Yuma home sales on the rise contradicting national slowdown
Home sales are on the rise in Yuma county, contradicting the national dip that the real estate industry is experiencing according to The Yuma Association of Realtors.
The Yuma Association of Realtors said Wednesday that sales of new and previously owned homes have increased this past month in comparison to last year’s in January. The National Association of Realtors said January’s drop was the largest year-over-year decline for the U.S. sales of existing homes since 2014.
According to the National Trade Association real estate agents are hearing and seeing more interested buyers, but that traffic is not reflecting in sales.
“I don’t see that in Yuma, our housing starts in January 2018 are slightly off from 2017 but I’m only talking one or two houses overall for the month of January in single family homes, in new construction the builders are seeing an upswing, they are not seeing a decline in buyers in our market,” said Diana Bingham, President of the Yuma Association of Realtors.
There is a demand for more homes in Yuma county, that’s because the economy is good here.
“We’re fortunate that Yuma is affordable, our economy is good , new construction in south county in San Luis has taken off tremendously,” according to Diana Bingham, President of the Yuma Association of Realtors.
A single family home ranges anywhere from $150,000 to $180,000 in Yuma county, sometimes even less.
According to the Yuma Association of Realtors there is currently at least 1600 homes on the market for buyers.
But Bingham agrees that, “if you have home listed for $100,000 or $175,000 you’re most likely going to sell it quickly because there is demand in that price range for buyers.
And winter visitors purchasing homes help boost Yuma’s economy.
According to Bingham there is currently more buyers on the market than property owners selling properties.
“The lack of available homes is what is driving the multiple offers on affordable homes, so as soon as the home comes on the market you may have multiple people look at it and multiple offers,” said Bingham.
This is what makes the market so competitive now a days. Interest rates are also slowly creeping up, but according to Bingham this doesn’t stop people from purchasing property here. Mortgage lenders are seeing an increase of new mortgage loan applicants as well.
