Pam's Prescott Blog

Happy New Year, Everyone!

We are really off with a bang this year!  There has been A LOT of buyer activity in the first two weeks of this year, and prices are really coming down.  Buyers, now is the time to take action!  With rates as low as 4.5% and sellers getting more realistic about price, now is a fantastic time to jump into the market.

Last year in Prescott, prices dropped 17% overall from one year ago.  Prices are still falling, with more and more cuts everyday.  But what I'm seeing is that well-priced homes are flying off the shelves, so to speak.

Some Examples:

Over the New Year's holiday, one of our Realty Executives agents dropped the price on a nice, older Prescott home from $260,000 to $199,900.  The house was bombarded with buyers over that weekend, and when she came back to work Monday morning, there were two offers on her desk.  The sellers took the offer that was for cash.

One day last week, I noticed that in the "closed" entries of the daily hot sheet, seven homes had closed that day.  But what was remarkable was that on average, the sellers had accepted a 20% reduction from the list price to the sales price.  Wow!

In the Viewpoint in Prescott Valley, a popular subdivision with newer affordable homes, we've seen almost 10 homes go into escrow since the first of the year, almost one home sold each day.

I'd say things are picking up around here!