Archive for the 'Home Sellers' Category
Home Prices Continue To Adjust
July 30th, 2008 categories: Home Sellers, Prescott Real Estate Trends, Real Estate News
Stumble, skid, slide, falter, this is all we hear about the real estate market. This morning I heard on the news “More Bad News For The Housing Market! Prices in Phoenix continue to slide downward, down 26.5% from May of 2007″.
This market correction had to happen and it’s not a bad thing. Lower home prices will help move us from the problem into the solution.
The real estate market conditions that got us here started in the mid to late 1990s. We had a 10 year run of accelerating sales and appreciating values. Home values in Prescott were up 25%, in some cases the appreciation was a staggering 45%. In 2004 through 2006, the average sale price in Prescott for a single family home was $420,000. These are unsustainable numbers for Prescott, Arizona Real Estate. The average annual income for people who work in Prescott is $34,454.00. Prescott does not have the job market to support an average sales price of $420,000. People who work here should be able to afford a home here.
So when I hear prices are down, who’s to say it’s not a good thing?
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June 2008 Real Estate Market Update
July 3rd, 2008 categories: Home Sellers, Market Update, Prescott Market Statistics
Prescott Sales Statistics have improved some.
From May to June, the absorption rate for Prescott fell from 28 months of inventory to 24.71. Every little bit helps! Total number of sales for Prescott were up by 8. Again, good news for the month of June. The news was better for the Tri-City area as well. The absorption rate dropped from 27.99 months of inventory to 20.08. Hopefully the number will continue moving in this direction. To compare these charts to May, click here May 08
Prescott Sales Statistics for the month of June, 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 | 224 | 14 | 16.0 |
| $300,001 to $500,000 | 448 | 26 | 17.23 |
| $500,001 to $800,000 | 339 | 5 | 67.80 |
| $800,0001 to $1,000,000 | 83 | 1 | 83 |
| $1,000,001 & above | 95 | 2 | 47.50 |
| Totals | 1,186 | 48 | 24.71 |
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 | 162 | 7 | 23.14 |
| 120 | 359 | 19 | 18.89 |
| 130 | 161 | 8 | 20.13 |
| 140 | 189 | 6 | 31.50 |
| 150 | 125 | 4 | 31.25 |
| Williamson Valley | 203 | 4 | 50.75 |
| Prescott Valley | 713 | 44 | 9.26 |
| Chino Valley | 306 | 13 | 23.54 |
| Dewey | 102 | 2 | 51 |
| P.C.Club/ Quailwood | 110 | 7 | 15.71 |
| Totals | 2,430 | 121 | 20.08 |
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.com
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Great Values in Pinon Oaks Subdivision
June 27th, 2008 categories: Home Buyers, Home Sellers, Real Estate News
Pinon Oaks is a beautiful subdivision, and a great place to find some real house hunting bargins. Pinon Oaks is located at the corner of Willow Creek Road and Pioneer Parkway in Prescott.
5693 Globe Mallow
Prescott
This home features a 4 car attached garage, and large .44 acres lot with views and a large covered patio that is great for entertaining.
The home was built in 2001 and features 2,044 sq. ft., 3 bedrooms 2 full baths, a fireplace in the master suite and a spacious kitchen.
The large back yard is a fully fenced, has a fire pit, covered patio, open flagstone patio, a garden area, grass and RV parking.
This home is priced at $379,000
MLS # 916072
Virtual Tour
1032 E. Sunflower Drive
Prescott
This lovely home is located on a extra large .75 acre lot. The floor plan is open and the home is very light. The kitchen in this home was designed for a cook! This spacious kitchen includes lots of counter space, a cook top and wall oven. The floor plan makes this a perfect home for parties.
This home was built in 1998, is 2,121 Sq. Ft., 3 bedrooms and 2 bathrooms. Plus a 3 car attached garage.
This home is priced at $359,000
MLS# 927952
Virtual Tour
Call Sherry or Sue with any questions about these listings, or any or our listings at (928) 778-4492
To see virtual tours on all of our homes and land listings go to
The Huffman Group.com
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Prescott Arizona is a Buyer’s Market
June 17th, 2008 categories: Home Buyers, Home Sellers, Market Update
The Prescott, Arizona Real Estate market is a buyers market.
Some sellers are still having a difficult time accepting this, but it’s true. The days of asking more than the house is worth and getting offers, are over. Some sellers still like to tack 20% on to the list price to “see what happens“. I don’t know how else to say it, but that strategy is nothing more than a waste of time.
In order to sell your home in this market, sellers need to be realistic and prepared to accept 20% to 25% less than what it was worth a year to two ago.
Here are some pricing and survival tips for today’s market
1. Establish a list price and then take 10% to 15% off of that.
2. If you don’t believe your Realtor’s opinion of value, call an appraiser.
3. Do not be offended by low offers. It’s part of working in a buyers market, and it’s nothing personal. In a buyers market, buyers know that this is the chance to get a great deal. It’s human nature.
4. If you get an offer on your home, even a low offer, consider yourself lucky. Do not reject any offers on your home. Come back with a reasonable counter offer. The offer you get today may be better than the offer you get 2 months from now. Take them all seriously.
5. If your home is not getting any showings, it’s the price. If your home is getting showings and no offers, it’s the price. Home buyers are educated consumers and they know value. If your home is perceived to be over priced by buyers, they just move on to the next property.
6. This market is what it is, and sellers need to accept that. If you need or want to sell, price your home accordingly. You may end up getting a little less than you had hoped, but at least you’re moving on with your future plans.
| Discussion: 1 Comment »
Protecting Your Prescott Home From Wildfires
June 11th, 2008 categories: Home Sellers, Prescott Homeowners
With summer lightning storms and high temperatures quickly approaching, it’s important to be sure your home has adequate defensible space in case of a wildfire.
Countless wildfires and forest fires happen every year in the United States, with peak season running from April through October. Annually, wildfires claim hundreds of thousands of acres, resulting in the evacuation of millions of people. Thousands of homes go up in flames, causing damage estimated in the billions.
Wildfire will find the weakest link in the defence measures you have taken on your property. The primary determinants of a home’s ability to survive a wildfire are its roofing materials and the quality of the defensible space around it. Every small step you take will make a difference and determine whether or not your home will survive a wild fire.
Here are some steps to take to create defensible space around your home:
1. Remove excess vegetation, thin trees and shrubs within the defensible space.
2. Be sure your roof and gutters are clean from leaves and pine needles.
3. Trim branches that hang over the roof. Be sure all branches are clear of the chimney.
4. Chimney screen must be in good condition.
5. Grass and weeds must me kept mowed to a low height.
6. Attach garden hoses to all of your outdoor hose bids.
7. Wood should be piled away from the house, out of the defensible space.
8. Remove all leaves, grass and debris from underneath trees to prevent the fire from spreading to the tops of trees.
9. Replace large shrubs with smaller shrubbery or succulents.
10. If your roof is not made of fire retardant materials, consider replacing it with one that is.
For more information on creating defensible space, click here: defensible space
We have been very fortunate in Prescott in regards to wildfires. The last wildfire Prescott experienced was the “Indian Fire” which started on May 15, 2002. It was the most significant fire in Prescott over 100 years. 5 homes were destroyed along with 1365 acres of vegetation. Due to the USFS fuel reduction, quick coordinated initial attack by the USFS, Prescott Fire Department, Central Yavapai Fire District, and the cooperation of the Prescott Police Department, Yavapai County Sheriff’s office and Yavapai Division of Emergency Management and numerous volunteers the fire was contained in five days. Let’s be fire wise and keep our community safe.
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Selling Your Prescott Home In Today’s Market
June 3rd, 2008 categories: Home Sellers
In a Buyer’s market, Sellers need to do everything possible to make their home stand out among the competition. You want buyers to be excited about getting inside your home, and remember it for all of the right reasons. Here are some tips.
Curb Appeal is more important than ever…
When Buyers have 25 to 30 homes to choose from in any particular price range, you need to make your home stands out! A clean, fresh first impression is priceless. Make sure that your front yard is neat, clean and inviting to potential Buyers. Repair cracks in the driveway, touch up the exterior paint, plant some flowers.
De-Clutter
It’s important that buyers see the home and not be bombarded with your personal belongs. Be sure that your home decor is neat and simple. In this case, less is more!
A Little Touch Up And A Little Paint
Painting is relatively inexpensive, and creates a big impact. Fresh, clean rooms make a great first impression. If you’re re-painting, use warm neutral colors. In a buyers market, it’s important for your home to be in “move-in condition”, or as close to it as possible.
Bathrooms And Kitchens
These rooms sell houses. Make sure these rooms are crisp and clean. If your cabinets are tired and out of date, a coat of paint and new pulls can make them look like new. Keep the counter tops in both kitchen and bath free from clutter, it makes the room look bigger. If you’re going to spend money upgrading, these are the room that produce the best return on your investment.
The Back Yard
People love to hang out in the back yard. The same rule applies for the back yard as the front. Plant some flowers, make sure everything is neat, trimmed and inviting. You want potential buyers to see themselves having a summer BBQ in your back yard.
If your home has curb appeal inside and out, it will greatly increase your chances of getting offers and ultimately sold!
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How To Sell Your Home in 90 Days (or less!) Part 1
April 24th, 2008 categories: Home Sellers, Real Estate News
Yup. Buyers are still buying. Hard to believe with all the negative press but it’s true. They’re out there. They really want and need to buy a house but are scared to death to step up to the plate and sign a purchase contract. Who can blame them? Every day it seems the news media delivers more bad news about real estate. I wish a recession would hit the news industry but more on that later.
OK, so you need to sell your home. If you’re in Prescott, you are now one of over 1200 homes listed for sale through the Prescott Area Multiple Listing Service. How do you make your property stand out and become a SELLER instead of just another listing in MLS?
1. OFFER THE MOST AND COST THE LEAST. I cannot stress this point strongly enough. Since you are competing with a sizeable inventory of resale homes, your home must look as sharp and clean as it possibly can, inside and out. Get rid of the clutter, pull the weeds, and wash the windows. Price your home BELOW the competition.
2. PRICE YOUR HOME CORRECTLY FROM THE BEGINNING. Do not, I repeat, do not start out too high thinking you can come down if you don’t get offers. Trust me, if you’re priced too high you won’t get any showings, much less offers. If you’re serious about selling, you must be ahead of the pricing curve. Price and price alone is what will bring Agents and Buyers to your home.
3. DON’T OFFER MORE COMMISSION, LOWER THE PRICE!! Buyers are not going to pay a higher price just because their agent is making more commission on the transaction.
Remember, today’s Buyers have full access to Multiple Listing Service. That means they know what’s on the market and how much it costs. Today’s Buyers typically have this information before they ever talk to a Realtor.
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Prescott Homes For Sale
April 9th, 2008 categories: Featured Listings, Home Buyers, Home Sellers
This home is our Featured Listing of the week.
This home is located at 544 Golden Hawk Drive in Prescott.
This home features 3 bedrooms, 2 baths, home office, 1,863 sq.ft. and was built in 2002. This home is immaculate inside and out and offers panoramic views. This home sits on a large .52 acre. The landscaping is low maintenance with many beautiful trees and native shrubs. To see a virtual tour of this home, click on the link below
544 Golden Hawk Virtual Tour
Prescott MLS# 918839
Listed at $339,000
Contact Sherry Huffman for more information
(928) 533-1833
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March 2008, Prescott / Tri-City Real Estate Market Update
March 25th, 2008 categories: Home Sellers, Market Update, Real Estate News
Absorption Rate.
These numbers determine how long it will take for the existing homes on the market to be absorbed by buyers at the current rate of purchase. Here’s how to calculate absorption rates: Add up the number of homes on the market, find out how many homes have sold in the past 30 days, divide the number of homes on the market by the number of sales. Below is the market update for Prescott and the Tri-City Area as of March 25, 2008. I will post these numbers weekly and include vacant land.City of Prescott Absorption Rate By Price Range
| Price Range | Residential Properties On The Market | Residential Sales Last Month | Absorption Rate - # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 168 | 20 | 8.4 |
| $300,001 to $500,000 | 381 | 13 | 29.3 |
| $500,001 to $800,000 | 296 | 14 | 21.1 |
| $800,0001 to $1,000,000 | 76 | 0 | N/A |
| $1,000,001 & above | 85 | 0 | N/A |
| Totals | 1006 | 47 | 21.4 |
Prescott / Tri City Absorption Rates By Area
See below for area definations (110 - 150)
| Area | Residential Properties On The Market | Residential Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| 110 | 128 | 9 | 14.2 |
| 120 | 365 | 12 | 30.4 |
| 130 | 126 | 6 | 21 |
| 140 | 138 | 8 | 17.25 |
| 150 | 91 | 3 | 30.33 |
| Williamson Valley | 182 | 9 | 20.22 |
| Prescott Valley | 675 | 36 | 18.75 |
| Chino Valley | 275 | 13 | 21.15 |
| Dewey | 86 | 0 | N/A |
| P.C.Club/ Quailwood | 93 | 2 | 46.5 |
| Totals | 2,159 | 98 | 22 |
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.com
www.PrescottRealEstateRoundUp.com
| Discussion: 2 Comments »
Avoiding Foreclosure
March 17th, 2008 categories: Home Sellers, Prescott Real Estate Trends
Many people these days are dealing with the harsh reality of property foreclosure. This is a painful and embarrassing situation, but one that needs to be dealt with. Simply walking away is never the right option. The hit to your credit takes years to correct, not to mention the humiliation it puts your family through. Hanging in there and fighting you way through is tough, but worth it in the long run.
There are options; I’ve helped clients through “short sales“. A short sale is when the lender takes less than what is owed on the property. It is an involved process of negotiating with the bank and lots of paperwork, but a far better option than foreclosure. If you are behind on your payments, or receiving late notices from your lender, take action now. Don’t wait until you are months behind in payments. The further behind you get the harder it is to recover. Your lender does not want you to lose your house. Foreclosures are expensive for you and the bank. It is far beneficial for both parties to work things out.
If you are behind on your mortgage payments, get involved now! Here are some helpful links: HUD, Housing and Urban Development. Hope Now; a non profit organization offering credit counseling.
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