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Fastest Growing Sport in the US is Thriving in Colorado Springs

Episode 8 – Joe Johnson

Joe Johnson

“The game is easy for beginners to learn and much easier than tennis.”

“All are welcome to learn and enjoy this great sport. The more people from all walks of life that we include, the better we all become.”

-Joe Johnson

In this episode of the Wake Up Colorado Podcast, our guest is Joe Johnson President of PPPA (Pikes Peak Pickleball Association). In 2016, Joe discovered pickleball while on a biking activity with his wife where pickleball players invited them to play. Joe is now in his second term as President of the Pikes Peak Pickleball Association and shares all about his organization, pickleball, and how Covid affected the sport.

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Real Estate Tax Loophole at Risk of Closing – Capital Gains Tax Law Changes

What is the American Families Plan act?

President Biden recently announced a nearly $1.5 trillion package called the “American Families Plan” that would help fund expansion of social services such as free preschool, extend the child tax credit, and create a national paid leave program.

How will it be funded?

Funding for this package would come from closing the capital gains tax loophole that many investors take advantage of. The funding strategy involves narrowing the gap between what super wealthy Americans income tax rates and capital gains tax rates.

Who is impacted?

Wealthy investors earning over $1 million where gains over $500,000 could not defer their capital gains tax liability.

Who is not impacted?

If you receive proceeds less than $500,000 on any given real estate transaction then you would not be paying any capital gains taxes. If you’re like most average homeowners who sells their home then you’ll likely will not be impacted.

What is a 1031 exchange?

The 1031 exchange allows you to delay paying taxes on net proceeds provided it is rolled into a like-kind investment property within six-months of closing, this tax strategy can continue indefinitely or until the investors death. Currently capital gains are passed onto your heirs tax free. However, it should be noted that even the tax free inheritance is under scrutiny and could be eliminated.

How would investors limit their tax liability with this change?

You can effectively decide when to pay capital gains taxes based on when you decide to sell your investments. With this tax change you could strategically hold-off on selling your investments or slowly sell-off to pay the least amount in taxes. Any gains you realize could also be applied to past losses to further avoid paying taxes.

What should you do?

If you’re anticipating taking capital gains from the sale of an investment in the near future then be sure that you consult with a tax-advisor and if applicable an attorney.

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Her Journey of Recovery Leads to Service in the Salvation Army

Episode 7 – Brett Harrison

Brett Harrison

“We want to provide as many services as possible for people to help themselves instead of doing things for them.”

“isolation is the worst thing for someone in any sort of recovery.”

“loving people until they can love themselves.”

-Brett Harrison

In this episode of the Wake Up Colorado Podcast, our guest is Brett Harrison. She is a PR and Marketing Director for the Salvation Army in Colorado Springs. Sixteen years in the restaurant industry pushed her towards achieving her degree in marketing. After managing events and implementing community-based marketing in a variety of restaurants, she finally landed on her dream job which is Marketing and Public Relations for a non-profit organization.

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Pueblo Museum – A Founding Families Legacy

Episode 6 – Deb Darrow

“It’s really important to know your history. If you know your history, that’s kind of where you start to get sort of jazzed up about it.”

“Volunteering is one of the best ways to meet people.”

-Deb Darrow

In this episode of the Wake Up Colorado Podcast, our guest is Deb Darrow. She made her way to Rosemount 100% on a fluke. She has a Journalism Major and worked as a newspaper reporter and a communications person. By luck, the Rosemount Museum was looking for a new director with communication skills to work with marketing and public relations. One thing led to another, and Deb became the Executive Director of Rosemount Museum. Today, Deb shares all about Rosemount Museum, its history, and how you can help preserve the history of your community for generations to come.

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Mission of Caring for Pets in Pueblo

Episode 5 – Sam Biondolillo

Sam and Cindy Biondolillo

“Pets does not have a concept of the past or the future, they live for the moment. I hope we can learn from that and it’s up to us to make that for them—as awesome as it can be.” – Sam

In this episode of the Wake Up Colorado Podcast, our guest is Sam Biondolillo. Living his life loving animals with his wife, Cindy, they built Pueblo’s Best Pet Care. Sam wanted animals to have a haven, to take care of them in the best possible way. As one of the advisory board members for bringing new industry to corrections, he oversaw research in a dog training facility where he found his life-long mission. After taking an early retirement to pursue his mission, Sam and Cindy are on a journey to bring tender-loving care for animals. Today, Sam shares his love for animals, their stories, and how to be an excellent pet owner.

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Mom, Wife, and Cultivator of Great Places

Episode 4 – Sarah Humbargar

Sarah Humbargar

“I always knew that investing in real-estate would be important for me and in my financial journey.” – Sarah

In this episode of the Wake Up Colorado Podcast, our guest is Sarah Humbargar. Growing up inspired watching her father meeting the tenants with their one rental property, Sarah embarked on the journey following his footsteps. She has a breadth of experience in multiple industries including working in a civil engineering firm, as an owner’s representative for CarMax Auto Superstores, Vice President for Colorado Springs downtown partnership until she decided to start her own firm and forge her path. Sarah shares her fun-filled journey in real estate investing, insights to maximizing properties, and her thoughts on policies.

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Vacation Rental Operator and Founder of COSSTRA

Episode 3 – Ryan Spradlin

Ryan Spradlin

“What I enjoy the most is the idea of helping these people make these memories, but the same kind of memories we make when we go to places.” – Ryan

In this episode of the Wake Up Colorado Podcast, our guest is Ryan Spradlin. Married and with two kids, Ryan is an application developer for an insurance company and has worked remotely from home for about 15 years. A trip to Europe inspired he and his wife to rent their house which started them on the path to short-term rentals. Ryan founded Colorado Springs Short-Term Rental Alliance, an organization that provides information and collaboration space for short-term rental owners and operators in Colorado Springs.

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Veteran Founded Mortgage Company

Episode 2 – Troy Reichert

In this episode of the Wake Up Colorado Podcast, our guest is Troy Reichert an Air Force Veteran and owner of The Reichert Mortgage Team LLC based in Colorado Springs. He and his team are very experienced with VA, Conventional, FHA and USDA loans; with over 7 years of experience in the mortgage industry he aims to give his clients great value. Today he will share his journey from the Air Force to the Mortgage Industry.

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Top Yoga Studio in Pueblo

Episode 1 – Amanda Guerrero

Amanda Guerrero

“In order to be a reliable yoga instructor, you have to first be a student, because it is a practice and it is an ever-evolving scene” – Amanda

In this episode of the Wake Up Colorado Podcast, our guest is Amanda Guerrero. Founder of Nova Stella Yoga which was established in 2017 with a clear and simple mission: to share yoga. Amanda shares her journey from an injury which was the catalyst to beginning her yoga practice to starting her studio and school.

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5 Reasons Now Is the Best Time To Sell Your Colorado Springs Home

Real estate often goes in cycles. Sometimes it’s a fantastic opportunity to sell. Other times, it’s a tremendous opportunity to buy. Rarely is it an ideal time to do both, but that’s what the current Colorado Springs market is. A combination of market factors has made it the perfect time to sell your Colorado Springs home and upgrade to a bigger home or even move elsewhere altogether.

Here are the top five reasons why this market is so unique for Colorado Springs homeowners!

Sell Your Colorado Springs Home: Above-Average Sales Prices

The Colorado Springs market is hot right now. Real hot. Experts ranked the Colorado Springs market sixth in the nation for growth in 2020. Those predictions mostly came true. The median sales price was $380,000 at the end of 2020, representing a 15.2% increase on the year.

Here’s why that matters. If you bought a home in 2015, the average price was $245,900. Therefore, in a mere five years, the average Colorado Springs homebuyer would have gained $130,000 in equity on their home. Couple that with the fact that you’ve been paying down the balance for a few years and the down payment you previously had, and some buyers might have $150k-$200k easily in their homes.

That’s enough for a 20% down on a $750,000 or $1 million home.

Of course, if you bought earlier than 2015, you could have even more equity!

By taking advantage of higher-than-normal selling prices, you can upgrade to a new home in Colorado or even move somewhere out of state. The choice is yours!

Below-Average Interest Rates

The high home prices are a great reason to sell on their own. But, ultimately, you still need a place to live. So when you sell, you might make more on your home, but the house you’re going to buy has also gone up quite a bit.

With record low interest rates, there’s a possibility that you could trade up your home and still wind up paying roughly the same amount of money, depending on when you bought your home in the past.

Consider this example. Let’s suppose you bought an average Colorado Springs home in 2015. You put 20% down, so you got a $200,000 mortgage at probably about 4.125% interest, for a monthly payment of $969.30. Six years later, you’d owe about $175,000 on the mortgage, and your home would be worth $380,000.

Let’s say you want to trade up to a $450k home – maybe for a better school, have an extra bedroom, or be closer to things you enjoy. When you sold your home, you’d net about $200,000 ($380k – $175k). Note that there would be some commissions, but this example is intentionally simplified. You’d take that $200,000 and put it towards your $450k home. You’d have a mortgage balance of $250,000.

Interest rates now are around 2.7%. Your mortgage payment would be $1,013.99 per month.

In other words, for an extra $44.69 per month, you can get a home that is $70,000 more than what you have right now. That could easily be enough to get one or two more bedrooms or get a house closer to an area you want to live! Or, if you’re living in a condo, you might be able to trade up to a home for a minimal amount more per month.

Time on the Market Is Minimal

If you’re looking to sell your Colorado Springs home, now is the perfect time for another reason: the time your home will sit on the market is minimal! The average time on the market is just 17 days.

Yes, you read that correctly. Once your home gets on the market, you can expect, on average, to have an offer in 2-3 weeks. Of course, the length of time your specific house is on the market depends on various factors, but there’s no denying that the Colorado Springs market makes it very easy to sell a home.

Indeed, the most recent average days on the market metric is lower than any reading in the past 18 months. The high is 33, and the low is 17.

It’s just another sign that the current real estate market is the perfect time to sell!

Another Reason To Sell Your Colorado Springs Home: Lots of Buyers!

Many people are looking to move to Colorado Springs now for two primary reasons.

First, the economic outlook of the city remains positive. Reports have consistently suggested that Colorado Springs has a healthy, robust job market. That will attract buyers to the area – and, more precisely, to your home!

Second, the COVID-19 pandemic has shifted priorities for many people. Individuals and families living in higher cost-of-living places, like San Francisco, are now exploring places like Colorado Springs as a place to work remotely and get more bang for their buck.

These two factors add up to plenty of buyers, leading to higher sales prices and lower times on the market than the historical average.

The Pandemic Is Subsiding

Last but not least, the reason why you should sell your Colorado Springs home now is that the pandemic is subsiding. With vaccination rates continuing along at a brisk pace, more and more people feel optimistic about a future without COVID-19.

The result for the housing market is twofold. As a seller, this manifests itself in more buyers, so you’re more likely to sell quicker and for more money. As a buyer, you’ll find that more sellers are starting to put their homes up on the market again. During the peak of COVID-19, there wasn’t much selection.

While nobody can predict the future, it’s not hard to imagine a scenario where there is a flurry of sellers who put their homes up after delaying a year or more due to COVID. When that happens, the market could become saturated, and prices could take a hit.

Therefore, if you want to sell, now’s the time to do it! The pandemic is just starting to subside, and it creates ideal conditions for both buyers and sellers.

Sell Your Colorado Springs Home and Get in to Your Dream Home Now

There are plenty of reasons why now is an ideal time to sell your Colorado Springs home. The combination of low interest rates, high sales prices, and bright prospects for the city make this the perfect time to put your home on the market!

Creating a strategy is critical for finding the home of your dreams in a sellers market, especially if you want to stay in the area. That’s where our team will craft a plan specific to your needs and ensure a seamless and transparent process from selling to buying.

If you’re interested in selling your home for top dollar and getting into the home of your dreams, please contact me!