April 16, 2021

1045 E Sterling Lane, Flagstaff, AZ 86005

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

 

1045 E Sterling Lane, Flagstaff, AZ 86005

Fabulous Move-In Ready Townhome in Pinnacle Pines

    4 Beds |   3 Baths | $549,950

This very well-maintained 4 bedrooms, 3 bathrooms home with an enclosed porch is light, bright, and move-in ready. Nestled in the highly desirable Pinnacle Pines neighborhood, this townhome boasts a cozy private yard and a large dining/living/kitchen area. The main living area with a beautiful stone fireplace and built-in shelving is ideal for gathering and entertaining. Stainless steel appliances in the kitchen, instant hot water, ceiling fans in every room, CENTRAL AIR CONDITIONING, lots of built-ins and storage, make this home a great find! Close to I 17 & I40, within biking distance to shops and downtown, near Lake Mary, NAU, and Aspen Place. This unit has been beautifully maintained and would be the perfect forever/vacation home for those looking in a cool, friendly and quiet neighborhood. Do not miss out on this beautiful home.

 

Photos and more information here: northernarizonafinehomes.com/property/185308/

Take a Virtual Tour: Coming Soon

 

LOCATION

1045 East Sterling Lane

Car-Dependent

Learn more about Pinnacle Pines Flagstaff 

Lone Tree, right on Zuni, left on Masonic into Pinnacle Pines, left on Sterling - home is on the right.  Pinnacle Pines is located directly across the street from Pine Canyon and is surrounded by National Forest. 

Amusement & Recreation 

      • Wheeler Park- A great place to stay cool under the trees and enjoy the outdoors with family.
      • Hal Jensen Recreation Center - Is designed for family fun and fitness with a variety of drop-in hours.
      • Thorpe Park Center - Great place for the whole family including the furry ones. There are plenty of activities for the kids, a playground area, picnic tables, lots of grass areas, sports fields, a dog park, adequate parking.  

Dining Nearby

Visit Olive Garden Italian Restaurant, they offer great menu choices with many healthy (gluten and vegan ) options. You can also drop by at Josephine's Modern American Bistro and try their dishes with full wonderful flavors.  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

        • Lura Kinsey Elementary School
        • Mount Elden Middle School
        • Flagstaff High School

Pinnacle Pines Neighborhood Information 

Pinnacle Pines is a townhome community in southwest Flagstaff that sits atop a hillside with breathtaking San Francisco Peaks views. Visit the Pinnacle Pines community page for more information.

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

Flagstaff Homes for Sale Under $400,000

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

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April 13, 2021

What Rising Rates Mean for Buyers & Sellers

With rates rising, now may be the best time to sell.

 

What do rising interest rates mean for consumers in our real estate market?

 

For one, rising rates mean there will be downward pressure on home prices, and homebuyers will be able to afford less than before. It also means now may be the best time to sell. We all watch the stock market waiting to see when’s the best time to sell. None of us have a crystal ball, but now is a great time to do so. As I’m sure you’re aware, inventory is very low, and prices for anything that’s for sale are going through the roof. 

 

If and when you decide to sell, the next step is choosing the right agent to handle your sale. Many agents make the mistake of closing up shop once they’ve gotten their clients three or four offers just so they can accept one. I’ve even seen agents accept offers for homes that haven’t even been shown yet. In my opinion, this is a big mistake. It’s our job to get you the most money possible from your home sale, and there are many strategies my team and I have employed to do just that. I won’t go over them today, but you’re welcome to call me anytime to discuss them further. 

 

 

 

 

Now may be the best time to sell.

 

What about buyers? I had a client call me yesterday who’d been working with an agent for a couple of years and made numerous offers on homes without ever getting one accepted. They were very frustrated, and they eventually told me, “I need someone to just tell me what to do—just tell me what to do to get the home.”

 

I just want you to know that I’ll do exactly that. Whether you like what I say or not, I’ll be honest and tell you what to do to get the home you want. The same goes for if you want to sell your current home for top dollar. I won’t be passive about it, and this client hired me for that reason. 

 

If you’d like to know more about our market or my strategies for getting the best deal possible, whether you’re buying or selling, don’t hesitate to reach out to me. I’d love to help you. 

 

April 12, 2021

11540 Homestead Lane, Flagstaff, AZ 86004

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

11540 Homestead Lane, Flagstaff, AZ 86004

Adorable Flagstaff Home with Spectacular Mountain Views On 1.5 Acres! 

3 Beds | 2.5 Bath | $458,850

Enjoy spectacular views from this adorable East Rural Flagstaff home! Open concept living area and newer carpets make this home in the Timberline Area stand above the rest. Enjoy the fireplace centerpiece in the winter. Beautiful cabinets and granite countertops highlight the well-appointed kitchen. Plenty of room to enjoy and relax on the large, acre-plus lot. Enjoy the privacy and serenity of rural living while remaining only minutes from town. Close to tons of recreational activities, hiking trails, and outdoor fun. 

Photos and more information here: northernarizonafinehomes.com/property/185234/

Take a Virtual Tour: https://www.tourfactory.com/2808823

 

LOCATION

11540 Homestead Lane

Car-Dependent

Learn more about Timberline in Flagstaff 

From W Historic Rte 66 continue to US-89 N. Turn left onto Buckboard Trail. Turn left onto Homestead Ln. 11540 will be on the right.

Amusement & Recreation 

  • Thorpe park - great place for the whole family including the furry ones. There are plenty of activities for the kids, playground area, picnic tables, lots of grass areas, sports fields, a dog park, adequate parking.
  • 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

  • Sturgeon Cromer Elementary School
  • Sinagua Middle School
  • Coconino High School

Timberline Area Pocket Neighborhood Information 

Visit the Timberline Area Pocket community page for more information about this horse-friendly 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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April 7, 2021

Can I Buy or Sell My Flagstaff Home Without a Real Estate Agent?

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

 

Can I Buy or Sell My Arizona Home Without a Real Estate Agent

 

Today’s real estate market is one of the fastest-moving in recent memory. With record-low inventory in many market segments, we’re seeing multiple offers—and sometimes even bidding wars—for homes in the most sought-after neighborhoods. This has led some sellers to question the need for an agent. After all, why spend money on a listing agent when it seems that you can stick a For Sale sign in the yard then watch a line form around the block?

 

Some buyers may also believe they’d be better off purchasing a property without an agent. For those seeking a competitive edge, proceeding without a buyer’s agent may seem like a good way to stand out from the competition—and maybe even score a discount. Since the seller pays the buyer agent’s commission, wouldn’t a do-it-yourself purchase sweeten the offer?

 

We all like to save money. However, when it comes to your largest financial asset, forgoing professional representation may not always be in your best interest. Find out whether the benefits outweigh the risks (and considerable time and effort) of selling or buying a home on your own—so you can head to the closing table with confidence.

 

 

SELLING YOUR HOME WITHOUT AN AGENT

Most homeowners who choose to sell their home without any professional assistance opt for a traditional “For Sale By Owner” or a direct sale to an investor, such as an iBuyer. Here’s what you can expect from either of these options.

 

For Sale By Owner (FSBO)

For sale by owner or FSBO (pronounced fizz-bo) offers sellers the opportunity to price their own home and handle their own transaction, showing the home and negotiating directly with the buyer or his or her real estate agent. According to data compiled by the National Association of Realtors, approximately 8% of homes are sold by their owner.1

 

In an active, low inventory real estate market, it may seem like a no-brainer to sell your home yourself. After all, there are plenty of buyers out there and one of them is bound to be interested in your home. In addition, you’ll save money on the listing agent’s commission and have more control over the way the home is priced and marketed.

 

One of the biggest problems FSBOs run into, however, is pricing the home appropriately. Without access to information about the comparable properties in your area, you could end up overpricing your home (causing it to languish on the market) or underpricing your home (leaving thousands of dollars on the table).2

 

Even during last year’s strong seller’s market, the median sales price for FSBOs was 10% less than the median price of homes sold with the help of a real estate agent.1 And during a more balanced market, like the one we experienced in 2018, FSBO homes sold for 24% (or $60,000) less than agent-represented properties.3 This suggests that, while you may think that you’ll price and market your home more effectively yourself, in fact you may end up losing far more than the amount you would pay for an agent’s assistance.

 

Without the services of a real estate professional, it will be up to you to get people in the door. You’ll need to gather information for the online listing and put together the kind of marketing that today’s buyers expect to see. This includes bringing in a professional photographer, writing the listing description, and designing marketing collateral like flyers and mailers—or hiring a writer and graphic designer to do so.

 

Once someone is interested, you’ll need to offer virtual showings and develop a COVID safety protocol. You’ll then need to schedule an in-person showing (or in some cases, two or three) for each potential buyer. In addition, you’ll be on your own when evaluating offers and determining their financial viability. You’ll need to thoroughly understand all legal contracts and contingencies and discuss terms, including those regarding the home inspection and closing process.

 

While you’re doing all of this work, it’s likely that you’ll still need to pay the buyer agent’s commission. So be sure to weigh your potential savings against the significant risk and effort involved.

 

If you choose to work with a listing agent, you’ll save significant time and effort while minimizing your personal risk and liability. And the increased profits realized through a more effective marketing and negotiation strategy could more than makeup for the cost of your agent’s commission.

 

iBuyer

iBuyers have been on the scene since around 2015, providing sellers the option of a direct purchase from a real estate investment company rather than a traditional direct-to-consumer sales process.4 iBuyer companies tout their convenience and speed, with a reliable, streamlined process that may be attractive to some sellers.

 

The idea is that instead of listing the home on the open market, the homeowner completes an online form with information about the property’s location and features, then waits for an offer from the company. The iBuyer is looking for a home in good condition that’s located in a good neighborhood—one that’s easy to flip and falls within the company’s algorithm.

 

For sellers who are more focused on speed and convenience, an iBuyer may offer an attractive alternative to a traditional real estate sale. That’s because iBuyers evaluate a property quickly and make an upfront offer without requesting repairs or other accommodations.

 

However, sellers will pay for that convenience with, generally, a far lower sale price than the market will provide as well as fees that can add up to as much or more than a traditional real estate agent’s commission. According to a study conducted by MarketWatch, iBuyers netted, on average, 11% less than a traditional sale when both the lower price and fees are considered.5 Other studies found some iBuyers charging as much as 15% in fees and associated costs, far more than you’ll pay for a real estate agent’s commission.6

 

In a hot market, this can mean leaving tens of thousands of dollars on the table since you won’t be able to negotiate and you’ll lose out on rising home prices caused by low inventory and increased demand. In addition, iBuyers are demonstrably less reliable during times of economic uncertainty, as evidenced by the halt of operations for most iBuyer platforms in early 2020.6 As a seller, the last thing you want is to start down the road of iBuying only to find out that a corporate mandate is stopping your transaction in its tracks.

 

If you choose to work with a real estate agent, you can still explore iBuyers as an option. That way you can take advantage of the added convenience of a fast sale while still enjoying the protection and security of having a professional negotiating on your behalf.

 

 

BUYING YOUR HOME WITHOUT AN AGENT

 

According to the most recent statistics, 88% of home buyers use a real estate agent when conducting their home search.1 A buyer’s agent is with you every step of the way through the home buying process. From finding the perfect home to submitting a winning offer to navigating the inspection and closing processes, most homebuyers find their expertise and guidance invaluable. And the best part is that, because they are compensated through a commission paid by the homeowner at closing, most agents provide these services at no cost to you!

 

Still, you may be considering negotiating your home purchase directly with the seller or listing agent, especially if you are accustomed to deal-making as part of your job. And if you are familiar with the neighborhood where you are searching, you may feel that there is no reason to get a buyer’s agent involved.

 

However, putting together a winning offer package can be challenging. This is especially true in a multiple-offer situation where you’ll be competing against buyers whose offers are carefully crafted to maximize their appeal. And the homebuying process can get emotional. A trusted agent can help you avoid overpaying for a property or glossing over “red flags” in your inspection. In addition, buyer agents offer a streamlined, professional process that listing agents may be more likely to recommend to their clients.
 

If you decide to forego an agent, you’ll have to write, submit, and negotiate a competitive offer all on your own. You’ll also need to schedule an inspection and negotiate repairs. You’ll be responsible for reviewing and preparing all necessary documents, and you will need to be in constant communication with the seller’s agent and your lender, inspector, appraiser, title company, and other related parties along the way.
 

Or, you could choose to work with a buyer’s agent whose commission is paid by the seller and costs you nothing out of pocket. In exchange, you’ll obtain fiduciary-level guidance on one of the most important financial transactions of your life. If you decide to go it alone, you’ll be playing fast and loose with what is, for most people, their most important and consequential financial decision.

 

 

SO, IS A REAL ESTATE AGENT RIGHT FOR YOU?

 

It is important for you to understand your options and think through your preferences when considering whether or not to work with a real estate professional. If you are experienced in real estate transactions and legal contracts, comfortable negotiating under high-stakes circumstances, and have plenty of extra time on your hands, you may find that an iBuyer or FSBO sale works for you.

 

However, if, like most people, you value expert guidance and would like an experienced professional to manage the process, you will probably experience far more peace of mind and security in working with a real estate agent or broker.

 

The Consumer’s Guide to Hiring an Amazing Real Estate Agent

 

A real estate agent’s comprehensive suite of services and expert negotiation skills can benefit buyers and sellers financially, as well. On average, sellers who utilize an agent walk away with more money than those who choose the FSBO or iBuyer route.3,5 And buyers pay nothing out of pocket for expert representation that can help them avoid expensive mistakes all along the way from contract to closing.

 

According to NAR’s profile, the vast majority of buyers (91%) and sellers (89%) are thrilled with their real estate professional’s representation and would recommend them to others.1 That’s why, in terms of time, money, and expertise, most buyers and sellers find the assistance of a real estate agent essential and invaluable.

 

 

QUESTIONS ABOUT BUYING OR SELLING FLAGSTAFF? WE HAVE ANSWERS

 

The best way to find out whether you need a real estate agent or broker is to speak with one. We’re here to help and to offer the insights you need to make better-informed decisions. Let’s talk about the value-added services we provide when we help you buy or sell in today’s competitive real estate landscape.

 

Homebuyers and sellers in Northern Arizona can reach The Kelly Broaddus Real Estate Advisor Team with eXp Realty at 888-446-5602. Visit our office at 2700 Woodlands Village Blvd #300-106 Flagstaff, AZ 86001.

 

Sources:

  1. National Association of REALTORS -
    https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers
  2. Washington Post -
    https://www.washingtonpost.com/business/2020/12/09/factors-consider-when-determining-whether-use-an-agent-buy-or-sell-home/
  3. National Association of REALTORS -
    https://www.nar.realtor/blogs/economists-outlook/selling-your-home-solo-to-save-money-you-ll-actually-make-less-than-you-think
  4. Seattle Times -
    https://www.seattletimes.com/business/real-estate/redfin-is-first-major-ibuyer-to-sell-in-seattle
  5. MarketWatch -
    https://www.marketwatch.com/story/selling-your-home-to-an-ibuyer-could-cost-you-thousands-heres-why-2019-06-11
  6. Forbes -
    https://www.forbes.com/sites/nataliakarayaneva/2020/03/19/billion-dollar-real-estate-businesses-ibuyer-suspended/?sh=c7f59f921747

 

You Might Be Interested In:

Feb 2021 Flagstaff Market REport

Is the Flagstaff Real Estate Market Going to Crash?

April 6, 2021

2699 N Oakmont Drive Flagstaff, AZ 86004

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

 

Back on the Market! Meticulous 5 Bedroom Country Club Home with No HOA!

  5 Beds |  3.5 Baths | $599,999

Check out this home in Coconino Country Club- No HOA! Features: master suite and office/den on main level, family/dining room combo, large living room with bamboo hardwood floors, large walk-in pantry, granite countertops in the kitchen/downstairs powder room and upstairs bathroom, four bedrooms with large closets and two bathrooms upstairs & recently replaced roof and furnace. BRAND NEW water heater. Showings 4/16-4/19. Please do not disturb owners!

 

Photos and more information here: northernarizonafinehomes.com/property/184655

Take a Virtual Tour: https://www.tourfactory.com/2856981

 

LOCATION

2699 North Oakmont Drive

Car-Dependent

Learn more about Coconino Country Club

 Heading south on Country Club Drive, take a right on Oakmont Drive, continue until you arrive at the house on the 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.
      • Hal Jensen Recreation Center - Is designed for family fun and fitness with a variety of drop-in hours.
      • Thorpe Park Center - Great place for the whole family including the furry ones. There are plenty of activities for the kids, playground area, picnic tables, lots of grass areas, sports fields, a dog park, adequate parking.  

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

      • Thomas M Knoles Elementary School
      • Mount Elden Middle School
      • Coconino High School

Coconino Country Club Neighborhood Information 

Visit the Coconino Country Club community page for more information about this Flagstaff community.

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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March 26, 2021

501 W Santa Fe Avenue Unit 6, Flagstaff, AZ 86001

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

See all Homes for sale in Flagstaff Townsite

501 W Santa Fe Avenue Unit 6, Flagstaff, AZ 86001

Under Contract! Affordable Townhome with Parking & Views Close to Downtown Flagstaff & NAU!

   2 Beds  | 1.5 Baths |$324,980

Professional photos coming soon. Experience True Downtown Living in Flagstaff! Great opportunity to own a townhome downtown at an affordable price!! HOA only $112 per mo. This unit has 1 uncovered parking space and 1 covered. Close to parks and downtown, walk to dinner or breakfast! This adorable unit has a balcony and a back porch, also a storage unit for added storage. This is a real gem!  With its close proximity to NAU and downtown, this condo is perfect for students or as a primary home or family vacation home. 

Photos and more information here: northernarizonafinehomes.com/property/185063/

 

Take a virtual tour: COMING SOON

 

Location

501 West Santa Fe Avenue

Very Walkable

Learn more about Flagstaff Townsite 

From Rte 66 at San Francisco go west, continue STRAIGHT past city hall onto W. Santa Fe. Townhomes are in the second block on the left.

 

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.
  • Thorpe & Wheeler Parks

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

 Nearby schools include

  • Haven Montessori School (0.3 miles) Grades 1-3
  • Haven Montessori Charter School Grades KG-6
  • Eva Marshall Elementary School (0.6 miles) Grades PSD-6/UE
  • Flagstaff High School (0.5miles) Grades 9-12. 

 

 

Flagstaff Townsite Neighborhood

Flagstaff Townsite is a community in Historic Downtown Flagstaff.  If you are looking for an affordable home within walking distance to NAU & downtown this is it. This home will sell fast. Contact 888.446.5602 to set up an appointment.

 

Search for Condos in Flagstaff, Arizona

 Flagstaff Condos for Sale Under $200,000

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Flagstaff Condos for Sale Above $500,000

 

March 25, 2021

3265 N Manor Rd, Flagstaff, AZ 86001

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

3265 N Manor Road, Flagstaff, AZ 86004

Great Opportunity in NE Flagstaff! Single Level Home with Large Backyard & Views
3 Beds |  2 Baths | $419,800

Hot item!! Updated, 3 bedroom 2 bath home in the desirable neighborhood of Upper Greenlaw. No HOA. This home had a new roof put on in 2014, updated kitchen and bathrooms, Air Conditioning, and a large level backyard ready for landscaping. Quiet street and close to schools, parks, and trails. Will go fast, make your appointment to view this adorable home!

 

Photos and more information here: northernarizonafinehomes.com/property/185055/

Take a Virtual Tour: https://www.tourfactory.com/2854490

Location

3265 North Manor Road

Somewhat Walkable

Learn more about Upper Greenlaw Flagstaff

From Lockett Rd, head north on Manor Rd., house is on your left.

 

Amusement & Recreation 

Buffalo Park - Perfect walk to enjoy the outdoors, fresh air and close mountain views. Many Trails for all ages and even dogs. Plus the beautiful views of the San Francisco Peaks. 

Flagstaff Mall - Located in East Flagstaff and is accessible at the I-40/Country Club Drive Exit.

Flagstaff Aquaplex - is a city-owned recreation center with tons of amenities for kids and adults like pool, gym, large water slides & lazy river.

Dining Nearby

Visit Tinderbox Kitchen and enjoy the good food and Flagstaff's authentic vibe. You can also drop by at Josephines Modern American Bistro and try their dishes with full wonderful flavors. 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 and a great place for dinner with a group.

Nearby Schools

 

Upper Greenlaw Neighborhood

Upper Greenlaw is an established east Flagstaff neighborhood developed in the 1970s. Homes were built on the model of Coconino Estates’ original homes –generally with one-car garages. There are also some duplexes in the area.

Come and see this nice home in Upper Greenlaw for yourself! 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 Under $200,000

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March 24, 2021

Flagstaff AZ Real Estate Market Update- February 2021

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

 February 2021 Flagstaff Real Estate Market Statistics

 

Flagstaff's Housing Market Inventory at Record Low as Home Values Continue Trend Up

 

The spring market is back with a vengeance. After a full year of dealing with COVID-19, a vaccine surge is on the horizon and the economic outlook is positive. March, a historically active month for the market, is once again poised for a strong performance. Here's the latest update on the Flagstaff housing market.

 

FLAGSTAFF HOME SALES

The US existing home sales descend 6.6% after 2 months of gain while Greater Flagstaff's February housing sales dip 3% vs the previous month. According to data from the Northern Arizona Multiple Listing Service (NAAR),  Flagstaff home sales dropped 5.6% with 102 units sold vs February 2020 when there were 108. Here's why: record low inventory.

 

Febuary 2021 Flagstaff Home Sales by Type

More inventory this spring could grease the wheels of the housing market and lead to huge increases in sales. February is traditionally a slow month, but we are excited to share that we broke our best February record sales with 9 homes sold valued at over $4.3M. Big thanks to our clients!

 

FLAGSTAFF MEDIAN HOME PRICE

Flagstaff Median Home Price & DOM Feb  2021

February housing prices in Flagstaff hit a new monthly high with the median sales price coming in at $530,000.

“With fewer listings in what’s already a housing shortage environment, home prices are likely to hold steady,” NAR Chief Economist Lawrence Yun. 

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

February 2021 Flagstaff Market Watch Summary

2020 Flagstaff Real Estate Market Watch Total Home Sales -   102 homes, down 5.6% vs February 2020. 

Median Sale Price -  $530,000, up 33.5% vs February 2020, highest in more than a decade

Mortgage rates  - A 30-year fixed-rate mortgage with 5% down and very good credit is at an average of  

Longest days on market (SF): 453 days Originally listed for over $670,000 in 2020 this 24.99-acre ranch in the Forest Survey Tract area stayed on the market for just 14+ 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. 

 

FLAGSTAFF'S PRICIEST HOMES SOLD in FEBRUARY 2021

FLAGSTAFF'S PRICIEST HOMES SOLD in FEBUARY 2021

Photo courtesy of RE/MAX Fine Properties

  • The highest-priced single-family Flagstaff home that sold in February was a $2,160,000  - 4 bedroom modern luxury home in Pine Canyon.
  • The highest-priced Flagstaff townhome sale in January was $795,000  -  a 4 bedroom tri-level luxury townhome in Switzer Mesa. An elevator ensures accessibility to each floor. 
  • The highest-priced Flagstaff condo sale in February was a $430,000 -  three-bedroom unit with 2 decks perfect for a private getaway, or entertaining friends and family.  Enjoy all that Flagstaff and Flagstaff Ranch has to offer, golf, tennis, pickleball, fine dining, etc

 

THE MOST AFFORDABLE  FLAGSTAFF HOMES SOLD in FEBRUARY 2021

Lowest Priced Flagstaff Home in Feb 2021

Photo courtesy of Realty One Group, Mountain Desert

  • The lowest-priced single-family Flagstaff home that sold in February was a $285,000 -  charming two-bedroom in Timberline with awesome views. Itused to be a successful AirBnb
  • The lowest-priced Flagstaff townhome that sold in February was a $320,000 - 3 bedroom 2.5 bath Swiss Manor townhome located at the base of Mount Elden with hiking and biking trails nearby.
  • The lowest-priced Flagstaff condo that sold in January was $163,000 -  931 sqft Sunnyside 2bedroom unit. This home needed updates and was priced below market to compensate.

 

Flagstaff Home Buyer Advice 

Millennials—the largest generation in American history—will continue to pour into the market after helping Zillow’s traffic skyrocket to 9.6 billion visits last year. With more sellers primed to enter the market, weary homebuyers may find a smidgen of relief—but they still won’t be calling the shots. (Offers over list price will still be par for the course.)

Great news for buyers: the Fed intends to keep mortgage rates artificially low. 

On March 10th, 2021 Fannie Mae imposed a 7% limit to the number of Second Homes and Investment Properties in their portfolio. This resulted in interest Rates hike on all Second Home and Investment Property transactions. 

So what does this all mean for you?

There are scarcely any homes going up for sale, so you’ll want to be as prepared as possible when you’re ready to buy. Though some home buyers may be deterred by interest rates ratcheting up a bit, many more are rushing to lock in affordable monthly payments while they still can. 

As mentioned in my previous blog, if you're in the market to buy your second home or investment property rates could go up as high as 4.5% with stricter borrowing rules. This means your purchasing power will decrease, your credit score will have to be higher, you’ll have to put more money down, or you’ll have to look stronger on paper.

 

FLAGSTAFF HOUSING INVENTORY

Inventory remains very tight on all price ranges with available homes under 1 month supply, except at the $2M to $2.2M with a normal 6 months supply. See All Active and Pending Homes

With demand for affordable Flagstaff homes exceeding supply, the competition will heat up in the months ahead. Beginning your home search now could lead to a successful and less stressful buying experience.

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. I can set up a customized search so you’ll get notified when new listings that meet your criteria hit the market.

Need a lender recommendation for your home loan? We work with trusted lenders who will walk you through the entire process and have your best interest at heart. Contact Kelly today and we will get you one of our trusted lenders that best fits your needs.

 

Flagstaff Home Seller Advice 

This seller’s market has led to homes in Flagstaff fetching a jaw-dropping number of bids before going under contract for tens of thousands of dollars over list price.

Would-be sellers who sidelined their plans last spring due to COVID-19 may feel more optimistic this time around. They’ve watched the 2020 housing market triumph in the face of adversity, and they’re seeing consumer confidence rise now.

So what does this all mean for you?

Inventory Levels

In a competitive market that’s moving so quickly, it makes sense to sell your house when buyers are scooping homes up as fast as they’re being listed.  You have the leverage to sell your house on your terms.

Should you renovate before you sell?

Your best move right now is to work with a real estate advisor to determine which improvements are truly necessary, and which ones are not likely to be deal-breakers for buyers.

Home values are going up and spending fewer days on the market, so having a professional on your team to help you navigate offers will be important for any seller. The competition will increase markedly over the next few months. Netting top dollar is still more than possible, but overpricing a home and failing to prepare it for the market is a losing strategy. 

If you'd like to get an idea of what your home is worth right now, you can use our home value calculator, which is based on recent Northern Arizona MLS sales. Click the image below then enter your address to find out what your home is currently worth.

 

What is the value of your Flagstaff Home?

 

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

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.

 

You Might Be Interested In:

Jan 2021 Flagstaff Market REport

Is the Flagstaff Real Estate Market Going to Crash?

 

 

 

March 22, 2021

1401 N 4th St #123, Flagstaff, AZ 86004

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

 

1401 N Fourth Street Unit 123, Flagstaff, AZ 86004

Under Contract! Charming Mountain Retreat Close To Downtown Flagstaff
2 Beds |   2 Baths | $315,000

Under Contract before it hit the market! Charming 2 bedroom lower level condo nestled under the pines. High ceilings, covered deck, storage unit, and detached parking. Close to city amenities, restaurants, pharmacies, Aquaplex. Urban trails & quiet neighborhoods to walk or bicycle. Great for students, 2nd home or primary residence. 

Photos and more information here: northernarizonafinehomes.com/property/185011/

 

Location

1401 North Fourth Street

Car-Dependent

Walk Score of 1401 North Fourth Street Flagstaff AZ 86004Transit Score of 1401 North Fourth Street Flagstaff AZ 86004Bike Score of 1401 North Fourth Street Flagstaff AZ 86004

Learn more about Summit Park Condos

It is centrally located between Route 66 and Butler Avenue on Fourth Street and has quick access to everything!

Amusement & Recreation 

Hal Jensen Recreation Center- is designed for family fun and fitness with a variety of drop-in hours.

Thorpe Park- Great place for the whole family including the furry ones. There are plenty of activities for the kids, playground area, picnic tables, lots of grass areas, sports fields, a dog park, adequate parking.  

Wheeler Park - A great place to stay cool under the trees and enjoy outdoor with family.

Dining Nearby

Visit Tinderbox Kitchen and enjoy the good food and Flagstaff's authentic vibe. You can also drop by at Josephines Modern American Bistro and try their dishes with full wonderful flavors. 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 and a great place for dinner with a group.

Nearby Schools

Summit Park Condos Neighborhood 

Summit Park Condos is centrally located, close to downtown, hiking, and golf, with gorgeous common areas. Enjoy privacy, the sounds of the birds, and the best of Flagstaff's amenities. Close proximity to NAU and quick access to I-40.

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

March 22, 2021

What You Need to Know About the Recent Mortgage Changes

Here’s what you need to know about the recent mortgage rate hike.

 

Recently, Fannie Mae sent out a letter to all their mortgage providers saying that they’re going to limit the number of secondary home and investment mortgages in their inventory down to 7%. That means the companies who provide those loans had to make quick adjustments, some of which include higher rates and stricter lending rules. So how will this affect you as a consumer?

 

If you’re in the market to buy your primary residence, you won’t be affected. But if you’re buying a second home or an investment property, the change is a huge deal. Rates could go up as high as 4.5%, which means your purchasing power will decrease. And if rules are stricter, that means your credit score will have to be higher, you’ll have to put more money down, or you’ll have to look stronger on paper.

 

 

If you’re buying a second home or an investment property, this change is a huge deal.

 

This has been quite a shock to the industry, especially in Flagstaff. Many of our buyers are second-home buyers, and everyone knows that as the weather gets warmer in Phoenix, so too does the real estate market in Flagstaff.

 

The good news is that if you’re buying a primary residence and your loan is owner-occupied, you might have an easier time finding a property since second-home buyers will face more restrictions.

 

If you have any further questions about these changes, contact your mortgage lender, but remember that these changes aren’t the lender’s fault—this happened quite suddenly. If you have any questions about the market or buying and selling homes, don’t hesitate to reach out to us. We’re happy to help.