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Plan Your Memorial Weekend in Colorado Springs Now!

Territory Days

One of the most popular Colorado Springs Memorial Day activities is Territory Days. Celebrating 43 years, this free family-friendly event held in Old Colorado City has been bringing in top-notch live performers and entertaining the masses. Enjoy vendor booths with food, drinks, crafts, activities and more!

When: May 26th – 28th, 2018

Where: Old Colorado City

Time: Saturday & Sunday 10:00 AM – 7:00 PM; Monday 10:00 AM – 6:00 PM

Cost: FREE

Cheyenne Mountain Zoo Plant Sale 

This year’s plant sale at Cheyenne Mountain Zoo will offer many varieties of grasses, perennials, herbs and more. With plants ranging from perennial favorites to freshly picked additions, you’re sure to find a variety of plants to fit your application and location. All of the plants are Colorado grown, with the majority grown right at Cheyenne Mountain Zoo. Pricing is competitive with garden outlets and all the proceeds will benefit Cheyenne Mountain Zoo.

When: May 26th – 28th, 2018

Where: Cheyenne Mountain Zoo

Time: Saturday: 8:00 AM – 5:00 PM Sunday and Monday: 9:00 am – 5:00 pm

Cost: No Zoo admission is required to attend the plant sale. Plant prices vary.

MeadowGrass Music Festival

3 days, 20+ bands, 1 big tent! One of Colorado’s most eclectic music festivals will be held at the LaForet Conference & Retreat Center in Black Forest. The 10th Annual MeadowGrass Music Festival will feature performances from more than 20 national, regional and local artists, music workshops, yoga, kid’s activities and camping. Bring your blanket and camp chairs – the festival takes place rain or shine.

When: May 25th – 27th, 2018

Where: LaForet Conference & Retreat Center

Time: 12:00 pm – 10:00 pm

Cost: Ticket price vary. Visit www.MeadowGrass.org for more details.

 

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What If I Wait Until Next Year to Buy a Home?

We recently shared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have remained historically low which has allowed many buyers to enter the market.

As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Reporthome prices will appreciate by 5.2% over the next 12 months.

What Does This Mean as a Buyer?

If home prices appreciate by 5.2% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

What If I Wait Until Next Year to Buy a Home? | MyKCM

Bottom Line

If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.

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Colorado Springs has the 4th Best Zoo in North America

Who doesn’t want to have a top 5 zoo in their back yard?!? 🙂

  1. Saint Louis Zoo
  2. Omaha’s Henry Doorly Zoo and Aquarium
  3. Cincinnati Zoo & Botanical Garden
  4. Cheyenne Mountain Zoo
  5. Fort Worth Zoo
  6. Arizona-Sonora Desert Museum
  7. Dallas Zoo
  8. Audubon Zoo
  9. Zoo Miami
  10. The Living Desert Zoo and Gardens

https://www.10best.com/awards/travel/best-zoo/

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Why Home Prices Are Increasing

There are many unsubstantiated theories as to why home values are continuing to increase. From those who are worried that lending standards are again becoming too lenient (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there seems to be no shortage of opinion.

However, the increase in prices is easily explained by the theory of supply & demand. Whenever there is a limited supply of an item that is in high demand, prices increase.

It is that simple. In real estate, it takes a six-month supply of existing salable inventory to maintain pricing stability. In most housing markets, anything less than six months will cause home values to appreciate and anything more than seven months will cause prices to depreciate (see chart below).

Why Home Prices Are Increasing | MyKCM

According to the Existing Home Sales Report from the National Association of Realtors (NAR), the monthly inventory of homes for sale has been below six months for the last five years (see chart below).

Why Home Prices Are Increasing | MyKCM

Bottom Line

If buyer demand continues to outpace the current supply of existing homes for sale, prices will continue to appreciate. Nothing nefarious is taking place. It is simply the theory of supply & demand working as it should.

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This Just In: Data Says May is the Best Month to Sell Your Home

According to a newly released study by ATTOM Data Solutions, selling your home in the month of May will net you an average of 5.9% above estimated market value for your home.

For the study, ATTOM performed an “analysis of 14.7 million home sales from 2011 to 2017” and found the average seller premium achieved for each month of the year. Below is a breakdown by month:

This Just In: Data Says May is the Best Month to Sell Your Home | MyKCM

ATTOM even went a step further and broke their results down by day.

Top 5 Days to Sell:

  • June 28th – 9.1% above market
  • February 15th – 9.0% above market
  • May 31st – 8.3% above market
  • May 29th – 8.2% above market
  • June 21st – 8.1% above market

It should come as no surprise that May and June dominate as the top months to sell and that 4 of the top 5 days to sell fall in those two months. The second quarter of the year (April, May, June) is referred to as the Spring Buyers Season, when competition is fierce to find a dream home, which often leads to bidding wars.

One caveat to mention though, is that when broken down by metroATTOM noticed that while warmer climates share in the overall trend, it turns out that they have different top months for sales. The best month to get the highest price in Miami, FL, for instance, was January, and Phoenix, AZ came in with November leading the charge.

If you’re thinking of selling your home this year, the time to list is NOW! According to the National Association of Realtors, homes sold in an average of just 30 days last month! If you list now, you’ll have a really good chance to sell in May or June, setting yourself up for getting the best price!

Bottom Line

Let’s get together to discuss the market conditions in our area and get you the most exposure to the buyers who are ready and willing to buy!