january 28, 2013

Vol.5 No.5 www.csrej.com January 28, 2013

Breakfast w/theBuilders Pt.1

Breakfast w/the Builders Pt.2

Golfing for Waldo Canyon Fire

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PRSRT STDUS POSTAGEPAIDPERMIT 745 COlO SPGS CO

National News ........... Page 2Local News ............... Page 9On the Move ............. 7Local Expert ............. Page 18Around the Corner ...... Page 19

Kevin BentBranch Manager(719) [email protected] #251284State Lic #100018895

Aric UlmerLoan O� cer(719) [email protected] #257977State Lic #100011170

Chad DennySales Manager(719) [email protected] #665068State Lic #100037389

Tom SusemihlSr. Loan O� cer(719) [email protected] #208307State Lic #100013573

Rose KellySr. Loan O� cer(719) [email protected] #10326State Lic #100020386

Debbie HavensSr. Loan O� cer(719) [email protected] NMLS #653845State Lic #100018256

Tobi MondejarLoan O� cer(719) [email protected] #241570State Lic #100008696

Honest & Ethical Service from People You Know.5 3 3 3 N o r t h U n i o n B l v d . S u i t e 1 0 0 , C o l o r a d o S p r i n g s , C O 8 0 9 1 8

HELPFUL TIP: Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website: www.dora.state.co.us/real-estate/index.htm Regulated by the Colorado Division of Real Estate, Corp NMLS #3113

By Jon PaukovichEnt—

Housing Affordability Index to set annual record for 2012

Housing starts up 12.1% in Dec.

A Qualified Mortgage has been defined.What impact will this have on the mortgage industry?

After much anticipation, the Consumer Financial Protec-tion Bureau (CFPB) recently issued the Qualified Mortgage (QM) rule. This rule is part of the massive Dodd Frank Act of 2010 which has and will signif-icantly impact financial servic-es in the future. The QM rule becomes effective on January 10, 2014. While the rule has been published, it will take quite a bit of study and analysis to determine its ultimate impact.

The CFPB spent a considerable amount of time processing feedback from the mortgage and housing industry - along with consumer groups - in devel-oping the rule. They had the difficult task of balancing the need for the availability of credit along with consumer protec-tion.

At its core, the QM rule requires lend-ers to perform a full financial analysis when underwriting a borrower’s appli-cation. The maximum debt- to- income ratio can’t exceed 43 percent, points and

fees can’t exceed 3 percent of the loan amount (unless there are discount points for a bona-fide discount in rate), and the rule forbids loans with negative amorti-zation, interest only or bal-loon payments.

When analyzing a bor-rower’s application, lenders (at a mini-mum) must consider eight factors:

• Income and assets

• Employment status

• Monthly payment on the loan

• Monthly payment on simultaneous loans

• Monthly payments for other mortgages

• Other debts including alimony payments and child support

• Debt- to- income ratio or residual income

• And, credit history

Lenders also need to validate the above factors through third party

Solid gains in both single-family and multifamily housing production result-ed in nationwide housing starts rising 12.1 percent to a seasonally adjusted annual rate of 954,000 units in Decem-ber, according to newly released data from the U.S. Commerce Department. This is the highest level of new home production since June of 2008.

“Builders have become increasingly optimistic about conditions in local housing markets in recent months and this report underscores that the housing recovery is well on its way,” said Barry Rutenberg, chairman of the National Association of Home Build-ers (NAHB) and a home builder from Gainesville, Fla. “With inventories of new homes at razor thin levels, builders are moving prudently to break ground on new construction ahead of the spring buying season to meet increas-ing demand.”

“Overall, this report represents a solid ending to 2012 and a promising start to 2013,” said NAHB senior econ-omist Robert Denk. “Multifamily pro-duction is almost back to normal levels and while single-family starts still have a way to go, they are gaining momen-tum. This trend could be even stronger if not for persistently tight credit condi-tions for home buyers, flawed appraisal values and uncertainties regarding

See Housing Starts | 2

With 11 months of data reported, 2012 will clearly go down as a record year for favorable housing affordability conditions, and a great year for buyers who could get a mortgage, according to the National Association of Realtors®.

NAR's national Housing Affordabil-ity Index stood at 198.2 in November, based on the relationship between me-dian home price, median family income and average mortgage interest rate. The

higher the index, the greater the house-hold purchasing power; recordkeeping began in 1970.

An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing

single-family home, as-suming a 20 percent down-payment and 25 percent of gross income devoted to mortgage principal and inter-est payments. For first-time buyers mak-ing small down payments, the affordabil-ity levels are relatively lower.

For all of 2012, NAR projects the housing affordability index to be a record high 194, up from 186 in 2011, which was the previous record. November's reading was 2.5 index points below October, but up 1.5 index points from a year earlier.

Lawrence Yun , NAR chief economist, said home buyers are able to stay well within their means. "Although 2012 was highest on record, the exces-sively tight underwriting precluded many would-be homebuyers from lock-ing-in generational low interest rates," he said. "Rising home prices and a gradual uptrend in mortgage interest rates will offset improvements in family income, but 2013 likely will be the third best on record in terms of household buying power. A window of opportunity re-mains open for buyers who can qualify for a mortgage."

NAR projects the housing affordabil-ity index to average 160 during 2013, which means on a national basis that a median-income family would have 160 percent of the income needed to pur-chase a median-priced existing single-family home. Conditions vary widely, with the highest buying power in the Midwest. Even in the West, where the re-gional index is lower, they typical family

"2012 will clearly go down as a record year for favorable housing affordability conditions"

Yun

See Qualified Mortgage | 3 See Affordability | 6

2 www.csrej.com Colorado Springs Real Estate Journal January 28, 2013

Director of AdvertisingRachelle Nardo

[email protected]

Director of PublishingJosh Olson

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Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colo-rado Springs, Colorado. CSREJ is published once a month and dis-tributed through US Mail to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Build-ing Association and many other industry-related professionals.

CSREJ is not responsible for any opinions or facts expressed by non-staff writers. CSREJ shall not be held responsible for any errors in advertising or editorial content.

Realtor® is a registered trade-mark. Sometimes the word Re-altor® or Realtors® will appear without the “®” symbol for the purpose of saving space. The reg-istered trademark should be as-sumed if it is not present.

We welcome the submission of articles, photos and press releases. Please email any considerations to:

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economic policy debates in Washington.” Single-family housing starts rose 8.1 percent to a seasonally

adjusted annual rate of 616,000 units in December, while multi-family production jumped 23.1 percent, to 338,000 units.

Combined single-family and multifamily starts activity was up across all regions in December. The Northeast posted a gain of 21.4 percent, the Midwest was up 24.7 percent, the South posted a 3.8 percent increase and the West was up 18.7 percent.

Permit issuance, which can be a harbinger of future building

activity, held virtually steady at a 903,000-unit rate in Decem-ber. Single-family permits rose for a fourth consecutive month, by 1.8 percent to 578,000 units while multifamily permits de-clined 2.1 percent to 325,000 units.

Regionally, permits rose 19 percent in the Northeast and 6.6 percent in the West while the South and Midwest posted respective declines of 3.4 percent and 5.7 percent.

The above article has been provided to you compliments of the National Association of Home Builders.

Housing Starts from 1

January 28, 2013 Colorado Springs Real Estate Journal www.csrej.com 3

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© 2012 Cobalt Mortgage, Inc., 11255 Kirkland Way, Suite 100, Kirkland, WA 98033. Toll Free: (877) 220-4663; Fax: (425) 605-3199. NMLS Unique Identifier: 35653. Arizona Mortgage Banker License #0909801. Licensed by the Department of Corporations under the California Residential Mortgage Lending Act #4130455. Licensed by the Colorado Department of Regulatory Agencies in Colorado state. Idaho Mortgage Broker/Lender License #MBL-5220. Indiana Mortgage Lending License #17900. Louisiana Residential Mortgage Lending License #35653. Montana Mortgage Lender License #35653. Nebraska Mortgage Banker License #35653. Nevada Mortgage Banker #3723, Nevada Mortgage Broker #3725. New Mexico Mortgage Loan Company License #03587. Ohio Mortgage Broker Act Mortgage Banker Exemption MBMB.850154.000. Oklahoma Mortgage Broker License #MB002202. Oregon Mortgage Lender License #ML-2991. Texas SML Mortgage Banker Registration. Utah-DRE #8220471. Washington Consumer Loan License #520-CL-48866. Wyoming Mortgage Lender/Broker License #2315. Suzannah C. Mattson, NMLS-408726. Sheri J. Boulton, NMLS-742842. Heather M. Kunce, NMLS-418598. Ticket #2012102210000729

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sources. Lenders who originate loans meeting the QM standards will receive legal pro-tections from lawsuits.

While appearing somewhat restrictive, the CFPB did provide an additional outlet for lenders to help borrowers as the industry transitions to this new environment. If the lender receives an approval from the Fannie Mae, Freddie Mac, FHA or VA auto-mated underwriting systems, the loan is deemed to be acceptable under the QM stan-dard. This transition period could last up to seven years but may be shorter in the case of a reform of Fannie Mae or Freddie Mac.

As with any new law, there are some gray areas that will have to be more defined - such as the 3 percent cap on fees - and how it is applied.

There may be some negative impacts to the new QM rule. The strict new guidelines could greatly reduce a lender’s willingness and ability to offer unique loan products to borrowers who might not entirely fit all the criteria for a loan, but that they deem a viable borrower. For example, an applicant who has a slightly higher debt-to-income ratio, but has great equity in their home, could still be a good loan risk, but with the new rule, most lenders would be hesitant to grant the loan in fear of potential lawsuits if the loan goes bad. Lenders who maintain their own loan portfolios – and who have enjoyed some underwriting authority in the past - might feel pressured to only grant loans which meet the QM guidelines. This new practice could cause some of those borderline –but quality – applications to be denied.

As we all learn more about how this new QM rule will impact the mortgage market, it’s important to work with a lender you trust to stay on top of the changes. The mort-gage industry changes quickly, and it can be difficult to keep up with all the new rules and regulations. Having a knowledgeable lender in your corner can help you and your client come to the closing table with absolute confidence.

Mr. Paukovich oversees the direction and management of mortgage lending, including loan servicing, at Ent Federal Credit Union. He can be reached at [email protected]

Builder confidence in the market for newly built, single-family homes was unchanged in January, remaining at a level of 47 on the National Association of Home Builders/Wells Fargo Housing Market Index, released today. This means that following eight consecutive monthly gains, the index continues to hold at its highest level since April of 2006.

“Conditions in the housing market look much better now than at the beginning of 2012 and an increasing number of housing markets are show-ing signs of recovery, which should bode well for future home sales later this year,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “However, uncertainties stemming from last month’s fiscal cliff negotiations contributed to the pause in builder confidence and continuing discussions among policymakers related to spending cuts and the future of the mortgage interest deduction could put a damper on housing demand in the coming months.”

“Builders’ sentiment remains very close to the index’s tipping point of 50, where an equal number of builders view conditions as good and poor, and fundamen-tals indicate continued momentum in housing this year,” said NAHB Chief Economist David Crowe. “However, persistently tight mortgage credit conditions, difficulties in obtaining accurate appraisals and the ongoing stalemate in Washington over critical economic concerns continue to impede the housing recovery.”

Derived from a monthly survey that NAHB has been conducting for 25 years, the

Builder confidence holds steady in January

Qualified Mortgage from 1

See Builder Confidence | 6


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BREAkFASt With thE BuilDERS (PARt 1)January 17, 2013


In 2012, the Supreme Court of the United States upheld the Affordable Care Act. What does exist is an additional capital gains

tax included within the Affordable Care Act.

There is a new tax on investment income which covers interest income earned, dividends, rents as well as capital gains.

However, this new tax is not a transfer tax on real estate sales.

The only time a principal residence sale can be subject to this tax is when the following criteria come together:

If a married couple makes more than $250,000 or an individual makes more than $200,000 per year during the year their principal residence is sold, the seller’s gain will be subject to this surtax, if the $250,000/$500,000 exemption rule is exceeded.

If the seller is in the higher income bracket, the seller may still not be subject to this tax if the seller’s gain is less than $500,000 for a couple or $250,000 for an individual.

It is a tax on a household with combined income of $250,000 or an individual earning more than $200,000 with a gain over the

$250,000/$500,000 exclusion rule. The exclusion rule was passed during the Clinton Administration as codified in 26 USC 121 which

simply means gain on the principal residence under $250,000/$500,000 is not subject to taxation.

This exemption from taxation on gain under $250,000/$500,000 on

the principal residence still remains in place at this time and therefore not subject to capital gains tax (currently at 15%).

When the tax is applied, it is a surtax of 3.8% of the gain over the

$250,000/$500,000. This is surtax on profit over the $250,000/$500,000 level but not a tax on the total sales price.

Here is an example:

Mr. and Mrs. Smith sell their principal residence and realize a gain of $525,000. They have an adjusted gross income of

$325,000 as it relates to this new tax.

Adjusted gross income (before adding the taxable gain of $25,000) $325,000 Tax gain once the $250,000/$500,000 rule is applied $25,000 New adjusted income (adding the $25,000 of gain) $350,000 Excess over the adjusted gross income of $250,000 for a couple $100,000 The tax on the lesser amount of $25,000 ($25,000 x .038) $950 If Mr. and Mrs. Smith had a gain of less than $500,000 on the sale of their principal residence, none of the gain under $500,000 would be subject to the surtax of 3.8%. Whether they pay a 3.8% tax on excess

gain over $500,000 ($25,000) will depend on other components which affect their adjusted gross income.

This surtax would be handled as an element of the client’s federal income tax return….FIRPTA or the Colorado withholding does not

have any effect….the clients will be subject to the current tax law in the year they sell a principal residence.

For more information and for all your real estate transactions in 2013...

Effective January 1, 2013… Real Estate Sales Tax -

does it affect you?

is well positioned in most markets.NAR President Gary Thomas, bro-

ker-owner of Evergreen Realty in Villa Park, Calif., said the minor erosion in affordability conditions moving for-ward could be mitigated by bank and regulatory policies. "Clearer rules from the government regarding future law-suits and buybacks of Fannie and Fred-die loans could encourage banks to use their massive cash holdings to originate more loans," he said.

"A more sensible lending environment

that makes it easier for other financially qualified buyers to get a mortgage would allow many more households to enter the market, boosting home sales as much as 10 to 15 percent," Thomas said.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real es-tate industries.

© Copyright National Association of Realtors. Reprinted with permission.

National News

NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current sin-gle-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

The index’s components were mixed in January. The component gauging current sales conditions remained unchanged at 51. Meanwhile, the component gauging sales expectations in the next six months fell one point to 49 and the component gauging traffic of prospective buyers gained one point to 37.

The HMI three-month moving average was up across all regions, with the Northeast and Midwest posting a two-point gain to 36 and 50, respectively. The South registered a three-point gain to 49 and the West posted a four-point increase to 51.

The above article has been provided to you compliments of the National Association of Home Builders.

NAR statement on the Qualified Mortgage rule

“The National Association of Real-tors® applauds the Consumer Financial Protection Bureau for creating a broadly defined Qualified Mortgage rule that es-tablishes strong consumer protections while ensuring continued access to safe, affordable mortgage credit.

“NAR forged a coalition of partners that urged regulators to honor Congres-sional intent by crafting a broad QM and we are pleased that the rule encompasses the vast majority of the safe, high qual-ity lending being done today. We will continue to work closely with the CFPB

to ensure that the cap on fees doesn’t re-strict consumers’ mortgage options, but believe today’s QM rule is a positive step to bringing certainty to the housing fi-nance system.

“Realtors® urge regulators to mirror the forthcoming Qualified Residential Mortgage rule after the QM rule to en-sure affordable credit remains available to qualified borrowers.”

© Copyright National Association of Realtors. Reprinted with permission.

Affordability from 1

Builder Confidence from 3


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NMLS#346600 NMLS# 282807 NMLS# 234355 NMLS# 403053 NMLS# 291694 NMLS# 514878 NMLS# 247259

15 Years Exp. 10 Years Exp. 19 Years Exp. 20 Years Exp. 15 Years Exp. 15 Years Exp. 6 Years Exp. 20 Years Exp. 18 Years Exp. 10 Years Exp. 20 Years Exp. 1 Year Exp.

V.I.P. Mortgage, Inc. invites you to go back to school with our upcoming educational series, Cocktail College, at the Cordera Community Center.


Set Your Sights on Promontory Pointe.

Promontory Pointe in Monument, Colorado is the height of luxury. A�ordable luxury.

Which means if you’ve been waiting for the right new home to come along, now’s the time to jump up, pack your bags, and get a move on!

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All inventory pricing and availability subject to change.

Featured Inventory

The Paradise ..................... 15648 Old Post Dr .............. Ranch .....$407,196*..... March 2013 ...................................

The Cuchara...................... 15737 Old Post Dr .............. Ranch .....$394,213*..... May 2013 .......................................

The Stratford .................... 15782 Ann Arbor Way....... Ranch .....$442,398....... February 2013....MLS#746375

Classic Homes – Stephanie Davis/Craig Esterle (719) 481-9828Model Location: 15530 Short Line Court (80132)

The Appaloosa II ..... 15516 Colorado Central Way..... Ranch ......... $384,079 ...... Now! .............MLS #778135

The Palomino............ 15604 Soo Line Way...................... Ranch ......... $379,825 ...... Now ..............MLS #752322

The Palmer................. 15640 Soo Line Way...................... 2-Story ....... $395,636 ...... Now! .............MLS #792754

Vantage Homes – Jan Childs (719) 494-8112Model Location: 15542 Short Line Court (80132)

Choice Location.Big Lots. Killer Views.Affordable Elegance.

You Call It A Wish List. We Call It Home.

Priced from the mid $300s

Priced from the $270s

Baptist Rd.

Gleneagle D

r.

Local News

The median sales price for single fam-ily homes, condominiums and town homes sold during the fourth quarter of 2012 increased in all areas of Colo-rado compared to the same time period in 2011, according to Quarterly Mar-ket Statistical Reports released today by the Colorado Association of REAL-TORS® (CAR). The number of homes sold during the fourth quarter increased in all areas of the state over the previ-ous year, as well, while in most areas the number of new listings available for purchase decreased.

For the state as a whole, sales of sin-gle-family, condominium and town homes (taken together) increased nearly 16 percent to 20,229 units during the fourth quarter of 2012 compared to the fourth quarter of 2011. New list-ings dropped slightly more than 2 per-cent statewide, though some of the more rural areas of our state saw modest (3-8 percent) increases.

Home prices continued to rally, in-creasing about 12 percent to a median price of $223,500. Days on the market continued its downward trend dropping nearly 22 percent to 89 days on average. The statewide number of active listings was 29,669, representing a 4.2-month in-ventory supply. .

“These figures are very encouraging and suggest that Colorado’s place as a leader in the recovery of our country’s housing markets is continuing,” said CAR spokesperson, Duane Duggan.

“Higher sales and increasing median pricing, combined with fewer days on the market, are all positive signs of good things to come. As the economy contin-ues to recover, overall housing affordabil-ity will stay strong and we should expect to see more people entering the market in 2013.”

The Colorado Association of REAL-TORS® Quarterly Market Statistical Reports are prepared by 10K Research and Marketing, a Minneapolis-based real estate technology company, and are based on data provided by Multiple List-ing Services (MLS) in Colorado. The current Q4 2012 reports represent ap-proximately 90 percent of all MLS-listed residential real estate transactions in the state. The metrics do not include “For Sale by Owner” transactions or all new construction.

Sales of lender-mediated properties (properties owned by banks and other mortgage lenders, along with short sales) dropped significantly in most areas of the state. Overall, such sales represent-ed about 20 percent of all transactions in the fourth quarter of 2012 and were down 30 percent over the same period a year earlier.

The CAR Housing Affordability In-dex, a new statistical measure for Colo-rado’s housing market, dropped about 3 percent to 167 for the state, a simi-lar drop occurred in the third quarter of 2012 compared to 2011. An index of 120 means the median household income was 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater housing affordability.

In addition to cumulative statewide statistics, CAR has prepared six regional reports, using the same measures, whose content is summarized below along with local expert contacts.

Southeast Region (Baca, Chaffee, Crow-ley, Custer, El Paso, Freemont, Huerfano, Las Animas, Otero, Pueblo, Teller)

Contact: Jay Gupta – 719-785-4114

Southeast Colorado saw sales of homes increase by nearly 8 percent to 3,283 during the fourth quarter of 2012. Median sales price increased more than 10 percent and days on the market de-clined by nearly 16 percent, among the largest declines in the state. While the CAR Affordability Index showed a slight decline (-1.5 percent) the area’s score of 200 is the second strongest in the state.

At the end of the year, this region had nearly 7,000 active listings which repre-sent an inventory that would last about six months.

See the other five regional reports at www.coloradorealtors.com.

© Copyright Colorado Association of Realtors. Reprinted with permission.

CAR: Sales and prices improved throughout 2012


BREAkFASt With thE BuilDERS (PARt 2)January 17, 2013

See more on facebook!facebook.com/HBAofCOS


NEW LOTSNow at Banning-Lewis Ranch!!

Featuring:NEW LOTS available now!

Ranch and 2-Story Homesfrom the Low $200s!!

Contact us Today at719-559-3770

Or Visit us At8047 Briarthorn Lane

Colorado Springs, CO 80951

*Prices, included features, availability and delivery dates are subject to change without notice or obligation. Measurements are approximate. Exterior elevations shown may vary from elevation built. See salesperson for details. Terms and conditions subject to credit approval, market changes and availabil-ity. © D.R. Horton, America’s Builder, Inc. 2013

Homes Readyto Move-InNOW!


• NewHomesavailablenowforimmediatemovein.

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Use your smartphone and a QR Reader application to see an exclusive tour of Meridian Ranch.

Discover Why People Love Living Here.

SEVEN MODEL HOMES | OPEN DAILY UNTIL 5PM


Top tips for accidental landlords By Alex Yoder, President of the Colorado Springs Chapter of NARPM

Oldest. Best. Period.

Call or click today. 719-392-8518www.NewGenHomes.com

• Oldest Builder in Town – SINCE 1958

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Local News

Because of the current cli-mate in Colorado’s real

estate sales market many home owners have been forced into becoming what some refer to as “accidental landlords.” These are people who want to sell their homes but can’t because of in-sufficient equity. In order to avoid foreclosure, short-sale or

bring cash to the table they decide to rent their home out. Many of them hire a professional property man-ager, or if they are particularly brave, they try to manage the home on their own. Being forced into this realm of real estate can be very difficult. If this is you, the fol-lowing tips, listed in no particular order, will help you in your new quest.

• Do not do your own maintenance. My experience with property owners who want to do their own main-tenance is that 9 times out of 10 they alienate their ten-ants. This is because they often have to schedule during odd hours to get into the home and they rarely have the required parts, tools or expertise to perform the work properly or in a timely fashion. If you are concerned about potential expenses and want to minimize risk, a home warranty can be very helpful; just don’t forget to read the fine print. Keeping good tenants is the single most important thing a landlord can do, and alienated tenants don’t normally renew their leases. The easiest way to lose as a landlord is with high turnover and lost rents.

• Jump in with both feet and don’t look back. So often I see landlords who are resentful about having to even be “in this mess.” Because of this, they intention-ally or subconsciously view and treat their property manager and/or their tenant like they are the enemy and they don’t offer an ounce of trust. They are so afraid of being burned, that they burn everyone around them first. This attitude inevitably ends up biting them from behind, although from their perspective it’s always “the other person” that is/was to blame. Do not forget that sometimes giving others the benefit of the doubt, or flexing slightly to cover the cost of a gray area expense, goes a long way and will likely play to your benefit if the big picture is considered. Just like in a marriage, if both parties only give 50% there will be a constant battle over what 50% (or “fair”) really means; offering 75% helps in many ways, including avoiding court.

• Make all decisions in the interest of protecting your liability, and your financial return, so long as practicing fair and honest business comes first. If you do not make an effort to practice fair and honest business before all else, you will become a slum lord, and slum lords attract slum tenants. Secondly, I occasionally see landlords hurt themselves exercising the other extreme when they are so emotionally attached to the occupants and the occupant’s problems that they give up way too much that they didn’t ethically, morally or legally have

to. There is a delicate balance here that should always be considered.

• Recognize that your home is no longer a home, it is an investment, and business is business. First, it will take money to maintain the investment. Second, it doesn’t matter if you are renting to a stranger or to your best-friend; you need to have a good written lease. Third, you as the former occupant might have been able to live with certain deficiencies, but it is not likely that your future paying tenant is going to be willing to live

with them. When determining which issues to resolve at the property prior to renting it, pretend like you are the tenant documenting the condition of the home with a written report backed up by photographic evidence. You want that tenant to document as little as possible. Not only because taking this approach means the home is in better shape which will inevitable attract better tenants, but also because you want to provide a “blank palette”

By Alex YoderDorman Real

Estate Services— See Landlords | 17


Last fall, Jim Spittler and his wife Elizabeth (Mem-bers of The Club at Flying Horse) organized an event to honor first responders and families affected by the Waldo Canyon Fire.

Spittler approached The Club, suggesting they partner with him in creating a golf outing for those most closely touched by the fire, and management happily agreed, generously donating a day on the links (carts included) followed by a commemorative lunch for all participants.

Not one to rest on his successes, Mr. Spittler then reached out to The Club’s Full Golf Members, request-ing player-sponsors for the October 22nd golf tourna-ment, in which he hoped to include families and first responders.

His appeal was heard, and resoundingly acknowl-edged, when members stepped up to host eighty guest players for a day on the course.

Jim Spittler’s original goal was to raise enough money to cover the cost of the golf outing—treating the fire vic-tims and first responders to a relaxing day at The Club—but thanks to both The Club’s management and partici-pating Members, he accomplished much, much more.

When all was said and done, this spirited event raised nearly $3,500 in donations for “Colorado Springs To-gether,” whose initiatives in Waldo Canyon and the Mountain Shadows neighborhoods are helping to both repair lives and restore property.

Congratulations to the Spittler’s, The Club Golf Staff, the Club Members who supported this effort, and the Waldo Canyon Golf Teams for a job well done! Flying Horse is proud to be part of this wonderful act of com-munity support.

To learn more about Colorado Springs Together, please visit www.ColoradoSpringsTogether.com

Local News

Golfing for Waldo Canyon Fire Victims and First Responders raises nearly $3,500 for “Colorado Springs Together.”

Coming to Meridian Ranch!New Model Open April 1st, Lots Available Now!

Finished Basements and 3 Car Garages are Included!

4% commission plus an additional $1000 bonus until the end of February!Additional $5,000 towards your client’s incentives.

For more information, contact us at 719.495.7664or visit www.GJGardnerFalcon.com

$299,200 3156 sf $375,500 4450 sf$347,088 3488 sf


Home Loans of Colorado Springs

Call us: (719) 433-7651 or visit: ColoradoVALender.com

Veterans United Home Loans of Colorado Springs is a VA-approved lender and is not affiliated with any government agency. NMLS 1907. Regulated by the Division of Real Estate. "Veterans United” is a registered trademark of Mortgage Research Center, LLC. All Rights Reserved.

Our top priority remains helping veterans and service members use their hard-earned VA loan benefit. But now, we

hope to deliver more. We are proud to embrace our role as market leader and be a true resource for our nation's heroes.

New name. Same commitment to proudly serving those who serve our country.

VA Mortgage Center is now Veterans United Home Loans

of Colorado Springs

Mortgage Lending

Veterans United remains the

nation's #1 dedicated VA

lender, specialized in helping

veterans and service

members navigate the

complex VA Loan. As the

area's premier full- service

lender, we offer a variety of

home loan solutions,

including FHA, USDA and

conventional financing.

VA Benefit Education

Veterans United literally

wrote �e Book on VA

Loans, and we provide free

copies to borrowers and

agents interested in

learning more about the

complex benefit. We also

provide a number of other

educational materials in an

effort to help borrowers

fully understand their

hard-earned benefit.

Giving Back to �ose Who Serve

�rough our employee-driven

charitable arm, Veterans

United Foundation, we are

committed to enhancing the

lives of veterans and military

families nationwide. In 2012,

over $34,000 was donated

in the Colorado Springs area

and we look forward to

enhancing more lives in our

community throughout 2013.

Grant SchneiderNMLS 252034

Alice SchneiderNMLS 252027 502 E Pikes Peak Ave, Ste. 200 | Colorado Springs, CO 80903


Beautifully Designed, Undeniably Unique

Charming New Homes from $200’s - $700’s

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7680 Goddard Street, Suite 120 | Colorado Springs, CO 80920719-593-1661

90 South Cascade Avenue, Suite 950 | Colorado Springs, CO 80903719-471-1058www.ChicagoTitleColorado.com

Kate Zeh-AdamsSales [email protected] 719-232-2365

Amanda PayneEscrow [email protected] 719-355-3730

Joseph BurksExecutive Vice President,Southern [email protected] 719-593-1661

Chicago Title of Colorado- A National Title Company with Local Expertise!Get the power and financial strength of Chicago Title of Colorado behind your next transaction.

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percentage of responses is naturally higher because the variable data catches the client’s attention.

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New Address


On the Move

Mary GreenwoodEnt

Ent is pleased to announce the pro-motion of Mary Greenwood to mortgage loan officer. Greenwood has been with Ent for seven years and started as a mem-ber service representative. Most recently, she worked as a consumer lending spe-cialist at Ent’s Falcon service center.

As a mortgage loan officer, Green-wood will serve the mortgage loan needs of Ent’s members located in El Paso and Teller county. She holds VA and FHA certifications and is well-versed in all other mortgage loan types including CHFA and conventional. Greenwood has bachelor’s degree in communication from the University of Colorado at Colo-rado Springs.

kelly YoungThe Platinum Group Realtors

Creating relationships & solving puz-zles are important and fun for me. I am passionate, genuine and a strong nego-tiator. After that, I love to have fun and believe it is equally important to help cli-ents live the Colorado Lifestyle whether it be for an hour, a day or a weekend trip to look at property. I have been a Realtor for 15 years and truly love my job!

Living the Colorado lifestyle and hav-ing the opportunity to help clients find their home, raise their families and create their lifestyle is a gift and not taken light-ly. Spending time with cleints looking for their ideal home or mountain property reminds me why I love Colorado and what I believe "living the good life" re-ally is. The slowed down pace, relaxation, peace and tranquility is truly a gift.

Davies, DeWittKeller Williams Partners

Janith Davies has been in real estate for 8 years. She likes that Keller Williams offers extensive training and technology systems to their agents. She loves dogs and enjoys spending time outside with them.

Doug DeWitt has been in real estate for 12 years and loves being an expert in the area he serves. He has a diverse back-ground including an Associates Degree in Criminal Justice.

ken AsherNextage Pikes Peak Properties

Nextage Pikes Peak Properties is fortunate to welcome Ken Asher to our rapidly expanding family of distin-guished, client-oriented, business-savvy agents. Ken joins us at 1880 Office Club Pointe just off Briargate Parkway and Ex-plorer Road. Having come from a mili-

tary background Ken’s primary focus is helping military folks. It may sound old fashioned, but you can be assured Ken still believes the client is always # 1. Al-though Ken’s principles may be old fash-ioned, his use of cutting edge technol-ogy maximizes his ability to help clients buy a home or get their home sold with the least amount of hassle. Ken joined Nextage because of their vision and awe-some compensation plan.

Glenda MillerNextage Pikes Peak Properties

Glenda Miller, Broker Associate and the Director of the New Home Connec-tion Team, has joined Nextage Pikes Peak Properties. Glenda moved to Colorado Springs in 1982 and became a licensed Realtor in 1983. Glenda's husband Bob is retired from the Air Force. She loves help-ing people relocate to Colorado Springs. She is proud to show off our beautiful city.

Our NHC team specializes in new home sales, but also sells resale homes and lists properties for sale. Glenda is a Certifies New Home Specialist as are sev-eral of her team members. New Home Connection is also a member of the Bet-ter Business Bureau. Helping customers find their dream home is very important to our team.

Glenda is very excited about the busi-ness opportunities that Nextage Pikes Peak Properties offers. It is truly the next age of Real Estate.

See Page 2

newoffice?

For all your closing and title needs

719-358-2295 | www.COWesternTitle.com |

C O L O R A D OWESTERN

TITLEQUALITY • SECURITY • SERVICE

C O L O R A D OWESTERN

TITLEQUALITY • SECURITY • SERVICE

Kim Gross Carmen Kolson Nettie Siano Palace Ty Earls Lynn Henschen Escrow Support Vice President President Title Examiner Director of Business Development

Colorado-Owned

Colorado Western Title Announces The Grand Opening Of

Our Colorado Springs Office at 6005 Delmonico Drive, Suite 178,

Colorado Springs, Colorado 80919

so that come move-out time it is much easier to determine and demonstrate any “excessive wear-and-tear” (aka-damage).

• Do not make your decisions based solely on principle. You might take people down, but you’ll go down with them. Even in a situation that makes you want to scream, step back, objectively consider the best outcome, create a plan to reach that outcome, and then put it in writing.

Being a landlord can be challenging,

but it can also be very rewarding when you have the opportunity to do good business with good people. If you are reading this now then you are well on your way to success in this new venture by educating yourself.

Alex Yoder is the Director of Residential Management at Dorman Real Estate Services, a firm with over 450 residential doors. He has been in management for over 8 years and is currently serving as the President of the Colorado Springs Chapter of NARPM (National Association of Residential Property Managers).

Landlords from 13


Local Expert

By Bill McAfeeEmpire Title—

Empire Title of Colorado Springs

Empire Title of Woodland Park

Our Woodland Park Office

has moved!

So … what else is new?

2012 Year-end local real estate statisticsBill McAfee is President of Empire Title of Colorado Springs. This information is deemed reliable but not guaranteed.

Sales PricePrevious 12 Month Median

$150,000

$160,000

$170,000

$180,000

$190,000

$200,000

$210,000

$220,000

$230,000

May-03

Aug-03Nov-03Feb-04M

ay-04Aug-04Nov-04Feb-05M








ay-12Aug-12Nov-12

Number of SalesPrevious 12 Month Average

0

200

400

600

800

1,000

1,200

May-03

Aug-03Nov-03Feb-04M









ay-12Aug-12Nov-12

Active ListingsPrevious 12 Month Average

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

May-03

Aug-03Nov-03Feb-04M









ay-12Aug-12Nov-12

2012 YTD vs. 2011 YTD

• Average Price 4.9%• Median Price 6.9%• Residential Units Sold 8.4%• Inventory Levels 25.2%• Number of Listings 19.3%• Foreclosures 4.1%• Interest Rates are at historic lows


Around the Corner

* Events subject to change. Due to space, please check with event/class holders early for more detailed information on cost, CE credits, sponsors and registration dates.

send

eventus your

[email protected]

Your imortgage team!

(719) 358-5880 Colorado Springs(719) 547-2109 Pueblo Call us today!

Interest rates are at 50-year lows! Now’s the perfect time to be looking for a new home, a second home, a vacation home, an investment property, or, if you’re happy right where you are, a refinance! Today’s low rates could help you save big every single month!

imortgage 1125 Kelly Johnson Blvd., Suite 125 Colorado Springs, CO 80920. imortgage Pueblo 19 E. Abarr, Suite D, Pueblo West, CO 81007. Rates, terms, and availability of programs are subject to change without notice. Consumer is subject to specific program qualifications. This is not an advertisement to extend consumer credit as defined by section 226.2 of Regulation Z. Registered as a Colorado Mortgage Company. Regulated by the Division of Real Estate. imortgage NMLS ID 3096. All right reserved. 2012. Equal Housing Lender.

● FHA / VA Loans● Conventional Loans● Foreign National Loans● Jumbo Financing● Renovation Loans ● Refinance Loans ● Investor Loans ● REO Extended Locks

● Lock N Shop Loans

2013 is looking great for homeowners!

‘

Thursday, January 31Business Alliance Luncheon11:30am – 1:30pm @ Antlers Hilton719.884.2832

IREM Economic Forecast Breakfast7am – 10am @ Doubletree Hotelmembers.ppar.com

Tuesday, February 52013 CREC Contract Changes Update9am – 12pm @ Chicago [email protected] 719.232.2365

Wednesday, February 6New Contract Class8:30am – 12:30pm @ Empire [email protected] 719-884-5300

Thursday, February 7 Masterminds Networking Group7:30am – 9am @ Canon National BankRSVP to David Alley, 719-632-3526 [email protected]

Mandatory Commission Update8:30am – 12:30pm @ Empire [email protected] 719-884-5300

B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10am @ The Grill at Latigo Trail Equestrian Center. Roxene, 495-6213

New Contracts Class1:30pm – 5:30pm @ Empire Title W. Park719-686-9888 [email protected]

Friday, February 8Pikes Peak Exchangors8am – 9:30am @ Valley High Country [email protected]

Wednesday, February 13Realtor Day at the [email protected]

eContracts Intermediate Class10am – 12pm @ Empire [email protected] 719-884-5300

HBA Annual Awards Reception4pm – 7pm @ Antlers Hiltonwww.cshba.com

Thursday, February 14Farm and Land8am – 9:30am @ Maggie Mae'sLarry Prewett: 719-332-0592

Women's Council of Realtors11am – 1pm @ Clarion Hotel (I-25 & Bijou)Michele: 719-633-7718


Independent Brokers Forum9am – 10:30am @ [email protected]

Tuesday, February 19NARPM Meeting11am – 1pm @ Clarion Hotel (314 W. Bijou)Alex Yoder, 719-213-9100

Thursday, February 21New Contracts Class8:30am – 12:30pm @ Empire [email protected] 719-884-5300


Tuesday, February 26Successfully Selling HUD Properties9am – 12pm @ Empire [email protected] 719-884-5300

Thursday, February 28Farm and Land8am – 9:30am @ Maggie Mae'sLarry Prewett: 719-332-0592

Friday, March 1-3HBA Home & Garden ShowFri: 4pm – 7pm, Sat: 10a – 6pm, Sun: 11am – 4pm @ Freedom Expo Centerwww.cshba.com

Thank You For Making 2012 An Outstanding Year!

Unified Title Company would like to extend a special “Thank You” to our incredible staff and

our clients. You made the difference in 2012.

Here’s to a very successful 2013!

www.unifiedtitle.comColorado Owned and Operated Since 1992

Our People Make The Difference

Commission?Angling

The “Hooked on Classic” Realtor Recognition Program is back by popular demand! And that means we’ll be paying out more than line when we say thanks to all of our hard-working sales partners out there for promoting our properties!

With each qualified closing, we’ll be handing out cash. Cold hard cash, along with a handsome 4% commission. And as your closings increase, so will your bonuses—from $1,000 to $3,000!

The catch? You have to qualify to participate.

So don’t wait. Call or visit your nearest Classic Homes Sales Model today and get outfitted for the biggest adventure ever.

Here’s how it works—by the numbers…

The 2013 Hooked on Classic program applies to all sales and closings for Classic Homes new construction and speculative inventory. Qualifying Realtors will have a chance at other special prizes throughout the year!

Announcing the 2013 Hooked on Classic Realtor Recognition Program.

Program Terms and Conditions:1) Hooked on Classic 2013 Bonus Incentives will be paid on all contracts

originated between 1/1/2013 and 12/31/2013. Contracts must close to receive bonus. 2) You must be an active Colorado licensed real estate agent and must

have actively participated in the sale, to include being present at the initial client meeting, contract signing, and other relevant homebuyer/builder

meetings. 3) All bonus commissions will be paid at closing. 4) Employees of Classic Companies and Flying Horse Realty are not eligible for this

program. 5) Bonus commissions are earned on an individual REALTOR basis, team sales are not cumulative. 6) Bonus

incentives will be awarded to the individual agent listed on the contract. 7) Program subject to

change without notice.

1st Closing4% commission on base price and qualify for the Hooked on Classic Program.

2nd Closing4% commission on base price + $1,000 Bonus

3rd Closing4% commission on base price + $2,000 Bonus

4th Closing (and beyond)4% commission on base price + $3,000 Bonus

www.ClassicHomes.com/Hooked

FeaturedInventoryALL ReadyFor QuickMove-in!

For a BigIT’SBACK

FOR 2013!

NORTHPROMONTORY POINTECall 719-481-9828

15782 Ann Arbor Way – $442,398 Ready February! 4 bed, study, 3 bath, 3 car garage, 4,595 sq. ft. Ranch Plan – MLS #746375

FLYING HORSECall 719-495-7297 The Village Of Encore2445 Veneto Way – $399,900 Ready Now! 3 bed, study, 2.5 bath, 3 car garage 3,242 sq. ft. Ranch Plan – MLS #745221

The Village Of Siena13135 Cake Bread Hts – $360,047 Ready Now! 4 bed, 3 bath, 3 car garage 3,226 Paired-Patio Ranch Plan MLS #746108

WOLF RANCHCall 719-282-16506032 Revelstoke Dr – $333,085 Ready Now! 4 bed, 3 bath, 2 car garage 3,263 sq. ft. Ranch Plan MLS #777344

6026 Wolf Village Dr – $319,961 Ready Now! 4 bed, 2.5 bath, 2 car garage 3,430 sq. ft. 2-Story WESTMOUNTAIN SHADOWSCall 719-492-2823

2275 Yankton Pl – $384,821 Ready Now! 3 bed, study, 2.5 bath, 3 car garage 3,242 sq. ft. Ranch Plan MLS #789748

EASTINDIGO RANCH AT STETSON RIDGE Call 719-574-6610

7771 Renegade Hill Dr – $301,383

Ready Now! 4 bed, 2.5 bath,

2 car garage 3,443 sq. ft. 2-Story Plan

MLS #741101

7784 Renegade Hill Dr – $ 329,183

Ready Now! 4 bed, 3 bath, 3 car garage

3,176 sq. ft. Ranch Plan – MLS #782335

BANNING LEWIS RANCHCall 719-886-4995

7169 Spring Linden Ct – $349,900

Ready Now! 4 bed, study, 2.5 bath,

3 car garage 3,737 sq. ft. 2-Story Plan

MLS #734812

7147 Buckoak Court – $359,900



MERIDIAN RANCHCall 719-494-1101

10453 Mt Columbia Dr – $329,992



SOUTHLORSON RANCHCall 719-390-6200

6869 Alliance Lp – $262,355


2,911 sq. ft. 2-Story Plan – MLS #768581

6854 Alliance Lp – $284,042


3,176 sq. ft. Ranch Plan

*Pricing, availability, and program terms subject to change.

january 28, 2013

Documents

state lic

aric ulmerloan o cer719

tobi mondejarloan o

n o r t h u n i o n

qualified mortgage qm

d o s p r i n g s

mortgage industry

loan monthly payment