Archive for September, 2008
Vote YES on Arizona’s Propostion 100
September 30th, 2008 categories: Real Estate News
Proposition 100 is a Real Estate transfer tax bill that will be on the ballot this November 4th. Arizona currently does not have a Real Estate transfer tax, and there is nothing that prevents a tax from being enacted at any time. With our current slow economy and budget crisis, counties, as well as the State of Arizona are looking for new sources of revenue. Enacting a Real Estate transfer tax has gained momentum in Arizona. Last year a bill was introduced in the state legislature proposing such a tax. This transfer tax has been proposed due to the government’s bloated budged caused by over spending. Once this type of tax is put in place it always ends up being raised.
PROP 100 IS DOUBLE TAXATION! Local government already collect property taxes based on your property’s value. Prop 100 would create a double taxation on your property.
LESS EQUITY! The rate of Arizona’s transfer tax would begin at 1.97%. This amount is assessed against the total value of your home, including the amount you owe on your mortgage. If your home were to sell for $500,000, you would pay an additional $9,850.00 in taxes at close of escrow. In today’s market, home owners need every penny they can get! PROP 100 PUNISHES HOMEOWNERS! A home is often the biggest and most important asset a person has. A transfer tax will greatly reduce equity, and make an already slow housing market even more difficult for home sellers. Protect your equity and your home on November 4th by voting YES on Prop 100
If you would like more information, click here Prop 100
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Prescott’s Goin To The Dogs
September 24th, 2008 categories: Just For Fun
It’s Dogtober Fest time again! Sunday, September 28th from 10:00 am to 4:00 pm at Prescott’s Downtown Courthouse Plaza.
Bring your pooch and have some fun with all of the other dogs in town. If you don’t own a dog and would like to adopt one, there will be over 60 dogs available for adoption.
Activities will include a pet adopt-a-thon, a pet parade, pet beauty contest, training demonstrations and of course, a pet costume contest.
Click here for more Dogtoberfest information
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Housing Arizona
September 23rd, 2008 categories: Prescott Real Estate Trends, Real Estate News
On September 17, Governor Janet Napolitano announced the launch of Housing Arizona. This program is designed to assist home owners who are concerned about their mortgages, or those who are facing foreclosure.
Housing Arizona will provide more than $13 Million dollars of additional resources to help prevent foreclosure and fight homelessness in Arizona.
A portion of the $13 Million will go toward strengthening the Arizona local foreclosure hot-line that was established for families concerned about their mortgages. If you know anyone who is falling behind on their mortgage payments or fear falling behind, encourage them to call the hot-line at 1-877-448-1211. This hot-line will put callers in touch with local foreclosure counselors in their particular areas of the state so they can receive advise and guidance wherever they are.
It is estimated that over 1 million families are in jeopardy of losing their homes this year. If you are behind on your mortgage payments, do not wait until the bank contacts you! Be proactive and contact them. Know your options. Below are two helpful links if foreclosure is a concern to you.
http://www.hud.gov/foreclosure/
http://www.foreclosurehelpandhope.org/index.html
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Wide Open Spaces
September 19th, 2008 categories: Just For Fun
I enjoy living in Arizona for many reasons and this photo is one of them! You can leave your home or office and in 20 minutes be here. This photo was taken near Skull Valley and the scenery is absolutely beautiful. Granite boulders, cactus and endless blue sky. I love being in a place where all you hear is silence….
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Prescott Named in Sunset’s Top 10
September 17th, 2008 categories: Just For Fun
Sunset Magazine recently named Prescott, Arizona as one of the west’s top 10 dream towns. Not a suprise!
Click the link below to see the article.
http://realestate.msn.com/slideshow.aspx?cp-documentid=10223662&imageindex=4
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Prescott Real Estate- August 2008 Market Update
September 16th, 2008 categories: Prescott Market Statistics, Real Estate News
Sales statistics and absorption rate for August.
When I look at the numbers for August it seems like we are in a holding pattern. Sales improve in one area, but dip slightly in another. The total number of homes for sale in Prescott has been running between 1,119 to 1,130 and the absorption rate fluxuates from 16 months of inventory to 18 months. Absorption rates are a calculation of how long it will take for all of the homes on the market to be sold, or absorbed at the current rate of sale. The absorption rate for Prescott as well as the Tri City area has gone up slightly from July.
The data I use is from PAAR (Prescott Area Association of Realtors) MLS and is deemed reliable but not guaranteed.
To compare statistics from July, click July Market Statistics
City of Prescott Statistics for the month of August, 2008
| Price Range | Residential Properties On The Market | Residential Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 226 | 23 | 9.83 |
| $300,001 to $500,000 | 437 | 24 | 14.7 |
| $500,001 to $800,000 | 290 | 7 | 41.43 |
| $800,0001 to $1,000,000 | 71 | 5 | 14.20 |
| $1,000,001 & above | 95 | 0 | 95 |
| Totals | 1,119 | 59 | 18.97 |
Prescott / Tri City Absorption Rates By Area
See below for area definitions (110 - 150)
| Area | Residential Properties On The Market | Residential Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| 110 | 159 | 3 | 53 |
| 120 | 325 | 29 | 11.21 |
| 130 | 160 | 4 | 40 |
| 140 | 174 | 13 | 13.38 |
| 150 | 116 | 6 | 19.33 |
| Williamson Valley | 199 | 5 | 39.80 |
| Prescott Valley | 627 | 56 | 11.20 |
| Chino Valley | 296 | 19 | 15.58 |
| Dewey | 97 | 2 | 48.50 |
| P.C.Club/ Quailwood | 103 | 4 | 25.75 |
| Totals | 2,256 | 141 | 16 |
Area 110: North of Gurley/Thumb Butte, West of Willow Ck Rd including Longview
Area 120:North of Gurley, East of Willow Creek Road, West of Hwy 89
Area 130:East on Hwy 69 from Hwy 89 & 69 Junction, East of Hwy 89
Area 140: South of Gurley, East of Park/White Spar, West of the Ranch
Area 150: South of Gurley, East of Park/White Spar
As always, please feel free to contact me with any questions.
Regards,
Sherry Huffman
Realtor-Associate
The Huffman Group, Realty Executives
928-533-1833
928-441-1201 e-fax
sherry@thehuffmangroup.com
www.theHuffmanGroup
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