WELCOME to the May 2013 issue of Kim Klapac...Locals Know Newsletter. Thank you for taking the time to read through this month's edition. I hope you find it informative and interesting! For more information within each topic please click through the links.
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Local and National Market - 1st Quarter
National: First, tightened inventory levels combined with strong demand are fueling price gains in many areas. Second, consumer demand is shifting from distressed properties to conventional homes. Third, record-low mortgage rates and rising rents are supporting housing recovery. Local: New Listings increased 10.0 % to 4,089. Pending Sales were down 2.1 % to 2,313. Inventory levels grew 2.2 % to 4,280 units. Prices moved higher. The Median Sales Price increased 12.6 % to $196,000. Days on Market was down 17.3 % to 81 days. Absorption rates improved as Months Supply of Inventory was down 9.1% to 5.0 months.
General Market Overview 1st Qtr Chart Link
Market Activity by Area Link
What is days on market until sale? A measure of how long it takes homes to sell, on average.
*Data may not reflect all real estate activity in the market and is provided as-is without warranty or guaranty.
April 10, 2013. Data provided by Pikes Peak REALTORŪ Services Corp. Reports by 10K Research and Marketing.
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Contract Contingency Series
...Appraisal Conditions
In the March 2013 issue I wrote about Right to Terminate - Title Objection. The contingency I will identify this month is: Right to Terminate - Appraisal Provisions. Conventional/other, FHA,and VA financing options have different conditions regarding the appraisal outcome. It is important to know the conditions of appraisal for your financing.
On the dates and deadlines there is an appraisal deadline (deadline when the appraisal is received by buyer or buyer's lender and appraisal objection deadline (deadline for the buyer to object to the appraisal outcome - property valuation less than the purchase price). Buyer has the right to terminate on or before the appraisal objection deadline.
Seller has right to Terminate: Lender Property Requirements
If the lender imposes any requirements or repairs...to be made to the Property (e.g., roof repair, repainting), beyond those matters already agreed to by Seller in this Contract, Seller has the Right to Terminate... on or before three days following Seller's receipt of the Requirements, based on any unsatisfactory Requirements, in Seller's sole subjective discretion. Seller's Right to Terminate shall not apply if, on or before any termination by Seller (1) the parties enter into a written agreement regarding the Requirements; or (2) the Requirements have been completed; or (3) the satisfaction of the Requirements is waived in writing by Buyer.
Note: The cost of appraisal is a negotiable item within the contract.
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FHA Financed Buyers: June 3rd Deadline!
 FHA has making changes to another MIP rule: FHA will also require most FHA borrowers to continue paying annual premiums for the life of their mortgage loan.
If you get an FHA Case Number prior to June 3, 2013, you'll have protection you will need while your loan is in-process. Even if your closing date is after June 3, 2013 on the calendar, with a valid FHA Case Number prior to that date, you'll be grandfathered in to today's more favorable MIP policies. So, get your FHA loan underway today. Don't know where to start? Feel free to contact me about the Home Buying process!
Speaking of financing: Across the board in 2013 we may be seeing a rise in the cost associated with getting a home loan/cost of originating a home loan. When looking for a lender make sure to ask about these costs and rates so you may compare and make the best financial decision. Importantly as well your lender of choice should have high marks in customer service, knowledge, and communication - get the service you deserve!
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4th Annual First and Main Car Show. FREE! When: Saturday, May 4th; 8-10:00AM. Where: First & Main Town Center (Powers Blvd between Barnes Rd and Constitution Ave). First & Main Car Show Details.
30th Annual Cinco de Mayo Fiesta & Car Show. FREE!
When: Sunday, May 5th; 11AM-5:00PM. Where: Freedom Financial Services Expo Center,
Support a Cause! NAMIWalks Colorado.
Join others from El Paso County at the National Alliance on Mental Health (NAMI) Walk. When: Saturday, May 18th; 10:00AM. Where: Central Park at Stapleton Denver. Can't go? Donations are appreciated! More information and to register: NAMIWalks.
Support Your Local Team and enjoy 50 cent HotDogs! When: Sunday, May 12th; 1:35PM Start. Where: Security Service Field/Powers and Barnes. Sky Sox Game.
Public Free Day!
Public Free Day at the FAC. Colorado Springs Fine Art Center - Downtown. When: Tuesday, May 21st; 10AM-5PM. FAC.
38th Annual Territory Days! FREE! Memorial Day Weekend: May 25th - 27th, Open daily at 10:00AM. Old Colorado City. Family Fun Weekend - Enjoy the old Wild West in 2013 and much more! Territory Days Info.
Wolfstock 2013.
Tickets Required.
Colorado Wolf and Wildlife Center - Fundraiser for Fire prevention. When: Monday, May 27th; 10AM-5PM. Where: Colorado Wolf and Wildlife Center, Divide, CO. Wolfstock 2013 Details.
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