From the inbox: is earnest money negotiable?

earnestmoney
awesome graphic by Rob

Good question! This one came up several times over the last three days. The short answer is: Yes.

The longer answer is: Yes, but not all parties view earnest money the same way.

Earnest money is “skin in the game”. It’s money the buyer puts up after contract acceptance, to be held in escrow. This money is generally returned to the buyer at closing but MAY be forfeit to the seller, in certain circumstances. Earnest money is protected by several contractual protections for a buyer in Colorado.

This isn’t legal advice, just practical information. If you’d like to talk more about housing, please call Rob Thompson @ 719-440-6626!

Always consult a CPA for financial advice and an attorney for legal advice.

From the inbox: should I search on Zillow for homes?

Good question! The short answer is: Yes, it is a tool you can use in your home search. But it has a limitation. 

Zillow is a great platform for home searches and cannot/should not be discounted. However, there are a couple of things you should know when searching for homes in the Colorado Springs market.

Sites like this are fed from an IDX (Internet Data Exchange) via the MLS (Multiple Listing System).

awesome graphic from Rob
awesome graphic from Rob

In the case of Zillow, it’s also manually updated by homeowners, property managers and agents. However, Zillow is no longer automatically updated by the local MLS. The result is that it no longer represents the totality of the market.

It is a tool in the search, but I also recommend checking TheHousingNetwork.com (full disclosure, that’s my website) and/or PPAR.com to see the current listings in the Pikes Peak region.

If you’re looking to buy or sell a home in Colorado Springs, I’d be honored to earn your business.

Homeowner Toolbox: Flood plain map

tools-15539_640
credit: pixabay

Are you considering a home in the Springs or surrounding area? Occasionally, I’ll be providing some research tools for your use.

Check out this interactive flood plain map!

From the inbox: I’m buying a foreclosure, do I need a home inspection?

Good question!

image from pixabay
image from pixabay

The short answer is, “Yes.”

The longer answer is, “Yes, because while the bank or lender may not be willing to do any repairs, an inspection still empowers you, as it informs you as to the condition of your home.”

InterNACHI agrees with me. Or I agree with them. Either way, we are in agreement.

 

Me: still alive!

Just a quick note to let you all know I’m still alive — real estate, life and a couple of other blogs have kept me busy!

You can also catch me @ thehousingnetwork.com/blog and coloradohousingnetwork.com!

Stay tuned for more content here soon, please!

Complexity economics and the housing market

W. Brian Arthur posits that our economy isn’t a machine but is more an organic and constantly evolving system. He’s coined the term complexity economics. From the article, “Complexity economics asks how individual behaviors in a situation might react to the pattern they together create, and how that pattern would alter itself as a result, causing the agents to react anew.”

clipart from Pixabay

Bear with me here but I think the housing market is a good example of complexity economics. A pattern arises from the collective action of sellers, buyers and renters. However, as the pattern emerges, the same individual actors will then react to the emerging pattern and, in doing so, alter the pattern.

For example, an active market with a shrinking inventory prompts renters to purchase, sellers to list their homes. Buyers are affected, too, as prices increase. The end result is new pattern, born of individual actions.

If you’d like to read more about this idea, here’s the Wiki link! I’m going to be doing a series on this topic, too. More to follow!

Google Power: Colorado Springs School District map

We are all about providing tools and information for the community. Check out this Google Map w/overlays.

photo from Google Maps
photo from Google Maps

My future homestead: a 1 acre self sustaining piece of land

photo from openclipart.org
photo from openclipart.org

I really, really like this idea. SurvivalGrit has the rundown on the basics of what such a mini farm (is that accurate) would look like and function.

Thank you to my friend and Las Vegas area agent Leah Soares Rodriquez who shared this on Facebook!

Colorado Springs Realtor®