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Latest Articles on our Blog

Aug 31

Own Vs Rent in 2018

With rising interest rate and home prices, people are asking “Does it still make sense to buy a home?” The quick answer is: IT DEPENDS! In Yuma county, the average single family home sells for about $190,000.  With a 5% down payment, the monthly payment would be roughly $1240 a month.  So how does that compare to renting?  Well there are a few things to consider. Owning means more responsibility If you own your home and something breaks, you have to fix it.  It’s your problem.  There’s no

Aug 7

Do I need to put 20 percent down to buy a house?

In a recent survey, about 30% of millennials felt they could qualify for a house, but couldn’t come up with a down payment.  Why would that be?  Well, it turns out most of them thought they needed to put 20% down. If you fall in this category, I have good news for you.  You do not need 20% down to buy a house in today’s market. How much do I really need to put down to buy a home? If you are purchasing a home to live in

Jun 15

June 2018 Yuma AZ Real Estate Market Update

It’s June 2018, and the real estate market is crazy.  This is a crazy market! Check out the Real Estate Report Card below, and let me just point out a few interesting tidbits. Median Home Price Our Median Home Price in Yuma is currently $152,110.  Now, when you sort out the manufactured homes, our average sale price year-to-date (Jan – May 2018) is actually $180,742.  That’s up a bit (3.1%) from last year at this time. Appreciation Rates Over the last 43 years, homes in Yuma county have

Dec 12

Always know your current home value with Homebot

As a Homeowner, you probably realize you should maximize the wealth in your home. And, like most, you probably realize there are many different ways to do so. But, it’s easy to get confused and you just don’t have the time to figure it out. Homebot is a monthly financial dashboard that gives you the answers.  Homebot shows you exactly what you can do when and precisely how much wealth you will build. HomeBot tracks: your current and historical estimated market value of your home; appreciation since you

Dec 2

Five Pitfalls to Avoid When Investing in Real Estate

Here are five of the most common pitfalls associated with investing in real estate: House Price Risk (up or down): what if the house goes down in value?  That’s why it’s important to evaluate mortgage, cash flow and debt planning strategies that won’t put you in a bind if house prices stagnate or go down a little bit.  On the other hand, what if the house goes up in value and you haven’t pulled the trigger yet?  That’s why it’s important to get yourself a solid mortgage approval BEFORE you go

Dec 1

How to Benefit From a 1031 Exchange

A 1031 Exchange could allow you to defer the capital gains tax on the sale of investment property if you roll over all the sales proceeds into a new investment property. Here’s how it works: The buyer of the investment property that you’re selling gives his/her funds to a “qualified intermediary” who keeps the funds in escrow on your behalf Within 45 days of the sale of your old property, you identify a replacement property that you’d like to purchase Within 180 days of the sale of your

Nov 30

Three Questions to Ask Before Investing in Real Estate

It’s important to ask these three questions when you invest in real estate: How can I increase my rate of return?  The cornerstone of any smart investment strategy is to calculate your rate of return.  With real estate this is done by running the numbers using an internal rate of return (IRR) formula that takes into account: Present Value (PV) – what am I paying out of pocket to get into this investment? Term (N) – what’s my timeline and how long am I going to hold this investment?

Nov 7

Some Insights About Home Values From a Real Estate Appraiser

I was a part of a class recently for Real Estate professionals on the topic of Appraisals.  We had an appraiser in attendance, and the appraiser’s answers to some of the questions surprised us all. Isn’t the definition of market value “the price at which a seller is willing to sell and a buyer is willing buy?”  If so, then why does it sometimes happen that a price is agreed upon by all parties, and then the appraisal value comes in low? It turns out the answer is…IT

Aug 8

Yuma Arizona Housing Market Update August 2017

One interesting measure of the housing market is new home construction.  It is important to keep your eyes on how many new homes are being built.  We do that by reviewing the number of permits pulled by contractors for new residential units.  Here’s a historical look at the last 20 years: You can see, there were 1,606 permits in 2005, and then home building fell a cliff.  By 2012, there were only 241 homes built the entire year.  Wow!  That’s an 85% drop from peak to trough.  Since

Jul 31

First Half 2017 Yuma AZ Real Estate Market Update

It’s time to take a look back at the first half of 2017.  Can you believe it’s already the end of July?! Let’s start with the basics.  Yuma’s average sales price is $147,937.  When you exclude manufactured homes, the average single family residence (SFR) sold for $171,887.  With 1,482 homes sold, we are averaging 247 sales per month. Compared with last year at this time, inventory is down, prices are up and sales are up. Rates First off, let’s talk about mortgage rates.  Rates are lower than anyone