Blog | Blessings Realty | Colorado Springs and Monument Realtor

Colorado Springs is the Number 1 Real Estate Market for March 2020

May 4, 2020 By Claire Garlick Leave a Comment

HOTTEST MARKETS FOR REAL ESTATE IN MARCH 2020

We did it again! Colorado Springs was ranked as the #1 housing market in the nation for the 2nd month in a row out of 500 areas, according to Realtor.com. Based on online views to indicate demand, Colorado Springs had 2.4 more views than the national average.

Additionally, half of the homes in Colorado Springs sold in less than 28 days, which was 32 days faster than the rest of the country. Colorado Springs was the only Colorado City to place in the top 20 in Realtor.com’s list!

Read the complete list and article online at: https://www.realtor.com/news/real-estate-news/march-2020-hottest-markets-real-estate/.

Get Into Nature and Experience the Great Outdoors Safely

May 4, 2020 By Claire Garlick Leave a Comment

EXPERIENCE THE GREAT OUTDOORS SAFELY DURING COVID-19

Get outside for some fresh air and much-needed adventure with these great offerings during the COVID-19 pandemic.

According to the order, residents can leave their homes to engage in outdoor activities, such as walking, hiking, biking or running. For purposes of outdoor activity, state parks will remain open to the public to engage in walking, hiking, biking, running, and similar outdoor activities but all playgrounds, picnic areas, other similar areas conducive to a public gathering, and attended areas shall be closed.

SOCIAL DISTANCING IN THE GREAT OUTDOORS

Trails & Open Space Coalition – The team at TOSC is busy putting together some suggestions for alternative outdoor spaces that they are finding to be less crowded. When possible, stick close to home and check out your local park or trails. Enjoy virtual hikes for people to enjoy online as well as mapped locations for walking, hiking, biking and more.
UpaDowna – They have created a page with many ways for people to stay active and healthy (both mentally and physically). They also offer virtual trail cleanups and hikes, photo scavenger hunt challenges and more. Learn more by visiting their site or Facebook page. Also accepting donations.
Parks & Recreation – Garden of the Gods, North Cheyenne Canon Park, Mueller State Park, Fossil Beds National Monument, or other hiking opportunities in Teller County (i.e. The Crags) and Rock Ledge Ranch Historic Site remain open. Playgrounds, pavilions and other gathering spaces are closed.
Fremont Adventure Recreation – Compiled a list of “easy” trails that can be accessed and utilized by folks of all ages and abilities. Resources online for kids and families.
Teller County – Hiking and biking options are a great choice and relieve overburdened trails in the COS/El Paso County area.
Pikes Peak Outdoor Recreation Alliance (PPORA) – For those wondering if you can go to a local park, trail or campsite, PPORA has put together a page with the region’s land manager’s information on what is open/closed. You can also experience new trails and prepare for your adventure with equipment and tips from the experts on the site.
Colorado Trail Explorer (COTREX) – With help from local, state and federal partners, COTREX is now monitoring trail-related COVID-19 closures across Colorado on a daily basis.
Angler’s Covey – You can still outfit your fly fishing adventure – whether tying flies or preparing for your next on-water adventure! Angler’s Covey is available 9:00am-1:00pm each day for online and phone orders and curbside pick-up during the stay at home order. You’re also able to book future guided fly fishing trips!
Dragonfly Paddle Yoga – Classes will commence May 2nd. They will follow social distancing and prevention protocols for everyones safety. Pre-season classes (May 2-17) are now available to book. Stay tuned for announcements on specials – including Season Passes – plus the full class schedule.
Pikes Peak – America’s Mountain – Pikes Peak – America’s Mountain will resume accepting cash and credit cards beginning Friday, May 1. To minimize interaction between visitors and staff, a 20% discount will be available to guests who purchase tickets online in May. Visit www.pikespeakcolorado.com and use the code “May20” to receive the discount. We ask for your patience as these new procedures may slow interactions. Gateway hours are 9 a.m.– 3 p.m.
Royal Gorge Bridge and Park – Will open on a drive through only basis for $20.00 a car load, 10 am – 7 pm beginning Friday, May 1. The Royal Gorge Bridge and Park is allowing regular passenger cars, motorcycles, SUV’s and minivans holding 8 persons or less to drive across the bridge in compliance with the Safer At Home guidelines issued by the State. The park will continue to open gradually in phases permitting more activities in the park as ordinances permit by Fremont County and the State of Colorado, according to Brent Hargrave, Chief Operating Officer.

(Article originally published online at https://www.visitcos.com/carry-on-colorado-springs/carry-on-outdoor-adventure/)

The Benefits of Growing Equity in Your Home

August 20, 2019 By Claire Garlick Leave a Comment

Over the last couple of years, we’ve heard quite a bit about rising home prices. Today, expert projections still forecast continued growth, just at a slower pace. One of the often-overlooked benefits of rising home prices is the positive impact they have on home equity. Let’s break down three ways this is a win for homeowners.

1. Move-Up Opportunity
With the rise in prices, homeowners naturally experience an increase in home equity. According to the Homeowner Equity Insights from CoreLogic,

“In the first quarter of 2019, the average homeowner gained approximately $6,400 in equity during the past year.”

This increase in profit means if homeowners decide to sell, they’ll be able to put their equity to work for them as they make plans to move up into their next home.

2. Gain in Seller’s Profit
ATTOM Data Solutions recently released their Q2 2019 Home Sales Report, indicating the seller’s profit jumped at one of the fastest rates since 2015. They said:

“A look at the national numbers showed that U.S. homeowners who sold in the second quarter of 2019 realized an average home price gain since the original purchase of $67,500…the average home seller gain of $67,500 in Q2 2019 represented an average 33.9 percent return as a percentage of the original purchase price.”

Looking at the amount paid when they bought their homes, and then the amount they received after selling, we can see that some homeowners were able to walk away with a significant gain.

3. Out of a Negative Equity Situation
Negative equity occurs when there is a decline in home value, an increase in mortgage debt, or both. Many families experienced these challenges over the last decade. According to the same report from CoreLogic,

“U.S. homeowners with mortgages (roughly 63% of all properties) have seen their equity increase by a total of nearly $485.7 billion since the first quarter 2018, an increase of 5.6%, year over year.

In the first quarter of 2019, the total number of mortgaged residential properties with negative equity decreased…to 2.2 million homes, or 4.1% of all mortgaged properties.”

The good news is, many families have moved beyond a negative equity situation, and no longer owe more on their mortgage than the value of their home.

Bottom Line
If you’re a current homeowner, you may have more equity than you realize. Your equity can open the door to future opportunities, such as moving up to your dream home. Let’s get together to discuss your options and start to put your equity to work for you.

How to Increase Your Equity Over the Next 5 Years

August 5, 2019 By Claire Garlick Leave a Comment

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Many of the questions currently surrounding the real estate industry focus on home prices and where they are heading. The most recent Home Price Expectation Survey (HPES) helps target these projected answers.

Here are the results from the Q2 2019 Survey:

Home values will appreciate by 4.1% in 2019
The average annual appreciation will be 3.2% over the next 5 years
The cumulative appreciation will be 16.8% by 2023
Even experts representing the most “bearish” quartile of the survey project a cumulative appreciation of over 6.7% by 2023

What does this mean for you?
A substantial portion of family wealth comes from home equity. As the value of a family’s home (an asset) increases, so does their equity.

Using the projections from the HPES, here is a look at the potential equity a family could earn over the next five years if they purchased a $250,000 home in January of 2019:

Based on gains in home equity, their family wealth could increase by $42,000 over that five-year period.

Bottom Line
If you don’t yet own a home, now may be the time to purchase. Owning or moving up to your dream home could allow you to ride the increase in equity of a growing asset.

Should I Refinance My Home?

July 17, 2019 By Claire Garlick Leave a Comment

Saving money, home loan, mortgage, a property investment for future concept : A man hand putting money coin over small residence house and money bag
with nature background. A sustainable investment.

With the recent lower interest rates, many homeowners are wondering if they should refinance.
To decide if refinancing is the best option for your family, start by asking yourself these questions:

Why do you want to refinance?

There are many reasons to refinance, but here are three of the most common ones:

1. Lower your interest rate and payment – This is the most popular reason. If you have a 5% interest rate or higher, it might be worth seeing if you can take advantage of the current lower interest rates, hovering below 4%, to reduce your monthly payment and overall cost of the loan.
2. Shorten the term of your loan – If you have a 30-year loan, it may be advantageous to change it to a 15 or 20-year loan to pay off your mortgage sooner.
3. Cash-out refinance – With home prices increasing, you might have enough equity to cash out and invest in something else, like your children’s education, a vacation home, or a new business.

Once you know why you might want to refinance, ask yourself the next question:

How much is it going to cost?

There are fees and closing costs involved in refinancing, and Lenders Network explains:
“If you were to refinance that loan into a new loan, total closing costs will run between 2%-4% of the loan amount.”

They also explain that there are options for no-cost refinance loans, but be on the lookout:

“A no-cost refinance loan is when the lender pays the closing costs for the borrower. However, you should be aware that the lender makes up this money from other aspects of the mortgage. Usually pay charging a slightly higher interest rate so they can make the money back.”

If you’re comfortable with the costs of refinancing, then ask yourself one more question:

Is it worth it?

To answer this one, we’ll use an example. Let’s assume you have a $200,000 home loan. A 4% refinance cost will be $10,000. If you want to lower your interest rate from 6% to 4%, then refinancing is going to save you $244 per month. To break even ($10,000/$244), you need to continue owning your home for over 40 months.

Now that you know how the math shakes out, think about how much longer you’d like to own your current home. If you plan to stay for more than 3 years, then maybe it is advantageous for you to refinance.

If, however, your current home does not fulfill your present needs, you might want to consider using your potential refinance costs for a down payment on a new move-up home. You will still get a lower interest rate than the one you have on your current house, and with the equity you’ve already built, you can finally purchase the home of your dreams.

Bottom Line
There are many opportunities for growth in the current real estate market. To find out what’s right for your family, let’s get together to help you understand your options and guide you toward the best decision.

3 Things to Know in the Housing Market Today!

June 18, 2019 By Claire Garlick Leave a Comment

A lot is happening in the world, and it’s having a direct impact on the housing market. The reality is this: some of it is positive and some of it may be negative. Some we just don’t know yet.
The following three areas of the housing market are critical to understand: interest rates, building materials, and the outlook for an economic slowdown.
1. Interest Rates
One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money. In our recent post we posed the question, “Are Low Interest Rates Here To Stay?” The latest information from Freddie Mac makes it appear they are. We are currently at a 21-month low in interest rates.2. Building Materials
Talk of tariffs could also affect the housing market. According to a recent article, the National Association of Home Builders reports that as much as $10 billion in goods imported from China are used in homebuilding. Depending on the outcome of the tariff and trade discussions between several countries, there could be as much as a 25% boost in the cost of building materials.

3. Economic Slowdown
In a prior blog post on this topic, we began the year with many economic leaders thinking we could expect a recession in late 2019 or early 2020. As spring approached, we reported that economists had started to push that projection past 2020. Now, three leading surveys indicate that it may begin in the next eighteen months.

Bottom Line
We are in a strong housing market. Wages are increasing, home prices are appreciating, and mortgage rates are the lowest they have been in 21 months. Whether you are thinking of buying or selling, it’s a great time to be in the market.