http://adventure.nationalgeographic.com/weekend-getaways/arizona/prescott-travel

For those that live here, we have always know why Prescott is so great. Well it seem that other are taking notice as well. National Geographic magazine has ranked the top 100 adventure towns in the U.S. and Prescott was on the list. With great Mtn. biking, cycling, rock climbing, hiking, etc, this places has everything most people could want. Outside of surfers and divers, who need an ocean, we have all we could ask for, and seriously, who needs those jokers anyways!!! For more information, check out National Geographics webpage @ http://adventure.nationalgeographic.com/weekend-getaways/arizona/prescott-travel.

If you have any real estate needs, please call @ 928-925-6050 or check out my website, http://www.yourinvestmentrealtor.com/

Seeing less "For Sale" around the neighborhood? Inventory in the Stoneridge subdivision has seen a significant reduction since the begining of the year. In January 2009, there were approximately 70-75 houses on the market. Currently, there are 40 with fewer foreclosures. What does that mean, potentially the bottom of our Stoneridge market. The values of our home holding steady, and, dare I say it, an actual increase the overall value of the neighborhood. If you have any questions about anything Real Estate, please call @ 928-925-6050, or e-mail at jpmaneely@hotmail.com.

Don't let the first time home buyers federal tax credit of $8,000 pass buy. It is set to expire on Dec. 1st, 2009. If you need help understanding this or want to take advantage, give me a call, 928-925-6050.

Read more @ http://www.federalhousingtaxcredit.com/2009/index.html

We're getting closer

Three months of rising home sale in the Prescott area are a good sign that we have reached the bottom of the current housing crisis. Overall, the housing inventory has taken a slight drop which indicates that we are selling more houses then are coming onto the market. If we can continue this trend, we will reach a level where housing values are increasing at a level where investors will come back because they can earn enough money to make it worth their effort. However, if you are considering investing, this is the best time while the inventory is high. This is perhaps the best buyers market that any of us will ever see in our lifetimes. If you have any questions or want more information, call me @ 928-925-6050.

Read the full article at:
http://www.dcourier.com/main.asp?SectionID=74&SubSectionID=107&ArticleID=71793

A long way to go!

We keep hearing all this new about how well the economy is doing, all the signs of a economic recovery. Well, if we have hit bottom, we have a long way to go before we start seeing any significant gain in the housing market. On the front page of the Real Estate section, three stories about mortgage delinquencies dominated. On the local front, almost 34% of all houses with mortgages in the Prescott area have negative equity. Until we get those houses back into positive territory, things in the area won't get much better. However, on the local MLS, declining inventories are a nice sign. Most of those houses being sold are foreclosures, but until we get those off the market, home prices will have a hard time returning to normal.

For more information, check out:
http://www.dcourier.com/main.asp?SectionID=74&SubSectionID=114&ArticleID=71602&TM=70016.93

Are Today's Homes Undervalued?

Are Today's Homes Undervalued?

An over-correction on prices will delay economic recovery.

By Lawrence Yun | July 2009

After dropping for three years, home prices appear to be stabilizing. The median national home price today is about $169,000, down almost 14 percent from a year ago and an estimated 30 percent from its peak. It’s safe to say we’ve reached the point where prices are justified by the fundamentals of the economy and may even represent an undervaluation.

Foreclosures and short sales comprise about 50 percent of transactions today, creating market distortions in otherwise stable neighborhoods. In determining valuations, we’re capturing only transaction prices, and prices of those properties might be 20 percent below values of other homes.

For that reason, it’s possible that widely cited projections that a third or more of home owners are underwater might be off the mark. The consequences of these missed projections are significant. Lenders are shying away from refinancing mortgages of otherwise creditworthy households on the basis that their homes are underwater. By not making these loans, lenders are exacerbating the financial hardship faced by these households.

Yet there are encouraging signs on the horizon. The First-Time Home Buyer Tax Credit, which Congress improved two months ago by eliminating the repayment requirement and increasing the benefit to $8,000, is working. That credit, coupled with all-time-high housing affordability and continuing low interest rates, is leading to solid inventory improvements in most markets. Yet when we look only at homes in high-cost areas requiring jumbo loans, the months’ supply is in the stratosphere: almost 45.

What’s clear is that the challenge today is getting credit moving again for everyone. Until then, markets will continue to be distorted by the disproportionate number of short-sale and foreclosed homes for sale.

See other related stories at:

http://www.realtor.org/rmonews_and_commentary/economy/0907_economy

When Buying a Home Comps are Key

You have to remove all emotions when investing in real estate. It is important to look at the comparables for what insights they have to offer you on a property. One of the biggest tool you can use is a price per square foot ratio. Other than wondering if the paint colors will work with your furniture- or if you like the color carpet, consider what the cost per square foot is in relation to comparable properties. For instance two similar homes in the Stoneridge development in Prescott Valley have many similar models for sale. With minimal difference in the houses, they can differ in price by $30/sqft or more. Two houses of 2000 sqft will have a difference in price of $60,000, which will buy a lot of paint and other fix-ups.