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?
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 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!
that’s my recommendation and I’m sticking to it.
This recent blog from Keeping Current Matters, aka KCM, is spot on in describing our local Prescott AZ real estate market. While I use the blog verbatim, I have inserted my observations in CAPITAL LETTERS regarding our local market at the end of each point, as real estate is local.
Predicting trends during the most volatile housing market in American real estate history is no easy task. We strongly believe these are the five real estate items we should keep an eye on in 2012:
In 2011, a lack of consumer confidence in the overall economy dramatically impacted the housing market. Buyers were afraid to make a purchasing decision on any big ticket item. By the end of 2011, consumer confidence began to return and sales increased. Economic conditions will continue to improve throughout 2012 and consumer sentiment will solidify. Once that happens, home buyers will realize that now is the time to buy.
BUYERS HAVE RETURNED IN FORCE TO OUR MARKET AS SALES ARE UP 1% IN THE LAST 6 MONTHS (DUE TO SEASONAL CYCLE) AND 15.7% YEAR OVER YEAR.
The ‘shadow inventory’ of foreclosures which has been growing since the robo-signing challenges of late 2010 will finally be introduced to the market. Distressed properties sell at discounted prices. They will impact the housing values of the non-distressed homes in the area.
A SLEW OF BPOs HAVE BEEN ORDERED AND EVERY INDICATION POINTS TO MORE FORECLOSURES COMING ON THE MARKET SOON.
As more and more foreclosures come to market, there will be greater downward pressure on the values of houses in the region. Foreclosures impact values of non-distressed properties in two ways:
§ They will eat up some of the buyer demand in the market.
§ They will impact the appraisal on ALL transactions in the area.
An increase in foreclosures will have a negative impact on values. This will cause more homes to be underwater.
DISTRESSED INVENTORY ONLY MAKES UP APPROXIMATELY 15% OF OUR PRESCOTT MARKET BUT ACCOUNTED FOR 34% OF RESIDENTIAL SALES IN 2011.
As mentioned above, we strongly believe that home prices will soften through at least the first half of 2012. Falling prices will force more homeowners into a position of negative equity. Negative equity is one of the triggers that cause people to strategically default on their mortgage obligations. If this happens, there could be an increase in the number of foreclosures. However, we predict that banks will take preventative measures which will help many of these homes avoid foreclosure by easing the requirements in the short sale process for both homeowners and real estate professionals.
MANY BUYERS PURCHASED SECOND HOMES IN PRESCOTT DURING "THE BUBBLE" AND THEY ARE MAKING THE STRATEGIC ECONOMIC DECISION TO EITHER WALK AWAY OR PURSUE SHORT SALES.
Real Estate professionals who have invested the money, time and energy to truly understand what is happening and why it is happening will separate themselves from their competition and do very well this year.
Those who take that next step of learning how to simply and effectively communicate the market to their clients will be seen as industry leaders. These experts will dominate their markets.
THOUGH NOT UP TO MY 2010 5 MILLION IN SALES, THIS PAST YEAR'S 4.1 MILLION IN SALES IS PROOF POSITIVE THAT I AM SERVING MY CLIENTS WELL AND PROVIDING VALUE TO THOSE WHO WISH TO BUY OR SELL PRESCOTT AREA HOMES AND PROPERTIES.
Prescott AZ's Inaugural Boot Drop a Great Success
2012 was ushered in last night with true Western style on Prescott's Whiskey Row. The first annual Boot Drop, wherein a 6 foot illuminated boot was lowered from the flagpole of the Palace Saloon, was a rousing success.
An estimated 2000 people filled the streets around the festively lit Prescott Courthouse Square for the inaugural Boot Drop street party. The mild weather and clear skies provided the perfect setting for this New Year's Eve party. Music, dancing, and reveling filled the evening, both for the 10:00 pm Boot Drop (to coincide with Times Square) and the midnight real deal complete with fireworks.
If the success of the Boot Drop is any measure, 2012 is going to be a very good year in Prescott Arizona!
Unique New Year's Celebration in Prescott Arizona
Tonight, to celebrate the New Year, the first ever “Boot Drop” will occur at Prescott’s Whiskey Row. A 6-foot high illuminated cowboy boot will “drop” slowly down the flagpole of the Palace Saloon with music, prize giveaways, and much fanfare.
There will actually be 2 drops; one at 10:00 pm to coincide with the ball drop in Times Square and one at midnight complete with fireworks. The hope is that this will become an annual event as there have not been any grand scale New Year’s Eve events at Prescott’s Courthouse Square until now. 
The Yavapai County Courthouse Square is still brightly lit for the holiday season, the temperatures are mild, and the skies clear. The stage is set for a very festive evening here in Prescott Arizona, Everybody's Hometown. Come join us for this
Unique New Year's Celebration in Prescott Arizona
A Blessing to All, Always
Many Unitarian Universalists Congregations, including Granite Peaks UUC here in Prescott, Arizona, have as part of their service the Children's Connection. It's a time when the children and young adults join together and are read or told a story or share their own stories with the congregation. The adults then form a bridge across the aisle with arms out stretched and hands linked above the heads of the children and we sing them out with this cherished song (I apologize for not knowing the author):
GO LIFTED UP,
LOVE BLESS YOUR WAY,
MOONLIGHT, STARLIGHT
GUIDE YOUR JOURNEY INTO PEACE
AND THE BRIGHTNESS OF DAY
I can think of no better words to live by and extend this blessing to you as
A Blessing to All, Always
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Prescott AZ Associate Broker Realtor Listing Agent Buyers Agent specializing in buying and selling homes houses land lots property real estate in the high country of Yavapai County Arizona
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