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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

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

Apr 18

Unique conditions in Yuma housing market make NOW the perfect time to upgrade your home

Unique conditions in Yuma housing market make NOW the perfect time to upgrade your home

If you are a homeowner in Yuma county, I want you to know about a unique situation going on right now in the housing market that might present an opportunity for you. The Dual Market It is what we call a Dual Market, and it means that you can essentially sell your house in a seller’s market; and at the same time buy a house taking advantage of a buyer’s market. How does this work? The best way I can think to describe this is to show you

Nov 9

The Importance of Financing to the Real Estate Market

The Importance of Financing to the Real Estate Market

The most recent real estate cycle (build-up, bubble, crash, recovery) has brought to light the major impact on the market made by the availability of financing.  Easy, wide-spread access to sub-prime loans led to an unprecedented run-up in home prices.  Sub-prime went away, home values dropped, and now we are several years into the recovery. So how important is the availability of good financing to a real estate market?  Absolutely crucial. For example, a house in Yuma today for $122,000 costs about $775 per month on an FHA

Sep 20

Yuma Real Estate Market Update September 2016

Yuma Real Estate Market Update September 2016

Across the nation, real estate headlines are all talking about lack of inventory.  In many markets around the US, there are simply not enough homes for sale to meet demand.  That creates a seller’s market, and leads to rising home prices.  How does that affect Yuma Arizona?  At first glance, the numbers look pretty promising for Yuma County.  In the first 8 months of the year, we sold 1,675 units.  That’s an average of 209 homes per month.  Based on the current inventory, there is a 6.45 month supply

Mar 29

Relocating To Yuma Arizona

Relocating To Yuma Arizona

So you have orders to Yuma.  Congratulations!  Yuma Arizona is a great place to live and raise a family.  You may have heard it gets hot here, and that is true!  It is also true that the winters in Yuma are so nice that our population nearly doubles with winter visitors between October and April. Things to do in Yuma Yuma is a great place to be outdoors (especially in the winter), and there are lots of fun things to do as a family.  The Yuma combination is dunes in the

Mar 4

Mortgage Rates Today in Yuma

Mortgage Rates Today in Yuma

Wondering what mortgage rates today are in Yuma, Arizona? The first thing to understand is that in today’s world, every mortgage rate quote is a custom quote.  Not to over-complicate things, but it is important for you to know the truth of how these things work.  There are many things that can affect your interest rate.  In order to get an accurate rate your lender will actually be able to deliver, you should expect to answer a few questions: Are you buying a house or refinancing? If you are refinancing, are

Feb 2

How to Buy a House in Yuma AZ With Next to Nothing Down

How to Buy a House in Yuma AZ With Next to Nothing Down

The real estate market has been booming in Yuma Arizona over the last few years.  Home prices are slowly but steadily rising, and interest rates are remaining relatively low.  For many people, owning a home is more affordable than renting.  Still, for many potential home buyers, down payment is the biggest concern. The good news is that there are currently quite a few options for buying a home with little to nothing down. VA Loans Between MCAS Yuma and Yuma Proving Grounds, Yuma is home to many active duty and retired

Jul 30

Should I Make a Low-Ball Offer?

Should I Make a Low-Ball Offer?

If you’re anything like me, you don’t like to buy anything without feeling like you got a good deal.  When shopping for a house, sometimes that drive for the best deal can get you into trouble.  If you are considering making a lowball offer, there are a few things you should think about first. #1 – Homes in this market tend to sell for close to asking price.  Look at the chart below.  On average last year, homes sold for about 97% of asking price.  What that tells you is that sellers in