Trying to pick up a quick lunch before going back to work?  In the car between appointments and feeling hungry?  After 14 years in Texas and another 22 in Colorado, I love anything with chilis.  Of course my favorite southwest food is at my favorite restaurants in New Mexico, but I can’t get there every day.  So what’s a girl to do?

When I’m hungry, I pick up a burrito at either Chipotle or Qdoba.  I admit I go to Chipotle more often because I’m a creature of habit and they came to Colorado Springs first, but both have fresh ingredients and lots of options.  Tell me if you think Qdoba’s website is more fun.  Another advantage is that they are both located all over town.  So the next time you feel hungry and want to “fill er up” give one of these local quick food shops a try.  Meet a friend there.  Friends will tell you if you drip salsa on your shirt.  Both restaurants provide napkins.

I love it when a plan comes together!  As you may know, I read a lot of articles and listen to a lot of speakers whose content pertains to the real estate and investment markets.  I want to make sure I’m on top of the latest information for the benefit of my clients and readers.  Today I read my new Realtor Magazine Online and half the articles happened to be on subjects I’ve thought about recently.  That’s where my plan comes in - I have a tendency to see trends rather than follow them and want to share those insights with you.

One of the current articles is on a topic critical to any seller in the current market or who is thinking of taking the plunge.  How to price homes in the MLS.  ONLY HIRE A REALTOR WHO KNOWS YOUR MARKET AND WHO WILL BE HONEST WITH YOU!!  Did you know that 90% of pricing is based on location and size of the home?  Did you know buyers want all the great stuff you put in your house, but at a steal of a deal?  Did you know you are competing with foreclosures and short sales and those distressed sales are anywhere from 30-75% of all sales in many communities?  Colorado Springs is currently at about 30% with that number expected to increase to between 40-50% of sales as ARM loan rates reset.

All too often, I see homes listed way above where they are selling in that neighborhood (like one right now in my own neighborhood - $35,000 too high).  Why?  Do the sellers really want to show their home for months on end and then have the listing expire?  It is hard enough to get a sale when the price is in the right range but prices keep dropping because of financially distressed properties nearby.  You can decide for yourself why people would do this to themselves.  Share your thoughts if you’d like to.

My team and I are honest about what sellers can expect to get for their home in this market.  Not only that - we tell you if things are changing so you can change your expectations as well.  This market is not static.  Some day we hope to be able to tell you it is improving month after month, but that’s not now.

Here’s the link to the article from Realtor Magazine that prompted my post today.  Colorado Springs is listed as a market that is on track.  Homes are being priced for the most part to reflect recent sales and the amount of inventory is staying fairly steady.  That’s good for current and future sellers.  If you have questions about your neighborhood, we’re only a phone call or email away.  What are you going to do to sell your home after the home buyer tax credit goes away?  Let us help you come up with your plan.

I like to stay in touch with past clients and one of the most frequently asked questions I get is “How’s the Colorado Springs real estate market doing?”.  In the past week I had the opportunity to hear Alex Charfen, founder of The Distressed Property Institute and the Certified Distressed Property Expert (CDPE) real estate designation, speak to our company and my response to a recent client inquiry reflected what I heard Alex say.  We are not out of the woods yet.

My family built a new home in Colorado in 1988 and it did NOT appreciate for 5 years until MCI opened their headquarters in Colorado Springs in 1993 and did massive hiring.  Many new jobs followed in the technology and service sectors.  Colorado Springs grew.  Our home has appreciated nicely since 1993, even though those first years were not good, but we didn’t build our house intending to rake in appreciation in 12 months, 18 months, or even 3 years.  Many people had that mindset as they bought between 2004 and 2007.  It hasn’t worked out for them as we as a nation have experienced a devastating recession and billions of dollars of wealth has been lost.  What does it take to get positive home appreciation?  Jobs!!!  Until we see the job situation improve, we will not see a robust real estate market.  Does that mean you shouldn’t buy now, or sell and buy a nicer home?  Absolutely not.  Over a lifetime, home ownership has proven to be an amazing vehicle for wealth accumulation compared to renting and paying someone else’s mortgage.  But you do have to pay attention to your personal financial circumstances and lifestyle and decide whether you can afford to not have any appreciation for the next 2-3 years.  That is what we will probably see locally and nationally.  We expect Colorado Springs to improve ahead of many markets, but there is no guarantee when that will happen.

So what did I tell my client?  Here’s my response.  Do you agree with me?  Or do you believe the national press telling you all is good, no worries, things are looking up?  Stayed tuned for more facts in the coming weeks.  Then you decide.

We’re doing better with the number of sales than last year, but last year was the worst year in about 20 years in Colorado Springs.  The $8000 first time homebuyer tax credit is helping increase the number of sales for 2009 and 2010, but prices are not going up.  Rather we expect them to either stay flat or decrease again once the tax credit goes away 4/30/10.  It’s an awesome buyer’s market, but a lousy seller’s market.  My team and I are telling people that if they have to sell or they are looking for a great move-up deal and are willing to take a price hit on their current home to get the $6500 move-up buyer credit and great pricing and low interest rates on a larger or newer home, then go ahead and list their home, but if they just want to “try” to sell, this is not the market for that.  There is another wave of foreclosures coming as ARMs reset in 2011 so we don’t expect prices to improve locally for at least another 2 years.  We’re encouraging people to pay down their mortgages and pay in additional principal to build equity in the coming few years.

On Saturday, Gallery Two-Ten in Colorado Springs had their 2nd anniversary celebration.  Grace Wever has her fiber collages displayed there and I had the chance to meet her at the gallery.  I have to admit I didn’t know this fine art gallery existed in Colorado Springs.  They represent some artists who create stunning pieces - everything from Raku pottery to photography to painting and collage.  It’s close to downtown and you can try out one of our local restaurants after your visit.  There are many in the downtown and Old Colorado City areas.  I happen to like to go to La Baguette for their french onion soup.

Ready for another great place to go out and eat in Colorado Springs?  Do you like Italian?  Do you like the ambiance of Old Colorado City?  Then try Paravicini’s.  They also have a second location in Palmer Lake named La Zingara.  We like the variety of menu items (love the mussels!), the fresh bread and house salad, and think they have the best calamari fritti.  Located at 2802 W Colorado Ave at the west end of Old Colorado City, there is plenty of parking behind the restaurant.  If you like dessert, the cannoli is pretty yummy.  I like to take one home and put it in the freezer until I’m ready for dessert.

During the recent market downturn, many owners of larger, more expensive homes are staying put because they would have to take much less for their homes than they would have received 3 years ago.  Those that do have their homes on the market are still having difficulty selling because buyers in the higher price ranges are still scarce.  A recent article I read from the Dallas Morning News states that 60% of Baby Boomers intend to stay in their current home when they retire.  With 40% considering a move, that still leaves a lot of buying power on the table.  For now though, many are waiting for the housing  market recovery before making the decision to downsize or change location.

Below is an excerpt from the Dallas Morning News article.  Many of the WWII Generation own their homes outright.  The percent of Baby Boomers who own their homes outright is less.  This generation has moved around more and bought increasingly larger homes as their incomes increased.  Builders will have to adjust to a new cost conscious perspective of Baby Boomer retirees.  Social Security is in trouble and many retirees will still work parttime in retirement and will be watching spending.  Many will be retiring later than they planned and their 401K and other investments aren’t as robust as they were 2 years ago.  The housing market isn’t the only part of the economy that is recovering.  A new more frugal outlook will drive a desire for smaller, more energy efficient, more affordable homes for retirees.  I personally believe this could mean a shift to smaller more affordable communities that have nice amenities and are close to good health care.

More than 75% of 55-plus buyers say they want a home in the suburbs. But that doesn’t mean they want a big house. Surveys show older buyers are more frugal about housing needs. “The 55-plus buyers are not interested in growing their house size,” Crowe said. “They are asking for about a 1,900-square-foot home” on average. “They’re worried about energy costs.” Most older homebuyers surveyed are holding down their cost expectations, industry research shows. “When we asked the consumer, ‘What are you willing to pay?’ they said $190,000,” Crowe said. “And when we asked the builders, ‘What are you building for this market?’ they said $287,000. “Obviously, there’s a real big problem there.”

Indeed, builders say they are in a quandary over what kind of housing to produce for 55-plus buyers. “The baby boomers are absolutely unpredictable,” said Andy White, a South Carolina developer. “There is no model to say what we ought to build.”

For the full Dallas Morning News article, click here.

Today is the day to remember two of our country’s presidents, but I’m finding that today is the day I’m learning about how wonderful and inspiring women can be.  I spent some time this morning speaking with a young woman, Charity Weese, who is on a path of being a lender who makes a difference in the lives of others.  We had a great discussion and I am happy I had the opportunity to meet her.

I also was sent a website link today by a friend who is an art quilter.  This artist’s work is stunning and it is exciting that she is spending her retirement years creating such beautiful works.  I hope to have the opportunity to see some of her work in person.  Her name is Grace Wever and I have included the link to her bio and website here.  Take a look at her Gallery.  I found her bio and her work to be inspirational.  I hope you do too.

If you know women who you think are inspirational, I’d love to know who they are.  We left brained people do have a right brain.  Seeing what other people create and connecting with them can help us train our right brain so we use it more.  That’s what I’m trying to do.  Math and science ARE connected to music and art.  A balanced life includes using both sides of the brain.  Do you agree?

This cozy little BBQ place really satisfies the desire for good ol’ Texas BBQ.  Having spent years driving to Johnnie’s mobile BBQ wagon on Saturday mornings to get a couple huge brisket sandwiches, we’ve missed the mouth watering taste of that Texas treat.  (Okay, so Bird Dog says it’s Oklahoma style, but we won’t dredge up that old rivalry.  :-)  Mesquite or oak smoked, it all tastes great! ) Well, no more waiting!  Colorado Springs loves Bird Dog BBQ and so does my family.  Great pulled pork, brisket, and links and a unique wasabi BBQ sauce that adds just the right tang to your sandwich.  Give it a try.  They are located at Stetson Hills and Powers but I read recently they just opened a new location at Shops at Briargate too.

There is a new trend in some areas that have been especially hard hit during the past 4 years - people who are current on their mortgages walking away and letting the bank take back their house.  In the early 1980s this phenomenon was happening in Houston, TX, where we lived at the time, because home prices dropped all over the city and surrounding communities and people who were unable to sell their homes for what they owed simply walked away.  Some neighborhoods looked like Phoenix and Florida do today with foreclosure after foreclosure lining the streets.  Here is a link to a recent article from Realtor.com about the risks in doing this.

Did you ever want to be an astronaut?  Do you get feeds from the NASA website regularly?  Are you a space geek?  Then get to the Fine Arts Center soon to see the current exhibit on the history of NASA.  I love looking at Hubble photos and have used them as inspiration for ATCs (artist trading cards).