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Is Denver Broncos Head Coach Mike Shanahan Really Fired?

by Jason Daniels

Yes, according to the  ESPN news outlet Mike Shanahan head coach of the Denver Broncos was let go Tuesday afternoon following one of the most up and down seasons the Broncos have had in the last ten years.  The loss to San Diego eliminating the Broncos playoff chances was most likely the last straw.  They are the first NFL team to blow a three-game divisional lead with three games to go in the regular season

Pat Bowlen was quoted saying "After giving this careful consideration, I have concluded that a change in our football operations is in the best interests of the Denver Broncos. This is certainly a difficult decision, but one that I feel must be made and which will ultimately be in the best interests of all concerned.  I appreciate the 21 years that Mike Shanahan has given to the organization as an assistant and head coach, and the two Super Bowl wins in that time," Bowlen said in the statement. "His contributions hold a special place in Broncos history."

Bowlen said that the team will hold a news conference on Wednesday morning to make the announcement, and Shanahan will speak shortly thereafter

Mike has been head coach of the Broncos since 1995 with a winning record of 146-89 and two back to back Super Bowl Championships in 1998 and 1999.

Do you think this is the right move for the Broncos or do think  Shanahan should have been able to finish out the two years in his contract with Cutler at the helm?

Feel free to post your comments on this blog.


To look at homes for sale in Colorado Springs visit www.allcoloradospringslistngs.com

 

www.jasondanielshomes.com

Fed Cuts Interest Rate to a Historic Low

by Jason Daniels

The Federal Reserve made an announcement last Tuesday that it was cutting the Federal Funds rate from 1.0% to 0.25%, a historical move.  They are hoping to combat the U.S. market lull head on with this aggressive move.  The fed fund rate is the percentage banks charge when they borrow money from each other.  The funds rate serves as a benchmark for a wide range of loans in the U.S. economy.

The Fed’s rate cut was larger than expected.   The move highlighted the Fed’s determination to act aggressively along with the reality that the U.S. recession is deepening rapidly.

In theory, the Fed’s action should reduce the cost of borrowing for consumers and businesses, since the prime rate-what banks charge their best customers-moves in tandem with the federal funds rate.

The prime rate typically influences rates for car loans, student loans, credit cards and other debt. With Tuesday’s cut, the prime rate is expected to fall to 3.0 to 3.25% from 4%.  This move to cut rates had a positive effect on Wall Street earlier this week with positive gains.

The Fed has little room left to maneuver on interest-rate policy now and will use other tools.   The Fed statement said that the central bank was weighing the possibility of purchasing long-term Treasury bonds, which would drive down their yield and make other investments such as corporate and municipal bonds more attractive.

The Fed’s statement also said that it will extend credit to households and small businesses early next year. Other experts think that the Fed will increase its purchases of troubled assets to unclog credit markets.

The Fed already has become the buyer of last resort for financial products that aren’t moving in today’s frozen credit markets. It’s bypassed banks and is purchasing short-term promissory notes issued by big U.S. corporations, called commercial paper. It’s also announced plans to buy pooled car loans, student loans and credit card debt, collectively called asset-backed securities.

In another creative step to boost the housing market, the central bank also has been purchasing pooled mortgages-called mortgage-backed securities-and debt issued by Fannie Mae and Freddie Mac, the mortgage finance giants that the government seized in September. The senior Fed official said that efforts to purchase mortgages backed by Fannie Mae and Freddie Mac were being ramped up.

It appears for now that the governments actions and aggressive decisions have helped the economy from slipping any further at this point in time.  With a new president in the White House, a new Senate, and new  House of Representatives taking over in a few weeks it is unknown if these actions will have a long term effect on the U.S. economy.

Now is definitely a great time to buy real estate.  First time home buyers, move-up buyers looking for a larger or nicer home, investors, and anyone else who wants to take advantage of these historically low rates and low home prices.  The interest rates for a 30 year fixed loan have been hovering around 5.0%.  On average, for every $100,000 in a loan, a buyer will save around $100 per month with a loan at 5% when compared to a 6% interest rate.  That is real money saved in your pocket, or if gives you more purchasing power when selecting a home.   That extra $100 per month would allow a buyer around $14,000 more purchasing power.

 

www.jasondanielshomes.com

Colorado Springs Local Market Update - December 2008

by Jason Daniels
Presented by: Jason Daniels
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For the Colorado Springs Area
LISTING AND SALES SUMMARY
For the Colorado Springs Area
November 2008
 
                                                       All Homes                                                     Existing Homes  
MONTHLY SUMMARY                    
    Oct 2008 Nov 2008 % +/- Nov 2007 % +/-   Oct 2008 Nov 2008 % +/- Nov 2007 % +/-
SINGLE FAMILY/PATIO HOMES:                    
  New Listings 1,302 951 (27.0) 1,211 (21.5)   1,210 878 (27.4) 1,113 (21.1)
  Sales 649 499 (23.1) 667 (25.2)   585 445 (23.9) 574 (22.5)
  Ave. Sales Price $230,012 $213,466 (7.2) $252,074 (15.3)   $216,759 $197,871 (8.7) $238,724 (17.1)
  Median Sales Price $189,000 $187,000 (1.1) $207,500 (9.9)   $181,500 $178,900 (1.4) $199,850 (10.5)
  Total Active 5,841 5,547 (5.0) 5,967 (7.0)   5,167 4,897 (5.2) 5,168 (5.2)
                         
CONDO/TOWNHOMES:                      
  New Listings 166 140 (15.7) 160 (12.5)   146 125 (14.4) 128 (2.3)
  Sales 83 62 (25.3) 85 (27.1)   69 48 (30.4) 71 (32.4)
  Ave. Sale Price $149,204 $154,641 3.6 $138,036 12.0   $146,128 $131,944 (9.7) $125,834 4.9
  Median Sale Price $132,000 $146,250 10.8 $130,000 12.5   $118,297 $114,950 (2.8) $121,000 (5.0)
  Total Active 889 853 (4.0) 970 (12.1)   689 676 (1.9) 755 (10.5)
                         
CUMULATIVE YTD SUMMARY                  
      Jan-Nov 2008   Jan-Nov 2007 % +/-     Jan-Nov 2008   Jan-Nov 2007 % +/-
SINGLE FAMILY/PATIO HOMES:                    
  New Listings   16,881   19,730 (14.4)     15,648   18,029 (13.2)
  Sales   7,844   9,351 (16.1)     7,096   8,335 (14.9)
  Ave. Sales Price   $239,951   $260,019 (7.7)     $228,050   $246,637 (7.5)
  Volume   $1,882,175,644   $2,431,437,669 (22.6)     $1,618,242,800   $2,055,719,395 (21.3)
                         
CONDO/TOWNHOMES:                    
  New Listings   2,422   2,803 (13.6)     2,003   2,374 (15.6)
  Sales   1,026   1,365 (24.8)     814   1,080 (24.6)
  Ave. Sales Price   $159,478   $172,923 (7.8)     $146,078   $158,288 (7.7)
  Volume   $163,624,428   $236,039,895 (30.7)     $118,907,492   $170,951,040 (30.4)
 
For the Colorado Springs Area
What Does This Mean?
 
 
We are seeing a 27% decrease in the number of sales from this time last year, however there are 5% less listings on the market which means the market is correcting.  The average sales price has decreased again by 7.2% compared to November 2007, however the median sales price is down by only 1.1%.  The statistics still show a market lull, but our local market is still beating the national average and seems to be somewhat improving. Buyers still have more choice and can be more selective.  Sellers need to make sure their homes are priced correctly and are in excellent condition to be competitive.  Homes in great condition with competative prices are still selling relatively quickly.  It's still a beauty contest and price war for Sellers.  Sellers who really need to sell are dropping their prices in line with the market.  If you need to sell now, don't wait until  next spring as there will be more inventory to compete with as well as possible continued downward pressure on prices.  Those who don't need to sell might want to wait a couple of years, unless they want to buy up and get a big discount on a move-up home.  It's also a great time to invest in real estate and expand your retirement portfolio..
 
Now is still a great time to buy with more selection and interest rates still at all time historical lows.  If you would like a list of homes available within your criteria visit www.allcoloradospringslistings.com
-or-
If you would like a CMA on your current home visit www.coloradohomesvalue.com
 
Make Room for the Holidays

The holiday season is upon us, and motivated buyers and sellers have a unique opportunity in today's market. Many home buyers have year-end moving goals, and sellers should do what they can to make their homes visitor-ready for potential buyers!  Here are a few tips to keep in mind this season:Welcome buyers:

  • Create a warm and inviting atmosphere: Tasteful seasonal decorations, scented candles, holiday potpourri, and fresh-baked cookies can heighten the experience.
  • Be flexible:  There are a million and one things to do this season, and sometimes it can be difficult to make room for showings.  By doing what you can to accommodate a buyer's schedule, you increase the odds of selling your home. 
  • Take a walk:  When your home is being shown, go for a drive or a walk. Take yourself, your family, and pets and let the agent and their clients have the freedom they need. An agent can always do their best job of showing your home when you are not underfoot.
  • Act decisively: When you do get an offer on your home, act quickly and decisively. Follow the advice of your agent and separate your emotions from your business side.

So enjoy the holidays, and remember to make a little room in your schedule to work with those motivated buyers. You'll be glad you did!

Mortgage Rates Still at All Time Lows
Finally, some good news for the mortgage industry! In a move to increase credit availability, the Federal Reserve and Federal Home Loan Banks announced on 11/25/08 that they would purchase up to $600 billion in Mortgage-Backed Securities (MBS), exciting news that sent interest rates for 30-year fixed-rate mortgages plummeting below 6.00% and near the lows for the year!  In fact, I just received the current mortgage rates for today from Coleen Leri at First Community Mortgage and for a 30 year fixed conventional loan the current PAR rate is 5.375%.

If you have been on the fence about buying or refinancing a home, now is the time to act. Interest rates are extremely low and home prices in some areas are at 2003-2004 levels. There is also an incredible selection of homes to choose from here in Colorado Springs.  Add to that recent declines in energy prices and lower consumer interest rates, and you have a great holiday recipe for success, but only if you give us a call.

Don't wait until it's too late. Call us today and get pre-approved. Rates have already been very volatile and this opportunity might not survive the holidays. In many markets, falling prices are bringing out buyers that have been waiting to buy and they are scooping up both bargains and hot properties. As the market improves interest rates will climb again.  Let me offer you some pointers to help you negotiate a great deal and lower your costs to close.

Please call me if you are ready to buy or if you have any questions about refinancing.  I can put you in touch with some great local lenders.  I hope you have a Merry Christmas and a Happy New Year.

 
 
RE/MAX Advantage, 5590 N Academy Blvd., Colorado Springs , CO, 80918

Interest Rates at an All Time Low!

by Jason Daniels

 

Mortgage Rates have Taken A Big Drop
Finally, some good news for the mortgage industry! In a move to increase credit availability, the Federal Reserve and Federal Home Loan Banks announced on 11/25/08 that they would purchase up to $600 billion in Mortgage-Backed Securities (MBS), exciting news that sent interest rates for 30-year fixed-rate mortgages plummeting below 6.00% and near the lows for the year!  In fact, I just received the current mortgage rates for today from Coleen Leri at First Community Mortgage and for a 30 year fixed conventional loan the current PAR rate is 5.375%.

If you have been on the fence about buying or refinancing a home, now is the time to act. Interest rates are extremely low and home prices in some areas are at 2003-2004 levels. There is also an incredible selection of homes to choose from here in Colorado Springs.  Add to that recent declines in energy prices and lower consumer interest rates, and you have a great holiday recipe for success, but only if you give us a call.

Don't wait until it's too late. Call us today and get pre-approved. Rates have already been very volatile and this opportunity might not survive the holidays. In many markets, falling prices are bringing out buyers that have been waiting to buy and they are scooping up both bargains and hot properties. As the market improves interest rates will climb again.  Let me offer you some pointers to help you negotiate a great deal and lower your costs to close.

Please call me if you are ready to buy or if you have any questions about refinancing.  I can put you in touch with some great local lenders.  I hope you have a Merry Christmas and a Happy New Year.

Oh, by the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I will be happy to follow up and take great care of them.

See all MLS listings at www.JasonDanielsHomes.com

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Jason Daniels & Associates
Jason Daniels & Associates at RE/MAX Millennium
9362 Grand Cordera Pkwy Suite 100
Colorado Springs CO 80924
(719) 966-1500
(888) 351-1099