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Lake Havasu City, AZ Real Estate News

By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Home sales figures and the median sale price hit their highest point of the year, according to the Lake Havasu Market Report for July 2020. Unfortunately, our inventory continues its deep dive. Until we see more listings hit the market, prices will continue to rise. That's great news for sellers but not so great for buyers. What is good news for buyers, however, is that interest rates remain at historically low levels.Lake Havasu Market Report - July 2020July 2020 Home SalesFlex MLS reported that a total of 284 properties in Lake Havasu City were sold in July 2020. That marks a 26.2% increase from the 225 sold last July. It's also the highest reported monthly sales for the entire year so far. This helped nudge our total Lake Havasu real estate sales to 2.3% higher than the same point la...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Even with COVID-19 affecting how we go about our daily lives, the Lake Havasu real estate market trudges on. Just last month, Havasu home sales saw an increase of more than 50% from May as the governor began to open up more Arizona businesses. If you're in the market for a new property, avoid these common home buyer mistakes for a much easier experience.Common Home Buyer Mistakes You Need to AvoidSearch for Homes By YourselfGo ahead and start your househunting online. Make a note of particular properties you find interesting. But, before you go out and look at them, hire a Lake Havasu REALTOR® to help you out. They know the current trends in the marketplace as well as the inventory available. A good agent also helps you write a great offer and negotiates on your behalf. Plus, they can b...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
In late May, Governor Ducey began reopening the state back up. Our June 2020 Lake Havasu Market Report numbers show it, too. After four months of lower year-over-year numbers, last month's home sales finally showed a marked increase over last year's. How did the rest of the market perform? Read on to find out.Lake Havasu Market Report for June 2020June 2020 Home SalesAccording to our local Multiple Listing Service (MLS), 266 properties were sold in Lake Havasu City in June 2020. That's 32.3% more than the 201 sold during the same time last year. It's also a 56.8% increase over May 2020's home sales. Pending listings soared 65.3%, going from 198 in June 2019 to 303 in June 2020 while active listings fell 39.5% (from 795 last June to 481 this June). Even with the huge decrease in sales ov...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
COVID-19 concerns created record numbers of unemployment claims. Millions of people lost their jobs or found themselves with severely decreased hours each week. This impacted their finances, making it difficult to keep up with their mortgage payments. Banks found a serious increase in requests for refinancing, loan modifications, and mortgage forbearances. If you find yourself struggling with your monthly payments as a direct result of COVID-19, you might want to ask your lender for a mortgage forbearance to help you get through these trying times.Mortgage Forbearance in the Age of COVIDWhat is a Mortgage ForbearanceWhen a lender or mortgage servicer agrees to a forbearance, they allow you to temporarily suspend or lower your monthly mortgage payment for a predetermined period of time. ...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
So far, 2020 has proven a bit difficult for most Americans. Even though home sales started off really well in January, COVID-19 concerns shuttered several businesses. This left many local residents jobless. Buying a  Havasu home amid a nationwide shutdown wasn't necessarily at the top of many people's lists. Lake Havasu Market Report for May 2020 showed a drastic decrease in sales. Even so, buyers still paid more on average for the properties that did sell.Lake Havasu Market Report for May 2020May 2020 Home SalesFlex MLS reported a total of 151 Lake Havasu properties were sold last month. Unfortunately, that's a 42.4% drop from the 262 sold during the same time last year. It's also 10.1% less than the total sold in April of this year and the lowest monthly total so far this year. As of ...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Money probably hits at or near the top of your list when you think about buying a new home. But there's so much more to purchasing a property than that. Square footage. Amount of bedrooms/bathrooms. Garage size. Swimming pool. Neighborhood. Inventory may be low right now on the local real estate market, but that doesn't necessarily make the job of finding the perfect Havasu home for you and your family is any easier. However, I offer to you a checklist to lighten your load when searching for your dream home.Finding Your Dream Havasu HomeMake a List and Check it TwiceHey, Santa likes lists. They keep him on task. Lists help you do the same. Sit down with your significant other (or just yourself if you're doing this on your own). Make a list of everything you absolutely must have in a new...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
We're starting to see a little light at the end of the Coronavirus tunnel right now. The governors of many states across the country, including Arizona, started laying out their plans to open up businesses and get people back to work in phases. They hope their tiered plan of opening up keeps COVID-19 exposure to a minimum while maintaining a flattened curve. April 2020's Lake Havasu Market Report showed that home sales took a beating while sale prices actually went up.Lake Havasu Market Report for April 2020April 2020 Home SalesOur local Multiple Listing Service (Flex MLS) reported a total sale of 168 Lake Havasu properties in April 2020. That came in at 25.3% less than the same time last year. However, at least some of that most likely came about due to the restrictions in place from C...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Even during a pandemic, people still need homes. Just last month, 208 properties were sold in Lake Havasu City alone. But with social distancing orders in place here in Lake Havasu, REALTORS® no longer conduct open houses or offer in-house tours. Therefore, virtual tours and on-line photographs become the only way for a buyer to see what a home looks like. In the age of virtual househunting, what do you need to watch out for and how do you navigate this new market?Virtual HousehuntingReading the Fine PrintWhen you only have photos and words to describe a property (rather than a physical on-site tour), you need to learn to read the fine print. In other words, look for red flags such as more photos of the outside rather than the inside. Or covered windows (bad view?). And photos that focu...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
We are living in some unprecedented times right now. Who would have thought major cities like New York, San Francisco, Los Angeles, and Seattle would virtually shut down? With a global pandemic like COVID-19, businesses, organizations, and individuals must navigate a "new normal". The mayor asked that restaurants shut down the in-house dining and stick to delivery or to-go orders only. He also requested that we begin practicing social distancing. That distancing means keeping at least six feet from others and only leaving your house for essentials (like food and medicine).Playdates must wait. Organizers canceled any upcoming events that involve more than 10 people gathering in one place. It also affects how we conduct our real estate business. But believe me when I say that we are takin...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Low inventory partnered with low-interest rates makes this a very interesting time in the Havasu real estate market. Buyers want to take advantage of the historically low sub-4% rates. But low inventory levels help keep prices up ($279,500 median sale price for February 2020). When it comes to Havasu home buying, there's a whole lot of "hurry up and wait". You whipped your credit into shape. Then, you got pre-approved for a mortgage. After that, you found the perfect home. So, you put in an offer. Now, you wait...for the seller to get back to you. How long will it take before the seller gets back to you? Well, it definitely feels a lot longer than it actually takes.Havasu Home Buying: The Waiting GameIs There a Time Limit?Actually, there is no time limit in which a seller must respond t...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
We appear to be on track for a fantastic first quarter in the Lake Havasu real estate market. According to the Lake Havasu Market Report for February 2020, sales were down slightly from last year but prices went up. Continued low inventory levels help push prices higher. Exactly how did the market fare last month? Read on to find out.Lake Havasu Market Report for February 2020February 2020 Home SalesFlex MLS (Lake Havasu's Multiple Listing Service) reported a total of 174 single-family homes sold last month. That's a 4.9% decrease from the 183 sold in February 2019. Even so, year-to-date sales still outpace those from the same time last year by 13%, thanks to gangbuster sales figures we experienced in January. Pending sales rose by 21.8%, from 211 in February 2019 to 257 last month.Febr...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Conventional. FHA. Fifteen-year. Thirty-year. Fixed-rate. Adjustable-rate. Who knew Havasu home buyers had so many options when it came to financing a mortgage? No matter which one you choose, unless you put down 20% or more, you end up paying PMI (private mortgage insurance). And can add a couple of hundred extra dollars to your monthly mortgage payment. What is PMI? How do you get rid of it? Are there alternative mortgage loans that come without a PMI requirement?PMI and the Home BuyerWhat is PMI?When you borrow more than 80% of the purchase price for your Havasu home with a conventional loan, lenders charge Private Mortgage Insurance. This insurance protects the lender in case you default on your loan. However, if you put 20% or more down, you don't pay this insurance. If you only pu...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
New year, new market? The Lake Havasu Market Report for January 2020 showed that sales definitely saw a huge uptick from the previous January. Sale prices hit their highest point ever. And inventory remains low but stayed pretty even from the close of last year. Read on to see how the market performed last month.January 2020 Lake Havasu Market ReportJanuary 2020 Home SalesHavasu's Multiple Listing Service (Flex MLS) reported a total of 178 single-family homes sold in Lake Havasu in January 2020. That's a whopping 33.8% more than the 133 sold in January 2019. Not a bad way to start off the new year! Pending sales also experienced a significant year-over-year increase. While Flex MLS reported 197 pending sales in January 2019, they showed 247 last month. That shows a 25.4% rise from last ...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
In the early 2000's, banks seemed to lend money to just about anyone who wanted to buy a home...regardless of their credit history. After the real estate bubble burst, though, lenders tightened up their purse strings considerably. It seemed that they would only lend money to those with excellent credit. Now that we are over a decade on from there, we see that mortgage companies have begun to loosen their stranglehold a little. You no longer need perfect credit to buy a Havasu home. But it still works in your favor to get your credit in as good a shape as possible before you apply.Buying a Home: Is Perfect Credit Required?Short answer? No. While great credit yields great interest rates, less-than-stellar credit can still land you a house. For some lenders, you need a score of 620. Howeve...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
I hope everyone enjoyed themselves with their loved ones over the past few weeks. Now that the holidays are over, we can get on about our regular business. 2019 came in with a whimper and went out with a bang as far as the real estate market is concerned. According to the Lake Havasu Market Report for December 2019, total sales ended their month-over-month decreasing trend we had been experiencing. Inventory still remains low. But prices hit their highest point all year long.December 2019 Lake Havasu Market ReportDecember 2019 SalesOur Lake Havasu multiple-listing service (Flex MLS) reported a total of 199 homes were sold in Lake Havasu City during December 2019. That's a 17.1% increase from the 170 sold in December 2018. However, we still ended up selling 2% fewer homes in 2019 than we...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
With less than a week left in 2019, it's time to get out the crystal ball and take a look into the future of the real estate market for next year. Keep in mind that the "experts" get things wrong, too. Nothing's set in stone. With the political climate at a hot point and a presidential election set to officially begin, some things could change at a moment's notice. However, other things appear a bit more likely. Here's your Lake Havasu Market Watch for 2020.2020 Lake Havasu Market WatchInterest RatesLast year, most experts predicted rising interest rates. However, that proved incorrect. After beginning the year at 4.62%, Wells Fargo currently shows a 30-year fixed-rate loan at 3.75% for buyers with excellent credit. In October, the Federal Reserve lowered interest rates to 1.5% to 1.75%...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
This time next week, we throw away all the gift wrapping from our opened Christmas presents and gear up for the new year celebration taking place the following week. Can you believe it's almost 2020 already? Time seems to fly by faster and faster every single year. Before you know it, it'll be time for the first major event of the new year: the Lake Havasu Balloon Festival 2020.What: Lake Havasu Balloon Festival 2020 Where: Lake Havasu State Park, Windsor 4 When: January 9th to 12th General Admission: $15/adult, kids 10 & under FREE Fun Zone Admission: $30/day, $70/all 4 days Contact: Havasu Balloon Festival Store (928) 505-2440 or via emailLake Havasu Balloon Festival 2020Who needs to trek all the way to New Mexico when you can watch hot air balloons right here in your own backyard? Th...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
I hope everyone had an awesome Thanksgiving with their loved ones. We're rounding out the end of the year here. In two weeks, we celebrate Christmas. Then, we welcome in a brand new year. 2020...can you believe it?! Do yourself a favor. Take in the Festival of Lights in the English Village this month. It ends on January 5th. Or bring the family to the London Bridge Resort for some ice skating before it closes on January 15th. Now, on to some local real estate news. The Lake Havasu Market Report for November 2019 showed that sales and prices continued to rise from the same time last year. Inventory, on the other hand, fell off a tick. Read on to learn more.November 2019 Lake Havasu Market ReportNovember 2019 SalesHome sales in the Havasu real estate market continued their year-over-year ...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
The economy in Lake Havasu City depends on tourism and construction for the most part. A couple of decades ago, tourists came out only on the weekends (Friday through Sunday). However, in the last few years, those weekends seem to extend into the weekdays. It's not unusual to see our population expand on Wednesday or Thursday. Then, it goes back to normal by Monday afternoon. From spring to fall, we experience countless weeks of tourists taking to the lake. So, you might think purchasing a vacation home might be a good investment. And it can be. But you need to consider it carefully before you plunk your money down.Should You Buy a Vacation Home in Lake Havasu?Why Do You Want One?The answer to that question determines how you approach the purchase. First of all, Lake Havasu made the top...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Face it. Technology evolves almost daily. Just 10 years ago, flip phones ruled the roost. Today, everyone has a smartphone filled with tons of apps to make everyday life that much easier. Who knows what tomorrow brings! We also want this smart technology inside our Lake Havasu homes. In fact, buyers seek out smart homes when searching to purchase a property. So, it helps to include some of these features if you plan on putting your home on the market anytime soon.Lake Havasu Buyers Seek Out Smart HomesDoorbell CamerasYou may think that only millennials want smart home features in their Lake Havasu property. Not true. Gen X and even Baby Boomers appreciate what smart homes offer. Smart doorbell cameras interest home buyers of all ages. Ring and Google Nest are very popular and super easy...
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