Archive for January, 2009
Prescott Real Estate- Market Update, Wednesday January 28th
January 28th, 2009 categories: Home Buyers, Home Sellers, Market Update, Prescott Market Statistics
Hello, and welcome to the weekly Real Estate market update for the City of Prescott. The residential properties I’m including are single family homes, town-homes, condos and manufactured housing.
Absorption rates are a calculation of how long it will take for all the homes on the market to be sold, or absorbed at the current rate of sales.
| Price Range | Residential Properties On The Market | Home Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 315 | 19 | 16.5 Months |
| $300,001 to $500,000 | 363 | 15 | 24.2 Months |
| $500,001 to $800,000 | 211 | 2 | 105 Months |
| $800,001 to $100,000,000 | 65 | 1 | 65 Months |
| $100,000,001 and above | 71 | 0 | 71 Months |
| Totals | 1,025 | 37 | 27 Months |
Prescott Real Estate- Year to Date Sales Information
| Property Type | Listings For Sale |
Pending Sales | Closed Sales Year To Date |
|---|---|---|---|
|
Single family Residential |
891 | 93 | 22 |
| Vacant Land |
1,295 | 5 | 5 |
| Condos & Town Homes & Patio Homes |
130 | 17 | 4 |
| Multi Family Properties |
23 | 1 | 0 |
| Commercial Properties |
197 | 0 | 1 |
| Business Opportunities |
11 | 0 | 0 |
Single family homes priced under $300,000 continue to dominate what is selling in Prescott. Vacant land and commercial properties are still sitting in the back seat.
The information provided is courtesy of the Prescott Area Association of Realtor MLS. This information is deemed reliable but not guaranteed.
If you would like more information on the Prescott Real Estate market, please contact us at 928.778.4492 or e-mail us at info@thehuffmangroup.com
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The Arizona Cardinals are going to the Superbowl!
January 19th, 2009 categories: Beyond Real Estate, Just For Fun
“We’re going to the Superbowl!” is what all of us kept screaming after yesterdays victory over the Eagles. We were all wearing Cardinals jerseys, even the dogs were wearing jerseys! It was so exciting to be a part of Arizona sports history. I don’t mean to sound overly dramatic, after all it’s only a football game, but it is the Cardinals and they are going to the Superbowl.
The Arizona Cardinals are headed to the Super Bowl for the first time in the te
am’s history. As a Cardinal’s fan, last place was pretty much the norm, second to last was a good run. But this season was different; The Cardinals week after week surprised all of us in Arizona, but I think the biggest suprise was to their opponents. They were underdogs in all three playoff games, and were even called the worst playoff team in NFL history by one of the announcers.
Yesterday, all of the experts that counted the Cardinals out three games ago were proven wrong in a big way.
Congratulations to Coach Whisenhunt and the team. The Prescott tailgate crew be watching on February 1st
This is unbelievable!
Go Cardinals!
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Interest Rates Fall for 11th straight week
January 15th, 2009 categories: Home Buyers, Real Estate News
Rates on 30-year mortgages set a record for a fifth straight week by dropping below 5%, the lowest mark since Freddie Mac started tracking the date in 1971.
If you think that now is a great time to buy a home, you’re right! If it’s your first home or your tenth home, call us. We’re here to help. The Huffman Group can be reached at 928.778.4492 or info@thehuffmangroup.com.
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Historic Downtown Prescott
January 15th, 2009 categories: Prescott Photo Album
Prescott, Arizona
circa 1920
Finding a parking space near downtown was tough even in the 1920s.
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Prescott Real Estate- Vacant Land Market Conditions
January 14th, 2009 categories: Market Update, Prescott Market Statistics, Real Estate News
A
bsorption rates are a calculation of how long it will take for properties on the market to sell, if they continue selling at the current rate. The vacant land listing absorption has gone up significantly in the past few months; this is partly due to the time of year, and very few people are building new homes. If you are a seller of vacant land and absolutely do not need to sell right now, wait for a few years. If you need to sell your land sooner rather than later, read on.
Prescott Area Vacant Land Listings and Sales
| Price Range | Vacant Land Properties On The Market | Land Sales Last Month | Absorption Rate # Of Years It Will Take To Sell |
|---|---|---|---|
| $10,000 to $50,000 | 38 | 0 | 3. Years |
| $50,001 to $100,000 | 135 | 0 | 9.5 Years |
| $100,001 to $300,000 | 845 | 4 | 17.6 Years |
| $300,001 to $500,000 | 178 | 0 | 14 Years |
| $500,001 and above | 38 | 0 | 3.1 Years |
| Totals | 1,234 | 4 | 25.7 Years |
Do you need to sell vacant land now or in the near future?
It is possible, but be prepared to take less than what you had hoped for and be patient!
Below are some tips on getting your vacant land sold in less than 10 years.
Be realistic about price. If you’re trying to sell something that not many people are buying, it needs to be a great deal. Buyers need to feel like they can’t afford not to buy it.
A competitive price will be your greatest tool if you need to sell. Don’t be afraid to lower the price if the current price is not generating any activity.
Offer Seller Financing. A seller financed real estate sale is simply a real estate transaction where the owner of the property acts as the bank or lending institution. Price, terms, down-payment are all negotiated between seller and buyer just like a standard purchase agreement. The difference is that the seller receives payments instead of a bank.
Owner Financing Benefits To Sellers:
The Chance Of Finding A Buyer Increases. Offering owner financing attracts an additional set of buyers. If your property isn’t selling under conventional methods, offering owner financing is one way to stand out in a sea of listings.
Higher Sales Price. Buyers sometimes have trouble coming up with the cash needed to purchase and close the property. They may be perfectly happy to pay a little more for the land if it requires a lower down payment and lower closing costs.
Creating an income. Being the bank is a great way to boost your monthly income. Can you think of any savings account that is earning 6, 7 or 8% interest? Sellers receive monthly principal and interest payments, and if the buyer defaults, the seller gets the property back.
Tax breaks. The seller might pay less in taxes on an installment sale, reporting only the income received in each calendar year. Consult with your tax professional.
Should you have questions regarding owner financing, please contact us at 928.778.4492. Or log onto notequeen.com for more information on owner financing.
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Office Dogs
January 9th, 2009 categories: Beyond Real Estate, Just For Fun
Happy Friday Everyone.
We are an office of dog lovers, and I felt our four legged assistants deserved a post of their own. They are all helpful in their own way and always a morale booster.
“Ruby”
Office Manager
“Lilly”
Internet Solutions
“Scout”
Public Relations
“Harley”
Compliance Broker
Have a nice weekend.
| Discussion: 2 Comments »
Prescott Real Estate- Hidden Valley Ranch
January 8th, 2009 categories: Featured Listings, Prescott Neighborhoods, Real Estate News
260 Longbranch
Prescott, 86303
Built in 1988
2 bedrooms, 2.5 baths with
sweeping mountain views.
Bright, open floor plan featuring hardwood floors, tongue & groove ceilings, tile counter tops and a two car attached garage. Located at the end of a cul-de-sac on a private .63 acre parcel.
MLS#934088
Offered at $399,900
Take in the panoramic mountain views from this charming home located in the beautiful Hidden Valley Ranch subdivision. Take a Virtual Tour.
This home has
been thoughtfully designed bringing the outdoors in. Every room offers a view of mountains and trees. The hardwood floors, open floor plan and tongue and groove ceilings give this charming home the feeling of a mountain retreat. Located only minutes from downtown Prescott, shopping and restaurants.
Hidden Valley Ranch Homeowners Association offers a beautiful club house, tennis courts, basketball courts and a swimming pool.
See the views and interior of this charming home.
Take a virtual tour of this home today.
For more information about this property, contact Sherry Huffman
at 928.533.1833 or e-mail at Sherry@thehuffmangroup.com
| Discussion: 1 Comment »
Prescott Real Estate- Market Update, January 7th, 2009
January 7th, 2009 categories: Home Buyers, Home Sellers, Market Update, Prescott Market Statistics
Happy New Year!
Here are the numbers for the first seven days of the year. I’m happy to see that there are 48 pending sales this early in the year. Many of them are carry-overs from last year, but that’s OK. We’ll take what we can get.
This chart will be posted every Wednesday. If you would like additional information, please contact us at 928.778.4492 or e-mail at info@thehuffmangroup.com
| Property Type | Listings For Sale |
Pending Sales | Sales Year To Date |
|---|---|---|---|
|
Single family Residential |
896 | 48 | 6 |
| Vacant Land |
1,309 | 5 | 0 |
| Condos & Town Homes & Patio Homes |
112 | 9 | 0 |
| Multi Family Properties |
24 | 2 | 0 |
| Commercial Properties |
197 | 3 | 3 |
| Business Opportunities |
13 | 0 | 0 |
The information provided is courtesy of the Prescott Area Association of Realtor MLS. This information is deemed reliable but not guaranteed.
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Looking Back… How did 2008 compare to 2007
January 6th, 2009 categories: Home Buyers, Home Sellers, Market Update
It’s interesting to look at numbers pertaining to Real Estate sales.. at least it is for me.
The Prescott Real Estate market peaked in 2004 / 2005 as did most other cities in the country, and like Wal-Mart the numbers have been rolling back ever since.
So how did 2008 compare to 2007? Here are some numbers…
In 2007, a total of 1,023 residential properties sold in Prescott. In 2008, 758 properties sold. That’s a difference of 265 sales. The average sales price in 07 was $376,700 and in 08 it was $347,400. Average number of days it took to sell a home in 07 was 158, in 08 it was 187 days. To sum things up, sales volume was down by 26% in 2008 and the average sales price fell by 7.75%. Not great, but certainly not as bad as our neighbors in California and Nevada.
From the heydays of 04 and 05, sales volumn in Prescott has declined by over 50%, however, the average sales price is still up by 25% from 2004. Prescott reached it’s peak average sales price in 2006 at $387,167.
Below are the residential home sales statistics for the City of Prescott from 2004 to 2008.
2004
Number of homes sold = 1,611
Average sales price = $277,900
Average days on market = 119
2005
Number of homes sold = 1,442
Average sales price = $352,900
Average days on market = 102
2006
Number of homes sold = 1,086
Average sales price = $387,100
Average days on market = 126
2007
Number of homes sold= 1,023
Average sales price = $378,900
Average days on market = 158
2008
Number of homes sold = 758
Average sales price = $347,400
Average days on market = 177
If you would like additional sales information, please contact us at 928.778.4492 or e-mail us at info@thehuffmangroup.com.
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Prescott Real Estate- 2009 Housing Market Predictions
January 5th, 2009 categories: Real Estate News
In 2008, the Prescott Real Estate market saw prices fall and bank owned properties rise. Will 2009 bring brighter times to the Prescott Real Estate market? Only time will tell….. here’s my two cents on the situation.
Prices will continue to adjust downward, but not as dramatically as the last two years. This is due to the number of bank owned properties on the market. Banks will continue to slash prices in order sell off the large inventory of homes. Short sale options coupled with banks becoming more solution oriented will ultimately lead to a decrease in bank owned properties.
2009 will be a great year to buy a home. If you plan on buying and keeping a home for at least 4 to 5 years, then this is the time. Prices and interest rates are historically low. The selection of homes on the market is huge, and most sellers are motivated. If you have good credit and money down, this may be the investment opportunity of a lifetime. Remember, you make money when you buy, not when you sell.
Interest rates will stay below 6%. Available funds will be key to our economic recovery and until the economy really starts to turn around, I don’t see the Feds doing much with interest rates.
Residental Home Sales. Over the past few months, sales have increased slightly and the listing inventory has declined slightly. Due to the movement of those numbers, I anticipate that closed sales figures will be similar to this 2008.
Vacant land sales will continue to decline into 2010 or longer. We currently have 13 years of vacant land inventory in Prescott and unless Sellers are willing to seriously reduce the price, their land probably won’t sell.
More and more Real Estate Agents will leave the business.
The number of Licensed Real Estate Agents in Prescott is down 50% from 2005. I predict we will lose another 100 agents by the end of the first quarter.
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