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Petra Fahey
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    Years of Experience: 13

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Direct: 928-758-8811

Office: 928-758-8811



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


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Archive for July 2010

Selling your home in Bullhead City, Fort Mohave and Mohave Valley Arizona

Monday, July 19th, 2010

Considering selling your home in the Bullhead City, Fort Mohave or Mohave Valley Arizona?  We appreciate the opportunity and look forward to assisting you in accomplishing your real estate goals.  I know you have heard that the real estate market is in the tanks.  It is not, Team Fahey and Country Ranch Realty in Bullhead City are trucking along at our normal pace.  As a seller, you do have more competition now, which means you have to be the best home in your price range to sell (get the buyers to pick you).  

We do this by concentrating on 3 + 1 areas.

The first is condition.  Team Fahey has been trained in “staging” your home so that we can make the best possible impression on the potential buyers.  Buyers want to see themselves moving right into and enjoy their new home, entertaining family and friends and relaxing at the end of a long day.  They don’t want to see themselves doing “fix ups” and making repairs or cleaning and scrubbing before they can have friends over.  The Fahey’s will coach you on the things to do to get your home “show shape” and buyer ready.

Second is location.  For lack of a better way to say it, location is what it is.  While your home is in a good location, we cannot move your home or change what is around it at this time.  We have to work with what we have and make the best of it.

Third and most important is price.  Your home needs to be priced at maket value.  Market value is defined as, “What the buyer is willing to pay you for your home.”  Condition affects this number.  Location affects this number.  But rest assured, the market/buyer will set this number.  We need to look at properties that are like your home (location, condition, size, features) that have sold recently and try to figure out what buyers have are been willing to pay for a home like yours  After we get an idea of that number, we need to look at the competition that we will be up against.  In other words, what other homes will the agent of the buyer show the buyer when they show them your home?  The buyer will make the decision.  We have to be the best in the price range so they will pick us. 

By pricing at market value, we will sell faster and with fewer hassles and I am sure that is what you want.  This also allows us to maximize the dollars that we get for your home.  Homes that are priced above market value will stay on the market longer and then the worst question that could ever be asked about an active listing will come out.  “Why has this home been on the market so long?” orWhat is wrong with it?”  Nothing good comes from these questions.  Either the buyer assumes something is wrong with the home and doesn’t make an offer or they make a ridiculously low offer and the deal never has a chance to work out or you end up taking a much lower price for your home than you wanted because the home was priced above market value to start.  Pricing your home at market value and making it the best deal in your price range promotes a quick sell, lessens the chance of hassles during the transaction, and yes maximizes the money you get for your home. 

The +1.  That is your Realtor.  You want a Realtor that will be honest with you and knows the real estate market in Bullhead City, Fort Mohave and Mohave Valley Arizona.  Has training in staging your home for maximum effectiveness.  Will advise you on market conditions, stay in contact with you through the listing and closing process and keep you informed.  A Realtor that markets your home to the most people through multiple channels (print advertising, direct mail, internet/over 30 websites, blog, MLS, recognizable signage, visual tours, fliers etc) Most of all you want a Realtor that will put your interests first.  With over 3,700 closed transactions for Country Ranch Realty since 1997 and 450 closed transactions for Team Fahey you can be assured that this real estate team is always focused on your real estate success!

Contact us today!  928-758-8811 or petra@teamfahey.com

Bullhead City Arizona Area housing market felt impact of federal program

Thursday, July 15th, 2010

The Mohave Valley Daily News ran an article about the local market.  Danial the reporter contacted us for our input.  The numbers reported are different from Team Fahey’s Market Watch as the paper used sales for mobile homes, single family homes and condos.  As always we are optimistic about our local real estate market recovery in Bullhead City Arizona!

By DANIEL CALLAHAN/The Daily News
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.”

Looking to buy or sell give us a call 928-758-8811

Bullhead City Housing Market Update for June 2010

Saturday, July 3rd, 2010

Bullhead City, Fort Mohave and Mohave Valley, Arizona real estate markets closed 85 single family home sales for the month of June.  Median sales price slid back to $110,000. With 72% of the homes selling for the month of June were under $150,000 this is not too surprising.  The market enjoyed one riverfront home closing in June and an additional 6 homes selling for over $200,000.   

Consistent with last month, the month’s supply of single family housing inventory continues to drop.  During June 2010, the Bullhead City, Fort Mohave and Mohave Valley Arizona experienced 4.8 months of inventory, the lowest in years.  With the inventory dropping and the sales remaining strong it seems that our market median price range should begin to stabilize.  

Buyers that are in escrow can be relieved that the tax credit close date has been extended to the end of September.   This is good news as there are 95 single family homes in escrow in the Tri State area.  

The 4th of July holiday weekend has started the month out strong.  Our phones are ringing at Country Ranch Realty with buyers asking questions about homes on the market in Bullhead City, Fort Mohave and Mohave Valley, Arizona.  The updated www.CountryRanchRealty.com website is seeing an increase in traffic.  With over 40% of the website users being a return user we are confident the site is working.  

As always we are focused on your real estate success. 

Wishing you a safe and HAPPY 4TH OF JULY!

Tax Credit Closing Date Extended

Thursday, July 1st, 2010

Good news for buyers purchasing real estate in Bullhead City, Fort Mohave and Mohave Valley Arizona as Congress has extened the closing date to September 30, 2010!

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet
closed.  The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010.  There is will be no gap between June 30 and the date the President signs the bill into law.

NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.

For additional information on the extension visit www.realtor.org/government_affairs

Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010.  This will allow transactions to move forward.  The bill is retroactive and covers the lapse period
from June 1, 2010 to the date of enactment of the extension.

For more information on the flood insurance program visit www.realtor.org/government_affairs

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