Colorado Springs Real EstateThe Real Estate Resource

Hello All!
From the moment tulips start to push the earth up until the last leaf falls to the ground, it seems the real estate business is buzzing with excitement. But when the snow starts to fly, the business slows down a bit and we get to focus on family times with the holidays rapidly approaching.

Why does this happen you ask? I believe it is for several reasons.
1. If you are looking to move to a more desireable school district, summer is the best time to move. Your kids are out of school, so you are uprooting them in the middle of their lessons.
2. Everything is green. No doubt about it, good curb appeal helps sell a house faster, and when you can visualize what is growing versus what is not, it’s a lot easier to know what you are buying on the outside. If a house has beautifully manicured lawns and gardens, you will instictively feel that the home is just as well taken care of.
3. It is undoubtedly easier to move your possessions from one place to another when it is nice outside. You don’t have to worry about blizzards, below freezing temperatures or ice.
4. If the house doesn’t come with a beautiful lawn, there is still plenty of time to plant and allow the roots to take. When you move in the fall or winter you are stuck with a drabness until the next spring.
5. More inventory to choose from. As a seller, it may be tempting to hold off until the fall to list your house to avoid competing with five other houses on your block. However, if your house has something(s) to offer a buyer that the other houses don’t, you may have a better chance of selling it compared to the other houses. If you know your other neighbors, think about doing a neighborhood garage sale or an open house tour one weekend to encourage many buyers to look at the different houses all at the same time! You may be helping out your neighbor, or you may be the lucky one to get an offer!
6. List in the spring when listings are at a low point before the big surge. You will be able to take advantage of the new green, better weather, and lower competition numbers. Plus, when your house sells, you will have more inventory to shop from!

Special Rules for Members of the Military, the Foreign Service
and the Intelligence Community

Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.

Exemption From Tax Credit Recapture Rules
•Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
•However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.
Extension of Tax Credit Deadlines
•The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010.
•However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
•A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.
Definitions
•“Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
•“Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010

The Toxic Substances Control Act resulted in the EPA creating a new rule dealing with lead-based paint (LBP) hazards created by repair, painting and renovation activities that disturb lead-based paint in affected housing constructed prioer to 1978. It also applies to a public/commercial facility of similar date where children are present on a regular basis (e.g., school or daycare facility). The rule, passed in 2008, becomes effective April 22, 2010. This is in addition to the existing rule that requires disclosure by the seller of LBP hazards and records in the sale of pre-1978 homes.

The rule affects general and specialty contractors by requiring them to be certified if they are performing work on a taget property, and requiring them to provide warnings to let people know of the potential hazards.

Exemptions to the Rule include:
1. Repair/maintenance work where the disturbed area is no larger than 6 sq.ft. of interior painted surface or 20 sq. ft. of exterior surface.

2. A certification that the work area is free of lead-based paint (as determined using an EPA recognized test kit, and the kits they sell at Home Depot & Lowes do not qualify).

3. Renovations by an owner to their own residence. This assumes that the owner is doing the work, not having it done by a property manager or contractor “friend”.

4. Some housing may be exempt if it is shown that no child under the age of 6 or pregnant woman resides or regularly visits there. Check with your attorney to see if you are exempt.

You can view the rule at:RULE and you can also find information and sample checklists at EPA Checklists.

Web Guide 2010 Money Magazine, March 2010

Best site:NEIGHBORHOODSCOUT.COM

Narrow down your house hunt by clicking on the site’s Find tab. You’ll get an interactive map that lets you compare neighborhoods by factors such as crime rates, quality schools, or even whether the area is a good place for retirees. You can customize searches by home price and population density too.

The Find maps let you see how neighborhoods compare based on a custom score, but if you want the actual crime stats or school test scores for a neighborhood, you have to ($29.99 for one month).

Enter an address in a neighborhood you like; the site will show you similar ones in another town.

To see if a house is near shops and restaurants, check WALKSCORE.COM
CNNMoney.com, Money Magazine

As other areas of the country continue to struggle with the weak economy, Colorado Springs’ single family home sales increased in July of 2009 for the sixth consecutive month according to the Pikes Peak Association of Realtors (PPAR). 946 total sales were recorded in this category. During July, the average time on the market for single family homes dropped significantly from 89 days to 76 days and the inventory is well below a two month supply. Combine all of these indicators, and you’ll quickly see that the housing market is quickly recovering in Colorado Springs and home buyers interested in taking advantage of the great deals should not delay. Likewise, homeowners interested in upgrading or moving locations should rest assured that now is as good a time as any to try to sell their houses. Theresa Stevens of Red Rock Realty is ready to help you find a new home that fits your budget and needs. Call or email today to start working with Theresa!