The Navajo county market place overall is very active with purchasing in the low end price points induced by rural lending and first time home buyer activity is dominating transactions. 400 sales below 200k , 3-4 bdrms, 186 sales, 119k, 2brms. 22 sales above 300k, 5brm and up.
2400 plus lising currently on the market. The Market is being flooded (537 in the last 30 days ) with new listing (days on the market) indicate it is time to sell, rewarding buyers with prices
White Mountain Summer Homes 7-2010
White Mountain Summer Home is up 100% over 2009 with 9 Sales and two pending. Avg price per square of home sales is $232 psf a reduction of nearly 32% of the high point of 2007. Currently, WMSH 23 homes on the Market. Please call Scott today for tour. 928.369.8237
White Mountain Summer Homes Sales -- January 2010 thru August 2010
3467 Blue Gill Drive $295,000 $186,000 63% 249
3447 Woodpecker Ln. $890,000 $695,000 78% 284
3234 Ponderosa Parkway $350,000 $204,000 58% 260
2946 Sunflower Dr. $860,000 $500,000 58% 206
2768 Aspen Loop $849,900 $740,000 87% 65
3361 Strawberry Hill Road $598,000 $598,000 100% 1
Bull Frog Loop $849,000 $690,000 78% 659
3808 Country Club $645,000 $465,000 78% 350
| Sold |
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| $0 - $64,999 | 137 | 192 | | $65,000 - 94,999 | 79 | 161 | | $95,000 - $119,999 | 36 | 118 | | $120,000 - $199,999 | 152 | 181 | | $200,000 - $399,999 | 103 | 216 | | $400,000 | 17 | 252 |
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Buyer are purchasing some homes as much as 40% below asking price. Investors are taking the forefront in purchasing volumes of bank owned homes at below replacement prices.
Prime Lending has become very restrictive due to new lending requirments for for brokers and banker relating to first time home buyers. Second home buyer either have cash or are being financed by sellers. Buyer seeking funding above $417,000 must have a %20 downpayment in order to find a lender. Buyer seeking funding over 417k must have 25% cash to fund jumbo loan at this time.
Commercial and residential land values have dropped reverting to values of 60 months before major peak value escalations. Sellers are having to carry on sales due nonexistent loans on Land. Land owners seeking to build with construction loan have to have a minimum of 65% cash to value in order for national banks to look at deal. Land speculators wheeling and dealing in parcels above 50 acres are now sitting on properties purchased at peak values of $ 10,000 to $20,000 per acrest, are asking 7k to 20k, but because of supply worth $1,000 to $5,000 per acre.
Attention Buyers: make sure you assess properties for damage due to heavy snow loads.
Appeal Assessment Value... Assessment Process ---- Click Here
Cash is king in this market with sellers accepting offers lower than asking prices by %'s lower than ever.
Greatest Demand is for Smaller residences between 1200 - 1800 sq ft, 2 to 3 bedroom, 200K - 400k .
Sales of higher end homes 400k and up have become very difficult except in subdivisions that provide security, privacy, and legacy. Many seller in High end home are having to carry seconds in order to facilitate buyers, often time having to carry any amount above 417k.
Many clients have as us about their Notice of Value and whether they should protest their tax increase. The first question is: Would you sell your home for the value the assessor has on it? If the answer is no, you may need to go no futher. In my opinion, unless something has adversely affected your value, it is not worth the time and effort to protest your value. The value the assessor has for your cabin is a computer account of comparable sales and is less than your house would appraise for. Land values used by the assessor are for the most part less than sale value.