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2010 has begun and Bullhead City Arizona real estate market continues to move in the right direction for recovery. Although the sales are remaining strong, we saw the median sales price drop to $102,000 in January for single family homes in Bullhead City, Fort Mohave and Mohave Valley compared to $124,000 January 2009. Part of the reason for the drop is because there are more first time buyers in the market. There were 80 homes sold in January 2010 compared to the 63 the year before (36 home sales in January 08). This means the market is coming back but it still has a ways to go. The number of homes going under contract last month was also up (128) compared to a year before (84). The bulks (86%) of the homes sold were under the $150,000 price tag. That’s the perfect price range to the first time buyers trying to take advantage of the $8,000 tax credit. We expect to see this range heat up even more as we get closer to the April 2010 deadline (to be under contract) and June deadline (to have closed). Days on the market remains steady as January average days on the market was 138 compared to January 2010 of 128. The number of days a home sits on the market before going under contract has improved. The average last month was 95 compared to the year before of 152. Keep in mind that the coming tax credit deadline is having a positive impact on the days on market. Bad news, homes price over $150,000 are seeing longer days on the market and fewer sales than homes under$150,000. As the market continues to recover across the United States we remain hopeful that we will begin to see a return of buyers to Bullhead City Arizona ready to purchase homes in the higher price ranges. February 2010 has started strong. Our phones are ringing at Country Ranch Realty with buyers asking questions about homes on the market in Bullhead City, Fort Mohave and Mohave Valley Arizona. With buyers searching for homes to take advantage of the tax credit, and the deadline fast approaching, this should rise seller’s hopes that offer they are looking for may be on the way. As always, please contact us with any questions or concerns. We are committed to your real estate success.
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Bullhead City and the Colorado River has been a destination spot for travelers and vacationers alike. Many family traditions and fond memories have been created here for over the last 30 years. Waterfront living at its best with sun-filled days on the water mixed with fun filled nights on the town. Living in our countries recession and depressed housing market, what should a person do? Deciding to purchase can be a stressful decision and without the luxury of a crystal ball it can be worrisome. As we review the cost per sq ft approach to sales of luxury homes on the Colorado River, we can plainly see that prices have not been this low since 2004. The quality of home that is on the market today is generally more upgraded with luxury amenities far surpassing the amenities in the homes selling in 2004. Will the prices slide down a bit more? We do know that we never know when the market has bottomed out until the prices begin to increase, and then, you have missed the bottom. One thing is for certain, memories made with friends and families sharing days on the river are some of the most precious. Can a value be put on memories spent with loved ones? According to the ILHM National Report this week the current median price per sq ft in the luxury home market is $318.00. ILHM’s data is calculated from properties on the market in the most expensive zip codes in each region. Our riverfront homes are selling on the average of $194.00 per sq foot. Perhaps today is the time to buy.  2001-2009 Bullhead City Arizona Riverfront Home Sales 
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Bullhead City Arizona Welcomes 2010! Michael and I hope that you and your family were able to enjoy a relaxing and pleasant holiday season. Now that the decorations have been put away and extra pounds put on, our thoughts turn from the holiday season to reality. What will 2010 bring? Will the market continue to stabilize? To understand where our local real estate market is going we must understand where we have been: I decided to look a bit further in the looking glass to recall where Bullhead City and the surrounding communities were three years ago. The chart below shows signs of improvement in the real estate market. Can it be that the light at the end of the tunnel is within sight? With fewer homes for sale on the market, we have about 4.5 months of inventory. . Most exciting is the number of home sales that have sold in the Bullhead City, Fort Mohave and Mohave Valley. Another encouraging factor is that we are experiencing fewer homes expire. With fewer homes expiring, pending sales up and the number of sales nearly even with 3 years ago, the data certainly looks encouraging. Price is the big concern as the median sales price continues to decline. It is the unknown of the shadow inventory the experts continue to worry us about. For prices to stabilize and eventfully increase we need the inventory to continue to decrease. True, if there is an increase in the homes for sale, we could see a dip in our local real estate market which could include the median sales price. Single family homes sales in Bullhead City, Fort Mohave and Mohave Valley Arizona were up 62% during Dec 2009 vs. Dec 2008. Our average home sales price has increased 6.3% to $149,920 with the median sales price dipping 2% from $135,000 to $132,726. The month of December closed the year with 84 single family home sales of which 74% were either foreclosures or short sales. Country Ranch GMAC Real Estate is proud to announce that our agents represented 32% of the non distressed home sales. We have the tools and insight to assure help regular home sellers get their homes SOLD. December 2009 finished the year with 33% fewer homes on the market giving us 4.5 months supply of inventory and a 70% increase in homes under contract. After digesting the results, it is apparent that we are still in a "Pricing War" and "Beauty Contest". If we are not the winner in our category, we will likely see many days on the market and fewer showings as the market continues to correct itself. . As always, we need your home in its "Kodak" appearance to out-shine the competition. We only have one chance to make a good first impression with the buyers. Thank you for your continued confidence in us. We are committed to getting your property sold and helping you achieve your real estate goals.
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Today Michael and Petra Fahey, Broker/Owners of Country Ranch Realty were quoted in the local newspaper regarding local the local real estate market in Bullhead City, Fort Mohave and Mohave Valley. I have added the full article for you to read! By DANIEL CALLAHAN/The Daily News
Sunday, December 20, 2009 11:58 PM CST BULLHEAD CITY - We are not out of the woods yet, but Bullhead City has seen an unusual spike in residential property sales going into December this year along with steady business in October and November. Median home prices, however, have not necessarily followed the upward trend. With statistics going back to 2005, "November is never a busier time than October," said Evan Fuchs, National Association of Realtors board of director's member and owner/broker at Bullhead/Laughlin Realty, and yet the number of single family residential homes sold in Bullhead City this November was higher than October. Bearing in mind seasonal trends - that the number of homes under contract to be sold would dip down from the third quarter into the fourth then rise again in the first and second quarter of the year - the year-over-year increase in residential sales from November 2008 to November 2009 shows a jump from just 48 homes sold in November 2008 to 71 homes sold in the same month in 2009. "There's not that many people buying houses in the fourth quarter," typically, said Fuchs, which makes the rise in sales this year notable. "That's a big deal." Michael and Petra Fahey, broker and Realtor respectively and co-owners of Country Ranch GMAC Real Estate in Bullhead City, attribute some of the influx of buyers to a federal tax credit, which helps first-time and return homebuyers get into houses. "We have seen more buyers entering the market than we usually see during the holiday season," the Faheys said in a statement. Unfortunately, the median home price has not followed the sales into the higher realm. Local Realtors are in agreement about the positive signs of increased sales, but some would like to see the median sale price increase as well. According to Petra Fahey, the median sales prices saw some gains over the course of the year, but November numbers indicate a return to lower numbers. "Even though median sales price dropped dramatically over last month," she said, "we're still not too far below where we were in January 2009. "Inventory is down. ... Unfortunately, we're getting killed on the sales price." "The movement of inventory is the important factor," said Fuchs. As long as homes are moving on and off the market the possibility for increased prices is present. "Supply drives price in my opinion." Foreclosures are still playing a role in prices and home sales in the area. According to Fahey, foreclosures accounted for around 60 percent of the homes sold in Bullhead City, Fort Mohave and Mohave Valley in November 2009. This number has, however, come down from 78 percent in January 2009. "The greater the number (of foreclosures) the greater the price pressure is downward," said Fuchs. When the inventory of foreclosed homes can be easily moved out of the real estate market there are fewer homes pulling prices down. December has already given many signs of continuing the atypical trend. As of Dec. 18, 38 residential homes had been sold in Bullhead City. The entire month of December 2008 showed 47 comparable homes sold while December 2007 - which Fuchs considers the bottom of the barrel in terms of number of home selling - sported only 32. "Those are not banner numbers on their own," said Fuchs of this months sales, "but compared to the last couple of years and compared to last month, that is big." There are, however, a number of factors that may inject dynamic change into the market. The number of foreclosed homes for sale could change, which would hinder growth in prices and possibly increase inventory, which could also slow prices. Additionally, federal and state programs - tax credits and purchase assistance in many cases - designed to get people into homes will likely end in the first half of 2010.
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Government Announces Short Sales Guidelines
The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.
To qualify under these new guidelines: - The property must be the home owner's principal residence.
- The home owner must be delinquent on the mortgage or close to defaulting.
- The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
- The borrowers' total monthly mortgage payment must exceed 31 percent of their before-tax income.
Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.
Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.
Source: Associated Press, J.W. Elphinstone (11/01/2009) and The Wall Street Journal, Ruth Simon (11/01/2009)
Michael J. Fahey, GRI
Designated Broker
Country Ranch GMAC Real Estate
1858 Highway 95
Bullhead City, AZ 86442
(O)(928)758-8811 (C)(928)716-9766
broker@countryranchgmac.com
www.countryranchgmac.com
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I received this update November 23, 2009. This is really good news for homeowners in Arizona facing foreclosure As always, please contact your CPA and Attorney for advise and what the law means to you. Below is the information I received from the Arizona Association of Real Estate. The House of Representatives passed SB 1004, the anti-deficiency fix, early this afternoon with a vote of 53-0. SB 1004 included the repeal and replacement of ARS§ 33-814 essentially returning the statute to its original status prior to the passage of SB 1271. With this fix, Arizona will continue to operate as a deed of trust state with the protections that have been in existence since 1971. SB 1004 did pass both the Arizona State Senate and House of Representatives with an emergency clause, and it will go into effect upon Governor Brewer's signature. We will continue to work with the Arizona Bankers Association on language to address "speculative builders" in the upcoming session in order to resolve this issue entirely.
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Marina Villas, Bullhead City - Announcing a price reduction on 1750 Clubhouse Drive, #55, a lot / land. Now  MLS® $199,995 USD - . Property information
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Hanging on by our fingertips, the market continues to edge in a positive direction. September single family home sales in Bullhead City, Fort Mohave and Mohave Valley were down slightly at 71 from a record breaking August of 99 sales. The foreclosures home sales raised their vicious head as they increased their share of the sales claiming 68% of market. Although this is tough news for us the median sales price did rise slightly for the third continuous month from $136,000 in August to $137,000. Days on the market dropped as well as the available homes for sale on the market. We are working hard to ensure that when you are listing with Team Fahey your property receives maximum exposure. The following are many of the websites your property is marketed for sale: Team Fahey.com, CountryRanchRealty.com, Google, Yahoo Real Estate, Aol Real Estate, Trulia.com, Zillow.com, Frontdoor.com, CyberHomes.com, Hotpads.com, HomeFinder.com,Backpage.com, CLRSearch.com, Oodle.com, Local.com, Propbot.com Vast.com, Lycos.com, LaekHomesUSA.com, LandWatch.com, ResportScape.com, Enormo.com, ERealInvestor.com, LandWatch.com,Military.com, MyRealty.com, Overstock.com, OpenHouse.com, InvestorLoft.com,Walmart.com, Homes.com, MyNewPlace.com, SecondSpace.com, DotHomes.com, Point2Homes.com, TheNewYorkTimes.com, TheRealEstatebook.com, LoveMyZip.com, HomeHippo.com, HouseLocator.com, TheHousingPages.com, phonetour.com, HomesZ.com, Kazorks.com, PropertyShark.com, VivaReal.us, NTXHouseHunters.com, HomeAwayRealEstate.com, craigslist.com, Backpage.com, eBay.com, kneedl.com, Areaguides.net, Guidespot.com Remember, the best offense when competing against foreclosures is condition. As always we need your home in its “Kodak” appearance to out-shine the competition. Remember, with buyers having so many housing choices, we have but one chance to make the cut with a good first impression.
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Wow! August single family home sales in Bullhead City, Fort Mohave and Mohave Valley leaped in front and took the lead reporting a record of 99 sales. As I mentioned in my February update, I felt all real estate market indications were showing that we would finish strong in sales for 2009. This is definitely true as of the end of July 2009 we have enjoyed 656 single family homes sales. Contrast this number with the 645 sales we saw in all of 2008. With 268 single family homes pending/under contract and 4 month remaining in the year, I believe we could see more than 900 sales for 2009. Foreclosures continue to lead the pack and making up of 61% the sales for the month. Short sales accounted for 7% of the sales. On a positive note of the “regular home sellers” Country Ranch Realty successfully sold 33% of that market. We definitely have the strategies to help our home sellers get their property sold. Perhaps some of the best news is that for the first time in 2 months we saw the median sales price increase. August median sales price was $136,000 up from July of $130,000. The average sales price jumped to $151,557 in August over $137,712 in July. The American Recovery and Reinvestment Act of 2009, which has provided an $8,000 tax credit for first time homebuyers who purchase their primary residence is coming to an end. Unless the government extends this Act, buyers must close escrow prior to November 30, 2009. Remember, the best offense when competing against foreclosures is condition. As always we need your home in its “Kodak” appearance to out-shine the competition. Remember, with buyers having so many housing choices, we have but one chance to make the cut with a good first impression. Please notice that we have attached a copy of the ads for March and the Market Trend Report. We have launched our new www.CountryRanchRealty.com site and you will begin to receive updates on your listing views shortly. Please contact us with any questions or concerns. As always we are committed to getting your home sold.
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• 1,050 sq. ft., 2 bath, 3 bdrm single story
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MLS®
Winterhaven Estates, Bullhead City
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OWN A BRAND NEW HOME FOR $1,000 PER MONTH OR LESS! Located a short distance to the river, this brand new home is perfect for the first time home owner or vacationer. Located in a brand new community that offers sidewalks, street lights, sewer and underground utilities. This home comes pleasantly appointed with neutral color flooring and paint, generous size living areas, and a 34' DEEP-PULL THROUGH GARAGE. ALL OF THIS FOR LESS THAN $160,000!!! Please be sure to view all the homes and floorplans available in Winterhaven Estates. Remainder of builder 2 year warranty available with purchase.
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• 1,454 sq. ft., 2 bath, 3 bdrm single story
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MLS®
$199,000 USD
Brookfield at Fox Creek, Bullhead City
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You will love the views of river and sunsets from this home located in the active adult community of Brookfield. Sparkling pool will motivate you with your daily exercises.2 bedroom + den 2 bath 1,454 square foot with spacious kitchen. One of the most spectacular Cul de sac private pie shaped lot in the community, easy landscaping and additional concrete slab.
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• 5,789 sq. ft., 5 bath, 6 bdrm single story
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MLS®
$799,900 USD
Bluewater Terrace, Bullhead City
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Very high end riverfront home located on drrp water priced below market and similar homes...RV parking, infinity pool, dock, stone floors, guest quarters, and much more to see.
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Pool-RV Parking-Corner Lot
• 2,008 sq. ft., 2 bath, 3 bdrm single story
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MLS®
$299,900 USD
- Priced Right
Talon Pointe, Bullhead City
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Make this home yours! Spotless home with 8ft doors and sliders open out to the sparkling salt water pool. Split floorplan, spacious bedrooms and nicely appointed baths. You will be the center of action as kitchen is open to living area. Plenty of storage in pantry and beautiful cabinets and breakfast bar. Covered patio, waterfall pool, RV parking on this very private lot. Easy to back the boat in this 42' garage as the boat deep side is on the double door. This is not a short sale, Just Priced Right!
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