This historic home has been completely updated for the more discerning buyer. Built in grand style by skilled woodworkers and masons, this home has all the charm of the roaring 20s, yet all the modern conveniences of 2009.
To see the video in full HD, click on the YouTube image and then the HD icon.
Call me today for your personal tour of this beautiful property.
The Prescott and Prescott Valley real estate markets are obviously very volatile in the current economy. This fact needs to be considered when you are in the process of selling a house and setting your desired price.
Most sellers hope to get the transaction finalized at their asking price, but depending on the market, this is often not possible. The reason for this is the glut of available properties for buyers to choose from, commonly called a “buyer’s market”.
Sellers who understand the market know that they cannot ask for a high price given the current conditions. Those who do not understand and insist on trying for a top price end up having their house on the market for a very long time.
We are experienced and have the tools to determine market conditions in your neighborhood. Therefore, although the decision is ultimately in the your hands, it would benefit you to listen to the advice of several real estate agents when setting a selling price for your property.
Please contact Patrick Schutte at 928-710-1717 for more information about selling your home in today’s buyers market in Prescott or Prescott Valley.
Prescott Area Market Report
Sales activity of homeowner sales in the last 15 days was fairly modest with only 29 homes selling at an average of 173 days on market. On average sellers were receiving $123 per square foot and about 92% of their asking prices.
Compare this to 11 homes selling in the distressed homes market (REOs/Foreclosed/Short Sales) which sold in the same period at an average of only 112 days on market. Banks were getting an average of $104 per square foot and about 93% of their asking prices.
See related post on my Prescott Area Foreclosures blog: Prescott area foreclosed/REO listings sold in last 15 days.
| Single Family Homeowner Solds Last 15 Days* | ||||||
| Address | City | List Price | Sale Price | SP/LP | SQFT | $/SQFT |
| 15319 Indian Bend | Cordes Lake | $44,900 | $42,500 | 94.7% | 1,400 | $30 |
| 20061 Lakeside | Cordes Lake | $59,500 | $56,200 | 94.5% | 1,453 | $39 |
| 7921 Thelma Drive | Prescott Valley | $89,900 | $82,500 | 91.8% | 1,200 | $69 |
| 22655 Crest Way | Yarnell | $95,000 | $75,000 | 78.9% | 1,052 | $71 |
| 9910 Tatum | Prescott Valley | $199,500 | $155,000 | 77.7% | 2,104 | $74 |
| 9060 Papago | Prescott Valley | $211,900 | $211,000 | 99.6% | 2,560 | $82 |
| 248 Plaza | Prescott | $199,900 | $198,000 | 99.0% | 2,213 | $89 |
| 10 Bear Drive | Prescott | $129,900 | $127,000 | 97.8% | 1,283 | $99 |
| 5331 Desert Ln | Prescott Valley | $140,900 | $140,900 | 100.0% | 1,384 | $102 |
| 4750 Norman Road | Prescott Valley | $144,900 | $139,900 | 96.5% | 1,336 | $105 |
| 3145 Las Brisas | Chino Valley | $115,000 | $115,000 | 100.0% | 1,056 | $109 |
| 3376 Valley View | Prescott Valley | $224,900 | $200,000 | 88.9% | 1,800 | $111 |
| 7390 Mingus Trail | Prescott Valley | $219,900 | $195,000 | 88.7% | 1,712 | $114 |
| 1864 Bittersweet | Prescott Valley | $206,000 | $200,000 | 97.1% | 1,552 | $129 |
| 7014 Horizon Way | Prescott Valley | $269,000 | $250,000 | 92.9% | 1,932 | $129 |
| 12870 Chancella Ci | Prescott | $399,900 | $375,000 | 93.8% | 2,890 | $130 |
| 4421 Spur Lane | Prescott | $229,000 | $195,000 | 85.2% | 1,380 | $141 |
| 1836 Mulberry | Prescott Valley | $259,000 | $245,000 | 94.6% | 1,709 | $143 |
| 475 Lauren Lane | Chino Valley | $279,900 | $276,000 | 98.6% | 1,915 | $144 |
| 1202 Leslie Stree | Prescott | $239,900 | $220,000 | 91.7% | 1,495 | $147 |
| 4601 Kirkwood | Prescott Valley | $212,000 | $198,000 | 93.4% | 1,338 | $148 |
| 297 Thoroughbred | Prescott | $311,900 | $290,000 | 93.0% | 1,901 | $153 |
| 1941 Boardwalk Av | Prescott | $259,900 | $259,900 | 100.0% | 1,615 | $161 |
| 1609 Addington Dr | Prescott | $273,500 | $260,000 | 95.1% | 1,583 | $164 |
| 12153 Stagecoach R | Mayer | $799,000 | $558,300 | 69.9% | 3,354 | $166 |
| 5551 Lemonmint La | Prescott | $385,000 | $343,000 | 89.1% | 2,057 | $167 |
| 225 Washington | Prescott | $199,500 | $170,500 | 85.5% | 960 | $178 |
| 2990 La Questa | Prescott | $490,000 | $462,000 | 94.3% | 2,472 | $187 |
| 221 Alarcon St | Prescott | $300,000 | $260,000 | 86.7% | 1,319 | $197 |
| 174 Days on Market | Average | $241,021 | $217,266 | 92.0% | 1,725 | $123 |
| 172 Days on Market | Median | $219,900 | $200,000 | 93.8% | 1,583 | $129 |
| MLS Data as of: | 2/16/2009 | *Source: Prescott Arizona Area Multiple Listing Service | ||||
For more information on any of these listings including the days on market for an individual property, please contact me.
Search for properties in the Prescott Arizona Area Multiple Listing Service
This home was built in 1928 and lived in for decades by the same folks, and it’s ready for someone to take it into the next century. This property is perfect for an investor who wants to rent this out or someone looking for a bargain who wants to be in downtown Prescott. It’s larger than it looks from the outside and could easily accomdate a growing family. Walking distance of the square, Yavapai College and lots of parks and recreation. Please use AS-IS addendum on all offers.
Loan Program from Fannie Mae
Fannie Mae, the Federal National Mortgage Association, has announced a new program for buyers purchasing Fannie Real Estate Owned Properties (REOs).
The motivation behind this program is for Fannie Mae to quickly sell off foreclosed properties. If the parameters fit,this could be a bargain for a motivated buyer. If you will occupy the property, you can put as little as 3% down and an appraisal is not required – the selling price will determine the value of the property. A gift can be used for the down payment/closing costs and no mortgage insurance is required but you must have a 660 credit score.
If you are going to occupy the property, you are eligible for a light renovation loan which can be added to the loan amount. The renovations must be approved and completed within 90 days of funding the loan.
This product is also available for buyers purchasing a second home but requires 10% down and buyers purchasing an investment property may also put as little as 10% down. The minimum credit score has been lowered for these programs but buyers will still be evaluated on a case by case basis.
This program is available to buyers of condos and properties up to 4 units. For those putting 25% down, you may own up to 10 properties.
For more information about the current financing market or to get pre-approved, call
Tom 928-775-9330 or email him at tomhenichek@cableone.net.
Prescott Pricing Problem
According to the Zillow Q4 Real Estate Market (2008) survey released yesterday by Zillow.com, some 70 percent of homeowners surveyed believe their home’s value will either increase or stay the same in the first six months of 2009, while only 30 percent expect a decrease in value.
Fifty-seven percent believe their home lost value last year, up from 38 percent of those surveyed in the second quarter of 2008.
In reality, 76 percent of all U.S. homes lost value in 2008, according to the Q4 report.
See Zillow Blog: Homeowners Call a Bottom: Optimism or Delusion?
Homeowners in the Prescott and Prescott Valley Arizona market area are probably lumped into the West’s stats (see below) released from Zillow recently. If true, then homeowners are still adjusting to the reality of the what their homes are worth.
Homeowners in the West, where values were hardest-hit, lost some of their optimism in the fourth quarter, but home values continued downward, leaving Western homeowners’ perceptions among the farthest from reality with a Misperception Index of 13 (the same as last quarter). Southerners’ perceptions were farthest from reality, with a Misperception Index of 14.
With a Misperception Index of only 3 — down from 20 in the third quarter — the perception of homeowners in the Northeast was closest to reality. Well over half (57 percent) of Northeastern homeowners believe their own home’s value declined during 2008, while 20 percent believed it stayed the same. According to Zillow’s fourth-quarter data, 71 percent of homes in the Northeast declined in value during 2008.
The country is optimistic, however, and more than half of those surveyed in Zillow.com’s Q4 Homeowner Confidence Survey believe their own home lost value in 2008, more than two-thirds appear to believe that the worst may be over. This optimism may be misguided though…read on.
“It’s clear that the ‘not my house’ sentiment that was so prevalent in earlier surveys is waning, and homeowners are opening their eyes to the unfortunate reality of significant losses in home values across most of the country,” said Dr. Stan Humphries, Zillow’s vice president of data and analytics, in a statement. “That said, there’s a curious optimism for homeowners when asked about the future — most seem to believe we’ve hit a bottom and the worst has passed. Unfortunately, the data tells another story. With year-over-year home value losses continuing to accelerate, most areas of the country will see housing values get worse before they begin to stabilize.”
In my last Prescott Area Real Estate and Foreclosure Market Report, the data showed that short sale and foreclosed/REO/bank-owned homes were selling about 20% less per square foot than conventional homes and at a much quicker pace.
This could be due to a couple of reasons:
Homeowner Perception by Region
| Homeowner Perception of Home Value Change in Past Year by Region | US 2008 | West | Northeast | Midwest | South |
| My Home’s Value Has Decreased | 57% | 70% | 58% | 58% | 47% |
| My Home’s Value Has Stayed the Same | 18% | 11% | 20% | 20% | 20% |
| My Home’s Value Has Increased | 25% | 19% | 23% | 22% | 33% |
| Market Reality: Homes Reporting Year-over-Year Value Changes in Q4, according to Zillow | |||||
| Actual Percent of Homes that Decreased | 76% | 90% | 71% | 73% | 70% |
| Actual Percent of Homes that Stayed the Same (+/-1%) | 4% | 2% | 6% | 5% | 5% |
| Actual Percent of Homes that Increased | 20% | 9% | 24% | 22% | 25% |
| Q4 Home Value Misperception Index | 10 | 13 | 3 | 5 | 14 |
| Q3 Home Value Misperception Index | 16 | 13 | 20 | 15 | 13 |
| Q2 Home Value Misperception Index | 32 | 23 | 29 | 31 | 36 |
| Homeowner Perception of Own Home’s Value in Next Six Months | |||||
| My Home’s Value Will Decrease | 30% | 37% | 30% | 30% | 26% |
| My Home’s Value Will Stay the Same | 43% | 28% | 43% | 46% | 45% |
| My Home’s Value Will Increase | 27% | 25% | 27% | 24% | 29% |
For more information about what your home is worth in today’s market, or to find out how to profit in today’s market, please contact me at 928-710-1717.
From Tom Henichek, a local loan officer at Mountain Mortgage
Get a better interest rate
Well, for starters we have lower prices than anytime in the recent past, great interest rates and the possibility of seller concessions. Every product today has at least a guarantee of 3% seller concessions. So, if the seller will or cannot lower their selling price, they may allow some concessions in order to sell their home.
This is only one of the reasons why if you are thinking of purchasing a home, you should talk over your situation with a lender. In today’s cash poor society, your lender can assist in this process.
After all, if you need assistance with your closing costs, your lender will be the first to advocate for you. The best way to document this is to come up with a figure for the seller’s contributions. The 3% is based on the loan amount and if the contract states that the amount is for closing costs, some lenders may not allow the contribution for prepaid items i.e. interest, home insurance and property taxes. With a specific amount stated and contributed, that money can be put toward prepaid items or be used to buy down your interest rate.
Today, the spread between interest rates is lower than at any time in the past and this option may be worth considering.
The credit system is ripe for errors and something from your past may still be lurking on your report even though you thought it was corrected. With the number of foreclosures, credit reports are weighed heavier than at any time in our history. Being pre-approved for a purchase will cost you nothing but time and will put your mind at ease when the time arrives for you to make your move.
For more information about the current financing market or to get pre-approved, call
Tom 928-775-9330 or email him at tomhenichek@cableone.net.
