Archive for the 'Market Update' Category
The State of the Real Estate market
August 19th, 2010 categories: Home Buyers, Home Sellers, Market Update
I thought the real estate market would look different by August, 2010, but the bottom line is the housing market is still a little slow. What I mean by that is there are not many buyers out there looking or buying. Homes are still coming on the market, and we know there is another wave of foreclosures on the horizon. Last winter there were a record number of people behind on their mortgages and those are the foreclosures that will be on the market in the near future.
I’ve said this over and over, and will say it again; homes that are priced right are still selling. Homes that are over priced get very few showings if any. For sellers who are not willing to list their home at a realistic price, this simply isn’t the time to put your home on the market. It isn’t going to sell and even if there is a buyer who wants to pay too much if they have to borrow money there will be an appraisal and appraisers are very conservative these days.
When will the market conditions begin to improve? The truth is, I have no idea; I don’t think anyone really knows. I do believe that job creation will be the first step toward economic and housing recovery. We have a smaller pool of buyers because of all the foreclosures and many people are concerned about their financial future. Lending standards are tighter than ever and people who have not been able to pay their mortgages will not be qualified to buy another home any time soon. The good news is right now interest rates are below 5% combined with low home prices. If you are a qualified home buyers in today’s market, congratulations. You have the opportunity get a great deal at historically low interest rates. If you are a seller in today’s market, do yourself a favor and set a realistic list price. It will be worth it in the long run.
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Fewer people are falling behind on their mortgages
February 19th, 2010 categories: Home Buyers, Home Sellers, Market Update, Prescott Real Estate Trends
Friday is my favorite day of the week. Even if I have to work all weekend, there’s something good feeling about Friday’s.
Friday is the perfect day for good news, so when I read that fewer people are falling behind on their home loans I felt it would be a good post for the day.
According to MSNBC Business headlines, the number borrowers falling behind on their mortgage payments dropped sharply at the end of last year, a sign the foreclosure crisis is beginning to ebb. This decline is notable because delinquencies usually rise this time of year.
If you would like to read the entire article, please click the link below.
Have a happy Friday everyone!
http://www.msnbc.msn.com/id/35478157/ns/business-stocks_and_economy/
If you have questions about the value of your home or would like to discuss market conditions, please call us at 928.778.4492 or e-mail us at info@thehuffmangroup.com
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Prescott Real Estate Market Update
January 20th, 2010 categories: Market Update, Prescott Market Statistics, Real Estate News
The chart below is the absorption rate for site built, single family homes in the City of Prescott. Absorption rates are a calculation of how long it will take for all of the homes on market to be sold, or absorbed, at the current rate of sales.
The data used came from the Prescott MLS and is deemed reliable, but not guaranteed.
| Price Range | Residential Properties On The Market | Closed Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 253 | 34 | 7.4 Months |
| $300,001 to $500,000 | 251 | 16 | 15 Months |
| $500,001 to $800,000 | 135 | 10 | 13 Months |
| $800,001 to $100,000,000 | 96 | 1 | 96 Months |
| $100,000,001 and above | 46 | 0 | 46 Months |
| Totals | 781 | 61 | 12.8 Months |
The absorption rate has gone up slightly over the past few months, meaning it may take a little longer to sell a home. The listing inventory continues to shrink giving buyers fewer choices, yet homes that are over prices continue to be overlooked. There are smart buyers out there.
For those who still wish to take advantage of the home buyer tax credit, you must have an accepted, binding contract by April 30, 2010, and must close escrow by July 1, 2010.
Call us with any questions, we welcome your comments. Have a great day.
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April existing homes sales rise nationally by 2.9%
May 27th, 2009 categories: Home Buyers, Market Update
According to an article on MSNBC’s web site, April home sales were up 2.9% nationally. Click the link below to read the entire article.
http://www.msnbc.msn.com/id/30961104/
Prescott home sales have been increasing since the first of the year, mainly due to lower prices and lower interest rates. Prescott is affordable again and home buyers are taking advantage of the great deals out there.
See tomorrows blog for the latest Prescott Real Estate sales statistics.
| Discussion: 1 Comment »
Prescott Real Estate- Weekly Market Update, April 6th
April 6th, 2009 categories: Market Update, Prescott Market Statistics, Real Estate News
Hello, and welcome to the weekly Real Estate market update for the City of Prescott.
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. And finally, a single digit absorption rate! I haven’t seen single digit absorption rates in a long time.
Could it be that market conditions are improving? I’m thinking that they are. There are more and more positive signs out there, and investors are back taking advantage of bank owned bargains. Yes, we have a ways to go, and there will be more bank owned properties to deal with. But it’s now official; There is light at the end of the tunnel.
| Price Range | Residential Properties On The Market | Pending Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 227 | 78 | 2.9 Months |
| $300,001 to $500,000 | 326 | 31 | 10.5 Months |
| $500,001 to $800,000 | 198 | 11 | 18 Months |
| $800,001 to $100,000,000 | 69 | 4 | 24 Months |
| $100,000,001 and above | 68 | 1 | 68 Months |
| Totals | 888 | 125 | 7.10 Months |
Prescott Real Estate- Year to Date Sales Information
| Property Type | Listings For Sale |
Current Pending Sales |
Closed Sales Year To Date |
|---|---|---|---|
|
Single family Residential |
901 | 52 | 100 |
| Vacant Land |
1,432 | 11 | 26 |
| Condos & Town Homes & Patio Homes |
141 | 6 | 13 |
| Multi Family Properties |
22 | 0 | 2 |
| Commercial Properties |
200 | 5 | 3 |
| Business Opportunities |
10 | 0 | 0 |
In many markets around the country, bank owned properties make up the majority of closed escrow, some areas are as high as 50% t0 60%.
In the month of February, 50% of homes that closed escrow in Prescott were bank owned. In March, 21% of homes that closed escrow in Prescott were banked owned.
Year to date, 27% of the homes that have closed escrow have been banked owned.
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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Prescott Real Estate- Market Update March 27th, 2009
March 27th, 2009 categories: Market Update, Prescott Market Statistics, Real Estate News
Hello, and welcome to the weekly Real Estate market update for the City of Prescott.
The chart below covers properties that are site-built, single family residences in the City of Prescott. This update is a little different than what I normally do, I though it would be interesting to look back and compare some sales figures from 2005 to 2009.
|
Year |
Average Sales Price | Average # of sales per Month | Total # of sales for the year |
|---|---|---|---|
| 2005 | $314,107 | 236 | 2,829 |
| 2006 | $346,065 | 172 | 2,067 |
| 2007 | $338,506 | 154 | 1,845 |
| 2008 | $285,430 | 131 | 1,577 |
| 2009 Jan & Feb |
$220,786 | 91 | 182 |
| Year | Days on Market |
List price |
Average Price per Sq. Ft. |
|
2005 |
102 | 98.1% | $165.00 |
| 2006 | 124 | 96.9% | $183.00 |
| 2007 | 159 | 95.5% | $175.00 |
| 2008 | 165 | 94.5% | $148.00 |
| 2009 Jan & Feb |
162 | 92.1% | $113.00 |
In the month of February, 09, 50% of the homes that closed escrow were bank owned, and that is directly tied to the dramatic drop in price per sq. ft. Banks are extremely motivated sellers and slashing prices is the best way to move homes through the system. When price per sq. ft. begins to increase, it will be another indicator that more privately owned homes are closing escrow.
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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Prescott Real Estate - Market Update, March 18th, 2009
March 18th, 2009 categories: Market Update, Real Estate News
Hello, and welcome to the weekly Real Estate market update for the City of Prescott.
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 | 352 | 15 | 23.4 Months |
| $300,001 to $500,000 | 338 | 11 | 30.7 Months |
| $500,001 to $800,000 | 209 | 6 | 34.8 Months |
| $800,001 to $100,000,000 | 72 | 0 | 72 Months |
| $100,000,001 and above | 73 | 0 | 72 Months |
| Totals | 1,044 | 36 | 29 Months |
Prescott Real Estate- Year to Date Sales Information
| Property Type | Listings For Sale |
Current Pending Sales |
Closed Sales Year To Date |
|---|---|---|---|
|
Single family Residential |
902 | 84 | 72 |
| Vacant Land |
1,415 | 13 | 22 |
| Condos & Town Homes & Patio Homes |
129 | 8 | 10 |
| Multi Family Properties |
23 | 0 | 2 |
| Commercial Properties |
203 | 3 | 3 |
| Business Opportunities |
10 | 0 | 0 |
Homes priced under $300,000 are leading in Prescott homes sales.
In the month of February, 50% of homes that closed escrow were bank owned properties.
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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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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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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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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