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Real Estate Jargon

by Brian Maecker

I thought I would start the year off with some Real Estate Jargon and Meanings. This might take a while, but perhaps it will help more people understand the language of Real Estate. As I go through these weeks, feel free to ask questions.

A’s & B’s –

Acre 43,560 square feet of land.

Amortization the gradual repayment of a mortgage loan by installments.

Appraisal a written analysis of the estimated value of a property prepared by a qualified appraiser.

Appraised value an opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.

Appraiser a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.

ARM, Adjustable Rate Mortgage a loan subject to changes in interest rates as market conditions change.

Assessed value the valuation placed on property by a public tax assessor for purposes of taxation.

Assumable mortgage a mortgage that can be taken over by the buyer when a home is sold.

Bridge loan, Swing loan a form of second trust that is collateralized by the borrower's present home (which is usually for sale) in a manner that allows the proceeds to be used for closing on a new house before the present home is sold.

 More to come next week.

Brian

 

Happy New Year!

by Brian Maecker

           Its 2018, WOW!! I hope your 2017 was a good year. So what’s in store for 2018? Real Estate wise! I expect more of the sale.

           In 2017 we saw record home sales and prices increases in all areas of the market. In 2018 I expect prices to keep increasing, but the number of sales to level off or even decrease. I say that because inventory is tight and I don’t see any relief from that. I think there are lots of folks who want to downsize, but they can’t find that 1 Level ranch home. Or if they do find it, it’s much higher than the equity in their home.

           I expect interest rates to rise ½ -1% this year. Rates have been around 4% or below for years now. It has to go up sometime. I remember in 1986, they were 14%. I think rates need to go up to curb inflation.

           In 2018, I expect more people moving here from Denver. Our prices are at least 10-15% lower if not more in our area. Along that same line, more people will downsize to Pueblo. It’s affordable, it’s warmer, they have lots of 1 Level homes and its lower altitude.

           I expect even more realtors! In 2013 at the low point of the market there were 1600 realtors serving El Paso County. Most of us were the grizzled veterans working through the market. Today there are over 4000 realtors serving El Paso County. Many are doing a one and done. They think it’s easy and frankly these rookies are horrible for the market. They don’t know how to advise or find information. They simply are looking for the quick buck. Don’t be fooled by discounters and amateurs. This market requires experience and the know how! Trust experience. We’ve been here for 31 years through thick and thin. I know how to navigate this environment.

           I hope you have a great 2018. If you need sound experienced Real Estate help, Call us.

Thanks

Brian 

Happy Thanksgiving

by Brian Maecker

         I want to say Thank You to all of our Customers, Clients and Friends for all your referrals and making 2017 a Great Year. Without your trust and confidence we wouldn’t be here. We are extremely grateful.

         This year I am especially Thankful my son Ryan is able to celebrate Thanksgiving with us. He was hit by a car while crossing a street in a crosswalk in California. He broke his left femur, right tibia and fibula and left hand. He has rods in both legs and pins in his left hand. Thankfully that’s all. The pins come out next week and the rods are permanent. Today he stood up for the first time in 6 weeks. We are so Thankful he is here and will recover.

         I hope you find things in your life to be Thankful for. It’s a great time to reflect. Have a Happy Thanksgiving!!

Brian 

YAY for Colorado Springs

by Brian Maecker

Yay Colorado Springs! You said YES to money for schools, parks, drainage and roads. Finally District 11 folks voted for money to update their schools. In doing so, you will keep your property values up. Yay, for money for drainage and storm water. All you have to do is look at all the creeks and culverts and you can see the money is badly needed. Yay for widening I-25. Anyone who has driven back and forth to Denver can clearly see this need.

         We all need to keep chipping in so we can keep Colorado Springs a great city.

Brian 

Health Insurance and Taxes

by Brian Maecker

I just received a quote to renew my current health insurance. It went up 33% from this year’s rate which went up 50% from the year before which went up 50% from the year before that. What the ***??

         My deductible has gone from $1000.00 to $5000.00 to now $7000.00. I’m now looking at trying to get a higher deductible to lower my monthly payments and it appears I can’t. On the flipside my son has a minimal Medicaid plan that he barely pays for and his plan covers most things but he has no choices of Physicians. They choose him if they want him.

         Where is all the money going? Today, I went to my skin doctor. I am self-pay because my basal cell is a preexisting condition, $137.00 for 10 minutes of his time and a 20 minute wait.

         Tax cuts! So if we cut taxes and modify health care what is going to pay who? Is it just me that keeps wondering why we pay more for everything and get less of everything? Where is all the money going? Insurance? Government? Doctors? Hospitals? Where? It sure as heck isn’t staying in our pockets!

Thanks

Brian

 

 

Home Inspection

by Brian Maecker

I just read an article by Caitlin McCabe of the Tribune News Service and she wrote a nice article about Home Inspections. I wanted to summarize and share with you.

           A home inspection is not an appraisal of value for the home. It is an appraisal of the true condition of a home. An inspector is a vital piece of the home buying process. It’s to get a 3rd set of eyes to professionally inspect the true condition of a home.

           A good inspector should be ASHI certified that means the American Society of Home Inspectors. These inspectors have gone through extensive training and they also have to continue with their education.

           Generally speaking an inspection should take place within 2 weeks of an accepted contract. The purpose of the inspection is to determine if there are any health and safety issues plus high dollar repairs. An inspector should note minor issues as well as major issues. However, one must realize minor issues should not be a real concern. Also one should realize that inspectors inspect to “Today’s Codes”. These expectations may not apply to turn of the century and older houses. I strongly suggest that common sense be exercised, but some inspectors don’t see it that way.

           A buyer should always get an inspection and make their contract contingent upon it. It’s for peace of mind. It’s to know what exactly they are getting. It’s to protect all parties involved. Sometimes, sellers do inspections to pre-address any issue. I like this approach in many cases. If you are a seller and do an inspection, you are responsible to share that. I would advise you to address the major and minor issues and ask that inspector to re-inspect with your prospective buyer. It can save everyone lots of money and make for a good transaction.

           To get a list of approved ASHI inspectors in your area, go online or visit their website. You can also call us at 719-593-2963 and we can help you through the whole buying process.

Thanks

Brian

 

Should you hire a friend or family to sell your home?

by Brian Maecker

Should you hire your friend or family to sell your home? The next question you need to ask is – Do you want to keep them as friends or family? I know that sounds harsh, but selling a home is one of the most stressful things that happen in life. Do you want your friends or family to be the brunt of that stress? In my opinion, Don’t Do It!

         When you sell a home you need to hire a person with experience and knowledge of your area. Does this friend have that? Will they treat you the same as other clients by telling you the truth? Will they provide honest feedback? Can you hear that from a family member?

         Selling a home requires open and honest communication. Both the seller and agent need to communicate openly and bluntly. Most personal relationships with friends and family cannot communicate in a manner that will lead to a successful Real Estate transaction. The solution is to let that family member refer a good qualified realtor. Offer advice from the sidelines, it’s much easier in the long run and will preserve the relationships. Think twice before you go down the road with a friend or family member to sell your home!

Thanks

Brian

 

Glad to Be in the USA!

by Brian Maecker

Hi All, I’ve been on vacation in Europe for the last 2 weeks and I am glad to be home! The scenery in the Alps was spectacular and there is a certain charm to many of the mountain towns.

However, when you walk the streets and ride the trains and get behind the scenes, they have issues too. The crowding of housing is crazy. People are stacked on top of one another. The streets are congested. The utilities are dated. The roofs are in poor condition. The buildings need updating. The people look harried and stressed. While we saw the tourist, happy side and tons of friendly people, you could see an undercurrent of struggle.

           Many criticize our country and systems, but we have it pretty good. Don’t kid ourselves into believing its great because we do have big issues. Violence, drugs, poverty need to be addressed. Heath care needs to be solved. However we are not alone in the social struggles that plague our country. Be grateful for what we do have. It’s still more than most!

Thanks

Brian  

 

The Weather is Changing and Winter is around the corner

by Brian Maecker

The weather is changing and winter is around the corner. Here are a few items to do around your home to prepare for the cold months ahead.

  1. Clean & Service your furnace. This should be a no brainer. Clean the furniture and change the filter at a minimum.
  2. Cover the A/C with a good weatherproof blanket.
  3. Caulk the windows and check the doors for drafts.
  4. Check your smoke alarms and check your carbon monoxide detectors.
  5. Make sure roof isn’t missing any shingles from the winds of spring and the rains of summer.
  6. Clean the gutters out. Try to wait until all the leaves have fallen.
  7. Put away lawn furniture and secure items like heat lamps from the winter winds.
  8. Inspect your exterior for holes or gaps in the siding. Squirrels and woodpeckers may have decided to winter in your home.

Stay Warm

Brian 

HURRICANE SIDE EFFECTS

by Brian Maecker

It’s awful to watch the remnants of the 2 hurricanes hit Houston & Florida. I hope that equal attention in relief efforts is being made. They are both catastrophic and both need donations to help them.

                                     

        So how do these hurricanes affect you and I. One, insurance for all of us will go up. The insurance companies will raise the rates across the board so the affected ones will not have as sharp of increases. Two, building supplies will become short and prices will increase. The amount of reconstruction is beyond comprehension and materials will need to come from everywhere. Factories are caught short and it will take months or years to catch it up. Therefore prices for lumber and all building materials will go up. Home prices will go up. New construction will be more expensive. This will trickle down into the resale market as demand continues. Another probable side effect is the folks in Houston and Florida will relocate to safer ground. Colorado and Colorado Springs saw this after Hurricane Katrina and I think we’ll see it again.

 

        In summary, these National disasters affect all of us, some more than others. I feel very grateful to live in Colorado. No hurricanes here!!!

Sincerely,

Brian

 

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Photo of The Brian Maecker Team Real Estate
The Brian Maecker Team
RE/MAX Advantage
5590 N. Academy Blvd.
Colorado Springs CO 80918
719-593-2963
Toll Free: 888-593-2963
Fax: 719-599-7777