Blog

Market Update November 2012, Prices Up
By Luther
December 7, 2012

The number of homes sold was up 14.9% compared to last November. There are currently 3322 active single family listings on the market in the Pikes Peak region compared to 3667 last year in November, which is a 9.4% decrease. New listings on the market were up 13.7%. The average sales price was up 6.3% compared to last November to $231,885.

The median single family sales price was up 9.7% in November (same number of homes sold above as below). Last year's median number was $185,000 and this year's November stat was $203,000. 

There are currently 330 active condo/townhomes listings on the market compared to 415 last year in November, which is a 20.5% decrease. Sales were up in November by 37.3% compared to last year and down 14.8% compared to last month. The average purchase price for condo/townhomes was up 2.1% to $136,950.

Giving us a better picture of this year’s market trends we see that the average sales price is up 4.9% cumulative year to date and sales up 8.1% CYD over last year. Volume is up 13.5% to $1.936.513.184 in the Pikes Peak region. Yup that’s almost 2 billion dollars in single family homes sold.

Rates are incredibly low and prices are moving upward. This is a great time to sell and/or buy. It is also a great time to buy that investment property.

Luther Benson - Broker/Owner

Access Real Estate Professionals Inc.

22 Years of Experience

For a Free List of Distressed Homes go to:

http://www.freedistressedlistings.com

For a list of all available homes on the MLS go to:

http://www.Homes4SaleCo.com

Learn the 7 costly mistakes buyers and sellers make on my web site:

http://www.lutherbenson.com

Email: lutherbenson@comcast.net

Direct 719-528-2406

Cell 719-310-2404

CPV,CRS

The highest form of compliment I can receive is your trust by referring me to your family friends and co-workers. I promise to provide exceptional service, respect and care to you or anyone you may refer.

3.8% Transfer Tax
By Luther
December 10, 2012

Below is a brief article dispelling some of the rumors that have been going around on the internet of a 3.8% transfer tax on all real estate sales. This is NOT a blanket real estate sales tax and will affect very few people. Even though I am not a big fan of the Health Care bill it passed, so I feel that it is important to dispel rumors of a real estate sales tax which could slow the real estate market at a time it is beginning to improve.

Now that the Supreme Court has upheld the health care legislation, all of its major provisions remain in effect,
including the new tax that was designed to affect upper income taxpayers. The 3.8% tax is imposed ONLY on those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return). The tax applies to investment
income, defined as interest, dividends, capital gains and net rents
. These items are all included in an individual's AGI. A formula will determine what portion, if any, of these types of investment income would be subject to the tax.

The tax is NOT a transfer tax on real estate sales and similar transactions. Not long after the tax was enacted,
erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding.

The new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal
residence. Thus, ONLY that portion of a gain above those thresholds is included in AGI and could be subject to the tax.

The amount of tax will vary from individual to individual because the elements that comprise AGI differ from taxpayer to
taxpayer.

As always be sure to check with your tax advisor to see the tax may or may not affect you.

Luther Benson - Broker/Owner

Access Real Estate Professionals Inc.

22 Years of Experience

For a Free List of Distressed Homes go to:

http://www.freedistressedlistings.com

For a list of all available homes on the MLS go to:

http://www.Homes4SaleCo.com

Learn the 7 costly mistakes buyers and sellers make on my web site:

http://www.lutherbenson.com

Email lutherbenson@comcast.net

Direct 719-528-2406

Toll Free 877-528-2406

Cell 719-310-2404

CPV, CRS

The highest form of compliment I can receive is your trust by referring me to your family,
friends and co-workers. I promise to provide exceptional service, respect and
care to you or anyone you may refer.