Nov. 16, 2018

‘Tis the Season: 5 Reasons Why Winter is a Great Time to Buy or Sell Your Flagstaff Home

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

5 Reasons Why Winter is a  Great Time to Buy or Sell Your Flagstaff Home

It’s a common misconception that you shouldn’t try to buy or sell a home during the fall and winter months.

 

This is generally considered the “offseason” in real estate. Many sellers mistakenly believe that the cold weather will keep buyers away and that no one is looking over the holidays. Unfortunately, many real estate professionals perpetuate this myth by advising their clients to “wait until the spring” to list their home.

 

The truth is, homes are bought and sold year round. And while the Flagstaff real estate market is typically quieter during the fall and winter, savvy buyers and sellers know how to use this slow down to their advantage. In fact, depending on your circumstances, now may be the ideal time for you to purchase or list a home.

 

If you’re in the market to buy or sell, there’s no need to wait for the spring. Read on to discover the top five reasons that it can pay to buy or sell your Flagstaff home during the offseason!

 

 

1. LESS COMPETITION

 

What’s the number one reason to buy or sell a home during the offseason? Less competition!

 

This can be particularly beneficial if you’re a seller. Come spring, a huge wave of new listings will hit the market. But if you list now, you will have fewer comparable homes with which to compete.

 

In the spring and summer months, it can be difficult for your property to stand out in a crowded market. You may end up with a surplus of homes for sale in your neighborhood. Indeed, it’s not uncommon to see multiple listings on a single street during the peak selling season.

 

Inventory in the fall and winter months, however, can be significantly lower. That means your home will not only receive more attention from buyers, but you may also gain the upper hand in your negotiations. In fact, research found that homes listed in the winter are nine percent more likely to sell, and sellers net more above asking price in the winter than any other time of year.1

 

Buyers also have a lot to love about the real estate off-season. While some buyers need to move during the winter, many bargain hunters search this time of year in hopes of scoring a great deal.

 

Smart buyers will continue to scan the market during the fall and winter for hidden gems that pop up during the offseason. There are always highly motivated sellers who need to sell quickly. And with less competition to bid against you, you’re in a better position to negotiate a great price. If you’ve been looking for a good deal on a home or investment property, now may be the best time to look!

 

So while a “slow market” may scare off some buyers and sellers, it can actually be the perfect time of year for you to list or purchase a home. While the rest of the market is hibernating until spring, take advantage of this opportunity to get a jump start on your competition!

 

 

2. EVERYONE’S MORE MOTIVATED

 

During the spring and summer, you’re likely to encounter “lookie-loo” buyers who are just testing the waters and unrealistic sellers who are holding out for a better offer. But the serious buyers and sellers stay active during the cold weather and holiday season, often because they need to move quickly. In fact, research shows that homes listed in the winter sell faster than any other time of year.1

 

January and February are peak job hiring months, which brings a surge of buyers who need to relocate quickly to start a new job.2 And of course life changes like retirement, marriage, divorce, and new babies come year round. While families often find it more convenient to move during the summer when school is out, the reality is that many don’t have the option to wait. According to the National Association of Realtors, 55 percent of all buyers purchased their home at the time they did because “it was just the right time,” not because of seasonal factors.3

 

If you prefer to deal with serious, highly-motivated buyers and sellers who want to act fast and don’t want to waste your time, then the offseason may be the perfect real estate season for you.

 

 

3. GREATER PERSONAL ATTENTION

 

Another key benefit to buying and selling in the offseason is the increased personal attention you’ll receive.

 

While we strive to provide unparalleled client service throughout the year, we simply have more time available for each individual client during slower periods. Similarly, we find the other real estate professionals in our network—including title agents, inspectors, appraisers, insurance agents, and loan officers—are able to respond faster and provide more time and attention during the offseason than they are during the busy spring and summer months. The result is a quicker and more streamlined closing process for all involved.

 

 

4. COST SAVINGS

 

Clients who move during the offseason often report significant cost savings. Moving costs may be discounted by 15 percent or more during the winter months, and moving companies can typically offer more flexibility in their scheduling.4

 

Home renovations and repairs can also be less expensive in the offseason.Whether you’re fixing up your property prior to listing it or remodeling your new home before moving in, contractors and service providers who are hungry for business are often willing to work for a discount this time of year. If you wait until the spring and summer, you may be forced to pay a premium.

 

Home stagers and decorators are also more likely to negotiate their fees during the winter. And you can often score great deals on new furniture and decor during the holiday sales.

 

Whether you’re buying or selling, count cost savings as another compelling reason to consider an offseason move.

 

 

5. EASIER TO MAINTAIN CURB APPEAL

 

Finally, listing your home during the fall and winter offers one key—but often overlooked—advantage: less lawn maintenance!

 

Good curb appeal is crucial when selling your home. According to a recent report by the National Association of Realtors, 44 percent of home buyers drove by a property after viewing it online but did NOT go inside for a walkthrough.6 That means if your curb appeal is lacking, buyers may never make it through the door.

 

If you list your home during the peak of the selling season, we will generally advise you to implement a frequent schedule of mowing, edging, watering, weeding, and trimming shrubs and hedges. You’ll probably want to plant flowers, as well, to brighten your exterior. After all, a lush landscape is a key element in attracting spring and summer buyers.

 

If you list in the offseason, however, your lawn maintenance list is significantly reduced. While we do recommend that our sellers keep their exterior clean, tidy, and free of leaves, snow, and ice, you will probably spend much less time on outdoor maintenance during the winter than you would if you listed your home in the summer.

DOWNLOAD YOUR FREE REPORT- 5 Reasons Why Winter is a Great Time to Buy or Sell a Home

 

ARE YOU READY TO MAKE YOUR MOVE?

 

Now that you know all the great reasons to buy or sell your Flagstaff home in the offseason, it’s time to decide whether you’re ready to make your move.

 

Every client’s circumstances are unique. Whether you need to move quickly or you simply want to take advantages of all benefits this season has to offer, it’s a great time to enter the Flagstaff real estate market.

 

Give us a call today at 888.446.5602 to schedule a FREE consultation … and you could be ringing in the New Year in your new Flagstaff home!

 

 

Sources:

  1. Redfin –
    https://www.redfin.com/blog/2013/12/why-winter-is-the-hottest-time-to-sell-your-home.html#.VjKYm2SrTKI
  2. Top Resume –
    https://www.topresume.com/career-advice/the-best-times-of-the-year-to-job-search
  3. National Association of Realtors –
    https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers
  4. Angie’s List –
    https://www.angieslist.com/articles/why-winter-can-be-best-time-move.htm
  5. Build Direct –
    https://www.builddirect.com/blog/the-best-times-of-the-year-to-get-deals-on-home-remodels/
  6. National Association of Realtors –
    https://www.nar.realtor/sites/default/files/reports/2017/2017-home-buyer-and-seller-generational-trends-03-07-2017.pdf

 

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Nov. 15, 2018

1185 W University Avenue, 19-255 Flagstaff, AZ 86001

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

See all Condos for sale in Flagstaff

 Arbors Condos

(Model home photo- not the actual unit)

Great Opportunity! Upstairs Studio Unit At The Arbors

  0 Beds | 1 Baths |$ 134,250

 

Beautiful upper-level studio unit perfect for your NAU student or your vacation/summer home. The Arbors Flagstaff condominiums are nestled in the midst of a beautiful Ponderosa Pine Forest. These luxuriously appointed condominiums are a short bike ride to NAU and conveniently located close to downtown Flagstaff.  This condo will go fast, schedule your showing now! 

Photos and more information here: COMING SOON

Location

 

1185 West University Avenue

Car-Dependent

Explore Woodlands Village on Walk Score

 

Attractions & Recreation

  • North Pole Experience -  Give the kids details about Santa and his workshop. Kids get to see Santa and help him makes toys. 
  • Flagstaff Escape Space - An escape room is a real-life mystery game where a group of players must work together to decipher a series of puzzles and enigmatic clues while locked in a dark, mysterious room.

Dining Nearby

Nearby restaurants include Satchmo’s, this is a great place for dinner with a group. If you're looking for crafted BBQ and Cajun cooking drop by at Satchmo’s, it's just a small detour from the main road.  You must try pizza with soppresetta, pistachio and honey at the Fat Olives.  Another quick stop is at Coppa Cafe and Bistro.

Schools

Children in this community typically go to the following nearby schools:

Woodlands Area Neighborhood 

The Arbors condos in the Woodlands area is a highly sought after condo community because of its central location. Common area includes two newly renovated modern clubhouses with an indoor spa, fitness center, movie room, full-size kitchens, lounge area that has two large gas burning fireplaces, computer access and high-speed Wi-Fi.

Contact Kelly Broaddus at kelly.broaddus@exprealty.com  or call 888-4465602 to see other condos for sale in Flagstaff.

Search for Condos in Flagstaff, Arizona

 Flagstaff Condos for Sale Under $200,000

Flagstaff Condos for Sale $200,000 - $300,000

Flagstaff Condos for Sale $300,000 - $400,000

Flagstaff Condos for Sale $400,000 - $500,000

Flagstaff Condos for Sale Above $500,000

 

Nov. 7, 2018

Bare Aspen Ranch - 0 Hart Prairie Flagstaff, AZ 86001

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

0 Hart Prairie Flagstaff, AZ 86001 (Bare Aspen Ranch)

  Spectacular 160 Acre Hart Prarie Ranch With Cabin & Pump House

3 Beds |2 Baths | $3,750,000

Bare Aspen Ranch, a spectacular 160-acre site located on historic Hart Prairie Rd, is now available for the Flagstaff real estate buyer looking for a large residence or retreat. Truly a one of a kind property that will surpass your expectations. Access to the center of Flagstaff is within 30 minutes, and the south rim of the Grand Canyon within 60 minutes.

There are 3 opportunities to own Bare Aspen Ranch: 

  1. Purchase the entire 160-acre property with rustic cabin and pump house for $3.75M 
  2. Purchase 80 acres including cabin and pump house for $2.25M or
  3. Purchase 80 unspoiled acres with no services for $2.1M

The Cabin & Pump House

Cabin & Pump House at Bare Aspen Ranch

The entirely self-sufficient cabin was rebuilt in 1982 on the original foundation of the Hochderffer Hills original schoolhouse built in the late 1800's in the heart of one of the largest stands of aspen trees in Northern AZ. 

160 Acres of Land - One of the last private parcels available. 

 

 

More About Bare Aspen Ranch https://0hartprairierd.com

Take a virtual tour: Coming soon 

This luxury Flagstaff AZ Property for Sale is Perfect for a  

Corporate getaway
Private Horse Farm
Assisted living residence
Bed and breakfast
Art gallery
Women’s Shelter
Children’s Camp
Resort
Lodge
Hotel
Health and Beauty Spa
Weight Loss Camp or Fitness Ranch
Meditation Center
Horse Riding School
Hobby Farm
Any other use you might require…

Location

FS 151 is 3 miles past the Snow Bowl exit on 180 - 7 dirt road miles to Ranch. Hart Prairie is located in Coconino County, 14 miles from Flagstaff, 150 miles from Phoenix, and 75 miles from the Grand Canyon.

Attractions & Recreation

  • Hart Prairie Preserve Guided Nature Walks
  • Hart Prairie Loop Mountain Biking

Hart Prairie Area

Hiking is relatively easy throughout much of the gentle terrain. Visit our Hart Prairie community page for more information about the Hart Prairie neighborhood.

Contact Kelly Broaddus at kelly.broaddus@exprealty.com or call 888-4465602 to see this spectacul160-acre ranch in Hart Prairie before it goes to market or to view other houses for sale in Flagstaff.

Search for Homes in Flagstaff, Arizona

Flagstaff Homes for Sale $1M - 1.25M

Flagstaff Homes for Sale $1.25M - $1.5M

Flagstaff Homes for Sale $1.5M & Above

 

Oct. 26, 2018

Flagstaff AZ Real Estate Market Update- September 2018

Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy

 September 2018 Flagstaff Home Sales

September 2018 Flagstaff Home Sales Suffer Steep Drop, Sees 1% Decline in Home Price

 

We hope that fall is off to a great start for you and your families. Like the falling leaves of trees, the home sales downtrend continues. US home sales fell after a month of stagnation in August while The Flagstaff market declined for the third straight month. This turnaround is being fueled by mortgage rates which have hit a 7-year high and Flagstaff inventory levels which remain low at the lower price range. Weather also plays a factor up here in the mountains and this week we got our first measurable snowfall.

 

SEPTEMBER HOME SALES TUMBLE

Lawrence Yun Sept 2018 US Home SalesThis September, Flagstaff housing sales in the greater Flagstaff region dropped 38% compared to the same month a year ago. There were a total of 100 houses sold. 

For the third quarter, home sales dropped 16% but the Flagstaff real estate market still posted a 2% growth for the first 9 months of the year.

The Kelly Broaddus Team also felt the pinch with only 2 closings, under 1M total sales vs 11M in August. Note that homebuyers have not disappeared, numbers are actually greater than the same month last year but there simply is not enough inventory at their price range.

FLAGSTAFF HOME PRICE

Prices for the month declined, dropping 1% with the median sale price coming in at $380K down from $383K last year. 

For the third quarter prices were unchanged.  Year-to-date (1st 9 months) we posted a new price high at $385,000, up 3% from the same period a year ago

WHAT'S AHEAD FOR REAL ESTATE?

While no one can predict the future with certainty, most experts expect to see modest growth in the U.S. housing market for the remainder of this year and next.

Flagstaff Home Buyer Advice 

Homebuying Facts

The 30-year fixed mortgage rate has increased more than 80 basis pts this year, however, we’re starting to see prices starting to level off because inventory numbers are getting a little bit better. If more inventory comes to the market, not only will it impact pricing. Buyers that are out there right now and the only thing holding them up is the house to buy, as inventory increases that will help both first-time buyers and move up buyers.

Inventory level for starter homes is down a bit vs last month and is still far from what is needed to satisfy the demand for affordable/starter home where homebuyer demand is strongest. 

  • $200k- $400K, inventory is up at almost 6% vs last month, but still at less than 3 months supply. It's a seller's market at this price range. A balanced market has 6 months supply of homes for sale.
  • $400K- $500K, down by 3% with only 4 months supply. 
  • Above $500K, we have over 6 months of supply. No shortage here. The number of homes that are in the high category are at $900- $1.1M and above $1.3M.

If you’re buying at the lower price range, having fewer homes on the market could present a few challenges. Don’t worry! I can help you come up with a strategy to find your next home. With winter right around the corner, expect to see quite a few more price reductions as sellers become more willing to negotiate.

Home Buying Tips Our home buyer's blog will help you plan and prepare for your successful home purchase and avoid headaches and surprises that may arise during the process.

Sign up for free to receive our updates about coming soon properties and homes for sale not listed on the MLS. 

Flagstaff Home Seller Advice 

Do you have a home listed? Are you getting frustrated because it has not sold yet?  Many on-market listings are seeing price cuts, though these price cuts are concentrated at the more expensive price-points. 

Our advice to home sellers:

If you are not in a hurry to get your home sold, sit down with your agent about the best way to go about getting it sold. A few agents may recommend to get it off the market, do necessary upgrades and list back before the summer selling season begins.

 

Homeowners, the Home Price Expectation Survey said we’re going to end this year at about 5.9 percent. That’s what the annual appreciation will be this year. Next year, your home price appreciation is expected to be above average, at 4.2 percent.

Home Selling Tips Our blog for home sellers has tons of tips to help sell your home faster and add thousands of dollars to your bottom line. Check it out

 

September 2018 Flagstaff Market Watch Summary 

2018 Flagstaff Real Estate Market Watch Total Home Sales-   100 homes, down 38% vs September 2017. 

Median Home Price-  $380,000 down 1% vs September 2017

Mortgage rates up - A 30 year fixed rate mortgage with 5% down and very good credit rose to an average of 4.85%. This rate has reached its 7 year high.

Longest days on market: 951 days. The most expensive home that sold last month was also the record holder for longest days on market. It was listed for over 2 and a half years before it went under contract. Flagstaff luxury homes priced over 1.4M typically stay on the market for 8-9 months on the average.  

CDOM The acronym CDOM (Cumulative Days on Market) is used by the Flagstaff MLS to describe how many days a property has been available for sale. A property has to be off the MLS for at least 90 days for the CDOM to restart, even if it is listed by a different agent. We report the average days on market for properties sold based on CDOM.

The number of days a home sits on the market can tell us a lot about pricing. A high CDOM is commonly a strong indicator that the home is overpriced. 

DOWNLOAD THE FULL MARKET REPORT HERE

Flagstaff's Priciest Luxury Homes (SOLD)

  • $2,170,000 - The most expensive home sold that sold in September 2018 is a custom luxury log home in Forest Highlands with 6 bedrooms, 6.5 baths, with stunning views of the fairway and the San Francisco Peaks. Originally priced at 2.99M.
  • $922,000 This Pine Canyon townhome with panoramic golf course views is#1 on the list of priciest townhome sold in September. 

The most AFFORDABLE  Flagstaff Homes (SOLD)

  • Mobile home - $110,000 - A fully furnished mobile home with campfire area in Kachina, a great summer retreat for the new homeowner
  • Manufactured home - $207,000 -  Located in a quiet cul-de-sac in Kachina, this single level 3 bedroom home is 50K pricier than last month's most affordable manufactured home. The living area is 2x bigger.
  • Single-family - $270,000 - A nice 4 bedroom home on 2.5 acres located in east rural Flagstaff in the Timberline Area Pocket neighborhood
  • Townhouse - $200,000 - Christmas Tree Estates townhome with a private patio, fully fenced backyard and a dog park right out front
  • Condo - $145,000 - 1 bedroom Tanglewood condo with access to Bear Paw and Continental Country Club amenities. 

 

GET IN TOUCH

Wondering what all of this means for you? Kelly would be happy to discuss these numbers along with our local market conditions with you personally. Feel free to call with any questions or for a complete home and market evaluation. Please contact us at 888.446.5602 or email kelly.broaddus@exprealty.com with any questions you might have about this report of the Flagstaff real estate market.  Contact Us

 

SATISFIED CLIENTS SAY IT ALL. Check out our 5 Star Reviews. 

 

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 What is the value of your Flagstaff Home?

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‘How’s The Market?’ What’s Ahead for Real Estate?

 

 

Oct. 22, 2018

7825 Hummingbird Lane Flagstaff, AZ 86004

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

Update: 11/13/18

7825 N Hummingbird Lane Flagstaff, AZ 86004

Charming Doney Park Home on 2.5 Acres with Amazing Views
3 Beds | 2 Baths | 1,680 SF 

Charming home in east Flagstaff with beautiful front yard landscaping and a magnificent view of the peaks. This 3 bedroom 2 Bath home on 2.5 acres is just minutes from the Flagstaff Mall and even downtown Flagstaff.  This home features an extra bonus room, two car garage and solid bones.  Just across the street is acres of open space making for a much more private feel than you'd expect. Great starter home for that family looking for a rural lifestyle within easy reach of town.

Photos and more information here: https://www.northernarizonafinehomes.com/property/175623/

Location

7825 Hummingbird Lane

Car-Dependent

Explore Doney Park West

 

Attractions & Recreation

  • North Pole Experience -  Give the kids details about Santa and his workshop. Kids get to see Santa and help him makes toys. 
  • Flagstaff Extreme Adventure Course - Adventure Course has (7) different courses and they train you first on the Demo course. Very professional place, and all about safety. The second course is Adventure zip lines, which was closed and being checked by the professionals. They also have a Kids Course too.

Dining Nearby

Nearby restaurants include Satchmo’s, this is a great place for dinner with a group. If you're looking for crafted BBQ and Cajun cooking drop by at Satchmo’s, it's just a small detour from the main road.  You must try pizza with soppresetta, pistachio and honey at the Fat Olives.  Check out the best chocolate croissants made fresh daily at Shift Kitchen and Bar.

Schools

Children in this community typically go to the following nearby schools:

  • Sturgeon Cromer Elementary School PK-8
  • Sinagua Middle School 6-8
  • Coconino High School 9-12

 

Doney Park West Neighborhood Information 

Doney Park is a rural area northeast of the City of Flagstaff. Homes in Doney Park West are in the area bordered by Silver Saddle Road on the north, Koch Field Road on the east, Highway 89 on the West and Townsend-Winona on the south. Visit the Doney Park West area page to know more about homes in this area.

Contact Kelly Broaddus at kelly.broaddus@exprealty.com or call 888-4465602 to see this beautiful single level home in Doney Park West or other houses for sale in Flagstaff.

 

Search for Homes in Flagstaff, Arizona

Flagstaff Homes for Sale $100,000-$200,000

Flagstaff Homes for Sale $200,000-$300,000

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Oct. 17, 2018

“How’s the Market?” What’s Ahead for Real Estate

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

“How’s the Market?”  What’s Ahead for Real Estate

While no one can predict the future with certainty, most experts expect to see modest growth in the U.S. housing market for the remainder of this year and next. Inventory will remain tight, mortgage rates will continue to creep up, and affordability will remain a major issue in many parts of the country including Flagstaff.

 

So what does that mean for home buyers and sellers? To answer that question, we take a closer look at some of the top indicators.

 

 

CONTINUED GROWTH IN HOUSING MARKET

 

There’s good news for homebuyers! In many markets across the country, prices have begun to stabilize after a period of rapid appreciation. Nationwide, home sales experienced a slight decline of 1.6 percent in the second quarter, primarily due to higher mortgage rates and housing prices combined with limited inventory.

 

However, buyers who have been waiting on the sidelines in anticipation of a big price drop may be disappointed. Demand remains strong across the sector and prices continue to rise. The Case-Shiller U.S. National Home Price Index reported a 6.2 percent annual gain in June, a healthy but sustainable rate of appreciation.1

 

In its latest Outlook Report, Freddie Mac forecasts continued growth in the housing market due to a strong economy and low unemployment rate, which dropped to 3.9 percent in July.

 

“The housing market hit some speed bumps this summer, with many prospective homebuyers slowed by not enough moderately-priced homes for sale and higher home prices and mortgage rates,” according to Sam Khater, Chief Economist at Freddie Mac. “The good news is, the economy and labor market are very healthy right now, and mortgage rates, after surging earlier this year, have stabilized in recent months. These factors should continue to create solid buyer demand, and ultimately an uptick in sales, in most parts of the country in the months ahead.”3

 

 

INVENTORY TO REMAIN TIGHT, NEW CONSTRUCTION MAY HELP

 

Experts predict that demand for housing will continue to outpace available supply, especially in the entry-level price range.

 

“Today, even as mortgage rates begin to increase and home sales decline in some markets, the most significant challenges facing the housing market stem from insufficient inventory accompanying unsustainable home-price increase,” said National Association of Realtors (NAR) Chief Economist Lawrence Yun in a recent release.

 

"The answer is to encourage builders to increase supply, and there is a good probability for solid home sales growth once the supply issue is addressed,” said Yun. Additional inventory will also help contain rapid home price growth and open up the market to prospective homebuyers who are consequently—and increasingly—being priced out. In the end, slower price growth is healthier price growth."4

 

With so much demand, why aren’t more builders bringing inventory to the market? According to the National Association of Home Builders, a crackdown on immigration and tariffs on imported lumber have made home construction more difficult and expensive. Those factors—combined with the rising cost of land and increased zoning requirements—have put a damper on the industry overall.5

 

Still, there’s evidence that a modest rise in the rate of new building projects may be on the way. Freddie Mac predicts new housing construction will increase slightly after a stall last quarter.2 And a recent report by Freedonia Focus Reports forecasts an annual increase in housing starts of 2.4 percent through 2022, led by an uptick in single-family homes.The boost in inventory should help drive sales growth and relieve some of the pent-up demand in tight markets.

 

While the current lack of inventory is generally preferred by sellers because it means less competition, a combination of high prices and rising interest rates has narrowed the pool of potential buyers who can afford to enter the market. Sellers should seek out real estate agents who utilize technologically-advanced marketing tactics to reach qualified buyers in their area.

 

 

AFFORDABILITY REACHES LOWEST LEVEL IN A DECADE

 

According to a recent report by Morgan Stanley, Americans are paying the most in monthly mortgage payments relative to their incomes since 2008.7 And prices aren’t expected to come down any time soon.

 

"We believe that the current supply and demand environment will continue to push home prices higher, just at a decelerating pace," said John Egan, Morgan Stanley’s Co-Head of U.S. Housing Strategy.

 

But, have you ever wondered why the headlines don’t say the last 25 years, the last 20 years, or even the last 11 years? The reason is that homes were less affordable 25, 20, or even 11 years ago than they are today.

Obviously, buying a home is more expensive now than during the ten years immediately following one of the worst housing crashes in American history.

 

Over the past decade, the market was flooded with distressed properties (foreclosures and short sales) that were selling at 10-50% discounts. There were so many distressed properties that the prices of non-distressed properties in the same neighborhoods were lowered and mortgage rates were kept low to help the economy.

 

Low Prices + Low Mortgage Rates = High Affordability

Prices have since recovered and mortgage rates have increased as the economy has gained strength. This has and will continue to impact housing affordability moving forward.

 

Fortunately, economists aren’t concerned about affordability levels triggering another housing crisis, as lending standards are much higher today than they were during the run-up before the recession. According to credit reporting agency TransUnion, the share of homeowners who made mortgage payments more than 60-days past due fell in the second quarter to 1.7 percent, the lowest level since the market crash.7

 

NAR Chief Economist Lawrence Yun agreed with this assessment in a recent statement. “Over the past 10 years, prudent policy reforms and consumer protections have strengthened lending standards and eliminated loose credit, as evidenced by the higher than normal credit scores of those who are able to obtain a mortgage and near record-low defaults and foreclosures, which contributed to the last recession.”4

 

With home prices continuing to appreciate and mortgage rates increasing, home affordability will likely continue to slide. However, this does not mean that buying a house is not an attainable goal in most markets as it is less expensive today than during the eighteen-year stretch immediately preceding the housing bubble and crash.

 

 

MORTGAGE RATES EXPECTED TO CONTINUE RISING

MORTGAGE RATE PROJECTIONS

The Federal Reserve has taken measures to help keep the housing market—and the overall economy—from overheating. It has raised interest rates twice this year so far, causing mortgage rates to surge in the first half of the year.

 

Economists predict that the rise in mortgage rates will continue at a more gradual rate through this year and next. The U.S. weekly average mortgage rate rose from 3.99 percent in the first week of January to as high as 4.66 percent in May. Freddy Mac forecasts an average rate of 4.6 percent for 2018 and 5.1 percent in 2019.2

 

The good news is, mortgage rates still remain near historic lows and a whopping 14 points below the recorded high of 18.63 percent in the early 1980s.8 Buyers who have been on the fence may want to act soon to lock in an affordable interest rate ... before rates climb higher.

 

"Some consumers may be thinking that because mortgage rates are higher than they were a year ago, maybe I should just wait until rates fall down again," said NAR’s Chief Economist Lawrence Yun in a recent speech. "Well, they will be waiting forever."9

 

 

WHAT DOES IT ALL MEAN FOR ME?

 

If you’ve been waiting to buy a home, you may want to act now. A shortage of available homes on the market means prices are likely to keep going up. And a lack of affordable rental inventory means rents are expected to rise, as well.

 

If you buy now, you will benefit from appreciating property values while locking in an historically-low interest rate on your mortgage. Waiting to buy could mean paying more for your home as prices increase and paying higher interest on your mortgage as rates continue to rise.

 

And if you’re in the market to sell your home, there’s no need to wait any longer. Prices have begun to stabilize, and rising interest rates could decrease the number of available buyers for your home. Act now to take advantage of this strong seller’s market.

DOWNLOAD YOUR FREE REPORT - WHAT'S AHEAD FOR REAL ESTATE

 

LET’S GET MOVING

 

While national real estate numbers and predictions can provide a “big picture” outlook, real estate is local. As Flagstaff market experts, we can guide you through the ins and outs of our market and the issues most likely to impact sales and home values in your particular Flagstaff neighborhood.

 

If you have specific questions or would like more information about where we see real estate headed in Flagstaff, let us know! We’re here to help you navigate this changing real estate landscape.

 

 

Sources:

  1. S&P Dow Jones Indices Press Release -
    https://www.spice-indices.com/idpfiles/spice-assets/resources/public/documents/766551_cshomeprice-release-0828.pdf?force_download=true
  2. Freddie Mac Outlook Report -
    http://www.freddiemac.com/research/forecast/20180827_strong_economic_growth.html
  3. DSNews -
    https://dsnews.com/daily-dose/08-28-2018/freddie-weighs-in-on-housing-market
  4. PR Newswire -
    https://www.prnewswire.com/news-releases/realtors-chief-economist-reflects-on-past-recession-whats-ahead-for-housing-300702632.html
  5. CNN Money -
    https://www.keyt.com/lifestyle/where-is-the-us-housing-market-headed-4-things-you-need-to-know/787471572
  6. PR Newswire -
    https://www.prnewswire.com/news-releases/us-housing-starts-to-rise-2-4-yearly-to-2022--300711989.html
  7. Business Insider -
    https://www.businessinsider.com/housing-affordability-slowing-market-sales-2018-8
  8. Value Penguin -
    https://www.valuepenguin.com/mortgages/historical-mortgage-rates
  9. Times Free Press -
    https://www.timesfreepress.com/news/business/aroundregion/story/2018/aug/14/despite-prospects-higher-mortgage-rateshousin/476979/
Oct. 15, 2018

eXp Realty's Kelly Broaddus Earns Annual Sales Production Award

by Joselyn Uy

Kelly_Broaddus_2018_Chairmans_Award-Ruby_Level

Flagstaff, AZ, October 15, 2018 - Kelly Broaddus, with eXp Realty Northern Arizona, has qualified for the distinguished Chairman’s Excellence Awards-Ruby Level, which honors successful agents who achieve exceptional production levels. In 2018, the award is earned at various levels based on individual production. The year runs from Sept. 1 – Aug. 31, and the awards are given at EXPCON every year.

  • Aquamarine: $80,000 – $119,999 GCI or 15 – 26 units
  • Amethyst: $120,000 – $179,999 GCI or 27 – 39 units
  • Sapphire: $180,000 – $239,999 GCI or 40 – 49 units
  • Emerald: $240,000 – $299,999 GCI or 50 – 59 units
  • Ruby: $300,000 – $399,999 GCI or 60 – 74 units
  • Diamond: $400,000 – $499,999 GCI or 75 – 99 units
  • Double Diamond: $500,000+ GCI or 100+ units

"It's a tremendous honor to receive this prestigious award," said Kelly. "As a real estate broker with eXp Realty, I am fully committed to helping my clients find not only their dream homes but find the home that is right for them. I am extremely proud of this recognition and it's an honor to be surrounded by an incredibly supportive team."

Broaddus has been working in the real estate industry for more than 21 years and has extensive experience in buying and selling residential real estate. She leads the Kelly Broaddus Real Estate Advisors Team, a top producing real estate team based in Flagstaff, AZ offering real estate solutions to homebuyers and sellers in Flagstaff, Sedona, Cornville, Williams and nearby areas. Kelly achieved $20 million dollars in sales volume with over 50 buy and sell transactions in Flagstaff in 2016 and is on track to surpass this record in 2018 . 

eXp Realty provides 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its fully-immersive, virtual campus environment. As a public company subsidiary, eXp Realty uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth. eXp Realty is one of the fastest growing real estate brokerages in the United States with more than 12,000 agents in 49 U.S. states, the District of Columbia and three Canadian provinces.

Oct. 8, 2018

3267 S Tehama Circle Flagstaff, AZ 86005

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

See all homes for sale in Pine Canyon

 

3267 S Tehama Circle Flagstaff, AZ 86005

Spectacular Pine Canyon Custom Home - Priced to sell with a Golf Membership included in the price!
4 Beds | 4.5 Baths | $1,325,000

 

This spectacular entertainer's home features 4015 sq ft of practical space, a generous great room opens up with a pocket door system to a large covered patio with great indoor/outdoor living.

 

INDOOR FEATURES

3267 Tehama Circle Flagstaff AZ_Great_Room

The great room features vaulted ceiling with reclaimed T&G wood and a stone fireplace, adjacent and open to a grand chef's kitchen, including a kitchen island, stainless steel appliances, 5-burner gas range with two ovens, 129 bottle wine refrigerator and a large walk-in pantry.

The master suite includes an optional gas fireplace, private covered patio, large walk-in closet, and a spa type bathroom. Dual head shower, separate soaking tub, and dual vanity. A second bedroom just off the main living area includes access to the patio and a private bathroom. There is a third bedroom also with private bath, as well as, an office/den is included in this custom home.

The oversized laundry room/mud room opens up to the garage and has easy access to the kitchen.

 

OUTDOOR FEATURES

3267 Tehama Cir Flagstaff AZ_BackPatio

The covered patio features a built-in gas BBQ with plenty of counter space and seating area and a wood-burning fireplace with gas ignition, surrounded by privacy and landscaping that feels like your own private Shangri-la.

The two and a half car garage with knotty alder custom overhead doors includes an area for a workshop, small vehicle or extra storage.  The beautiful exterior encompasses brick pavers, stone veneer, cedar siding and professional landscaping by Stix and Stones.

~GOLF MEMBERSHIP INCLUDED~ 

Take a Virtual Tour: https://www.tourfactory.com/2082869

More pictures and information here: 

https://www.northernarizonafinehomes.com/property/175436/

Location

3267 South Tehama Circle

Car-Dependent

Explore Pine Canyon in Flagstaff

 

Dining Nearby

Sometimes a strip mall cafe will surprise you and Coppa will blow you away in Flagstaff. Check out This is a small adorable French cafe, their salads, soups, and entrées are incredible. They pay a lot of attention to detail. If you are looking for an amazing meal and enjoy Indian cuisine drop by at Delhi Place. Looking for an unusual menu with a great range of flavors? Nomads Global Lounge a great place for you.

Attractions & Recreation

  • Lowell Observatory- Astronomical observatory where the planet Pluto was discovered.  Enjoy the live indoor astronomy presentations about eclipses; the sun; and the galaxies. Very kid/family friendly.
  • Flagstaff Extreme Adventure Course - Facility at Fort Tuthill County Park offering treetop suspended obstacle courses for kids & adults.
  • Walnut Canyon National Monument - features prehistoric archaeological sites which are spectacularly located in cliffs and along the rim of Walnut Canyon. 

 

Schools

  • Lura Kinsey Elementary School PK-5
  • Flagstaff High School 9-12
  • Mount Elden Middle School 6-8

 

Pine Canyon Neighborhood Information

Pine Canyon is the newest and most exclusive golf course community in Northern Arizona offering luxury homes, custom home sites and more. This stunning, 600+ acre private golf community is located in Flagstaff, Arizona's charming high country, adjacent to the breathtaking Coconino National Forest.  

Contact Kelly Broaddus at kelly.broaddus@exprealty.com or call 888-4465602 to see other houses for sale in Flagstaff.

 

Search for Homes in Flagstaff, Arizona

Flagstaff Homes for Sale Below $500,000

Flagstaff Homes for Sale $500,000 - $750,000

Flagstaff Homes for Sale $750,000 - $1M

Flagstaff Homes for Sale $1M & Above

Sept. 28, 2018

9080 Sunshine Avenue, Flagstaff, AZ 86004

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

9080 Sunshine Avenue, Flagstaff, AZ 86004

Renovated Mountain View Ranchos Home With In-Law-Suite
6 Beds | 2 Baths | 3,292 SqFt

What an opportunity!! Great family home with the opportunity to rent out the detached accessory dwelling unit (ADU) to help cover the payment!! If you need a shop/garage adequately set up with 220 electricity, it has it! A list of improvements can be provided upon request.

 

Photos and more information here: https://www.northernarizonafinehomes.com/property/175362/

Take a virtual tour: https://www.tourfactory.com/2076277

Location

9080 Sunshine Ave

Car-Dependent

Explore Flagstaff on Walk Score

Attractions & Recreation

  • North Pole Experience -  Give the kids details about Santa and his workshop. Kids get to see Santa and help him makes toys. 
  • Lowell Observatory - Astronomical observatory where the planet Pluto was discovered. Great place to go if you want to enhance your knowledge about astronomy, time with the stars on the horizon explained, and a chance to look through the giant telescope.
  • Walnut Canyon National Monument - Cliff dwellings of the Sinagua Indians, built in alcoves in the sandstone walls of a deep, wooded canyon near Flagstaff. Located about 10 mi (16 km) southeast of downtown Flagstaff, Arizona, near Interstate 40. 

Dining Nearby

Nearby restaurants include Satchmo’s, a place for dinner with a group and if you're looking for crafted BBQ and Cajun cooking drop by it's just a small detour from the main road.  Another quick stop is at Coppa Cafe and Bistro. You must try pizza with soppresetta, pistachio and honey at the Fat Olives. 

Schools

Children in this community typically go to the following nearby schools:

  • Sturgeon Cromer Elementary School PK-6
  • Sinagua Middle School 6-8
  • Coconino High School 9-12

Mountain View Ranchos Neighborhood Information 

 Visit the Mountain View Ranchos area page to know more about homes in this area.

Contact Kelly Broaddus at kelly.broaddus@exprealty.com or call 888-4465602 to see this Moutain View Ranchos Estates or other houses for sale in Flagstaff.

 

Search for Homes in Flagstaff, Arizona

Flagstaff Homes for Sale $100,000-$200,000

Flagstaff Homes for Sale $200,000-$300,000

Flagstaff Homes for Sale $300,000-$400,000

Flagstaff Homes for Sale $400,000-$500,000

Flagstaff Homes for Sale $500,000 and above

Sept. 25, 2018

Flagstaff AZ Real Estate Market Update- August 2018

Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy

 August 2018 Flagstaff Home Sales

Flagstaff  Home Sales Remain Down While Inventory and Prices Level Out

 

While US home sales plateaued out this month after declining for 4 straight months, the Flagstaff market only recently declined for the second straight month. Seasonality in Flagstaff real estate and rising mortgage interest rates are the acknowledged drivers of this change. Inventory remains tight at the low end of the market and price per sq ft is still on the rise.

 

AUGUST HOME SALES DROP

This August, Flagstaff housing sales in the greater Flagstaff region dropped 10% compared to the same month a year ago. There were a total of 113 houses sold. 

As for the Kelly Broaddus Team, August was our busiest month of the year with 11 transactions totaling over 4M in sales. Of the 11 property transactions, 3 were our Flagstaff listings in 2050 River Valley, 1702 W Mickey, and 1301 Royal Oaks

FLAGSTAFF HOME PRICE

August prices were flat with a median sale price of $380K. On an average price paid per-square-foot basis, we’re up 4% from last year and now at $220 per square feet.

Flagstaff Home Buyer Advice 

Interest rates are creeping up, however, we’re starting to see prices starting to level off because inventory numbers are getting a little bit better. If more inventory comes to the market, not only will it impact pricing. Buyers that are out there right now and the only thing holding them up is the house to buy, as inventory increases that will help both first-time buyers and move up buyers.

Inventory level for starter homes is up a bit vs last month but is still far from what is needed to satisfy the demand for affordable/starter home where homebuyer demand is strongest. 

  • $200k- $400K, inventory is up 4% vs last month, but less than 3 months supply. It's a seller's market at this price range. A balanced market has 6 months supply of homes for sale.
  • $400K- $600K, up by 4% with over 6 months inventory available
  • Above $600K, we have over 6 months of supply. No shortage here.

New construction is a little bit better. We have out-of-state clients moving into new construction.

If you’re buying at the lower price range, having fewer homes on the market could present a few challenges. Don’t worry! I can help you come up with a strategy to find your next home. With winter right around the corner, expect to see quite a few more price reductions as sellers become more willing to negotiate.

Or go the traditional route and check out downpayment assistance programs from one of the reputable mortgage lenders that we work with: Fairway Mortgage  

 

When is the best time to buy?

When prices are low and/or the lowest you can get them at and when the interest rate is the lowest you can get them at.

 

Home Buying Tips Our home buyer's blog will help you plan and prepare for your successful home purchase and avoid headaches and surprises that may arise during the process.

Sign up for free to receive our updates about coming soon properties and homes for sale not listed on the MLS. 

Flagstaff Home Seller Advice 

Do you have a home listed? Are you getting frustrated because it has not sold yet?  Many on-market listings are seeing price cuts, though these price cuts are concentrated at the more expensive price-points. 

Our advice to home sellers:

If you are not in a hurry to get your home sold, sit down with your agent about the best way to go about getting it sold. A few agents may recommend to get it off the market, do necessary upgrades and list back before the summer selling season begins.

Projected Home Price Appreciation

Homeowners, the Home Price Expectation Survey said we’re going to end this year at about 5.9 percent. That’s what the annual appreciation will be this year. Next year, your home price appreciation is expected to be above average, at 4.2 percent.

Home Selling Tips Our blog for home sellers has tons of tips to help sell your home faster and add thousands of dollars to your bottom line. Check it out

 

August 2018 Flagstaff Market Watch Summary 

2018 Flagstaff Real Estate Market Watch Total Home Sales-   113 homes, down 10% vs Aug 2017. 

Median Home Price-  $380,000 no change vs Aug 2017

Mortgage rates up - A 30 year fixed rate mortgage with 5% down and very good credit rose to 4.5%. This is the 4th straight week that mortgage interest rates drifted upwards to levels not seen since May, according to Freddie Mac.

Longest days on market: 646 days. Flagstaff Ranch condo, one of the biggest at 2,580 sqft was on the market for over 21 months before it sold

CDOM The acronym CDOM (Cumulative Days on Market) is used by the Flagstaff MLS to describe how many days a property has been available for sale. A property has to be off the MLS for at least 90 days for the CDOM to restart, even if it is listed by a different agent. We report the average days on market for properties sold based on CDOM.

The number of days a home sits on the market can tell us a lot about pricing. A high CDOM is commonly a strong indicator that the home is overpriced. 

DOWNLOAD THE FULL MARKET REPORT HERE

Flagstaff's Priciest Luxury Homes (SOLD)

  • $1,177,088 - The most expensive home sold that sold in August 2018 is another luxury custom home in Pine Canyon 4 bedrooms, 3.5 baths, and 3,177 SqFt.
  • $669,000 Another Pine Canyon home tops the list of priciest townhome sold last month! 

The most AFFORDABLE  Flagstaff Homes (SOLD)

  • Mobile home - $127,500 - Adorable and affordable 3 bedrooms, 2 bathrooms double wide mobile home in Christmas Tree Estates.
  • Manufactured home - $155,000 - Well cared for manufactured, partial fenced, workshop/garage facing undeveloped land in Kachina. Will make a wonderful get-a-way home, starter home, or rental
  • Single-family - $195,000 - The new homeowners of this Kachina Village cabin get to enjoy the beautiful forest views and the smell of Ponderosa Pine from the back porch. 
  • Townhouse - $200,000 - This Christmas Tree Estates townhome boasts of a private patio, fully fenced backyard and a dog park right out front.
  • Condo - $133,750  - Studio unit at The Arbors (Woodlands Area) This is a perfect opportunity for that NAU student, starter home for graduates that have recently joined the workforce, or just a great get-away for those wanting to get away from the triple-digit heat of the valley.

 

GET IN TOUCH

Wondering what all of this means for you? Kelly would be happy to discuss these numbers along with our local market conditions with you personally. Feel free to call with any questions or for a complete home and market evaluation. Please contact us at 888.446.5602 or email kelly.broaddus@exprealty.com with any questions you might have about this report of the Flagstaff real estate market.  Contact Us

 

SATISFIED CLIENTS SAY IT ALL. Check out our 5 Star Reviews. 

 

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