It’s Hot, Hot, HOT!!!
and not just the temperature….
According to the local weather reports, Lake Havasu will reach, on average, 115º over the next five days. If you are from anywhere but the Southwest region of the United States, you probably can not fathom that number! If Chicago reached that temperature, there would be hundreds of calls to 911 and, most likely, numerous hospital visits and even deaths. In Havasu however, although not normal for the whole summer, these temperatures do occur on numerous occasions during the months of June through September.
People wonder how (and if) we sell real estate in these conditions. I always come back and ask if they sell in their area when there is snow and ice present. Of course, most, out of necessity, must work in those conditions. This is our job, as REALTORS®! I, too, must work through such extreme temperatures. Havasu has two distinct times of year when we get two separate types of visitors. In November through April we will get what we refer to as “snowbirds” – people getting away from the snow and cold temperatures to enjoy our mild winters and then in May through October we get our visitors, mainly from Southern California, that come to enjoy the lake and the activities involved with it! Therefore I have the opportunity to assist different types of buyers depending on which season we are in. Of course, we do have many, many families that are relocating here, moving up to a larger house, or downsizing after kids may have left.
The temperature isn’t the only thing HOT right now, however. The Lake Havasu Real Estate market is also HOT! As of today, we only have 458 single family homes on the market (from a high of over 1200 a couple of years ago). Of those homes, only 25 (5.5%) are Foreclosures/REO’s (was up to over 20% at one point) and 18 (3.9%) Short Sales. With 100 homes sold in this market in the last 30 days, what does this mean? It means that there are more and more traditional sales going on. This is good for the homeowner who still can sell their home and afford to pay off their mortgage!
With interest rates at an all time low, NOW is the time to BUY! With inventories low and sales high, that could only lead to one thing – RISING PRICES!!!!
The median sales price of a Single Family home in Lake Havasu is currently $162,500 – up over 11% from last year’s median price of $146,200. Wow! So that home that you are looking at right now at $150,000 would be worth $166,500 a year from now if the trend continues. This means you will have less buying power if you wait!
If you want to see what is for sale in ALL of Lake Havasu, please visit my website. You can set up a Listing Alerts so that you can be sent homes that match your criteria and see when new homes are fresh to the market. If you have any questions about what is happening in Real Estate in Lake Havasu, please do not hesitate in contacting me!