Buyer Contingencies to Know About

If you are in the market to buy a new home, there are a variety of aspects to plan for before you have the keys and can move in. When it comes to making an offer to a seller, there are standard contingencies, which you can include as the buyer. In essence, a contingency covers the possibilities of big “What Ifs.” What if there is a big change in the value of the home I want to buy? What if there is serious damage to the property? What if my financing doesn’t come through as expected? These “What Ifs” can be cushioned by the right contingencies, and keep your earnest money in your pocket if an offer goes awry.

An Appraisal Contingency ensures a buyer doesn’t over pay for a property. With this stipulation, an appraiser is brought in to review and report on the fair market value of a home. Should the value come back significantly lower than the listed price, the buyer can walk away from the offer. Having an appraisal will also come in handy when it comes to your financing, as lenders often use these reports to establish loan amounts.

Home Inspection Contingencies provide buyers with the ability to back away from an offer if there are serious structural or integral issues with a property. If a home inspection reveals problems, a contingency keeps the negotiation table open. Sellers can agree to fix a problem, but may raise the asking price to recoup some of the cost. If an agreeable solution is not found, this type of contingency lets you stop the process and keep your money.

If financing is still in progress at the time you make an offer, including a Mortgage Contingency will ensure both parties enter into a sale that can be funded. With this type of stipulation, a buyer is given a specific time frame to procure their mortgage for the home. There are any number of reasons a loan can be delayed. If funding is not available by the end of the time period, you can walk away from the offer and keep your earnest money.

Before you make an offer, review these common contingencies in detail with your Realtor®. When you are ready to sell or buy your home, we at Springs LifeStyles Real Estate are here to help you with all of your real estate needs! As your buyer agent, we will strive to give you the best support we can. Call Kathy Stenberg at (719) 963-4867, or you can email her at springslifestyles@gmail.com. You can also visit us at our website for available listings and additional information.

Pikes Peak Real Estate Reflects Seller’s Market

The Colorado Association of Realtors® (CAR) recently released the latest sales data for May 2016. In the report, there are some key factors which point to the Pikes Peak region being in a strong seller’s market. Our population is continuing to grow with more people seeking homes in and around Colorado Springs. This is great news in itself, but homebuyers are seeing a bit of a tougher time in finding a home, mainly due to lower inventory on the market. With fewer homes to choose from, buyers are also paying more. These two factors put sellers in an ideal position to list their property and come out ahead in the market.

According to the CAR report for May, there are fewer properties on the market across the state. With 17,724 single-family homes listed for the month, inventory supply is down by 24%, representing a supply of 2.5 months. For condos and townhomes, the supply was down by 30% with 4,237 units listed for sale, providing less than a two-month supply of inventory. This current inventory is almost 50% less than the same time a year ago.

Despite a lower inventory, buyers are finding homes in the Pikes Peak region, with a record number of closings being reported for May. The Pikes Peak Association of Realtors® has indicated 1,495 residential-property sales closed in May, almost 300 more listings than the average of 1,200 per month.

Across the state and within the Pikes Peak region, home prices are on the rise. CAR data released for May shows that the Southeast region of Colorado, which Pikes Peak is a part of, had a 6% increase in median-sales prices for single-family homes, compared to the prior year. The median price for May 2016 was $242,810 compared to $229,000 in May 2015. Condos and townhomes also saw an increase in median prices, up 5.8%, moving from $156,000 in May 2015 up to $165,000 this year. The median sale price for single-family homes across the state also went up to $335,000, or 8%, while condos and townhomes increased by 12% in median sale prices, to $245,500.

This trend is expected to continue in the coming months. If you are thinking of selling your property in the Pikes Peak region, this is an ideal time to list your property. When you are ready to sell or buy your home, we at Springs LifeStyles Real Estate are here to help you with all of your real estate needs! As your buyer agent, we will strive to give you the best support we can. Call Kathy Stenberg at (719) 963-4867 or you can email her at springslifestyles@gmail.com. You can also visit us at our website for available listings and additional information.

Kids' Pool Coming to Manitou Springs

Living around the Colorado Springs region offers a lot of family friendly places and things to do. This summer there will be a new attraction in Manitou Springs, just for the little ones. In a recent announcement from Great Outdoors Colorado , (GOCO) a grant for $80,500 has been awarded to supplement $34,500 from the Manitou Springs City Council, to make a new pool for young kids a reality. The grant from GOCO will replace the existing pool which is more than 40-years-old.

The new Manitou Springs Baby Splash Pool will be large enough for up to 40 kids and include a new kid-friendly entrance into the pool. The splash pad area of the pool will feature water sprayers. Not only will kids 10 and younger be able to enjoy the fun of a splash pad and kid-oriented pool, but there will also be swimming classes available too. The pool itself will be no deeper than 3 feet, 6 inches, perfect for young children just learning to swim and ready to enjoy some summertime water fun. The date of the new pool opening is not yet set but expected to be ready sometime this summer. The pool will be located at the Shryver Park recreation center, which has seen some other updates completed, including renovations done to the indoor pool and a new weight room and general-purpose room.

The GOCO grant for the new pool is one of 39 projects awarded funds across 25 counties. Almost $7 million in lottery funds were gifted to improve our community park and trails and provide more outdoor classes and activities, such as the Manitou Springs pool. GOCO is an independent board in place to award grants from lottery funds in order to preserve and enhance Colorado’s green and open spaces. The GOCO was formed in 1992, and since then has helped fund more than 4,500 projects across all 64 counties in the state without tax dollars, putting our lottery to work.

The new Manitou Springs Pool will be just one more wonderful attraction for families in our area. When you are ready to buy or sell your home, we at Springs LifeStyles Real Estate are here to help you with all of your real estate needs! As your buyer agent, we will strive to give you the best support we can. Call Kathy Stenberg at (719) 963-4867 or you can email her at springslifestyles@gmail.com. You can also visit us at our website for available listings and additional information

Colorado Project Wildfire Home Protection Tips

Summer is fast approaching and with it comes wildfire season. Colorado has had its share of devastating fires, with many homes and communities affected directly. With our region continuing to grow, our spread into Wildland Urban Interface areas has increased as well. This has led to more homes and people at risk from wildfires. But greater risk can be counterbalanced with preparedness. Working with a variety of fire-prevention organizations, the Colorado Association of Realtors® is focused on raising awareness to help “prevent and reduce the damage to land, property and lives”, through the Colorado Project Wildfire. This statewide program was created to help communities, homeowners and families learn about wildfire risks and prevention methods. Listed below are some tips from Project Wildfire, which you can use to prepare your home for wildfire season.

There are two prime areas to focus on when it comes to reducing the risk of wildfire susceptibility. First is to create a defensible area around your home and any buildings on your property. Creating a defense around your home involves specific planning for the landscaping and outdoor features of your property.  If you live in the foothills or in areas close to ponderosa pine forests for example, creating a series of fire prevention zones will help protect your home.

The outer zone covers the area of your property 100-200 feet away from your home, up to and including your property line. This is your first line of defense, where keeping trees thinned, with a minimum of 10 feet between tree tops will lessen the likelihood of fire spreading. Keep dead vegetation out of this zone, and avoid “ladder fuels”, vegetation levels which step down or up close to one another, as this can allow fire to move quickly.

The middle zone is within 30-100 feet of your home. Landscaping in this area should be in islands, separate from one another to help prevent spreading by breaking up where potential fire fuel is on your property. As with the outer zone, keep dead foliage cleaned up and keep lawns or flowers and shrubs to a maximum of 8” high.

The inner zone is the area just outside your home up to 30 feet away. Here is where you want to keep vegetation away from building surfaces, which should be fire retardant. Check and regularly prune overhanging branches and store loose combustibles such as firewood outside of this zone.

The second area to focus on for wildfire preparedness is to reduce the ignitability of your home through structural materials. Also known as hardening your home, there are a variety of ways that can make a big difference. Some examples include installing a fire sprinkler system in your home, enclosing gutters and eaves along your roofline, as well as any vents exposed to the exterior of your home. Using non-combustible materials such as brick, stone or concrete fencing can also help keep a wildfire from reaching your home.

You can also find more information through FireWise one of the organizations working with Colorado Project Wildfire. If you are planning to sell your home soon, highlighting the wildfire preparedness of your home can not only be a great selling point, but can also add value to your home. If you are on the search for a new home, be sure to keep Colorado Project Wildfire in mind during your home search. When you are ready to buy or sell your home, we at Springs LifeStyles Real Estate are here to help you with all of your real estate needs! As your buyer agent, we will strive to give you the best support we can. Call Kathy Stenberg at (719) 963-4867 or you can email her at springslifestyles@gmail.com You can also visit us at our website for available listings and additional information.