Lake Havasu City, AZ Real Estate News

By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
We might officially call our local real estate market "balanced" at this point. Rather than shooting sky high from month to month, sale prices appear to be mellowing out. July 2022's Lake Havasu market report showed a huge increase in active listings from the same time last year. And inventory levels continue to go up. Unfortunately, higher inflation and mortgage rates continue to dominate the headlines (and affect buyers' pocketbooks). So, how exactly did our market fare last month? Read on to find out.Lake Havasu Market Report for July 2022July 2022 Home SalesThe MLS reported a total of 140 properties were sold in Lake Havasu during the month of July 2022. That marked a 42.4% drop from July 2021's total of 243. Total sales also fell by 21% from June 2022's sales figures. In fact, tota...
Comments 2
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
There is always something to do here in Lake Havasu. Boating. Fishing. Offroading. Camping. We also love our poker runs. Whether on land or on water, these events combine our active lifestyles with just a smidge of gambling. And it always benefits a local charity (or two). The Hav-a-Sis organization put together their own version for us called the Twisted Poker Run. And it sounds like lots of fun!What: Twisted Poker Run Where: Starts at Romano's (1519 Queens Bay) When: August 6th, 2023, 1 pm check-in Cost: $5 per person/vehicle Contact: Hav-a-Sis (928) 830-5566 or via emailTwisted Poker RunAll participants in the Twisted Poker Run must check in at Romano's restaurant at 1 pm on Saturday, August 6th. Better yet, come a little early and enjoy a nice meal at Romano's first. Once you check ...
Comments 0
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
You’ve most likely heard the rule that you need to save up for a 20% down payment before you buy a Havasu home. The logic behind saving 20% remains solid. It shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders. With interest rates on the rise, that translates to potentially saving tens of thousands of dollars. But there can actually be financial benefits to putting down a small down payment—as low as 3%—rather than parting with so much cash up front, even if you have the money available. So, how do you decide which down payment strategy works best for you? Weigh the pros and cons before you determine which one to go with.Which Down Payment Strategy is Right for You?ConsThe downsides of a small down p...
Comments 3
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
When you buy a Havasu home, you know that you must pay for your down payment, closing costs, a home inspection, and an appraisal (among other things). But when you sell your home, you just sit back and collect the profits, right? Not quite. It costs money to sell your property, too. To help prepare you for what to expect, I have explained the most common home selling costs below.Home Selling Costs ExplainedMarket PrepWhat do I mean by market prep? Whatever it takes to get your Havasu home ready to list. That includes any necessary repairs, landscaping, paint, flooring, etc. Buyers pay close attention to everything when they tour your home. So make sure you pay attention to the details, too. Leave plumbing and electrical issues to the pros. If you cannot pay for expensive repairs, you mi...
Comments 2
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
It looks like our local housing market has started to move the needle to a more balanced setting. While it still favors the seller, more inventory helped level the playing field a bit, according to the Lake Havasu Market Report for June 2022. I know buyers are going to like the sound of that!Lake Havasu Market Report for June 2022June 2022 Home SalesOur local MLS reported a total of 176 Lake Havasu properties sold in June 2022. That marked a 28.7% decrease from the total sold in June 2021. This also means that sales fell by 12.9% from May 2022's total. Now, normally, we see sales taper off when the weather hits those triple digits. (Who wants to move furniture in 100+ degree weather, right?) But for the last couple of years, we saw sales continue at a higher pace than normal during the ...
Comments 2
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Good news for Havasu home buyers! We've seen a rise in available inventory recently. An increase in inventory helps keep bidding wars at bay...at least for the moment. So, your chances of finding (and buying) a home go up as well. Hunting for a new home online is a great place to start your search. In fact, Statista shows that 95% of all home buyers in the US use their computers to search for homes online. But it should not be your end all be all. Good listing agents are excellent at highlighting the best features of a home. However, you should keep in mind that there may be more than meets the eye. To make the most of your time and efforts and gather a well-rounded picture of home listings, keep the following three things in mind when house hunting online.Top Tips for House Hunting Onl...
Comments 5
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
When purchasing a Lake Havasu home, many buyers opt for a home inspection during escrow. I recommend this even for a new build due to the fact that you never know what may lurk just out of sight. However, a pre-inspection may also benefit a seller. On the flip side, doing so also includes a few drawbacks for the seller as well. So, should you get a home seller pre-inspection performed before you list your property or not? Weigh the pros and cons below before making your decision.Home Seller Pre-InspectionPros of a Pre-InspectionThe positive aspects of a home seller pre-inspection include the fact that it eliminates the element of surprise. Birthday parties? Retirement parties? Baby showers? Surprises work well for those. For a home sale? Not so much. By finding issues before you list yo...
Comments 4
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Our everyday lives can be stressful enough. But when you add buying a home to the mix, our stress levels soar even higher. Before you start looking for a Havasu home, I highly recommend that you talk to your lender to at least begin the pre-approval process. Why? This takes a little while and it allows you to jump in with an offer when you find a home you like. Next to a low credit score, the most common reason a mortgage loan is denied is due to the buyer's debt-to-income ratio. What is this and how does it affect your chances for loan approval?How Debt-to-Income Affects Your Chances for Mortgage ApprovalWhat is Debt-to-Income?Your debt-to-income (DTI) ratio is the total debt you pay out each month compared to the total gross monthly income you receive. Your debt includes payments for ...
Comments 2
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Inflation and the likelihood of a recession hitting us soon has many people concerned. Even with inventory slightly higher and sale prices cooling off slightly, higher prices at the pump and in the stores hit everyone's pocketbooks. In turn, this affected how much home buyers had to work with. The Lake Havasu Market Report for May 2022 reflected this with lower total sales.Lake Havasu Market Report for May 2022May 2022 Home SalesAccording to our local MLS, a total of 202 Lake Havasu properties were sold in May 2022. That marks an 18.9% drop from the 249 sold in May 2021. It also continued the downward month-to-month trend that started in March of this year. Active listings rose from 344 last May to 408 last month. Pending listings dropped by 28.2% (from 248 to 178). New listings experie...
Comments 1
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
"London Bridge is falling down, falling down, falling down. London Bridge is falling down. My fair lady." You probably remember singing this as a kid. But did you know the reason behind this child's nursery rhyme? Or how it connects to our fair city here in America? I thought it might be fun to talk about how Lake Havasu got its start courtesy of one man with a big vision...and an English bridge in the middle of the Arizona desert.How Lake Havasu Got Its StartA Man With a PlanIn 1964, multi-millionaire businessman Robert P McCulloch went looking for a place to test the boat engines his company manufactured. An innovator, inventor, and all-around dreamer, McCulloch (RP to his friends and family) sought a location just across the border from his Palm Springs home. While flying over the de...
Comments 2
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Buyers may find it tough to look for a home in the Lake Havasu real estate market today. The median sale price hit its highest point ever last month. Interest rates continue to march upward (with no sign of slowing down anytime soon). While local inventory levels rose slightly, they still remain incredibly low. All of this sounds like the seller should be sitting in the catbird seat, right? Woah! Cool your jets, people. There are a few words of wisdom you need to hear before your home hits the market.What Home Sellers REALLY Need to Know About Today's MarketRyan Lundquist, an appraiser out of the Bay Area in California, wrote a very honest blog post that I believe all sellers should read right now. And while he may live in California, his words prove just as true for the Havasu real est...
Comments 1
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
If you bought a home, sold a home, or simply like to look at what's out there in general, you probably looked at/heard of the real estate website Zillow at some point. (I highly suggest following Zillow Gone Wild on Instagram, Facebook, or Twitter for some outrageous properties for sale all over the country.) They recently released their April 2022 Home Value and Sales Forecast. In it, Zillow talks about some interesting trends they found throughout the United States. Find out what they were and how they relate to our local real estate market here in Lake Havasu.Real Estate Market Trends for Spring 2022Inventory Levels Went UpZillow found that inventory levels across the United States saw an increase. As you know, Lake Havasu reported its highest inventory levels this year in April. How...
Comments 4
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Inflation and rising home prices hit home buyers' pockets hard, according to the Lake Havasu Market Report for April 2022. Low inventory levels do not help either. As the threat of a possible recession looms, interest rates are on the rise. Even so, this should not stop you from buying a new Havasu home if you really want to. Just make sure that you start the loan process now to lock in your rate before they start to climb again.Lake Havasu Market Report for April 2022April 2022 Home SalesOur local Lake Havasu MLS reported a total of 229 properties sold in April 2022. That was 14.2% lower than the 267 sold in April 2021, which was also the exact same number sold in March 2022. Active listings rose by 6.5% from April 2021 (from 341 to 363). Pending sales dropped 7.2% in the same time per...
Comments 1
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Contrary to popular opinion, Cinco de Mayo is not the celebration of Mexican independence. Instead, it celebrates the anniversary of Mexico's victory over France at the Battle of Puebla. This year, Cinco de Mayo falls on a Thursday. But you can celebrate it here on Saturday (the siete de Mayo) at the Lake Havasu Latin Palooza 2022 in Lake Havasu State Park.What: Lake Havasu Latin Palooza 2022 Where: LHC State Park North Beach When: Saturday, May 7th, 1 pm to 6:30 pm Admission: $20 to $105 Contact: SO AZ Productions via emailLake Havasu Latin Palooza 2022For the very first time, Latin Palooza hits our Havasu shores. Latin comics Julio Gonzalez, Johnny Sanchez, and Jerry Garcia headline the afternoon's entertainment. Latin musicians keep things lively for the crowd in between comic sets. ...
Comments 1
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Moving into a new Lake Havasu home is an exciting time. You’re probably daydreaming about decor, paint schemes, and new furniture. But before you get into the fun stuff, there are some basics you should cover before your actual move-in takes place.Priority Tasks for Your Lake Havasu Home Move-InChange the LocksEven if you’re promised that new locks have been installed in your Havasu home, you can never be too careful. It’s worth the money to have the peace of mind that comes with knowing that no one else has the keys to your home. Changing the locks can be a DIY project or you can call in a locksmith for a little extra money.Steam Clean the CarpetsIt’s good to get a fresh start with your floors before you start decorating. The previous owners may have had pets, young children, or just s...
Comments 1
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Purchasing a Havasu home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don't forget there will be other costs associated with your purchase (more than just the price of the home). Here are five "hidden fees" to keep in mind as you begin to budget.Hidden Fees to Be Aware of When Buying a Lake Havasu PropertyHome InspectionThis is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. According to the Home Blue Contractor Network, you can expect to pay between $240 to $580 depending on the size of your home and its location.Title ServicesTitle services encompass the transfer of the title from the seller and a thorough search of the property’s records. This ...
Comments 1
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Inflation is a hot topic for US economists. This affects the cost of everything from the groceries we buy to our credit card interest. It also affects home prices and interest rates. The March 2022 Lake Havasu Market Report shows sale prices on the rise, inventory levels up slightly, and total sales falling from 12 months ago.Lake Havasu Market Report for March 2022March 2022 Home SalesOur local MLS reported that a total of 267 properties for sale found themselves a buyer in March 2022. That marked a 16.3% decrease from the total sold in March 2021. However, sales rose 25.8% from February 2022's total of 198 properties sold. While active listings rose slightly from the same time last year (from 302 to 308), pending sales fell by 10%. New listings decreased by 6%. Looks like our seller's...
Comments 2
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
We live in a seller's market here in Lake Havasu. And it looks like that will continue for a while. Even with mortgage rates on the rise (and expected to continue to climb for at least the rest of this year), buyers still need homes. If that is you, you might want to consider some of these home buying tips to help you successfully navigate the 2022 market in Lake Havasu City.Home Buying Tips for 2022Get a Pre-Approval Letter FirstI cannot stress this enough. If you only follow one of these home buying tips, make it this one. Get your pre-approval letter first. Before you look at Havasu homes for sale. Before you talk to a REALTOR®. Contact your lender and start the pre-approval process. You will need to submit a pre-approval letter with your offer. Otherwise, the seller may not even con...
Comments 7
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Home staging your Havasu property is all about putting the best foot forward for potential buyers. By highlighting its most desirable features, you can draw more interest to your home and leave a lasting impression that is sure to help you sell it more quickly. Here’s what you should keep in mind as you prepare for your next open house or viewing!Home Staging Strategies for Your Havasu PropertyHelp Buyers Visualize It as Their OwnMake it easier for buyers to imagine themselves making your Havasu house their home by removing personal memorabilia, knick-knacks, and photos. Instead replace them with simple décors, such as paintings, nature images, and plants.Think Sleek Instead of ComfyToday's home buyers are leaning toward modern, crisp, clean interiors over comfy, homey looks. When stagi...
Comments 2
By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
After looking at house after house in Lake Havasu City, you decided to go with a newly constructed home. Congratulations! You will be the first one to ever live in that house. So, you get to make all of the choices in fixtures and finishes. But anything other than what the builder normally installs comes at a cost. And the costs add up really quickly.Pros and Cons of Upgrading With New ConstructionHousing inventory remains extremely low here in Lake Havasu. Therefore, new home construction is on the rise. When builders construct these new homes, they include a basic fixture and finish package with their base price. However, they may allow some upgrades. While going "builder grade" may seem like the thriftier option, it is not always the way to go in the long run. Here are a few tips to ...
Comments 1