Prescott, AZ

This beautiful Prescott AZ property, located in The Ranch is yours for only $625,000. Elegant single level home on wood sub-floor with automatic ventilation fan in the crawl space. Level lot. Wonderful curb appeal. Lovely entry. warm oak flooring. Gourmet kitchen with Cambria Quartz counters. GE Profile appliances, maple cabinets. Formal dining room. Living room with vaulted ceilings, 3-sided gas fireplace. Executive height counters in all baths. Large master bedroom with oak flooring. Interior fire sprinkler system throughout this beautiful home. Over-sized 2.5 car garage. Level lots that extends beyond the backyard landscaping. Gorgeous views. You won't be disappointed!

For the car buff; BRING YOUR TOYS! 11 CAR GARAGE UNDER THIS HOME! Elegant main level living, absolutely gorgeous home w/views. 2 sided fireplace, luxurious master with fireplace, separate vanities, snail shower, jacuzzi garden tub, built-in ironing board. Gourmet kitchen w/island/breakfast nook w/floor to ceiling bay window. Lower level bedroom/bath/office with separate entrance. 2545 sq. ft. basement w/garage door for the toys, car collection, whatever. Backs to National Forest. TREMENDOUS VALUE At $191/sq.ft.

I have noticed over the last couple of weeks that buyers are pulling the trigger. Sure they are offering low but that is the market. I have even seen some people looking for land as of late. I have a tickler file that I put buyers on. They have been getting more and more active. It is a great thing having the tickler file. It gives the buyers more power as they see what is happening in their search critieria of homes or land. They even know about their search items before I do. I guess it goes back to why shop left overs when you can see the first things on market first. So if you are interested in getting the information first just email me and we can get you started..

Let's define the masses as the biggest piece of a pie graph for whatever subject we are discussing. For our purposes we'll select Real Estate/owners of one residential home. Statistically this mass of people finds a reason to sell their home and buy a different one every 3- 6 years. In the long haul most of these people make money and eventually have a more valuable home or have refinanced cash out. Strategies notwithstanding, the masses tend to profit and real estate is historically sound. That's the good news.

In this mass of people a small percentage leads the way through the market cycles and a large percentage will lag behind what the market is doing. In simple terms "THE LEADERS" risk and profit more by anticipating the low peak and selling at the crest. The biggest part of the group will wait a little too long to buy or sell their home. They still do all right but waiting until the market cycle is well on it's way up or down misses some of the value potential. It's safer but produces less profit, just like other markets. Let's call that great news for "THE LEADERS" and medium-good news for the masses.

In Prescott, Arizona residential real estate is selling for at least 30% less right now than it was in late 2005. Interest rates are at a 35 year low, and "THE LEADERS of the Masses" are becoming active in the market. Mind you there is still plenty of hysteria in the media designed to influence the masses to lay low and wait but there is good evidence that history will confirm 2009 as the bottom of the market cycle and a fabulous time to buy a home. I don't fault the logic if you prefer to wait the extra year or so to make sure.

There is a powerful search engine on my website www.craigmann.net if Prescott is on your list of stunning places to consider moving your life. Pay attention, work hard, and by all means live it up!

Sales volume in the distressed home market in the Prescott AZ area remained strong with 33 homes closing in the last 15 days of June. This compares to 77 homes sold by traditional resales during the same period, about 30% of overall sales.

The average price per square foot for REO and short sales was $86 and the average time to sell was 117 days compared to $117 per square foot and 159 days on market for traditional resales. That means that distressed homes are selling at about 25% off!

Short sales about 20% of sales: of the 33 homes sold, 7 were short sales (highlighted in yellow). Short sales are starting to make up a larger percentage of the distressed home sales in the Prescott area.

Are you going to make an offer on a short sale?

Read this first: 10 questions for Prescott AZ short sale brokers

Over 45% of the homes sold at or more than asking price (see green highlight). Last week we were at 47%. Some of the buyers I am working with right now are trying to get 20% off of the bank's price. You can see how futile this exercise is when the average was only 2.8% off. The discount on tradtional sales was an average 6.5% off of the list price.

To see a better image of this graph, go to the original post on my blog.

Considering making an offer in today's distressed home marketplace in Prescott or Prescott Valley? See: Top 10 tips to win the REO multiple offer game.

For more information on any of these listings, please contact me.

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