Jan. 6, 2021

New Year, New Flagstaff Home? Set Homeownership Goals Whether You’re Buying, Selling, or Staying Put

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

 

New Year, New Home

 

The start of a new year always compels people to take a fresh look at their goals, from health and career to relationships and finance. But with historically low mortgage rates, increased home sales and price growth, and a tight housing inventory, the time is right to also make some homeownership resolutions for 2021.

 

Homebuyers, is this the year you work to improve your credit score, pay down some debt, or save for a down payment?

 

Home sellers, we’ve laid out plans for you to get top dollar for your property, including timing your home sale, making your property stand out from the crowd, and investing in your extra living space.

 

And even if you’re staying put for a while, homeowners, you can resolve to improve your status quo by evaluating your home budget, finalizing your home maintenance schedule, or maybe investing in a second property.

 

So no matter your homeownership status, we’ve got some ideas and advice for you to make this year your best one yet. Read on to learn more.

 

 

FLAGSTAFF HOME BUYERS

 

Resolution #1: Qualify for a better mortgage with a higher credit score.

 

Your credit report highlights your current debt, bill-paying history, and other key financial information. Importantly for your home-buying journey, it is also used by lenders and companies to calculate your credit score, which partly determines if you are qualified to obtain a mortgage. Therefore, before you start house-hunting, make sure your finances are in the best possible shape by checking your credit report from Equifax, Experian, and TransUnion (via AnnualCreditReport.com). You can also obtain your credit score for free from some banks and credit card companies.

 

Your credit score will be a number ranging from 300-850.1 Generally speaking, a credit score of 740 or higher is considered very good to excellent.2 If your FICO score drops below 740, you might need to work at boosting your score for a few months before you begin house-hunting. Ways to do this are to pay your bills on time every month, keep your credit card balances low, and avoid applying for new credit.

 

 

Resolution #2: Improve your credit health by paying down debt.

 

Do you have student loans, credit card debt, or car payments tying up your income each month? That debt is hurting your “buying power,” or the amount of home you can afford. Not only is it money that you can't spend on your new home, but your debt-to-income ratio also affects your credit score, which we discussed above. The less debt you have, the higher your FICO score and the better mortgage you can obtain.

 

If you can, pay off some debt in its entiretylike a low balance on a credit card. Then apply that "extra" money you previously paid on that credit card to pay off bigger debt, like a car loan. Even if you can’t pay off all (or any) of your debt in full, reducing the balances of each account will help you qualify for the best possible mortgage terms.

 

 

Resolution #3: Create a financial safety net before applying for a mortgage.

 

Don’t forget that buying a home requires some cash as well. A down payment is typically 7% of a home’s purchase price, and closing costs currently average $3,700.3,4 You’ll also need money for moving expenses and any initial maintenance tasks that might pop up. And as the pandemic taught us, you never know when an unforeseen event might cause a job loss, drop in income, or health scare, so having some liquid savings will ensure that you can still pay your mortgage if a crisis occurs.

 

Dedicate some effort to building up your reserves. Cut down on unnecessary expenses, and consider having a portion of each paycheck automatically deposited into your savings account to avoid the temptation to spend it.

 

 

FLAGSTAFF HOME SELLERS

 

Resolution #4: Decide on the right time to sell your home.

 

If you’re looking to maximize profit on the sale of your home, selling earlier in the year makes sense. Listing prices historically increase early in the year, peak in May, plateau through June, and decrease for the remainder of the year.5 And, according to the National Association of Realtors, “[w]ith both mortgage rates and the number of homes available for sale expected to remain relatively low, home prices are likely to continue to increase. [In] mid-January, home prices typically begin a quick ramp-up in a normal year.”5

 

But sales price isn’t the only thing to consider. You might not be ready to sell your home yet because you don't want to uproot your kids during the school year or because you need to tackle some minor upgrades before placing your home on the market.

 

This means that there is no one month or season that is the perfect time to sell your home. Instead, the right timeline for you takes into account factors such as when you’ll earn the highest profit, personal convenience, and whether your home is even ready to put on the market. A trusted real estate professional can talk you through your specific needs to clarify when to sell your home.

 

 

Resolution #5: Boost your home’s resale value by making your property shine.

 

Housing inventory is at historic lows across the country, and that means the market is fiercely competitive.6 Selling your home in 2021 has the potential to net you a huge return right now, and you can maximize that amount with some simple fixes to make sure your property outshines your neighbors' for sale down the street.

 

In your home, you might need to tackle a minor remodeling project, such as upgrading the flooring or adding a fresh coat of paint. According to the National Association of Realtors’ 2019 Remodeling Impact Report, simply refinishing existing hardwood floors recoups 100% of the cost at resale, and completely replacing it with new wood flooring recovers 106% of costs.7

Outside, you might consider improving your curb appeal by removing a dead bush, trimming a tree that blocks the front window, or power-washing your moldy driveway and sidewalks. In fact, real estate agents say cleaning the exterior of your house can add $10,000 to $15,000 to a home’s sale price.8 And according to a Virginia Tech study, improving a home’s landscaping may increase its value by 10 to 12%.9

 

A good agent should provide custom-tailored suggestions to ensure your property pops inside and out. Ask us about our local insider secrets that will make your home stand out from others on the market.

 

 

Resolution #6: Invest in your “extra” living space to meet current buyers’ needs.

 

Due to COVID-19, more people are staying at home to work, go to school, exercise, and stay entertained. And these lifestyle changes are showing up in home buyer preferences. For example, according to one study, buyers are looking more and more for homes with formal, outfitted home offices, private outdoor spaces, and updated kitchen appliances.10
 

So if you’ve got an underutilized room, consider turning it into an office, home gym, schoolroom, or multi-purpose room to meet current home buyer needs and attract better offers on your home. Got some underwhelming space outside? You could turn it into an outdoor entertainment area by adding a firepit, upgrading the patio furniture, or installing a grilling area. Be sure to consult with a local real estate professional before investing in a renovation, however, as each market’s buyers have different tastes.

 

 

NORTHERN ARIZONA HOMEOWNERS

 

Resolution #7: Evaluate your household budget to reflect financial changes.

 

After this past year, in particular, your financial picture may have changed. Maybe you were furloughed, had your hours reduced, or got a new job further from home. Perhaps you’ve kept the same job, but you’re now working remotely. A work-from-home arrangement could mean less money spent on gas, tolls, a professional wardrobe, and dining out for lunch.

 

But this could also mean new (or increased) expenses now that you’re working at home, such as new tech-related purchases, faster Wi-Fi, and higher energy bills. January marks the perfect opportunity to update your income and expenses and review last year’s spending habits, tweaking as needed for 2021.

 

For more specific ideas, contact us for our free report "20 Ways to Save Money and Stretch Your Household Budget."

 

 

Resolution #8: Save money now (and earn more later) with a home maintenance plan.

 

Having a schedule of regular home maintenance projects to tackle will save you money now and in the long-term. You’ll avoid some surprise “emergency fixes,” and when you’re ready to eventually sell your home, you’ll get higher offers from buyers who aren’t put off by overdue repairs.

 

Even if nothing necessarily needs fixing right now, you can lower your energy costs by maintaining and upgrading your home.  According to the U.S. Department of Energy, simple fixes add up: replace five most frequently used bulbs with ENERGY STAR ones to save $75/year; repair leaky faucets to save $35/year; replace older toilets with low-flow models to save $100/year; and seal air leaks to save $83-$166/year.11

 

For a breakdown of home maintenance projects to tackle throughout the year, contact us for our free report “House Care Calendar: A Seasonal Guide to Maintaining Your Home.”

 

 

Resolution #9: Invest in real estate for a better standard of living.

 

Even if you don’t plan on leaving your current residence, real estate is a great way to improve your quality of life in 2021.

 

Have cabin fever from the long quarantine? A vacation home in a getaway location you love lets you safely spread your wings. And if you have been looking for a second stream of income, an investment property might be your answer. Just be sure to consult with a real estate professional to get a realistic sense of a property’s true income potential.

 

Want more information on how a second property fits into your 2021 plans? Request our free report, "Move Up vs Second Home: Which One Is Right For You?"

 

 

LET US HELP YOU WITH YOUR 2021 GOALS

 

Without a plan and a support system, 55% of Americans will break their new year’s resolutions.12 Whether you’re looking to buy, sell, or stay put in your home, it helps to connect with a trusted real estate agent to keep you motivated and on track.

 

As local market experts, we have the knowledge, experience, and networks to help you achieve your homeownership goals, whatever they may be. Reach out to us today for a free consultation and commit to a happy and prosperous new year.

 

 

Sources:

  1. USA.gov -
    https://www.usa.gov/credit-report
  2. Equifax -
    https://www.equifax.com/personal/education/credit/score/what-is-a-good-credit-score/
  3. NerdWallet -
    https://www.nerdwallet.com/article/mortgages/the-20-mortgage-down-payment-is-dead
  4. Zillow -
    https://www.zillow.com/mortgage-learning/closing-costs/
  5. Realtor.com -
    https://www.realtor.com/research/we-should-be-in-a-buyers-market-right-now-but-covid-turned-everything-upside-down-best-time-to-buy-a-home
  6. Business Insider -
    https://www.businessinsider.com/how-2020-broke-the-housing-market-inventory-could-run-out-2020-9
  7. National Association of Realtors -
    https://www.nar.realtor/sites/default/files/documents/2019-remodeling-impact-10-03-2019.pdf
  8. House Logic -
    https://www.houselogic.com/save-money-add-value/add-value-to-your-home/adding-curb-appeal-value-to-home/
  9. Virginia Cooperative Extension -
    https://www.pubs.ext.vt.edu/content/dam/pubs_ext_vt_edu/426/426-087/426-087.pdf
  10. HomeLight -
    https://www.homelight.com/blog/top-agent-insights-for-q2-2020/
  11. U.S. Department of Energy -
    https://www.energy.gov/energysaver/articles/how-much-can-you-really-save-energy-efficient-improvements
  12. Ipsos -
    https://www.ipsos.com/en-us/urban-plates-ipsos-NY-Resolutions

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Dec. 22, 2020

Flagstaff AZ Real Estate Market Update- November 2020

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

 

November 2020 Flagstaff Market Report

 

 The Flagstaff Housing Market Remain Strong Despite The “Slow Season” 

 

Have a wonderful holiday and a healthy and prosperous New Year!  With 2021 just a few short days away, I thought I’d send you a quick note on what’s happening with the Flagstaff housing market. Next month we’ll look at how we did for 2020. 

 

FLAGSTAFF HOME SALES

The market appears to have entered the slow season. According to data released by the Northern Arizona Multiple Listing Service, Greater Flagstaff's housing sales fell 25% compared to last month but jumped 18% from the same period last year.  There were 165 houses sold in November, the most in 14 years. 

 

November 2020 Flagstaff Home Sales by Type

 

This is the best November sales for the Kelly Broaddus Team with 11 closings at over $8.2M of Flagstaff and nearby area real estate. 

 

FLAGSTAFF MEDIAN HOME PRICE

Median Sold Price Days on Market November 2020 Flagstaff

Greater Flagstaff's housing median sold price fell 2.8% compared to October. Comparing the numbers to a year ago, housing prices jumped with the median sold price coming in at $515K which is 20% higher from last year's $430K, setting a new November monthly price high. 

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

November 2020 Flagstaff Market Watch Summary

 

2020 Flagstaff Real Estate Market Watch Total Single Family Home Sales -   165 homes, up 18.4% vs November 2019. 

Median Sold Price -  $515,000, up 19.8vs November 2019

Average Mortgage rates  - 2.8% The national average 30-year fixed mortgage rate hit a record low for the 13th time this year in Freddie Mac's latest Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

Longest days on market (SF): 453 Days  To be built Luxury Capstone townhome. 3-bedroom, 2.5-bath with luxury features like Pella windows, wall oven, and microwave, wood flooring, granite t/o, multifaceted ext. siding and stone accents. Located in Flagstaff Ranch, one of the most exclusive Flagstaff lifestyle community offering luxury homes.

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. 

 

FLAGSTAFF'S PRICIEST HOMES SOLD in NOVEMBER 2020

FLAGSTAFF'S PRICIEST HOMES SOLD in October 2020

Photo courtesy of RE/MAX Fine Properties

  • The highest-priced single-family Flagstaff home that sold in November was a $2,500,000 private, upscale residence on 10 acres with expansive views of the San Francisco Peaks, located in Mountainaire
  • The highest-priced Flagstaff townhome sale was a $620,000 3-bedroom luxury townhome in Switzer Mesa/ Ridge
  • The highest-priced Flagstaff condo sale was a $460,000 upscale 2 bedroom unit in Flagstaff Townsite with a view of Humphreys Peak from the terrace 

 

THE MOST AFFORDABLE  FLAGSTAFF HOMES SOLD in NOVEMBER 2020

Lowest Priced Single Family Flagstaff Home in November 2020

Photo courtesy of Capstone Homes Realty

  • The lowest-priced single-family Flagstaff home that sold in November was a $300,229 to be built Crestview home. Purchase is for the home only; the land is owned by and leased from the city for $30 per mo. This home is part of the City of Flagstaff Community Land Trust Program.
  • The lowest-priced Flagstaff townhome that sold was a $242,000 4-bedroom townhouse, one of the largest units in The Village located in the northeast quadrant of the city of Flagstaff.
  • The lowest-priced Flagstaff condo that sold was a $165,000  one-bedroom unit condo in University Heights located close to NAU, hiking & biking, shopping

 

Flagstaff Home Buyer Advice

 

There is still demand, but very low inventory. As the weather condition continues to cool, fewer Phoenix buyers visit. We’re still notably in the Seller’s zone, prices have not yet adjusted. IF the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall. 

 

Low mortgage rates make it particularly attractive to buy right now. The average 30-year fixed mortgage rate already dropped 13 times this year to never-before-seen levels. It currently stands at 2.72%, which is 0.5% lower than six months ago and a full percentage point lower than one year ago.

 

If you or someone you know is looking to buy a home and take advantage of the favorable rates, you'll be interested to know that some great homes recently came on the Flagstaff market. You can take a look at all of them

 

Click here to see all the latest Flagstaff homes for sale

As always, if you're thinking about buying or have any questions, give me a call at 888.446.5602. I’m here to help.

 

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 

 

The recent surge in the real estate market has now offset the spring market losses. This means it's a great moment for anybody thinking of selling a home. However, it's uncertain how long this will last. Let me give you the details:

 

  • Never-before-seen price levels

Sales of Flagstaff homes in November soared well past expectations, rising 18% annually. More impressively, home prices jumped 20% in November year over year. So what's behind this surge?

 

  • Record-low supply

There's an extreme shortage of homes on the market right now. At the end of November, there were just 405 existing homes on the market. That's a 46% drop compared with November 2019. At the current sales pace, that represents a 1.8-month supply, one of the lowest on record. Such a limited supply is pushing up prices. However, there's a second cause for the recent rise in home prices.

 

  • Urgent demand

Mortgage rates hit record lows 13 times this year. Such low mortgage rates make homes more affordable, despite the rise in home prices. That's why so many homebuyers are rushing in to take advantage.

 

So what does this mean for you?

 

Well, it means it's a great moment to sell. Right now, you could sell quickly and at top dollar. However, it's unclear how long it will last. More home sellers might enter the market to take advantage of current conditions. More importantly, mortgage rates might bounce back up soon, making homes less affordable and curbing demand. That's why, if you've been thinking of selling, it's worth at least investigating your options right now.

 

If you want to take advantage of this opportunity while it lasts, you can get started by finding out what your home is worth in the current hot market with this home value calculator: Click below and Enter your address to find out what your Northern Arizona home is currently worth

 

What is the value of your Flagstaff Home?

 

If you’d like a free consultation regarding your home’s value, give us a call at 888.446.5602. Kelly will be happy to talk about strategy and tell you how to take advantage of the current market. Our team sold 85 homes last year, so we know how to guide you through any situation and make sure you sell quickly and for top dollar. 

 

LET'S CONNECT TODAY!

Whether you connect by phone or video chat, we can help you understand how to safely navigate the housing market so that you can prioritize the health of your family without having to bring your plans to a standstill. Whether you’re looking to buy or sell, we know the best protocol as well as the optimal resources and lenders to help you through the process in this fast-paced world that’s changing every day. Give us a call at 888.446.5602 or email kelly.broaddus@exprealty.com. 

We at The Kelly Broaddus Team with eXp Realty know that the only result that ultimately matters is that your home gets sold — and sold for the right amount. Satisfied clients say it all. Check out our 5 Star Reviews.

 

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10 Ways to Give Back to Our Local Community This Holiday Season

 

 

Dec. 7, 2020

10 Ways to Give Back to Our Local Community This Holiday Season

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

 

10 Ways to Give Back to Our Local Community This Holiday Season

 

This year has demonstrated, perhaps more than ever, the importance of our family, friends, neighbors, and community. It truly “takes a village” to keep a community functioning effectively, whether that’s by keeping our waterways clean, feeding the hungry, teaching our kids, or supporting small businesses.

 

With the holidays right around the corner, December offers the perfect opportunity to give back to the place we call home. You might want to focus your efforts near home, expand to our larger community, or even help support the people closest to you. Whether you’re passionate about a particular cause or just want to get more involved in general, let these 10 ways, both big and small, inspire you to do good in your town.

 

 

GIVE BACK NEAR HOME

 

1. Attract local wildlife. By making your neighborhood more wildlife-friendly, you’re helping to create a balanced and healthy ecosystem. Plus, many of the animals you can attract help with pest control and pollination.1

 

Ideas:

  • Add a birdbath to your backyard or create a rain garden to attract wildlife (and filter out local pollutants).
  • Place bird feeders on your property to feed birds all year long.
  • Tie corncobs to tree branches to feed squirrels.
  • Hang birdhouses on your property to provide shelter.
  • Use native plants in your landscaping to provide food and shelter for birds, bees, butterflies, and other critters.

 

Take action: While you might not be able to “break ground” until spring, start researching native plants now to design a landscaping plan that provides food, shelter, and water for local wildlife.

 

 

2. Clean up our community. Besides beautifying the area, picking up trash keeps it out of our local waterways, which means a cleaner water supply for all of us.

 

Ideas:

  • Whether you make this a solo effort or join in an organized group event, pick up trash in your neighborhood, at a local park, or elsewhere in our community.
  • Depending on your community’s regulations, you can recycle many home items such as paper, glass, and aluminum.
  • And don’t forget to clean the exterior of your home, where water runoff (such as on your driveway and sidewalks) can carry debris into the local sewer system.2

 

Take action: Check with your local municipality to learn about environmental clean-up efforts in our community, as well as recycling and composting. 

 

 

3. Organize or join a neighborhood watch. According to a recent report, neighborhoods with Neighborhood Crime Watch programs experience roughly 16 percent less crime.3 Keeping an eye out for each other instills a sense of safety and security in your neighborhood by increasing surveillance, reducing opportunities, and enhancing information sharing among residents. Even if your neighborhood doesn’t have an official program, you can still share crime information via a neighborhood Facebook group or apps like NextDoor.

 

Ideas:

  • Make a point of looking out for each other and being observant of what’s going on.
  • You can even make it official by joining a neighborhood watch program.
  • Don’t have one? Consider launching a neighborhood watch program with the help of other interested neighbors.

 

Take action: Some police forces use online mapping tools that provide crime alerts to people in neighborhoods where recent criminal activity occurred.3 Share this information with your neighbors.

 

 

Help Out Local Organizations

 

HELP OUT LOCAL ORGANIZATIONS

 

4. Boost your civic engagement. Regardless of your politics, you can get more involved as a citizen to make a positive difference in our community.

 

Ideas:

  • Sign a petition to make a needed change in our community.
  • Join a peaceful march, protest, or rally to support a cause dear to your heart.
  • Attend local school board meetings, town halls, or city council meetings to understand (and have a voice in) local issues.4
  • Watch (and read) a variety of local news sources to get balanced reporting on what’s happening in our community.
  • If you don’t know your neighbors very well, introduce yourself.
  • Then make a commitment to check in on those who might need help, such as an elderly neighbor.
  • Get plugged into the resources and events in our town by visiting local museums, taking historical tours, borrowing materials from our local library, and attending community festivals.

 

Take action: Do you know who our local leaders are, such as our mayor or city councilwoman? Get to know their names, their policies, and their stand on issues that affect our community. Subscribe to their newsletter and follow them on social media.

 

 

5. Support local businesses. Our community has been impacted by the pandemic, with many businesses being forced to limit capacity, instill social distancing efforts, and even shutter entirely in some cases. Help keep money in our local economy by shopping local instead of relying on online shopping from national chains.

 

Ideas:

  • From handcrafted soaps and one-of-a-kind apparel to locally produced chocolate and small-batch wines, you’ll find plenty of unique gifts at the small businesses that dot our community.
  • Consider purchasing tickets to attend live-streamed holiday concerts and shows.
  • Buy cookies and other baked goods from our local bakery.
  • Get takeout from our local restaurants.
  • Support local farmers by purchasing fresh fruits and vegetables at community farmer’s markets.

 

Take action: If you’re concerned about shopping in person right now, many of these businesses, though small, offer online shopping, with options for in-store pick-up, curbside delivery, and/or mail options.

 

 

6. Donate to local charities. Nonprofits could always use your financial support, so consider making a monetary donation to help them carry out their mission in our community. But if money is tight (or you want to support in other ways), think beyond just donating dollars.

 

Ideas:

  • Consider donating to a charity in someone else’s name as an altruistic gift on behalf of a friend or relative.
  • Give blood to our local blood bank.
  • Donate new or used books to our community library.
  • Send school supplies to our neighborhood elementary school.
  • Help struggling neighbors by donating blankets to the homeless.
  • Pick out toys to give to a charity that caters to families. 5

 

Take action: Many collection efforts run by charitable organizations and businesses take place during the holidays. Look to see what’s already taking place in our community and choose one or more to give to this season.  

 

 

CARE FOR YOUR NEIGHBORS

 

7. Organize a holiday food drive. This year, in particular, people are struggling to pay their bills and put food on the table. The pandemic has caused many businesses to close or reduce their staff size, putting many people out of work.

 

Ideas:

  • If you personally know someone who needs help buying groceries, reach out and offer to help that one family.
  • If not, partner with a local food bank, soup kitchen, nonprofit or community organization that feeds people in need.
  • Round up a few friends, family, co-workers, or neighbors to collect food for a few weeks. Then deliver the bounty in time for the holidays.

 

Take action: Take advantage of your grocery store coupons and buy-one-get-one offers to inexpensively stock up on nonperishable goods.

 

 

8. Adopt a family or an individual. The holidays can be a struggle, especially financially, for some families. They might not be able to buy a Christmas tree or presents for their children. Maybe their holiday meal consists of boxed macaroni and cheese because they can’t afford a turkey and fresh vegetables. You can make a difference by “adopting” a particular family (or even just a child) to help make their holiday special.

 

Ideas:

  • If you know a needy family, help them directly.
  • If not, ask a community group for the name of a family or individual in need.
  • Some businesses even sponsor toy drives or “angel trees” where you can pick the name of a needy family off the tree and buy from their wish lists.

 

Take action: This works great as a family project. Get the kids in your life involved to help make holiday cards and pick out toys to give to the children in the adopted family.

 

 

9. Volunteer. Depending on your schedule and your preferences, you might be able to volunteer in-person or from home, whether it’s a one-time effort or ongoing project. It’s a great way to meet like-minded people in your community as you make a positive impact together for a shared cause.

 

Ideas:

  • Give your time to a cause or organization that really matters to you, such as your local school, animal rescue organization, mental health awareness group, or environmental nonprofit.6
  • Tap into a skill you already have, like creating videos, and offer your services.
  • Or learn a new skill (like fundraising) to benefit your cause of choice.

 

Take action: Start with your local community to see where its needs are the greatest. Make a point to help this holiday season, perhaps extending your commitment throughout 2021.

 

 

10. Perform random acts of kindness. Don’t think you need to “go big or go home” in your give-back efforts. You can make a big difference one small act at a time.

 

Ideas:

  • Give a generous tip to a waitress.
  • Pay for the coffee of the car behind you in the drive-through.
  • Take care of a neighbor’s pet while they’re out of town.
  • Send holiday cards to deployed military personnel.
  • Deliver a plate of homemade holiday cookies to our local fire or police station.
  • Smile at a stranger.
  • Rake leaves for an elderly neighbor.
  • Thank your child’s teacher for all their hard work this year.
  • Send an uplifting text to a friend.
  • Compliment someone.
  • Help a coworker with an unpleasant task.  

 

Take action: Need more ideas? Visit randomactsofkindness.org for hundreds of inspiring ways to make someone’s day a little brighter.

 

 

HOW WE CAN HELP YOU?

 

As real estate experts in our local community, we’re tuned into the unique needs of the place we all call home. Reach out to us today to discuss more ways to make a positive impact in our community—this holiday season and beyond. And we want to make sure you’re taken care of, too. If you’re thinking about buying or selling a home now or in the near future, let us help you!

 

 

 

Sources:

  1. Redfin -
    https://www.redfin.com/blog/attract-wildlife-to-your-backyard/#:~:text=Sow%20plants%20that%20provide%20essentials,these%20alternate%20natural%20food%20sources
  2. The Groundwater Foundation -
    https://www.groundwater.org/action/home/raingardens.html
  3. The Globe and Mail -
    https://www.theglobeandmail.com/life/home-and-garden/how-neighbours-and-online-maps-can-help-deter-break-ins/article34886427/
  4. Parade -
    https://parade.com/1083640/stephanieosmanski/what-is-civic-engagement/
  5. MentalFloss -
    https://www.mentalfloss.com/article/88663/15-ways-give-back-holiday-season
  6. Together We Rise -
    https://www.togetherwerise.org/blog/7-ways-give-back-community/

 

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Nov. 30, 2020

1385 W University Avenue Unit 9-266, Flagstaff, AZ 86001

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

See all Condos for sale in Flagstaff

 1385 W University Avenue Unit 9-266, Flagstaff, AZ 86001

 Under Contract! Affordable 2 Bedroom Condo, Near NAU!

   2 Beds  | 2 Baths |$ 224, 950

Affordable 2 bedrooms, 2 baths upstairs condo in the highly desirable Arbors development. This unit is secluded and surrounded by trees. Don't miss this opportunity!

Photos and more information here: northernarizonafinehomes.com/property/183933/

Take a virtual tour: www.tourfactory.com/2821932

 

Location

1185 West University Avenue

Car-Dependent

Explore Woodlands Village on Walk Score

With its close proximity to NAU and downtown, this condo is perfect for students or as a family vacation home.

 

Attractions & Recreation

  • 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 soppressata, 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:

  • Manuel De Miguel Elementary School PK-5
  • Mount Elden Middle School 6-8
  • Flagstaff High School 9-12

 

 

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 remodeled condo or other properties for sale in Flagstaff.

Search for Condos in Flagstaff, Arizona

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Nov. 26, 2020

518 N Otto Drive Unit 11, Flagstaff, AZ 86001

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

 

Sold! Beautiful Switzer Canyon Townhome With Views! 

3 Beds | 2 Bath | $589,980

Don't miss this one of a kind home located in the beautiful Switzer Canyon. Enjoy the amazing mountain views as you enjoy your morning joe! This home is perfect for those who are looking for the primary bedroom on the main level, low maintenance landscaping, gorgeous forest and mountain range views, wonderfully design finishes with a wine fridge and much much more. This nearly new home is well kept and cared for, pride of ownership is very evident. Enjoy direct access to the Flagstaff Urban Trail with an easy walk to town. 

Photos and more information here: northernarizonafinehomes.com/property/183929

Take a virtual tour: www.tourfactory.com/2821927

 

LOCATION

518 North Otto Drive

Car-Dependent

Learn more about Flagstaff

 

Amusement & Recreation 

  • NAU Art Museum- Includes an exhibit building, research labs, and state of the art collections facilities for more than five million Native American artifacts, natural science specimens, and fine art pieces.
  • Wheeler Park - A great place to stay cool under the trees and enjoy outdoor with family.
  • Fort Tuthill County Park -The County's premier 413-acre regional park 3 miles south of Flagstaff. Offers bike park, equestrian cross country course, campground, multi-use trails, archery, and many more outdoor activities. 

 

Dining Nearby

Nearby restaurants include Nomads Global Lounge, if you are looking for an unusual menu with a great range of flavors this is a great place for you. You can also drop by at Tinderbox Kitchen and enjoy the good food and Flagstaff's authentic vibe. Satchmo’s is also a great place for dinner with a group. If you're looking for crafted BBQ and Cajun cooking it's just a small detour from the main road.

 

Nearby Schools

  • Eva Marshall Elementary School
  • Mount Elden Middle School
  • Flagstaff High School

Switzer Mesa/Ridge Neighborhood Information 

Visit the Switzer Mesa/Ridge community page for more information about this beautiful Flagstaff Townhome with views

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

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Nov. 25, 2020

Flagstaff AZ Real Estate Market Update- October 2020

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

 

October 2020 Flagstaff Market Report

 

 Tight Inventory Pushes Flagstaff Home Sales and Prices

 

The holidays are here! Have you started shopping? Those looking for a new home have checked off their lists as the housing market continues to boom. Here are the latest things that you should know about the Flagstaff housing market.

 

FLAGSTAFF HOME SALES

This October, sales of existing homes in the US rose 4.3% compared to  September marking five consecutive months of significant gains. Greater Flagstaff's housing sales fell 18% compared to last month according to data provided by the Northern Arizona MLS. It rose 28% from the same period last year, however.  There were 216 houses sold in October, the most in 14 years. Mortgage rates near all-time lows helped a lot to push sales numbers to new heights. 

 

October 2020 Flagstaff Home Sales by Type

 

In the month of October, the Kelly Broaddus Real Estate Advisors team sold 5 homes, selling over $1.8M of Flagstaff and nearby area real estate. 2014 was our best October home sales at almost $4M.

 

FLAGSTAFF MEDIAN HOME PRICE

Median Sold Price Days on Market October 2020 Flagstaff

 

Flagstaff's October housing prices jumped with the median sale price coming in at $530K which is 24% higher from a year ago at $426K, setting a new October monthly price high. 

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

October 2020 Flagstaff Market Watch Summary

 

2020 Flagstaff Real Estate Market Watch Total Single Family Home Sales -   158 homes, up 46% vs October 2019. 

Median Sold Price -  $530,000, up 24vs Oct 2019

Average Mortgage rates  - 2.8% The national average 30-year fixed mortgage rate hit a record low for the 13th time this year in Freddie Mac's latest Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

Longest days on market (SF): 525 Days  This is a 1,989 sqft 3 bedroom Mountain Vista condo in Pine Canyon, one of the most exclusive Flagstaff lifestyle community offering luxury homes.

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. 

 

FLAGSTAFF'S PRICIEST HOMES SOLD in OCTOBER 2020

FLAGSTAFF'S PRICIEST HOMES SOLD in October 2020

Photo courtesy of Symmetry Realty Brokerage

  • The highest-priced single-family Flagstaff home that sold in October was a $3,600,000 new construction 4-bedroom luxury custom home in Pine Canyon.
  • The highest-priced Flagstaff townhome sale was a $1,300,000 3-bedroom luxury townhome with all the upgrades and views of the 12th fairway in Pine Canyon.
  • The highest-priced Flagstaff condo sale was a $910,000 new build Mountain Vista condo in Pine Canyon

 

THE MOST AFFORDABLE  FLAGSTAFF HOMES SOLD in OCTOBER 2020

Lowest Priced Single Family Flagstaff Home in October 2020

Photo courtesy of Realty ONE Group, Mountain Desert

  • The lowest-priced single-family Flagstaff home that sold in October was a $247,000  3-bedroom classic Sunnyside home ready for renovation
  • The lowest-priced Flagstaff townhome that sold was a $255,000 3-bedroom townhouse on Christmas Tree
  • The lowest-priced Flagstaff condo that sold was a $165,000  one-bedroom unit condo in Tanglewoods Villas located close to club amenities, golf, hiking, shopping

 

Flagstaff Home Buyer Advice

 

Is it a bad time to buy a home right now? The popular message right now is that it is a bad time to buy a home. Let’s see if that’s true. 

 

First off, a recent survey confirms the popular sentiment: In September, the share of buyers who think it’s a good time to buy fell from 59% to 54%. Meanwhile, the share of sellers who think it's a good time to sell increased from 48% to 56%.

 

What's hiding behind these numbers? 

A big part is a rise in home prices. This September, the median price of an existing US home rose 14.8% compared to a year earlier. Another part is a shortage of inventory. Nationwide, there are too few homes on the market, making it hard in many places for buyers to find a good home, pushing prices up. However, this is not the whole picture.

 

Mortgage rates are at record lows.

The fixed 30-year mortgage rate currently stands at 2.8%, almost a whole percent lower than it was a year ago, which at the time was the lowest-ever rate. These incredibly low mortgage rates can mean a total savings of tens of thousands of dollars over the course of a loan. This makes homes more affordable than they appear at first.

 

The big rise in the median price is partly a statistical glitch

That's because the upper end of the market currently has a greater supply and a larger share of sold homes than usual.  In other words, when you look at all homes being sold right now, more of those homes tend to be luxury ones. This is pulling up the median price, making it look like all segments of the market are surging in price. 

 

Available Homes

While there might be a shortage of homes nationwide, I'm consistently seeing beautiful homes being listed in our local Flagstaff market. 

 

So what does this all mean for the Flagstaff homebuyer?

Despite the gloomy picture you might see on the evening news, based on my experience in the Flagstaff market, it's actually a good time to buy. Average prices are indeed rising. However, this doesn't mean that the home you might want to buy is becoming any less affordable. Of course, that could change once our present low mortgage rates start to go up. 

Homebuyer Guide Fall 2020

That's why I think it makes sense not to ignore the current favorable moment and look at the great homes that are available around Northern Arizona right now. If you want to see the many attractive Flagstaff homes I'm talking about, take a look here:

Click here to see all the latest Flagstaff homes for sale

As always, if you're thinking about buying or have any questions, give me a call at 888.446.5602. I’m here to help.

 

 

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 

 

The real estate market is golden for sellers right now. However, things might change soon. Here are the details:

 

Flagstaff Prices are soaring

The median price of an existing Flagstaff home sold in October rose 24.4% compared to a year earlier. That is a new record in price growth and also an all-time high when adjusted for inflation. So what's behind this surge in prices?

 

Limited supply of homes

According to the latest data from the Northern Arizona Multiple Listing Service, the inventory of homes on the market fell 3.7% annually. At the end of October, the number of available homes stood at just 440, which represented a 2.06-month supply. For reference, the normal supply is four to five months. While this imbalance between demand and supply is certainly pushing up prices, there's another important factor...

 

Record low mortgage rates

The fixed 30-year mortgage rate currently stands at a record-low 2.8%. That's almost a whole percent lower than it was a year ago, which at the time was the lowest-ever rate. Buyers are eager to take advantage of this situation. Such low rates can take tens of thousands of dollars off the real cost of buying a home; despite the growth in prices, homes can still be affordable.

 

So what does this all mean for you?

 

Well, if you were to sell your home now, you could sell it for top dollar and in record time. However, things might be changing soon. For one thing, there has been a spike in the number of sellers who think it is a good time to sell right now. This measure plummeted to 16% in March, rose steadily through the summer, and now stands at 56%. Also, home builder sentiment has been rising steadily for the past several months. That means we will likely soon see an increase in the completion of new homes, which can tilt the market more in favor of buyers.

That's why I think it's such a golden moment to sell right now. Prices are high, times-to-sell are short, and buyers are eager.

 

If you want to take advantage of this opportunity while it lasts, you can get started by finding out what your home is worth in the current hot market with this home value calculator: Click below and Enter your address to find out what your Northern Arizona home is currently worth

 

What is the value of your Flagstaff Home?

 

If you’d like a free consultation regarding your home’s value, give us a call at 888.446.5602. Kelly will be happy to talk about strategy and tell you how to take advantage of the current market. Our team sold 85 homes last year, so we know how to guide you through any situation and make sure you sell quickly and for top dollar. 

 

LET'S CONNECT TODAY!

Whether you connect by phone or video chat, we can help you understand how to safely navigate the housing market so that you can prioritize the health of your family without having to bring your plans to a standstill. Whether you’re looking to buy or sell, we know the best protocol as well as the optimal resources and lenders to help you through the process in this fast-paced world that’s changing every day. Give us a call at 888.446.5602 or email kelly.broaddus@exprealty.com. 

We at The Kelly Broaddus Team with eXp Realty know that the only result that ultimately matters is that your home gets sold — and sold for the right amount. Satisfied clients say it all. Check out our 5 Star Reviews.

 

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Nov. 23, 2020

8 Pine Ridge Drive, Flagstaff, AZ 86005

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

 

Under Contract! Wonderful South Flagstaff Home, Short Term Rentals Allowed

4 Beds | 3 Bath | $419,850

Wonderful home on a great lot!! Don't miss out on this opportunity! Short term rentals allowed, NO HOA

All photos and more information here: https://www.northernarizonafinehomes.com/property/183893/

See all Homes & Homesites For Sale in Pine Dell

 

LOCATION

8 Pine Ridge Drive

Car-Dependent

Learn more about Flagstaff

Directions: South on 89A to Pine Ridge Dr. Home is on left.

Amusement & Recreation 

  • 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.
  • Museum of Northern Arizona Excellent local museum, lots of native American archeology and Anasazi artifacts.

Dining Nearby

Nearby restaurants include Nomads Global Lounge, if you are looking for an unusual menu with a great range of flavors this is a great place for you. You can also drop by at Tinderbox Kitchen and enjoy the good food and Flagstaff's authentic vibe. Satchmo’s is also a great place for dinner with a group. If you're looking for crafted BBQ and Cajun cooking it's just a small detour from the main road.

Nearby Schools

Pine Dell Neighborhood Information 

Located in the Southern part of Flagstaff close to University Heights and Ponderosa Trails. Pine Dell is at the top of 89A and is close to all the amenities Flagstaff has to offer. Pine Dell has single-family homes and many of which back forest and no HOA. Visit the Pine Dell community page for more information about this south Flagstaff neighborhood.

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

Search for Homes in Flagstaff, Arizona

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Nov. 9, 2020

1061 S Vista Grande Dr Cottonwood, AZ 86326

Kelly Broaddus  |  eXp Realty  |  888.446.5602  |  Contact Kelly

Under Contract! Beautiful Vista Grande Ranch Home in Cottonwood, AZ
   3 Beds | 2 Baths | $292,400

Rare opportunity to own a beautiful home in this lovely small Vista Grande Ranch subdivision. Amenities include a small community pool & clubhouse with HOA only $40/month. Near a bus stop.

All photos and more information here: northernarizonafinehomes.com/property/183749

See all homes for sale in Cottonwood

 

Location

1061 South Vista Grande Drive

Car-Dependent

Learn More About Cottonwood

S Monte Tesoro Dr to W Mesquite Dr to S Viejo Dr to Sierra Madre Dr to S Vista Grande Dr. Home is on left.

 

Dining Nearby

Nearby restaurants include Cork & Catch, If you are looking for wonderful flavors, this is the place. They offer a great menu, steaks, seafood, salads, burgers. Calavera Bar And Grill is the Best Mexican restaurant in town. Papa Murphy's is such a great treat to be able to get delicious, fresh pizza locally.

Schools

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

  • Dr Daniel Bright Elementary School- PK-2
  • Cottonwood Middle School- 6-8
  • Mingus Union High School - 9-12

Vista Grande Ranch Neighborhood Information

Vista Grande Ranch subdivision in Cottonwood is a quiet 48 unit community located south and east of the Cottonwood airport.

Cottonwood is located in the 'heart' of Arizona, the Verde Valley a community with easily accessible restaurants, hotels, shopping and a charming historic old town, complete with tall sidewalks and buildings with false fronts that accommodate the old West character.

Come and see this nice home in Cottonwood for yourself! Contact Kelly Broaddus at kelly.broaddus@exprealty.com or call 888-4465602 to see other houses for sale in Cottonwood.

 

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Nov. 4, 2020

The New Normal: A Strong Flagstaff Housing Market Expected to Continue into 2021

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

 

 A Strong Housing Market Expected to Continue into 2021

 

“2020 will be known for a lot of things, and a record-breaking year for real estate will certainly be one of its more unexpected legacies,” prominent economist Daryl Fairweather said.1 And he’s right: most of us would have expected the housing market to suffer from circumstances like a once-in-a-hundred-years pandemic and historic inventory shortages.

 

But, rather than a slowdown, we are continuing to experience a surprisingly robust real estate market across the country. And experts estimate that these conditions are likely to last well into the new year. Fannie Mae Senior VP and Chief Economist Doug Duncan predicts that existing home sales will ultimately “be up a percent or more in 2021.” He believes home prices will continue to rise due to limited inventory, but he is confident the Federal Reserve will keep interest rates low into the future, which will be “very good for households.”2

 

Market conditions like fewer available listings, changing criteria for desired homes, and record-low mortgage rates are changing the way people buy and sell homes, most likely in a lasting way. But this sustained activity, even in the uncertainty that is 2020, proves that our country still views real estate as a sound investment. The only question now is how you can take advantage of the housing market’s “new normal.”

 

FEWER LISTINGS EQUALS A SELLER’S MARKET

FEWER LISTINGS EQUALS A SELLER’S MARKET

           

Inventory, meaning the number of homes for sale, is at a record low across the country. The National Association of Realtors (NAR) reports there are fewer homes on the market today than the association has seen in data going all the way back to 1982.3 Currently, the total housing inventory is about 1.47 million units, which is a decline of 19.2% from one year ago.4

 

Experts do predict some relief on the horizon. MarketWatch had previously anticipated housing starts would occur at a pace of 1.45 million and building permits would come in at a pace of 1.52 million.5 But it turns out that the market exceeded expectations: compared with last year, housing starts are up 11% and permitting for new homes occurred at a seasonally-adjusted annual rate of 1.55 million. That represents a 5% increase from August and an 8% increase from a year ago.

 

For now, the fact that there are fewer listings creates an advantageous housing market for sellers. There are several reasons why.

 

For one, buyers have to act fast to snap up available homes. As a result, most properties that come on the market stay for an average of just 21 days before they are sold.6 “That is the fastest ever recorded in our monthly series,” says NAR Chief Economist Lawrence Yun.

 

Another benefit is that sellers are enjoying higher net returns on their listings. This is thanks to the tough competition for homes, which often results in bidding wars between buyers. Nationwide, the median home price in September rose to $311,800. That translates to about $40,000 (15%) more than just a year ago.7

Should I renovate before I sell

 

This seller’s market is not simply a product of the pandemic. In fact, in the country’s top 100 metro markets, inventory has been dwindling since the first quarter of 2020.8 This means that even with increased construction, buyers can’t simply wait for things to go back to normal before reentering the market. Rather, all signs indicate that this is the new normal.

 

 

What It Means for Flagstaff Homeowners:

These higher home prices show that buyers are willing to spend more on a home right now than they did last year. So, if there ever were a time to list for top dollar—and expect to receive asking price quickly—that time is now. Ask us for a free consultation of your home’s value today.

 

 

What It Means for Flagstaff Homebuyers:

Due to low inventory, buyers could easily find themselves in a bidding war. Time is of the essence in a seller’s market, so you’ll need to get your financing in order and be preapproved for a loan before you begin your home search. We can connect you with a trusted mortgage professional to get you started.

 

 

BUYERS BENEFIT FROM LOW MORTGAGE RATES AND A BIGGER PLAYING FIELD

 

Don’t worry, Flagstaff homebuyers. This “new normal” of real estate has benefits for you too.

 

For example, people used to base their next home purchase on how far the commute was to work or in which public school district it was. But now, thanks to the pandemic shifting the locus of jobs and work, they are free to consider what they need from home to make it a place they truly want to be in as they work, teach, exercise, cook, and live.

 

Often, this equates to needing more space in different types of areas. Realtor.com consumer surveys show that people are desiring quieter neighborhoods, home offices, updated kitchens, and access to the great outdoors.9 The search for these criteria is driving residents out of densely populated metropolitan areas and into the suburbs.10 And this exodus from cities is good news for buyers: it opens up more possibilities for inventory that they could not have considered pre-pandemic.

 

Another advantage for buyers is the record-low mortgage rates. The average rate for a 30-year fixed-rate mortgage hit a record low in mid-October when rates fell to 2.81%. That’s the lowest since Freddie Mac began conducting the survey in 1971, and well below last year’s 3.69%.11 Similarly, a 15-year fixed-rate mortgage can be had for as low as 2.35% compared to 3.15% a year ago.

 

Thanks to these rates, buyers are afforded the opportunity to buy nearly $32,000 more home than they could one year ago, while keeping their monthly payment the same.12 So even though home prices are high now, it is currently more affordable to buy a home now than it was last year.

 

If you want to take advantage of these rock-bottom mortgage rates, you need to act fast. Though rates are projected to stay low, housing economists predict that the window of opportunity to get the best rate could be closing in the coming months. Mike Fratantoni, chief economist at the Mortgage Bankers Association, said he expects the average rate on a 30-year mortgage to rise to 3.5% by the end of 2021.13

 

 

What It Means for Northern Arizona Homeowners:

Record-low mortgage rates offer you the opportunity to lower your monthly payment—or even take out some equity—with a refinance. With those additional funds, you could even choose to invest in a second home in a new desirable location. Reach out to us for a referral to a trusted mortgage professional or an agent in those markets.

 

 

What It Means for Northern Arizona Homebuyers:

The time is now to determine how much home you can comfortably afford and make a plan to find it. We can set up a search for you to find homes that best meet your new needs, even if they’re in neighborhoods you wouldn’t have considered before.

 

 

A RECORD-SETTING YEAR FOR HOME SALES IS JUST THE BEGINNING

 

Despite the seemingly adverse buyer conditions, 2020 experienced a 14-year high number of home sales, NAR reports. Existing-home sales, which include single-family homes, townhomes, condominiums and co-ops, rose 9.4% in September to a seasonally adjusted annual rate of 6.54 million.14 That’s a 21% increase from a year ago!

 

Every region of the country has seen a surge in sales activity. According to George Ratiu, senior economist for Realtor.com, part of the reason for these continued sales is that the pandemic has created a paradigm shift in the patterns of real estate.15 For example, housing needs are typically resolved by late summer and early fall to coincide with the commencement of the new school year. With homeschooling and remote work, however, buyers have been freed to continue their home search into the traditionally slow winter months.

 

Another reason for the robust market is that Millennials are finally putting their money into homeownership. According to the U.S. Census Bureau, the homeownership rate for 25-to-34-year-olds rose to 40.7% by the end of last year.16 This is significant because Millennials, the generation of people in their mid-20s to late-30s, currently surpasses Baby Boomers as the nation’s largest living adult generation. As the remaining percentage of this group starts investing in homes in the near future, demand will persist.

 

All of these factors indicate that the housing market is poised to remain strong as we head into the new year. And as Jonathan Woloshin, head of U.S. real estate at UBS Global Wealth Management, believes, they could “buoy the housing market for years to come.”17

 

 

What It Means for Flagstaff/Sedona Homeowners:

It’s tempting to believe that homes will basically sell themselves in a market like this. But we’re still seeing properties that are overpriced and under-marketed sit unsold. We can help you optimize the process of selling your home so you can get the best possible offer.

 

 

What It Means for Flagstaff/Sedona Homebuyers:

Preparation is key to success in a seller’s market like this, but don’t let yourself become paralyzed. We are here to answer your questions and offer sound advice to guide you through all the options that are available to you.

 

 

REAL ESTATE IS A SAFE BET

 

Your other investments might have been on roller coasters this year, but the Flagstaff real estate market has been steady, competitive, and strong throughout. That makes it a good choice for your financial future.

 

National real estate numbers can give us a pulse on the market, but real estate happens in our own backyard. As your local market experts, we can help you understand the finer points of the Greater Flagstaff market that impact sales and home values in your own neighborhood. 

 

If you’re considering buying or selling a home in Flagstaff or Sedona (or nearby areas!) before the new year or in early 2021, contact us now to schedule a free consultation. We’ll work with you to develop an actionable plan to meet your goals.

 

 

Sources:

  1. Redfin -
    https://www.redfin.com/news/housing-market-news-september-2020/
  2. Housing Wire -

https://www.housingwire.com/articles/fannie-maes-doug-duncan-offers-his-predictions-for-2021/

  1. CNBC –

https://www.cnbc.com/2020/10/22/september-existing-home-sales-jump-9point5percent.html

  1. NAHB –

http://eyeonhousing.org/2020/10/existing-home-sales-surge-despite-record-low-supply

  1. MarketWatch –

https://www.marketwatch.com/story/new-home-construction-slows-slightly-in-august-driven-by-pullback-in-multifamily-starts-2020-09-17

  1. National Association of Realtors –

https://www.nar.realtor/newsroom/existing-home-sales-soar-9-4-to-6-5-million-in-september

  1. Business Insider - https://www.businessinsider.com/how-2020-broke-the-housing-market-inventory-could-run-out-2020-9
  2. Forbes -

https://www.forbes.com/sites/petertaylor/2020/10/11/covid-19-has-changed-the-housing-market-forever-heres-where-americans-are-moving-and-why/#74e7355761fe

  1. Realtor.com –
    https://www.realtor.com/research/top-consumer-home-features-coronavirus/
  2. Wealth Advisor – https://www.thewealthadvisor.com/article/covid-19-has-changed-housing-market-forever-heres-where-americans-are-moving-and-why
  3. Washington Post -

https://www.washingtonpost.com/business/2020/10/15/30-year-mortgage-rate-drops-record-low/

  1. Forbes –

https://www.forbes.com/advisor/mortgages/buying-a-home-low-mortgage-rates/

  1. BankRate -

https://www.bankrate.com/mortgages/refinance-window-could-close-soon/

  1. National Association of Realtors –

https://www.nar.realtor/newsroom/existing-home-sales-soar-9-4-to-6-5-million-in-september

  1. Forbes -

https://www.forbes.com/sites/petertaylor/2020/10/11/covid-19-has-changed-the-housing-market-forever-heres-where-americans-are-moving-and-why/#74e7355761fe

  1. TD Economics –

https://economics.td.com/us-falling-mortgage#:~:text=The%20homeownership%20rate%20among%20millennials,47.7%25%20at%20a%20comparable%20age.&text=This%20means%20that%201.4%20million,that%20of%20the%20older%20generation

  1. Axios Media -

https://www.axios.com/real-estate-market-819e3c85-3765-4014-91c0-b545be6d5935.html

 

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Flagstaff AZ Real Estate Market Update- September 2020

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

 

September 2020 Flagstaff Market Report

 

 September Flagstaff Home Sales Surge

 

Happy Halloween! As we move into November, the housing market continues to thrive. The summer season pushed into fall, causing September sales to surge. Here's the latest update on Flagstaff real estate.

 

FLAGSTAFF HOME SALES

This September, sales of existing homes in the US rose 9.4% compared to  August marking four consecutive months of significant gains. Greater Flagstaff's housing sales remain flat compared to last month according to data provided by the Northern Arizona MLS. It rose 40% from the same period last year, however.  There were 260 houses sold in September, the most in 14 years. Mortgage rates near all-time lows helped a lot to push sales numbers to new heights. 

September 2020 Flagstaff Home Sales by Type

 

In the month of September, our Kelly Broaddus Real Estate Advisors team hit a record of 9 homes, selling over $4M of Flagstaff and nearby area real estate.

 

FLAGSTAFF MEDIAN HOME PRICE

Median Sold Price Days on Market September 2020 Flagstaff

 

Flagstaff September housing prices fell 3.6% with the median sale price coming in at $487K which represents a new high for the month. This is 15% higher from a year ago with the median sale price coming in at $425K, setting a new September monthly price high. 

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

September 2020 Flagstaff Market Watch Summary

 

2020 Flagstaff Real Estate Market Watch Total Single Family Home Sales -   196 homes, up 47% vs September 2019. 

Median Sold Price -  $487,000, up 15vs Sept 2019

Average Mortgage rates  - 30-year fixed-rate mortgage rose 3.13% on Aug 31. Mortgage rates change daily but they remain very competitive and are worth locking in.

Longest days on market (SF): 1,135 Days  This is a stunning 4057 square foot Custom Mountain home on a heavily treed slightly elevated lot in Pine Canyon. Membership to Pine Canyon Gold Club is optional and HOA fees start at just $200/month.

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. 

 

FLAGSTAFF'S PRICIEST HOMES SOLD in SEPTEMBER 2020

FLAGSTAFF'S PRICIEST HOMES SOLD in September 2020

Photo courtesy of My Home Group Real Estate

  • The highest-priced single-family Flagstaff home that sold in September was a $3,000,000 5-bedroom luxury custom home located on the 6th tee box and nestled in a quiet, private cul-de-sac in Pine Canyon. 
  • The highest-priced Flagstaff townhome sale was a $670,000 3-bedroom all-season luxury townhouse, a former model home in Flagstaff Ranch
  • The highest-priced Flagstaff condo sale was a $750,000 renovated lower level condo with a large outdoor space and views of the practice range in Pine Canyon

 

THE MOST AFFORDABLE  FLAGSTAFF HOMES SOLD in SEPTEMBER 2020

Lowest Priced Flagstaff Home in September 2020

Photo courtesy of Realty Executives of Flagstaff

  • The lowest-priced single-family Flagstaff home that sold in September was a $255,000  3-bedroom mountain move-in ready getaway in Christmas Tree Estates that was used as an AIRBNB
  • The lowest-priced Flagstaff townhome that sold was a $255,000 2-bedroom townhouse in Sunnyside with easy access to Buffalo Park, Killip Elementary, shopping, bus line and is 3 miles from downtown and I-40.
  • The lowest-priced Flagstaff condo that sold was a $183,180 one-bedroom upper end-unit condo at the Arbors (Woodlands Area)  located close to dining, shopping, NAU campus, the gym and just minutes from historic downtown Flagstaff

 

Flagstaff Home Buyer Advice

Many people are eager to buy a home right now while affordability continues to be a highlight of the current housing market. However, a recent survey by Sparks Research shows that 20% of first-time homebuyers cite a lack of financial education as a barrier to homeownership. This is definitely understandable. If you don’t feel comfortable with the financial process of buying a home, it’s hard to make a confident decision. In fact, four in five homebuyers say they need help to understand what they can even afford in the first place. This is why finding the right professionals to help you through the process is so important.

Homebuyer Guide Fall 2020On top of that, the same survey reports over two-thirds of prospective home buyers believe they’ll need assistance to save enough for a down payment. What they may not realize is that there are a lot of down payment assistance programs at the state and regional levels, and many of them have funds available for potential buyers. Down Payment Resources recently released its Q3 2020 Homeownership Program Index, which explains:

“The number of total programs is 2,340, and over 81 percent (81.1%) of programs currently have funds available for eligible homebuyers.”

Down Payment Assistance Programs Are Not Only for First-Time Homebuyers

Keep in mind, these programs aren’t just for first-time homebuyers, so it’s worth exploring your options no matter where you are in your homeownership journey. For example, if you’re working from home now, you may be thinking of relocating to a more affordable area where you can stretch your dollar further and have more space, inside and out. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), explains:

“Rural areas have mortgages (USDA loans) that don’t require down payments; and some workers who can work from home may want to consider outer suburbs or small towns where USDA home loans are available and where homes are very affordable.”

If affordability is on your mind and you’re expecting to be working from home long-term, the right home may be in an area you haven’t considered yet. In addition, the assistance program you need might be within reach too.

If you’re interested in learning more about down payment assistance programs, additional information is available through Down Payment Resource. We can help you decide which option is best for you personally. Let’s connect today to get you started on the path to your dream home.

If you are just considering buying, take a look at some of the beautiful homes that recently came on the Flagstaff market.

 

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 

 

The housing market has continued its booming recovery, and sellers continue to benefit. But things might be changing soon. Let me give you the details:

Demand still outpaces supply by a lot. 

The only thing that's holding sales back is a lack of homes on the market. Inventory of homes for sale in the US is down 18.6% annually to a three-month supply. For reference, the last time that sales were this robust, the supply of homes was twice as high.

Home prices continue to rise.

Unsurprisingly, this mismatch between supply and demand has pushed home prices to new record highs. The price of a median home is up 11.4% annually. Also, homes are now going under contract after just 14 days on average, which is 14 days faster than one year ago.  

Home Seller Guide Fall 2020More homes on the market soon?

Of course, high demand and record prices benefit sellers tremendously. But there's a third aspect of the market that might spoil the party. Right now, the number of seriously delinquent mortgages is growing quickly. Many homeowners are struggling to make their payments during the economic problems caused by the pandemic. However, with current high home prices and low mortgage rates, the vast majority of these homeowners have equity in their homes. 

This means they could sell their home instead of being forced into foreclosure. The upshot is we might see a flood of new homes for sale on the market soon.

 

So what does this mean for you?

Well, if you've been thinking about selling, you might consider taking action now. The reason is the current golden moment. Demand is high, and homes are selling quickly and for top dollar. However, with the chance of many more homes for sale hitting the market, that might change soon.

In other words, we might see supply match demand, so prices start to stagnate and buyers get more choosy. That's why it's a good idea to at least look at your options right now. If you are considering selling your home, you can start by simply finding out what you could get for it in the current hot market. An easy way to do this is with the following home value calculator, which takes into account recent area sales. Click below and Enter your address to find out what your home is currently worth

 

What is the value of your Flagstaff Home?

 

If you’d like a free consultation regarding your home’s value, give us a call at 888.446.5602. Kelly will be happy to talk about strategy and tell you how to take advantage of the current market. Our team sold 85 homes last year, so we know how to guide you through any situation and make sure you sell quickly and for top dollar. 

 

LET'S CONNECT TODAY!

Whether you connect by phone or video chat, we can help you understand how to safely navigate the housing market so that you can prioritize the health of your family without having to bring your plans to a standstill. Whether you’re looking to buy or sell, we know the best protocol as well as the optimal resources and lenders to help you through the process in this fast-paced world that’s changing every day. Give us a call at 888.446.5602 or email kelly.broaddus@exprealty.com. 

We at The Kelly Broaddus Team with eXp Realty know that the only result that ultimately matters is that your home gets sold — and sold for the right amount. Satisfied clients say it all. Check out our 5 Star Reviews.

 

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