Kingman home sales
The stock market is still jumpy and investors worried about the global recession. The big question, is it ending soon? A big surprise is the strong positive signs in the home and real estate market. The Kingman Real Estate market is no different. Kingman’s foreclosure homes are dwindling. We are also seeing multiple offers and bidding wars on many of Kingman’s foreclosure homes and other Kingman residential properties.
Nationally, home sales rose sharply, nearly 7% in the latest month, according to the National Assoc. of Realtors. Pending sales are up in all four regions of the country, and this has really caught the attention of key industry economist. Most economist are saying this confirms the view that existing home sales hit their cyclical bottom in January, 2009 and are like to continue to rise. This has been very evident in watching the Kingman real estate market, not only in Kingman Foreclosures, but also in private sales of residential property.
Looking at Kingman mortgage rates, we are also seeing a favorable move. Currently home loans in Kingman can be acquired in the 5.3% range for a 30 yr fixed. The Mortgage Bankers Assoc. state that new home loans increased 7% in the week ending July 3rd.
Affordable prices are bringing buyers back into the Kingman real estate market, in both the residential area, as well as Kingman Commercial. We are also starting to see a bit more activity in vacant land and development land in the Kingman area.
Inventory for Kingman Single Family homes is now under 500 homes and currently we are seeing around over 70 Single Family homes a month selling in the Kingman Real Estate market
In many areas of the country, rental vacancies are running at 7.5%. Kingman rental homes are still relatively strong. Talking with my property manager this morning, shows our agency has less than 3% vacancies in single family homes, and demand is very high.
We have increased our single family homes available for rent to approximately 250 homes, and are in need of more to satisfy our tenant demand. If you are an owner of investment properties in Kingman, not currently satisfied with your property manager, or looking to purchase investment properties, now is the time to make a make to a full service agency. There are some fantastic opportunities to get Kingman Investment properties that will show a positive cash flow.
Feel free to contact TEAM PATTERSON at anytime with any questions on the Kingman real estate market, regarding single family homes, commercial property, or land parcels of any size. We have a team member to fit what you are looking for.
Posted at 11:34AM Jul 14, 2009 by Dwayne Patterson in Real Estate | Comments[0]