Spring Creek Neighborhood

Spring Creek Park Neighborhood

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Spring Creek neighborhood is located on the South East part of Colorado Springs. This area is neighborhood is developed as a Traditional Neighborhood Development (TND). It focuses on a small town feel where the neighbors can sit on their porches and the children can play on the playgrounds safely. A TND is served by a network of paths, streets and lanes suitable for pedestrians as well as vehicles. This provides residents the option of walking, biking or driving to places within their neighborhood. By doing this  it brings back the old fashion neighborhood feel. The neighbors who live in Spring Creek like it because it is dog friendly, peaceful, well maintained, has great scenery and welcoming. The houses in this neighborhood range from the 150’s to the mid to low 300’s.

 

To view available listings in this neighborhood please click the following link: Spring Creek

RE/MAX Properties, Inc.
719-213-0893 Cell/Text
719-570-9000 Office Main
wyniarealty@gmail.com
www.wyniarealty.com

http://wyniarealty.smarthomeprice.com

Colorado Springs Downtown Neighborhood

Colorado Springs Downtown Neighborhood

 

Colorado Springs Downtown neighborhood is just under 3 square miles.It has a small town feel with big amenities.  Being close to work, parks, food and entertainment it is easy to see the draw that downtown brings.  There is about 7,300 people who live in this area. There are 2 major parks downtown, Acacia and America the Beautiful. Both parks often have activities going on and play areas for children. The Colorado Pioneers Museum and the Fine Arts Center are always a great place to tour if you are looking for something to do.  Downtown Colorado Springs is also filled with plenty of shopping and dining. There is an abundance of things to do here.

 

To view available listings in this neighborhood please click the following link: Downtown Colorado Springs

 

Jeremy Wynia

RE/MAX Properties, Inc.
719-213-0893 Cell/Text
719-570-9000 Office Main
wyniarealty@gmail.com
www.wyniarealty.com

http://wyniarealty.smarthomeprice.com

Please give me a call or email me if you know of anyone that might want to buy or sell ANYWHERE in the world. I will take great care of them or find a top agent in another part of the country or world to help them. Thank you in advance for your referral!

Real Estate Tips for Buyers and Sellers

 

Real Estate Advisor: March 2016
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Real Estate Tips for Buyers and Sellers
Thinking about starting a home search or selling your home soon? The 2016 real estate season is upon us, and if you are anticipating a home search, or selling a property, here are some top tips to help you navigate the real estate market in your area this spring and summer.

For Buyers

Don’t go overboard with an offer

While you might be inclined to get into a bidding war over your dream home (the market is pretty competitive), don’t overspend to the point where if the market stabilizes your home will have an overly inflated price and make it difficult to resell in the future. If you plan on living in the property for a long time, paying a high price isn’t a bad thing, but it’s a good idea to set a limit on how high you’re willing to bid for a home.

Start your search ready

If you’re already looking into purchasing a home or property, and you know you’ll need a mortgage, you should already be shopping for a loan. Buyers with a mortgage pre-approval are a step above those that haven’t even looked into loans. You can also help your purchase game by having fewer contingencies or conditions that affect the purchase. If you can start your home search with some of your bases covered, and the ability to be flexible, you’ll already be far ahead of those just entering the real estate race.

New doesn’t mean pristine

While we all dream of buying a brand new home, complete with absolutely no projects, it’s quite common for brand new construction to have issues. The reality is that builders can and do cut corners, and the last thing you want is to invest your money into a brand new home only to find out that certain things were not completed 100 percent. If you’re looking to buy new construction, it’s not a bad idea to hire an independent inspector to make sure your new home is up to all current building codes and standards.

Beware of hidden costs

While you might find a home that is the perfect price for your budget, beware of the hidden costs that come along with buying a property. You may or may not have a mortgage, but you will have yearly property taxes that will either be monthly payments or a large payment once a year. If you do need a mortgage, you can expect an origination fee, and depending on the amount of your down payment or you credit rating, you can also expect to pay private mortgage insurance. You can also expect fees by way of the home inspection, appraisal, and in some communities there will be monthly HOA fees.

Don’t be afraid to go outside your comfort zone

Many buyers have a specific neighborhood, town or city picked out before they begin their property search. With the U.S. real estate market being as competitive as it is for buyers, don’t be afraid to look into areas that are developing when you look for your new home or property. Homes and property prices might likely be lower in developing areas, and if you can find an area where new businesses are being introduced and other amenities will be available, home values may significantly increase over the coming years.

For Sellers

Play to your advantages

The U.S real estate market is being called a seller’s market, meaning there are more people trying to buy houses and properties than there are actual properties to buy. Because of this, as a seller, you can play to your advantages: you can likely get away with not paying closing costs; you can dictate the terms of the sale and any contingencies a buyer might have; you can entertain multiple offers and choose the best one for you. But in all of this, don’t try to price your property outside of your area — you want to sell your home, not keep it on the market forever.

Know the best areas of your property

If you’re considering selling your property, there are two room updates almost every buyer appreciates: kitchens and bathrooms. If you have the time and money to invest in updating these two areas of your home, try a basic face lift (you don’t need to go overboard!). Add some fresh paint, clean up the cabinets, and install new lighting or hardware. Make the kitchen and bathrooms pop: buyers always react best to a fresh, clean and clutter free kitchen and bathroom.

Do you have a replacement property picked?

You might be considering selling your home or property — have you started your property search yet? With the market being as competitive as it is, it’s a good idea to start your property search when you put your own property on the market, and sometimes even before. You don’t want your home to sell before you have a place picked out. If you do find yourself in a bind, you can always work with your agent to make the closing period longer. Whatever you decide to do, make sure you start your property search as soon as possible.

Jeremy Wynia

RE/MAX Properties, Inc.
719-213-0893 Cell/Text
719-570-9000 Office Main
wyniarealty@gmail.com
www.wyniarealty.com

http://wyniarealty.smarthomeprice.com

Please give me a call or email me if you know of anyone that might want to buy or sell ANYWHERE in the world. I will take great care of them or find a top agent in another part of the country or world to help them. Thank you in advance for your referral!

Building Your Real Estate Portfolio: Part 1 Getting the Home Purchased!

So you have read some of my previous blogs and you feel like you want to get started in real estate.  Well, there are a couple of ways to get started.  In my experience the way most people get started has very little to do with a “free seminar” where seating is “extremely limited”.  Most of these “seminars” I would compare to the traveling snake oil salesman of old.  What they have will cure everything and solve any problem. You can make tons of money without using any of your own and its risk free!!!! Yeah, not likely!

The real way that many start to get involved and often the easiest way to gain entry into the world of real estate is to purchase your first house. If you are looking to buy a house and you also know that you want to fix and flip or get a portfolio of rental properties, you may as well start with your personal, owner occupant house.  You see banks have no problem lending you money to buy a house you are going to live in.  It is in most circumstances the easiest loan you will ever get and you have the most options, VA, FHA, FHA 203K, conventional, or any number of “first time home buyer” type products. The one you choose is the one that best suits your plan and personal situation. Even better is that you will get a lower interest rate on an owner occupant purchase than an investment purchase and most lenders will allow between 6 and 10 owner occupant loans.

VA, FHA and most “first time home buyer” loans (which almost all run through FHA underwriting) are great products but if you are handy and want a property that needs a great deal of work, then an FHA or VA loan is likely not going to get you the property you want.  Those loan programs will not allow you to purchase a house that needs a ton of work. They will however get you in with the least amount of money down and sometimes that is what you need. You need a place to live and that is the first home investment step in what can be a life long process.  The one sort of loophole to this is to buy a house that is very dated and priced accordingly.  The FHA and VA loans don’t care that the house is dated, they do care that everything is there and that the house is livable at the time of purchase. You will want to make sure that you have a VERY knowledgeable realtor if you are thinking about going this rout. If they do not know tons about the process and about houses and maintenance you could be risking your earnest money, not to mention the cost of an inspection and an appraisal!

You will have a great deal more flexibility with an FHA 203K. FHA 203K allows  you to purchase a house that needs lots of work but the work has to be done rapidly right after the purchase and the money for the repairs are rolled right into the loan and earmarked for the repairs. This process has some pluses and some minuses.  The plus is that the home can be in pretty tough shape and you can still get it bough and fixed.  One draw back is that often you will likely need to hire a contractor to do the work and this can eat up a lot of the potential profits.  The loan itself also has quite a bit of extra work involved in the process. Lastly you will need to qualify for the entire loan amount of the purchase price and repairs. This can be restrictive if you have a high income to dept ratio, or need to max out your loan amount just to get into the market.

A conventional loan will be your best bet for purchasing a home that needs plenty of work and has lots of sweat equity. Be aware that the house still can not be in terrible condition unless you are putting TONS of money down, and even then you may find road blocks.  Lenders want you to purchase a home that they can sell if you do not make your payments. A burned out hole is hard to sell!  Again you should find a real estate pro that knows the process and can make sure that your loan will go through and reduce the risk if you loosing your earnest money.

The last and highest risk way to purchase a property is with a Hard Money Loan.  These are loans that are generally not based on the credit worthiness of the borrower but on the value of the asset. They vary a great deal from institution to institution or lender to lender.  Often times these are a group of investors or a single person that want to make a large return on their money and are willing to take bigger risks than most standard investment vehicles. Often you will need to put down a large chunk of funds up front, pay multiple points up front, carry very high interest rates and they are short term (often not longer than 6 months).  If you are buying the home to live in this is probably a bad option.

More on this subject to come!

 

Buy vs Rent a Different Perspective.

Buy vs Rent a Different Perspective

Being in the business of real estate I often see news reel clips from the different cable news outlets extolling the virtues of home ownership or of renting.  These are diverse topics covering lots of ground but here is a quick little take on the subject.

The most blatantly obvious reason for home ownership is Net Worth!  For many years now the net worth of a renter as stated by the Federal Reserve hovers just above $5,000. In contrast the net worth of homeowners, according to the same data source, has increased to a projected $220,000 in 2016.  This is a HUGE difference.

So the biggest reason to own a home could be that you are VERY likely to increase your net worth by leaps and bounds!  What are the reasons to rent? One reason swam across my Facebook feed just this morning.  One “friend” was sad because their furnace had stopped working and they were going to have to spend money to have it replaced.  A comment from one of their “friends” was “that’s why I rent, I let the landlord take care of all of that stuff”.  Well that is certainly true. The landlord (if they are a good and upstanding person) will have to take care of that for the renter.

So the renter saves money. Well not really, at least not in my market.  Renting a house, generally costs much more then owning that same house.  This is not true for all price points and all houses but is generally the case.  I see again and again where a renter pays at least a couple hundred dollars per month more to rent than the principal, interest, taxes and insurance are likely to be for the mortgage (HOA’s and PMI can eat up some of the savings of home ownership but that is information for a blog all on its own).

So let’s do some math again…  If you save $200/month owning you would have the money for a new furnace in about 3 years, roof may take 6-8 years to recoup the cost if you had to pay for it out of your pocket, a water heater, about 1 year. So as long as the home is in OK shape when you buy it you will hopefully not come out on the loosing side of this equation.  Even if things do seem to be breaking faster than you had hoped, your mortgage payment will stay relatively the same for 30 years (only taxes and insurance are likely to change).  Rent as a rule is always headed up, up, up! So again, you will probably come out ahead even if lots of stuff breaks.

Another advantage of ownership is that under the current IRS rules you get to write of the interest you pay on your mortgages.  This can really be a substantial savings, especially early on when you are paying nearly all of the monthly payment towards interest! In many cases this can easily be $100-$200/month in “savings”.

The other big point renters use to make themselves feel good about the decision is that they can move at any point they like. They are not tied down like an owner.  Not really true. Most landlords make you sign a year lease and you are on the hook for all that money.  Even if you have a great landlord or are on a month-to-month lease, well that’s still a month.  In a normal, healthy real estate market you can list, close and move out of your house in 2-3 months. Or, you can always rent out your house and be gone in a month just like your renter friends! So yah, not as foot loose and fancy free, but pretty dang close.

So your landlord will fix your broken furnace and you will likely be BROKE compared to your home owning friends even though they are spending money to fix thing and you are not. All this, and we did not even get into the paying of principle or owning a generally appreciating asset.