Tuesday, August 08, 2006

Locally, are we overpriced??

This article on CNN says that we are located in between two overpriced large markets (Phoenix and Las Vegas). Where does that leave us here in Mohave County?? The article mentions that the National Association of REALTORS has reported that nationally we are in a buyers market.

Kingman and Mohave County actually has many things going for it. It is located nearby a couple of metro area's. The Hoover Dam bypass is nearing completion making it easier to travel by vehicle to the great city of Las Vegas. State Highway 93 south towards Phoenix has been improved and widened in many more stretches of road, you aren't stuck behind an RV or semi tractor trailer for 30 miles at a time on your way to see the Cardinals play football this season (or whatever you may want to do in Phoenix).

Add to those facts that you pay considerably less per square foot for a single family home in Kingman than in either metro area and I have a feeling that if we are overvalued, we aren't as much as the Phoenix or Vegas areas.

But still the market is slower and softer, there is no denying it, than it was in 04 and 05. So are we overvalued?? We could be, the answer is in the eyes of the buyer right now though... clearly. And this article says the buyers have the power they haven't had in a few years, so what is your next move if you are a seller??

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