Eddie Hurt's Blog

If you are a first time home buyer, Uncle Sam will give you up to $8000 as a tax credit.  Hmmm, that by itself is pretty good but add to that the lowest home prices in years, the best mortgage rates ever, a ton of inventory and you have the makings for one sweet deal. This is valid through 2009.  Check out this articel for more information US News and call your tax professional for in-depth details as I am a licensed REALTOR not a licensed accountant.

Happy Holidays!

Trying to come up with that perfect gift for that special someone?  How about the gift of financial security; the gift of a college education or maybe the gift of retirement?  With our current local market being down, now is the time to consider purchasing investment properties.  Home prices are low, mortgage rates are incredible again hovering around 5%, inventory remains good and the rental market is hot.  Consider this, buy an investment property for around $175,000, your mortgage payment will be under $1000, and in the current rental market you should be able to get more than $1000 per month  for rent. You cash flow $100+ each month and if you reinvest that $100 towards paying down the principal on your mortgage that home will be paid off free & clear in 15 years!!!  That means in 15 years you will own a true asset worth AT LEAST $175,000 but more likely it will have increased in value and be worth somewhere around $250,000 all paid for by a renter!  Guess what's on my gift list this year!

The most current numbers are in for the Colorado Springs metro area.  For buyers, the news is excellent, for sellers the news is mixed.

Buyers - Inventory remains high (great selection), mortgage rates have dropped to well below 6% and First Time Home Buyers can qualify for a tax credit of $7500!  It would be difficult to find another time "where all of the stars were aligned".  This is great news for all buyers; investors as well as primary residence.

Sellers - The news is very much a mixed bag.  Median prices dropped in August 2008 compared to August 2007 by about 9%.  When you compare the Year-to-Date median price for 2008 to 2007, homes have depreciated less then 3%.  Although inventory (your competition) remains high, it is down significantly from 2007.  The number of homes closed for 2008 continues to be off significantly from 2007 as well.  The best news for sellers, there are now great incentives out there for buyers which should help make the 4th Quarter better than anticipated.<BR><BR><SPAN class=yui-spellcheck-wrapper>Remember, America is the land of opportunity.  Those willing to seize those opportunities will garner the fruits of their labor.</SPAN>

Those of us lucky enough to live in Mountain Shadows understand that quality of life is not an entitlement. It is true Mountain Shadows borders National Forest, has an abundance of wildlife, boasts top notch public schools, and is home to The Flying W Ranch, The Renaissance Academy and one of Colorado Springs Park & Recreation Department's finest Recreation Centers, it is up to us to maintain and enhance these jewels.

Maintaining and enhancing these jewels is simple, get involved.  When accessing the trails in the National Forest or on the Renaissance Academy's grounds pick-up trash you see, do minor trail maintenance or volunteer for one of these organizations.  Chipeta &amp; Trailblazer Elementary Schools are as good as they get and they didn't get that way by accident.  Volunteer in a classroom, be a crossing guard, get involved with the PTA or BAAC.  Just because you don't have a child in school any more is no reason to not participate.

Also, another great organization in our neighborhood is the Mountain Shadows Community Association (MSCA).  MSCA has numerous ways for you to be involved.

Don't feel you have the time to get involved?  Why not convince your boss to hold the company party at the Flying W's Winter Steakhouse, or host a family reuniuon on the  grounds.

Many people volunteer because it makes them feel good, but I also will tell you it pays to get involved in our neighborhood.  It is no accident that Mountain Shadows home values have continued to appreciate during these "down times" in the real estate market, it is because many of our fellow residents are investing their time, money & energy into our community.