Some Arizona buyers can now get up to 22% in down payment assistance. This is an amazing deal. There are stipulations. There are income limits based on household size. You can also not own a home at this time and this must be your primary residence. The home must be less than $322,000 and be a foreclosed property. But for so many first time home buyers, teachers, fire fighters, and so many others this is unique opportunity to get their piece of the stimulus package. I have several clients working to use this program right now.
Plus if you are a first time home buyer you can also get the $8000 first time home buyer tax credit.
Lake Havasu is the perfect place. We can help low to middle income people get that they truly love and discover the joy and advantages of home ownership.
Tuesday, July 21, 2009
Monday, June 8, 2009
Home sales for May up from ’08
Realtors optimistic across United States
By Tony Waggoner
Saturday, June 6, 2009 9:06 PM MST
Home sales in Lake Havasu City continued to improve in the month of May.
The real estate market saw a slight increase from May 2008 in the number of homes sold, but remained stabilized from this past April. In May, the Lake Havasu Association of Realtors reported 154 homes sold. That number is slightly higher than May 2008, when 142 homes sold, but equals the statistics from April of this year.
Association of realtors President Pat Landry said at a recent trip to Washington, D.C., for the National Association of Realtors those in attendance seemed pretty optimistic, as have local realtors. Landry said she expects things may be back to normal in 2011, so now is still the best time for people to buy, especially considering the $8,000 tax credit offered by the federal government, which Landry says buyers might be able to apply to their down payment in the near future.
This comes at a time when the price of homes is very affordable, Landry says. While more homes are being sold, the median price of those homes remains considerably less than last year.
The median sales price for residential homes continued to rise in May, though. With foreclosed homes still being the majority those sold, the median sales price was around $152,750, an increase of approximately $3,800 from April. However, the median sales price continued to drop from this time last year. Home sales averaged around $207,750 in May 2008, a difference of $55,000.
Lake Havasu City is seeing a reduced number of homes on the market. In April 1,022 homes were for sale in the city. As of May, the number of homes for sale was 969.
One area Landry said she is concerned about is short sale homes. Landry said she believes the banks should be looking into more short sales, instead of letting homes go into foreclosures. While a majority of homes sold in Lake Havasu City are foreclosures, 74 to be exact, Landry says more money could be made per home on short sales.
“If these banks would hurry up (with closing homes), they’d make more money,” she said.
Lake Havasu City currently has 96 active foreclosure listings and 101 pending escrow. Along with those figures, the city has 76 short sale homes. Eight short sale homes sold last month.
Landry said one of the problems many of her clients have found is banks are outsourcing the companies who are processing home sales to other countries. To her, she said, this doesn’t make sense; especially with the number of Americans they could employ to do the job. She said one client of hers reported being on the phone with someone he or she did not understand for more than 1 ? hours.
As the summer progresses Landry says she believes things would pick up even more. She said the reason sales have risen and then leveled off is because of the snowbirds buying before they left for the season. Now, with more and more boaters coming in for the summer season the next two months, things should improve, she said.
You may contact the reporter at twaggoner@havasunews.com.
Wednesday, May 20, 2009
$8000 Home Buyer Tax Credit
There are many myths right now about the first time home buyer tax credit. I wanted to pass on some valuable information. Not everyone qualifies but if you haven’t owned a home in the last 3 years or know someone that hasn’t this could help them out.
This is a tax credit that means you get this money dollar for dollar back on your taxes. Pretty much a direct check from the IRS. There is only a limited time to use this credit. You must buy a house before December 1st, 2009.
You can make an ammendment to your 2008 taxes to get this money back right away. This is an amazing deal. Please pass this on to anyone this might be of use to. If you have any additonal questions please give me a call or send me an e-mail. I would be happy to send you the IRS form to claim this on your taxes.
Click the link below for more facts.
http://www.ambercheramy.com/_24_8000_20_Home_20_Buyers_20_Tax_20_Credit.html
This is a tax credit that means you get this money dollar for dollar back on your taxes. Pretty much a direct check from the IRS. There is only a limited time to use this credit. You must buy a house before December 1st, 2009.
You can make an ammendment to your 2008 taxes to get this money back right away. This is an amazing deal. Please pass this on to anyone this might be of use to. If you have any additonal questions please give me a call or send me an e-mail. I would be happy to send you the IRS form to claim this on your taxes.
Click the link below for more facts.
http://www.ambercheramy.com/_24_8000_20_Home_20_Buyers_20_Tax_20_Credit.html
Wednesday, May 13, 2009
FHA Down Payment Assistance
Recent news from the National Association or REALTORS Midyear Confrence in Washington D.C. indicated the $8000 First Time Home Buyer Tax Credit can now be used to help make the down payment for first time home buyers using FHA loans. FHA approved lenders will not me able to monteize the the credit to be used toward the down payment and secure the funds using a bridge loan. This is an awesome acomplishment and really opens the doors even wider for first time home buyers. They can now get down payment assistance, low interest rates, and great homes at fabulous price. Now more than ever it really is the time to buy!!
Thursday, May 7, 2009
Home sales continue to look up
Home sales continue to look up
By TONY WAGGONER
Wednesday, May 6, 2009 10:11 PM MST
Home sales in Lake Havasu City continue to show signs of turnaround.
Statistics released Tuesday by the Lake Havasu Association of Realtors, indicate the number of residential homes sold in the city jumped 12 percent in April over the same time last year. There were 154 homes sold last month, as compared to 120 in April 2008.
The increase in homes sold comes after median sales prices dropped more than $65,000 from last year.
However, Realtors continue to close the gap between the total sales dollars. Dollar amounts for April were just more than $3 million less than this time last year, at $27,635,314. Last year’s figures were $30,852,999.
April’s total dollar amounts also helped Realtors gain some ground on the year totals. Through April 2008, sales dollars were more than $109 million in the city. This year, those figures are just slightly less at $91.5 million.
Pat Landry, president of the Lake Havasu Association of Realtors, says the reason continues to be the number of foreclosures on the market. In April, sales on foreclosed homes accounted for more than half the total sales in Lake Havasu City, Kingman and Bullhead City. There were 78 foreclosed homes sold in Lake Havasu City, 37 in Kingman and 59 in Bullhead City. Lake Havasu City had 208 foreclosures on the market, Kingman 123, and Bullhead City reported 115.
Landry said she expects the number of foreclosed homes sold to increase in the next month, because of the number of those homes still pending escrow.
The departure of snowbirds from Lake Havasu City is having an impact, according to Landry. Part-time residents from as far away as Montana and Wisconsin currently have homes pending escrow. Landry said this is a typical trend that occurs each year right before winter visitors go home.
One thing, she said, that has been different is prospective buyers are taking a look at more homes, making sure the one they are buying is what they want for the right price.Buyers are looking at how the home was built, including insulation, windows, air conditioning and energy efficiency to determine what utility costs they would incur with the purchase of a particular home.
The American Recovery & Reinvestment Act tax credit for first-time homebuyers has yet to impact sales, Landry said. Under the stimulus plan, first-time homebuyers would receive $8,000 tax credit next year. Landry said if the tax credit applied to every homebuyer, it might have more of an impact. With homebuyers not receiving the credit when they apply for the initial loan, Landry said she doesn’t see it making much of a difference. In fact, one first-time homebuyer she dealt with didn’t even know about the tax credit.
As the economy improves, the housing market will follow or vice versa. Landry said both are neck and neck with each other. And, with low-interest loans and low market prices on larger homes, she said things should continue to move upward. Homebuyers should be aware, though, lenders are being stricter on who they will hand out loans to.
“Before it was too easy,” she said. “Now (lenders) are saying they are going back to the basics of years ago.”
By TONY WAGGONER
Wednesday, May 6, 2009 10:11 PM MST
Home sales in Lake Havasu City continue to show signs of turnaround.
Statistics released Tuesday by the Lake Havasu Association of Realtors, indicate the number of residential homes sold in the city jumped 12 percent in April over the same time last year. There were 154 homes sold last month, as compared to 120 in April 2008.
The increase in homes sold comes after median sales prices dropped more than $65,000 from last year.
However, Realtors continue to close the gap between the total sales dollars. Dollar amounts for April were just more than $3 million less than this time last year, at $27,635,314. Last year’s figures were $30,852,999.
April’s total dollar amounts also helped Realtors gain some ground on the year totals. Through April 2008, sales dollars were more than $109 million in the city. This year, those figures are just slightly less at $91.5 million.
Pat Landry, president of the Lake Havasu Association of Realtors, says the reason continues to be the number of foreclosures on the market. In April, sales on foreclosed homes accounted for more than half the total sales in Lake Havasu City, Kingman and Bullhead City. There were 78 foreclosed homes sold in Lake Havasu City, 37 in Kingman and 59 in Bullhead City. Lake Havasu City had 208 foreclosures on the market, Kingman 123, and Bullhead City reported 115.
Landry said she expects the number of foreclosed homes sold to increase in the next month, because of the number of those homes still pending escrow.
The departure of snowbirds from Lake Havasu City is having an impact, according to Landry. Part-time residents from as far away as Montana and Wisconsin currently have homes pending escrow. Landry said this is a typical trend that occurs each year right before winter visitors go home.
One thing, she said, that has been different is prospective buyers are taking a look at more homes, making sure the one they are buying is what they want for the right price.Buyers are looking at how the home was built, including insulation, windows, air conditioning and energy efficiency to determine what utility costs they would incur with the purchase of a particular home.
The American Recovery & Reinvestment Act tax credit for first-time homebuyers has yet to impact sales, Landry said. Under the stimulus plan, first-time homebuyers would receive $8,000 tax credit next year. Landry said if the tax credit applied to every homebuyer, it might have more of an impact. With homebuyers not receiving the credit when they apply for the initial loan, Landry said she doesn’t see it making much of a difference. In fact, one first-time homebuyer she dealt with didn’t even know about the tax credit.
As the economy improves, the housing market will follow or vice versa. Landry said both are neck and neck with each other. And, with low-interest loans and low market prices on larger homes, she said things should continue to move upward. Homebuyers should be aware, though, lenders are being stricter on who they will hand out loans to.
“Before it was too easy,” she said. “Now (lenders) are saying they are going back to the basics of years ago.”
Monday, May 4, 2009
Warren Buffet Says Real Estate is Turning Around
Today on CNBC's Squak Box famed investor Warren Buffet say he is seeing a turn around in the Real Estate Market and hopes to see a full economic turn around soon.
Saturday, April 25, 2009
Friday, April 17, 2009
A Great Day in Lake Havasu
I've been wanting to put this up since last weekend but haven't had a chance. On Easter sunday we took our Rhino's out for a little ride on a trail just down from our house that I had never taken that far before. We went up above the powerline trail and this is the beautiful view of Lake Havasu we saw coming down. I just thought to myself I should take some pictures to show everyone why it so wonderful to live in Lake Havasu. This is only 15 minutes from my house and I live 10 minutes from the lake. That is why I live in Lake Havasu and why I believe in Real Estate in Lake Havasu.
Saturday, April 11, 2009
More buyers picking up foreclosures in Lake Havasu
More buyers picking up foreclosures
More than half sold in March were bank-owned properties
By TONY WAGGONER
Friday, April 10, 2009 10:35 PM MST
Foreclosures are making a difference for the real estate market in Lake Havasu City, as more and more bank-owned homes are being sold.
Pat Landry, president of the Lake Havasu Association of Realtors, said offers are pouring in on foreclosed homes. Usually, she said, two to three of those offers are coming from investors.
Lake Havasu City reported 80 foreclosures sold for the month of March, more than half of the 149 single-family residential homes sold total.
And, Landry says there are even more bank-owned homes pending escrow. Already in April, there are 167 foreclosed homes pending approval for purchase in Lake Havasu City.
The total active listing for foreclosures in the city currently sits at 232 homes.
Landry said she expects foreclosures to continue through the end of 2010. With the average price of a bank-owned home in Lake Havasu around $126,000, Landry says prospective homeowners, especially first-time buyers, should continue to consider the foreclosure route for purchasing a new home. Right now, homes that were once in the $250,000 range have dropped in price more than $75,000 in some areas.
Landry says now is still the best time to buy, too. As the inventory of homes goes down, prices will, once again, begin to rise across the city.
“Prices have pretty well hit bottom and won’t go down any more,” Landry said.
The market in Lake Havasu City could begin to turn the corner by next year, Landry said.
The momentum gained from foreclosures is just a sign of what is happening in the real estate market across the city. For March, 149 homes sold. That number is more than the same month last year, when 123 homes were sold.
Landry attributes the increase in homes sold partially to snowbirds leaving Lake Havasu City. Numbers often indicate snowbirds will wait until the last minute to buy a second home here, in order to get the best possible price, Landry said.
Median and average sale prices for residential homes sold are well below what they were last year — $240,768 average for 2008, $194,984 this year. The median price compared with last year was an approximate $59,000 difference between the two years.
The average and median price of the homes sold may have dropped considerably, but the total dollars stabilized for the month of March. Total sales for the month of March this year were $29,052,677. Last year’s dollar amount for March was $29,614,466.
In comparison to other cities in Mohave County, Lake Havasu City is doing quite favorably. Kingman has a total listing of 806 residential homes on the market. Bullhead City has 884. Lake Havasu City lists 1,142 residential homes on the market, but sold a greater number of homes in March than either city. Bullhead City listed 62 homes as closed, Kingman 87. Both cities have a good number of home sales pending — Kingman, 160, Bullhead City, 62.
While the home industry continues to have some improvements, the building industry is still struggling. In March, only seven lots were sold, bringing the overall total to 21 for 2009. That is an average of seven homes per month for the first three months of the year, though.
What may be even more disappointing are the total dollar amounts of those lots being sold. Last year at this time, the total dollar amount of lots sold was near $1.6 million. This year total sales fell to approximately $652,150.
Article Courtesy of The Todays News Herald
You may contact this reporter at twaggoner@havasunews.com.
More than half sold in March were bank-owned properties
By TONY WAGGONER
Friday, April 10, 2009 10:35 PM MST
Foreclosures are making a difference for the real estate market in Lake Havasu City, as more and more bank-owned homes are being sold.
Pat Landry, president of the Lake Havasu Association of Realtors, said offers are pouring in on foreclosed homes. Usually, she said, two to three of those offers are coming from investors.
Lake Havasu City reported 80 foreclosures sold for the month of March, more than half of the 149 single-family residential homes sold total.
And, Landry says there are even more bank-owned homes pending escrow. Already in April, there are 167 foreclosed homes pending approval for purchase in Lake Havasu City.
The total active listing for foreclosures in the city currently sits at 232 homes.
Landry said she expects foreclosures to continue through the end of 2010. With the average price of a bank-owned home in Lake Havasu around $126,000, Landry says prospective homeowners, especially first-time buyers, should continue to consider the foreclosure route for purchasing a new home. Right now, homes that were once in the $250,000 range have dropped in price more than $75,000 in some areas.
Landry says now is still the best time to buy, too. As the inventory of homes goes down, prices will, once again, begin to rise across the city.
“Prices have pretty well hit bottom and won’t go down any more,” Landry said.
The market in Lake Havasu City could begin to turn the corner by next year, Landry said.
The momentum gained from foreclosures is just a sign of what is happening in the real estate market across the city. For March, 149 homes sold. That number is more than the same month last year, when 123 homes were sold.
Landry attributes the increase in homes sold partially to snowbirds leaving Lake Havasu City. Numbers often indicate snowbirds will wait until the last minute to buy a second home here, in order to get the best possible price, Landry said.
Median and average sale prices for residential homes sold are well below what they were last year — $240,768 average for 2008, $194,984 this year. The median price compared with last year was an approximate $59,000 difference between the two years.
The average and median price of the homes sold may have dropped considerably, but the total dollars stabilized for the month of March. Total sales for the month of March this year were $29,052,677. Last year’s dollar amount for March was $29,614,466.
In comparison to other cities in Mohave County, Lake Havasu City is doing quite favorably. Kingman has a total listing of 806 residential homes on the market. Bullhead City has 884. Lake Havasu City lists 1,142 residential homes on the market, but sold a greater number of homes in March than either city. Bullhead City listed 62 homes as closed, Kingman 87. Both cities have a good number of home sales pending — Kingman, 160, Bullhead City, 62.
While the home industry continues to have some improvements, the building industry is still struggling. In March, only seven lots were sold, bringing the overall total to 21 for 2009. That is an average of seven homes per month for the first three months of the year, though.
What may be even more disappointing are the total dollar amounts of those lots being sold. Last year at this time, the total dollar amount of lots sold was near $1.6 million. This year total sales fell to approximately $652,150.
Article Courtesy of The Todays News Herald
You may contact this reporter at twaggoner@havasunews.com.
Tuesday, April 7, 2009
Oh how the news changes...
Today I opened the news paper and was shocked to find two very positive articles. Both of which I like so much that I posted them on my blog for everyone to see.
These days it seams that every time I turn on the news or read the news paper I find negative article after negative article about Real Estate, Lake Havasu Real Estate specifically and or the tough economic times.
I don't contest we are in tough times. But we has Americans are fighters and I have a positive outlook in everything I do. If I didn't I really couldn't be in the Real Estate business with its aggressive highs and low and emotional twists and turns. Not that I want any pity for the business I have chosen. I love my job and love helping people find the home of their dreams.
The thing is I sit here on the front lines of the Real Estate business in an office filled with agents. 3 months ago I would sit at my desk and there would maybe 3 other people in the office. Today I sit at my desk and see 15 other people here. All working!
The market really is turning. I have seen the change since about December. We are making deals, selling foreclosures, and watching this market improve.
I walk out this door everyday with a positive attitude about where the Real Estate Market is going. I tell perspective clients and people that I know from around town. At first everyone was like really its good out there? But now you know what I hear? I've been hearing that from a lot of people. That's the truth. The market is changing, it is improving, and in my professional opinion we are very very close to the bottom if we aren't there yet. Hindsight is 20/20 and you can never see the bottom until you start going back up.
I think today was a great day to see such positive outlooks on the world. I hope we can see much much more of this. I see it everyday and I want to share with the world that the times are changing and like they say What goes up must come down. Well that goes the other way too. Now that we are down it is time go back up. Slowly, gradually, and normally. We will recover and it has already started.
For more information about the local Lake Havasu Real Estate Market please give me a call 928-727-6290, e-mail me amber@brooks-clark.com or check out my website http://www.amebrcheramy.com/ .
These days it seams that every time I turn on the news or read the news paper I find negative article after negative article about Real Estate, Lake Havasu Real Estate specifically and or the tough economic times.
I don't contest we are in tough times. But we has Americans are fighters and I have a positive outlook in everything I do. If I didn't I really couldn't be in the Real Estate business with its aggressive highs and low and emotional twists and turns. Not that I want any pity for the business I have chosen. I love my job and love helping people find the home of their dreams.
The thing is I sit here on the front lines of the Real Estate business in an office filled with agents. 3 months ago I would sit at my desk and there would maybe 3 other people in the office. Today I sit at my desk and see 15 other people here. All working!
The market really is turning. I have seen the change since about December. We are making deals, selling foreclosures, and watching this market improve.
I walk out this door everyday with a positive attitude about where the Real Estate Market is going. I tell perspective clients and people that I know from around town. At first everyone was like really its good out there? But now you know what I hear? I've been hearing that from a lot of people. That's the truth. The market is changing, it is improving, and in my professional opinion we are very very close to the bottom if we aren't there yet. Hindsight is 20/20 and you can never see the bottom until you start going back up.
I think today was a great day to see such positive outlooks on the world. I hope we can see much much more of this. I see it everyday and I want to share with the world that the times are changing and like they say What goes up must come down. Well that goes the other way too. Now that we are down it is time go back up. Slowly, gradually, and normally. We will recover and it has already started.
For more information about the local Lake Havasu Real Estate Market please give me a call 928-727-6290, e-mail me amber@brooks-clark.com or check out my website http://www.amebrcheramy.com/ .
Home Sale Up 25% for March '09
Staff Report
Courtesy Todays News Herald
Home sale in Lake Havasu City leaped by 25% in March compared to March 2008, but average sale prices tumbled.
In all, 143 homes and condominiums with a total value of $30.4 million sold in March, according to information compiled for the Lake Havasu Association of Realtors. Those figures compare with the 115 sales and total value of $28.3 million during the previous March.
Compartave sale prices dropped from $246,843 in March 2008 to $212,370 in March 2009, the associations multiple listings sercvice figures show.
Home prices continue to be dragged down by home foreclosures, reallty specialist say. But there are indication the foreclosures are washing out of the city's housing inventory.
Don Clark, a former city councilman and Realtor with Brooks-Clark & Associates, noted that multiple offers on foreclosures are a "good indicator of a market turnaround."
The March sale figures reflect a trend through the first quarter of 2009. The multi-list figures show quarterly home sales grew from 284 to 316 and average prices declined to $200,456 from $266,503. Cash transactions exceed the numbr of conventional financings, indicating the uptick in investor interest. Clark says he believes the housing market actuallu hit bottom in December.
"Overall foreclosure numbers are getting smaller even with new ones coming on the market. This is a good sign becuase those homes need to be sold so property value can start to climb," he said.
Courtesy Todays News Herald
Home sale in Lake Havasu City leaped by 25% in March compared to March 2008, but average sale prices tumbled.
In all, 143 homes and condominiums with a total value of $30.4 million sold in March, according to information compiled for the Lake Havasu Association of Realtors. Those figures compare with the 115 sales and total value of $28.3 million during the previous March.
Compartave sale prices dropped from $246,843 in March 2008 to $212,370 in March 2009, the associations multiple listings sercvice figures show.
Home prices continue to be dragged down by home foreclosures, reallty specialist say. But there are indication the foreclosures are washing out of the city's housing inventory.
Don Clark, a former city councilman and Realtor with Brooks-Clark & Associates, noted that multiple offers on foreclosures are a "good indicator of a market turnaround."
The March sale figures reflect a trend through the first quarter of 2009. The multi-list figures show quarterly home sales grew from 284 to 316 and average prices declined to $200,456 from $266,503. Cash transactions exceed the numbr of conventional financings, indicating the uptick in investor interest. Clark says he believes the housing market actuallu hit bottom in December.
"Overall foreclosure numbers are getting smaller even with new ones coming on the market. This is a good sign becuase those homes need to be sold so property value can start to climb," he said.
Lake Havasu Recovering Faster the the rest of the state
State treasurer sees end in sight for recession
By Diana ParkerMonday, April 6, 2009 9:36 PM MST
The Todays News Herald
During a visit to Lake Havasu City Monday, the “state’s banker” said he’s starting to see the light at the end of the state’s economic tunnel.
Furthermore, upturns in home sales and building permits locally indicate “Havasu may be recovering sooner than other parts of the state,” State Treasurer Dean Martin said.
Martin is traveling the state to visit his “customers,” the 140 local governments that deposit their money in the state treasury, thereby earning a better rate of return.
“They are literally our customers, even though the state’s never treated them like that (before),” Martin said.
Martin has instituted several administrative changes, including holding quarterly meetings, that result in the state acting more like a financial institution when it comes to its depositors. Martin said lower fees and improvements in transparency have contributed to a $1 billion increase in local government deposits during his tenure.
His office has also been producing regular financial forecasts. Martin said he predicted the current economic downturn shortly after entering office in January 2007.
“Gov. Napolitano called me Chicken Little for describing exactly what’s going on right now,” he said.
Martin believes the downturn will bottom out close to the end of 2009 with slow recovery beginning in 2010. He likens the recession to the Nike “swoosh,” saying that we’re now sliding into the dip in the bottom. The upturn will be more gradual than the decline, taking about four years, he said.
In the short term, the state is facing a cash flow crisis that will become critical on April 15, when $650 million in school payments are due to be made. The state currently has about $200 million in the general fund, Martin said. A trickle of tax revenues will add something to that total, but not enough to cover the bill, and sales tax revenues won’t come in until April 20, he said.
“The state is basically living paycheck to paycheck — it’s not their paycheck, it’s your paycheck,” Martin said.
Another $1 billion in school payment will be paid out in July, and the state doesn’t have that money either. To make the school payments, the state will have to create overdraft protection for itself by borrowing hundreds of millions of dollars each day for a few days at a time. Arizona hasn’t had to borrow money since the Great Depression, Martin said.
The interest from those borrowings will only add to the state’s budget deficit.“It’s not going to be cheap. Money isn’t free,” Martin said.
And the state would have to perform this kind of mid-month shuffle when large payments are due for two to three years, or until revenues “exceed expectations,” he said.
Nevertheless, taxpayers don’t need to worry that the state won’t make its obligations, including income tax refunds, according to Martin.
“We’re taking these extraordinary steps so the rest of the state’s functions can go on as normal,” he said.
By Diana ParkerMonday, April 6, 2009 9:36 PM MST
The Todays News Herald
During a visit to Lake Havasu City Monday, the “state’s banker” said he’s starting to see the light at the end of the state’s economic tunnel.
Furthermore, upturns in home sales and building permits locally indicate “Havasu may be recovering sooner than other parts of the state,” State Treasurer Dean Martin said.
Martin is traveling the state to visit his “customers,” the 140 local governments that deposit their money in the state treasury, thereby earning a better rate of return.
“They are literally our customers, even though the state’s never treated them like that (before),” Martin said.
Martin has instituted several administrative changes, including holding quarterly meetings, that result in the state acting more like a financial institution when it comes to its depositors. Martin said lower fees and improvements in transparency have contributed to a $1 billion increase in local government deposits during his tenure.
His office has also been producing regular financial forecasts. Martin said he predicted the current economic downturn shortly after entering office in January 2007.
“Gov. Napolitano called me Chicken Little for describing exactly what’s going on right now,” he said.
Martin believes the downturn will bottom out close to the end of 2009 with slow recovery beginning in 2010. He likens the recession to the Nike “swoosh,” saying that we’re now sliding into the dip in the bottom. The upturn will be more gradual than the decline, taking about four years, he said.
In the short term, the state is facing a cash flow crisis that will become critical on April 15, when $650 million in school payments are due to be made. The state currently has about $200 million in the general fund, Martin said. A trickle of tax revenues will add something to that total, but not enough to cover the bill, and sales tax revenues won’t come in until April 20, he said.
“The state is basically living paycheck to paycheck — it’s not their paycheck, it’s your paycheck,” Martin said.
Another $1 billion in school payment will be paid out in July, and the state doesn’t have that money either. To make the school payments, the state will have to create overdraft protection for itself by borrowing hundreds of millions of dollars each day for a few days at a time. Arizona hasn’t had to borrow money since the Great Depression, Martin said.
The interest from those borrowings will only add to the state’s budget deficit.“It’s not going to be cheap. Money isn’t free,” Martin said.
And the state would have to perform this kind of mid-month shuffle when large payments are due for two to three years, or until revenues “exceed expectations,” he said.
Nevertheless, taxpayers don’t need to worry that the state won’t make its obligations, including income tax refunds, according to Martin.
“We’re taking these extraordinary steps so the rest of the state’s functions can go on as normal,” he said.
Monday, April 6, 2009
Lake Havasu Real Estate Buyers Market Seminar
This weekend was the first every Brooks-Clark Buyer Market Seminar. We had a great turnout of prospective buyers and people interested in learning more about todays Real Estate Market in Lake Havasu. We were able to give a wealth of including information about the buyers market and seeing the bottom, how to make offers on foreclosures, the difference between short sales and foreclosures, the benefits of FHA Loans, the benefit if VA Loans, More information about the $8000 tax credit first time home buyers and people who have not owned a home in the last 3 years. All in all we had some great information to share and everyone left knowing something new about the Lake Havasu Real Estate market. Plus everyone walked away with a list of all the available foreclosures in Lake Havasu. What a deal. And the price for all this was FREE TO THE PUBLIC. How could you go wrong. For more information about the next one please give me a call at 928-727-6290 or e-mail me at amber@brooks-clark.com. Don't forget to check out my website www.ambercheramy.com for the most up to date information on the lake havasu real estate market.
Friday, April 3, 2009
The Lake Havasu Real Estate Market is changing
March turned out to be a great month for the Lake Havasu Real Estate Market. We are noticing a shift in the numbers that can only be read in a positive light.
Our number of Lake Havasu Single Family Listing has dropped drastically to 942. This is a great sign pushing us to a more normal market.
We has 133 Residential Single Family close in the month of March. Giving us an absorption rate of just over 7 months. In a normal real estate market we want to have a 6 month supply of homes or less. This is a great sign for the Lake Havasu Real Estate Market.
Of the 133 homes sold last month, 63 were foreclosed or bank owned properties and 9 where short sales. Meaning that more than half of the homes sold where some sort of depressed sale.
These foreclosure properties are moving fast and the best deals are never on the market more than a week. Many of the best deals are going into multiple offers and for more than asking price. This shows by the average list to sell ratio ranging from 95%-97%. This means that these homes are already priced to sell. Those who think they will sweep in and offer 50% less and steal a house are sadly mistaken. There are deals to be had for a prudent buyer who watches the market carefully and quickly jumps at opportunities.
Now is the time to buy. For more market information please check out my website at www.ambercheramy.com or e-mail me at amber@brooks-clark.com
Our number of Lake Havasu Single Family Listing has dropped drastically to 942. This is a great sign pushing us to a more normal market.
We has 133 Residential Single Family close in the month of March. Giving us an absorption rate of just over 7 months. In a normal real estate market we want to have a 6 month supply of homes or less. This is a great sign for the Lake Havasu Real Estate Market.
Of the 133 homes sold last month, 63 were foreclosed or bank owned properties and 9 where short sales. Meaning that more than half of the homes sold where some sort of depressed sale.
These foreclosure properties are moving fast and the best deals are never on the market more than a week. Many of the best deals are going into multiple offers and for more than asking price. This shows by the average list to sell ratio ranging from 95%-97%. This means that these homes are already priced to sell. Those who think they will sweep in and offer 50% less and steal a house are sadly mistaken. There are deals to be had for a prudent buyer who watches the market carefully and quickly jumps at opportunities.
Now is the time to buy. For more market information please check out my website at www.ambercheramy.com or e-mail me at amber@brooks-clark.com
Thursday, April 2, 2009
Buying Foreclosed Homes: Deal Or No Deal?
Here is a great article I picked up from the Arizona Association of Realtors. It really reflects the purchasing of forelcosures and short sale in Lake Havasu and the Surrounding areas. This is great information since the biggest part of market right now is the resale of foreclosure properties, pre-foreclosure properties, and deppressed sales in general. The sales are now attributing to more than half of sales today in the Lake Havasu Real Estate Market.
Buying Foreclosed Homes: Deal Or No Deal?
HouseMaster Says Good Pricing for Troubled Properties Can Be Affected by Neglect and Deferred Maintenance
There are abundant opportunities for qualified homebuyers in the current real estate market. HouseMaster, a national home inspection firm, reports that triggered by a 28 percent rise in foreclosure activity from last year, working through the intricate foreclosure market will be less difficult for consumers that properly prepare for the process. “Properties in different stages of foreclosure represent opportunity but also danger for the unassuming buyer,” said Kathleen Kuhn, president of HouseMaster. “While potentially lower asking prices draw possible buyers to these homes, each property has its own challenges that can come from abuse, neglect or deferred maintenance from the previous owner. Local consumers must do their homework to help them know whether a property is truly a ‘good deal.’”Not all foreclosures are a great buy and if consumers are not fully educated on the property or the process, a buyer could potentially make a poor investment decision. “Buyers must take proper precautions to ensure they are making educated real estate decisions, and are aware of property conditions that can greatly affect the home’s long term value,” Kuhn added.Kuhn said there are three primary types of foreclosure properties that the typical buyer should familiarize themselves with before making an investment in today’s real estate market, and know of corresponding structural and physical attributes that can affect each. They are:
Short sales — essentially a pre-foreclosure sale. Short sales occur when a home is sold generally at a reduced price by a seller who is facing foreclosure but has not been foreclosed on yet. The process is designed to create ideal outcomes for all parties involved - the seller avoids foreclosure, the buyer obtains a good price on the home, and the bank avoids the full foreclosure process and cost.Potential short sale buyers should be pre-qualified for a mortgage since banks need assurance an offer is solid and legitimate. Buyers should also have the home inspected before they make an offer, and again before closing. Despite the name, short sales can take an extended time to officially close and buyers typically find that several months have passed since their initial home inspection and the closing of the short sale. A re-inspection will identify any conditions that may have changed since the original inspection and check systems that may not have been previously accessible or operational due to climate or other issues. Any issues that are found during the pre-closing inspection can then be addressed with the bank before a buyer signs on the dotted line.
Real Estate Owned (REO) — A home that has been foreclosed upon and is now owned by a bank. These homes are prone to issues that are not as prevalent as other resale homes, generally due to lack of use and vacancy.When purchasing an REO property, potential buyers will likely deal directly with the former lender or agent representing the lender because the seller is no longer present. Lenders often sell REO properties in “as is” condition, which means that no repairs will be made to the home by the lender. If the house has significant defects, buyers can adjust offers by presenting the bank with a professionally prepared home inspection report highlighting the defects and the condition of the home or walk away from the deal.
Auctions — Auctions tend to be one of the riskiest ways to purchase a home. Generally a home sold at auction is being sold “as is,” with little opportunity for inspection. Auctioneers will typically schedule limited times for interested buyers to view the properties but almost always a full inspection can not be completed. These types of properties typically have no utilities turned on, and do not provide access to important areas like crawlspaces or attics. “Buying a home through an auction is not recommended for the novice real estate buyer, as they are unable to get the access and advice necessary to make an educated decision as to potential serious and costly repairs that could make even a very low priced home a bad deal,” Kuhn noted.“Education is the key need when buying a foreclosed property,” added Kuhn. “It helps the buyer understand their options allowing them to get the best house for reduced costs and helps to avoid making potentially devastating financial mistakes.” According to a recent study conducted by HouseMaster, there are five main physical conditions that are typically found in a foreclosed property. They are:
Moisture related problems
Defective gaskets, valves and hoses that are leaking or have the potential to cause destruction
Vandalism, especially if the property has been vacant
Insect and rodent infestations
Blocked or damaged waste and sewer lines
“Now is a great time to buy a home, especially for first-time buyers,” adds Kuhn. “But, if buyers are considering properties in various stages of foreclosure, property inspections are very critical in making the right investment and getting the best deal.”
Buying Foreclosed Homes: Deal Or No Deal?
HouseMaster Says Good Pricing for Troubled Properties Can Be Affected by Neglect and Deferred Maintenance
There are abundant opportunities for qualified homebuyers in the current real estate market. HouseMaster, a national home inspection firm, reports that triggered by a 28 percent rise in foreclosure activity from last year, working through the intricate foreclosure market will be less difficult for consumers that properly prepare for the process. “Properties in different stages of foreclosure represent opportunity but also danger for the unassuming buyer,” said Kathleen Kuhn, president of HouseMaster. “While potentially lower asking prices draw possible buyers to these homes, each property has its own challenges that can come from abuse, neglect or deferred maintenance from the previous owner. Local consumers must do their homework to help them know whether a property is truly a ‘good deal.’”Not all foreclosures are a great buy and if consumers are not fully educated on the property or the process, a buyer could potentially make a poor investment decision. “Buyers must take proper precautions to ensure they are making educated real estate decisions, and are aware of property conditions that can greatly affect the home’s long term value,” Kuhn added.Kuhn said there are three primary types of foreclosure properties that the typical buyer should familiarize themselves with before making an investment in today’s real estate market, and know of corresponding structural and physical attributes that can affect each. They are:
Short sales — essentially a pre-foreclosure sale. Short sales occur when a home is sold generally at a reduced price by a seller who is facing foreclosure but has not been foreclosed on yet. The process is designed to create ideal outcomes for all parties involved - the seller avoids foreclosure, the buyer obtains a good price on the home, and the bank avoids the full foreclosure process and cost.Potential short sale buyers should be pre-qualified for a mortgage since banks need assurance an offer is solid and legitimate. Buyers should also have the home inspected before they make an offer, and again before closing. Despite the name, short sales can take an extended time to officially close and buyers typically find that several months have passed since their initial home inspection and the closing of the short sale. A re-inspection will identify any conditions that may have changed since the original inspection and check systems that may not have been previously accessible or operational due to climate or other issues. Any issues that are found during the pre-closing inspection can then be addressed with the bank before a buyer signs on the dotted line.
Real Estate Owned (REO) — A home that has been foreclosed upon and is now owned by a bank. These homes are prone to issues that are not as prevalent as other resale homes, generally due to lack of use and vacancy.When purchasing an REO property, potential buyers will likely deal directly with the former lender or agent representing the lender because the seller is no longer present. Lenders often sell REO properties in “as is” condition, which means that no repairs will be made to the home by the lender. If the house has significant defects, buyers can adjust offers by presenting the bank with a professionally prepared home inspection report highlighting the defects and the condition of the home or walk away from the deal.
Auctions — Auctions tend to be one of the riskiest ways to purchase a home. Generally a home sold at auction is being sold “as is,” with little opportunity for inspection. Auctioneers will typically schedule limited times for interested buyers to view the properties but almost always a full inspection can not be completed. These types of properties typically have no utilities turned on, and do not provide access to important areas like crawlspaces or attics. “Buying a home through an auction is not recommended for the novice real estate buyer, as they are unable to get the access and advice necessary to make an educated decision as to potential serious and costly repairs that could make even a very low priced home a bad deal,” Kuhn noted.“Education is the key need when buying a foreclosed property,” added Kuhn. “It helps the buyer understand their options allowing them to get the best house for reduced costs and helps to avoid making potentially devastating financial mistakes.” According to a recent study conducted by HouseMaster, there are five main physical conditions that are typically found in a foreclosed property. They are:
Moisture related problems
Defective gaskets, valves and hoses that are leaking or have the potential to cause destruction
Vandalism, especially if the property has been vacant
Insect and rodent infestations
Blocked or damaged waste and sewer lines
“Now is a great time to buy a home, especially for first-time buyers,” adds Kuhn. “But, if buyers are considering properties in various stages of foreclosure, property inspections are very critical in making the right investment and getting the best deal.”
Monday, February 2, 2009
Action Step When Buying Real Estate
Here are a few things to keep in mind when you are thinking of buying property. The most important first step is getting prequalified for a loan. This gives you much more power when you come to the negotiating table and many sellers won't even look at an offer if you are not prequalified.
1. Get your Credit in Order
2. Plan for your mortgage-Start Early
3. Get your documentation in Order
-Tax Returns, Bank Statements, Pay Stubs, W-2’s
Keep this in mind when you are ready to buy real estate.
1. Get your Credit in Order
2. Plan for your mortgage-Start Early
3. Get your documentation in Order
-Tax Returns, Bank Statements, Pay Stubs, W-2’s
Keep this in mind when you are ready to buy real estate.
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