Prescott Real Estate and Community News

Custom Home Short Sale Opportunity in Prescott, AZ

tanderson — Sun, 29 Aug 2010 19:47:42 +0000

Don’t Wait and Want! Captivating Custom Home on 1.1 Acres in the Crossings at Willow Creek, Prescott,AZ

Mortgage Rates Drop Once Again Time to Buy a Prescott Area Home

tanderson — Thu, 19 Aug 2010 16:35:15 +0000

Mortgage rates have once again hit record lows in an effort to spur real estate sales nationwide. Poor reports on job creation and high unemployment figures are spurring the lowering of rates, meant to improve the housing sector of our economy.

The current average rate for a 30 year fixed rate mortgage is 4.44%, a year ago it was 5.29%. A 15 year fixed rate mortgage is averaging 3.92%, down from 4.68% a year ago. A five year adjustable rate mortgage is averaging 3.56%, down from 4.56% a year ago.

Low mortgage rates appear to be doing the job of increasing home sales. While real estate sales are in no way booming, they are improving. The National Association of Realtors (NAR) tracks 155 metro areas across the country and has seen improvements in real estate sales in more than 60% of these areas.

The historically low rates are creating an ideal borrowing climate for those who have a steady source of income, the money for a down payment and good credit. It is a prime buyers market when it comes to Prescott area real estate. The low home values and low mortgage rates combine to make it more affordable to buy a new home than it has been in years.

Tim Anderson, a Prescott AZ Realtor, can help you search for Prescott AZ real estate or give you advice on selling your Prescott AZ home. Tim Anderson can be contacted at (928) 308-9595 (928) 308-9595 or by email.

Financing a Prescott Home May Be Tougher But It’s Not Impossible

tanderson — Wed, 11 Aug 2010 22:21:20 +0000

Financing for Prescott area real estate may be tougher these days, but it is not impossible. When it comes to buying a new home it is more important than ever to be prepared when qualifying for a new loan. Times have changed. The days of securing no-doc loans or loans with no money down are in the past. To get a loan today it is commonplace to put a minimum of 20% down however there are lower down payment programs available. If you have the down payment money for a loan on a new home, that is the first step.

Qualifying for a mortgage involves stating a steady source of income, a good credit history, and a reasonable amount of debt. Similarly what will work against you is poor credit, unemployment, no down payment funds and lying on a loan application. In addition if you are self-employed you should expect to jump through some pretty big hoops.

If you want to buy a Prescott area home do not despair. If buying a home is in your budget you will be able to work it out. If its not in your budget at the moment it is probably best that you wait until it is.

Building a Prescott Custom Home? Do’s & Don’ts

tanderson — Sun, 08 Aug 2010 19:49:21 +0000

Do it right...this time!

Before you start…..Caution-Philosophy Ahead. Prior to starting on your Prescott home building adventure, let us look at some of the caveats that prospective homeowners should be aware of. Building a home is usually an undertaking between partners, and requires a substantial effort on their behalf. However, this does not mean that the road traveled can not be highly enjoyable. What it does mean is that both parties should…

be on the same page, with the same information
have common intentions for the basic design
work toward a definable set of goals
have a positive mental attitude
discuss this book to gather new insights

Custom Home Do’s & Don’ts The ULTIMATE GUIDE for getting your custom home DONE RIGHT! by Kip Koehler mailto:info@rokhomedesign.com Kip is a Custom Home Consultant in Prescott, Arizona.

A common misconception about building a custom home is that disagreements between mates will invariably strain their relationship. This is not necessarily true, nor does it have to be that way. Because of the home building experiences that my wife and I had, it actually built a stronger bond between us…a big plus in a landscape of potential negatives. At the beginning of this project, I would suggest…sitting down with a good glass of wine, trying to envision the end result of your labors, discussing the steps that it takes to get there.

If both parties can not substantially agree on what the home should look like, take a time out and re-start this process after some thoughtful contemplation. To put this process another way, a good relationship between partners and a good home building experience will always involve compromise. Winning an argument may appeal to some, but if it adversely affects the relationship, the winner becomes the other looser. So try for a win-win scenario, which means compromise. When parties disagree, the person with the greater need should prevail…unless that person always has the greater need.

Another tactic that can be employed in developing a team spirit is the: us vs. them scenario. With this attitude in mind, prospective homeowners should develop a common front against the potential difficulties involved in dealing with the designer or architect, contractor and their subcontractors. That is, confront the challenge of the building process as a team, rather than individuals who do not have a common ground. Working together in this fashion can help to foster a bond that is more positive than one that is constantly being distracted by disagreements.

Watch for more great tips in future posts to help you with informed decisions to get the most out of your home building experience and get it done right!

This post is courtesy of Kip Koehler, be sure to contact Kip for professional consultation prior to building your new custom home. Kip can be reached in Prescott, AZ to set up a no charge consultation 928-710-7520

Buying A Prescott, AZ Home? Some Important Things to Think About

tanderson — Thu, 05 Aug 2010 22:08:23 +0000

If you are buying a Prescott area home there are some important things to think about. While there are people out there who do not believe that a person’s primary residence should be looked at as an investment, the reality is that a home is probably one of the most expensive purchases in a person’s lifetime and, as such, is a very important investment. That being said, buying real estate is a big deal and should be approached with thought and caution.

There are two main factors when buying a home, one being financial, the other being physical. Financially it is of the utmost importance to buy within your means. Know your budget, what you can afford now, and do not go beyond it. Before even looking for a home go through the pre-qualification process of acquiring a mortgage. Lastly, remember that you are your own best advocate, do your research and know what expenses will be coming at you upon closing so that you are not caught off guard and forking over extra, unexpected money that you cannot afford.

When it comes to the physical attributes of your house hunting, it is a good idea to look at everything available in your price range in the area that you want to move to. Realize that there is a good chance that you will be attracted to real estate that is above your price range but remember to be realistic, you need to stay within your budget.

When it comes to real estate it is a great time to be a buyer. Contact a local Realtor with a solid reputation and see what you can find.

Click here to read a recent article from Investopedia titled “10 Worst First-Time Homebuyer Mistakes 2010”.

Showing properties 1 - 5 of 500+. See more city of Prescott real estate.
(all data current as of 9/3/2010)

$87,500 : 2227 E River Trail Road, Prescott

2 beds, 1 full, 1 part baths

Size: 728 sq ft

Lot size: 3,049 sq ft
$99,750 : 3130 Duke Drive, Prescott

2 beds, 2 full baths

Size: 1,244 sq ft

Lot size: 7,840 sq ft
$180,000 : 204 Elwood Ln, Prescott

3 beds, 2 full baths

Size: 1,219 sq ft

Lot size: 9,583 sq ft
$360,000 : 2903 Janice Ct., Prescott

4 beds, 2 full baths

Size: 2,113 sq ft

Lot size: 8,712 sq ft
$150,000 : 1138 Corral Road, Prescott

3 beds, 1 full bath

Size: 1,214 sq ft

Lot size: 10,890 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Selling Your Prescott, Arizona Home? Think Like A Buyer

tanderson — Thu, 05 Aug 2010 21:59:34 +0000

If you are trying to sell your Prescott area home, consider thinking like a home buyer. Walk around your home, what features do you like? What parts of your home need work? From the color of the paint on your walls to how clean your carpet appears, the details are important and the details are what will either attract or repel potential home buyers.

When it comes to paint choose a neutral color. This doesn’t mean a home has to be painted white but a living room certainly shouldn’t be painted hot pink or orange. Taste is subjective and leaving color basic is always best.

The flip side of improving your home for sale is that a recent psychological study shows that new features like new carpet, fresh paint, new cabinets, and the like signal a Band-Aid approach when listed in ads. By all means spruce up your home but point out the great features of your home without using words like “new”, “newly” and the like. Apparently some home buyers see these words as bandages covering a deeper wound. Attention to detail will help sell your home in a more timely manner.

Click here to read a recent article from Smart Money on the psychology of real estate.

Relocating to the Prescott AZ area? To Buy or Rent is the Question

tanderson — Fri, 30 Jul 2010 20:04:52 +0000

If you are relocating to the Prescott, AZ area chances are that one of the biggest questions looming in your mind is whether you should buy or rent a home. Of course only you can make that decision but there are some important factors to weigh. How permanent do you feel this relocation is? Do you have to sell a home before you buy a new home? Are home prices in the area that you are relocating to stable?

There is no doubt about it that buying a home today is more affordable than ever. Low mortgage rates, higher than normal inventory levels and low home values combine to make an ideal buyers market when it comes to real estate. If you already own a home maybe renting it out until the market stabilizes or improves makes sense. If you can hold on to your current home, cover its mortgage, and qualify to buy a new home, you could be in an ideal situation.

Examine the affordability levels of your new location. Is it less expensive to rent, or would a monthly mortgage payment be the same or less than paying rent? Find a Realtor that comes highly recommended and pick his brain. Get to know your new area and weigh the pros and cons of renting vs. buying heavily, after-all, buying real estate is a big investment.

Click here to read a recent article from Bankrate regarding selling vs. renting a home when relocating.

In Prescott Market the Price Matters

tanderson — Thu, 29 Jul 2010 21:42:30 +0000

When it comes to the Prescott area, real estate price matters. Most real estate professionals will aim to price your home at fair market value at the onset and some sellers are on board, others are not. It has been a rough realization for many to acknowledge that it is a buyers market out there. It has been an unknown in recent months as to whether home values will continue to drop, stabilize or improve and every market is different. Regardless of what is going on, if your Prescott area home isn’t selling then you may want to reduce its price.

Whether your home is seeing a lot of potential home buyers or very few, if you haven’t had an offer there could be a few factors. What is your home lacking? Can you fix what your home is lacking? Chances are that if your home is on the market for sale, you are ready to sell it and you are not going to make any large changes to it. The one change you can make is lowering the price. Money matters, more today than ever. If someone sees a home for sale at what they see as a bargain price then they are much more likely to make an offer.

Can you afford to hold on to your home until prices start appreciating again? If so keep your price where it is. If you need to sell then lowering the price could be the key to selling it now.

Click here to read an article from House Logic on reasons to lower the price of your home.

Save Money At Your Prescott Real Estate Closing

tanderson — Thu, 22 Jul 2010 23:08:19 +0000

It is possible to save money at closing. Whether you are buying a new home or refinancing one you already own, closing costs can often make the process more expensive than expected. When refinancing closing costs can actually get in the way of making a change a poor financial decision. What many borrowers may not realize is that cutting some of the fees out at closing can happen.

When researching a new loan check with your current lender first. Chances are, if you are in good standing, they do not want to lose your business and will work with you to keep it. Working with your current lender may avoid a new appraisal, application fees and other charges that come along with the loan process.

Find out what a lender’s fees are well ahead of closing so that you know what to expect. By seeing the fees in writing you may also have an opportunity to do a bit of bargaining. The better your credit rating, the more a lender will want to work with you and secure your business.

Finally, look into wrapping your closing costs, or at least a portion of them into your loan. If it make financial sense it can save you money up front. With mortgage rates currently hanging out below 5% wrapping a couple of thousand dollars into a mortgage does not make too big of an increase on the monthly payment. Shop around and speak with a number of lenders before making your decision. Click here for a top local lender.

Click here to read an article from CNN Money regarding cutting costs at closing.

Great Time to Buy Prescott, Arizona Luxury Real Estate

tanderson — Wed, 14 Jul 2010 17:26:18 +0000

It is a great time to buy luxury real estate in the Prescott area market. Not only are mortgage rates once again at historic lows, but real estate values are low and inventory is high. It is a buyer’s market, which means it is an exceptionally great time to invest in a larger, nicer home, a better time in fact than has been seen in years. A recent article in the Wall Street Journal mentions that a larger home gives more bang for the buck, and these days that is exactly what people are looking for. Search Luxury Prescott area homes for sale.

Showing properties 1 - 5 of 500+. See more city of Prescott real estate.
(all data current as of 9/3/2010)

$508,000 : 2992 Noble Star Drive, Prescott

5 beds, 3 full, 1 part baths

Size: 5,257 sq ft

Lot size: 23,958 sq ft
$180,000 : 204 Elwood Ln, Prescott

3 beds, 2 full baths

Size: 1,219 sq ft

Lot size: 9,583 sq ft
$150,000 : 1138 Corral Road, Prescott

3 beds, 1 full bath

Size: 1,214 sq ft

Lot size: 10,890 sq ft
$360,000 : 2903 Janice Ct., Prescott

4 beds, 2 full baths

Size: 2,113 sq ft

Lot size: 8,712 sq ft
$649,000 : 160 Partridge Ln, Prescott

4 beds, 3 full, 2 part baths

Size: 5,308 sq ft

Lot size: 10,890 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Showing properties 1 - 5 of 500+. See more city of Prescott real estate.
(all data current as of 9/3/2010)

$508,000 : 2992 Noble Star Drive, Prescott

5 beds, 3 full, 1 part baths

Size: 5,257 sq ft

Lot size: 23,958 sq ft
$180,000 : 204 Elwood Ln, Prescott

3 beds, 2 full baths

Size: 1,219 sq ft

Lot size: 9,583 sq ft
$150,000 : 1138 Corral Road, Prescott

3 beds, 1 full bath

Size: 1,214 sq ft

Lot size: 10,890 sq ft
$360,000 : 2903 Janice Ct., Prescott

4 beds, 2 full baths

Size: 2,113 sq ft

Lot size: 8,712 sq ft
$649,000 : 160 Partridge Ln, Prescott

4 beds, 3 full, 2 part baths

Size: 5,308 sq ft

Lot size: 10,890 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

It has taken a bit longer for sellers of high end homes to come to grips with reality. That reality is that it is no longer a seller’s market and that sellers are no longer in control. What that means is that sellers now feel the need to not only come down in price but do a better job of haggling when they get an offer, after-all it is an unknown when the next offer may arrive.

Click here to read a recent article from the Wall Street Journal on why it is a good time to buy a bigger, nicer home.