Happy September!

I certainly hope you all are having a great summer. Think it has been a bit rainy? Well, the July has set a
new record for rainfall in Colorado Springs. We had 23 days of rain. I think we may be vying with
Seattle! Speaking of top markets, Seattle is certainly near the apex and they have just implemented a
5% surtax on all property sales made by non citizens. This is in relation to the British Columbia market
where they implemented such a surtax, mainly to target the Chinese investors that are buying up
properties at top dollar. The direct result was for the Chinese to move to Seattle and now with this new
tax, they are migrating south to Portland. Economics at work. The taxation did relieve the markets but
it also is creating a crunch on the economy in each of these locations. So the attempt to box certain
people out could possibly be boxing the citizens in.

Our housing market just won’t behave in a normal fashion. As of January 1, the dogs were out and our
market was very quick with very low inventory. About the middle of May, we started to see the slow
down which could be due to up pricing and less buyers. This is also in direct correlation with the cool
down of the Denver market which has been driving Monument and northern Black Forest. But, now it is
becoming more evident that we aren’t in such a boom as we are in just a low inventory market. This
was created because of the lack of building during the years of 2008-2012. So a lot of catch up is
needed and only new building is answering the housing shortage. Unlike other booms, however, buyers
are still driving hard on inspections and feeling smarted that if they do get caught in multiple offers,
being very difficult with the inspections (or extortions, depending on your perspective). There is no
doubt, we are in a bit of slower time but as long as the buyer sees the value, the properties move. We
are seeing a bit of pricing correction but it is in normal pricing range. The sellers’ expectations just have
to be a bit more reasonable.

10 Hottest Real Estate Markets:
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Colorado Springs CO
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