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U.S. Housing Inventory Crunch Continues… List Your House Today!

Every winter, families across the country decide if this will be the year that they sell their current houses and move into their dream homes.

Mortgage rates hovered around 4% for all of 2017 which forced many buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!

At the same time, however, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Trulia reported that “in Q4 2017, U.S. home inventory decreased by 10.5%. That is the biggest drop we’ve seen since Q2 2013.”

Here is a chart showing the decrease in inventory levels by category:

U.S. Housing Inventory Crunch Continues… List Your House Today! | MyKCM

The largest drop in inventory was in the starter home category which saw a 19% dip in listings.

Bottom Line

Demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2018, now may be the perfect time.

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2018 Haute Chocolate Hop (Downtown Colorado Springs)

Calling lovers of chocolate and local events!

 

 

“On February’s First Friday Downtown, treat yourself to a progressive dessert tasting and art walk at a dozen Downtown venues. Present your Chocolate Passport at participating galleries and venues to receive gourmet treats, free art experiences and chances to win.

PURCHASE YOUR $10 ETICKET HERE, then redeem at any participating Haute Chocolate Hop location to receive your Chocolate Passport. Get your passport stamped between 5 and 8 p.m. and be entered for a chance to win a $100 Downtown Gift Card, good at more than 100 Downtown businesses. 8 stamps = 1 entry, ALL stamps = two entries!

Proceeds from the 2018 Haute Chocolate Hop benefit Art on the Streets and other cultural programs brought to you by Downtown Ventures, a 501(c)(3) nonprofit.

THE 2018 HAUTE CHOCOLATE HOP FEATURES:

RICO’S CAFE AND WINE BAR, offering a delicious square of Belgian Dolfin Chocolat in four decadent flavors and presenting work by local artists throughout the cafe. 322 N. Tejon St.

STORY COFFEE COMPANY, offering aromatic rosemary hot chocolate. 120 E. Bijou St.

COLORADO PHOTOGRAPHY SCHOOL, offering hot chocolate and chocolate treats from a local restaurant and presenting new work by local photographers. 14 E. Bijou St.

BOULDER STREET GALLERY, offering chocolate goodies and presenting new works in watercolor, oil, pastel and acrylic by the 27 Boulder Street Gallery artists. 206 N. Tejon St.

BINGO BURGER, offering a special Haute Chocolate rendition of their signature Boozy Shake. 132 N. Tejon St.

PAINTING WITH A TWIST, offering your choice of two chocolate beers (for visitors 21-plus) and a chocolate and art goody bag. 115 N. Tejon St.

CACAO CHEMISTRY, offering a ganache truffle (milk or dark) and presenting works by artist Carol Darling. 109 N. Tejon St.

THE PERK DOWNTOWN, offering your choice of chocolate coffee shot or brownie bite, and presenting an exhibit of work by local photographer Robin Schneider. 14 S. Tejon St.

PLAZA OF THE ROCKIES, offering an array of chocolate delicacies by Chef Stevie and presenting the work of a local artist yet to be announced. 111 S. Tejon St.

COTTONWOOD CENTER FOR THE ARTS, offering mini chocolate cupcakes from the Cupcake Girls and presenting Color Block: Works inspired by Blinky Palermo427 E. Colorado Ave.

KREUSER GALLERY, offering a 2-ounce bag of its signature Colorado Gold (white chocolate and caramel) coffee blend roasted on-site at this gallery-roastery venue, and presenting The Rough, the Wicked and the Wild: New works by Jess Preble218 W. Colorado Ave.

THE INDEPENDENCE CENTER, offering decadent treats from Mission Catering Company and presenting works by artists hailing from Cottonwood Center for the Arts729 S. Tejon St.

Questions? Email CLAIRE@DOWNTOWNCS.COM or call 886-0088.”

www.downtowncs.com/event/chocolate/

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Thinking of Selling? Now is the Perfect Time

It is common knowledge that a great number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year.

The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed the months in which most people listed their homes for sale in 2017. Here is a graphic showing the results:

Thinking of Selling? Now is the Perfect Time | MyKCM

The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,680,000.

That number spiked to 1,970,000 by May!

What does this mean to you?

With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring; they are out looking for homes right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition amongst buyers.

Bottom Line

It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today.

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The Impact of Tight Inventory on the Housing Market

The housing crisis is finally in the rearview mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. It seems that the market will continue to strengthen in 2018.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

 

National Association of Realtors

“Total housing inventory at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago.”

Joseph Kirchner, Senior Economist for Realtor.com

“The increases in single-family permits and starts show that builders are planning and starting new construction projects, that’s a good thing because it will help to relieve the shortage of homes on the market.”

Sam Khater, Deputy Chief Economist at CoreLogic

Inventory is tighter than it appears. It’s much lower for entry-level buyers.”

Bottom Line 

If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.

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Support Nonprofits by Attending These Local Events

Nonprofits in Colorado Springs and the Pikes Peak region are busy planning a new year filled with fundraising galas, benefits, sports activities and well-known speakers.

Here are the dates to remember and mark on your calendar to start the year. More will be announced later.

JANUARY

Jan. 13: Temple Grandin, keynote speaker, Autism & Asperger Connections Make a Difference Dinner, Hotel Elegante, tinyurl.com/y9owaqjf

Jan. 13: “Dogfight” by composers of “La La Land,” benefit for Fine Arts Center’s Theatre School, Colorado Springs Fine Arts Center at Colorado College, tickets: coloradocollege.edu/fac

Jan. 20: “A Legacy of Ice” tribute to 80-year ice skating history at The Broadmoor, honoring Peggy Fleming Jenkins, benefits U.S. Figure Skating Memorial Fund and USA Hockey Foundation, broadmoor.com/legacy-of-ice

Jan. 20: Dream Big Gala, African American Youth Leadership Conference, 25th anniversary, Antlers hotel, AAYLC-CO.org

Jan. 21: Golden Lotus tea and fundraiser, Golden Lotus Foundation, Silver Pond Restaurant, 6523 N. Academy Blvd., goldenlotusfoundation.org

Jan. 31: 100+Women Who Care, The Warehouse, 100womenwhocarecoloradosprings.com

FEBRUARY

Feb. 3: Ent Center for the Arts, Opening Gala, UCCS

Feb. 6: Tim Tebow, keynote speaker, Colorado Springs Christian School Lion’s Heart Celebration, CSCSLions.org

Feb. 9-10, 23-25, March 3: Rock ‘N Bowl – Play for JA, Junior Achievement, The Summit, JA-SoCo.org

Feb. 10: 35th annual Heart Ball, Colorado Springs American Heart Association, Broadmoor International Center, Coloradospringsheartball.heart.org

Feb. 10: Valentines Tea, McAllister House, mcallisterhouse.org

Feb. 13: Leadership Pikes Peak Community Awards, Garden of Gods Collection, leadershippikespeak.org/luncheon

Feb. 16: Monte Carlo Masquerade Gala, The Chorale, Hotel Elegante, cschorale.org

Feb. 17: Angel Gala, The Broadmoor, www.aoafallen.org

Feb. 21: Supper club, “Breaking Up is Hard to Do,” Pikes Peak Opera League benefit for Opera Theatre of the Rockies’ “Aida,”Patty Jewett Clubhouse, pikespeakoperaleague.org

Feb. 22: Spud Webb and Dominique Wilkins, keynote speakers, Boys and Girls Club Youth of the Year Awards, Antlers hotel, bgcppr.org

Feb. 24: Tom Naughton Roast, Cheyenne Village, Antlers hotel, cheyennevillage.org

Feb. 25: Family Promise

Feb. 28: Celebrate Youth in the Arts breakfast, Colorado Springs Chorale and Youth Symphony, Antlers hotel, kidssing.org

MARCH

March 3: International Women’s Day, The Pinery at the Hill, Facebook

March 6: Women’s Foundation of Colorado luncheon, “Women Achieving Greater Economic Security,” Antlers hotel, wfco.org

March 8-10: Colorado Springs Wine Festival, Wines of Southern France, The Broadmoor, coloradospringsconservatory.org

March 9: Center for Nonprofit Excellence Nonprofit Day, The Antlers hotel, cnecoloradosprings.org

March 10: SKSF Bowlathon, Special Kids Special Families, King Pin Lanes, sksfcolorado.org/event/bowlathon/

March 15: Recipe for Hope, Care & Share Food Bank, The Broadmoor, careandshare.org

March 15: Hometown Heroes, Chuck Murphy, Humanitarian Award, American Red Cross of Southeastern Colorado, The Broadmoor, redcross.org/local/colorado

March 15: Reason to Hope Luncheon, Alzheimer’s Association, Antlers hotel, alz.org/co

March 17: St. Patrick’s Day Gala, Catholic Charities, Cheyenne Mountain Resort, ccharitiescc.org

APRIL

April 5: Annual Luncheon, Colorado Springs Teen Court, DoubleTree Hotel, csteencourt.org

April 7: Tri-Lakes Chamber Annual Awards Dinner, Marriott Hotel, TriLakesChamber.com

April 11: Joe Henjum Senior Accolades, Senior Resource Council, Mining Exchange, srccos.org

April 18: 100+Women Who Care, The Warehouse, 100womenwhocarecoloradosprings.com

April 21: Red Ribbon Ball, Southern Colorado AIDS Project, honoring Mary Ellen McNally and Mary Lou Makepeace, Cheyenne Mountain Resort, redribbonball2018.kintera.org

April 21: Rhymes, Spines and Minds Literacy Festival, Black Educator’s Network, UCCS, reservations Facebook Black Educator’s Network

April 21: Family Ball, Never Alone Foundation, Broadmoor’s Cheyenne Lodge, Facebook The Never Alone Foundation

April 25: CASA Light of Hope, Antlers hotel, casappr.org

April 26: Discover Goodwill Annual Dinner, The Broadmoor, discovermygoodwill.org

April 28: Culinary Passport, Pikes Peak Chefs, Julie Penrose Hall, St. Paul’s Church, pikespeakchefs.org

April 28: Fur Ball, Cheyenne Mountain Resort, hsppr.org

April 28: UCHealth Memorial Hospital Foundation Gala, The Broadmoor, memorialgala.org

April 28: Dodgeball Classic, Big Brothers Big Sisters of Colorado, Air Force Academy, biglittlecolorado.org

MAY

May 5: Chocoholic Frolic, Kidpower of Colorado, Pinery at the Hill, kidpowercs.org

May 5: 25th anniversary Gala and Auction, Junior Achievement of Southern Colorado, Cheyenne Mountain Resort, JA-SoCo.org

May 12: Mothers Day Tea, McAllister House Museum, mcallisterhouse.org

March for Babies, March of Dimes,  marchforbabies.org/event/cos 

May 16: Sports Corp Golf Tournament, Country Club of Colorado, coloradospringssports.org

JUNE

June 6: Pikes Peak United Way Community Celebration, Broadmoor Hall, ppunitedway.org

June 7: Veterans Cup Golf Tournament, The Home Front Cares, Sanctuary Golf Course in Sedalia, thehomefrontcares.org

June 8: Cowgirls & Cocktails, Norris-Penrose Indoor Events Center, Cowgirls & Cocktails on Facebook

June 8-10:  Rally for the Cure tennis and gala, Broadmoor Tennis, Broadmoor.com. Largest Komen Rally for the Cure in the country

June 9: Heart & Stroke Walk, Colorado Springs American Heart Association, Weidner Field, tinyurl.com/yak4s59r

June 16: Zoo Ball, Cheyenne Mountain Zoo, cmzoo.org

June 20: Colorado Springs Western Street Breakfast, downtown, benefits military and families, CSWesternStreetBreakfast on Facebook

June 21: The Longest Day, country wide, Alzheimer’s Association, alz.org/co

June 23: Climb for Courage Stair Climb and Family Festival, Children’s Hospital Colorado Foundation, AFA Falcon Stadium, childrenscoloradofoundation.org/events/climb-for-courage/

June 23: SKSF Bluegrass, Brews & Brats, Manitou Springs Memorial Hall, sksfcolorado.org/event/bbb/

JULY

July 14-15: Friends of Extension (FOX) Garden Tour, north central Colorado Springs, extensionfriends.org

July 17: 100+Women Who Care, The Warehouse, 100womenwhocarecoloradosprings.com

July 19: Urban Peak Off the Street breakfast, under the Colorado Avenue Bridge, urbanpeak.org

July 28-29: Friends of Mueller State Park Fine Art Show & Sale, Mueller State Park Visitor Center, friendsofmuellersp.com/art-show

July 30: Cameron Memorial Golf Tournament, Ronald McDonald House Charities of Southern Colorado, The Broadmoor, rmhcsoutherncolorado.org

AUGUST

Aug. 3: Golf Classic, Junior Achievement of Southern Colorado, Cheyenne Shadows at Fort Carson, JA-SoCo.org

Aug. 7: Going for the Green Golf Classic, BBB, bbb.org/southern-colorado

Aug. 16-19: An Enchanted Weekend, Discover Goodwill, Garden of the Gods Club and Kissing Camels Golf Course, discovermygoodwill.org

Aug. 20: Golf Classic, Tri-Lakes Chamber of Commerce, Colorado Touchstone Energy, Perry Park Country Club, Larkspur, TriLakesChamber.com

Aug. 23: Gift of History Breakfast, Colorado Springs Pioneers Museum, Antlers hotel, cspm.org

Aug. 25: British Invasion Gala, Silver Key Senior Services, Cheyenne Mountain Resort, silverkey.org

Aug. 25: Annual Ice Cream Social, McAllister House, mcallisterhouse.org

SEPTEMBER

Sept. 8: FAC Gala, Fine Arts Center at Colorado College, csfineartscenter.org

Sept. 15: Walk to End Alzheimer’s, America the Beautiful Park, www.alz.org/walk

Sept.15 (tentative): TESSA Gala, The Broadmoor, tessacs.org

Sept. 21: Celebrity Wounded Warrior, keynote speaker to be announced, For the Love of the Troops, The Home Front Cares, thehomefrontcares.org

Sept. 28: Colorado Excellence Awards Gala, BBB, bbb.org/southern-colorado

Sept. 29: Koats 4 Kids Gala, The Pinery at The Hill, Koats4Kids on Facebook

September (date TBD): Night of White Lights, Colorado Springs Youth Symphony, location revealed that night

OCTOBER

Oct. 3: ALLY Up Breakfast, Inside Out Youth Services, Antlers hotel, insideoutys.org

Oct. 17: 100+Women Who Care, The Warehouse, 100womenwhocarecoloradosprings.com

Oct. 18: Big Night Out, Big Brothers Big Sisters of Colorado, The Pinery at the Hill, biglittlecolorado.org

Oct. 18: Signature Chefs Auction, March of Dimes.

Oct. 27: 22nd annual Vintner Dinner, Children’s Literacy Center, The Broadmoor, childrensliteracycenter.org

Oct. 23: Colorado Spring Sports Hall of Fame, Broadmoor World Arena, coloradospringssports.org

NOVEMBER

Nov. 2 or 9: Jewel of a Wine Tasting, Colorado Springs Teen Court, Norris-Penrose Event Center, csteencourt.org

Nov. 6: Breakfast of Champions, keynote speaker to be announced, Peak Vista, The Broadmoor, peakvista.org

Nov. 7: Pikes Peak Opera League Fall Fest, 40th anniversary celebration, benefit for Opera Theatre Goes to School, pikespeakoperaleague.org

Nov. 17: YOT Club, The Mansion, YOT Club on Facebook

Nov. 17: Holiday Dinner and Dance, Senior Resource Council, City Auditorium, srccos.org

DECEMBER

Dec. 1 and 8, Christmas Teas, McAllister House Museum, mcallisterhouse.org

Dec. 22: Debutante Ball, The Broadmoor”

http://gazette.com/around-town-save-these-dates-for-2018-nonprofit-fundraisers-around-colorado-springs/article/1617688

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Time on the Market Drops to New Low in 2017

According to recently released data from the National Association of Realtors (NAR), the median amount of time a home spent on the market hit an all-time low of only three weeks in 2017.

Strong buyer demand, a good economy, and a low inventory of new and existing homes for sale created the perfect storm to accelerate the time between listing and signing a contract. The time needed to sell a home has dropped substantially since its highest mark of 11 weeks in 2012.

The chart below shows the median weeks on the market from 1987 to today.

Time on the Market Drops to New Low in 2017 | MyKCM

Bottom Line

If you are a homeowner who is debating whether or not to list your home for sale, know that national market conditions are primed for a quick turnaround! Let’s get together to discuss exactly what’s going on in our area, today!

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How Rising Prices Will Help You Build Family Wealth in 2018

ver the next five years, home prices are expected to appreciate on average by 3.35% per year and to grow by 24.34% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.

So, what does this mean for homeowners and their equity position?

As an example, let’s assume a young couple purchases and closes on a $250,000 home this month (January). If we only look at the projected increase in the price of that home, how much equity will they earn over the next 5 years?

How Rising Prices Will Help You Build Family Wealth in 2018 | MyKCM

Since the experts predict that home prices will increase by 4.2% in 2018, the young homeowners will have gained $10,500 in equity in just one year.

Over a five-year period, their equity will increase by nearly $45,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.

Bottom Line

Not only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, find out if you are able to today!