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Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of REALTORS®. Existing-home sales — including single-family, townhomes, condominiums, and co-ops — increased 3.6 percent to a seasonally adjusted annual rate of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2 percent lower than the 4.90 million-unit level in June 2008. Lawrence Yun, NAR chief economist, is hopeful about the gain. “The increase in existing-home sales occurred in all major regions of the country,” he says. “We expect a gradual uptrend in sales to continue due to tax-credit incentives and historically high affordability conditions. Despite the rise in closed transactions, many REALTORS® are reporting lost sales as a result of new appraisal standards that went into effect May 1 of this year.”
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Housing Experts: Now Is a Perfect Time to Buy Don’t forget to remind potential buyers of something that is obvious to real estate professionals: Now is the time to buy, but that opportunity may be slipping away. For people who have a job and money, a dream house is within reach, writes Marc Roth, founder of Home Warranty of America and a columnist for BusinessWeek. He points out that mortgage rates remain low, prices are still at historic lows, and the government is offering incentives for first-time homebuyers.He also adds that the inventory of homes to buy is still large, but it is shrinking. According to the NATIONAL ASSOCIATION OF REALTORS®, the housing inventory peaked in November 2008 at an 11-month supply. At the end of May 2009, it had fallen to a 9.6-month supply.Roth says anyone who dallies will miss a good opportunity to buy a first home at a terrific price or go shopping for a move-up property that is a great buy.
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Existing Home Sales Continue to RiseExisting-Home Sale Continue to Rise Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the NATIONAL ASSOCIATION OF REALTORS ®. May’s increase was the first back-to-back monthly gain since September 2005.
Existing Home Sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate of 4.77 million units in May from a downwardly revised level of 4.66 million units in April. Sales remained 3.6 percent below the 4.95 million-unit pace in May 2008.
“Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates,” Yun says. “First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory.
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and so is the weather, it's boating season and the boats are here. Time to put Lake Havasu City into your travel plans. Call or email me with any and all of your Havasu questions.
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MOUNTAIN PARADISE
• single story -  MLS® $19,900 - PRICE INCLUDES LOGS Seligman, Ash Fork - EXCELLENT VIEWS OF MESA, LAND HAS BEEN CLEARED WITH GRAVEL DRIVEWAY AND FIRE PIT AREA. PRICE INCLUDES LAND, STORAGE/WATER SHED WITH 2500 GALLON WATER TANK ALREADY INSIDE, LOGS THAT ARE ON-SITE AND CAN BUILD A 1200 SQFT CABIN WITH PAD FOR GENERATOR. PLANS AND PERMIT FOR CABIN AND SEPTIC SYSTEM ALSO AVAILABLE. THIS IS A GREAT BUY ON A GREAT PIECE OF MOUNTAIN PARADISE. LOGS ALONE ARE WORTH OVER $16,000. PLANS FOR CABIN HAVE ALREADY BEEN APPROVED BY COUNTY OF YAVAPAI. Property information
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STEPS TO THE WATERS EDGE
• 1,182 sq. ft., 2 bath, 2 bdrm single story - MLS® $498,000 - WATERFRONT CONDO Lake Havasu City, Mohave County - WATERFRONT LIVING IN LAKE HAVASU CITY. THIS BEAUTIFUL IS LOCATED RIGHT ON THE BRIDGEWATER CHANNEL OVERLOOKING THE LAKE, THE LONDON BRIDGE AND BEAUTIFUL MOUNTAIN & SUNSET VIEWS. STEP OUT OF YOUR UNIT AND WALK RIGHT OUT TO THE BEACH WHERE YOUR BOAT IS WAITING FOR YOU. THIS 2 BEDROOM 2 BATH UNIT HAS A GREAT OPEN FLOOR PLAN, GRANITE COUTERTOPS AND UPGRADED APPLIANCES. A GREAT PLACE TO SPEND YOUR SUMMERS OR PUT IN TO AN AWESOME RENTAL PROGRAM FOR SOME RESIDUAL INCOME. ON-SITE PROPERTY MANAGEMENT IS AVAILABLE. CALL TODAY ABOUT THESE ONE-OF-A-KIND UNITS AT TODAYS LOW PRICES. Property information
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COMMERCIAL LOT ON ISLAND IN HAVASU
• 217,800 sq. ft. lot / land - MLS® $4,356,000 - ISLAND COMMERCIAL LOT Lake Havasu City, Mohave County - PRIME COMMERCIAL PROPERTY LOCATED ON THE ISLAND IN LAKE HAVASU CITY. PERFECT FOR CONVENIENCE STORE, GAS STATION OR RETAIL. THIS PROPERTY IS PRICED AT MARKET VALUE WITH CURRENT COMPARABLES. NEXT TO NEW DEVELOPMENT AND THE MOST DESIRABLE AREA IN LAKE HAVASU. 5 ACRE PARCEL. HOTEL BEING BUILT NEXT DOOR AND LOTS OF RESIDENTIAL AS WELL. Property information
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