Home sales up

This is from the local paper in Lake Havasu
A decline in October home sales from September isn’t worrying local real estate officials.
Home sales typically slow during holiday months and the numbers are still up from last year, according to Lake Havasu Association of Realtors President Pat Landry.

“Our inventory has gone up some,” Landry said of the increase in residential active listings to 974 from 930 in September. “I was kind of surprised to see that, to tell you the truth. I’ve been busier than ever. I’m thinking more people are coming in now with the snowbirds and the holidays and people are thinking now is a better time to sell.”

The number of residential homes on the market has decreased in the last four months and foreclosure sales have skyrocketed, Landry said. Median prices, however, are continuing to see a rollercoaster effect in the last four months. The average median sale price for residential homes in October dropped slightly for the fourth consecutive month to $134,450 from $150,000 in September, and $152,500 in August.

The number to focus on is the 92 sales in October 2008 versus the 132 sales this year, Landry said.

“We are doing much, much better than last year,” she said. “The median price may have been higher but we’re more than making up for it in the number we’ve sold. People are seeing it’s a safer time to buy and it’s a sure sign things are getting better.”

Landry said she was pleased to see foreclosure closings stay well above the expected 50 percent marker with 74 of the 100 listings closed in October.

“We had been running at about 50 percent for a long time but just like last month, we sold a lot more of those,” she said, adding that the number of active listings (100) was another steep decline from September (142). “Gradually that number has gone down quite a bit and that’s another positive sign.”

Landry cautioned that she still expected to see a monumental increase in foreclosure listings in January due to a bank backlog of foreclosures. The backlog has also made short sales more difficult for real estate agents and buyers, she said. The median short sales closing price $162,000 in October, well above the $115,000 foreclosure closings in October.

“If the banks would listen to us and get these short sales moving, they would make a lot more money,” Landry said. “We’re still trying to get legislation passed that would be similar looking as California and it would streamline the process to make them move much faster.”

A five-month extension on the first time buyer’s incentive package has added a shot to the arm for real estate agents, Landry said.

“I think it will help out more now that they’ve included people that have owned homes from five to seven years,” Landry said. The tax credit program gives current owners up to $6,500 who have owned homes for five consecutive years during the last eight years. “We aren’t going to see a lot of first-time buyers in Lake Havasu but extending it to others will help us quite a bit.”

LHAR president-elect Suzanne White said residents should be assured that overall real estate market numbers are improving.

“Sales are still strong and that’s five months now of strong sales,” White said. “Things are looking really good.”

White said residents should also not be discouraged by an almost inevitable decline next month.

“We’re getting close to the holiday season,” she said. “It’s completely typical to see it go down during the holidays. Things are much better than a year ago, and I think we will continue to get better from here in the long run.”

Buying a house?

Are you thinking of buying a house? I follow the market mostly in Arizona and California and I see prices have leveled off and there are some bargains out there. I see some houses that are going for under $50,000 and its hard to believe that just a few years ago these same houses were priced up near $300,000. One problem people are having today that was not a problem a few years back is getting financing, there are still ways to get loans, here is a website to get some tutorials on mortages. FHA is a popular program people are using right now since you can get into a home with as little as 3% down. So if you are looking to buy your first home or a fixer upper visit advantagehomerates.com

Gold or a House?

If you had $100,000, which would you buy? Gold, or a house? That's a tough one for me. Looking at the last 10 years, a home versus gold coins, it seems that the gold has held its value better. Feel free to correct me if I'm wrong. I'm an easy-going guy, and I have nooo problem with that.

I have heard commercials about how gold has never been worth zero, and it always reminds me of when I was a kid and my dad bought some gold bullion. He actually buried it. I kid you not! He went out in the back yard like a golden retriever, and dug a hole to put it in. I remember it very well for two reasons. I was with him when we buried the gold bullion. He got out a gold coin and showed it to me. I think it was 10 oz, and at that time the price was around $250-$300 an oz. The other reason is that he told me if they were needed for some reason in the winter, we would be out of luck, because of the ground being frozen to about 2 feet down.

I also remember that about 2 years later we were going to dig up the gold and we could not find it. This was not in the city so its doubtful anyone saw us, but not impossible. We did this a few times, and would bury it in between two trees so it would be easy for us to find. All of the times we buried gold it was found, but not that one time.

Ahhh the father-son memories! This was back in the 60's and 70's when we still did things the old school way. Somewhere, in a quaint little town in northern Illinois, there is 10 ounces of gold that will likely never be found.

Goin' to Carolina

In my mind I am going on a vacation. A place where the pace is slower, the sky is bluer, and the beach and ocean calm me. A place like South Carolina. I have always wanted to visit the Atlantic coast. I've always been on the Pacific coast, and even lived on a boat for 14 years.

Lately, my wife and I have been realizing if we don't plan something, it will never happen. We've been wanting to check out Myrtle Beach, SC,but we could not find a nice Myrtle Beach Resort but after some searching we have found a site for Myrtle Beach Resorts to help us plan where to stay with links for things to do while there. Sailing will definitely be on the agenda!

The Myrtle Beach Hotels listed offer different things for different people, whether you are laid back like us, or like to be on the go. We're looking forward to the next adventure. That's what life is all about!

In my mind I'm goin' to Carolina Can't you see the sunshine Can't you just feel the moonshine Ain't it just like a friend of mine To hit me from behind Yes I'm goin' to Carolina in my mind -James Taylor

Brick Wall Cable Company

I don't know about you, but there are times when I have been dealing with the local cable company that I just want to bang my head against a brick wall. The customer service is horrible. I will go out of my way to avoid dealing with them. I have been thinking about switching to satellite TV, and looking into Direct TV for my entertainment needs.

I am somewhat of a cheapskate, but have come to the realization that I don't mind paying more for the same service if it means that I will be treated like a valued customer. We used to have DirectTV when we lived in Arizona and then again in Illinois, and I was pretty happy with it. In fact, we had Directv when we were on the boat in Santa Barbara, so that brings back some happy memories. Ahhh....when life was simpler.

It seems that that is what people are longing for these days, a simpler time. Back when life was more innocent and kind. When companies treated you like they were happy for your business, not put out by you like they are doing YOU the favor.

Did that time ever exist? Why yes it did, and I'm glad I got to experience a part of it.

Some good news

Here is an article from the local paper in Lake Havasu.

Home sales begin to get sea legs

By NATHAN BRUTTELL
Today’s News-Herald
Friday, October 9, 2009 10:59 PM MST

Lake Havasu City has seen rock bottom in the real estate market, according to local officials.

“We are definitely stabilizing right now but it’s going to be awhile before we really turn that corner,” Lake Havasu Association of Realtors President Pat Landry said. “Our supply is starting to go down and the snowbirds are coming in and we haven’t seen our numbers drop in the last few months. These are all good signs.”

The number of residential homes on the market has decreased in the last four months and foreclosure sales have skyrocketed, Landry said. Median prices, however, are continuing to see a rollercoaster effect in the last four months.

“I don’t think we can go any lower because we are down,” LHAR president-elect Suzanne White said. “We might do a slight increase in dollars but I think we’re going to see the same numbers because people are more willing to buy.”

The average median sale price for residential homes in September dropped slightly to $150,000 from $152,500 in August. The numbers were also down from July ($162,500) but up from June ($148,700).

“They are going up and down and that shows me that it’s starting to stabilize,” Landry said. “I think buyers are realizing it’s a good market and more and more people are starting to buy, causing the prices to stay where they are.”

Landry said she was particularly surprised to see that 139 of the 142 foreclosure listings sold in September.

“We’ve been running at about a 50 percent rate (of selling foreclosed listings),” she said. “So that number shocked me as I sat and looked at it.”

Landry added the current number of foreclosed home listings in the city is 105, with 106 sitting in escrow, indicating that foreclosed lots are starting to decrease. The trend may change in the next several months as several banks have reported a backlog of foreclosure listings, Landry said.

“They just got so many at one time that I think by January, we might see a lot more on the market,” she said. “With 139 sold in September though, that’s a really good sign of things turning around.”

There is still a problem with short sales in the real estate market, however, and Landry said banks have been inundated with too many listings to give approval in a reasonable amount of time.

“It’s taking the banks sometimes five to eight months to respond to the contracts and it’s causing buyers to just walk on some deals,” she said. “That tells me that I want to scream at the banks and that things need to change. It’s hurting us a lot.”

The first-time buyer’s incentive package has helped sales, but not as positively as many hoped, Landry said.

“The problem is that the government has given the tax break over three years and most buyers are still struggling to get that down payment,” she said. “We see only a few but having that extended over another six months would help us a lot.”

White said many Realtors are seeing many positive signs, but added that nothing drastic has occurred.

“I am seeing definite improvements in terms of number of sales and prices,” White said. “I think we’re getting more and more buyers on the market and things are starting to change for the better.”

Boston Real Estate

Boston real estate does not seem to be hit as hard as other areas of the country, especially like California. Is it because real estate in Boston never had the overinflated jump that other areas did? Is there a high demand for Boston luxury real estate ? California does have more than its fair share of luxury real estate...Santa Barbara, San Diego, San Francisco Bay Area, just to name a few.

Boston is a historic and cultural place to live with plenty to do and see. California does not have as old of a history, but there is plenty to do and see here. Ocean, desert, mountains, valleys, vineyards, orchards, ranches.

Boston condos have held up pretty well considering that condos seem to take the first hit. California is not an area that has a high demand for luxury condos. Until recently, when developers started putting up cookie cutter two story houses so close you could feel your next door neighbors breath on your shoulder, Californians always had homes on fairly big lots with plenty of room to roam. Times they are a changin'.

Boston is an awesome city that I would love to visit one day.
If you live there or want to move there and are ready to buy visit Bushari Group Real Estate.