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 ...

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…

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 ...

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...

This post brings to a close the first month of a new decade in real estate.  The stories getting the greatest attention this month, from the consumer perspective, are questioning the stats and wondering what is really happening.  Until the current recession most people personally and professionally involved in real estate would hear the market is up and were happy about it.  Not many questioned how it was determined that the market was up and if the numbers demonstrated this was sustainable.  Now, folks are wondering...

Average mortgage rates continue their decline this week closing at 4.99% (30 year fixed).  The week ends each Thursday for data reporting.  One year ago, 30 year rates were 5.12%.  For 15 year mortgages, rates are averaging 4.4%.  The Mortgage Bankers Association reports that mortgage applications are up a little better than 9%, year over year.  

On Wednesday, the FHA announced that, in response to increasing mortgage default numbers, lending requirements are being significantly tightened.  The new guidelines take effect this summer.  Borrowers with credit scores below...

First time homeowners intending to e-file a 2009 tax return to quickly get that homebuyer tax credit in the bank that much faster, have been forced to grab a book of stamps.   The attempted fraud surrounding the First Time Homebuyer Tax Credit has been so rampant that the IRS is forcing the capture of this credit occur via paper returns using snail mail.  The forms to be used are numbered 5405 and have just been released.  The change requires additional documentation demonstrating legitimacy including driver’s license, proof of residency and a signed mortgage statement.

The last week has been rather quiet in the real estate world as many are preparing for the holiday season.  The 30 year mortgage rate rose to close to 5% in response to the increase on Treasury rates.  Treasuries increased following economic news and political pundits raising the emotional tenor of the healthcare debate.  According to the Wall Street Journal,...

This week saw a fall in average interest rates falling to a 38 year low, a 10% jump in activity and continued Federal pressure on mortgage companies to modify troubled home loans.

Interest rates, according the Fannie Mae survey, for a 30 year fixed rate mortgage (average 0.7 point down) are at 4.71% and 15 year fixed rates (average 0.6 point down) are at...