A recent report published by the Appraisal Institute states that Zillow isn't really all that accurate in estimating home values and is typically over estimating by 10%.   Zillow is a website launched in 2006 which maps neighborhoods and pulls data from appraisal district data, MLS, and local assessor files.  The availability of real time data plus the ability to even access the data is an underlying problem.  The proprietary Zillow program collects data from a variety of sources on home sale prices and models typical prices for a home.  The formula works fairly well in a stable market but cannot pick up nuances of micro-markets or take into account some of the recent challenges faced by markets that have vacant homes or foreclosures.  The Appraisal Institute is the national professional organization for appraisers and has closely followed Zillow in an effort to determine how close actual appraised value and the Zillow estimates come.  The report is a little heavy but an interesting read.  One of the more interesting sections of the reports discusses ...

We have just listed this beautiful, three bedroom, three bath home  is located in the Broadmoor, its sub-divisioned in the fantastic southwestern part of Colorado Springs. The main level consists of the office, half bath, living room, dining room and kitchen. Upper level consists of two bedrooms, two full baths and the laundry. This home is perfect for anyone on the go, the lawn care, snow removal and all those time consuming outdoor chores are maintained by the association. There’s also the fantastic added bonus of a clubhouse and pool. Central air-conditioning, a two-car attached garage and no maintenance all make this a very desirable home.

For More Information Please Visit http://capstanway.com/

Brand new listing in the "Carriages at Jackson Creek"

15539 Maple Creek Drive is located in the south part of Monument in The Carriages at Jackson Creek. Monument is located about 10 minutes north of Colorado Springs. Jackson Creek is on the east side of Interstate 25 from the Air Force Academy in School District 38.

The main level of this home features a great room concept with a huge kitchen, large family room and dining room.  The master is located on the main level along with a study. This is a great layout for entertaining.

The large gourmet kitchen has plenty of counter space with “Corain” counter tops,   upgraded cabinets and stainless steel sink.

The living room is open to the kitchen. There is a built in entertainment area which makes this a great space for entertaining or watching TV.

The Master Bedroom is located on the main level and attaches to a spacious bath suite featuring a large walk in closet, double vanities, a large tub and separate shower. The lower features a large recreation room with 2 bedrooms and a full bath. There is also plenty of storage.

This home has plenty of amenities including:

• Main Level Living
• Hardwoods on the main level
• Great location, near schools and shopping

Considering a jump into the real estate market?  Our favorite local site has video of local neighborhoods, educational tips for buyers and sellers, and cutting edge search tools.  One of the great aspects to living in Colorado is that it is pretty easy to find a house with a view of the mountains.  Sellers are interested in quantifying a view as a part of their asking price and buyers aren't sure what they would really pay for a great view.  Check out our advice on the topic.  There are some pretty consistent guidelines for consideration of view and its impact upon price.  Looking for a different way to catch up on relevant real estate topics?  Check out real estate radio sponsored by the National Association of Realtors.  The range of topics is broad and the guest speakers vary.

This week's wrap up reports that the weekly average mortgage survey is showing interests are moving in an upward trajectory closing the week at 5.05% for a 30 year fixed rate mortgage and the 15 year fixed rate mortgage is 4.4%.   Concern continues about what is the best way to stem the future risk of inflation by making money too expense while balancing premature pops of activity as demonstrated by investors.  A recent nationwide study showed that over 60% of all purchases under $225,000 are made with cash requiring no financing.  In this price bracket, individuals with cash are investors who subsequently take out a loan against their recent cash purchase.  The Federal Reserve Board announced this week that rates would remain relatively low for the foreseeable future.  As the federal purchase program slows in just a few weeks, the rates are widely expected to continue inching upward.

The American Banker's Association reports the lowest number of mortgage applications hitting a 13 year low.  Credited for the drop is  the move of 30 year interest rates above 5%; a mental roadblock for many homebuyers.  Historically, the current rates are still phenomenal!  To stay abreast of local trends and real estate activity consider visiting one of our neighborhood sites. At a neighborhood site, listings specific to that area are available and users can sign up to receive monthly reports.  Check out a sample…

The S&P/Case Shiller Home Price Indices released the latest numbers February 23 amid a choppy economic environment. When the markets opened Thursday, February 24, gloom was abundant due to a slew of economic data being released that didn't make anyone feel better. Higher than expected jobless claim numbers and lukewarm durable goods seem to indicate that businesses are not increasing spending and are continuing in contraction.  This is the backdrop against which the latest Case Shiller numbers were released.  The decline continues to improve in terms of rate; a national rate of -2.5% December over December.  This is a vast improvement over double digit loss seen the last couple of years for comparative numbers.  The Case Shiller numbers lag about a month so these numbers are ending December 31.  Miami, Phoenix and Seattle have left the double digit decline arena and posted losses in the single digits leaving only Detroit, Las Vegas and Tampa in the double digit loss zone.  Denver showed a 1.2% gain; the highest gain of 4.8% was seen in San Francisco.  According to Robert Shiller, the Yale University economist, the market fell 11% in the first half of the year  only to gain 5% during the second half of the year.  The data continues to indicate bottom has been hit and we will continue to bounce along for a while.

In the most recent QUE (Quarterly Updates and Estimates) by Fred Crowley, Senior Economist with UCCS, all signs are showing continued stabilization of the local Colorado Springs economy.  The QUE demonstrates through the BCI or Business Conditions Index the state of the local economy and indicates future performance.  The indicators making up the BCI include single family and town home permits, new car sales, employment rate, foreclosures, ES202 employment and ES202 wages and salaries.  The QUE reports that the new construction permit activity are up through December 31, 2009; this activity is actually down 25% from three years ago.  Also, monitoring the vacancy rates in the local market ...

We have just listed this home on the westside of Colorado Springs. This 3 bedroom, 2 bathroom home features over 1,800 square feet and is listed for $200,000.

This home is at the heart of all the west side has to offer from hiking and biking to restaurants and shopping. This 4-level home features warm, contemporary colors. Features include: solid surface countertops in kitchen, pellet stove in basement, Roof and Water heater replaced in 2006,updated lighting, large pantry on lower level, new shelving throughout the lower level, newly Xeriscaped front yard, fenced back yard, added insulation in the attic. Trail access is nearby.

For more information on this home visit http://www.darbycircle.com/

Take a look at this video overview of the property

This week's wrap-up begins with the survey of average mortgage interest rates across the country.  The average 30 year fixed mortgage dipped back below 5% to end the week at 4.97% with an average of 0.7 points down.  The 15 year fixed mortgage also fell a bit to 4.34% with 0.6 points down.  According to the Mortgage Bankers Association, 69.7% of all mortgage activity is refinance of existing sales.    To check out the latest listings that have come on the market, check out Springshomes.com

Locally, the real estate market numbers ending January 31, show that the overall market has 6 months of inventory.  During the month of January...

The 2010 Colorado Springs Real Estate market is officially underway!  There are a lot of numbers and indicators about the market and what 2010 holds for us locally as well as nationally.

Wrapping up the first week in February, mortgage interest rates rose above 5% ending the week at 5.01% for a 30 year fixed rate.  Keeping this rise in perspective, the 30 year rate was 5.25% one year ago.  Fifteen year rates are at 4.4% compared to 4.92% one year ago.  To obtain the rates, an average of 0.5 point to 1 point is required.  Rates are quite stable for the time being.  The Mortgage Bankers Association reports that...

I was videotaping the exterior of one of our new listings on Saturday morning when a couple pulled up and asked if they could take a look at this home for rent?

I asked where they saw it for rent, knowing our clients wanted to sell, as they already have their new home picked out. When they replied “Craigslist”, I had a strong hunch we were being used as scam bait…we were!

Here’s how the scam works.