For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
I recently took some accreditation classes in another state. It was eye-opening for me to understand how much the laws vary from state to state. Since a major portion of my business is from Internet leads and from people moving to Colorado Springs from other parts of the country, these classes were very helpful.
Colorado is an "actual knowledge" state, which means as Colorado Realtors we only need to disclose facts that we know and we must disclosure material facts. Some states are "imputed knowledge states", which means Realtors are expected to know certain things.
Most Realtors in Colorado list properties for sale in their local MLS and ask for 1% for Earnest Money. Some areas in the U.S. ask closer to 10% for Earnest Money.
The majority of Colorado Springs homes get listed in some type of MLS database; and many homes get listed in multiple MLS's. There are some major cities in the U.S. that don't have an MLS.
Colorado doesn't have dual agency. Many states still have dual agency. In Colorado you can only be an agent for either the Buyer or the Seller, you can not be an agent for both.
In Colorado, real estate contracts are in writing. In some states, real estate contracts can be oral and are enforceable in a court of law.
In Colorado, the homes listed in the MLS include basement (below ground) square footage. In some states, the MLS will only allow Realtors to list above ground square footage. This can cause some challenges for national databases and consumer sites, including Zillow.
In Colorado, every listing must include a Square Footage Disclosure which shows were the broker obtained the square footage information. Many states don't use this type of disclosure.
In Colorado, lawyers are often times not involved in real estate contracts. In many states, lawyers are almost always part of the transaction. Colorado Realtors are allowed to use approved Colorado Real Estate Forms; but any new forms should be done by a lawyer.
A sales representative working for a builder is NOT required to be a Realtor in Colorado. In fact, most sales reps aren't licensed Colorado Realtors.
Every Real Estate broker in Colorado carries their own Errors and Omissions Insurance. There are states that don't require Realtors to carry this insurance.
Colorado's Contract to Buy Sell is currently 16 pages. Some states only have a 3 page buy sell contract.
A Colorado Springs Real Estate Agent You Can Trust
Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
I got an email this week from DORA (Colorado Department of Regulatory Agencies) about the number of Mortgage professionals who just had their licenses inactivated; and realized it was a great idea for a blog post.
According to an article in 5280, The Colorado Division of Real Estate inactivated 4,560 mortgage-broker licenses-more than half the licenses in the state-because brokers didn't keep up with their licensing paperwork. It's unclear how many of those brokers remain active, but some may have simply left the business as the economy struggles.
Also, according to an article in the Denver Post " More than half of Colorado's mortgage brokers have had their licenses inactivated because they failed to comply with new education and testing requirements that took effect early last month. The Colorado Division of Real Estate on Monday inactivated 4,560 licenses of brokers who have failed to comply with the law. About a third of those were held by out-of-state brokers.
Real Estate License Requirements
As a Realtor, there are many things I have to do to keep my license in good standing, including paying lots of money for dues, having current Errors and Omissions Insurance; and completing a certain amount of continuous education on a yearly basis. When I originally got my license, I had to complete a specified amount of coursework, pass a comprehensive test, as well as go through a background check by the Colorado Bureau of Investigation. Yes, I did get fingerprinted.
New Mortgage Professional License Requirements
Mortgage brokers in Colorado until recently didn't have licensing requirements. But they are now required to also go through a background check, have a surety bond, secure Errors and Omission Insurance, as well as complete coursework and pass a test.
According to the DORA web site, "On and after August 5, 2009, all mortgage loan originators conducting business in this state must be licensed with the Division of Real Estate pursuant to House Bill 1085 . Only those mortgage loan Originators who are licensed or exempt from licensee by law may originate a mortgage, offer to originate a mortgage, act as a mortgage loan originator, or offer to act as a mortgage loan originator." Also, if I understand the law correctly, mortgage loan originators who work for a bank are not required to be licensed. If you want more info, go to the DORA web site; and it gives specifics.
Do your research
If you ever want to double check and make sure the person you are working with has an active license, DORA has a great search page. As an example, when I went to the search page, I put in Kathy as a first name, and 12 pages of Realtors and Appraisers came up.
Also, if someone is involved in a disciplinary action, this information will also show up in this web search, see right hand column in the screen shot picture.
As a licensed Colorado Real Estate Broker, I take my license very seriously. I also feel I have a responsibility to the general public to help inform and educate them.
Make sure you know who you are doing business with.
A Colorado Springs Real Estate Agent You Can Trust
Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
The Northeast area of Colorado Springs housing market continues to be a NEUTRAL,BUYERS Market, as there is currently a 5 month of supply of homes on the market. A 6 month supply of houses on the market is considered a "NEUTRAL MARKET". Sales were only 15% from 2008 to 2007, but average pricing was only down 3.5% from 2008 to 2007. 450 Single family homes have been sold in 2009 vs. 525 for the same period in 2008; a decline of 15%. Sales have increased in Northeast Colorado for 2009, but pricing has continued to decline.
Recap of 2009, 2008, 2007, 2006, 2005, and 2004
1-1-2009 to 10-31-09
2008
2007
2006
2005
2004
Number of Homes Sold
658
742
879
1081
1032
1253
Average Sale Price
$228,816
$232,157
$240,639
$242,175
$237,587
$218,742
Average Days on Market
74
79
73
62
52
50
Average # of house sold per month
65.8
61.8
73.3
90.1
86
104.3
Current Report as of 11-17-09
Active listings: 302
Under Contract and Pending : 111
Absorption Rate: 65.8 homes per month, a 4.5 monthly supply of houses currently on the market
This Colorado SpringsReal Estate report contains information on Single Family dwellings in Northeast area of Colorado Springs
This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.
A Colorado Springs Real Estate Agent You Can Trust
Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
The East area of Colorado Springs housing market continues to be a BUYERS Market, as there is currently a 6 month of supply of homes on the market. A 6 month supply of houses on the market is considered a "NEUTRAL MARKET". Pricing continues to go down in 2009 but number of sales is increasing.
Recap of 2009, 2008, 2007, 2006, 2005, and 2004
1-1-2008 to 10-31-09
2008
2007
2006
2005
2004
Number of Homes Sold
605
527
629
760
904
822
Average Sale Price
$171,904
$183,970
$194,693
$196,172
$189,629
$179,908
Average # of house sold per month
60.5
43.9
52.4
63.3
75.3
68.5
Current Report as of 11-17-09
Active listings: 360
Under Contract and Pending : 112
Absorption Rate: 60.5 homes per month, a 6 monthly supply of houses currently on the market
This Colorado SpringsReal Estate report contains information on Single Family dwellings in East area of Colorado Springs
This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.
A Colorado Springs Real Estate Agent You Can Trust
Selling HOMES in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
The Fountain Valley housing market continues to be a BUYERS Market, as there is currently a 4.1. month of supply of homes on the market. A 6 month supply of houses on the market is typically considered a "NEUTRAL MARKET". Sales units were down 17% from 2008 to 2007, but pricing was only down 5% from 2008 to 2007. Number of homes continue in increase in 2009 but pricing has continued to decline.
Recap of 2009, 2008, 2007, 2006, 2005, and 2004
1-1-2009 to 10-31-09
2008
2007
2006
2005
2004
Number of Homes Sold
1144
933
1120
1293
1447
1349
Average List Price
$168,622
$173,096
$182,374
$182,148
$170,601
$157,908
Sales Price to List Price
TBD
98.4%
98.7%
99.2%
99.5%
99.3%
Average Days on Market
59
88
81
62
58
52
Average # of house sold per month
114.4
77.8
93.3
107.8
120.6
112.4
Current Report as of in Fountain Valley
Active listings: 473
Under Contract and Pending: 223
Absorption Rate: 114.4 homes per month, a 4.13 monthly supply of houses currently on the market
The Fountain Valley is in the District 3 School District
This Colorado SpringsReal Estate report contains information on Single Family homes in Fountain Valley.
This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.
A Colorado Springs Real Estate Agent You Can Trust
Selling HOMES in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
The Northgate housing market continues to be a BUYERS Market, as there is currently an 9.5 month of supply of homes on the market. A 6 month supply of houses on the market is considered a "BUYERSMARKET". Sales units in 2008 were down 17% from 2007, but 2008 pricing was only down 7.5% from 2007. Sales units continue to increase in 2009 vs. 2008, but average pricing has continued to decline.
Recap of 2009, 2008, 2007, 2006, 2005, and 2004
1-1-2009 to 10-31-09
2008
2007
2006
2005
2004
Number of Homes Sold
232
247
298
394
389
344
Average Sale Price
$344,792
$373,119
403,415
$402,875
$384,487
$336,480
Average Days on Market
97
114
109
76
69
69
Average # of house sold per month
23.2
20.6
24.8
32.8
32.4
28.7
Current Report as of 11-15-09 in Northgate
Active listings: 221
Under Contract and Pending: 52
Absorption Rate: 23.2 homes per month
This Colorado SpringsReal Estate report contains information on Single Family homes in Northgate
A Colorado Springs Real Estate Agent You Can Trust
Selling HOMES in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
The Black Forest area of Colorado Springs housing market continues to be a BUYER's Market, as there is currently a 16 month of supply of homes on the market. A 6 month supply of houses on the market is considered a "NEUTRAL MARKET". Sales are only down 4.6 % from 2008 to 2007, but average pricing is down 6.2% from 2008 to 2007.
Recap of 2009, 2008, 2007, 2006, 2005, and 2004
1-1-2009 to 10-30-09
2008
2007
2006
2005
2004
Number of Homes Sold
114
156
163
234
256
228
Average List Price
$354,998
$427,604
$448,309
$452,613
$386,285
$346,144
Average Days on Market
127
111
103
103
84
68
Average # of house sold per month
11.4
13
13.6
19.5
21.3
19
Current Report as of 11-14-09
Active listings: 201
Under Contract and Pending : 17.6
Absorption Rate: 11.4 homes per month, a 17.6 month supply of houses currently on the market
This Colorado SpringsReal Estate report contains information on Single Family dwellings in Black Forest area of Colorado Springs
A Colorado Springs Real Estate Agent You Can Trust
Selling HOMES in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
Colorado Spring Real Estate - Market Report for Homes in Briargate
Single Family Homes
Includes Homes in Pinecreek, Windjammer, Gatehouse Village, Summerfield
For a Free Market Analysis on your neighborhood, email Kathy Torline at KTorline@msn.com
The Briargate housing market continues to be a BUYERS Market, as there is currently a 6.9 month of supply of homes on the market. A 6 month supply of houses on the market is considered a "NEUTRAL MARKET". Sales units were down 25% from 2008 to 2007, but pricing was only down 11% from 2008 to 2007. 480 single family homes have been sold in 2009 vs. 501 for the same period in 2008; a decline of 16%.
Recap of 2009, 2008, 2007, 2006, 2005, and 2004
1-1-2009 to 10-31-09
2008
2007
2006
2005
2004
Number of Homes Sold
480
584
780
944
985
829
Average List Price
$294,810
$309,932
$348,414
$365,186
$291,910
$259,339
Sales Price to List Price
TBD
97.6%
98.5%
99.4%
99.2%
98.6%
Average Days on Market
89
99
82
62
47
53
Average # of house sold per month
48
48.7
65
78.7
82.1
69.1
Current Report as of 11-14-09
Active listings: 298
Under Contract and Pending: 103
Absorption Rate: 48 homes per month, a 6.20 month supply of houses currently on the market
This Colorado SpringsReal Estate report contains information on Single Family homes in Briargate
This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.
A Colorado Springs Real Estate Agent You Can Trust
Selling HOMES in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
As I've been out looking at properties recently all over Colorado Springs, I thought I'd start a new weekly series on my neighborhood pick of the week. Hope you enjoy it!
Pinecliff is a secluded community in northwest Colorado Springs of mostly custom homes built along the sides of a treed valley and on top of a cliff.
To get to Pinecliff, from I-25 and Garden of the Gods, go west on Garden of the Gods, North on Rusina Road, West (Left) on Popes Valley Dr OR West (Left) on Point of the Pines.
Single family homes in Pinecliff currently range in price $290,000 to $675,000; Townhomes range in price from $170,000 to $375,000 and complexes are Pebblewood, Mission Ridge, and the Pinecliff Townhomes. The majority of the houses were built in the 1980's and 1990s, and range from 2500 to 5500 square feet. The styles vary from 2 story, to ranches, to 4 story houses. Many of the homes offer panoramic views of the area and of Garden of the Gods and the neighborhood has over 600 homes.
A Colorado Springs Real Estate Agent You Can Trust
Selling HOMES in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
Partial list of Foreclosed homes currently on the market
Address
PT
Br/Ba/G
FLR
YB
Fin SQ
Tot SQ
LP
CDOM
13485 Woodlake RD
SIF
3,3,2
1.5
1996
2,368
2,368
$227,500
134
15570 Terra Ridge CR
SIF
5,5,3
5+
1998
2,889
3,032
$299,900
68
6060 Vessey RD
SIF
3,3,2
2
1949
3,750
3,750
$325,000
53
12440 Lonesome Pine TR
SIF
6,5,4
RAN
1999
5,176
5,176
$382,000
350
10470 Elizabeth WY
SIF
5,6,4
RAN
2004
5,014
6,686
$418,525
35
6070 Connaught DR
SIF
4,5,4
RAN
2007
4,961
5,221
$640,000
40
This Colorado Springs Real Estate report contains information on homes in East Colorado Springs.
This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.
Remember, Knowledge is Power
A Colorado Springs Real Estate Agent You Can Trust
Selling HOMES in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
;)
;)
