Colorado Springs Realty Patricia Beck

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.

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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For more information on Colorado Springs Real Estate or the Colorado Springs Area contact me or visit my website.