Show your patriotic flair at Lake Havasu’s Fall Fun Fair

Donna Ball, Always on the Ball with your Lake Havasu real estate needs

October 10th
10am – Karnival for Kids at London Bridge Beach
7pm – Happy Birthday Havasu at Speedway 95

October 11th
3:30pm – Shakespeare in the Park at Rotary Park

October 14th
6pm – Youth Talent Show at the Aquatic Center

October 16th
7pm – Marine Corps Band Concert at Rotary Park

October 17th
7am – Boy Scouts Pancake Breakfast at Pima Wash
9am – Daytona Fun Run on Main Street
10am – 34th Annual London Bridge Days Parade on Main Street
12pm – Soap Box Derby on Main Street
3pm – Fall Fun Fair at Rotary Park
7pm – KJJJ Concert at London Bridge Beach

October 18th
10am – Lions Club BBQ at London Bridge Beach
6pm – Praise Gathering under the Bridge

October 20th
7pm – Taste of Havasu at London Bridge Plaza

To get more information about specific events, please visit Lake Havasu City Main Street’s website.  I hope to see you celebrating both the Lake Havasu of old and the Lake Havasu of today.

Donna Ball, Always on the Ball with Lake Havasu real estate

Lake Havasu residents

Donna Ball, Always “On the Ball” with Lake Havasu real estate

Donna Ball, Always on the Ball with Lake Havasu Real Estate

*****All funds raised by the Fire Truck Tug will be donated to the Special Olympics*****

Competition forms can be found at the Aquatic/Community Center.  Registration must be notarized in order to participate.  For more information about the event or participation, call Janice Brown at 453-8686.  I hope to see you there!

Donna Ball, Always on the Ball with your Lake Havasu real estate needs 

Time is running our for Lake Havasu first-time home buyers

Don’t Wait or You May Lose Out

At this time, there is no extension to the tax credit, even if you are in escrow.  Sometimes, delays occur and escrow extends the expected timeline.  Loan processing may take a little longer than is expected or there may be some issue that would come up in escrow that would take time to resolve.  No matter what the reason for the delay, you will lose the tax credit if escrow does not close on or before November 30.  So, opening escow as soon as possible is critical.

Tax Credit Advantages

    * Dollar-for-dollar credit – the credit is deducted from the money you owe the IRS; any balance is refunded to you.
    * The money is free – there is no pay back required, ever.
    * In some cases, the tax credit can be applied towards your down payment or closing costs; any remaining funds will be credited to you.

Who is a First Time Home Buyer?

    * Anyone who has not owned a home within the past three years.

How Much is the Tax Credit?

    * 10% of the purchase price up to $8,000.

Income Limits

    * $75,000 for singles.
    * $150,000 for married couples filing a joint return.
    * The tax credit is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 (single) or $150,000 (married, filing a jointly).
    * There is a phase out tax credit for those earning more than the income limit – contact a qualified tax professional to see if you qualify.
    * Partial credits are available for some home buyers whose MAGI exceeds the phaseout limits – contact a qualified tax professional to see if you qualify.

Restrictions

    * The home purchased must be your principal residence.
    * You must live in the home for three (3) years – if you change residences before that time, you must repay the credit.

There has been much talk of extending or expanding the tax credit.  But, as it stands for now, the opportunity to take advantage of the tax credit will soon go away.  Remember, you must close escrow on or before November 30.  The contract date will not matter.  It is the closing date (the date you officially become the owner) that will determine your eligibility for the First-Time Buyers Tax Credit.

Donna Ball, Always on the Ball with Lake Havasu City real estate

The new aluminum docks were delivered near the Triple Axle parking lot on August 3rd.  The Lake Havasu City Marine Association hopes to have them all in place by Labor Day.  The planned work schedule is posted at the beach entrance.  Other planned renovations include new sidewalks and asphalt repair at the north ramp.

The Lake Havasu City Marine Association began raising funds last year to replace the existing floating docks at Windsor Beach.  Due to their efforts, the federal funds (not part of the stimulus package), grants and private donations have made the planned renovation possible.  According to Ron Christofferson of the Arizona Game and Fish Department, ”This is the first private and government partnership that I know of in the state to get docks installed like this.”

The Lake Havasu City Marine Association is still looking for volunteers to help with the dock placement and other renovations.  If you are interested in helping out, call Les John at 928-854-2590.

Thank you to the Lake Havasu City Marine Association and to all that have contributed to keeping Windsor Beach beautiful.

Learn more about the Lake Havasu City Marine Association at their website.
Read this pdf file to learn more about Lake Havasu State Park and Cattail Cove State Park.

Donna Ball, Always on the Ball for your Lake Havasu real estate needs

IQ Academy is a fully accredited school for grades K-12 which brings education into a student’s home via the internet.  The virtual classroom is structured and yet adaptable to each student’s particular needs and schedules. Like regular school, tests are given and passing or failing classes is determined by taking them.  Students who consistently do well, gathering enough points through the semester, are going to be prepared for their tests.  This is why attendance is critical.  Students interact with other students who are not only in Lake Havasu and the state of Arizona, but with other virtual students and teachers across the nation.

Lake Havasu students enrolled in IQ Academy will receive their diploma from Lake Havasu High School upon graduation.

Parents interested in learning more can go to the IQ Academy website or attend an open house online or offline.  In addition, you can talk to a live person to answer questions or concerns you may have.

Contact and Open House Info for IQ Academy:
Website: http://www.iqacademyaz.com/
Phone: (866) 602-4729.

Open House schedule at other sites and dates or to attend a virtual open house

Donna Ball – Always on the Ball with your Lake Havsau real estate needs

June Reports:

Closed Escrows: 150
Total Sales Volume: $25,786,988

Total number of homes which have sold this year is 797.  That is 143 homes more than last year at this time.  The total sales volume for the month of June was also improved by over $250,000 from June 2008.

Foreclosures are still impacting our market, but it does seem to be stabilizing.  The recovery will be slow in the months ahead.  We will probably not return to normal market conditions for a year or two.  However, home values are expected increase next year.

Many home buyers have been waiting for the bottom to of the real estate market to be reached.  Reports nationally indicate that many markets have reached bottom, with prices now on an upward trend and inventories decreasing. 

Phoenix area sales up 56% (DataQuick)
Phoenix ares sales prices up 3.5% (DataQuick)
Sales prices up nationally in key areas (Stand and Poors)
Sales activity up for four consecutive months (National Association of Realtors)
Sales activity up in Orlando by an amazing 206% (RealtyTimes.com)
Sales activity up in Riverside-San Bernardino 56% (RealtyTimes.com)

I am by no means trying to paint a rosy picture or stating that all is well and good.  I am letting you know that the indicators are that the real estate market has begun to turn around and the real estate market is changing.

The number of foreclosures due to toxic loans are decreasing steadily and will continue to do so.  However, foreclosures will remain a problem, continuing to impact impact home values for a while longer.

The availabilty of mortgage loans will also impact the market.  Credit is still tight.  Buyers must demonstrate a strong credit worthiness and underwriters are still combing through loan applications with a fine tooth comb.  Speaking of mortgages; interest rates have dropped.  The current interest rate is just a little over 5%.

Take advantage of today’s market because it will not last forever and will eventually move back into the seller’s favor.

Reasons to buy today:

Affordable pricing (median sales price: $148,750; foreclosed home median sale price: $137,000)
Low interest rates
First-time Buyers Tax Credit
New homeowner tax deductions
Homeowner tax deductions
Make Your Way Home, AZ

Donna Ball, Always “On the Ball” with Lake Havasu Real Estate

June Foreclosure Median Sales Prices (single-family residence):

    * Lake Havasu City: $137,000
    * Bullhead City: $107,000
    * Kingman: $88,500

Arizonians who want to take advantage of today’s affordable prices and the foreclosure market now have a new option available to them: Your Way Home, AZ.

A quote from The Arizona Department of Housing:
“Because access to homeownership is fundamental to Arizona’s way of life, Your Way Home AZ is a financing tool that will make it easier for eligible, credit-worthy homebuyers to obtain mortgages.  Funding is made available through the U.S. Housing and Urban Development Neighborhood Stabilization Program (NSP).  The state of Arizona and nine other counties and communities received more than $121 million to help stabilize our hardest hit neighborhoods through a variety of efforts”.

Your Way Home AZ is a down payment assistance program.  The program offers homebuyers an interest-free loan which is forgiveable if the buyer remains in the home for 5 -15 years.  The time requirement is based on the amount of the loan.  Qualifying for a home loan is now easier with the Your Way Home AZ program and your mortgage payments will be more affordable.

Your Way Home AZ Highlights:

    * Down payment assistance of up to 22% of the purchase price.
    * 0% Interest.
    * A “silent” second mortage – No monthly payments.
    * Forgiveable loan – No repayment required (after time requirement elapses).
    * If home sells before time requirement is satisfied, only the loan amount must be repaid (interest-free).
    * Home must be a single-family foreclosed property.
    * The mortgage lender must be an approved lender.
    * Income restriction – buyer’s income cannot exceed 120% of the average income for Mohave County.
    * First loan qualification is not impacted because the loan is a “silent second” mortgage.
    * Buyer must attend a home buyer seminar.

Forgiveable Down Payment Loan and Time Requirements:

    * 5 years for assistance of $15,000 or less
    * 10 years for assistance of $15,001 – $40,000
    * 15 years for assistance of more than $40,000

Your Way Home AZ truly makes homeownership affordable.  Based on a sales price of $137,00, the median for forclosed properties in Lake Havasu City, you loan amount could be as low as $106,860.  Your house payment would only be approximately $624 (principal and interest only).  Wow!  That is cheaper than rent.

Now is the time to buy a home in Lake Havasu City:

    * First-time home buyers can still qualify for the First-time Home Buyer Tax Credit.
    * Home buyers qualify for closing costs tax deductions.
    * Home buyers qualify for mortgage tax deduction every year.
    * Interest rates have dropped.

Not all counties or cities in Arizona qualify for the Your Way Home Program. The program does vary from one qualifing area to another. Call your real estate agent or lender for details. By the way, if you are already working with a lender, who is not on the approved list, don’t change lenders. The Arizona Department of Housing, which adminsters the program, is willing to work with lenders, who are not on the approved list.

    * Approved Lenders
    * Income Eligiblity
    * Your Way Home Az Website

Donna Ball, Always on the Ball with Lake Havasu City real estate