The Wagner iTeam Real Estate - (719) 434-8346

What’s Ahead For Mortgage Rates This Week – March 3, 2014

2014-03-03-WhatsAheadThisWeekLast week’s economic news was mixed, with new home sales increasing and weekly jobless claims higher than expected.

Case-Shiller and FHFA home price reports reflected slower growth in home prices. Mortgage rates moved higher for the third consecutive week.

Weakness in the jobs sector and harsh winter weather were seen as factors contributing to economic events, but sales of new homes jumped unexpectedly to their highest since 2008.

Case-Shiller, FHFA Report Slower Growth for Home Prices

The Case-Shiller composite home price index for December reported that home prices declined by 0.10 percent in December, which was the second consecutive monthly decline.

On a seasonally adjusted basis, home prices rose 0.80 percent in December as compared to November’s reading of 0.90 percent. Year-over-year, home prices grew at a rate of 13.40 percent, their fastest pace since 2005.

The momentum of year-over-year home prices declined in December as compared to November’s year-over-year reading of 13.70 percent. 11 of 20 cities included in the Case-Shiller composite index declined.

Analysts said that low inventories of available homes, higher mortgage rates and severe winter weather contributed to slower growth in home prices.

FHFA’s quarterly House Price Index for the fourth quarter of 2013 posted its tenth consecutive gain in quarterly home prices. Seasonally adjusted home prices rose by 0.80 percent from November to December 2013.

FHFA, which oversees Fannie Mae and Freddie Mac, reported that home prices increased by 7.70 percent from the fourth quarter of 2012 to the same period in 2013. Adjusted for inflation, the agency reported a year-over-year increase of 7.0 percent.

FHFA House Price Index data is based on sales information for homes with mortgages held or securitized by Fannie Mae and Freddie Mac.

Fixed Mortgage Rates, New and Pending Home Sales Rise

Freddie Mac reported that average rates for fixed-rate mortgages rose last week, with the rate for a 30-year fixed rate mortgage rising 4 basis points to 4.37 percent.

The rate for a 15-year mortgage also increased by 4 basis points to 3.39 percent. The average rate for a 5/1 adjustable rate mortgage fell by 3 basis points to 3.05 percent. Discount points were unchanged at 0.7 0 percent for fixed rate mortgages and 0.50 percent for a 5/1 adjustable rate mortgage.

Weekly jobless claims also rose to 348,000 against projections for 335,000 new jobless claims. The four-week average for new jobless claims remained steady at 338,250.

The Department of Labor noted that weekly readings are more volatile than the four -week average reading. Poor winter weather and a softer labor market were cited as possible causes for the jump in new claims.

New home sales provided unexpected good news; they jumped by 9.60 percent in January, to a seasonally-adjusted annual rate of 468,000 sales against expected sales of 405,000.

December’s reading was upwardly revised from 414,000 to 427,000 new homes sold.

January’s reading was the largest increase in new home sales since July 2008, and there may be more positive housing news ahead as builders said that some of the sales lost during winter months may be recouped during spring.

Pending home sales increased by 0.10 percent in January to an index reading of 95 as compared to December’s reading of 94.9, which was the lowest reading since November 2011.

Whats Coming Up

This week’s scheduled economic news includes construction spending, the Federal Reserve’s beige book report, weekly jobless claims, and Freddie Mac’s report on mortgage rates.

On Friday, the Bureau of Labor Statistics releases its Non-Farm Payrolls and National Unemployment reports for February.

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3545 Bareback Drive – Featured Home for Sale in Springs Ranch

3545 Bareback Drive, Colorado Springs CO 80922
MLS# 5318608

3545 Bareback

Welcome home to this great 2-story home in Springs Ranch. When you cross the front porch you will find yourself in the formal living room with vaulted ceilings and wood laminate floors that extend throughout the rest of the main level. Just past the living room is an open floor plan with contemporary kitchen boasting updated cabinets and counters, prep island and pantry. There is a spacious dining area and a cozy family room with tiled gas fireplace. This level also has a half bath, laundry room and access to the 2-car attached garage. The upper level of this home has 2 secondary bedrooms w/mountain views, full hall bathroom and a large master suite with remodeled 5pc master bath and a private sitting room, nursery or office with French Doors. The basement of this home has been finished to include a rec room with bar area, 3/4 bath w/storage closet and 4th bedroom. Off the main level is access to the fenced rear yard and fantastic 2-level wood deck with over 500sf of entertaining space. This home also features: newer roof, hot water heater, interior paint, fans, blinds in all rooms and an extended driveway slab for additional off-street parking. Convenient location – close to schools, shopping, military bases and golf course!

For more information please contact the Wagner iTeam (719) 434-7525 or Mary Fontana (719) 339-2867

3545 Bareback 02

More homes for sale in Springs Ranch:

See all Real estate in the Springs Ranch tract.
(all data current as of 4/19/2014)

  1. 0 beds, 0 baths
    Home size: 3,411 sq ft
    Lot size: 6,505 sqft
    Year built: 1998
    Parking spots: 2
    Days on market: 1
    Listed with VIP Real Estate Colorado
  2. 3 beds, 3 baths
    Home size: 2,879 sq ft
    Lot size: 4,051 sqft
    Year built: 2005
    Parking spots: 2
    Days on market: 1
    Listed with RE/MAX Properties, Inc.
  3. 5 beds, 4 baths
    Home size: 2,553 sq ft
    Lot size: 7,753 sqft
    Year built: 1999
    Parking spots: 3
    Days on market: 3
    Listed with RE/MAX Properties, Inc.
  4. 3 beds, 3 baths
    Home size: 2,643 sq ft
    Lot size: 5,662 sqft
    Year built: 2003
    Parking spots: 2
    Days on market: 3
    Listed with RE/MAX Properties, Inc.
  5. 3 beds, 2 baths
    Home size: 1,422 sq ft
    Lot size: 6,054 sqft
    Year built: 2003
    Parking spots: 2
    Days on market: 10
    Listed with RE/MAX Real Estate Group

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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4015 Harbor Place – Remodeled 4 Bedroom Home in Northridge

4015 Harbor Place, Colorado Springs CO 80917 – MLS# 9055091

4015 Harbor

Gorgeous remodeled 2-story home on beautiful lot! LIKE NEW! When you enter this great home you will find yourself in the spacious entry with coat closet and new hardwood floors that extend down the hall and into the kitchen. There is an enormous living room and separate dining room. Off dining room is the all NEW kitchen w/tons of beautiful hickory cabinets, pantry, tiled counters, backsplash and eat-at breakfast bar, and new black/stainless stove and microwave. The family room has custom accent paint, chair rail and wood burning FP. This level also has a 1/2 bathroom, laundry and mudroom off the garage. The upper level master bedroom has new 3/4 bath, 3 sunny secondary bedrooms and a new hall bath. Other features include: vinyl windows, NEW: 6-panel doors and hardware, electrical, copper plumbing, fresh int/ext paint, carpet, 50gal water heater, energy-efficient furnace, sump pump, front sidewalk, roof. You will LOVE the completely re-landscaped back yard with ample space for relaxing, playing and entertaining! 17×16 flagstone patio, 20×20 Trex deck, 33×17 rocked fire-ring area, waterfall, stone terraces, garden planters and 32×17 workshop w/electric and garage door. The home sits on a cul-de-sac in a convenient central location.

For more information, please contact the Wagner iTeam at Keller Williams Realty (719) 434-7525 or Christy Dunfee (719) 233-2208

4015 Harbor Front of Home

More homes for sale in Northridge:

See all Real estate in the Northridge tract.
(all data current as of 4/19/2014)

  1. 3 beds, 2 baths
    Home size: 1,299 sq ft
    Lot size: 12,109 sqft
    Year built: 1970
    Parking spots: 1
    Days on market: 2
    Listed with San Agustin Realty Inc.
  2. 3 beds, 2 baths
    Home size: 1,644 sq ft
    Lot size: 8,200 sqft
    Year built: 1969
    Parking spots: 2
    Days on market: 17
    Listed with Classic Realty & Mgmt. Inc.
  3. 3 beds, 2 baths
    Home size: 2,030 sq ft
    Lot size: 9,900 sqft
    Year built: 1972
    Parking spots: 2
    Days on market: 28
    Listed with Re/Max Associates
  4. 4 beds, 2 baths
    Home size: 1,990 sq ft
    Lot size: 7,579 sqft
    Year built: 1970
    Parking spots: 1
    Days on market: 28
    Listed with Looking Home
  5. 4 beds, 2 baths
    Home size: 1,820 sq ft
    Lot size: 7,318 sqft
    Year built: 1970
    Days on market: 33
    Listed with New Visions Real Estate

Listing information deemed reliable but not guaranteed. Read full disclaimer.


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How To Make Your Home Look More Luxurious On A Budget

How To Make Your Home Look More Luxurious On A BudgetHave you been looking through home décor magazines and gazing with wonder at the gorgeous homes inside? Do you want to add a touch of elegance and luxury to your home, but you are on a tight budget?

No need to worry, there are many ways that you can make your home look like a million bucks, without actually having to spend a fortune.  

Luxury Home Decor Ideas

Here are a few great ideas that don’t have to cost a lot, they just require a little bit of planning and some elbow grease and they will take your home from ordinary to luxury.

  • Mount your curtains at ceiling level rather than the top of the windows. This draws the eye upwards and gives the illusion of high ceilings.
  • Paint your interior doors a sleek and shiny shade of black. This looks very modern and sophisticated and is much cheaper than buying expensive doors.
  • If your home doesn’t have crown moulding, paint a white band around the ceiling to fake the look.
  • The little details can make a big difference when it comes to making a home look elegant and luxurious. Add in finishing touches such as a beautiful glass vase, a stack of coffee table books, fresh flowers or a piece of artwork.
  • Remember, less is more and a cluttered house will not create the impression of luxury. Eliminate as much clutter as possible, making your home seem more spacious and sophisticated.
  • Lighting can also have a big impact on how luxurious your home appears. Invest in a few beautiful and stylish lamps, or a chandelier, and you will transform the entire space.
  • When choosing fabrics for accessories and upholstery, go for fabrics that have a luxurious texture such as velvet, satin or fur. They can be faux to make them cheaper, but they will still add to the luxurious look.
  • You can take simple and cheap accessories such as a candle holder or a vase from the dollar store and then paint them with gold paint. They will have a luxurious look, for much less than the real thing!

These are just a few ideas that you can incorporate into your home décor of your home in order to make it look and feel more luxurious. For more helpful information, contact your trusted real estate professional.

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Where To Squeeze A Home Office In Your Home

Where To Squeeze In A Home Office In Your HomeIf you have started working from home, whether you are a freelancer or running a business, having a home office in your home is very important.

It is a place where you can separate your home life and work, so that you can get “in the zone” and concentrate on the important work tasks that you need to complete. But where should you place your home office?

If you have a spare bedroom in your home, the answer is easy – but what if you don’t have this extra space? Is it possible to squeeze a home office into an already full home? Of course it is, you just have to think outside of the box. Here are some ideas:

Convert Your Attic

If you have an attic in your home, why not use that space for a quiet and private home office? It will be separate from your home and free from any distractions. If your attic is unfinished, converting it into living space can be a good investment that will improve the value of your home.

Work At Your Breakfast Nook

Perhaps your kitchen has a breakfast nook, but your family always ends up eating at the dining table and doesn’t really use it much? If this is the case, you could create a small and compact office space where you can work – while being close to the coffee maker in the kitchen!

Find An Unused Corner

Perhaps there is a corner of your bedroom or living room that you aren’t really using for much? Why not turn it into a home office? All you need is a small desk and a chair to create a workspace. If you want to separate it from the rest of the room, you can use stylish room dividers.

Go Underground

Have you ever thought of using your basement for your home office? There is probably a corner down there that you could use for office space. To combat the lack of natural light, you can use a SAD lamp that offers the same wavelengths as sunlight.

These are just a few ideas of where you could place your home office, even if all of the rooms in your home are in use. As long as you can find a quiet corner somewhere, you can create your ultimate working space.

For more tips and information, contact your trusted real estate professional today.

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