This week's service at New Life was something I had share about. Wes Stafford from Compassion International spoke. Compassion is a long time Colorado Springs institution, and we have driven by their offices in the Northgate area for years while the kids were at The Classical Academy and Holly was teaching there. Colorado Springs is somewhat famous for the many ministries that are headquartered here, and Compassion is one of the largest and most established of those. Wes was very effective in communicating through scripture how much Jesus cared about the children, and how important it is that we do the same. His passion for the impoverished children of the world was contagious.
It was humbling to realize how we as a family have missed out on this important ministry opportunity, and we decided that we are going to sponsor a child right away. I think many others made the same decision. We also picked up a copy of his book Too Small to Ignore. The invitation to take advantage of a tour of their facility (they have daily tours at 10 and 2) sounded great as well.
On the way home, we saw a small herd of antelope grazing across the road from Pikes Peak Community College. It was comforting to see them, it had been a while since I had spotted them so close to the church.

The cooler weather of today (I don't think we broke 80), makes a nice break in a little bit of a heat wave. Colorado Springs can be hot, for at least part of the day, and it was nice to really avoid that today. Colorado Spring Utilities I am sure was appreciative as well.
The stock market set a high last week, and promptly retreated almost the whole distance it had gained this year within the next week. It will be interesting to see how it all sorts out, but from the perspective of a Realtor, it seems like the exuberance of the stock market has certainly not been based on what is going on in the housing industry. While interest rates have remained in the mid 6's and unemployment is low, homes sales have continued to lag. The news suggests it may even be 2009 before it turns around, but in Colorado Springs I don't think it will take that long, for several reasons.
1. The new troops will eventually come to Fort Carson as we begin to draw down forces in Iraq
2. The Colorado Springs market never really experienced a huge runup in prices, and remains at or below the national average for housing.
3. Local employment should begin to grow more robustly
If any of us really knew for sure what was going to happen when, we could make a fortune doing other things, but my bet is that 2008 will see an improving market here, as inventories shrink to healthier levels. While we have 7132 homes for sale as of today, by this time next year I hope to see that number drop by a couple of thousand.

This was a record setting week in Colorado Springs. After hitting over 7,000 homes on the market last weekend, we hit an all time record for electricity useage as a result of the hot weather this week (thankfully past us now?). The Dow set a record as well, over 14,000 (although some of that disappeared before the week ended). Traditionally, when the stock market goes up, so do interest rates, so we'll see if there is any fallout from that.
We did NOT set any records for employment growth last month, with only 400 jobs added, even at this busy time of year, and the Colorado Springs unadjusted unemployment rate was 4.3% June. I was glad to see Intel is sticking around for an extra couple of months, but we could use some more jobs around here!
It remains to be seen whether they will set any new records with the Pikes Peak Hill Climb, some were expected, and conditions should be good.

Anyone need a couple of indoor cats? They are adult males (neutered and declawed) My daughter heads back to college in a couple of weeks, and can't take them along. They need someone who can spend some time with them, they are really quite friendly and affectionate.

Today we set a dubious record in Colorado Springs, as of today we have 7,012 active listings of single family and patio homes for sale, the first time it has ever crossed the 7,000 homes threshhold. It was only a matter of time, since the rate of new listings has exceeded the sales rate for some time.
I personally was encouraged to have 2 of my own listings go under contract this week however. I try to keep a more limited inventory of very salable homes to avoid the problems associated with unhappy sellers, and being stretched too thin. http://www.vwteamhomes.com/ is where they can be viewed, with virtual tours, at any time. With listings ranging from $180k to $375k at the moment, it is a decent selection, and our web site also allows access to the entire MLS (all 7,012 homes!).

This is rodeo weekend (Pikes Peak or Bust Rodeo), and next week is the Race to the Clouds up Pikes Peak(Pikes Peak International Hill Climb, aka Race to the Clouds). These are 2 of the more unique events of the area, they have long histories, and are unique to our geography. How many places have a 14000 foot mountain you can run car races on anyway? With Sky Sox baseball, Rockies baseball in Denver (can you believe they are over .500 after the All Star Break?), untold other festivals and art exhibits, etc, it is hard to be bored on the weekend unless you want to be!

With all the road construction we see around Colorado Springs, it has been very pleasant driving on some of the new pavement on I25. This morning it was an absolute breeze going through the Woodmen / I25 area, especially after the never ending Cosmix work over the last several years.
I also noticed that the signs are finally up at the new Costco site at Powers and Barnes. It will be awhile yet until it opens, but I know of some of my friends from California will love it when that happens! There are several new restaraunts and other retailers that look close to opening as well, to add to the plethora of dining choices in the Powers cooridor. The Brazilian steak house thing looks very interesting to me personally!

They say that commercial development follows the rooftops, and some of the big retailers have definitely noticed all the rooftops, both completed and planned, on the eastern section of the city. The recent writeup (Gazette article) on the Banning Lewis Ranch Banning Lewis site (first model homes are finally opening up in September it looks like) was a bit of a jaw dropper, with an eventual build out of 75,000 homes! Who knows if it will ever really reach that, but that is a lot of houses!

What does it take to sell a house in Colorado Springs these days? This question is often asked these days by home sellers, and even some agents! With almost 7,000 homes for sale, and closer to only 1,100 a homes a month actually closing, the competition is fierce to be one of the "solds" instead of one of the "for sales". In some ways, it really isn't rocket science.
1. Make sure the house is really priced sharp. If the house is overpriced, everything else becomes meaningless. Price is one of the strongest weapons you have in marketing your home. Make sure it allows adequately for the fact if your home does not have a view, and the neighbor who just sold did, you have adjust for it. Likewise, if you back to a busy street or other less than perfect lot, make sure you adjust hard for these factors.
2. Make sure it is really in top condition. The "fixer upper", "needs TLC" categories of the market are getting passed over in favor of the "like new". I never recommend going crazy with this, but replacing worn carpet and vinyl, painting, refinishing hardwood, getting the lawn in great shape, are all pretty mandatory these days.
3. Be patient. Even motivated buyers want to see lots of houses, so don't expect it to be an instant process.
4. Make sure it is easy to show. Buyers are skipping houses that require 24 hour advanced notice, have to have the seller present for all showings, etc
5. Make sure you have an agent representing you who is really making best of use of online marketing resources. This includes things like making sure the photos are professional and flattering to the house, and offered in many locations and formats, such as http://www.realtor.com/ (including both Showcase and Featured homes services), their own private web sites (like http://www.ricksellscolorado.com/), company sites (such as http://www.remax.com/ or http://www.homescolorado.com/), http://www.homes.com/, etc. Virtual tours, interactive floor plans, etc are also great additional ways to expose the property to potential buyers.
6. Make sure you have an agent that is an experienced negotiator. With all the low offers being written, it can be very tempting to either just "cave in" or refuse to negotiate, neither of which will likely make you happy. Accepting a reasonable offer is always good business, improving an unreasonable one is even better when that is all that is on the table.
7. Make sure your agent is getting feedback on the showings, so you know what you can do to make your house more salable. This is most important with your first 10 showings, because in a normal market, that is all it should take, and a pattern should emerge. In these slower times, it can take a lot more showings.
8. Keep track of market changes. In a slower market, sometimes your neighbors may list after you (for less), and what was a good price at the time you listed may no longer be after even a month.
9. Enter this market only if you are serious about selling. Being on the market in slow times can be like getting a root canal done by a dentist who takes all day. If it really needs doing, fine, but there are things that are more fun, and "testing the market" has been done already, and it is not great for sellers right now.
10. Make sure your agent and their company are positioned to help you be successful in the sale. Companies that do not have staff available 7 days a week to set showings, facility to handle long distance offers, or otherwise don't make it easy to do business with, can cost you showings and/or a sale, something that is too precious in this market to gamble with!

So far in 2007, only 44.7% of the new listings Colorado Springs have sold. If you want to sell your house, follow these 10 tips so you can be among them!

The 4th of July got a double dose of fireworks, with a nice thunderstorm (with hail!) prior to the festivities. All is well that ends well, and it cleared up nicely for the "the big show".
I talked with one of my recent California relocation clients today, and it reminded me again of how Colorado Springs is "a big town that lives like a little town". He was feeling a little homesick (almost everyone does when they move, no matter where they go, or where they come from), and had called an old friend in California that he had not talked to for a long time. To his shock, they were just about to turn the phones off, because they had sold their house and were on their way to - Colorado Springs! Their new house is just 10 or 12 minutes from his. This kind of stuff happens all the time here.
Our 4th of July was spent with friends we have known from our California days, that all moved out for different reasons over the last 15 years. I still remember when we had been here only a few months, and were eating in a small fast food restaurant. My wife saw a couple across the room, and instantly recognized them as old friends from her college days in California. Sure enough, it was them, we've been friends as couples ever since. The wives even work together for the same school now!
I am sure there is word for this phenomenon. Sometimes it almost seems like "de ja vu". But whatever you call it, chances are that if you've lived in the Springs for any period of time, you've experienced it. They the whole world's population is connected, with only "six degrees of separation". In the Springs, I think it is only 1 or 2.

The 4th of July is special here in the Springs. With the 2nd highest percentage of veterans of any of the larger cities in the country, coupled with 5 major local military installations, it just has kind of a special patriotic flavor.
I still remember our first time attending the 4th of July festivities at Colorado Springs Memorial Park. The symphony played a concert, ending in the 1812 Overture, accompanied by a howitzer battery from Fort Carson. It was so cool! There are fireworks at so many locations here, and tonight we will be observing them from the home of some friends, where you can see 3 or 4 different shows going on at once.
The other thing that makes this holiday somewhat surreal, is the price that is being paid for our freedom and that of the Iraqi people, by our own soldiers at Ft Carson right now. Over 200 have have lost their lives so far, 5 just in the last week. So when you are enjoying your BBQ today, and fireworks tonight, please try and remember those that have made our freedom possible, and their families? Have a great 4th!

The statistical reports for Colorado Springs real estate sales are in, and were a little better than I suspected they would be (although I am still not sure why, and they are still kind of grim). It looks like inventory ended up at 6870 units, up 20.4% over last June (up 57.8% over June of '05), and sales were 1,118 units, down 17.5% from last June (down 14.1% year to date). Interestingly enough, despite the glut of inventory, the average sales price was still up 5.7%, although the median (1/2 above, 1/2 below) was down .5%.

Oh yeah, This representation is based in whole or in part on information from the Pikes Peak Association of REALTORSâ, the Colorado Springs REALTOR Services Corp., or its PPMLS. Neither the Association, the RSC, nor the PPMLS guarantees or is in any way responsible for its accuracy. Data maintained by the PPMLS does not reflect all real estate activity in the market.

So what do all these numbers mean?
1. We need more buyers in our market. The supply of buyers has been drained by extended deployments and delayed transfers here to Ft Carson, somewhat higher (though not bad) interest rates, tighter credit criteria for buyers, and somewhat anemic growth at some of our civilian employers. This is an awesome place to live, and longer term prospects are excellent.
2. It will probably take some more time to work off all the extra homes with the sales rate having slowed. The builders have slowed their activity tremendously (we are at 50% of the rate of 2 years ago), but some of the "not so serious" sellers will probably start pulling their homes off the market and stay put longer as the season wears on, leaving the ones that really need or want to get sold, until things are more balanced.
3. We have NOT turned the corner yet as far as the Colorado Springs market is concerned.