Colorado Home and Ranch Real Estate Blog

With so many real estate companies out there today, it is easy to fall into the idea that they are all the same. Keller Williams Real Estate agents do not follow trends, they set them. Keller Williams agents have to the tools and resources through Keller Williams University to obtain the knowledge to stay multiple steps ahead of the game. Their comprehensive industry leading training curriculum allows a Keller Williams agent to serve you in the highest possible way. A Colorado Keller Williams agent will have extensive knowledge of the area and market in which you are looking to buy or sell.  This will save you time, money, headaches, while helping you reach your goals and dreams in the real estate market, and beyond.

Most real estate companies look at rewarding their agents individually, but at Keller Williams we reward agents for working together. Rewarding agents for working together allows for our clients to receive the best, most accurate, and hardest working service. When you sign on with a Keller Williams agent, you not only will receive 1^st class service from the agent, but also from the entire team of Keller Williams. Everyone is always most successful while working as a team, and at Keller Williams you see that success pay off for you, the client.

When deciding on an agent, you need someone who is reliable, trustworthy and honest. You will find exactly that. You will receive direct answers to your questions and concerns. You will receive them quickly and confidently. You will know that you are in good hands with a Keller Williams Realty agent. We realize that we are only as good as the impression we left with our clients.

Keller Williams Realty is a place where dreams are realized. You have your dreams and we can help you get there. If you are interested in selling or buying a home, or you just have a few questions feel free to contact Richard Wilson, a Keller Williams Realty Agent, at (303)-885-9340 or rw9340@gmail.com.

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The property tax on Colorado Springs homes and property is the main funding for the local government, just as it is in most of the country. Nevertheless, Colorado Springs homeowners feel the pain of paying these taxes each year because they always seem to be higher and higher. Even if you have finished paying your mortgage, you still must pay the annual property tax. Colorado Springs houses will see some of the lowest property taxes on the front range, while Eastern Colorado homes will see some of the lowest property taxes in the state.

So how exactly is property tax calculated? The basics are how much your house and property is worth, the exemptions you qualify for and the local property tax rate. There are many ways the government figures out how much your house is worth, sometimes your house is assessed every year or every other year. However, your property’s assessed value really could say nothing about the actual market value of your property. The property tax is calculated by a multiplier, a percentage of which is multiplied to your property’s assessed value.

These property taxes pay for many things in your community, including public schools, libraries, parks and recreation, sanitation, sewer, police, fire protection, roads, and other local needs of your community. Each of these beneficiaries of your property tax receive a percentage of your total property tax.

The current real estate market has created some issues with property tax. In Denver, Colorado, Jason A. Letman, president of Consultus Asset Evaluation, says “most of my clients’ property taxes have increased this year versus last year. The tax bill received in January was based on the 2009 valuation of the property, which confusingly has an appraisal date of June 30, 2008. In Colorado, properties are only reappraised in the odd years, so 2010 taxes paid in 2011 will be just as high.”

In other states such as New Hampshire, which has no income or sales tax, property tax is the number one source of revenue. The lower home values have caused a deficit in the state budget, which means residents can expect to see a spike in property taxes.

Basically, property taxes are one of the most important bills to pay. If you are late then you can receive very high interest and penalties. If you don’t pay at all, then you could lose your home. However, most areas offer assistance to special groups like veterans,  the disabled, elderly, or welfare recipients. If you have any questions regarding property tax in a home you are considering buying please feel free to contact Richard Wilson through his website, www.coloradohomeandranchrealestate.com .

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We all know that the housing market has been a bit slow for the last few years, but there is some good news for Colorado Springs homeowners. The Colorado Springs Real Estate market is improving. The first quarter of 2010 showed more stabilization and a decrease in the amount of Colorado Springs homes for sale. This was also true in El Paso County and Teller County. It looks like the Colorado Springs Real Estate market is doing much better than the rest of the nation.

Colorado Springs has seen the amount of single family homes for sale continue to decline, decreasing the housing surplus. The average time for a house’s “Days on Market” have decrease by almost 9% and there were 313 more homes under contract compared to this time last year.

It is easy to see that the record low interest rates and extended federal tax benefits have pushed these numbers to this point. The Colorado Springs Economic Forecast shows that there is an increase in employment rates, averages wages, and single family housing permits in 2010. Also an anticipated influx of thousands of military personnel to Fort Carson has helped.

This influx will continue throughout the year, and we should continue to see this increase in the housing market for the Colorado Springs area. This will also be seen in surrounding areas including Falcon, Calhan, Teller County, Edison, and Yoder. This is a perfect time to sell your home if you are living in this area, as well as a good time to buy. Please feel free to contact us through the Contact Us tab on our website, www.coloradohomeandranchrealestate.com. Fill out the form and we will discuss the best option for your situation.

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The owners of Eastern Plains homes already know of the beautiful landscape that surrounds their homes, acreage, and drive. However, many homeowners and tourists of the area usually miss out on one of the best beautiful scenic areas in all of Colorado, the Paint Mines. The Paint Mines are located just to the southeast of Calhan Colorado homes. The Paint Mines serves as one of Colorado’s most unique and beautiful parks. Many Eastern Colorado homes are just a short drive from the paint mines while; Calhan Colorado houses have the privilege of being able to see the fantastic geological formations of clay.

These colorful hues of clay, fascinating wildlife and diverse plant communities make the Paint Mines a wonderful nature attraction. The clay of the Paint Mines dates back more than 55 million years, and has shown us evidence of human life as far back as 9,000 years ago. The colorful clays were used for pottery and ceremonial paint by local Native Americans, and later used for making bricks by settlers in the early 1900s. Coyotes, red fox, and mule deer run wild throughout the park and can usually be seen from many of the parks hiking trails. You may also run across lizards, prairie falcons, western meadowlarks and even a pronghorn in the distance.

The best time to visit this glorious park is the late spring until early fall, so now is a great chance and see a local geological wonder.

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When we think of Falcon, we think of the fast growing Falcon Colorado real estate. There always seems to be houses popping up in the area left and right. Falcon Colorado was established in 1888. Its name was given after the prairie falcon that is common in the area. Falcon ranches became populated by the Denver and New Orleans Railroad which runs along Eastonville Road, and then later by the Chicago and Rock Island Railroad which runs along highway 24. Once the automobile was introduced and the damage of a 1935 flood that washed out many parts of the railroad, a decline in passenger rail traffic was seen in Falcon. For many years after, Falcon real estate consisted of only farming and ranching homes. Falcon homes lasted as a small farming and ranching community until the 1990s when a boom of residential homes was built throughout Falcon as a suburban area of Colorado Springs. Many neighborhoods were established in Falcon including The Meadows, Elkhorn Estates, Meridian Ranch, Woodmen Hills, Falcon Hills, Paint Brush Hills and Falcon Heights.

With this boom in residential real estate, Falcon began to see a boom of businesses interested in the area.  In 2000, Falcon opened up a Safeway grocery store. With the success of the Safeway grocery store, the county pushed to push a Wal-Mart into the town and was met with very little opposition. With the presence of many retail stores in Falcon a measure was drafted to incorporate the town in 2007. However, that measure was defeated overwhelmingly with 78% voting against incorporation. It is easy to see that Falcon only has begun to grow. With more and more businesses interested in the Falcon area for retail expansion, you can expect to see real estate continue to grow through the area as well.

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As the housing tax credit has expired, I have been approached by numerous people across the Denver Metro Area asking if buying a Denver home in this market is still a good idea. The answer is YES! With or without this tax credit, buying a Denver house is one of the smartest financial decisions you can ever make. The next question I get is if I should wait to buy a home until a new home tax credit is available. It does not look like there is going to be another home tax credit.

Purchasing Denver, CO real estate right now could also save you a lot of money. As you know, Denver home prices have come down considerably.  Are they at the bottom?  Maybe, maybe not, but they are considerably closer to the bottom than they were 5 years ago.  You can also take advantage of historically low interest rates, and you can get these interest rates fixed! A fixed rate means your principal and interest payment will never change over the lifetime of the loan. On top of all of this you will have equity.

For example, let’s say that you can either rent a Denver home for $1,000 dollars a month or buy a Denver home with a $1,500 monthly payment on a 30 fixed rate mortgage ($200,000 home and 25% tax bracket).  If you choose to buy your Denver home then you can still write off your property taxes and interest and save $300 a month. So now your monthly payment for your home would be $1,200 a month. If you choose to rent your Denver home, more than likely you are on a yearly lease. After your lease is up then chances are very great that your rent will increase, anywhere from $50 to $200 dollars.

For sake of argument, let’s say that your rent will only increase $50, which leaves your rent at $1,050. By year five you will be spending $1,200 a month on rent. The same as if you were have bought the home. If you choose to buy your home, then at the end of your mortgage you will have the equity in your home of $200,000 and more than likely much more than that due to the appreciation of your home. If you chose to rent your home then you would have no equity and in the position of starting over trying to find another home to rent.

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We’ve all heard the news about the housing situation in not only Colorado, but in America, and how so many people are facing the dreaded foreclosure. Colorado has always had some of the highest foreclosure rates. A lot of the Colorado foreclosures are across the Front Range. In 2008, Colorado had over 40,000 foreclosures. There is foreclosure help out there for you if you are thinking you are on the cusp of facing foreclosure. The best thing you can do right away is get in touch with a Realtor. They will be able to help you understand the legal process, and what your options are, including referring you to an excellent attorney.

The basic idea of foreclosure is when the bank or lender takes back a home that the home owner or borrower can no longer make payments on. Each state has very different foreclosure process; this is why it is important to talk to a Realtor. When a home owner is unable to make payments on the mortgage, the lender has the option to begin the foreclosure process. This is a very orderly and judicial process. The lender will eventually take possession of the property or home and the home owner is forced to move.

It is important to remember that foreclosures are not sold by Realtors. Foreclosure properties are auctioned off at a Public Trustee sale in the county that the house is located in. All the auctions are open to the public, and anyone with cash is able to make a run at the foreclosed property. The house must be paid for in full at the auction.

If you are to purchase a home at a foreclosure auction, you could see multiple legal, judicial and title problems that are typically researched and overcome by Realtors and title companies in normal sales transaction. The problems that you could face could be anywhere from title problems, multiple lien holders, IRS liens, tenants or owners till occupying the property, or structural issues. Buying a foreclosed home is a very risky process because you do not have an opportunity or the right to be able to visit or inspect the home. If you buy a foreclosed home you should expect thousands of dollars in unexpected costs.

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Short sales are creating a huge buzz across the Colorado real estate market and across the rest of the country as well. A short sale is another term for pre-foreclosure. A short sale occurs when a lender agrees to take less than the full amount owed on the home. More times than not there are multiple lien holders because the home owner has taken out a second or third mortgage and is unable to continue making payments.

Whether you are considering selling your home as a short sale or buying a short sale, you should realize that this is a last ditch effort by the homeowner to avoid foreclosure. The lenders will receive less than the total loan amount owed, but this is a lot easier than going through the effort and time that it takes to go through foreclosure. Also, the costs of foreclosing on a property are greater than the bank’s loss by taking the short sale.

However, considering all of this, short sales a very complicated, time consuming, and it is not even guaranteed that you will be successful. Short sales can be very frustrating for the buyer, seller, lenders, and real estate agents involved. Banks are beginning to become over run with short sale requests and this approval process can take up to four months. The bank will use a negotiator to evaluate each short sale request.

There are many factors in the banks perspective in the decision making process. Banks consider many things including; home owner’s and borrower’s personal and financial situation, appraisal of the home, market conditions, banks financial situation, and in many cases, banks will consult an outside investor. With all of these varying conditions you can see why the process is complicated and takes so long.

If you are able to successfully purchase a short sale home, then you will have instant equity. If you are able to sell a short sale then you will be able to salvage much of your credit and save some money. It’s cheaper for the lender to short sale the property than to go through the foreclosure process.

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When you fly into Colorado Springs, you will notice a dark patch of thick pine north of the city on the plains. Around the turn of the century, a German immigrant thought it closely resembled The Black Forest of his homeland; hence, the name. Before then, it was known as The Pinery and was the source of railroad ties, mine posts and lumber that built the Pikes Peak Region. Black Forest is rural and the residents are pretty set on keeping it that way, determined to preserve their way of life. Many homes are situated on five or more acres and you will find abundant wildlife inhabiting the woods. Many gentleman ranchers dot the area raising everything from llamas to Arabian horses. Temperatures average about ten degrees cooler than Colorado Springs, the growing season is about a month shorter and the area receives more moisture, especially in the winter. Long before white explorers discovered its beauty, the Indians had frequented the open prairie and pine woods of the Black Forest for hunting and shelter. However, the influx of settlers and prospectors to the Pike’s Peak region in 1859 sealed the fate of the Indian lands forced the tribes to move from their best land and bid farewell to their way of life. While isolated in some respects, Black Forest is only fifteen minutes from the malls and shopping centers that now dot the north and northeast part of Colorado Springs. Residents enjoy miles of trails in the rolling, wooded hills of Fox Run and Black Forest County Parks as they ride, run, snowshoe and cross-country ski. Life in the Forest typifies what is best about Colorado Springs: priceless recreation, nice homes and good schools…all with a little wilderness thrown in for good measure.
Area: Approximately 200,000 acres (312 square miles).
Government: Unincorporated area. The term Black Forest is used to describe the area, but there are no formal boundaries.
Housing: $400,000
Income: $85,000
Economic Base: Residential, agriculture, horse farms.
Area Code for Phone Numbers is (719) unless noted otherwise
Library: Pikes Peak Library District Monument Branch, 1706 Lake
Woodmoor Dr., 488-2370, www.ppld.org. The book mobile stops at
two locations in Black Forest as well.
Local Newspaper: Black Forest News (weekly) 495-8750.
Location: 20 miles north, 5 miles west of Colorado Springs; rough boundaries are Hwy. 83 to Eastonville Rd./County Line to Woodmen Rd.
Medical Services: Penrose-St. Francis Health Services, 776-5000,
www.penrosestfrancis.org; Memorial Health System, 365-5000,
www.memorialhospital.com
Parks & Recreation: Black Forest and Fox Run Regional Parks (part of El Paso County Parks, 520-6375); Camp &Conference Center (488-3750); Black Forest Community Club, 12530 Black Forest Road, 495-3217; Colorado Springs Senior Center (385-5933).
Population: 13,247
Post Office: 6835 White Fir Lane, Colorado Springs 80908, 495-3223 11570 Black Forest Rd., Colorado Springs 80908, 495-4498
Protection: 911 Emergency, Colorado Springs Police 444-7000, El Paso County Sheriff 390-5555, Black Forest Fire &Rescue 495-3000 or www.bffire.org.
Schools: Lewis-Palmer District 38, 146 Jefferson, Monument 80132, 488- 4700, www.lewispalmer.org. Academy District 20, www.asd20.org
Tax Rate: Sales tax 4.9%. Call El Paso County Assessor’s Office for
property values and taxes, 520-6600.
Transportation: Yellow Cab 634-5000, Silver Key Transportation (for
seniors) 633-2611.
Utilities: Mountain View Electric 495-2283, Aquila Gas 800-303-0752,
private well and septic, Comcast Cable, See Basics A-Z.
El Paso County / Centennial Hall
200 S. Cascade • Colorado Springs 80903
General Information: 520-6200 • www.elpasoco.com

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