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Displaying blog entries 21-24 of 24

There are No Homes to Sell!

by Brian Maecker

The inventory in Colorado Springs is at an all-time low. At the end of March there were just over 1400 homes for sale. Last year there were 3127. In 2014 there were over 4000 homes. Sales thru March were 2995 that’s a 2% increase over last year. Yes the market has recovered!!

         While this is good news in many cases, it’s not balanced! When a market is this hot and buyers are bidding for homes, I fear its creating an unrealistic value appreciation. Admittedly prices are finally back up to pre-crash values from 10 years ago. Maybe this is the real value, but it’s hard to justify 10% a year or more in value increases.

         If you want to buy a home, be careful. Do your homework to help you determine value. Plan on staying. Currently the government says you have to live in a home at least two years to avoid Capital Gains tax.

         If you are a seller and want to do a move-up, this is the perfect time. It will work if you sell below $300,000 and buy over $400,000. Above $400,000 it’s more balanced market. Above $500,000 it’s mostly a buyer’s market.

         If you are a reluctant landlord, Sell Now. Take advantage as Capital Gains Tax goes up every year. Demand is high and condition is not a big factor.

         To learn more about how the market affects you, Please call me at 1-888-593-2963 or email me at theteam@maecker.com

Brian

 

Fed Pac Panels

by Brian Maecker

Have you heard about Federal Pacific Electric Panels? Do you own a home that was built between 1950-1980? If your home was built during this time, it’s highly likely that your home has a Federal Pacific Electric Panel.

           Why should this concern you? It has been determined that these electric panels may fail and cause a fire. The issue seems to be the “Stab Lok” technology used in these panels. This Stab Lok technology utilizes an aluminum “pole” stuck into an aluminum bracket. It was quick and cheap. The problem is because the aluminum melts before it trips and thus can cause a fire. Today’s electric panels are copper connections screwed into and around copper connections. This system trips before overheating. Some of these Stab Lok systems were installed safely and continue to operate safely as long as they are not overloaded.

           In summary, there is enough “Bad” reports about Federal Pacific Panels that you need to take the warnings seriously. If you have one of these panels, have a licensed electrician take a look and evaluate. A typical replacement runs between $1500.00-$2000.00. It’s expensive, but it could be lifesaving. According to the Consumer Protection Agency, 2800 house fires per year are linked to Federal Pacific Panels. Be Safe.

Brian

           

Poly Butylene Piping

by Brian Maecker

Have you heard of polybutylene piping? Polybutylene (PB) piping was used in the 1970’s and 1980’s. It’s a flexible, grey plastic type plumbing that was used because it was inexpensive to install. It bends and fits anywhere and is used to connect with brass or metal fittings. The reason it’s become famous is for bad reasons. Many PB plumbed homes have experienced leaks. The leaks have been mostly at the fittings which have failed. The failure was due to chemical breakdown or bad crimping. In summary bad installation

           From my experience, I have only seen 1 home in Colorado Springs experience failure. I’m sure there are more. However it’s not always bad. One could assume if it’s lasted this long, installation was good. However the connections could crack over time.

           The better solution is PEX piping. It’s usually blue or red and has shown for years to be a good alternative. PEX has been used in Europe for decades.

           Generally speaking if you see the grey piping running from your water heater and a manifold system, you probably have PB piping. Today’s inspectors will make a big deal out of it. If you are concerned have a licensed plumber look and evaluate you system. A company called Replumb Specialists http://replumbs.com  is great to work with if you have replacement needs. Please let me know if you need help or have concerns.

Brian

 

Inventory Issues!

by Brian Maecker

On February 1st, 2017... If you are searching for 3 bedrooms, 2 bathrooms, 2 car garage home under $400,000.00. You have only 499 Single Family homes to choose from in the entire Pikes Peak MLS system. In the last 90 days 1863 homes have sold in this range. If you are a renter looking for a home under $2000 per month, there are only 79 rentals available. In the last 90 days 314 homes were rented.

         The inventory here in Colorado Springs and along the Front Range is at an all-time low. I had clients who were to buy a new home in north Denver and the builder said it would be December 2018 before they could get a home ready. That’s a 2 year wait with an escalating price. Not good!

         To all of you, if you are thinking of selling, please let us know. If you are wanting to buy UP it’s a good time as inventory improves, especially above $350,000. We are here and ready!

 Thanks

Brian 

Displaying blog entries 21-24 of 24

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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