Mohave County, AZ Real Estate News

By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
The Havasu real estate market continues to favor the seller. However, serious home buyers might want to take advantage of a slower wintertime market. While inventory remains low, the pool of buyers dwindles from October to around January/February. So, if you want to buy a Havasu home, now is actually a great time to do it. Nonetheless, you still may face some stiff competition. After all, other buyers looking to purchase homes among a limited inventory also may want the same home you are interested in. Therefore, you need a solid offer to impress the seller. Sometimes, that may mean including an escalation clause.Escalation Clause: A Buyer's Helper to Win That BidWhat Is It?First of all, it might help to know exactly what an escalation clause means. This clause states that you are willi...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
We are smack dab in the middle of Fall right now. Winter will be here before you know it. For other parts of the country, that means storing away your summer toys for several months. In Havasu, we double down on outdoor adventure with events like the Lake Havasu Sand Water and RV Expo 2021.What: Lake Havasu Sand Water and RV Expo 2021 Where: Lake Havasu Skate Park, Windsor 4 (171 London Bridge Rd) When: November 19th, 11 am to 5 pm, and November 20th, 9 am to 5 pmAdmission: $8 ages 7+, Free ages 6 and under Contact: Bob Brown, Event Coordinator, (951) 501-0210 or via emailLake Havasu Sand Water and RV Expo 2021The biggest outdoor/motorsports expo in the entire Southwest comes to Lake Havasu this month. Everything you need to gear up for your next outdoor adventure comes to one place: La...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
According to the Lake Havasu Market Report for October 2021, total sales fell off a bit. But that is typical for this time of year. However, prices hit their highest median point for the year so far. And inventory inched up a little from September's numbers. How does this affect Lake Havasu City home buyers?Lake Havasu Market Report for October 2021October 2021 Home SalesOur local MLS reported a total of 205 properties sold in Lake Havasu City during October 2021. That marked a 26% decrease from the total sold in October 2020.  It also showed a 9.8% decrease from September 2021's total. Even so, we still show 4.1% more total sales for the year so far than we did at this time last year. Pending sales rose from 239 in October 2020 to 282 last month. Active listings also rose slightly from...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
First-time homebuyers and buyers with credit challenges tend to favor an FHA loan. Their lower down payment and credit score requirements help buyers get into a Lake Havasu home much easier (and for less money) than a conventional loan. However, the property you purchase must meet certain requirements to qualify for this type of loan as well.Property Standards for an FHA LoanWhy do lenders require that properties meet certain standards? First, they want to protect themselves in case you default on your loan. When that happens, they take possession of the property and put it on the market to help recoup their costs. With these standards in place, it gives them a better chance of selling it quickly and for a higher price if this happens. But these standards also protect you. With a home t...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
When purchasing a home, the majority of buyers typically choose between three types of mortgage loans: Conventional, FHA, and VA. Conventional loans made up 82% of mortgages in the US according to an Ellie Mae report in August 2020. VA loans are only available to active or retired military members. They offer zero down loans provided that the applicants meet certain criteria. However, for a first-time home buyer, the FHA loan proves most popular for a variety of reasons.FHA Loan for Home BuyersYou are tired of renting. You want to become a homeowner. So, you save as much money as you can for your down payment and closing costs. Conventional loans require a higher down payment and credit score than FHA loans because they are not backed by a government agency. FHA loans on the other hand ...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
ChaBones. Shagrues. Smallcakes. All of these offer delicious food that everyone raves about here in town. Bonus: all three also plan on participating in the Taste of Havasu 2021 event next week. But there are many, many other great restaurants offering up samples of their best dishes, too. Yum! Sounds like one tasty event to me!What: Taste of Havasu 2021 Where: SARA Park Rodeo Grounds (7206 Dub Campbell Pkwy) When: Wednesday, October 20th, 5 pm to 7 pm Admission: $10 to $25 Contact: K-12 Foundation (928) 302-5126 or via emailTaste of Havasu 2021Money raised from this event benefits the K-12 Foundation. As such, organizers wanted this to be a family-friendly affair. Bring all of your loved ones to the SARA Park Rodeo Grounds for dinner on Wednesday, October 20th. Kevin Jackson and the Mi...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
After two months of declines, total homes sales went back up again, according to the Lake Havasu Market Report for September 2021. The median sale price rose above $400,000 for the third time this year as well. Havasu homes spent just over a week on average to go from "new listing" to "under contract". That means that buyers must make sure that they have a pre-approval letter in their hands when they submit their offer. Otherwise, they might lose out to another buyer.Lake Havasu Market Report for September 2021September 2021 Home SalesFlex MLS reported a total of 225 properties sold in Lake Havasu City from September 1st to September 30th, 2021. That marked a 16% decrease from the previous September's total sales. However, it was 21.6% higher than August 2021's total sales. Total sales ...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Our lake stays busy pretty much all year round. Fishing, boating, parasailing, water-skiing, jet skiing. All of these take place 12 months a year in Lake Havasu. But some of the best stuff happens when the triple-digit heat of summer starts to taper off. Back in April, the Desert Storm Poker Run took over the lake. Next month, the Monster Storm Poker Run hits town.What: Monster Storm Poker Run 2021 Where: London Bridge Resort When: October 1st & 2nd Contact: Christina Crane, Storm Poker Runs, (623) 238-1330 or via emailMonster Storm Poker Run 2021The weekend's event kicks off with a pool party at London Bridge Resort's Kokomo pool. Between 3 pm and 5 pm on Friday, October 1st, participants and fans of the poker run mingle and party poolside. Registered "runners" receive discounts on the...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
The Lake Havasu lifestyle encompasses all sorts of outdoor sports. Offroading. Boating. Fishing. Automotive racing. Whatever you enjoy doing outside, you can do it here. Fortunately, most of these activities can also be done year-round. Can't say the same for the rest of the country. With Labor Day sitting squarely in our rearview mirror, pumpkin spice dreams should be dancing in your head while you wrap yourself in a nice warm sweater, right? Not in Havasu. In fact, as I write this post, the weatherman predicts our high temp should reach 100F today. Doff the sweater. Hold off on the pumpkin spice latte. Grab your beach chair and loved ones and head to the water. The 2021 AWSA PWC Championship hits the lake this weekend. And you will not want to miss all of the action!What: 2021 AWSA PW...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
The Havasu real estate market has been on fire for several months. Even throughout the pandemic, our seller's market remained strong and thriving. In the past couple of months, though, we began seeing things soften a bit. For the first time in months, sellers found themselves lowering their list price to make a sale happen. Now, this does not mean that things have suddenly shifted in the buyer's favor. In fact, they very much continue to lean in favor of the seller. But, according to the Lake Havasu Market Report for August 2021, buyers might see slightly lower prices over the next few months...but only slightly.Lake Havasu Market Report for August 2021August 2021 Home SalesOur local MLS reported a total of 185 properties sold in Lake Havasu during last month. That showed a 27.7% drop f...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
The Lake Havasu real estate market looks like it may start leveling out here soon. In recent weeks, we saw some sellers adjust their prices to snag a buyer or two for the first time since before the pandemic first struck. Now, that does not mean that we suddenly shifted to a buyer's market. On the contrary, low inventory continues to spur the seller's market to a degree. But sellers find that it may take an extra week or two to find a buyer for their home. If you are considering selling your home soon or you just recently bought one (congratulations, by the way), consider visiting the Havasu Home Show 2021. They offer great deals on goods and services as well as a keen insight into current trends in the marketplace.What: Havasu Home Show 2021 Where: Aquatic Center (100 Park Ave) When: 3...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Last month, I discussed the idea that we might be seeing the start of a leveling out of the Havasu real estate market. This means good news for buyers. Another possible indication that the market shows signs of easing up is that we have seen home sellers lower their listing prices for the first time in months. Even so, Havasu homes still sell pretty quickly. They just might not sell as quickly as they used to. And sellers are responding by adjusting their asking price accordingly.Home Sellers Dropping Prices: Is the Market Leveling Out?Since March, Lake Havasu homes went under contract after an average of less than a week on the market. That is crazy fast! In turn, sellers who received no action in the first week or two, typically lowered their prices to renew interest. And many times, ...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
As if competing against other homebuyers in this super hot Havasu real estate market was not hard enough. You might also find yourself in a battle with thieves...in particular, identity thieves. With 1.4 million Americans becoming the victim of identity theft last year (one case for every 15 people), you might not even know your identity was stolen until you apply for a loan. So before you fall in love with a Havasu home, complete some preliminary financial work first. And then protect yourself from becoming a possible target in the future.Identity Theft and the Havasu Home BuyerHave I Been Targeted?First things first. Run your credit report for free at AnnualCreditReport.com. It only takes a few minutes to complete the questionnaire and receive your reports. Legally, you are entitled t...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Lake Havasu temperatures sizzle in the summertime. While it may be a dry heat, that does not mean it can't be spicy. Mohave Community College celebrates all things hot and spicy with their Hot Havasu Nights Salsa Competition 2021. And they are willing to pay for the best salsa recipe in town. Might you hold the winning recipe?What: Hot Havasu Nights Salsa Competition 2021 Where: Mohave Community College (1977 Acoma Blvd Bldg 600) When: Friday, August 27th, 4 pm to 7 pm Contact: Maria Ayon, Event Coordinator, MCC via emailHot Havasu Nights Salsa Competition 2021Mohave Community College wants to find out who makes the best salsa in town. They plan on bestowing $50 to the winner in each of three different categories: Green Salsa, Red Salsa, and Other. Then, the salsa voted the best overall...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
After a dip in sale prices in June, the median sale price for a Lake Havasu home rose to its highest point ever yet again. Sales dipped slightly from the previous month and inventory levels rose slightly. What else does the Lake Havasu Market Report show happened in July 2021?Lake Havasu Market Report for July 2021July 2021 Home SalesFlex MLS reported a total of 234 properties were sold in Lake Havasu City in July 2021. That marks an 18.7% drop from the 288 sold in July 2020. But it was only slightly less than the 240 sold in June 2021. It is also the second month in a row of year-over-year declines in sales. Even so, property sales still run 16.2% higher than this same time last year.  Pending listings fell by 15.4% (from 266 in July 2020 to 225 in July 2021). Active listings declined ...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
We may be seeing a slight shift in the Lake Havasu housing market occurring right now (although it remains a seller's market for sure). I still highly recommend that buyers start the pre-approval process as soon as they decide that they want to look for a new home. That takes time. Plus, you want the ability to pounce on a property you love as soon as you see it. But you need to include a pre-approval letter with your offer. With low inventory levels and healthy buyer demand, you face some stiff competition. But "low inventory" does not mean "no inventory". So, do not lose hope."Low Inventory" Does Not Mean "No Inventory"It can be easy to feel frustrated in today's market. For months now, inventory struggled to keep up with demand...and failed. While it still remains low, that does not ...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Last week, I discussed that the first thing Havasu home buyers need to do is get their financing in order. All offers must include an approval letter. Otherwise, you may find yourself out of luck for that property you wanted. In the latest Lake Havasu housing market update, we see a shift that both buyers and sellers should pay attention to.Lake Havasu Housing Market Update for Mid-Summer 2021Home BuyersGood news for Havasu home buyers. The past year or so has been rough for you. Low inventory meant fewer homes to choose from. In turn, buyers found themselves competing against several other buyers for each property. Last month, home sales remained almost flat from the previous month while pending sales dropped off slightly. The median sale price fell back below $400,000 (after May's hig...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Are you considering a home purchase this summer? In today's Lake Havasu real estate market, it is more important than ever to get pre-approved for a mortgage loan right away. The days of a pre-qualification letter being enough are gone. In fact, talking to your lender and starting the pre-approval process should be the first thing on your list...even before you start looking at properties.Home Buyers Need to Make Pre-Approval Their #1 PriorityThe Pre-Approval ProcessFirst, let me explain what happens with pre-qualification. A buyer sits down with a lender. The lender asks about their income and employment status. Then, they pull credit scores to make sure they meet at least the minimum standard for a loan. Based on this preliminary information, the lender issues a pre-qualification lett...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Whew! The Lake Havasu Market Report for June 2021 shows some possible relief for home buyers. For the first time since December 2020, the median sale price actually decreased from the previous month. Could that indicate the beginning of a leveling-off in the market? It is too soon to tell. Inventory fell off slightly from May's stats and active listings followed suit. What else happened in the Havasu real estate market last month that buyers need to know about?Lake Havasu Market Report for June 2021June 2021 Home SalesAccording to our local MLS, a total of 240 properties sold in Lake Havasu City in June 2021. That included single-family homes, vacant properties, townhomes, condos, etc. While slightly higher than the total properties sold in May 2021, it marked an 11.4% decrease from the...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Would it really be the 4th of July if we didn't have fireworks over the lake? I don't think so. Luckily, we don't have to worry because the Lake Havasu Fireworks Show 2021 lights up the lake in just 11 days!What: Lake Havasu Fireworks Show 2021 Where: Thompson Bay When: Sunday, July 4th, 9 pm Admission: FreeLake Havasu Fireworks Show 2021Another beloved Havasu tradition continues this 4th of July with a dazzling display of pyrotechnics. Starting at 9 pm, fireworks shoot off from Spectator Point on the Island. Fortunately, the show can be seen from several locations around town. Tune your radio in to KNTR 980 AM when the fireworks start to enjoy a patriotic musical accompaniment. While I understand how much our pets mean to us, please keep them at home. Loud noises and bright flashes ten...
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