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!

From the inbox: how much should I budget for home maintenance?

pitr-Home-icon-300px
photo from OpenClipArt.org

Ooh. This is a good one. The general rule of thumb is one percent of the purchase price of your home, annually. Jeff Brown, from Main St, has quite a good breakdown on what this means for you as a homeowner.

For a home price of $200,000, that’s $2,000 annually it’s recommended you plan for. You may not always spend that much but I do recommend you save it…because there will be times you do.

Last year, I had to replace my roof ($1K deductible) and repair some damage from a washer that failed ($15 part, $1K deductible).

Knock on wood and I really shouldn’t say this but this year we have been fortunate (so far) and not had any major home maintenance issues.

 

Gazette: When did Santa tracking start at NORAD?

johnny-automatic-Santa-and-bag-300px
photo from OpenClipArt.org

Interested in a little history on the tracking of Santa via NORAD? Also, check out Google’s Santa Tracker!

 

Gazette: Colorado Springs’ housing market expected to be red-hot

RockArt-300px
photo from OpenClipArt.org

I don’t disagree with this assessment, including the piece about the tight rental market. There is an interesting data point to keep an eye on as well, with this discussion: we are a town with a lot of VA loans. The military BAH has a lot to do with pricing here. If BAH doesn’t increase, what will that do to our prices?

Looking to buy or sell in Colorado Springs? I’d be honored to help!

Boulder area hits average of $1M for a four bed…

mountains-with-road-300px
photo from OpenClipArt.org

Wow. Boulder is now one of the most expensive housing markets in the nation, according to the Denver Post.

By contrast there are 414 four bedroom homes on the market at the time of this post for $300,000 or under in Colorado Springs.

In the market? I’d be honored to help!

Colorado Springs Realtor