Prescott AZ Real Estate Kathleen Yamauchi

20-Year Real Estate Mortgage Rate Chart

2011-05-07T12:45:11Z

How long rates will remain this low is anybody's guess. But this chart demonstrates just how historically low interest rates are. Look at where rates were in the early nineties - then look what happened!

Click here to download 20 year interest rate chart

We hope this chart provides food for thought for anyone wondering if now is a good time to get off the fence regarding a home purchase or refinance.

Arizona Property Tax

2011-03-29T04:54:51Z

Many of our out-of-state buyers have been asking questions about property taxes. Unlike California, for example, Arizona properties are not reassessed upon the transfer of property.

The formula for Yavapai County Property taxes is dependent upon various governmental entities' budget needs. Each of these jurisdictions has taxing authority.

"For example, your property may be located within an incorporated city or town, a school district, a community college district, a fire district, and a special improvement district. All of those jurisdictions have taxing authority."

Budgets are published and budget hearings are open to the public to listen and to voice concerns. The following information is from the Yavapai County Assessor and is a very detailed explanation of how tax assessments are determined: Property Valuation Explained

The Jobs Bill and How It Impacts Arizona Residential Property Tax

2011-03-10T15:08:41Z

The recent passage of Arizona HB2001 known as the "Jobs Bill" was crafted with the intention of making Arizona a more business-friendly state. But buried in the 214 page bill is wording that could mean higher residential property taxes for Arizonans.

Homeowners may be unaware that their residential property taxes are lowered by a payment made from the State General Fund directly to the county in which the property is located. This payment is paid to residential properties in Class Three of the property tax code. Class Three properties include owner occupied primary residences and second/vacation homes. Currently, the rebate happens automatically without the homeowner having to apply for the tax reduction. Each homeowner can locate their home's annual rebate by looking at a past year's property tax bill for the words, "State Aid."

See Full Article

February 2011 Prescott AZ Real Estate Sales Statistics

2011-03-03T15:22:35Z

Prescott sales statistics for February: download PDF

Preparing Your Prescott Home for Professional Real Estate Photography

2011-02-11T03:26:42Z

With over 87% of home buyers citing the internet as being most important in their home search, quality photography has become a key element to making yours stand out—and even sell for a higher price according to this article from The Wall Street Journal. In fact, a good picture can make a difference of thousands of dollars—or whether your home even gets noticed at all. So, what can you do to help ensure the best photos possible?

Presentation, Presentation, Presentation

On top of the usual Saturday-morning vacuuming, dusting, mopping, sweeping and straightening, here are some presentation tips you can do to prepare your home for professional real estate photography:

General

- open all blinds and drapes
- all lights ON and make sure no bulbs are out
- all ceiling fans OFF
- de-personalize by removing family photos
- remove all Kleenex tissue boxes
- hide remote controls
- get windows professionally cleaned

Kitchens

- remove counter clutter like bills, pen jar, phone wires
- remove dishes, soap bottles, rags
- remove everything from the outside surface of the fridge (magnets, clips, notes… everything)
- remove little floor mats
- remove oven handle towels
- remove dog bowl

Bathrooms

- remove all personal items and clutter from countertops
- clean mirrors and shower doors
- remove little floor mats
- remove towels from shower door
- remove trash cans

Exterior

- remove vehicles, trash/recycle cans from front
- straighten, uncover and put cushions on outdoor furniture
- uncover the grill
- open patio umbrellas
- hide garden tools, hoses and childrens’ toys

New Real Estate Sales Tax

2010-10-13T16:58:41Z

I've been receiving a few emails of outrage about the coming sales tax on real estate.

In response to the false statements and misunderstandings regarding this real estate sales tax written into the Obama health care bill, here is an article describing the facts of this tax. While it has no business being in a health care bill, it is considerably less onerous than is being reported.

Enticing Home Buyers Who Are 'Somewhat Interested'

2010-10-07T17:04:20Z

A client of mine asked what I could "do to entice the buyer" whose agents said they were "somewhat interested" which is a box they can check our showing feedback form. Unlike the sales of smaller ticket items, there is little we can do to convince another real estate agent to convince their home buyer to make an offer. "Somewhat interested" seldom translates into action. You might be "somewhat interested" in buying a Mercedes but to move on that interest isn't something the dealer can control other than offering that car at a lower price or throwing in extras.

You could offer that agent a 1% bonus if they sell your home. In my experience such bonuses have not been effective. No one is going to persuade a buyer to buy a home. It's our job to get the buyer into the home. A real estate agent will point out features and get answers to questions. But the buyer, alone, makes their decision.

You may, indeed, be priced fairly. But a severely reduced ticket price on a Mercedes is always more enticing.

'Robo-Signing' Mortgage Scandal

2010-10-07T16:51:35Z

There's been a lot in the news this week about the Robo signing scandal.

Three major lenders, Bank of America, JP Morgan Chase, One West Bank and GMAC, have temporarily suspended foreclosures in 23 states, states where foreclosures require a judicial process. (Arizona, like California, is not among them). These banks have admitted that their employees, due to sheer volume, have routinely sign scads of foreclosure documents without verifying their information. This Forbes report explains further:

New Online Tool For Prescott Area Realtors

2010-10-05T18:07:10Z

A new online tool has been made available to Prescott Area Realtors named RPR for "Realtors Property Resource".

This collection of public records information combines with our local MLS to increase instant data at our finger tips. All this is intended to make the Realtor even more proficient as answers to typical real estate questions will be gathered in one location. Our new system goes live tomorrow.

Real Estate On Hold As Buyers Await Election Outcome

2010-09-24T01:57:37Z

It seems like a good time for a vacation. Not much happening in the real estate market. By and large, real estate is on hold as buyers await the election outcomes.

There is no doubt in my mind that a swing to the conservatives will dislodge the real estate market. It will provide a giant vote of confidence that we have a chance to take our country back from tax-and-spend legislators. 40 days and counting! Prepare to vote anti-Washington!

Prescott Real Estate Market Outlook For Fall

2010-09-15T05:27:30Z

This week I read an interesting article from 'Money Insider' exposing the careless pie-in-the-sky words of many economic commentators. There are too few voices of reason out there. With the number of bank owned properties flooding the market and strategic defaults looming ahead, Michael David White, CEO of The New Mortgage Company, is one voice in the wilderness. To read for yourself go to:

As a small business owner of a heretofore successful real estate company, the tax-and-spend policies of Washington are the iceberg too big to sail around. And while we've done a good job of cutting expenses, throwing non-critical marketing and office space overboard (depriving our vendors and landlord of our previous reliable business) and cutting back on staff, the expiration of the Bush Tax Cuts is the hole in our lifeboat.

The majority of our 2010 sales to date have been cash or very high cash-to-loan transactions, with clients choosing to park their savings in a tangible asset, even one still declining in value. It speaks volumes of an ultimate lack of consumer confidence.

The Fall used to be our best selling season because it's when our little Arizona mountain town is its prettiest and the temperature most comfortable. Based on pending sales, this Fall appears to promise another wait-and-see-what-the-election-brings season. One can only hope for a clear signal to end the hope-and-change redistribution of wealth Washington policies that are taking this nation down.

"Buy land. They're not making any more of the stuff." - Will Rogers

Prescott Arizona Named Among Best Places To Retire

2010-09-15T05:11:40Z

For the umpteenth time Prescott, AZ has been named among the best places to retire!

This time we’ve been ranked #4 by CNN Money. The Kathleen Yamauchi Group happens to be linked to CNN Money and requests for more information have already started rolling in. I can’t think of a year since I started selling real estate in Prescott (1991) that we have not made someone’s top ten list. It’s not hard to understand. A state that offers reasonable income tax rates with a city that offers four mild seasons, plenty of beautiful scenery and lots to do is not that easy to find. After all, our nickname is “Everybody’s Hometown”.

Frequently Asked Questions, Part III: Buyers

2010-08-13T22:40:54Z

What is a Buyer Broker Agreement and why should I sign one?

A Buyer Broker Agreement is a contractual agreement between a buyer and real estate agent that precisely outlines responsibilities, representation, and compensation.

By default, all real estate agents work for the seller (even if the agents and sellers have never met before), and have a legal obligation to protect the interests of those sellers. As such, the seller agents can provide information about particular properties to buyers, but their primary loyalty is to the sellers of the properties. A seller agent, cannot do anything that would be in the interests of the buyer rather than the seller.

A Buyer Broker Agreement establishes that the real estate agent works for the Buyer exclusively and owes loyalty, honesty and fiduciary duties to the buyer alone. By signing a Buyer Broker Agreement, you allow your real estate agent to completely represent your interests. They can also talk to you about real estate in general (including providing information about potential market downturns and risks), provide honest opinions and analyses about the relative values of properties, expose you to properties other than those listed by other real estate agents (including showing properties For Sale By Owner), negotiate offers on your behalf and in general, represent your interests to the exclusion of the interests of the seller.

Can you show me any home or just ones listed by your company?

We are not limited to showing you only the homes we have for sale. We can show you any home listed in the Multiple Listing Service, as well as newly constructed homes in a new home subdivision, and For Sale by Owner properties.

What is earnest money and how much do I need to put down?

Earnest money is the deposit you make on a home when you submit an offer. The Earnest money proves to the seller that you are serious about wanting to buy the house. When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment, closing costs, or other agreed upon expense specified in the purchase contract. If your offer is not accepted, your money will be returned to you.

The amount of your earnest money varies and is negotiable between parties; however, an industry standard is anywhere between 1% - 2% of the purchase price.

Should I get prequalified before looking at property?

Yes. It is to your advantage to pre-qualify for a mortgage. The following is a list of benefits of prequalification:

Prequalifying for a given loan amount allows you to comfortably shop for a home within your price range.
Prequalfying can speed the process of obtaining a mortgage once a house of your liking has been identified.
Prequalifiying gives you an advantage with the agent and sellers to whom you submit an offer, demonstrating to them you are a determined and qualified buyer. This is especially important in a fast-paced market, where competition for a limited number of homes exists.
Prior credit approvals can expedite the closing of your loan. Proof of prequalificaiton is required with the submission of the Arizona Residential Purchase Contract (your offer).

What is the difference between prequalification and preapproval?

Prequalification is a quick, simple process that is done either over the phone or at your initial meeting with the loan officer. Prequalification is based on housing and debt ratios, and will give you an idea of how much house you can afford, as well as options for loan programs.

A preapproval requires more detailed documentation of the information necessary to complete your loan. The loan documents will be processed, with information obtained from you and outside sources and then submitted to underwriting, where all the documentation will be reviewed. The underwriter will do one of three things: approve, reject, or approve with conditions. If the Underwriter issues an approval of your loan with additional conditions to be met, it is considered approved; however, the outstanding conditions will need to be satisfied before your loan is considered fully approved. Once the process is complete, you will be given a preapproval letter stating the lender is willing to give you a loan. This letter is typically valid for 60 days.

What information will I need to apply for a loan?

Some general information that is typically required includes:

The names and social security numbers of the borrower and co-borrower(s).
Where you have lived for the past two years. If you were renting, the landlord's name, address, and phone number.
Your most recent two-year employment history, including income.
W-2 tax forms for the past 2 years.
A listing of all creditors, including account balances.
Information about all bank and investment accounts, including balances.
The value of any other assets you might own, including other real estate.
Bank statements for the past three months.
Gift letter statement. If you have received any money from friends or relatives which will be used towards the purchase of the home.
Most recent pay stubs. (Usually the last 30 days.
Any supporting documents proving claims of additional or supplemental income for sources like: social security, pension, stock dividends interest and such.
If self-employed, additional tax forms and financial statements regarding both you and your company may be requested.
If recently divorced you will need to provide a copy of the divorce decree as well as proof regarding any claims of receiving alimony or child support.

There may be other information as well.

Frequently Asked Questions, Part II: Sellers

2010-08-13T22:35:58Z

Will it cost me more because of the level of service you provide?

No, you get all of the exclusive real estate services we provide, plus a fully trained team of real estate professionals for the same price as hiring a single agent and another brokerage.

If a person shows up to my house wanting a tour, should I let them in?

No, never let anyone into your home unannounced. REALTORS® follow a set protocol for making appointments to see your home and serious clients will contact a REALTOR®. Be leery of the person who knocks on the door, expecting to be let into your home. If this ever should occur, have the people wait outside while you contact us.

Should my listing agent be showing my home?

Many homeowners use this as a barometer to judge whether an agent is doing a good job; however, a listing agent's job is not to bring a buyer to your home, but to market your home to other real estate agents and their prospective buyers. With over 1,000 real estate agents in the Prescott Tri-City area, the likelihood is that someone other than your listing agent, or even the listing agent's firm, will sell your home. Although, the Kathleen Yamauchi Group sells a high percentage of our own listings, it is possible we might go through the entire listing period without having the right buyer for your home. We will show your home as often as we have a qualified buyer, we will not however show your home to just anyone to make you think we have a buyer.

How does a lockbox work?

A lockbox is a hollow metal box that attaches to the front doorknob or some secure place nearby. Inside the hollow area is another matchbox-sized box that contains a key to the house. When an agent opens the lockbox, that smaller container slides out, revealing the key.

The lockboxes have a tiny microprocessor inside and can only be opened with an electronic key, which is only available to members of the local Prescott Az MLS. All of the keys have a unique identifier, so when someone opens the box, the microprocessors inside "registers" the agent who opened it. In addition to the agent's name, the date and time of access are also identified. Once the lockbox has been accessed, the information is stored in the electronic key and sent automatically to the local MLS Association that evening.

Do I have to have a lockbox on my house?

The main purpose of a lockbox is to facilitate the sale of a home. Without it, buying or selling a home would be much more difficult. A lockbox provides convenience to the seller, buyer, and real estate agents. Without the lockbox the seller would have to be present for all showings, leave the door unlocked, or coordinate getting a key to each and every buyer's agent who wanted to show clients the home. Since it would be near impossible, not to mention extremely inconvenient to do any of the above, a lockbox is a good, convenient solution to accessing your home.

Do you only accept "high-end" listings?

No. We are often perceived as a "high-end" brokerage because of the level of real estate marketing we provide; however, we work with clients at every range of the home scale, from 600 square foot, $100,000 bungalows to expansive, multi-million dollar estates. Browse our current homes for sale.

Can I turn the utilities off once the home sells?

No, the utilities must remain on the entire listing and escrow period due to showings, inspections, and the final walk-through.

What is the listing price you recommend based on?

The listing price your real estate agent recommends is based on a careful analysis of the market, sold homes that are comparable to your home (known as comparables or comps), location, and your homes distinguishing features.

How much will it cost to sell my home?

Since many of the fees associated with selling a home in Prescott is based on the purchase price, a definitive answer is hard to come by; however, the following items are a general list of expenses a seller can expect to pay. (Note: some items are negotiable between the buyer and seller, if written into the purchase contract.)

Home inspection
Pest inspection
One half of the escrow fees (split with the buyer)
Recording fees (split with the buyer)
Payoff of Seller mortgage
HOA transfer fee
Assessments
Real estate commission
Title insurance
Septic inspection
Survey, well inspection, home warranty (negotiable with buyer)

Should I leave when my home is being shown?

It is always best to leave when your home is shown. With you there, potential buyers may feel like intruders and will hurry through the house. With you gone, buyers will be free to envision your home as their own or talk openly about the features of your home they like or dislike.

If you must be in the house during a showing, be courteous but don't force conversation with the potential buyer. Do not volunteer information about your home. What seems like an advantage to you, may be a disadvantage to the buyer. Let the prospective buyer's agent, who knows his/her client's likes/dislikes point out the features of your home and answer their client's questions.

What are comparables or comps?

Comparables, or comps for short, are recently sold properties that are similar in size, age, location, and amenities to the subject property. Comparables are used by appraisers and real estate agents to determine fair market value of a property.

Frequently Asked Questions, Part I: General

2010-08-13T22:27:49Z

How do you charge for your services?

The seller is responsible for paying the commission. The compensation is typically divided between the broker listing the property for the seller and the broker representing the buyer.

Can you help me find a realtor in another location?

Yes, we can find you a REALTOR® anywhere.

Do I need an attorney to sell my home?

No, Article 26 of the Arizona Constitution specifically grants real estate agents the legal authority to fill out and complete any and all documentation pertaining to real estate transactions. Real estate agents are recognized by the State of Arizona as an "Attorney in Fact" in matters pertaining to real estate. As an added measure of protection, the language in the Arizona Association of Realtor's documents and forms has been constructed by attorneys to ensure they comply with strict legal and ethical standards.

What is dual agency?

Dual agency occurs when a real estate broker represents both the buyer and seller in the same transaction. Dual agency is legal in Arizona, provided it is fully disclosed and consented to by all parties. If you find yourself involved in a dual agency relationship, before receiving an offer both you and the other party will be asked to consent in writing to this new limited agency relationship.

Since the broker has promised a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it is necessary to limit these duties in this situation, if both parties consent. This relationship involves the following limitations:

The Agent will deal with the Buyer and the Seller impartially.
The Agent will have a duty of disclosure to both the Buyer and the Seller

However, there are a few exceptions:

The Agent will not disclose that the Buyer is willing to pay a price or agree to terms other than those contained in the Offer, or that the Seller is willing to accept a price or terms other than those contained in the Listing.
The Agent will not disclose the motivation of the Buyer or the Seller to sell unless authorized by the Buyer or the Seller.
The Agent will not disclose personal information about either the Buyer or the Seller unless authorized in writing.
The Agent will disclose to the Buyer the defects about the physical condition of the Property known to the Agent.

What is the MLS System?

MLS stands for Multiple Listing Service. It is a dynamic and comprehensive listing service for relaying property information to REALTORS®. The MLS system allows a listing agent to market your property to potentially thousands of other subscriber REALTORS®, expanding the marketing of your home well beyond the realm of local buyers.

Buyer's agents almost exclusively utilize the MLS service to access information about the location, price, size, number of bedrooms, architectural style, and special features of your home for their clients. In addition the MLS includes helpful information on available financing, taxes, showing times, and specific closing requirements.

What does FSBO mean?

FSBO (pronounced "fisbo") is an acronym meaning, For Sale By Owner.

What are discount points?

Discount points are paid by the borrower to a lender to reduce the interest rate of a loan. One discount point is equal to one percent of the purchase price.

What is an escrow officer?

An escrow officer is a neutral, third party responsible for overseeing the paperwork and transfer of ownership of property. The escrow officer, who is employed by a title company, performs the title searches, prepares final paperwork, witnesses the document signing, and ensures that the real estate transaction is executed properly and legally.

What is the difference between an agent and a broker?

The difference between a real estate agent and a real estate broker lies in the amount ofeducation and experience each has. While both agent and broker may list and sell real estate, the broker has additional administrative responsibilities.

A real estate agent is tested and licensed by the state, is considered an independent contractor, and must work under a licensed broker.

A real estate broker is required to have additional education and experience, is authorized to operate a private real estate firm, and supervises the transactions conducted by the salespeople, to ensure the ethical and legal standards established by the Arizona Association of REALTORS® are upheld.

What is a short sale?

A short sale is the process whereby homeowners who are in default on their mortgage, come to an agreement with the lender to sell the property for less than the balance owed on the mortgage.

New Real Estate Market Reality

2010-05-25T00:50:27Z

Today's Seller is much more aware of real estate market conditions than Sellers of the past. Unless you live in a cave, it's impossible not to know that property values have declined significantly and the future is uncertain. I am asked daily to gaze into my crystal ball and "see" when we can expect a turn around.

My answer is this: markets like ours in Prescott Arizona that saw massive increases in values over the first half of the decade, were fueled by the frenzy of speculators, investors and irresponsible lending. We've seen a decline of 40-50% in property values, fed by short sales, foreclosures and repos. We are at least close to values bottoming out, but any appreciation is likely to be slow and cautious. It could take a decade or two to rise to the values of 2005-2006. Facing this new reality is the challenge.

Banks Are Responding Quicker To Short Sales

2010-05-24T01:01:36Z

The Short Sale transaction process has taken a turn for the better. A process that once took as long as six to ten months is now whittled down to as many weeks. Banks are realizing the importance of responding more quickly to submitted offers, and they have increased their staffs to meet the rising demand of distressed home owners who owe more than their homes can fetch in today's market.

I recently opened two Short Sale escrows and both banks, National and Chase, ordered and had appraisers in the homes within ten days. Each promised to respond to the offers within ten days of receiving these appraisals. It should make the Short Sale process much less of a nightmare for folks already stressed by economic conditions.

The Reality Of 2010 Real Estate In Arizona

2010-01-20T02:31:51Z

I spoke with a homeowner the other day. In response to my recommended price for selling his home in today's market, he said he thought he'd just wait for the market to come back.

He wasn't in any hurry. So you don't really want to move to be near your children I asked. How long are you willing to wait? We are selling at 2002-2003 prices. It will be years before we see the peak prices we hit in 2005 which followed a couple of years of 20-30% increases. I'm guesstimating 5-7 years if things go well economically. Well, he says, my grandchildren will be grown by then. I guess I don't want to wait that long. This is the reality of 2010 real estate in Arizona.

Should You Remove Your Home From The Market For The Holidays?

2009-12-29T01:04:05Z

I addressed this same issue earlier in the month, but I still get numerous calls from Sellers wondering if they should remove their home from the market for the holidays. One couple I convince to reactivate their listing after they'd taken it "off for the winter", is especially happy – they received a good cash offer closing in 2 weeks.

The important thing to remember about "off-season" sales is this: if a buyer is looking in the cold and rain or snow, they are most likely serious buyers. The fair-weather browser won't be scheduling an appointment to look at your home. It's fair to guess that the winter buyer will be more interested in the home itself, the roaring fire and the apple pie in the oven than the view from the deck, so lay a fire on the hearth and have an "apple pie" candle ready for that call to show your home.

Busiest Christmas Sales Season In My 19 Years In Real Estate

2009-12-19T01:42:04Z

Warren Buffet recently said "Buy something that can't be moved to China or India – buy quality and hold for the long term". There may never be a better time to buy real estate in Prescott, Arizona.

That probably explains the heavy shift from financed to cash transactions. Where else can you put your money and know a year from now you'll still have something to show for it? Whatever the reason, this has been the busiest Christmas sales season in my 19 years in real estate with sales prices ranging from the mid $200,000s to the mid $700,000s and several million dollar clients zeroing in on their purchases. There are still plenty of great deals to be had in this buyer's market and the good news is that not all good deals are bank owned. Savvy Sellers are pricing their homes within range of the bank competition and are attracting ready, willing and able buyers.

Many Want To Take Their Home Off The Market For The Holidays

2009-12-16T01:44:29Z

Many of my Sellers want to take their homes off the market for the holidays. "No one is shopping for a home at this time of year," they say.

Well, maybe. But why take it off? If there is anyone shopping at this time of year when most of us want to sit back and enjoy the Christmas season, you can believe they are serious buyers. I have sold a few homes the week between Christmas and New Years and in this tough market you don't want to be missing out on any opportunity. Who knows? The buyer may be feeling more generous and appreciative of holiday decorated home. After all, as Arizona's Christmas city, Prescott is so appealing this time of year.

Tax Credit Extension

2009-11-10T02:12:03Z

Much anticipated, the news for the housing market came Friday when President Obama signed the extension of tax credits for home buyers and broadening their application.

The tax credits apply to contracts signed no later than April 20th, 2010 that close by June 30th, 2010. To qualify the borrower must have a yearly income of $125,000 or less for individuals and up to $225,000 for couples. Tax credits of up to $8,000 are offered to first time home buyers and now there is a $6500 tax credit for buyers who have owned their current home - valued at less than $800,000 - for at least five of the last eight years. Check out the Federal Housing Tax Credit website for more information.

Luxury Home Sales And Marketing Seminar 2009

2009-11-04T02:17:10Z

Last Friday I had the privilege of sitting on a panel for the Luxury Home Sales and Marketing Seminar offered by the Arizona School of Real Estate and Business. The opening comments from a luxury home sales real estate agent set the pace of what proved to be an encouraging and inspiring event. My fellow panelists represented the state of Arizona from Tucson to the West Valley, from the Superstitions to Sedona. Their answers to the moderator's questions regarding present market conditions were varied but on one subject we all agreed.

The doldrums of 2008 are behind us. And while our clients may have lost a significant portion of their wealth they have a great opportunity to invest in today's buyer's market, choosing from a good selection of inventory. Most also agreed, the luxury market, which at its robust best started at $1,000,000, is now perceived to start between $500,000 and $800,000.

REOs and short sales are almost as plentiful at the top of the market as they are at the low end and the last few months have seen buyers are finally stepping back into the market to take advantage of drastically reduced prices. A sales trainer from Toll Brothers (luxury production builders) admitted that in at least one case her company has “incubated” an entire development, literally pulling completed new homes off the market in the hope that waiting it out will improve their chances for higher prices. They may have a long wait. The short sale market that is their competition is forcast to grow in inventory as more and more lenders are deciding the short sale is a better option than a foreclosure. There really may be no better time for a buyer to buy.

October Has Been Our Best Month Of The Year So Far

2009-10-30T02:21:02Z

The Prescott Real Estate Market is slowing down as we approach November and have just had our first snow flurries.

I've always said we our market is more a reflection of the weather than interest rates or seasons. It seems colder a bit sooner than normal for us but we still have active buyers looking for that perfect home or deal. Overall, reported sales mark October as our best month of the year.

10 Steps To Sell Your Home Fast In Today's Prescott Az Real Estate Market

2009-10-30T02:21:02Z

Thinking of selling your home in Prescott? What can you do to make your Prescott home say "Buy Me". Here are my top 10 steps to sell your home fast in today's Prescott Arizona real estate market.

#1 Decide to move.

If you "don't have to sell" this isn't the time to try. A seller who isn't truly motivated to sell does not belong in this market. To an experienced Realtor, the words "we're not in any hurry" translates to: ‘they want too much for their home in this market and they want me to market their home with my time and money on the chance there is some buyer out there who will fall in love with their home and not mind overpaying. Time for a reality check.

#2 Hire an experienced Realtor.

Many Realtors have found creative ways to make you feel like they are marketing your home. Find out what the marketing plan actually consists of. What can you expect in the way of advertising and web presence. Look at their website as if you were a buyer. Is it easy to navigate? Do the listings show well? Good quality photography is critical.

#3 Price your home to sell.

That might sound obvious but it is surprising how many homes languish in a down market because of wrong pricing. Price your home just under market value. This will make your home stand out and bring a quicker sale with less negotiating on your price. Failure to appraise has become a major stumbling block to sales in this current market environment of declining values.

#4 Review a blank purchase offer.

Knowing your standard costs and obligations, which vary by area, will prepare you to deal with a real offer. There's a lot of emotion in selling a home and being prepared with what to expect will help you keep a cool head when negotiating.

#5 Pre-inspect.

Don't wait for the buyer to perform a home inspection. Being proactive and taking care of the items that would show up on an inspection report ahead of time will attract a ready buyer.

#6 Prepare your property.

Think like a buyer starting at the curb and take a walk through your property with a notebook and pen. Pay special attention to the front door. This is where a buyer will be spending their first moments, waiting for their agent to open the key safe and open the door. Sellers usually go in and out of their home through the garage and are often unaware of the spider webs on the entry lights or leaves blown into the entry. Walk through every room noting the things you would want cleaned or changed if you were the buyer. If you've grown too used to your home to be objective, ask your Realtor to help you. Refer to Lights-Camera-Action(which I will create Jacob), a Seller's checklist for suggestions to get your home ready for sale.

#7 Stage It.

If you are not a gifted decorator or tend toward clutter, consider having your home staged by a professional. There's a real art to staging a home which is why model homes look oh-so-appealing. Pricing varies for this service, usually per square foot. Some stagers will charge a set fee to assess your home and provide you with a complete list of things for you to do yourself to show off your home to its best advantage. Check out www.RedoRenew.com for staging services in the Prescott area.

#8 Agree to a yard sign.

Sellers sometimes object to a yard sign because they are reluctant to let their neighbors know what they're doing. If the neighbors are interested, they're going to find out. That neighbor may just have a friend or relative thinking of moving into the area. Buyers often drive around on their own and are interested enough to call us from the sign. You want to take advantage of every possible exposure.

#9 Agree to a lockbox.

It will increase your showings. Make it as convenient as possible for an agent to show your home. "But, I'm always home." I hear. You shouldn't be. It's important that you leave when a buyer is looking at your home. It's sort of like looking for a car on a car lot with a salesman following you around. As long as you are in the home, the buyer will see it as your home instead of letting themselves 'try it on for size'. If you're concerned about someone popping in on you, consider a 'loose lockbox'. You just have to remember to put it outside every time you leave your home.

#10 Always be ready to show.

Never say no to a showing. Open the blinds, turn on the lights, set the temperature (vacant houses should be set no lower than 60 degrees in the winter and no higher than 78 in the summer), light a candle (apple or cinnamon scents are a good choice), gather the family and pets and leave the home. I understand, "it's not convenient". But it is necessary.

If you follow every step, congratulate yourself. You are doing everything you can to sell your home.