Tag Archives: Real Estate

7 in 10 Homes Sold in Less Than a Month in September

The numbers: Existing-home sales increased for the fourth consecutive month in September, as the U.S. housing market benefitted from low interest rates.

Total existing-home sales rose 9.4% from August to a seasonally-adjusted, annual rate of 6.54 million, the National Association of Realtors reported Thursday. Compared with a year ago, home sales were up nearly 21%.

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” Lawrence Yun, the trade group’s chief economist, said in the report. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”

Economists polled by MarketWatch had projected existing-home sales to rise to a median rate of 6.36 million.

What happened: The fast pace of home sales has quickly dwindled the remaining supply of homes on the market, however. More than seven in 10 homes on the market in September sold in less than a month.

As a result, by month’s end the total inventory of homes for sale dropped to a 2.7 months’ supply, the lowest on record. A 6-month supply of homes is considered to be indicative of a balanced market.

Source: Existing-Home Sales Soared in September—7 in 10 Homes Sold in Less Than a Month | realtor.com®

Here in Mohave County sales are brisk with residential sales continuing in “boom” territory, and many sales are closed over the original asking price. It’s a feeding frenzy.

Land sales have picked up, and we’re seeing real appreciation for the first time in many years. Anything with a septic, or better yet a well is hot these days. Gotta go, there’s the phone again….Ben

Most Popular Homes This Week

A suburban Las Vegas home filled to the brim with a chaotic collection of statues, mounted animal heads, and baroque furniture drew curiosity seekers on social media. The residence jampacked with knickknacks earned a ton of clicks and is the week’s most popular home on realtor.com®.

Aside from the bright magnolia exterior, the home looks like any other suburban, single-family house. But the interiors are a whole different story.

Hundreds of sets of eyes follow you from room to room—there are life-size mannequins, dolls, moose heads, and religious statuary throughout. Even the furniture in the photos appears to have been transported from a different time and place. All of these things must have meant a great deal to the owner, which is perhaps what makes these particular pictures so appealing. It’s a peek into someone else’s strange and private world.

Source: Vegas House Filled With Wild Decor Is the Week’s Most Popular Home | realtor.com®

Click the link to see the weeks’ most popular homes.

Land Special of the Week – Parcel D8 Nolan

1+ acre piece of desert beauty where the Mohave desert meets blue Sonoran skies.

Lush desert vegetation: Joshua trees, Palo Christie, beavertail, hedgehog, and a plethora of wildflowers.

Starry, starry nights. Basic dirt driveway, ready for your RV or off grid home. Stunning views in all directions.

Milky Way nights, and gorgeous Spring wildflowers. Close to miles and miles of Federal Lands not only on all four sides of this subdivision, but nearby too are thousands of acres for all your off road adventures. Peace and quiet, just what the doctor ordered.

Pretty, affordable, and just waiting for you. Don’t miss this value!

Owner/Broker (I know, those darn brokers,  really I’m one of the good guys,) and it is a great price.

Continue reading Land Special of the Week – Parcel D8 Nolan

Home Sales Stay Hot in August

Sales of previously owned U.S. homes remained brisk in August as low mortgage rates and demand for space in the suburbs sustained strength in a housing market that’s a bright spot for the economy.

Closing transactions increased 2.4% from the prior month to a 6 million annualized rate, the strongest pace since the end of 2006, according to National Association of Realtors data issued Tuesday. The figure matched the median estimate in a Bloomberg survey of economists.

Prices jumped 11.4% from a year earlier on an unadjusted basis to a record. While the increase in existing home sales in August was smaller than the record 24.7% jump a month earlier, the level is consistent with steady growth. The housing sector has been one of the strongest parts of the economic rebound, in part because of ultra-low mortgage rates, as well as cooped-up urbanites looking for homes and yards outside of city centers during the pandemic.

Source: U.S. Existing-Home Sales Increase to Fastest Pace Since 2006 – Bloomberg

Mortgage Refis are Up Big Time with Low Rates

The mortgage market recorded its best quarter in years this spring, a reflection of how the housing market is booming in 2020 even as much of the economy stumbles.

Lenders issued $1.1 trillion in home loans between April and June, according to mortgage-data firm Black Knight Inc. That was the biggest quarter in the company’s records, which date to 2000. Lenders extended roughly $2.5 trillion in home loans in all of 2019.

Refinancings, up more than 200% from a year ago, drove the increase. Mortgage rates hit new lows multiple times this year, falling below 3% for the first time in July. The low rates have made millions more Americans eligible to save money on their monthly payments. Purchase mortgages, though, fell 8% from a year earlier.

Source: Mortgage Refinancings Boom, Even as Coronavirus Hits Economy | realtor.com®

Iconic Estes Park Colorado Dome Home Hits the Market

A dome home that everyone seems to know in Estes Park, CO, has hit the market for $650,000.

“It’s kind of an iconic house if you’ve ever been to Estes Park. It’s right at the base of Rocky Mountain National Park,” says the listing agent, Jason Kingery.

Kingery told us that the property sits right off one of the main highways into the region. “Pretty much anyone who’s ever driven up has seen that house. It’s really well known, and it’s just a neat property.”

Source: $650K Dome Home in Rocky Mountains Is a Local Landmark | realtor.com®

Worth a look… Ben

Making the Tiny Home Perfect for Living Large

On “Good Bones,” Mina Starsiak and her mother, Karen Laine, have shown themselves to be pros at making small spaces feel open and airy. In their newest Indianapolis renovation, they show how to creatively transform a grungy, run-down house into a bright and inspiring artists’ cottage. In the episode “Cottage Becomes Artistic Oasis,”

Starsiak and Laine are tasked with renovating a house that a local arts nonprofit has bought for a mere $6,000. They plan to turn it into affordable housing for artists.

The top challenges? For one, the house is tiny, just 790 square feet. The nonprofit also has a tight budget of $90,0000 to spend on renovations, which won’t go far, given all the work this place needs…

For less than $100, they build a vertical living garden inside the sunny three-season room and fill it with edible plants like basil, Brussels sprouts, lettuce, and chives. The result is a beautiful green design element that’s also functional.

This article has even more goodies. One important thing is to use neutral and lighter colors in small spaces. This makes them feel much bigger and inviting.

Since the home will someday be rented out to artists, Starsiak and Laine decide to keep the design color palette light and neutral.

Not only does this help make the tiny home feel bigger, but it also creates a blank slate for the future tenants. They’ll be able to add their own colors and decor to match their style.

Source: ‘Good Bones’ Reveals Top Tricks To Make a Tiny Home Feel Huge | realtor.com®

Lots of interesting ideas for those on a tight budget or just anyone who wants new things to try.

There’s quite a few smaller homes in Kingman dating back to when it was a sleepier mining town. Good bones homes, but in desperate need of a renovation. Many investors have already caught on to this idea as it’s a great way to build instant equity. Many folks will pay top dollar for a mint move-in condition home.

Moreover, these inspirations can translate to your new tiny home in the beautiful northwest high desert of Arizona.

Enjoy…Ben

Good News Again – Housing Starts Soar 22.6% in July

The numbers: Home-building activity has staged a significant turnaround from the coronavirus-related slowdown.

U.S. home builders began construction on homes at a seasonally-adjusted annual rate of 1.496 million in July, up 22.6% from the previous month and 23.4% from a year ago, the U.S. Census Bureau reported Tuesday. The pace of home building is now 7% down from the pre-coronavirus high.

Permitting activity occurred at a seasonally-adjusted annual rate of 1.495 million, up 18.8% from June and 9.4% from July 2019.

Source: Housing Starts Soar 22.6% in July as Americans Reenter the Housing Market in Droves | realtor.com®

It’s wild here as we are clearly in a “boom.” Sadly, land prices are just beginning to move up, primarily because the market is being driven by California and other big city refugees looking for immediate housing. Still, there are encouraging signs: same day land sales (we haven’t seen that for a long time,) multiple offers, and shrinking inventories are all contributing to somewhat more solid prices.

The lack of ready infrastructure is holding many folks back. Some would be more than willing to live temporarily in an RV, but just don’t want to start completely from scratch. Having a septic, or even a basic driveway are all helpful. A well  or utility power are hot sellers these days.

Meanwhile, it’s just startling to see how active the market is in the residential world. At least 50% of sales in Kingman are on the very first day of the listing. – Ben

(Photo: Realtor.com)

Record Low Interest Rates and Improving Economic Numbers

The already scalding-hot housing market is likely to heat up even more.

Mortgage interest rates continued their downward descent, hitting yet another record—largely thanks to the pandemic, and the resulting economic downturn, dragging on. Rates fell to just 2.88% for 30-year, fixed-rate loans in the week ending Aug. 6, according to Freddie Mac.

That’s the lowest rates have ever been since Freddie Mac began tracking them in 1971. They fell from 2.99% last week and are down from a higher 3.6% at the same time last year. “The mortgage rates are really fueling the [housing] market this summer,” says George Ratiu, realtor.com®’s senior economist.

Source: Mortgage Rates Fall to New Record Low ,Adding Fuel to Housing Market | realtor.com®