Home inventory decreased by 23% for the month of November when compared to six months ago (June). Compared to the previous month of October, there was also a decrease in single family homes for sale.

In November 2010, single family Inventory in the Pikes Peak MLS was not only higher but there were 542 single family home sales compared to 645 sales in November 2011. Compared to this time last year, months of inventory for Colorado Springs is lower.

For November, Single Family Home Inventory in the Pikes Peak MLS is sitting at 5.7 months (compared to 5.2 months in October). Looking at statistics over the past six months, we are at 5.6 months inventory.

The months of inventory has improved considerably in Colorado Springs. As long as the inventory levels remain at these levels and sales increase, the market will continue to improve. There is a balanced market in Colorado Springs when inventory sits at 6 months.  

**Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

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Home sales decreased by 14.9% in El Paso County for the month of November when compared to October and sales were 19% higher when compared to November 2010.

There were 103 additional single family home sales in November 2011 when compared to November 2010. There were also an additional 1,079 single family homes for sale in November 2010. Inventory levels continue to remain much lower than they were around this time last year in Colorado Springs.

Compared to the previous month of October, the average sales price ($218,230) decreased and the median sales price ($185,000) remained the same.

Last November, the average sales price was $233,286 and the median sales price was $198,000.

**Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

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I made a few calls to obtain estimates for a seller’s property that required work on a portion of the exterior siding.  Fortunately, most of the folks I called were very responsive and were able to go out to the property to assess what work was required except for one handyman.  This handyman called me and said he needed additional info about the siding.  I didn’t have a problem with it until he said that I would need to call him back with the following info:

-          What type of wood siding was on the home

-          Size of the siding and other specifications

-          How many linear feet needed to be replaced (I wasn't even sure if it required replacement)

The primary reason for calling him was to find out if he could go look at the siding and give me an estimate since I am not an expert in that area.   Even if I did phone him back with the information he asked for, how could he really know what needs to be done without seeing it first?  He said something along the lines of “If we went out to look at every job first, we wouldn’t have time to get any work done.”

Sure, I could have grabbed a tall ladder and gone out there to measure and survey the siding myself but I was in need of a professional’s opinion of what needed to be done to address the issue.  After hanging up with the handyman, it got me thinking… 

When it comes to my business as a real estate agent in Colorado Springs, I am not 100% sure sellers will choose to work with me when I go meet them for a listing appointment but if I don’t show up at all, well, now my chances of listing their home are pretty close to zero.  If I’m not going to take time to look at their home and meet with them in person, I can’t blame them for not wanting to hire me.

So that being said, that handyman will not receive any future business from me, and I’m glad I found another professional to assist my sellers. 

Patricia Beck – Selling Colorado Springs Homes

Although banks are approving short sales more now than in previous years, dealing with bank negotiators can still be frustrating for many of us.  Some agents have stated they contact the negotiator once every couple of weeks for their short sale listings.  In my experience, I have had to contact the negotiator more frequently than once every two weeks for most of the short sale transactions I have closed successfully particularly, when I’m dealing with the Jekyll/Hyde negotiator.

The Jekyll and Hyde negotiator will tell me one thing during a phone conversation and something completely different over email.  This becomes problematic when it comes to how much the investor is willing to take.  The negotiator often gives me a lower amount over the phone and when we have a buyer willing to pay that amount, the negotiator then states via email that the file will be denied and closed due to the contract purchase price not being high enough.  I often wonder if I am working with two different people!

Over email, this type of negotiator’s communication is abrupt and at every possible opportunity, states the file will be closed and denied.  They are completely unreasonable and it often appears the bank doesn’t want to approve the short sale when the negotiator plays games throughout the short sale process. 

So how do you handle this type of negotiator? 

I get a lot further talking with the Jekyll and Hyde negotiator directly over the phone.  It seems as though they don’t want to tell me anything over email but when I pick up the phone, it’s a completely different story.  Document phone conversations.  When the negotiator comes back to you with something that was not previously agreed upon, you will need to reference your documentation when speaking to him/her over the phone. 

I know email is a great way to track all discussion between the negotiator and real estate agent but it is not always the best way to get a short sale approved.  Many of my short sale transactions in Colorado Springs would have gone to foreclosure if I kept the majority of communication strictly to email.  If you are not making progress, getting the file re-assigned to another negotiator may be an option.

How do you treat a short sale transaction when working with a negotiator that says one thing but does another? 

If you are facing foreclosure, Contact Patricia Beck, Colorado Springs Real Estate Agent. 

A seller has their home listed for sale and contacts another real estate agent - you.  They may ask to meet with you or request a market analysis.

Do you provide the seller with the information they are inquiring about?  Do you contact the listing agent to let them know that their seller has been in contact with you?  What is the best way to handle the situation?  What if it’s an agent you know?  Does that influence you differently?

If you decide to contact the listing agent to discuss the situation, do you inform the seller of it?  The seller’s reaction may not be a positive one after finding out that the two agents have been in contact with each other especially if the seller was under the impression the conversation would be kept in confidence.  The listing agent may also respond negatively.

Nonetheless, it can become a complicated situation and agents are probably experiencing it more amidst the current market conditions. 

There are sellers out there who don't change a thing with their property or the price and go through many agents expecting a different result. 

Don't get me wrong, not all agents are created equal but if a home is overpriced or in poor condition, it probably won't move regardless whose name is on the sign.

Colorado Springs Realtor Patricia Beck, providing real estate services to home buyers and sellers.

Most home buyers who are parents will have their children come in tow when looking for a home.  Some kids are more patient and well behaved than others but they all have one thing in common:  a reaction. 

Parents and their real estate agent should pay attention to the child’s reaction to a home during a showing. 

Some children are very vocal with their opinions of the home:

“I love this house!”

“Can this be my room?”

“I want to leave now!!”

“I don’t like this house”

Other children may not say much but their nonverbal actions can reveal how they feel about the house.  Sometimes they do not want to go inside or they look through the home quickly and wait by the door or outside for their parent(s) until finished.   If they like the home, children may play in the backyard or inside the home during the showing.  A child's nonverbal cues can indicate whether they like or dislike a home. 

When I recall instances where buyers with children proceeded to purchase a home, their children often had a reaction to that specific home and their reaction was different from the other properties we looked at during the home search. 

I recently worked with a single mom who bought a home in Colorado Springs.  Her son was very impatient when we would view homes.  The home this single mom ended up buying was an exception and when we walked through it, her son was very quiet the entire time (and it was a long time) that we were there.  The little boy explored the home and walked around familiarizing himself with each room.  I also noticed him sitting on furniture in various areas of the home, clearly indicating he was very comfortable there.   

Do you involve children during showings?  I ask children various questions when viewing homes and pay attention to their responses or reactions to my questions.  As we view more properties, I notice parents start to invite their children’s opinions of homes as well.  Don’t ignore the kids; they are an important part of the process!

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I've recently heard of a few real estate agents in town that are giving or loaning their buyers the funds to cover the earnest money for a home purchase. 

Have you fronted the earnest money for a buyer who didn't have adequate finances in their bank account to cover the deposit for a home? 

Situations occur where buyers may not get paid for another week or have an unexpected bill or repair that cleans out their checking account.  On the other hand, if a buyer cannot come up with the earnest money, can they afford the other costs associated with buying a home?  Is there a law in your state that would prevent an agent from doing this, is it legal?  I think the agent is putting themselves at risk.  What are your thoughts?

Colorado Springs Realtor Patricia Beck, providing real estate services to home buyers and sellers.

When I obtain feedback from some agents in Colorado Springs, I often wonder if they even review the MLS information for the properties they plan on showing to their buyers beforehand. 

When an agent remarks about certain aspects of the house not working for the buyer that were clearly obvious in the MLS, is the agent wasting the time of both buyer and seller?  The sellers may have to leave the house for a couple of hours for the showing window only for the buyers to view a home that didn’t match their criteria in the first place. 

The feedback responses below are common and pretty useless to the seller:

“Well, they really need a home that has more than one bathroom” 

“They don’t want to purchase a short sale”

“They want a home with a finished basement” 

“The bedrooms or living areas are too small”

“This home was a 2-story and they prefer a ranch floor plan”

“They want a home that has three bedrooms”

“Their King size bed won’t fit in the master bedroom”

“This home is out of their price range”

If the buyers need more than one bathroom, the agent shouldn’t be showing them homes with only one bathroom!  If they want larger bedrooms, the measurements are normally in the MLS as are the sizes of the living room, family room, and kitchen.    

I understand buyers may not realize what they really want or don’t want until they actually start looking at properties but agents can help their clients narrow down criteria for a home by asking the right questions and showing buyers home that match their specifications. 

I’ve heard many buyers vent their frustrations when it comes to an agent who continuously showed them homes that they did not want to see.  Maybe that is why it takes some buyers a long time to find the right home, their real estate agent is not showing it to them!  

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You are a responsible adult, ready to buy a home, and start the process by getting prequalified for a mortgage loan. You contact a reputable Colorado Springs Real Estate Agent and list your specifications for the home you would like to purchase.

You start looking at homes and unfortunately, not one of them you view are appealing to you. The homes need too much work and you prefer a home that is move-in-ready since you are busy as it is with your full time job. Your agent tells you that you may have to make adjustments to your home search which may include looking at smaller homes or considering a different area or neighborhood of Colorado Springs. You may not want to compromise but you have to consider your options, what is available in your price point, and be realistic.

Truthfully, regardless of your price range, finding the perfect home that has everything you want may be nearly impossible unless you build a home customized to meet your needs. If you have a budget (and that is a good thing) you will have to prioritize and figure out where you can compromise.

Categories up for compromise include:

Price Range - If you cannot compromise in this area and prefer not to increase the price range you are looking in to find the right home, you may have to compromise in another area.

Location - Do you have to be in a certain area of town, close to work, near family or your children's activities? If you are able to have flexibility with the area of town you want to live in, it can really open up your options.

School District - Do you need to keep your children in the same schools or school district? Are you open to exploring additional school districts?

Floor plan - Maybe you prefer a ranch style home but considering other floor plans can provide more choices.

Size - Will you consider a home with less square footage or an unfinished basement? Would a two bedroom home still meet your needs? Can you live with a 1-car garage?

Condition - Would you be open to getting a home that needs some TLC? Do you have time and skill to tackle the home projects or do you have the funds to hire someone to do the work? Could you obtain a rehab loan to finance the required repairs?

Property type - Would you be willing to consider a townhouse or condo that is more affordable than a single family home in the area you would like to live?

If you are unwilling to make any compromises, must have it all, and are limited by your price range, you may have to halt your home search and wait or consider renting if that is a better option for you.

Having champagne taste on a beer budget will eventually require compromise. If this happens to be your first home, keep in mind that it's just that, your first home. More than likely you will sell that home in the future and have a chance to find another home that meets your needs a little more. Not to say you can't get it all with your first home but more than likely, over time, you will better learn what you like or don't like after actually living in a home or two!

Contact Patricia Beck about buying a home in Colorado Springs at 719-660-9058

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