Lake Havasu Lifestyle

The June reports are in and the results show that the real estate market in Lake Havasu continues on its upward trend.

June Reports:

Closed Escrows: 150
Total Sales Volume: $25,786,988

Total number of homes which have sold this year is 797.  That is 143 homes more than last year at this time.  The total sales volume for the month of June was also improved by over $250,000 from June 2008.

Foreclosures are still impacting our market, but it does seem to be stabilizing.  The recovery will be slow in the months ahead.  We will probably not return to normal market conditions for a year or two.  However, home values are expected increase next year.

Many home buyers have been waiting for the bottom to of the real estate market to be reached.  Reports nationally indicate that many markets have reached bottom, with prices now on an upward trend and inventories decreasing. 

Phoenix area sales up 56% (DataQuick)
Phoenix ares sales prices up 3.5% (DataQuick)
Sales prices up nationally in key areas (Stand and Poors)
Sales activity up for four consecutive months (National Association of Realtors)
Sales activity up in Orlando by an amazing 206% (RealtyTimes.com)
Sales activity up in Riverside-San Bernardino 56% (RealtyTimes.com)

I am by no means trying to paint a rosy picture or stating that all is well and good.  I am letting you know that the indicators are that the real estate market has begun to turn around and the real estate market is changing.

The number of foreclosures due to toxic loans are decreasing steadily and will continue to do so.  However, foreclosures will remain a problem, continuing to impact impact home values for a while longer.

The availabilty of mortgage loans will also impact the market.  Credit is still tight.  Buyers must demonstrate a strong credit worthiness and underwriters are still combing through loan applications with a fine tooth comb.  Speaking of mortgages; interest rates have dropped.  The current interest rate is just a little over 5%.

Take advantage of today's market because it will not last forever and will eventually move back into the seller's favor.

Reasons to buy today:

Affordable pricing (median sales price: $148,750; foreclosed home median sale price: $137,000)
Low interest rates
First-time Buyers Tax Credit
New homeowner tax deductions
Homeowner tax deductions
Make Your Way Home, AZ

Donna Ball, Always "On the Ball" with Lake Havasu Real Estate

Foreclosures are still driving the market in Lake Havasu City as they are in many areas of the nation. There were 150 homes which closed escrow in June; almost half of these were foreclosed home sales.

June Foreclosure Median Sales Prices (single-family residence):

    * Lake Havasu City: $137,000
    * Bullhead City: $107,000
    * Kingman: $88,500

Arizonians who want to take advantage of today's affordable prices and the foreclosure market now have a new option available to them: Your Way Home, AZ.

A quote from The Arizona Department of Housing:
"Because access to homeownership is fundamental to Arizona's way of life, Your Way Home AZ is a financing tool that will make it easier for eligible, credit-worthy homebuyers to obtain mortgages.  Funding is made available through the U.S. Housing and Urban Development Neighborhood Stabilization Program (NSP).  The state of Arizona and nine other counties and communities received more than $121 million to help stabilize our hardest hit neighborhoods through a variety of efforts".

Your Way Home AZ is a down payment assistance program.  The program offers homebuyers an interest-free loan which is forgiveable if the buyer remains in the home for 5 -15 years.  The time requirement is based on the amount of the loan.  Qualifying for a home loan is now easier with the Your Way Home AZ program and your mortgage payments will be more affordable.

Your Way Home AZ Highlights:

    * Down payment assistance of up to 22% of the purchase price.
    * 0% Interest.
    * A "silent" second mortage - No monthly payments.
    * Forgiveable loan - No repayment required (after time requirement elapses).
    * If home sells before time requirement is satisfied, only the loan amount must be repaid (interest-free).
    * Home must be a single-family foreclosed property.
    * The mortgage lender must be an approved lender.
    * Income restriction - buyer's income cannot exceed 120% of the average income for Mohave County.
    * First loan qualification is not impacted because the loan is a "silent second" mortgage.
    * Buyer must attend a home buyer seminar.

Forgiveable Down Payment Loan and Time Requirements:

    * 5 years for assistance of $15,000 or less
    * 10 years for assistance of $15,001 - $40,000
    * 15 years for assistance of more than $40,000

Your Way Home AZ truly makes homeownership affordable.  Based on a sales price of $137,00, the median for forclosed properties in Lake Havasu City, you loan amount could be as low as $106,860.  Your house payment would only be approximately $624 (principal and interest only).  Wow!  That is cheaper than rent.

Now is the time to buy a home in Lake Havasu City:

    * First-time home buyers can still qualify for the First-time Home Buyer Tax Credit.
    * Home buyers qualify for closing costs tax deductions.
    * Home buyers qualify for mortgage tax deduction every year.
    * Interest rates have dropped.

Not all counties or cities in Arizona qualify for the Your Way Home Program. The program does vary from one qualifing area to another. Call your real estate agent or lender for details. By the way, if you are already working with a lender, who is not on the approved list, don't change lenders. The Arizona Department of Housing, which adminsters the program, is willing to work with lenders, who are not on the approved list.

    * Approved Lenders
    * Income Eligiblity
    * Your Way Home Az Website

Donna Ball, Always on the Ball with Lake Havasu City real estate

The 4th of July is always a fun time in Lake Havasu City.  This year, Lake Havasu will be celebrating the birth of our nation with a 3-day festival.

Where: London Bridge Beach Park (next to the dog park), beginning today at 1:00 pm
When: Friday (today), Saturday and Sunday
Hours: 1:00 pm - 10:00 pm
Admission: Free

The 4th of July Lake Havasu Festival will feature live 70s rock music performed by Classic Old School and Badd Apple.  A DJ will also be on hand to play 70s classic rock.  Vendors will be on hand with a variety of wares. B oats and all-terrain vechiles will be on display.  The festival also includes a food court and Beer Gardens.

There will be a 20 minute fireworks show tonight and tomorrow night.

For more information, please visit the 4th of July Lake Havasu Festival website.

If you are visiting our fair city this weekend, remember fireworks are illegal in Arizona.

Donna Ball, Always on the Ball with Lake Havasu real estate