Sylvia Jennings

Colorado Springs 2nd Most Desirable Place To Live

February 8, 2017 by Sylvia Jennings

We’ve gotten used to seeing the Springs get top rankings compared to other cities. We’ve been recently listed one of the top cities for affordability, starting a business, and best place for first-time homebuyers. In the latest survey, Colorado Springs ranks #11th overall for 2017 Best Places To Live by U.S. News & World Report. The survey ranks the 100 largest metropolitan areas in the United States based on affordability, job prospects and quality of life. But we ranked even higher when they asked people where they want to live, if they could go anywhere they want. That put Colorado Springs at #2 for the most desirable place to live. Right behind Honolulu.

Colorado Springs Leads Region In Home Sales

January 26, 2017 by Sylvia Jennings

The local market is heading for a “three-peat” – a 3rd straight year of record home sales. Colorado Springs is the hottest market in the Rockies for home sellers, investors, home buyers, and landlords. It might be surprising to some that home sales are much stronger here than Denver, Boulder or Fort Collins, but the region has had 29 consecutive months of sales increases, compared to the metro area, where home sales for 2016 were flat compared to the year before. View or download: Pikes Peak Housing Report, Denver Market Update.

In a January 20, 2016 presentation to real estate professionals, UCCS economist Dr. Tatiana Bailey listed 4 key reasons that southern Colorado is outperforming the rest of the state.

Topping the list is strong and diverse job growth. El Paso County gained over 7,800 jobs last year, with a big jump in high-paying industries like health care and high tech. Bailey says another big reason is our proximity to Denver. As a close neighbor with home prices averaging over 40% less than Denver’s, the Springs is attracting commuters who are willing to drive an hour or more to work. And,our lower cost of living is a competitive advantage that will continue to lure new residents. Finally, the majority of our population is under age 40. This leads to more growth, as young adults start families and purchase homes. Those who can’t afford to buy a home,or prefer to rent,are experiencing a tighter rental market than Denver’s. Despite strong apartment building activity, Bailey says local vacancy rates rates have dropped to 3.8%, while Denver’s have climbed to 5%. The shortage led to a 9% jump in area rents last year, bringing a surge of out of state investors to Colorado Springs.

Bailey thinks our local economy will continue to improve. We do, too. As we head into February, mortgage interest rates are still incredibly low. Our agents are working with motivated buyers ready to contract now to take advantage of current prices. And many homeowners are finding they have enough equity to sell, even if they bought recently. Check out our Facebook page and Twitter feed in the coming months for tips on getting your home ready for sale in 2017.

Millennials Lead Local Housing Boom

November 24, 2016 by Sylvia Jennings

Local rents have soared 10.4% this year, making Colorado Springs the top city in the U.S. for rent increases in 2016 in terms of matching the Alpharetta Georgia lifestyle. The soaring cost of rental housing is contributing to the home buying rush among Millennials. Young adults are buying homes at a faster pace than any other market segment across the country. The Millennial generation is now the largest in the nation, outgrowing the Baby Boomers this year, according to the U.S. Census. And our area has a greater number of young adults than the majority of U.S. cities. The median age in Colorado Springs is 34.4 compared to the national average of 37.4.

As we predicted last November, the 2016 Colorado Springs housing market is in record territory, and there’s plenty of mo’ in the market heading into November. Single family home sales skyrocketed 14.4% in October over 2015, and the average home is now worth 11.5% or $30,000 more. The latest stats, released today by the Pikes Peak Association of REALTORS, show home prices and sales both hit all-time highs for the month of October. October 2016 Home Sales Report

The market trend suggests that home sales will fall off only slightly December, which should be welcome news to home sellers and anyone who is planning to list their home before the end of the year.

By contrast, October sales in Denver took an 11.43% nosedive year over year, and plunged almost 17% from September as home buyers are struggling with rising prices and record low inventory. Even rents have been pushed downward by the frenzy of new apartment construction. Denver Metro Market Report

Private Lakeside Sanctuary Near The Broadmoor

October 9, 2016 by Sylvia Jennings

This hidden sanctuary is a 4 bedroom, 4 bath residence of unsurpassed quality on a private lake, not far from the Broadmoor Hotel. Thoughtful design, beautiful finishes, and outdoor living spaces create abundant opportunities to bring family and friends together. The main level features rich walnut floors, soaring ceilings, and an impressive great room that opens to the large deck just steps from the lake shore. The gourmet kitchen is complete with the finest appliances, stone counters, and hand-crafted cherry cabinets. The oversized 3 car garage has a half bath and upper level flex space which could be an art studio or office. Offered at $999,850. Contact Wayne Jennings for a private showing.

Why Sell Now? Record Sales In September

October 6, 2016 by Sylvia Jennings

Home sales in the Pikes Peak region hit a record high last month with 1,381 single family home sales, out of just 2,443 active listings: The shortage of available homes continues to push up prices, making this fall a very attractive season for selling. The last numbers from the Pikes Peak Association of REALTORS show that sales from August to September fell only slightly (4.9%), and so far, 2016 sales are outpacing last year by 16%: LINK TO STATS. Local home prices are up 8.9% compared to last September, so in many cases, even a homeowner who purchased a property as recently as 2015 may have enough equity to sell.

Colorado Springs-area sales are stronger than any other part of the state, according to the Colorado Association of REALTORS’s August summary : LINK TO CAR REPORT Home sales in the Denver area are down 1.5% from 2015. Surging prices are getting much of the blame for putting a damper on sales in the metro area. The average home price in Denver is now $500,000. That’s about $230,000 higher than Colorado Springs.

The mountain resort communities are also experiencing an increase in home sales and prices in 2016, but in many ski areas, prices are still down from pre-recession highs.

We do expect a slight slowdown going into late fall and winter, but many sellers take their homes off the market during the holidays. If you’ve been dreaming of a move and have to sell your home first, think about putting your home on the market now, when you’ll have less competition and the market is filled with buyers who want a new home for the new year.

Konnichiwa! Berkshire Hathaway is International

May 26, 2016 by Sylvia Jennings

As we first told you, Berkshire Hathaway HomeServices is expanding globally and our website has gone international, too! The website now features language, currency and measurement translations for prospective buyers both in the U.S. and abroad. Home buyers can view listings in 10 different languages for any market served by Berkshire Hathaway HomeServices.

This means that prospective buyers in 37 countries on 5 continents are able to find our listings on 70 international real estate websites. Most listings priced at $200,000 and above are now appearing on prominent search sites abroad. We’re stoked, and to all of the buyers beyond our borders, we say, Hallo! Salut! Ciao! Hola! nǐ hǎo 你好 ! Ya! Γειά! and Konnichiwa! 今日は !

Vacation At Home In Cathedral Pines

May 15, 2016 by Sylvia Jennings

An entertainer’s dream in Cathedral Pines, this 8,781 sq ft residence is situated on ridge, providing stunning mountain views and privacy. The second story sports bar, multiple decks, and patios, warm and inviting living spaces, and open design provide the perfect surroundings for large gatherings and intimate moments. Beautifully appointed with all of the amenities you expect in a home of exceptional quality. The 5 car attached garage provides a place for your cars and toys with room for two additional spaces. Main level living, walk out lower level, gourmet kitchen, formal dining, and theater room. This is Colorado living at its finest, where every day living feels like an escape into a private vacation retreat. A must see residence in a premier setting! Offered at $1,599,000. Aerial Video

For information about 14390 Millhaven Place. Contact Wayne Jennings for a private showing.

Colorado Springs: Hottest Market In Colorado

May 15, 2016 by Sylvia Jennings

The Springs is suddenly the real estate market to watch, moving in one month from 18th to 12th on REALTOR.com’s Hottest U.S. Real Estate markets. Sales are up 19% so far this year. Compare that to Denver, where sales are up by 2%. Homes are on the market an average of 32 days. That’s a mega- drop from 82 days last April. In areas where homes are more affordable, like the east side of town, the average is about 2 weeks.

There are 3 basic reasons for the torrid pace: pent-up demand, low mortgage rates, and strong economic conditions. Inventory is shrinking, so prices continue to rise. We have a 2.5 month supply of available homes right now. A more balanced market would be a 6 month supply. The average home in Fountain is selling for $22,000 more right now, compared to last April. Sellers in Stetson Hills are getting $18,000 more. In Monument, the average price of a home was $484,000 last month, compared to $405,000 last year.

Real estate experts, us included, think this is only the beginning. Higher paying jobs are being created, our population is growing, and so is the number of first time home buyers.

Based on information from the Pikes Peak REALTOR® Services Corp. (“RSC)

Find A Home On Facebook

May 12, 2016 by Sylvia Jennings

If Facebook is your go-to place for information, then start your next home search on our Facebook page. Visit Facebook.com/peakdreamDowntown to see every home on the market and our fab Featured Listings. Even if you’re not moving, it’s always fun to look, right?

Facebook is just one of the social media tools we use to market our listings. You’ll also find PeakDream listings on Twitter, LinkedIn, Pinterest, and Instagram!

The Record-Breaking 2016 Colorado Springs Real Estate Market

March 29, 2016 by Sylvia Jennings

Colorado Springs Real Estate Market

If the torrid pace of local home sales continues, 2016 will blast through all previous records for Colorado Springs home sales. For 5 consecutive months, home sales and prices have hit all-time records. The winter lull…well it never happened. December felt like June with over 1,100 homes sold, and the total for the first 3 months of 2016 of nearly 2,900 sales is an all time record. Real estate experts, like us, think we’re on track for more of the same. There are a lot of reasons, including a much-improved local economy providing thousands of higher paying jobs, our growing population, silly-low mortgage interest rates, and a growing group of young home buyers entering the home market for the first time.

What is it like to be a seller in 2016? Well, the timing has never been better. And while the task may seem easier than ever, it’s never been more important to have a skilled real estate professional at your side to keep a steady hand on the transaction. The feeding frenzy in certain price ranges can create a mind-numbing variety of multiple offer scenarios. Is the highest offer the best one? Not if the buyer gets cold feet and quits the deal at the last minute. It’s a challenge for even the most experienced agents to negotiate, not only the highest possible price in today’s market, but also a deal that will get to closing – without any legal nightmares after the fact.

What’s it like to be a Pikes Peak area home buyer in 2016? It can be an all-consuming and stressful process to find the right property in the right price range, and be the successful bidder when there are competing offers. A skilled buyer’s agent has the tools to help buyers win, keep a cool head, and be smart about their biggest financial investment.

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