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Petra Fahey
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Real Living Country Ranch
1858 Highway 95
Bullhead City, AZ
928-758-8811

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Archive for May 2010

Luxury River Front Open House

Friday, May 28th, 2010

Open House May 29th, 2010
1pm-4pm
$699,900

Gorgeous custom home riverfront home is available for immediate occupancy.Master suite located on it’s private floor sets the stage for romantic moments.Fireplace in master and elegant bath and sitting room creates a honeymoon suite feeling.Main level kitchen, full wet bar and living room set the stage for easy entertaining with granite counter and sweeping views of the Colorado River. This home is ideally located on the wide and deep part of the river.There will be no waiting for the river to rise in the morning!

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Bullhead City Riverfront Home Open House

Thursday, May 27th, 2010

Stop by during our open house at 2649 Camino Del Rio, Bullhead City Arizona 86442.  Come view this luxury home of sale Saturday and Sunday May 29th and May 30th from 1:00pm-4:00pm.  If you are on the river, feel free to tie up at the boat dock and come visit the home.   Priced at $765,000 you won’t want to miss this Colorado River front home.

Radiant natural illumination and panoramic views of the cool Colorado River from nearly every room of this luxury home in Bullhead City Arizona.  Clean lines, and dramatic ceilings grace the expanse of expansive 5000+ square foot interior.  The open design offers excellent flow and creates a wonderful environment for every day living and elegant entertaining.  1200+ square foot boat deep garage to house all your water crafts.  Private boat dock and outside gathering areas enhance the enjoyment of this homes riverfront setting.  Buy this luxury riverfront home in Bullhead City Arizona today!  $765,000

 2649 Riverfront Drive Bullhead City Arizona Best Buy on the Colorado River Bullhead City Arizona 86442

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Arizona Home Prices Likely to Climb

Thursday, May 27th, 2010

The article below from the azcentral.com blog has really good news for the Phoenix area.  Here in Bullhead City I agree that our local real estate market will follow along with the predictions of the article below.  Bullhead City, Fort Mohave and Mohave Valley continue to offer a wide selection of homes for sale.  And with the prediction of home prices increasing through the end of the year, why wait to buy?  Call us today 928-758-8811

Phoenix-area home prices will climb slightly in June, take a small dip in July and then start to climb again in late August.

This prediction on home prices doesn’t come from a crystal ball or an economic forecast. Metropolitan Phoenix has a new pending sales index complied by the Arizona Regional Multiple Listing Service. The index, a leading indicator for the housing market, can give home buyers and sellers an accurate view of home prices a few months out.

ARMLS’ Pending Price Index tracks home purchase contracts signed but not yet finalized. But the purchase price is usually set when the contract is signed. ARMLS began testing the index in January, and since then it has been 96 percent accurate on price fluctuations.

ARMLS is the only group that has access to all of the data from home buying contracts signed by not yet recorded as public records. The group’s tens of thousands of real estate agent members input contract purchase prices into the ARMLS system. The Price Index is updated with data from home sales after they close.

“Everyone wants to know where Phoenix home prices are headed,” said Bob Beamis, chief executive of ARMLS. “We are in the unique position of having in our system information on home prices that no one else has, and now we are able to use that information to predict with great accuracy where home prices are heading 30, 60, 90 and 120 days out.”

According to the Price Index, metro Phoenix’s average home price will climb to $177,000 in June, fall to $167,000 in July and then start climbing again in late August. The upward/downward trend for median home prices is similar for the next two months.

ARMLS is unveiling its Price Index and other real estate data including home sales, foreclosures and listings to its member this month through the STAT newsletter.

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Best Buy on the Colorado River in Bullhead City Arizona 86442

Thursday, May 20th, 2010

Radiant natural illumination and panoramic views of the cool Colorado River from nearly every room of this luxury home in Bullhead City Arizona.  Clean lines, and dramatic ceilings grace the expanse of expansive 5000+ square foot interior.  The open design offers excellent flow and creates a wonderful environment for every day living and elegant entertaining.  1200+ square foot boat deep garage to house all your water crafts.  Private boat dock and outside gathering areas enhance the enjoyment of this homes riverfront setting.  Buy this luxury riverfront home in Bullhead City Arizona today!  $765,000

2649 Riverfront Drive Bullhead City Arizona

Best Buy on the Colorado River Bullhead City Arizona 86442

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Posted in Luxury Homes | No Comments »

Short Sales and Late Payment

Friday, May 14th, 2010

Earlier this week I received a phone call from a fellow Arizonian in the greater Phoenix area.  Tim had been reading my Blog post “After a Short Sale, How Soon Can I Buy?”, and had a few questions for me.  Tim is selling his home as a short sale to avoid foreclosure.  He listed the property with a REALTOR®, accepted an offer, complied his financials and the entire package has been submitted to Fannie Mae for approval.  As Tim is looking forward to purchasing another home, he has remained current on his mortgage per the guidelines from Fannie Mae.  After his package was reviewed he was told by Fannie Mae that he needed to be behind one month on his mortgage or they would not approve his short sale. 

WHAT??  I can’t imaging anyone little lone the government turning down money to approve a loss.  Also, the late payment will extend his wait to purchase another home.  “Can this be the new norm?” Tim asked.  

Wow.  I told him that we had not encountered any banks, Fannie Mae etc turning down house payments to approve a short sale but I would have to look into this and get back with him.  I GOOGLED and was unable to come up with anything from Fannie Mae stating a homeowner requesting a short sale must be one payment behind.  I did however find a few Blog posts from a fellow realtor’s with the same story that Tim had told.  

Unfortunately the verdict is still out.  As we continue to live through this financial cycle, Michael and I will continue to work diligently to help people achieve their real estate goals.  The rules seem to change and as each bank has its’ own set of criteria we will continue to keep you updated

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Posted in Questions and Answers | 3 Comments »

What is HAFA?

Wednesday, May 5th, 2010
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Posted in Short Sale | No Comments »

Did the Tax Credit Help Bullhead City Arizona?

Monday, May 3rd, 2010

Absolutely YES, the tax credit has helped our local real estate market.  Since the first of the year Country Ranch’s Agents have been coaching their clients on how to write the winning offers when they are in the situation of having to compete against other buyers for the same home.   With the inventory shrinking in the Bullhead City real estate market buyers have had to strike while the iron was hot. 

During the first quarter of 2010 we saw record numbers of homes going under contract.  The first quarter saw 341 homes go under contract which is up over 106% from 3 years ago.  Record sales were achieved during this same time with 287 single family homes closing escrow during the first quarter, an 87% improvement over 3 years ago.

With the inventory shrinking and sales up, we had hoped that we would be enjoying a higher average and median sales price.  With the median sales price down 56% from 3 years ago, one has to wonder how long it will take for the prices to begin to come back.  April 2010 saw 67% of the single family homes sales were foreclosures with an additional 7% being short sales.  “Regular” or what is now termed “Real People” selling accounted for 26% of the sales.  The Bullhead City, Fort Mohave and Mohave Valley Arizona real estate market continues to be a challenge for homeowners selling their homes.  Remember, when competing against a foreclosure or distressed property, pricing and condition is the key component in getting a contract.

We expect closings to remain strong as the buyers using the tax credit need to close mid June.  Everyone is waiting to see how many homes go under contract during May 2010.  We know that there is a chance that sales may slow as the tax credit is over, but we remain confident that 2010 will outperform the past few years.  Interest rates are low, and people love our river city.  As always, contact Michael and Petra Fahey with your questions or concerns.

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