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Pamela Mello
    Years of Experience: 5

    Certified Distress Property Expert
    Arizona & California 01457226

Direct: 928-219-9155

Office: 928-219-9155

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Bullhead Laughlin Realty
2765 Hwy 95
Bullhead City, AZ

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  • Ave. Home Sale: 145000.00

  • Ave. Days on Market: 62

Posts Tagged ‘Bullhead City housing market’

Bullhead City Arizona Real Estate Housing Shortage Comming Soon.

Friday, August 27th, 2010

Today I got a call from a client I have been working with for the past 6 months, we have looked at over 20 homes all in the neighborhoods of there desires. They have been heart broken now for the 4th time because they procrastinate on making an offer hoping the homes would not be purchased and drop in price.

I have been reviewing with them that homes are selling in Bullhead City and not staying on the market for as long as they use to so prices are very affordable right now along with interest rates at a historically low rates. I asked them why are they waiting so long to make an offer on the home that meets there wishes and desires. He paused and said don’t you watch the news, did you see the news this morning foreclosures are at 1 million I said hold up…

Lets take a look a step back from the doom and gloom of foreclosures and declining sales prices and lets focus on what you have experienced first hand in the last 6 months. I was doing some research today for another client and I made this discovery that I would like to share with you. In Bullhead City most of the foreclosures are priced at fair market value and are not being sold for pennies on the dollar most are priced based on location, Condition and age.

Long term demographics support my theory that now is the best time to buy a home. The U.S is adding only about 600,000 new units a year & long term growth in new households is 1.3 million per year. Today most college graduates have chosen to live at home with there parents and some couples have put off getting merried, in 5 to 6 years of no housing growth I believe we could see in Bullhead City Arizona and Fort Mohave Arizona a big housing shortage. In the peek of 2005 2.1 Million Homes added, 2006 1.81 Million Homes, 2007 and 2008 1.34 Million, by 2009 555,000, Bullhead Citys population is expected to grow from 40,000 to 100,000 in the next 30 years and Fort Mohave Arizona is expected to explode.

With 1.3 million people per year entering the workforce and starting a family it may become a big problem & home values would spike again along with mortgage rates, jobs and growth means homes in Bullhead City Arizona and Fort Mohave will become more expensive. Bullhead City Arizona has alot to offer over other parts of the country. Lots of sunshine, no polution, Great schools and much much more.

Today there are 137 Foreclosures available for sale in the Bullhead City, Fort Mohave, and Mohave Valley communities, I have something available for everyone from sizes to prices to living on the Colorado River. I wish I had a crystal ball that would show there may never be another time like this to own the Home of your dreams at such an affordable price. Call or e-mail me today for more information on purchasing a home lots of Financing options still available also before this opportunity is gone. Pamela Mello Bullhead Laughlin Realty 928-219-9155 Pamela@PamelaMello.com

Bullhead City-Fort Mohave FHA Rolls Out Principle Reduction Refis For Underwater Borrowers

Monday, August 9th, 2010

FHA Rolls Out Principal Reducing Refis for Underwater Borrowers
08/06/2010 By: Carrie Bay

Nearly a quarter of U.S. homeowners with a mortgage owe more on the loan than their home is worth, and home prices are threatening to fall further and push even more borrowers underwater. The Federal Housing Administration (FHA), though, is throwing out a lifeline.
Starting September 7, the federal agency will offer new FHA-insured mortgages to certain underwater, non-FHA borrowers who are current on their mortgage payments and whose lenders agree to write off at least 10 percent of the unpaid principal balance.

This last part could prove to be the caveat that leads the new FHA refi program down the same road as the federal government’s other housing programs – a road of below par results and public criticism.

Lenders are fantastically reluctant to write down mortgage principals. It would mean either they or their mortgage investors would have to eat the amount of debt that’s forgiven, and it could set a precedent that a loan contract is not a contract at all if the terms spelled out in black and white can be changed based on market nuances, such as a slump in real estate values.

The FHA refi program for underwater borrowers was originally announced in March as part of the administra-
tion’s expanded foreclosure prevention strategy. On Friday, FHA and HUD published a mortgagee letter explaining to lenders the details of the new negative equity refinancing program.

To be eligible for a new loan, the homeowner must owe more on their mortgage than their home is worth, be current on their existing mortgage, and occupy the property as their primary residence. The homeowner must qualify for the new loan under standard FHA underwriting requirements and have a credit score equal of at least 500.

Participation in the program is voluntary and requires the consent of all lien holders. The borrower’s existing first lien holder must agree to write off at least 10 percent of their unpaid principal balance to bring the borrower’s combined loan-to-value ratio to no more than 115 percent.

In addition, the existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent.

To facilitate the refinancing of new FHA-insured loans under this program, the Treasury will provide incentives to existing second lien holders who agree to full or partial extinguishment of the liens.

Servicers planning to take part in the new program must execute a Servicer Participation Agreement (SPA) with Fannie Mae by October 3, 2010.

HUD says interested homeowners should contact their lenders to determine if they are eligible and whether the lender agrees to write down a portion of the unpaid principal.

FHA Commissioner David H. Stevens, said, “This is another tool to help overcome the negative equity problem facing many responsible homeowners who are looking to refinance into a safer, more secure mortgage product.”

E-Mail Me today for the Details Pamela@PamelaMello.com

Area Housing Market Felt Impact of Federal Program

Monday, July 12th, 2010
Published: Sunday, July 11, 2010 10:12 PM MDT
BULLHEAD CITY — The federal program offering a first-time home buyers a tax credit created an out-of-character blip on the real estate scene, according to local Realtors, but it didn’t significantly affect sales prices in the area.

The first-time homebuyer tax credit allowed anyone who has not owned a home in the past five years an $8,000 tax credit if they were under contract to purchase a home as of April 30. Homeowners also could buy a new home and receive a $6,500 tax credit. Originally, the deal must have been closed by June 30, but Congress passed an extension of this act to allow for a new closing deadline of Sept. 30, which has yet to be signed by President Barack Obama. Under the extension, homes still must have been under contract by the April 30 deadline.

“People were obviously trying to get in under that deadline,” said Bullhead Laughlin Realty broker Evan Fuchs, noting that it was not only those who were already considering purchasing who took advantage of the tax credit. “I think it did bring people into the market.

The first quarter of 2010 saw 287 single-family homes sold with a median sale price of $113,500, according to figures from the Western Arizona Realtor Data Exchange (WARDEX).

“If anyone was interested in buying in 2010, that was the incentive to go,” said Petra Fahey, co-owner and Realtor with Country Ranch GMAC Real Estate in Bullhead City, which explains the better-than-average first quarter of the year. “It was a good reason to

get off the fence.”

According to the National Association of Realtors, “The legislation is designed to create a seamless extension of the new closing deadline for eligible transactions to Sept. 30. There will be no gap between June 30 and the date the president signs the bill into law.”

“There’s no indication that prices are going down,” said Dick Tripp, broker with Remax at the River, “They’re creeping upward.”

May 2010 saw an increase in the median sale price for site-built homes in Bullhead City from $92,900 in April to $130,000. The June figures show a decrease to $97,000.

The increase in May could be attributed to more homes being under contract or sold because of homebuyers trying to take advantage of the tax credit, but could be due to other factors as well.

“We’re just seeing a lot of these low-end properties distressed,” said Fahey, noting that the surplus of lower-cost homes on the market can skew the median sales price, along with the high percentage of sales being foreclosures.

“Until it really swings into buyer’s market territory … it’s only makes sense that you wouldn’t see market appreciation until then,” Fuchs said.

While May did show a jump in the median sales price, over the course of the entire first quarter of the year, the spike doesn’t stand out as clearly.

“If you look at them by quarter, there’s not that much of a change,” Tripp said.

With all issues taken into account, “Considering the location, I think we’re rocketing,” Fahey said. The Bullhead City region sits in the midst of the some of the hardest-hit markets — Phoenix, Las Vegas and Los Angeles — but has seen more positive gains than those areas, she said. “The good news is that we have people that want to buy real estate in Bullhead.”

“I don’t think our market is going to drop now,” said Tripp, predicting a 1.5 percent increase in sales prices from January 2010 to January 2011. “That’s very, very healthy.”

“It’s a buyer’s market,” he said, “a very, very good buyer’s market.”

“We still have a supply issue,” Fuchs said. The Bullhead City area market is sitting at about 7.7 months supply for all residential real estate, a number that has plateaued over the last few months. A six-month supply is generally considered a balanced market. “We’ve come a long way with inventory.”

The real estate market responds to any number of factors, said Tripp, and to pin the results on any one of them would be hasty.

Said Fuchs: “This year’s going to be very interesting.”

Foreclosures and Short Sales in Bullhead City, Fort Mohave Arizona

Thursday, June 17th, 2010

Today’s mortgage Interest Rates are  historically low at  4.375%  along with low Home prices, Foreclosures and Short Sales are the craze today it is a buyers market. I have been receiving a large number of  calls lately from clients who only want to purchase foreclosures , when I offer information or try to show  homes that are being offered as Short Sales  I get responces like, No short sales they never get approved. One of my clients would not even get out of the car when I said this home is the best priced and maintained home in the neighborhood they wanted to live in and was listed for $20,000 less than the foreclosed home that needed thousands of dollars worth of work.

Short Sales can be a great value so I decided to explore the stats to prove my point that people are missing out on great deals on homes that are a  much better value than some Foreclosure.

Right now in Bullhead City Arizona we have 48 Foreclosed homes available for sale in the price range of $28,000 – $329,000 and  the Short Sale inventory in Bullhead City is 28 Homes in the Price Range of $39,500 – $380,000 I did not include any Manufactured Homes or Condos or Homes in Fort Mohave. Now lets Compare the two:

The Foreclosed/Reo VS. Short Sale Homes

In checking out the recent Foreclosure/Reo closings it is obvious to me and confirms my experience on what is happening with the Foreclosure/Reo homes for sale right now. When the buyer is ready to make an offer on a foreclosure the norm right now is there are usually multiple offers that are already submitted so I usually prepare my buyers to make their offer as good as they can to start with. Every time I put an offer in on a Foreclosure the next day like clock work I get an e-mail stating  multiple offers so put in your highest and best and we do well over the asking price and walla the next day the property is pending in the MLS. Being hopeful its our offer that was accepted I call and guess what, sorry someone got it at a higher price. After viewing all the closed sales it is clear as to what is happening on the Foreclosure/Reo Sales.

You the buyer must be prepared to pay more than the asking price then the home is being offered For Sale For. WHY? The sales price is so low that multiple offers come to the table and when that happens, the buyer will be asked to give their “HIGHEST and BEST’ purchase price offer. The bank will ask only once so make that offer the best you can possibly do. This is not an auction, so one SHOT is all you get to re-price your offer and banks prefer cash and prefer owner occupied homeowners probably because of investors who buy and flip homes for a profit. They also want the highest and best offer quickly and you will also need your proof of funds or letter of prequalification also keep in mind if you are the lucky highest bidder you are accepting the property in the AS-IS condition. The Bank is not going to be giving you a repair allowance. From the closed sales stats almost all the foreclosed homes sold for a lot more than the asking price.

Short Sales on the other hand are closing quicker,  Banks have streamlined the process. I have been getting quicker responses on my short sale listings and almost all of the closed sales sold  for the list price. Why is this?  Because the Banks are now setting the Sales Price of the Short Sale listing and this is the price they will accept and the home is usually well maintained and in most cases the best value for the buck.

Bullhead City-Fort Mohave Arizona Home Sales Are On The Rise

Wednesday, June 2nd, 2010

Home sales continue upward trend


Published: Wednesday, June 2, 2010 12:38 AM MDT

BULLHEAD CITY — Seventy-seven homes were sold in Bullhead City in April, according to information taken from the Western Arizona Realtor Data Exchange. April 2009 saw just 60 homes sold, which marks April as the 18th month in a row of year-over-year local sales increases.

Inventory in the Bullhead area again decreased this month, bringing the overall supply of residential homes to 7.9 months supply, down from 8.1 months in March and 11.2 in December 2009. Six months supply is generally considered a balanced market.

Even as the inventory decreased  “more houses came on the market in April than we’ve seen in several months,” said Evan Fuchs, the broker with Bullhead/Laughlin Realty, indicating healthy sales/inventory numbers.

Months of supply is a good indicator, Fuchs said, because it takes more than simply the number of homes on the market in account.

“The months of supply takes into consideration both the rate of sale and the inventory,” he said, allowing for a broader view of the health of the market.

While sales have seen a steady increase, prices continue to decline, said Bob Lewis of P.R.O. Realty in Bullhead City.

“Values are slowing down in dropping, but they’re still dropping,” he said.

In the first two quarters of 2009, the average sale price in Bullhead City was around $162,000. The first two quarters of 2010 have seen a 27.64 decrease in that average sale price to $117,230.

“We know we have foreclosures coming for a while,” which drives down price, Fuchs said. With a glut of foreclosures, the houses on the market that are owner-occupied are assessed compared the price of a foreclosed home, which is generally much lower and attracts more buyers.

“It’s a great time to buy,” Lewis said, if the buyer plans to be in the homefor a number years. Homes are not an investment, financially speaking, but the generalized 5 percent increase in value has been consistent in the long term. There are spikes and drops in that graph, he said, but over five to 10 years, the increase holds true.

There is some concern on the national scene that the improvements in the housing market were brought on by and expire with government incentives such as the first-time home buyer tax credit, which granted a $8,000 tax credit to first-time home buyers and $6,500 to current homeowners who bought and moved into a new home.

“My gut feeling is it’s still going to be a free market situation,” which draws the real estate market out of the troubles it has recently seen, Fuchs said. “It’s not going to be federal programs.”

Despite government programs such as the Making Home Affordable Program or its counterpart, the Home Affordable Foreclosure Alternatives Program, the number of closed short sales did not increase in a statistically notable way in April.

“It feels like there’s more going on” from all the industry discussion of short sales, Fuchs said, but WARDEX shows just five short sales closed in April posing the question of whether the numbers are going to start going up.

“I foresee you’re going to see a lot more short sales happening,” Lewis said, attributing the increase less to the government incentives or programs and more toward the greater education of the banks and lenders.

“Banks are staring to realize they’re not going to get the money out of those loans,” he said.

It costs the bank around $6,000 to turn a foreclosed property around for sale, Lewis said. Tack onto that the 5 percent to 6 percent sales commission and the bank needs to sell that house for more than what it is worth just to see a return on the outstanding loan amount.

“It didn’t sink in six months ago, but it’s starting to sink in now,” Lewis said.

Pamela Mello works with Buyers and Sellers and is a Certified Distressed Property Expert and  Short Sale Foreclosure Resource Certified

Home Sales in Bullhead City-Fort Mohave and Mohave Valley Arizona are Up In February and March.

Thursday, April 1st, 2010

Today my Broker Evan Fuchs Broker of Bullhead Laughlin Realty was quoted in the Mohave Dailey News. He was sharing the Great News about our Local Housing Market.

Home sales show positive gains in BHC


Published: Thursday, April 1, 2010 1:09 AM MDT

BULLHEAD CITY — While February’s home sale numbers showed continued gains in the Bullhead City real estate market, Realtors are split when it comes to the future.

In February, 86 homes were sold in Bullhead City, up 40 percent from just 63 in January 2010 and up a considerable 80 percent from February 2009. Last month’s numbers almost touch the best month of 2009 — August — which came in with 87 closed sales, according to statistics from the Western Arizona Realtor Data Exchange (WARDEX).

“That’s a good sign,” said Bullhead/Laughlin Realty broker Evan Fuchs.

With so many homes sold, February marks the 16th month in a row of year-over-year sales increases, Fuchs said. Additionally, the inventory of homes on the market has again decreased.

Bullhead City has about an 8.2-month supply, Fuchs said, which is down from a 10.3-month supply in January. Six months is generally considered a balanced market.

“It’s the same thing: when the inventory goes down, the number of homes selling goes up,” he said.

As far as foreclosures are concerned, at the conclusion of 2009, there were 152 foreclosed homes on the market in Bullhead City, Fort Mohave and Mohave Valley. As of March 22, that number had dropped to 113.

“They’re being absorbed faster than they’re coming on the market,” Fuchs said. That said, 54 percent of the homes sold so far in 2010 in Bullhead City were foreclosed properties, compared with 51 percent for all of 2009.

“It’s a significant presence just like it has been,” Fuchs said, “but it’s not like that’s all people are buying.”

The types of homes selling also is changing. In January, 19 percent of the homes sold were manufactured homes; February saw 27 percent.

“That’s good,” he said.

The overall number of site-built homes on the market in Bullhead City listed for less than $100,000 has come down, Fuchs said. Buyers who were able to jump the price gap between a manufactured home and a site-built home are finding fewer and fewer options available in that price bracket, which is a good sign for owners of manufactured homes who want to sell.

“When that get’s bigger, they won’t make that jump,” he said. “Everything’s just working as well as we could possibly hope, as far as putting us in a position to see values come up. We haven’t see it yet, but these are the signs that lead to appreciation.”

Not all Realtors in the area are feeling quite so optimistic.

“We haven’t seen the worst of it yet,” said Lisa Ristow, broker with the Ristow Group in Bullhead City.

The problem with forecloses, Ristow said, is that lenders are holding on to inventory and slowly releasing it to the marketplace.

“Last year … the data showed that for this area in the multiple listing service, 68 percent of all sales were distressed,” she said. “That’s continuing this year.”

Ristow cites statistics that show the national average for the number of short sales has gone up 20 percent, along with a decrease in the national average of foreclosure sales.

“We’re faring much better,” than the national statistics, Fuchs said.

Locally, “as far as short sales go, there has been no noticeable change in the number that are selling,” he said.

“If a whole bunch of foreclosures came on the market at the same time, that could affect the supply and demand,” Fuchs said. “But right now … we’re seeing that they’re selling faster than they’re coming on the market.”

Bullhead City, Fort Mohave, Mohave Valley Arizona, Live Real Estate Homes Auction April 12 2010

Sunday, March 21st, 2010

On Monday April 12, 2010 REDC is having another Live Auction of homes if you would like to view a list of these homes please call or e-mail me for the list or show up at the location and time below. www.PamelaMello.com

When: Monday Apr. 12, 2010
Where: River Valley High School – Auditorium  2250 Laguna Rd, Mohave Valley, AZ 86440
Time: Registration Starts Promptly at  5:00 p.m. Auction starts promptly at 6:30 p.m.
What to bring: Last 2 yrs W-2 – $2,500 Cashier’s Check ($5,000 for each subsequent) – Checkbook for balance of 5% Earnest Money Deposit (15% for each subsequent)
Properties open for inspection from 11AM to 4PM on 3/27/10, 3/28/10 & 4/3/10.  Please check individual property for specific open house information

Bullhead City & Fort Mohave Foreclosed Homes

Tuesday, March 9th, 2010

In Bullhead City-Fort Mohave & Mohave Valley their are now 113 Foreclosed homes for sale. HomePath Mortgage is special Financing that is available on certain Fannie Mae Owned homes and currantly in Bullhead City we have 46 homes available for this special financing. With a Fannie Mae HomePath loan Fannie Mae allows for buyers to buy with zero down ( through a community mortgage 2nd) or as little as 3% down! That’s less then an FHA loan. (FHA loans carry a minimum 3.5% down payment). This program has no mortgage insurance and no appraisal is required. This financing is also available for Second Homes and None Owners. If you would like more information on this program and a list of the homes available for this special program please give me a call or e-mail me any time.

Bullhead City,Fort Mohave, Mohave Valley There Is Homeownership Available After A Foreclosure Or Short Sale

Wednesday, February 24th, 2010

I have been getting a lot of questions from homeowners who are losing their homes to foreclosure and Short Sales and the question is always the same where will I live and who will rent to me since I have such a low credit score. Some rental companies will not hold it against you and others have credit requirements. There is life after foreclosure or Short Sale and it does not mean you will be homeless or have to settle for a lesser standard of living. Some of my clients have been preparing for the day they have to move on and still have the money tucked away that they did not pay their mortgage with and that makes the answer simple. Owner Financing and Owner will carry. In Mohave County there are 344 homes for sale with Owner Financing or Owner will carry the Note. In Bullhead City, Fort Mohave, Mohave Valley there are 122 properties and most only require 10% down and you can still take advantage of the tax deduction on the interest paid. In Bullhead City there are homes on the Colorado River and in upscale neighborhoods,  Condos and Manufactured homes.

If you are looking to buy a house in the Bullhead City, Fort Mohave or Mohave Valley and have a cash down payment, but don’t want the hassle of dealing with banks and mortgage companies then Owner Finance is the place to find a home without needing to jump through all the hoops of normal lenders.

Benefits of Seller financing:

  • No bank qualifying.
  • Credit challenged OK!
  • Approximately 10% or more is best for down payment
  • Great alternative for those who don’t meet today’s strict mortgage qualification guidelines.
  • Affordable because of custom terms that work for you
  • No long waiting times for approvals
  • Terms are more fair and reasonable
  • No loan processing or guarantee fees
  • No invasive lender controls or audits
  • Ability to add substantial value by renovating and remodeling
  • No long approval process or complicated underwriting from mortgage companies
  • No escrow fees
  • You can negotiate flexible terms
  • All of the down payment cash is credit toward the purchase
  • No escrow account.  Taxes and insurance are paid monthly as you go
  • Easy approval
  • Won’t interfere with your ability to purchase other property because of too many mortgages.

If you would like a free list of these homes or to make an apointment  to see some of these properties please call or e-mail me anytime  pamela@pamelamello.com (E-Mail)   928-219-9155 (Cell)

Bullhead City-Fort Mohave Arizona Bank Owned and Foreclosed Homes

Wednesday, February 17th, 2010

In the news you continue to hear about the crashing sub-prime market and the rising number of foreclosures. Have you ever wondered what happens to all these foreclosures or how investors buy foreclosures in Mohave County? Do you know the difference between a Notice of Default, Notice of Sale, Trustee Auction and REO (Bank owned property)?

Did you know there is a way to purchase foreclosed properties directly from the bank? There are bank owned properties all up and down Mohave County. You can negotiate these properties with a Realtor on a standard purchase agreement with a standard escrow. Did you know you can finance these properties? You don’t have to pay cash at the auction or county courthouse steps. You can purchase these properties with a purchase agreement that allows you to do inspections, reports and investigate the property under a due diligence time frame. Just as with any due diligence time frame you can back out under this clause if you are not satisfied with your findings. You can also build in loan contingencies to protect your deposit. But the best thing of all is you can get these foreclosures and bank owned properties at some amazing prices. These banks have gone through the foreclosure process and now own these properties. They are sitting on their books, losing money day after day. The banks are not emotional sellers and want these properties off their books and SOLD! They usually price these properties under market value to solicit a buyer quickly.

Would you like to learn more about this Foreclosure and REO market? Would you like to get a LOCAL list of all the REO properties in our area? Are you thinking that the bottom may be very near and buying a foreclosure may be an excellent way to invest in the next real estate cycle? Would you like to take a tour of these properties in Bullhead City and Fort Mohave Arizona to see some amazing deals?

Well you are in luck. I will personally teach you the FACTS about the foreclosure market and what pit falls to watch out for. I will also teach you how to get financing options, negotiate, and secure a great deal on a bank owned property on your terms, at no cost to you. I will take you on a personal caravan tour. We will pick out 4-6 local properties and take a look. You can see for yourself what these bank owned properties look like, ask questions, and investigate some great deals in casual manner. I WANT TO HELP EDUCATE YOU ON THE FORECLOSURE MARKET, WHAT THE MISCONCEPTIONS ARE AND HOW YOU CAN REALLY GET A GREAT DEAL! I have seen bank owned properties sell for 10-25% under fair market value. This could save you thousands of dollars. Please contact me any time at BULLHEAD LAUGHLIN REALTY or send me an e-mail pamela@pamelamello.comor by phone 928-219-9155 or if you would like I could just send you a list of Foreclosures and Bank Owned properties and you can view them at your own leisure but these homes are moving fast and with the Tax credit you only have until April 15 2010 to take advantage of it before it is gone for good and you miss a great opportunity.

Market Recap

  • Avg. Sales Price: 128.500

  • Avg. Days on Market: 45

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