The chart below shows the 3-Year Trend in the Ratio of Selling Price to Asking Price for the Prescott Area. The chart shows that the ratios run from a low of 91% in March of 2011 to highs to a range of 94% to 96% most of the time. As our inventory of homes dropped in the last few months of 2011, the ratios are near 95.5%.

This chart can be interpreted to mean that a Buyer can reasonably expect to pay between 90% and 100% of the asking price. A home that is priced to sell quickly can sometimes attract enough potential buyers that the selling price could actually be above the list price. On the other hand, an overpriced home can often be purchased at a price considerably below the 90% mark.

The real estate market in Prescott, Arizona is getting a little healthier. This chart below shows that equity sales are returning to around the same higher fraction they were in the last half of 2009.The chart also shows that short sales are only slightly higher at around 12% in the last couple of months while the 3-year average is close to 9%. The encouraging trend is that the sales of REOs (foreclosures) has decreased from a high of 50% to around 32% for the last couple of months. I think Prescott is a healthier market than many other parts of Arizona.

The real estate market in Prescott, Arizona is getting a little healthier. The pie chart below shows that 53.5 percent of the sales in December of 2012 were regular (equity) sales. REOs (foreclosures) were 34.2 percent and short sales were 12.3 percent. This is a continuing improvement in that a larger percentage of our sales were equity sales.

Wildwood Estates Homes

Potential home buyers that are looking for a scenic spot with excellent weather should check out Wildwood Estates real estate in Prescott, Arizona.

Residents enjoy a climate that allows outdoor activities year round in this beautiful area near the Prescott National Forest. Home buyers will be thrilled at the range of prices in Wildwood Estates. With a price range that fits nearly every budget and a wide variety of styles to choose from, this friendly neighborhood development is well equipped for families of every size.

Not only is this the perfect spot for hiking, cycling, and all other outdoor activities, it has the added benefit of being in close proximity to everything that Prescott has to offer, from museums such as Sharlot Hall, and the Phippen, to territorial and Native American collections and events. This is an exciting area that has managed to maintain its old west flair and appeal with all the modern amenities of the 21st century, such as fine dining, entertainment, and an abundance of shopping.

Families and retirees alike that are interested in moving to this area should most definitely take a look at Wildwood Estates where they are sure to find their perfect Arizona home.

www.ViewPrescottProperty.com

List Your Prescott Home for Sale Now: that’s my recommendation and I’m sticking to it.

Thinking of listing your home for sale in Prescott Arizona? Many sellers in the Prescott Arizona area want to wait until the spring before putting their home on the market. Why?

• They don’t think there are many buyers out looking in the winter.
• They believe that they will see more potential buyers in the spring and summer and as a result will get a higher price.
• They are concerned about buyers tracking snow or mud into their homes.

Historically, in our Prescott real estate market this line of reasoning made sense. However, our current market does not encourage waiting to list your home for sale. There are fewer buyers, yet they are serious “ready, willing, and able” buyers. Our inventory is so low that there are not enough well-priced homes for sale to satisfy buyer demand.

Our winter-time market is actually favoring the seller because pent-up demand is outpacing our increase in supply: the number of houses coming onto the market is not as great as the number of buyers wishing to buy. Well-priced homes are seeing great buyer interest and some are receiving multiple offers. Typically when demand is greater than supply, prices increase, and we are seeing that in pockets throughout Prescott.

As a Realtor, I expect our Prescott area spring real estate market to shift slightly to favor the buyer again as:

• the supply of homes listed will increase substantially, and
• the number of foreclosed homes will increase as the banks release “Shadow Inventory”, homes already foreclosed upon but held back by the banks.

The increase in inventory gives buyers more choices thereby reducing seller negotiation power. The increase in foreclosure properties impacts prices by continuing to exert downward pressure on prices. Both of these are obvious negative impacts for sellers.

Thinking of listing your home this spring? Do it sooner than later to capture ready buyers and sell before the onslaught of new homes come on the market later in the season. Conversely, thinking of buying in Prescott Arizona, wait until the spring and summer when more homes are for sale and your negotiating power returns!

List Your Prescott Home for Sale Now:

that’s my recommendation and I’m sticking to it.