, etc.
  • Donate professional services to military communities. Are you a professional counselor, psychologist, social worker, therapist, child care professional, or community organizer? Private and chartered organizations serving military families may need your expertise to make an impact in military communities whether active duty, Guard, Reserve, retirees, etc.
  • Contact your nearest chapter of the Navy/Marine Corps Relief Society, Air Force Aid Society, Army Emergency Relief, or Coast Guard Mutual Assistance, to volunteer or participate in scheduled events to support their efforts. The winter months are prime fundraising and support time for these societies as they gear up to assist military families over the holiday season. The annual Toys For Tots drives and similar efforts held by these agencies are always in need of volunteer help.
  • Visit a veteran receiving care in a VA hospital or nursing home.
  • Offer a military neighbor a bit of respite with volunteer childcare to get errands accomplished or to even enjoy a few hours to recharge.
  • See someone in uniform? Thank them for their service or surprise them with a free coffee, dessert or drink if they are in line behind you.
  • Make a donation or volunteer with a military assistance organization like the Armed Services YMCA.

Use #MilitaryFamilyMonth to post on social media.

MILITARY FAMILY MONTH HISTORY

The Armed Services YMCA along with the U.S. Government established Military Family Month in 1996 by expanding Military Family Week. Each year, the President declares the month through a signed proclamation.

Article originally published at https://nationaldaycalendar.com/military-family-month-november/. With excerpts from https://militarybenefits.info/military-family-month/.

How the Age of Your HVAC System Impacts Your Home’s Resale Value

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When considering what to upgrade before you sell your home, it’s just as important to think through your home’s mechanical systems as it is your home’s aesthetic elements. After all, aesthetic elements are often easier and less expensive to change than mechanical systems.

One of your home’s most important mechanical systems is your HVAC system. Even though it’s not immediately visible, it can have an outsized impact on your home’s resale value. Here are different ways your HVAC system’s age can affect your home’s resale value:

Comfort During Home Tours

One of the most obvious things to keep in mind is that your HVAC system can provide comfort to potential buyers during home tours. If your system is too old to provide reliable comfort, potential buyers are sure to notice. While some buyers will be able to overlook this issue, it will be a turn-off for other buyers, meaning that you will have less competition for your home, which could then lower the eventual selling price.

Selling Disclosures

To avoid financial mistakes, the home-selling process is regulated to be transparent. One way this happens is through selling disclosures that must be presented to the buyer before the transaction closes. The age of HVAC systems is one component that appears on these seller disclosures, meaning that potential buyers will be fully aware of the age of your HVAC system. Therefore, even if your older HVAC system works well, it could still turn away some buyers once they see how old your system is.

Selling Concessions

Even if a buyer chooses to offer the original asking price for your home, you may still lose out on money when the details are worked out. That’s because the buyer may ask for concessions from you, which may include replacing all or part of your HVAC system. Considering the cost of a new HVAC system, this could significantly cut down on your sale proceeds.

Energy-Efficiency

While an older HVAC system could be a liability when it comes to the selling price, a newer one could prove to be an asset that could boost the selling price. This is because you can advertise the energy savings of your newer HVAC system when compared to other similar homes. For a buyer that’s looking for the total package, this could be the feature that convinces them to put an offer on your house.

It’s important to remember that just because you have an older HVAC system doesn’t mean that your home will be hard to sell. While it may affect the value of your home, there will still be buyers who are eager to have your home, even if it means that they’ll have to do some work on the HVAC system down the road.

 

Article originally published at http://blog.rismedia.com/2020/hvac-impacts-homes-value/.

Local Update – El Paso County Enacting Stricter COVID-19 Guidelines

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From KRDO:  El Paso County Commissioner Chairman Mark Waller says the county will move to Safer At Home Level 2 restrictions on Nov. 4 due to rising COVID-19 rates.

Under Safer at Home Level 2 guidelines, offices must move to 50% capacity, indoor events are capped at 100 people, outdoor events are capped at 175 people, retail stores must operate at 50% capacity, restaurants must operate at 50% capacity or 50 people (or 100 with calculator) with six feet between parties.

All schools can be in-person, hybrid, or remote as appropriate under Level 2.

Waller tells KRDO that Gov. Jared Polis’ office made the decision to increase the coronavirus restriction level in El Paso County.

The move comes as El Paso County’s two-week coronavirus incidence rate has climbed over 270 per 100,000. According to state guidelines, that number should put the county at Level 3 restrictions, however, the state made the decision to only bump the county up from Level 1 to Level 2.

Waller says the restrictions take effect on Nov. 4 so that it doesn’t affect Election Day.

Starting in early October, the number of COVID-19 cases in El Paso County began to spike up, with two of the highest daily-count days since the pandemic started happening this month. County officials had said they were meeting with state health officials to discuss mitigation efforts, but Waller expressed displeasure with the lack of time given to come up with a new plan.

Waller also argues the restrictions on businesses likely won’t make a difference, because — according to scientists — the spike is largely due to house parties where people aren’t wearing a mask or social distancing.

“We want to have the opportunity and the ability to try to figure out where this is coming from so then we can take appropriate actions, because this shot in the dark kind of solution that we’re using right now just isn’t what we need moving forward,” Commissioner Waller explained.

However, public health officials insist we need to make do with the restrictions we can implement, and encourage people to follow guidelines at home, too.

“It is the cumulative effect of all of our individual actions that will have the impact that we need,” said Medical Director Dr. Robin Johnson.

 

Article originally published at https://krdo.com/news/top-stories/2020/10/30/el-paso-county-enacting-stricter-covid-19-guidelines-after-election/.

Do You Have Enough Money Saved for a Down Payment?

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One of the biggest misconceptions for first-time homebuyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20% down to buy a house. Here’s how it breaks down.

A recent survey by Point2Homes mentions that 74% of millennials (ages 25-40) say they’re interested in purchasing a home over the next 12 months. The study notes, “88% say they have significantly less savings than the average national down payment amount, which is $62,600.”

Thankfully, $62,600 is not the amount every buyer needs for a down payment in the United States. There are many different options available, especially for first-time homebuyers (millennial or not). That amount can also be significantly less, depending on the purchase price of the house.

According to the National Association of Realtors (NAR), “The median existing-home price for all housing types in August was $310,600.” (These are the latest numbers available). NAR also indicates that:

“In 2019, the median down payment was 12 percent for all buyers, six percent for first-time buyers, and 16 percent for repeat buyers.” (See graph below):

That means if a qualified first-time buyer purchases a home at today’s median price, $310,600, with a 6% down payment, in reality, the down payment only amounts to $18,636. That’s nowhere near $62,600.

Knowing there are also programs like FHA where the down payment can be as low as 3.5% of the purchase price for a first-time buyer, that up-front cost could be significantly less – as little as $10,871 for the same home noted above. There are also other programs like USDA and loans for Veterans that waive down payment requirements.

The Point2Homes study also shares how much millennials have indicated they’ve saved for a down payment. As we can see in the graph below, 39% have already saved enough for a down payment on a median-priced home. Another 47% are close to reaching that goal, depending on the purchase price of the home.

Unfortunately, the lack of knowledge about the home-buying process is keeping many motivated first-time buyers on the sidelines. That’s why it’s important to contact us to understand the requirements in our area if you want to buy a home. Our team and your lender can guide you through the process.

Bottom Line

Be careful not to let big myths about home-buying keep you and your family out of the housing market. We would love to meet with you to help you better understand and plan for your options today.

 

Article originally published at https://www.keepingcurrentmatters.com/2020/10/13/do-you-have-enough-money-saved-for-a-down-payment/.

Garden of the Gods Park Receives More Than $360,000 to Support Visitor Experience

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Garden of the Gods Park receives more than $360,000 to support visitor experience and public safety programs

The Parks, Recreation and Cultural Services Department received a donation earlier this month totaling $367,826. Funds will support the visitor experience, public safety programs and the next phase of restroom construction in the ever-popular Garden of the Gods Park.

The generous donation was made by the Garden of the Gods Foundation, with $50,000 from the Garden of the Gods Trading Post.

“We are extremely grateful for the wonderful collaboration between the Foundation, Trading Post, and the City,” said Karen Palus, Parks, Recreation and Cultural Services director. “This is such a great example of community organizations working together toward a common goal, which in this case, is enhancing and protecting Garden of the Gods Park for the enjoyment of generations to come.”

The Garden of the Gods Foundation, a local 501(c)(3) organization created in 1994, works to improve the quality of Garden of the Gods Park by gathering resources and distributing grants that enhance and protect the park. It also owns and operates the Garden of the Gods Visitor & Nature Center, which was built to give back to the park. Since its founding, the Foundation has granted more than $4 million to Garden of the Gods Park, a registered National Natural Landmark.

“The Garden of the Gods Foundation is proud of its long-term commitment to preserve and maintain the Garden of the Gods Park,” said Jan Martin, president of the Garden of the Gods Foundation. “Our annual contribution to the parks department to enhance and protect this park feels even more significant in 2020, and we thank the thousands of visitors who have continued to patronize the Visitor and Nature Center and the park itself despite the challenges of this year. Every purchase made in the visitor center supports the park.”

The Visitor & Nature Center was closed for several weeks in March and all of April and May due to the COVID-19 pandemic. It reopened to the public in June.

 

 

Article originally published at https://coloradosprings.gov/parks/article/news/garden-gods-park-receives-more-360000-support-visitor.

Find Monument, Colorado and Colorado Springs Homes For Sale

Welcome and thank you for visiting our Blessings Realty website! We are Monument-based real estate experts providing information about the Monument and Northern Colorado Springs, CO real estate market.

While you’re here, please check out 80132 homes for sale in Monument, CO, as well as other real estate listings around the area.  View listings, photos, market data, and use our detailed real estate filters to find the perfect place.

Please contact us today at (719) 425-8929 to buy or sell real estate in Colorado Springs and Monument, Colorado – or for help with your property management and probate real estate needs – we would love to speak with you!

Sincerely,

Claire and Jeff Garlick of Blessings Realty