Archive for the 'Real Estate News' Category
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
| Discussion: No Comments »
Prescott Real Estate- Six good reasons to buy
April 1st, 2009 categories: Home Buyers, Home Sellers, Real Estate News
Activity in the Prescott Real Estate market seems to be picking up. In the past few weeks, the number of properties in MLS showing as “sale pending” has been on the rise.
The reason, Prescott has become affordable again! The combination of declining prices, motivated sellers, low interest rates, tax credits and bank owned properties has created a great opportunity for home buyers and investors.
However, many potential buyers are still on the sidelines waiting for the perceived “market bottom”. I have felt for months that now is a good time to buy Real Estate, and the low home prices we see today are not going to last forever.
Realtor Magazine published a good article on Buying Real Estate and listed 6 Good Reasons to buy now.
10 years from now, Real Estate values in Prescott will be higher than they are today. This may be one of the greatest buying opportunities in history. If you are considering buying Real Estate in Prescott, waiting too long may cost you money. Like I said a few days ago, “You make money when you buy, not when you sell”.
If you would like to discuss buying Real Estate in the Prescott area, call us and we’ll discuss your options. (928) 778-4492
| Discussion: No Comments »
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
| Discussion: 2 Comments »
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
| Discussion: No Comments »
Buying Prescott Real Estate- Is it better than renting?
March 4th, 2009 categories: Home Buyers, Real Estate News
Should I buy Real Estate in Prescott or continue renting?
If you are going to live in Prescott for less than 2 years, renting is better than buying. However, if you are planning to stay put for more than a few years, this may be the perfect time to purchase a home. A recent article in the Wall Street Journal confirmed that recet drops in values and interest rates have made owning more beneficial than renting.
According to Green Street Advisors, a Real Estate consultancy group based in Newport Beach, Calif, “over the past 18 years, after-tax mortgage payments averaged 26% more than rent payments”. In 2006, at the height of the housing bubble, mortgage payments reached as high as 66% more than rent payments. By the end of 2008, average monthly rent for the largest 50 metropolitan areas was $1,045, compared with after-tax mortgage payments of $1,300, assuming a rate of 5.5% on a 30 year fixed mortgage. That means mortgage payments averaged just 24% more than rent payments, the narrowest gap since 2001.
This gap is important to consider, but there are other reasons, fun reason to buy a home.
1. You own your own place! You can do whatever you want, whenever you want.
Choose your own paint colors, tear down a wall, remodel the bathroom, jump on the bed. You are the boss.
2. Long-term equity appreciation. It may not seem like it right now, but values and prices in Prescott will be going back up. Don’t look back in 2013 and think “I should have bought a house in 2009″.
3. Buy low, sell high. Today, we are at the “Buy low” part of life. I’m not a fortune teller, but in 2013, I’m predicting that prices in Prescott will be higher than they are today.
4. Stability. No landlord will ever tell you, “you have to move”. Coming home to a place that’s “Your Home” feels good.
5. You are paying your mortgage, not your landlord’s. If you’re going to be paying rent somewhere every month, you should get the tax benefits for it, and ultimately own the home that you are paying for.
There are many other reasons to own a home. If you would like to discuss your qualifications to purchase a home, please call us at 928.778.4492 or 928.533.6377. Or e-mail us at info@thehuffmangroup.com
| Discussion: No Comments »
Buying Prescott Real Estate- Understanding the Housing Stimulus Plan
February 23rd, 2009 categories: Prescott Real Estate Trends, Real Estate News
The second program attempts to lower monthly payments for homeowners at risk of losing their home. In addition, the plan includes a third initiative to support low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac.
Under current rules, those families who own less than 20% equity in their homes may have a difficult time refinancing and taking advantage of the historically how interest rates. Therefore, the refinancing initiative in the new plan provides refinancing help for homeowners with less than 20% equity in their homes or who owe more than their homes is worth. This initiative is open to homeowners who have conforming loans which are guaranteed by Fannie Mae and Freddie Mac, and who owe up to 5% more than their home is worth.