Kristi DeFazio Colorado Springs Real Estate 719-459-5468

Colorado Springs Market Report for Activity October 2009

Active listings for El Paso County according to the Pikes Peak MLS as of Nov. 1- 5180

Total Sales for Oct. 2009- 791

Current homes Pending or Under Contract as of Nov. 1- 166

This is the time of year when the market tends to slow down a bit before the holidays. However, HOMES ARE STILL SELLING in Colorado Springs.

With the probable extension of the First Time Home Buyer Tax Credit lasting until April (purchases must be final by June), we will probably have a strong market through the end of the year and the beginning of next year as well.

If you would like to know statistics on a certain area or neighborhood in Colorado Springs, just send me and email or give me a call.

Kristi DeFazio

RE/MAX Advantage Realty

719-459-5468

email- kdefazio64@msn.com

www.kristidefazio.com

www.servingincoloradosprings.com

I have a buyer that put in an offer on a short-sale on July 5th. That was over two months ago. I have been wanting to write this blog to outline the progress of this short sale and I keep getting delayed. No worries though, I knew I would have plenty of time with it being a short sale with Bank of America. In other words- It isn't going anywhere.

I plan on updating this from time to time until the deal is closed (me thinking positively!).

We put in a great offer for this particular home. Based on what the bank owes, and the 2nd loan- it should be a no-brainer deal. My clients have money, they are qualified AND they are willing to wait.

This one is being handled by the pros. Not that it matters, but EVERYONE involved is in the real estate business and knows how to work a short sale. The listing agent is experienced, and the seller is very cooperative (and also an agent). To make things even easier, the seller hired a title company that helps with negotiations. This company has closed 200 short sales already.

So, you would think this would go smoothly, right? Well, so far we are starting month #3 and we have not even been assigned a negotiator! This makes me crazy! I have heard that Bank of America takes anywhere from 4-6 months for an answer, so I know we are in for a long haul- but hopeful.

Now, the problem. The notice of election and demand has been filed, and the sale date is scheduled for December. That gives us plenty of time to get this closed if everyone does their part.

Does Bank of America NOT have a clue? If they turn this down, or wait too long- they will own a piece of real estate that will be worth less than the offer we have on the table. I am hoping that sane minds prevail. I will be writing updates and hopefully have a happy ending in the future.

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If you are looking to buy or sell real estate in Colorado Springs, call Kristi DeFazio at 719-459-5468

You can search all of the listings in Colorado Springs at www.servingincoloradosprings.com or www.kristidefazio.com

I felt compelled to write this because it really shows that life is what you make of it. I was running to the grocery store late yesterday afternoon to pick up a few things and the same nice elderly man was bagging my groceries.

This nice man, Paul, is a fixture in this store. Everyone knows him and I am sure they feel as I do about how inspiring he is. First of all, Paul must be at least 80 and on his bald head he has a very noticeable deep scar that I can only conclude was a result of brain surgery.

It is also obvious that Paul has had a stroke at sometime in his life because his speech is somewhat slurred and slower than average.

Paul is the hardest worker in the store and always almost insists on taking out the bags for you even when the weather is cold or snowy (and the teenagers working are hiding!) I know he comes from an era where this was customary in the grocery business.

Yesterday I asked Paul how his dayw as and his response is what made me feel I needed to write this. He said, " THEY ARE ALL GOOD DAYS, SOME DAYS ARE JUST BETTER THAN OTHERS" I thought to myself, I really need to be more like Paul. Here is someone working when he shouldn't have to with physical challenges that he overcame and enjoying it AND doing more than most workers would do.

Have a GREAT DAY!

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This blog was written by Kristi DeFazio with RE/MAX Advantage in Colorado Springs. Kristi is an Associate Broker in Colorado Springs, Colorado. To view homes in Colorado Springs you may visit Kristi's website at www.kristidefazio.com or www.servingincoloradosprings.com

Kristi can be reached at 719-459-5468

I was out looking for homes with a client that I had been working with for a couple of weeks. She knew the exact neighborhood she wanted, but as a single mom, didn't want a "project". Everything we saw in the price range and neighborhood she wanted was very outdated and needed lots of work. She was getting discouraged (and actually so was I) that we would find something suitable in her price range.

Everything we saw was so outdated, but she wanted to stay in the same neighborhood. Luckily, I noticed a big roll away dumpster in front of a cute looking house on a street where we looked previously. I did some investigating and asked some questions to find out the house was being "flipped". It had the perfect layout and floor plan and even a little more sq. ft. than we were looking for . The good news is that the price of the home was right within our range.

This home is a GEM. It will have brand new EVERYTHING inside and new paint outside. I know if the Realtor/owner that is flipping this house. He got a steal on it as a bank-owned and my client is going to have the best home her money can buy. It has new cabinets, wood flooring, granite, new bathrooms, new furnace, hot water heater, new roof, new appliances and all new painting. She is thrilled and I am so happy for her.

So, my point is-when you are looking for homes for a client, it doesn't hurt to get off the computer and drive the neighborhood. Look for the dumpsters, you may be surprised. Especially if you have a hot price range in a neighborhood where the nice homes go fast! Sometimes the best homes are right under your nose -if you go investigate!

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If you or someone you know would like great buyer/or seller representation, please give me a call:

Kristi DeFazio

RE/MAX Advantage

719-459-5468

You can also search for homes at www.kristidefazio.com or www.serivingincoloradosprings.com

You can reach me by e-mail at kristidefazio@remax.net

Below is a list of homes broken into price range that have sold in January of 2009 in El Paso County. If you look at the data, you will see the months supply of inventory of each price range (or how many months it would take at that rate to sell all the available homes for sale)

The higher priced homes are hurting the most. There were NO Sales in Jan. for the homes priced $800,000 and above. The price ranges of $50,000-$99,000 and $150,000-$199,999 are doing well as far as month's supply is concerned. There are a lot of bank-owned properties in this range that are selling as well.

If you would like to speak with me concerning real estate or if you have real estate needs in Colorado Springs, please contact me by phone at 719-459-5468 or kristidefazio@remax.net You can view all the listings at www.kristidefazio.com

Kristi DeFazio

RE/MAX Advantage

5590 N Academy Blvd

Colorado Springs, CO 80918