Havasu Real Estate

Fannie Mae

2011-11-09T08:35:00.000-08:00

Fannie Mae loss widens, asks taxpayers for $7.8B

Finally got Fannie Mae approval on the purchase of the property, only took 6 weeks and remember this was a full price cash offer. When I saw this headline on the internet today, I almost had a heart attack. I for one say let Fannie Mae fail. They are not helping the housing market by delaying closing on sales. I also received a letter from Senator McCain's office asking for information on the situation. I plan on responding to him even though the deal looks like it will go through.

No news from Fannie Mae

2011-10-27T09:19:00.000-07:00

Well, the paper work was re-submitted last Thursday and here we are a week later and no response from Fannie Mae. Remember this was a full price cash offer originally submitted on Sept. 23. We have not received any response from the emails we sent to our Senators and Congressman. So much for them caring about their constituents. If President Obama wants to help the housing, why don't we get the Federal agencies to do their job?

Fannie Mae - Helping to Prolong the Crisis

2011-10-18T09:17:00.000-07:00

I’d like to expand on my Fannie Mae rant from yesterday.

First, what is Fannie Mae? It is the cutesy name for the “Federal National Mortgage Association.” Sponsored by the federal government and chartered by Congress, the function of Fannie Mae is to “keep money flowing to mortgage lenders, to help strengthen the U.S. housing and mortgage markets, and to support affordable homeownership.”

Fannie Mae is sabotaging the housing market, not helping it. Instead of doing its job, the employees are negligent – thereby killing real estate deals, making it more difficult for the economy to recover.

When will our elected officials – Democrats and Republicans – get off their butts and insist on these organizations simply do their jobs? Just do your job!

Yesterday I sent emails to McCain, Trent and Kyle. I haven’t even received an auto response from our beloved representatives.

Why am I so annoyed with Fannie Mae?

First read yesterday’s post. And then understand Don’s experience is not unique. Local real estate agents tell us Fannie Mae doesn’t just ask you to resubmit all the same paperwork one time – they might request this several times – dragging a 30 day escrow on for 90 days or more.

Of course, this means already struggling real estate agents waste their time on deals that eventually goes south, because buyers get discouraged and walk away.

I know of one cash buyer (a frequent buyer) – who refuses to look at Fannie Mae properties anymore, because of this very issue.

In an economy when banks rarely fund home loans and many properties on the market are Fannie Mae – it is not the time for Fannie Mae to screw around with offers and discourage qualified CASH buyers.

Let’s just get the deal done, and get the economy rolling again.

Corruption or Incompetence? - Fannie Mae

2011-10-17T14:50:00.000-07:00

I certainly get why people are marching on Wall Street. There is definitely some truth to the statement that 99 percent of the population is getting screwed.

Want to know the truth about the Havasu real estate market?

There are qualified buyers and there are great deals out there. But the proverbial fly in the ointment is not just the lenders.

We’ve all heard about how hard it is to get a loan with all the new regulations, even if you have good credit.

Sadly, even Fannie Mae is screwing it up for cash buyers.

While I am no longer an active agent, I am venting on behalf of my hubby, Don, who is still an active broker. He has a cash buyer who made a full price offer on a Fannie Mae property, with the buyers signing papers September 23.

Now we all know, until the seller signs the offer, there is no deal. But Fannie Mae and its agent kept saying - oh it is fine, you will get the signed contract back any day now. While the buyers understood they could walk away, they patiently agreed to wait.

Last Friday was the close date. Still no signed documents. Today they tell Don, that since a month has gone by since they accepted the initial offer (verbally), he has to resubmit the offer with new dates, new signatures and close about a month after Fannie Mae signs this second offer.

It is clear to me what is going on. Fannie Mae is covering its ass. When audited, there will be no evidence of a full price offer they failed to sign. Instead, will be this second contract, with a more current date.

This is bullshit.

Excuse my language - but this is bullshit.

I really do understand why all the marching is going on.

ASU coming to Lake Havasu City

2011-07-05T14:35:00.000-07:00

Arizona State University is coming to Lake Havasu City. The campus is scheduled to open in the Fall of 2012. This will be a great addition to our town. Watch for further updates.

Best Places to Retire

2011-05-22T10:44:00.000-07:00

Best Places to Retire

Happy Thanksgiving

2010-11-25T08:39:00.000-08:00

If you are in Lake Havasu City for Thanksgiving weekend and want to look at real estate, give Don a call. While he will be spending Thanksgiving day with family, he'll be available to show property the rest of the weekend. His number is 928-230-9948.

Happy Thanksgiving from Don & Bobbi Holmes

We've Moved!

2010-11-21T17:16:00.000-08:00

Heirloom Realty merged with Arizona Turquoise Properties on November 1, 2010. They have relocated – next door to Heirloom Realty’s old location, and downstairs from Arizona Turquoise Properties’ old location. They will be operating under the name, Arizona Turquoise Properties.

The new office address is 2152 McCulloch Blvd. Suite B, Lake Havasu City Arizona.

They have the same phone number, but it took a few weeks to get it all straightened out. If you tried to call and got a recording saying the number was no longer there, sorry! It is now all hooked up. A bit of a fiasco and a series of mis-understandings with two different phone companies, but it is finally resolved.

You can always reach Don on his cell phone at (928) 230-9948. Call him, and ask him about Havasu real estate!

Will Mortgage rates rise?

2010-04-13T10:16:00.000-07:00

According to an article in The New York Times on Sunday April 11, 2010, The Mortgage Bankers Association expects the 30-year mortgage rate rising to 5.5 percent by late summer and as high as 6 percent by the end of the year. The 30-year fixed rate has risen a half a point since December to 5.31 percent, the highest level since last summer. The question is not whether rates will go up, but rather how much. Some firms are predicting that rates could rise 1 1/2 percent by the end of the year.

Thought for the Day:

What you leave behind is not what is engraved in stone monuments, but is what is woven into the lives of others
(source unknown)

Residential Sales for March

2010-04-08T12:59:00.000-07:00

Sales of residential homes are steadily increasing here in Havasu. For March of this year sales were 187 listings. 79 of those were Foreclosed or Bank owned listings and 55 were Short Sale listings accounting for 46% of Sales. The Phoenix area reported that 64% of sales were Foreclosed listings. March of 2009 sales were 147 and March 2008 were 123, a pretty steady increase. There are currently 667 active Residential listings with 55 of them being Short Sales and 75 being Foreclosed listings,accounting for 20% of total listings. This is really good news for our housing market.

Spring is here and Sales are strong

2010-04-06T11:32:00.000-07:00

Well, Spring is here and we are looking for a great Summer. The Winter visitors are returning home and all indications are that it was a good season and we are booked up for next Winter. Spring Break is winding down and judging from the crowds in the channel, the Break was good. Now it's time for the boating season.

Residential sales are strong. So far for 2010, sales are up 21.4% over the same period in 2009. The current average sales price is $173,400, down slightly from $196,843 in 2009. The current active listings inventory is 663 compared to 928 last year. Vacant land and Commercial sales are staring to pick up.

Don't forget about the First Time Home Buyers Tax Credit. To qualify you must have a binding sales contract signed by April 30 and a home purchase completed by June 30.

Do you qualify for the First Time Home Buyer Tax Credit?

2010-04-05T22:01:00.000-07:00

The First Time Homebuyer’s tax credit is another reason to take advantage of the market's rock-bottom housing prices. There are plenty of amazing deals and the tax credit is helps some potential homebuyers take advantage of the opportunities. If the house sells within the first three years of the purchase or is no longer the buyer's primary residence, the credit needs to be repaid. But, if the house is your primary residence for at least three years or you don't sell it during this time, then you don't have to repay the tax credit is. The big question: do you qualify?

Look at the calendar. The credit currently applies to sales between January 1, 2009 and April 30, 2010. If you want to qualify, the house must have a binding contract within this timeframe AND close escrow by June 30, 2010. It is always possible the first time homebuyer's tax credit will again be extended.

Don't take the name of the tax credit literally: "First-Time Homebuyer Credit". The Internal Revenue defines a first time homebuyer as someone who has not owned a primary residence during the three-year period prior to the purchase used for the homebuyer tax credit.

Check the price tag of the house you wish to purchase. The First-Time Homebuyer Credit applies to homes which are $800,000 or less.

Review your earnings. Income limits for the First time Homebuyer tax credit is (between January 1, 2009 and April 30, 2010) are $125,000 for single taxpayers and $225,000 for married taxpayers filing jointly. The earlier version of the tax credit, prior to November 6, 2009 had lower income limits.

Calculate how much tax credit you may be entitled to receive if all the above conditions are met. The tax credit you receive is 10 percent of the purchase price, with a maximum of $8,000.

Residential Sales January and February 2010

2010-03-01T16:59:00.000-08:00

Residential sales increasing compared to the same period in 2009.

Sold listings increased 19.79%, 230 versus 192. The average sales price decreased 8.32%, $170,710 versus $186,204. The high sales price was $1,200,000 versus $950,000, an increase of 26.32%. The average days on the market was 129 versus 146 a decrease of 11.64%. Sales of Vacant Land, Commercial units and Multi-family units are showing signs of improvement. The Real Estate Market is showing strong signs of improvement at least here in Lake Havasu City, Az.

Home Buyer Tax Credit Extended

2009-11-13T14:49:00.000-08:00

The bill would extend the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential home buyers have a binding contract on or before that date, they will have until July 1 to close the transaction.

Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.

Sales continue to improve.

2009-11-13T14:44:00.000-08:00

Sales of Residential homes continue to improve for the month of October. Sold listings were 124 compared to 89 for 2008, a 39% increase. 63 were foreclosed listings and 13 were short sales. Those numbers are starting to decline. There are 769 active listings of Single family homes with 145 either Foreclosed or Short Sale listings.

2009-10-06T09:43:00.000-07:00

Lake Havasu Real Estate Sales on Residential listings continue to improve.

Sales of Residential units for the month of September were up 46% over the same period last year, 130 sold versus 89 for September 2008. Residential listings include, Single family homes, Condos, and Manufactured homes. Sales of Vacant land and Commercial listings are finally starting to show some improvement. Sales of Multi-family listings is still slow. This would include Duplex, Tri-plex, and Apartment units. Of the 130 Residential listing sold, 73 were foreclosed, and 8 were Short Sale listings. Hopefully this trend will continue.

Havasu Real Estate - Have we hit bottom?

2009-09-15T09:16:00.000-07:00

50 Residential listings closed escrow so far in September in Lake Havasu City. That is an 85% increase over the same period last year. 12 of those listings sold for more than the list price, and 5 sold for list price. The remaining 33 sold for in the range of 90% of list price or more. Have the Lake Havasu City Real Estate prices hit bottom? Maybe.

Lake Havasu City Main Street Events

2009-09-10T11:11:00.000-07:00

Well, Summer is almost over. My wife Bobbi starts getting sad because she can't use the pool much longer. She said she may buy a wet suit so she can keep swimming.

This is the time of year that Events on McCulloch Blvd. (Main Street) start to happen. They started a Cruise Night on Thursday nights in the spirit of "Hot August Nights". It was a success so it will be continued in September. I hope it continues through the Fall and Winter. We will be there tonight.

Other events coming up are; Oct. 10 - 20, London Bridge Days, Oct. 22 Relics and Rods Run to the Sun, and Oct. 31 Halloween Fright Night, which has grown tremendously the past few years.

Mark your calenders and come out and enjoy. Stop by our office at 2150 McCulloch Blvd. in the heart of Main Street and say hello.

Residential Sales still strong.

2009-09-10T10:43:00.000-07:00

August sales of residential property were still on the increase over 2008. Residential listing include, Single family homes, condos , and manufactured homes. Sales for August 2009 were up 32.6% from August 2008. New listing for the period were down 7%. The number of current listings is also down. The Economic Theory of supply and demand states that as supply decreases and demand increases, prices go up. We are starting to see multiple offers on Foreclosed listing resulting in bidding wars with homes selling for more than list price.

Sales in September are continuing to increase over 2008. Sales up to Sept. 10th are up 106%. New listings for the period are down 34%.

If you are thinking of making a purchase, you may not want to wait much longer.

Sales for the first half of 2009

2009-07-22T10:43:00.000-07:00

Sales of residential listings for the period January through June of this year are looking very good. They are up 21.6% over the same period in 2008. Sales for July so far are up 27.7% over July of 2008. Sales of Vacant land, Commercial, and Multi-family units are still lagging behind 2008. It appears that each month is getting a little better.

2009-05-06T10:23:00.000-07:00

Residential sales are still improving, and inventories are coming down

Residential sales for April were 151 compared to 117 for the same period in 2008. That's a 29% increase. Year to date sales for 2009 are 492 compared to 411 in 2008, a 20% increase. Active listings of Single Family homes is 846 with 95 being Foreclosed and 94 being Short sales. These are much lower numbers than the previous period. Vacant land, Commercial and Multi-family sales are still dragging. We are starting to see more investors getting into the market. Federal Reserve Chairman Ben Bernanke stated yesterday that he believed the Recession would end the later part of this year. That's the kind of news we need to hear, something positive.

2009-04-25T11:46:00.000-07:00

Sales Update for April 2009

ALL CLOSED LISTINGS
Count	99
Listing Price Total	19,478,442
Listing Price Average	196,752
Selling Price Total	18,880,877
Selling Price Average	190,716
List-to-Sell Variance	6,036
List-to-Sell Percent	96.9
Average Days on Market	138

2009-04-22T11:43:00.000-07:00

Sales Activity Update

Sales for the month of April are still on the rise and inventory on Single Family homes is declining. The number of active listings as of today is 900 with 99 being Banked owned. As you can see from previous Blogs, those numbers are steadily declining. Sales of Single family homes are up 18.07% from April 2008, and only down 10% from April 2006 when the market was strong. I think all this could lead to the opinion that the market is starting to turn upward. Selling prices are starting to get closer to asking prices, which could mean the days of "Low Ball' offers maybe over, although a buyer can always make any offer they want. We are also starting to see multiple offers on listings and in some cases, properties selling for more than the listing price.

2009-04-14T11:55:00.000-07:00

Sales Update for Havasu

Sales activity for the month of April is still moving in a positive direction. Sales of Single Family Homes and Condos are up 18.37% over 2008 for the month so far. Year to date 2009 sales are up 16.33% over 2008. Commercial property sales are starting to increase, but Vacant land and Multi-family units are still slow. Inventories are starting to decrease, including the number of foreclosed listing. The number of current listings on Single family homes is 928 with 109 of those being Bank owned. This is a dramatic decrease from a few months ago. Basic Economic rules are as supply decreases and demand increases, prices tend to go up. With low interest rates and the First Time Homebuyers Tax Credit, it would appear that now is probably a good time to buy.

2009-04-06T13:52:00.000-07:00

$8,000 First Time Home Buyer Tax Credit

The tax credit is for first-time home buyers only. The IRS defines a first-time home as someone who has not owned a principle residence during the three year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

This information is supplied from The National Association of Home Builders (NAHB) and is for general guidance only.