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Tag Archives:real estate market

Jan 9

How Remodeling Impacts Your Home Value

How Remodeling Impacts Your Home Value

Thinking of home renovation projects this spring/summer?  Click here to view an interesting report that compares the economic impact of various remodeling projects.  As a hint, the highest impact remodeling projects that add value to your home are a new kitchen or kitchen upgrade, or a new bathroom, or bathroom upgrade.  The lowest value items include an insulation upgrade, closet renovation or converting an attic to a living area. As for a remodeling project’s impact on your happiness, a whopping 82% of homeowners said they have a greater

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

Aug 12

Yuma Down Payment Assistance Update

Yuma Down Payment Assistance Update

Exciting news!  The income and purchase price limits were recently raised for the Home Plus and Pathway 2 Purchase programs! You can now make up to $92,984 annual household income and still qualify for down payment assistance in Yuma! The purchase price limit was also raised, all the way up to $371,936.  With the average house in Yuma currently selling for under $165,000 (for more info, see our recent market update), the real estate market is wide open for these programs! If you are in the market for

May 26

The 3% down payment mortgage for first time buyers

The 3% down payment mortgage for first time buyers

In today’s real estate market, where interest rates are low and home prices are stable and rising, many renters are considering homeownership for the first time.  For someone with passable credit and good income, the challenge may be coming up with enough down payment funds to close the deal.  That’s where programs like the Fannie Mae 3% down loan for first time buyers come into play. Here are some highlights of the program: Loan amounts up to $417,000 Minimum down payment: 3% of sales price Minimum FICO score:

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

Jul 28

Now is a Great Time to be a Move-Up Buyer in Yuma, AZ

Now is a Great Time to be a Move-Up Buyer in Yuma, AZ

(photo credit Craig Fry, Desert Fryed Arts) If you own a home, and would like to buy a bigger home, now might be the time to make a move. There are several things going on in the Yuma real estate market that are combining in your favor.  Let me share some little-known information with you. #1 – The home you have to sell is IN DEMAND.  Over the last 3 years, 7,150 homes have sold in Yuma county.  Of those, 5,084 were $150,000 or less.  That’s  71.1%!  

Jan 24

Yuma Real Estate Market Update – January 2014

Yuma Real Estate Market Update – January 2014

In 2013, 2,082 homes were sold in Yuma county.  The average sales price was $132,931. Let’s put those 2 facts into a little bit of perspective. 2006 was considered the peak of the real estate market in Yuma.  In 2006, people we lining up to buy homes.  Investors were coming over from California to snatch up any property they could.  Home builders started refusing to sell to investors.  In fact, in a lot of neighborhoods, you would have to enter your name in a lottery, and then wait

Sep 12

Yuma Housing Market Update

Yuma Housing Market Update

Most people don’t know this, but the real estate market in Yuma is actually very healthy right now.  For the last 2 years in a row, we have sold more homes than any previous year including 2006 during the peak of the market.  We are currently on track to beat the 2006 number for the 3rd year in a row (1440 sold year-to-date through the end of August). The other side of that statistic is the average sales price.  We saw 4 straight years of big declines in