July Office Stats
“Doin’ Fine in 09” is a huge understatement – We’re doin’ SUPER FINE: In fact, both of our offices are so outstanding this year that I don’t know were to start; so I’ll just start with the company overall. This year thru July, we have closed 341 transaction sides for a value of $55.0 million; all of this with 48 REALTORS® or less. Our closest competitor in all of WARDEX, Selman and Associates, has closed 240 sides for $54.1 million and needed over 90 REALTORS® to do it. Our firm has averaged $1.1 million per agent this year while the other 4 of the top 5 firms in dollar volume, ranging from 49 agents up to 91, have all averaged under $0.8 million an agent.
Lake Havasu just had their best month ever: The 21 REALTORS® in our Havasu office closed over $8.8 million in July. This placed them less than $800,000 behind the 54 agents at Coldwell Banker Residential and over $1.7 million ahead of the 91 agents at Selman. Rounding out the top 5 were Keller Williams and Brooks-Clark who were way back in the dust with 59 and 49 agents respectively. This is the 4th month in a row that our Havasu group has continued to place near the top of this pack of much larger offices and our Havasu individual average is at $1.4 million each so far this year.
Kingman is back in Championship form: After getting aced out of number 1 for the 1st time this year in June, the Kingman office really piled it on in July closing $4.8 million for a 23.5% market share. That exceeds the number 2 and 3 office combined, C21 Highland and C21 Barbara Ricca, who were at 11.5% and 8.9% respectfully. Year to date, our Kingman REALTORS® hold an 18.6% market share at $25.8 million while our closest competitor is at 10.9% at $15.1 million.
RE/MAX agents serve more clients and have more fun: Please remind your friends in the real estate industry that RE/MAX is the place to be.
Posted at 09:26AM Aug 20, 2009 by Dwayne Patterson in General | Comments[0]
Kingman Home Sales
Thru out the country, we are seeing more and more positive news regarding the real estate market. Everyone has come to realize, that the rest of the economy will not recover, until we get a recovery in the real estate market. The same goes for Kingman, when the Kingman real estate market recovers, the rest of our "local" economy will see rebounds as well. Over the last several years, our economy has been based on Kingman's New home construction. With the down turn in the market, many of Kingman's Contractors, home builders and developers have either moved out of the area, or out of business. This of course has a major trickle down effect on the rest of the economy from Kingman Hotels, restaurants and grocery stores.
The bright side of the picture, Kingman home sales have been on a steady increase over the last few months. Spending a little time in front of the computer, i have been reviewing the Kingman housing market from this year to the same months in 2008.
For July of 2009 vs. 2008 we saw an increase in Kingman homes of 21%. For June 2009 vs June 2008, we saw a huge jump of over 39% for Kingman Homes. This jump in Kingman's home sales is very typical of what is happening across the country. Its a slow increase, however, it is a steady increase, with national home sales on the rise for the last 3 months, and new construction has also seen an increase for the last 5 months..
Coming out in the next day or 2, will be the end of july office stats. Check back to see where the Kingman RE/MAX and Lake Havasu RE/MAX Offices rate. The numbers are getting exciting as we are continuing to build a great group of Kingman REALTORS. Please feel free to contact me with any questions on the Kingman real estate markets.
Have a Great Day!
Posted at 02:28PM Aug 10, 2009 by Dwayne Patterson in General | Comments[0]
Kingman AZ Real Estate Market Update
You hear the bad news everywhere you turn. It’s on the television, the Internet, the radio and in print headlines. What you don’t hear is the good news about the real estate market.
Bad news sells newspapers and gets high television ratings; therefore, the media has no reason to report the upside of today’s real estate market to the average American or to tell you that Kingman Homes and Kingman, AZ Real Estate are selling quicker and at a higher price. This is where I come in. For example, did you know that approximately 30 percent of homeowners own their home free and clear?
The current market in Kingman AZ Real Estate & Homes also affords some great opportunities for those looking to purchase a home. First-time homeowners, move-up buyers and investors can all benefit from Kingman's homes low prices, large selection and historically low interest rates.
In addition, the government recently approved a First Time Buyer Tax Credit, up to $8000, that does not require repayment if the borrower resides in and maintains ownership of the property for at least three years. Regulations do apply and can be reviewed at www.federalhousingtaxcredit. com, or just give me a call and I will be happy to discuss it with you. Our Team of Professional Realtors in Kingman AZ will assist you in all aspects of your purchase. We have lenders ready to assist you in purchasing your Kingman Home.
According to the Mortgage Bankers Association, of the 70 % of homes that do have a mortagage, over 96% ARE NOT in foreclosure. Mortgage rates in Kingman AZ have fallen to near record or record lows, meanwhile, home affordability is at a record hi. We have also seen 3 months of continuous growth, in building permits, home sales and closings. This is all happening right here in the Kingman Real Estate Market. Many of Kingman's homes are selling within hours or a couple of days on market. Kingman foreclosure homes are often getting multiple offers and selling well above the lender's asking price.
Call me for more good news and to discuss the opportunity to purchase or upgrade to a new home in Kingman, AZ. I can be reached anytime on my cell, 928-727-7369
Posted at 02:24PM Aug 03, 2009 by Dwayne Patterson in General | Comments[0]
Homes Sales UP!!!!
Great Article on Homes sales for June, from your Kingman AZ Realtor. We are seeing the same action in Kingman Homes. Kingman home builders are also getting excited, as they watch our Kingman Housing Inventory decline. Read the attached news article, Great News!!!
New U.S. home sales rose by the largest amount in more than eight years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades.
The Commerce Department said Monday that sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.
It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.
Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier and down nearly 6 percent from $219,000 in May.
The report is another encouraging sign that the beleaguered housing sector is finally coming back to life. Last Thursday, the National Association of Realtors reported that home resales posted a monthly increase of 3.6 percent in June.
There were 281,000 new homes for sale at the end of June, down more than 4 percent from May. At the current sales pace, that represents 8.8 months of supply — the lowest level since October 2007.
Posted at 09:12AM Jul 27, 2009 by Dwayne Patterson in General | Comments[0]
Home Sales Rise
From Reuters: U.S. existing home sales notched their third montly rise in June in a sign the housing industry was slowly healing. The National Assoc. of Realtors said on Thursday that sales in June rose 3.6 percent to an annual rate of 4.89 Million homes. The NAR state it was the first time the industry had experienced three straight months of gains since early 2004.
The Kingman real estate market is following right along with national stats. Kingman home sales have seen a small but steady increase over the last 6 months, with Kingman foreclosure homes leading the way. We have seen very few foreclosures come on to the Market in Kingman, and the ones that do, are usually receiving multiple offers, and selling for 10-20% over asking price, providing they are in good condition.
Have questions about Kingman, AZ real estate market? Dont hesitate to call us for upto date lists of available homes in Kingman, commercial property or investment land in Kingman.
Posted at 09:17AM Jul 24, 2009 by Dwayne Patterson in General | Comments[0]
The Real Estate Contract
Be prepared to write a deposit check when making a contract offer to purchase real estate. Commonly referred to as a Binder, more commonly known as the initial deposit, this is the check made out to the Selling Real Estate Office or possibly the escrow title company when submitting a contract offer. In simple terms, it is a good faith deposit to express interest in purchasing real estate.
What is the required amount of a binder deposit? There is no law as to a required amount, but local real estate practices may determine what is acceptable. Common sense should prevail in determining the amount of the Binder deposit however. Writing a check for $100.00 shows good faith, but what kind of statement is that making to the owner when the contract offer is presented to them? I myself, usually recommend a good faith deposit of a minimum of 1% of offering price. This is very common and acceptable in the Kingman, AZ Real Estate Market
Would a more substantial initial deposit, say $1,000.00, make a stronger statement? How about $5,000 as an initial deposit, or even more? Wouldn’t a larger initial deposit check make a stronger impression with a seller in making a decision to accept a contract offer or in contract negotiations?
The Binder is generally not deposited by the Real Estate Broker until there is offer and acceptance, a signed contract of sale.
Mortgage Considerations
A contract to purchase real estate will include a mortgage contingency clause which provides a time period for the buyer to apply for a mortgage of a specific amount and obtain mortgage approval in order to complete the purchase of a home. In most instances in todays real estate market, it is required to have a pre-approval prior to writing an offer. This is commonly referred to as the “mortgage contingency clause” in real estate contracts. The time frame for mortgage approval varies from buyer to buyer, and is determined by the type of mortgage being obtained (Conventional, FHA, and VA) and how complete the mortgage pre-approval process was. A buyer’s Real Estate Agent or Mortgage Representative can help in providing more information about the time frame required in processing the formal mortgage application and obtaining the written mortgage loan commitment. At Re/Max Prestige Properties, we have numerous lenders that will work with home buyers, land investors, and commercial property in the Kingman area.
It is recommended that a buyer reviews their Mortgage Pre-Approval when submitting a contract offer, and provide a copy to their Buyer’s Agent. Review is necessary in order to verify that the mortgage amount in the contract offer is the amount in the Mortgage Pre-Approval, or less.
All too often buyers begin their home search in one price range and later find that they need to increase their price range, and increase the mortgage amount, to find a home they like. Obtaining an updated and revised Mortgage Pre-Approval to reflect the mortgage amount in the contract offer is highly recommended.
Closing Date
A closing date is included in the contract offer. This date may be important to the seller in contract negotiations as it relates to their time frame in moving. It is also a consideration for the buyer with regard to their time frame in moving and perhaps with a mortgage interest rate lock in.
Posted at 10:32AM Jul 13, 2009 by Dwayne Patterson in General | Comments[0]
New Walgreens
As many of you can see from the construction on the corner of Andy Devine and Stockton Hill, we are about to have a brand new Walgreens
Posted at 04:00AM Jun 27, 2009 by Dwayne Patterson in General | Comments[0]