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/ .
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