March 27, 2020

Flagstaff AZ Real Estate Market Update- February 2020

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

 

Feb 2020 Flagstaff Market Report

 

Flagstaff 's February Housing Market Very Strong, Coronavirus Casts Uncertainty

 

This year's spring market was going to be another blockbuster year for real estate however during the past two weeks the COVID-19 crisis has impacted all parts of the economy. You've already heard about the massive stock losses in Feb and March. Mortgage rates hit all-time lows. Spring signal the start of the spring home-selling season and in just a few weeks we will see the impact of volatility and uncertainty surrounding Coronavirus. February numbers are in the books. Here's the latest update on the Flagstaff housing market.

 

FLAGSTAFF HOME SALES

The US existing home sales jump 6.5% in February while Greater Flagstaff's February housing sales dip 10% vs Jan 2020. According to data compiled from the Northern Arizona Multiple Listing Service (NAAR),  Flagstaff home sales remain very strong with 106 units sold vs February 2019 when there were only 73. 

February 2020 Flagstaff Home Sales By Type

 

February is traditionally a slow month but this year we, the Kelly Broaddus Team, posted our best February sales in value with 3 homes sold valued at around $1.4M. Everything was coming up roses for housing in February. Three weeks later, it’s a whole new world.

 

FLAGSTAFF MEDIAN HOME PRICE

Flagstaff Median Home Price & DOM Feb 2020

February housing prices for the greater Flagstaff hit a new monthly high with the median sales price coming in at $420,000.

“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 2020 Flagstaff Market Watch Summary

2020 Flagstaff Real Estate Market Watch Total Single Family Home Sales -   70 homes, up 156% vs February 2019. 

Median Home Price -  $420,000, up 1.7% vs February 2019

Mortgage rates  - A 30 year fixed rate mortgage with 5% down and very good credit averaged 3.5% 

Longest days on market (SF): 826 days Beautiful 4 bedroom, single-level new construction in the Fort Valley area that boasts magnificent San Francisco Peaks views from the backyard.

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 2020

FLAGSTAFF'S PRICIEST HOMES SOLD in February 2020

Photo courtesy of Russ Lyon Sothebys International Realty

  • The highest-priced single-family Flagstaff home that sold in February was $1,687,500  - a 4 bedroom, 4368 sqft, new construction luxury home in  Pine Canyon with expansive views of the 8th & 9th Fairway
  • The highest-priced Flagstaff townhome sale in February was a $649,558  -  2 bedroom, 2.5 bathrooms new build in one of Flagstaff's premier golf community, Flagstaff Ranch
  • The highest-priced Flagstaff condo sale in February was $819,637 -  a 3 bedrooms, 3.5 baths Pine Canyon luxury new-build with 2 separate bedrooms suites a separate guest casita

THE MOST AFFORDABLE  FLAGSTAFF HOMES SOLD in FEBRUARY 2020

LOwest Priced Flagstaff Home in Feb 2020

Photo courtesy of Linton Real Estate

  • The lowest-priced single-family Flagstaff home that sold in February was a $250,000 - updated 3 bedroom in Upper Greenlaw
  • The lowest-priced Flagstaff townhome that sold in February was a $245,000 - Multi-level 2 bed, 2 baths in Lower Greenlaw with an open patio in the backyard
  • The lowest-priced Flagstaff condo that sold in January was a $195,000 -  Upgraded 1 bedroom 1 bath upstairs unit in Woodland Area (The Arbors)

 

Flagstaff Home Buyer Advice 

Buyers are clearly rattled by the economic shutdown, job layoffs and the massive drop in the stock market. Some have hit the pause button on their home search while others are forging on. Don't let frightening headlines scare you! If you are ready to buy your dream Flagstaff home now, take advantage of the low mortgage rate and decreased homebuyer interest - which means less competition for you. Here is what you need to know about the mortgage process.

Homebuyer advice

With most buyers on home quarantine,  we have seen an increase in the demand for virtual showings amidst the coronavirus outbreak. Use of Virtual Home Tours Spreads as Coronavirus Cases Spike

 

INVENTORY

Inventory level is rising which is normal for this time of year. That's great news for buyers who are desperately looking for a new home. Currently, inventory has improved vs last month. 

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 

“The temporary softening of the real estate market will likely be followed by a strong rebound once the economic quarantine is lifted, and it’s critical that supply is sufficient to meet pent-up demand.”

Many are concerned the current correction in the stock market is a sign that home values are also about to tumble. What’s taking place today, however, is nothing like what happened in 2008 when the economic slowdown was mainly caused by a collapsing real estate market and a meltdown in the mortgage market.

 

This time, the stock market correction is being caused by an outside event (the coronavirus) with no connection to the housing industry. Many experts are saying the current situation is much more reminiscent of the challenges we had when the dot.com crash was immediately followed by 9/11. As an example, David Rosenberg, Chief Economist with Gluskin Sheff + Associates Inc., recently explained:

 

“What 9/11 has in common with what is happening today is that this shock has also generated fear, angst and anxiety among the general public. People avoided crowds then as they believed another terrorist attack was coming and are acting the same today to avoid getting sick. The same parts of the economy are under pressure ─ airlines, leisure, hospitality, restaurants, entertainment ─ consumer discretionary services in general.”

 

Since the current situation resembles the stock market correction in the early 2000s, let’s review what happened to home values during that time.

The S&P dropped 45% between September 2000 and October 2002. Home prices, on the other hand, appreciated nicely at the same time. That stock market correction proved not to have any negative impact on home values.

 

If you've been considering selling your home, you can get started by getting an idea of what your home is worth in the current hot market using this calculator that's based on recent sales: 

What is the value of your Flagstaff Home?

Enter your home address here to find out what your Northern AZ home is currently worth

 

 

CONNECT WITH US

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. Give us a call at 888.446.5602 or email kelly.broaddus@exprealty.com. 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.

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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Sedona Community Resources

Sedona AZ Business Resources

 

March 20, 2020

Doing Our Small Part to Help During the Pandemic

I’m partnering with Eat n’ Run Cafe to help feed families during this global pandemic. Here’s what you need to know.

 

Given the current circumstances where there are a lot of people out of work, kids home from school, etc., there are a lot of hurting families. I’ve never really made my life public, but I’ve been there, too. I’ve been in a situation where I was a single mom of seven kids that needed help to put food on the table. I received that help, and now I’m paying it forward in order to help others during this uncertain time.

 

I’ve decided to partner with Eat n’ Run Cafe to help them in their mission to keep families safe and full during these difficult times. The next two weeks are likely to be the most mentally and physically challenging, and there are a lot of families out there who are going to be worried about going hungry.

 

"On April 1, We have the opportunity to take care of the bill for all of the vouchers that are redeemed. "

 

I approached Eat n’ Run with a strategy to help until April 1. They will be giving out vouchers at a discounted price to individuals who want to give breakfast burritos, salads, and kid's meals to those who are being affected by this crisis financially. People can exchange these vouchers anytime Monday through Saturday from 7:30 a.m. to 2 p.m. On April 1, those of us that participate will take care of the bill for all of our vouchers that are redeemed.

 

To those of you who do have a little extra like myself and want to help, reach out to me via phone or email and I can send you some of our vouchers. If there are any other local businesses out there who would like to join us and participate in our efforts, reach out to me as well.

 

If you have any questions, don't hesitate to contact me. I look forward to hearing from you.

March 6, 2020

Top 5 Home Design Trends for a New Decade

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

Top 5 Home Design Trends for a New Decade

 

Whether you’re planning a simple refresh or a full-scale renovation, it’s important to stay up-to-date on the latest trends in home design. Sellers who make tasteful updates can generate increased buyer interest and, in some cases, a premium selling price. And buyers should consider which features of a home will need updating immediately (or in the near future) so they can factor renovation costs into their overall budget.

 

Even if you have no immediate plans to buy or sell, we advise our clients to be thoughtful about the colors, materials, and finishes they select when planning a remodel or even redecorating. Choosing over-personalized or unpopular options could hurt a home’s value when it does come time to list your property. And selecting out-of-style or overly-trendy elements could cause your home to feel dated quickly.

 

To help, we’ve rounded up five of the hottest home design trends for 2020.

Keep in mind, not all of these will work well in every house. If you plan to buy, list, or renovate your Flagstaff/Sedona property, give us a call. We can help you realize your vision and maximize the impact of your investment.

 

 

1. IN: Sustainability / OUT: Fast Furniture

 

Consumers have become increasingly eco-conscious. Many are shunning the mass-produced, “fast furniture” popularized by retailers like IKEA, opting instead for higher-quality pieces that are built to last. And the availability of non-toxic, environmentally-friendly furniture and decor options is set to grow in 2020 and beyond.

 

At the same time, there’s been a noticeable shift toward individuality in today’s interior design. Instead of following the latest fad, more homeowners are opting to embrace their personal style and invest in items they believe will “spark joy” (à la Marie Kondo) for years to come.

 

Want to know more about Marie Kondo’s famous organization method and how it can increase your home’s value? Contact us for a free copy of our recent report, “Top 6 Home Organization Upgrades That ‘Spark Joy’ for Buyers.”

 

To incorporate this trend, designers recommend layering old and new pieces for a curated look that you can build over time. Instead of purchasing matching furniture set from a big-box retailer, buy one or two sustainably-sourced pieces that complement what you already own. Try searching for estate sales and Craigslist for vintage classics or well-built furniture that can be refinished. And to accessorize your room, mix sentimental items with newer finds to create a truly personalized space.

 

 

2. IN: Cozy / OUT: Cold

 

Designers are moving away from cool grays, industrial finishes, and stark modernism. In 2020, there’s a big emphasis on creating warm and cozy spaces through color, texture, and shape.

 

Gray has dominated the color palette for the past decade. This year, expect to see a move toward warmer neutrals, earth tones, and nature-inspired shades of blue and green. Warm metals, like gold and brass, will also continue to trend. And hardwood floors are heating up, as cool gray and whitewashed finishes fade in popularity. Expect to see a rise in classic choices like walnut, mahogany, and oak in richer and darker tones.

 

Furniture will also get cozier—and curvier—in 2020. From rounded sofas and curved-back chairs to oval dining tables, softened-angles are dominating the furniture scene right now. And designers expect softly-textured fabrics—like velvet, shearling, and mohair—to be big this year, as homeowners strive to add a touch of “hygge” (the Danish concept of calming comfort).

 

Want to warm up your home decor? Try one of the top paint colors for 2020: Benjamin Moore’s First Light (soft pink), Sherwin Williams’s Naval (rich blue), or Behr’s Back to Nature (light green).

 

 

3. IN: Bold / OUT: Boring

 

Bold is back! After years of neutral overload, vivid colors and prints will take center stage in 2020. Expect to see geometric designs, color blocking, and floral and botanical patterns on everything from pillows to rugs to wallpaper.

 

The hottest trend in interior paint right now is bold trim and ceilings. Monochromatic rooms (e.g., walls, ceilings, and millwork painted the same color) will be big this year, as well as high-contrast pairings, like white walls with black trim. Color is coming back to kitchens, too, and two-toned color schemes continue to gain steam. In 2019, 40% of remodelers chose a contrasting color for their kitchen island.1 While white was still the top choice for cabinets, blue and gray are increasingly popular alternatives.

 

If you’re ready to “go bold,” separated spaces like laundry and powder rooms are great places to start. It’s easier to incorporate busy wallpaper or bright wall color in an enclosed area because it doesn’t have to flow with the rest of your decor.

 

Of course, clients always want to know how design choices could impact their home’s value. The reality is, neutral finishes are still the safest bet for resale. If you’re prepping your home to go on the market, stick with non-permanent fixtures—like artwork and accessories—to brighten your space.

 

 

4. IN: Nature / OUT: Industrial

 

Biophilic design has been big in the past few seasons, and it isn’t going anywhere in 2020. It centers around the health and wellness benefits of connecting with nature, even while indoors, and it’s impacted the latest trends in color, prints, and materials.

 

As we mentioned previously, floral and botanical patterns are hot right now, along with nature-inspired hues, like blues, greens, and earth tones. We’re also seeing a heightened use of organic shapes and sustainable materials in furniture and furnishings, including wood, wicker, rattan, and jute. This infusion of nature coincides with a decline in the popularity of urban-industrial fixtures. Designers predict that concrete floors and Edison light bulbs are on the way out.

 

Want to bring in elements of biophilic design on a budget? Houseplants are a great place to start. But you can also enhance your home’s natural light and create a visual sightline to the outdoors by removing heavy curtains and blinds. And when the weather is nice, open your windows and enjoy the breeze, sounds, and smells of nature. These simple acts are scientifically proven to help reduce stress, boost cognitive performance, and enhance mood!2

 

 

5. IN: Functional / OUT: Fussy

 

In 2020, homeowners want a design that’s beautiful, but also liveable. With the rise in remote workplaces, online shopping, and virtual exercise classes, many of us are spending more time at home than ever before. Cue the growing appeal of multi-functional spaces, like a combination kitchen/office or gym/playroom. Real-life—and rising housing prices—necessitates the creative use of limited space.

 

Durable, low-maintenance materials will also surge in popularity this year. Engineered quartz—which is more stain, heat, and chip-resistant than natural stone—is now the #1 choice for kitchen countertops.1 Waterproof, wood-look luxury vinyl is the fastest-growing segment in the flooring industry.3 And improvements to water and stain-resistant performance fabric has made it a mainstream option for both indoor and outdoor upholstery.

 

Now that functional is hot, what’s not? Designers say that mirrored furniture, open shelving, and all-white kitchens are too impractical for today’s busy families.

 

 

So how can you start enjoying the time and energy-saving benefits of this design trend? Begin by structuring each room so that it best suits your needs. And when purchasing furniture or fixtures, choose options that are durable and easy-to-clean. The truth is, design fads come and go. But a comfortable and relaxed home (that you don’t spend every spare minute maintaining!) can help create memories to last a lifetime.

 

 

DESIGNED TO SELL

 

Are you contemplating a remodel? Want to find out how upgrades could impact the value of your Northern Arizona home? Buyer preferences vary greatly by neighborhood and price range. We can share our insights and offer tips on how to maximize the return on your investment. And if you’re in the market to sell, we can run a Comparative Market Analysis on your Flagstaff/ Sedona home to find out how it compares to others in the area. Contact Kelly to schedule a free consultation!

 

 

Sources:

  1. Houzz -
    https://www.houzz.com/magazine/2020-us-houzz-kitchen-trends-study-stsetivw-vs~129594531
  2. Terrapin Bright Green - https://www.terrapinbrightgreen.com/reports/14-patterns/
  3. Remodeling Magazine -
    https://www.remodeling.hw.net/products/vinyl-ceramic-and-hardwood-oh-my-todays-popular-flooring-trends_o
  4. Elle Decor -
    https://www.elledecor.com/design-decorate/trends/g29859422/design-trends-2020/?slide=1
  5. Forbes - https://www.forbes.com/sites/amandalauren/2019/12/23/twelve-interior-design-trends-well-see-in-2020/#43f81f044a5f
  6. Wall Street Journal -
    https://www.wsj.com/articles/the-top-6-interior-design-trends-for-2020-11577460357
  7. Good Housekeeping -
    https://www.goodhousekeeping.com/home/decorating-ideas/g29849170/home-decor-trends-2020/
  8. Architectural Digest -
    https://www.architecturaldigest.com/story/top-design-trends-of-2020
  9. Los Angeles Times -
    https://www.latimes.com/lifestyle/story/2020-01-11/2020-home-design-trends

 

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Posted in Homeowner Tips
Feb. 25, 2020

Should I List Now or Wait a Few Months?

If you’re thinking about selling your home later this spring or summer, you should consider moving up your timeline. Here are a few reasons why.

 

I have been hearing from a lot of people lately who are unsure about whether they should list their home now or wait until later in the spring to do so.

 

Listing now does offer a few distinct advantages. There are fewer homes on the market now than there will be in the next month or two, which is a good thing. Less competition means a better chance of your home receiving multiple offers or selling above list price. For example, I listed a home about a week ago at a great price point that has already received four offers and will be sold for more than its initial list price.

 

"Buyers who are out in the market now are serious."

 

Another positive is that companies are typically making their hires toward the beginning of the year. Those transferees take this time to look for homes now and are ready to make a purchase quickly.

 

Finally, people who are looking for homes around this time of year are serious. They’re willing to trudge around in the snow to look at homes, and they usually have a reason for buying now.

 

If you have questions about selling your home or anything else related to real estate, feel free to reach out via phone or email. I look forward to hearing from you soon.

Posted in Home Selling Tips
Feb. 24, 2020

Flagstaff AZ Real Estate Market Update- January 2020

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

 January 2020 Flagstaff Home Sales

 

Flagstaff 's Housing Market Off to a Brisk Start In January, Inventory Remain Light

 

We hope that your year has been off to a great start! With February almost in the books and the home selling season getting ramped up, we wanted to pass on some information on how the year kicked off. 

FLAGSTAFF SINGLE FAMILY HOME SALES

January is traditionally one of the slowest months in real estate. US existing home sales slipped for the 1.3% while Greater Flagstaff's January housing sales dropped 19% vs Dec 2019. Compared to a year ago Flagstaff home sales started with very strong with 78 units sold vs January 2019 when there were only 37. Here's why:

  • Interest rates are still sitting near three-year lows 
  • The labor market is strong and wages are going up with inflation pressures remaining low
  • The weather is nice, people can get out and look at properties 

With last year's deals finally closing last month, 2020 started a bit slower for the Kelly Broadus Team vs last year. We bagged our second highest January sales ever with 6 properties valued at $2.8M sold the first month of this year. We expect that spring's going to be a great market!

Flagstaff Median Home Price & DOM Jan 2020

FLAGSTAFF MEDIAN HOME PRICE

January housing prices for the greater Flagstaff area remained flat year-over-year, with the median sales price coming in at $397,000. If we consider single-family homes only, the figure is much higher at $413,000.This is a new monthly record.

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

January 2020 Flagstaff Market Watch Summary

2020 Flagstaff Real Estate Market Watch Total Single Family Home Sales -   78 homes, up 210% vs January 2019. 

Median Single-Family Home Price -  $413,000, up 6% vs January 2019, highest in more than a decade

Mortgage rates  - A 30 year fixed rate mortgage with 5% down and very good credit remain under 3.5% 

Longest days on market (SF): 1,034 days Originally listed for over $2.6M in 2017 this luxury home stayed on the market for 34+ months before it sold. This is also the most expensive property sold in Jan 2020.

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 JANUARY 2020

FLAGSTAFF'S PRICIEST HOMES SOLD in JANUARY 2020

Photo courtesy of RE/MAX Fine Properties

  • The highest-priced single-family Flagstaff home that sold in January was $1,965,000  - a 4 bedroom, 6,429 sqft Pine Canyon luxury home with views of the San Francisco Peaks from every window
  • The highest-priced Flagstaff townhome sale in January was $490,595  -  a 3 bedroom new build in Switzer Mesa by Miramonte Homes. One mile from downtown with direct access to the urban trail system
  • The highest-priced Flagstaff condo sale in January was $897,326 -  a Pine Canyon luxury new-build featuring a central gourmet kitchen, spacious bedrooms, and a large covered balcony

THE MOST AFFORDABLE  FLAGSTAFF HOMES SOLD in JANUARY 2020

LOwest Priced Flagstaff Home in Jan 2020

Photo courtesy of RE/MAX Peak Properties

  • The lowest-priced single-family Flagstaff home that sold in January was $231,000 -  charming rustic one-bedroom mountain cabin in Kachina Village
  • The lowest-priced Flagstaff townhome that sold in January was $164,100 - Two Story Sunnyside Townhouse with a beautiful view of Mt Eldon off the upstairs balcony
  • The lowest-priced Flagstaff condo that sold in January was $159,000 -  Updated 622 sqft Tanglewood condo perfect starter or vacation home

 

Flagstaff Home Buyer Advice 

If you are buying a home this winter, get pre-approved for a mortgage now. Take advantage of mortgage rates sitting near three-year lows- under 3.5% (mainly due to concerns about the continued spread of the coronavirus).

Can older Americans still get a mortgage?

Without a full-time job any longer, some retirees may wonder how they’ll qualify with limited monthly earnings. Lenders are now qualifying older adults for a mortgage based on their pensions, their social security dividends, and any interest that they’re getting. Anything that’s available to them. There’s a very good chance that they’re going to be able to get a mortgage. Especially with the big down payment that they put down because they’re selling their current house. 

Here is what you need to know about the mortgage process.

New loan limits for Conforming and FHA loans for 2020:

  • Conforming Loan limits for SFR $510,400. In certain high-cost areas, it’s even more.
  • FHA new loan limits for SFR $331,760.00 In certain high-cost areas, it’s even more.

 

INVENTORY

Inventory levels remain light which is normal for this time of year. Builders are seriously ramping up their construction of new homes to meet all the excess demand. That's great news for buyers who are desperately looking for a new home. Currently, inventory is lower vs last month. 

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.

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 

The inventory of Flagstaff homes for sale last month slightly improved after falling under to 4.67 months of supply in December. Demand far outstrips supply. Few homes are on the market, and prices continue to surge. Mortgage rates are also near historic lows, making the market even tighter. Buyers want to take advantage of the current low rates, but some simply can’t find homes to buy. 

All this has combined to make it a great time for anyone looking to sell a home. In these conditions, you could sell a home quickly, without hassle, and often at a premium.

NAR and Fannie Mae Home survey results show that the majority of homeowners think it's a good time to sell.

Here are the Pros for selling your home this winter:

  • Fewer homes are on the market in the winter, making competition less challenging
  • Companies look to hire new employees in January and February, making relocations popular in the Winter
  • House hunters – dressed in heavy-duty boots, mittens, and thermals – are serious buyers

However, things might start to change very soon.

  •  For one thing, mortgage rates could jump to higher levels at any point.
  • More new build projects are in the works. Of course, it will take time for new home construction to completely satisfy all the excess buyers on the market. Even a few new housing projects around (area) could create a chilling effect on local home prices.

That's why, if you've been considering selling your home, the time to act is now. You can get started by getting an idea of what your home is worth in the current hot market using this calculator that's based on recent sales: 

What is the value of your Flagstaff Home?

Enter your home address here to find out what your Northern AZ home is currently worth

 

If you're considering selling your Flagstaff/Sedona home, I hope you'll give me a call at 888.446.5602. I can help you get started now, just in time for spring, the hottest time for real estate.

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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Feb. 14, 2020

80 Seneca Drive Flagstaff, AZ 86005

Updated: 02/24/2020

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

80 Seneca Drive Flagstaff, AZ 86005

Affordable & Updated Cottage in South Flagstaff, NO HOA!

2 Beds | 1 Bath | $339,450

Looking for a home on a large lot close to town? Beautifully landscaped updated cottage, no HOA and affordable!

This 2 bedroom, 1,600 SqFt home in Pine Dell has a spacious family room, a cozy living room, and a modern eat-in kitchen. The huge indoor laundry room has a beautiful granite countertop and plenty of storage. The brick accents and tile floor give a warm ''homey'' feel that needs to be seen to appreciate. The master bedroom has a walk-in closet and access to the luscious aspen filled backyard. The back yard has plenty of enclosed storage for yard tools and even a quad along with a detached hobby room with new paint. Parking for RV or trailer is available on either side of the house. 

Photos and more information here: https://www.northernarizonafinehomes.com/property/180346/

See all Homes & Homesites For Sale in Pine Dell

 

LOCATION

80 Seneca Drive

Car-Dependent

Learn more about Flagstaff

Directions: 89a to pine del drive, first left onto Seneca drive to 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.
  • 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.

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Feb. 7, 2020

Take Advantage of Your Home Equity: A Flagstaff Homeowner’s Guide

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

Take Advantage of Your Home Equity A Homeowner’s Guide

Homeownership offers many advantages over renting, including a stable living environment, predictable monthly payments, and the freedom to make modifications. Neighborhoods with high rates of homeownership have less crime and more civic engagement. Additionally, studies show that homeowners are happier and healthier than renters, and their children do better in school.1

 

But one of the biggest perks of homeownership is the opportunity to build wealth over time. Researchers at the Urban Institute found that homeownership is financially beneficial for most families,and a recent study showed that the median net worth of homeowners can be up to 80 times greater than that of renters in some areas.3

 

So how does purchasing a home help you build wealth? And what steps should you take to maximize the potential of your investment? Find out how to harness the power of home equity for a secure financial future.

 

 

WHAT IS HOME EQUITY?

 

Home equity is the difference between what your home is worth and the amount you owe on your mortgage. So, for example, if your home would currently sell for $250,000, and the remaining balance on your mortgage is $200,000, then you have $50,000 in home equity.

 

$250,000 (Home’s Market Value)

-           $200,000 (Mortgage Balance)

______________________________

             $50,000 (Home Equity)

 

The equity in your home is considered a non-liquid asset. It’s your money; but rather than sitting in a bank account, it’s providing you with a place to live. And when you factor in the potential of appreciation, an investment in real estate will likely offer a better return than any savings account available today.

 

 

HOW DOES HOME EQUITY BUILD WEALTH?

 

A mortgage payment is a type of “forced savings” for home buyers. When you make a mortgage payment each month, a portion of the money goes towards interest on your loan, and the remaining part goes towards paying off your principal, or loan balance. That means the amount of money you owe the bank is reduced every month. As your loan balance goes down, your home equity goes up.

 

Additionally, unlike other assets that you borrow money to purchase, the value of your home generally increases, or appreciates, over time. For example, when you pay off your car loan after five or seven years, you will own it outright. But if you try to sell it, the car will be worth much less than when you bought it. However, when you purchase a home, its value typically rises over time. So when you sell it, not only will you have grown your equity through your monthly mortgage payments, but in most cases, your home’s market value will be higher than what you originally paid. And even if you only put down 10% at the time of purchase—or pay off just a small portion of your mortgage—you get to keep 100% of the property’s appreciated value. That’s the wealth-building power of real estate.

 

 

WHAT CAN I DO TO GROW MY FLAGSTAFF HOME’S EQUITY FASTER?

 

Now that you understand the benefits of building equity, you may wonder how you can speed up your rate of growth. There are two basic ways to increase the equity in your home:

 

  1. Pay down your mortgage.

 

We shared earlier that your home’s equity goes up as your mortgage balance goes down. So paying down your mortgage is one way to increase the equity in your home.

 

Some homeowners do this by adding a little extra to their payment each month, making one additional mortgage payment per year, or making a lump-sum payment when extra money becomes available—like an annual bonus, gift, or inheritance.

 

Before making any extra payments, however, be sure to check with your mortgage lender about the specific terms of your loan. Some mortgages have prepayment penalties. And it’s important to ensure that if you do make additional payments, the money will be applied to your loan principal.

 

Another option to pay off your mortgage faster is to decrease your amortization period. For example, if you can afford the larger monthly payments, you might consider refinancing from a 30-year or 25-year mortgage to a 15-year mortgage. Not only will you grow your home equity faster, but you could also save a bundle in interest over the life of your loan.

 

  1. Raise your home’s market value.

 

Boosting the market value of your property is another way to grow your home equity. While many factors that contribute to your property’s appreciation are out of your control (e.g. demographic trends or the strength of the economy) there are things you can do to increase what it’s worth.

 

For example, many homeowners enjoy do-it-yourself projects that can add value at a relatively low cost. Others choose to invest in larger, strategic upgrades. Keep in mind, you won’t necessarily get back every dollar you invest in your home. In fact, according to Remodeling Magazine’s latest Cost vs. Value Report, the remodeling project with the highest return on investment is a garage door replacement, which costs about $3600 and is expected to recoup 97.5% at resale. In contrast, an upscale kitchen remodel—which can cost around $130,000—averages less than a 60% return on investment.4

 

Of course, keeping up with routine maintenance is the most important thing you can do to protect your property’s value. Neglecting to maintain your home’s structure and systems could have a negative impact on its value—therefore reducing your home equity. So be sure to stay on top of recommended maintenance and repairs.

Harness the power of your home equity

 

HOW DO I ACCESS MY HOME EQUITY IF I NEED IT?

 

When you put your money into a checking or savings account, it’s easy to make a withdrawal when needed. However, tapping into your home equity is a little more complicated.

 

The primary way homeowners access their equity is by selling their home. Many sellers will use their equity as a downpayment on a new home. Or some homeowners may choose to downsize and use the equity to supplement their income or retirement savings.

 

But what if you want to access the equity in your home while you’re still living in it? Maybe you want to finance a home renovation, consolidate debt, or pay for college. To do that, you will need to take out a loan using your home equity as collateral.

 

There are several ways to borrow against your home equity, depending on your needs and qualifications:5

 

  1. Second Mortgage - 

    A second mortgage, also known as a home equity loan, is structured similarly to a primary mortgage. You borrow a lump-sum amount, which you are responsible for paying back—with interest—over a set period of time. Most second mortgages have a fixed interest rate and provide the borrower with a predictable monthly payment. Keep in mind, if you take out a home equity loan, you will be making monthly payments on both your primary and secondary mortgages, so budget accordingly.

 

  1. Cash-Out Refinance - 

    With a cash-out refinance, you refinance your primary mortgage for a higher amount than you currently owe. Then you pay off your original mortgage and keep the difference as cash. This option may be preferable to a second mortgage if you have a high-interest rate on your current mortgage or prefer to make just one payment per month.

 

  1. Home Equity Line of Credit (HELOC) - 

    A home equity line of credit, or HELOC, is a revolving line of credit, similar to a credit card. It allows you to draw out money as you need it instead of taking out a lump sum all at once. A HELOC may come with a checkbook or debit card to enable easy access to funds. You will only need to make payments on the amount of money that has been drawn. Similar to a credit card, the interest rate on a HELOC is variable, so your payment each month could change depending on how much you borrow and how interest rates fluctuate.

 

  1. Reverse Mortgage - 

    A reverse mortgage enables qualifying seniors to borrow against the equity in their home to supplement their retirement funds. In most cases, the loan (plus interest) doesn’t need to be repaid until the homeowners sell, move, or are deceased.6

 

Tapping into your home equity may be a good option for some homeowners, but it’s important to do your research first. In some cases, another type of loan or financing method may offer a lower interest rate or better terms to fit your needs. And it’s important to remember that defaulting on a home equity loan could result in foreclosure. Ask us for a referral to a lender or financial adviser to find out if a home equity loan is right for you.

 

 

WE’RE HERE TO HELP YOU

 

Wherever you are in the equity-growing process, we can help. We work with Northern Arizona buyers to find the perfect home to begin their wealth-building journey. We also offer free assistance to existing Flagstaff homeowners who want to know their home’s current market value to refinance or secure a home equity loan. And when you’re ready to sell, we can help you get top dollar to maximize your equity stake. Contact us today at 888.446.5602 or email kelly.broaddus@exprealty.com to schedule a complimentary consultation!

 

 

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

 

 

Sources:

  1. National Association of Realtors -
    https://www.nar.realtor/blogs/economists-outlook/highlights-from-social-benefits-of-homeownership-and-stable-housing
  2. Urban Institute -
    https://www.urban.org/urban-wire/homeownership-still-financially-better-renting
  3. Census Bureau -
    https://www.census.gov/library/stories/2019/08/gaps-in-wealth-americans-by-household-type.html
  4. Remodeling Magazine -
    https://www.remodeling.hw.net/cost-vs-value/2019/
  5. Investopedia -
    https://www.investopedia.com/mortgage/heloc/home-equity/
  6. Bankrate -
    https://www.bankrate.com/mortgage/reverse-mortgage-guide/

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Posted in Homeowner Tips
Jan. 27, 2020

Flagstaff AZ Real Estate Market Update- Year End 2019

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

 Year End 2019 Flagstaff Home Sales

 

Flagstaff Real Estate Market Closes 2019 with Record-breaking Stats

I hope your year is off to a great start! 2019 Flagstaff home sales are in the books and it was a record-setting year. Great news too!

“Markets sounded the recession alarm this year, and the average forecaster now sees a 33% chance of a recession over the next year. In contrast, our new recession model suggests just a 20% probability.”
Goldman Sachs’ 2020 U.S. Outlook

Home sales are predicted to grow this year according to The National Association of Realtors, the Mortgage Bankers Association, Fannie Mae and Freddie Mac. 

 

FLAGSTAFF HOME SALES 

The US Existing home sales climb by 3.6% in December 2019 while the Flagstaff real estate home sales were off 7.4% compared to November 2019 numbers. We typically expect to see a seasonal slide in inventory and buyer activity in the 4th quarter of the year, however, December housing sales in the greater Flagstaff region are up vs 2018 numbers for the month, quarter and year. Here are our latest figures. 

  • Month: In December there were 100 single-family homes sold, up 28% from the same month a year ago. There were 67 homes sold in 2018.
  • 4th Quarter: sales are up by 20% from last year's 263 with 319 single-family homes sold
  • Year-to-date sales are up by 4%compared to last year.

The Kelly Broaddus Team ended the year with 85 homes listed and sold, valued at over $41M.

 

FLAGSTAFF HOME PRICE

Dec 2019 Flagstaff Median Sold Price and Median Days on Market

Flagstaff housing prices hit new highs for the year, the 4th quarter and for the month of December. Median price, the value where half sold for more, while the other half sold for less, more accurately reflects market conditions compared to the average sales price. 

Month: December housing prices in the greater Flagstaff region rose 4% with the median sale price coming in at $395K which is a new record high for the month of December. The previous high was set last year when the median sale price was at $379K. 

4th Quarter: New high at $419,000, up 7% vs last year

Year: For calendar 2019 the median sale price for a single-family home in the greater Flagstaff region hit a record high of $420K, up 9% from 2018. The average price paid per-square-foot was $226, also a new record. 

 

Flagstaff Home Buyer

OUR ADVICE: Plan ahead and take advantage of low mortgage rates if you are buying in 2020. Mortgage rates are expected to be between 3.5 to 3.8% this year and might even go below that, some experts are saying. 

MOrtgage Rates in 2020

INVENTORY

Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. Inventory level for starter homes is down vs last month and is still far from what is needed to satisfy the demand for affordable/starter home where homebuyer demand is strongest. 

  • $200k- $400K, inventory is lower vs last month with less than 2 months supply. It's a seller's market at this price range. A balanced market has 6 months of supply.
  • $400K- $600K, down vs last, less than 2 months supply. Seller's market
  • $600K- $800K, down less than 4 months supply. Seller's market
  • Above $800K, we have less than months 6 months of inventory at $800K-$1.2M.  Oversupply is highest at $1.2M - $1.6M & $2.8M+ price range with 12 months inventory

If you’re buying at the lower price range, having fewer homes on the market could present a few challenges. Don’t worry MORE new construction homes are coming into the market! We can also help you find off-market homes that are not listed on the MLS. Let's talk about your situation in person! Call Kelly at 888.446.5602.

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 

OUR ADVICE:

  1. With high demand from first-time homebuyers and a shortage of inventory in the current market, selling your existing home this year might be your best move. Why? Because when homebuyers begin their search, they’re not all looking for new construction. Many are eager to find a little charm and character in a place to call home – possibly yours.

Inventory in 2020

2. Do necessary upgrades and list before the summer selling season begins. The #1 Reason to List Your Home in the Winter Months is Less Competition!

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

 

WHAT'S AHEAD FOR FLAGSTAFF REAL ESTATE

This time of year, I always get calls from clients and friends wondering: “Where is the real estate market headed?”

If you’re curious about the real estate market, you’ll want to check out my “2020 Outlook: Real Estate Market Forecast" blog post. In it, I share expert predictions about housing prices, mortgage rates, and inventory levels. I also explain what changes in the market could mean for you.

 

December 2019 Flagstaff Market Watch Summary 

2019 Flagstaff Real Estate Market Watch Total Home Sales (SF)-   100 homes, up 49% vs December 2018, new high

Median Home Price (SF)-  $395,000 up 4% vs December 2018, new high

Mortgage rates up - A 30 year fixed rate mortgage with 5% down and very good credit is at an average of 3.6% 

Median Cumulative Days on Market (All): 100  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. 

Longest days on market: 806 days. New build Flagstaff Ranch 3 bedroom home with views overlooking the 4th Tee Box of the acclaimed Jerry Pate designed Flagstaff Ranch Golf Course. 

The Institute of Luxury Home Marketing's latest review of the luxury market in North America (US & Canada) pegs median days on market in Dec at 44 days. 

 

DOWNLOAD THE FULL MARKET REPORT HERE

Flagstaff's Priciest Homes SOLD in December 2019

  • $3,900,000 - This multimillion-dollar luxury home situated among amazing golf & lake views along Pine Canyon's #16 green and #10 fairway is the most expensive listing that sold for this month and the year 2019.
  • $596,900 -  This Switzer Mesa property is Flagstaff's most expensive townhome that sold in December 2019
  • $837,754 - 3 bedroom Pine Canyon Condo, most expensive unit in Flagstaff that sold last month

The most AFFORDABLE  Flagstaff Homes Sold in December 2019

  • Single-family - $210,000 - 3 bedroom mid-century single level home in The Woodlands (Arbors), close to NAU, Sawmill, mass transit, NO HOA
  • Townhouse - $180,750 - 3 bedroom Rio Homes townhouse. This is a City of Flagstaff Community Land Trust home and may only be sold to a qualified homebuyer. Get more info about Flagstaff's Land Trust program/fill out a homeownership application here.
  • Condo - $165,000 -  ground floor 1 bedroom unit in the Woodlands Area with beautiful Ponderosa Pines view from the porch

 

GET IN TOUCH

If you have plans to purchase or sell a home in Northern Arizona this year, email kelly.broaddus@exprealty.com or give me a call at 888.446.5602. I can run a free Comparative Market Analysis on your current Flagstaff/Sedona home to give you an idea of what it’s worth. And if you’re looking to buy a home, I can set up a customized search so you’ll get notified when new listings that meet your criteria hit the market.

Let’s start making your 2020 real estate dreams a reality! Please don’t hesitate to call, text or email with any questions.

Contact Us

 

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

 

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Jan. 7, 2020

2020 Outlook: Flagstaff Real Estate Market Forecast

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

2020 Outlook Real Estate Market Forecast

We’re in the midst of the longest economic expansion in U.S. history, and economists think there’s still room to grow. A recent survey by the National Association for Business Economics found that experts believe the U.S. economy will remain positive throughout 2020.1

 

Still, given that recessions are a natural (and necessary) part of a business cycle, we know this period of growth will inevitably end. So you may be wondering … how will an eventual recession impact the Flagstaff real estate market?

 

Many Americans assume a recession would lead to a decline in housing prices like we saw during the Great Recession of 2008. But the real estate market crash we experienced wasn’t typical. In fact, the last recession wasn’t typical at all. It was the worst economic downturn since the Great Depression of the 1930s.

 

ATTOM Data Solutions analyzed real estate prices during the last five recessions and found that, in the majority of cases, home prices actually went up. Only twice (in 1990 and 2008) did prices decline, and in 1990 it was by less than one percent.2

 

So what can historical precedent—combined with today’s data—tell us about the future of real estate? Here’s where experts predict the housing market is headed in 2020 and beyond.

 

 

FLAGSTAFF HOME PRICES WILL KEEP RISING

 

Economists predict U.S. housing prices will continue to rise, regardless of a recession. In fact, property data firm CoreLogic forecasts a faster rate of growth for home prices in 2020 than we saw in 2019, with the biggest gains at the lower end of the market.3

 

Arch MI Chief Economist Ralph DeFranco expects entry-level home prices to increase faster than incomes this year, making it even more difficult for many first-time buyers to afford to enter the market.4

 

“Low-interest rates and a shortage of starter homes will continue to push up prices,” predicts DeFranco. “This is especially the case for lower price points since builders have tended to focus on more expensive, higher-profit houses and less on replenishing low inventories of entry-level homes.”4

 

“Real estate is on firm ground with little chance of price declines,” said the National Association of Realtors Chief Economist Lawrence Yun. "However, in order for the market to be healthier, more supply is needed to assure home prices, as well as rents, do not consistently outgrow income gains.”5

 

What does it mean for you? If you have the ability and desire to buy your Northern Arizona home now, don’t let a fear of recession or falling prices hold you in limbo. Economists expect home values, as well as rent prices, to continue rising. So you’ll likely pay more the longer you wait.

 

 

FLAGSTAFF INVENTORY CONSTRAINTS WILL CONTINUE

 

According to Redfin, Americans are staying in their homes longer. In 2019, the average homeowner had resided in their home for 13 years, up from just eight years in 2010. That means there are fewer homes available today for those who want to buy.6

 

It’s possible that an increase in new construction could offer some relief. The National Association of Realtors (NAR) expects single-family housing starts to total one million this year, the highest level since 2007. And NAR Chief Economist Lawrence Yun predicts the average price of new construction will decline slightly as builders shift to building smaller, more affordable homes.7

 

However, these efforts may not be enough to meet current demand. “Despite improvements to new construction and short waves of sellers, next year will once again fail to bring a solution to the inventory shortage,” predicts Realtor.com Senior Economist George Ratiu. “In 2020, we expect inventory to struggle to grow and could instead reach a historic low level.”8

 

What does it mean for you? If you’re looking to buy a starter Flagstaff home, be prepared to compete for the best listings. Start your search early, and if you’re up against a deadline (like a new baby), build in plenty of time to find the right home. We can help you assess your options, including new construction and up-and-coming developments.

 

2020_Outlook_Real_Estate_Market_Forecast_Image_B

MORTGAGE RATES WILL REMAIN LOW

 

Mortgage rates have declined more than a full percentage point since November 2018, when they hit a recent peak of 4.94%.9 The Mortgage Bankers Association predicts rates will remain low, at around 3.7%, through mid-2021.10

 

While it may not seem significant, on a $200,000 30-year fixed-rate mortgage, that lower rate means buyers could save around $145 on their monthly payment and more than $52,000 over the life of their mortgage. Lower mortgage rates make homeownership more accessible and affordable for buyers.

 

Although economists expect mortgage rates to stay low, they caution against waiting to act. Economic factors, shifts in supply and demand, or unforeseen impacts of the November election could cause rates to rise unexpectedly. “We recommend borrowers with long-term plans of staying in their homes to lock in a low rate now because there’s no telling how long these low rates will last,” warns Preetam Purohit, a capital markets trader at Embrace Home Loans.11

 

What does it mean for you? If you’re looking to buy a home, act soon to lock in a historically low mortgage rate. It will minimize your monthly payment and could save you a bundle over the long term. And if you plan to stay in your current home for a while, consider whether it makes sense to refinance your mortgage at today’s lower rates.

 

 

MILLENNIALS WILL DRIVE THE MARKET

 

Millennials are expected to account for more than half of all mortgages this year, outnumbering Generation X and Baby Boomers combined. It’s not surprising, considering their age and stage of life. In 2020, the largest cohort of millennials will turn 30, and the oldest millennials will turn 39.8

 

"Family changes tend to drive home-buying decisions," explains Realtor.com Chief Economist Danielle Hale. "Millennials are going to be active in the housing market not just because they're just at the age when they're thinking about becoming first-time home buyers, but they're also in the age range when they're having kids."12

 

Younger millennials flocked to urban centers that offered easy access to work, shopping, and restaurants. But high prices, lack of square footage, and subpar schools are driving millennials out to the suburbs as they begin to marry and expand their families.

 

In response, a new model for a suburban living has emerged. “Hipsturbias,” or mixed-use communities that bring the live/work/play concept to the suburbs, were recently named one of the top real estate trends for 2020 by the Urban Land Institute.4

 

What does it mean for you? If you’re a millennial who has been priced out of urban living or is looking for more space for your growing family, a number of suburbs in our area have a lot to offer. We can point you towards the communities that will best meet your needs. And if you’re a homeowner with plans to sell, give us a call. We know how to market your home to millennials … and can help you sell quickly for top dollar by appealing to this leading market segment!

 

 

WE’RE HERE TO GUIDE YOU


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

 

If you’re considering buying or selling your Flagstaff/Sedona home in 2020, contact us now to schedule a free consultation. We’ll work with you to develop an action plan to meet your real estate goals this year. Call Kelly at 888.446.5602 or email kelly.broaddus@exprealty.com

 

START PREPARING TODAY


If you plan to BUY this year:

 

  1. Get pre-approved for a mortgage. If you plan to finance part of your home purchase, getting pre-approved for a mortgage will give you a jump-start on the paperwork and provide an advantage over other buyers in a competitive market. The added bonus: you will find out how much you can afford to borrow and budget accordingly. The Flagstaff Home Buyer's Guide to Getting Mortgage Ready
  2. Create your wish list. How many bedrooms and bathrooms do you need? How far are you willing to commute to work? What’s most important to you in a home? We can set up a customized search that meets your criteria to help you find the perfect home for you. Should You Buy a New or Existing Flagstaff Home?
  3. Call Us. The buying process can be tricky. We’d love to guide you through it. We can help you find a home that fits your needs and budget, all at no cost to you. Give us a call to schedule an appointment today!

 

If you plan to SELL this year:

 

  1. Contact Kelly for a FREE Comparative Market Analysis. A CMA not only gives you the current market value of your home, it will also show how your home compares to others in the area. This will help us determine which repairs and upgrades may be required to get top dollar for your property, and it will help us price your home correctly once you’re ready to list. Will Your Remodel Pay Off? The Best (and Worst) Ways to Spend Your Budget
  2. Prep your home for the market. Most buyers want a home they can move into right away, without having to make extensive repairs and upgrades. We can help you determine which ones are worth the time and expense to deliver maximum results. Serious About Selling? 5 Steps to Make Your Flagstaff Home the Best on the Block
  3. Start decluttering. Help your buyers see themselves in your home by packing up personal items and things you don’t use regularly and storing them in an attic or storage locker. This will make your home appear larger, make it easier to stage ... and get you one step closer to moving when the time comes! Top 6 Home Organization Upgrades that "Spark Joy" for Flagstaff Home Buyers

 

Sources:

  1. NBC News -
    https://www.nbcnews.com/business/economy/what-impending-recession-new-survey-shows-most-people-think-they-n1098511
  2. Curbed -
    https://www.curbed.com/2019/1/10/18139601/recession-impact-housing-market-interest-rates
  3. HousingWire  -
    https://www.housingwire.com/articles/corelogic-expects-home-prices-to-do-this-in-the-next-12-months/
  4. Forbes -
    https://www.forbes.com/sites/alyyale/2019/11/15/2020-housing-outlook-expert-predictions-for-mortgage-rates-home-prices-tech-and-more/#343ea4522935
  5. National Association of Realtors -
    https://www.nar.realtor/newsroom/expect-continued-economic-growth-slower-real-estate-price-gains-and-small-chance-for-recession-in
  6. Redfin -
    https://www.redfin.com/blog/homeowners-staying-in-their-homes-longer/
  7. HousingWire -
    https://www.housingwire.com/articles/builders-are-coming-to-the-housing-markets-rescue/
  8. Realtor.com -
    https://www.realtor.com/research/2020-national-housing-forecast/
  9. YCharts -
    https://ycharts.com/indicators/30_year_mortgage_rate
  10. MBA Mortgage Market Forecast November 2019  -
    https://www.mba.org/news-research-and-resources/research-and-economics/forecasts-and-commentary
  11. Dallas Morning News -
    https://www.dallasnews.com/sponsored/real-estate/2019/11/23/experts-predict-where-mortgage-interest-rates-land-in-2020/
  12. Realtor.com -
    https://www.realtor.com/news/trends/biggest-changes-coming-in-2020-real-estate-and-tips-for-buyers-and-sellers/

 

Dec. 27, 2019

Flagstaff AZ Real Estate Market Update- November 2019

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

 

Dec 2019 Flagstaff Real Estate Market Update

 

Strong Flagstaff Home Sales in November 

Have a wonderful holiday and a healthy and prosperous New Year! With 2020 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 2019.

FLAGSTAFF HOME SALES

The US Existing home sales fell by 1.7% in November 2019 while the Flagstaff real estate home sales fell 1.8% vs October 2019 numbers. We typically expect to see a seasonal slide in inventory and buyer activity in the 4th quarter of the year, however, November was a very strong month. November housing sales in the greater Flagstaff region actually rose 29% to hit a new monthly high. There were 108 sales this November versus 84 a year ago. 

FLAGSTAFF MEDIAN HOME PRICE

2019 Median Days on Market Median Sold Price

November housing prices rose 8% from a year ago which is also a new high. This November the median sale price for single-family homes was $422K and last November it was $392K. Year-to-date, through November prices are up 10% and sales are running slightly ahead of last year. The average price paid per-square-foot was $226 this November which is also a new monthly high. This is the best November sales in the last 5 years for the Kelly Broaddus Team with 3 closings at over $2.2M. 

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FLAGSTAFF HOUSING SUPPLY 

Flagstaff inventory of affordable homes has been going down over the last three months. 

  • There are 50+ homes available, including manufactured homes Under $300K 
  • There are 80+ houses available in the $300K to $400,000 range
  • 30+ houses available to purchase in the $400K to $450K range
  • Inventory in the luxury segment has also declined but still favors buyers in most price ranges.

November 2019 Flagstaff Market Watch Summary

Total Home Sales -     108 homes (SF), 29% up vs November 2018. 

Median Home Price -  $ 425,000 (SF),  vs November 2018

Mortgage rates  - Today, the average U.S. rate for a 30-year fixed mortgage is 3.635%  

Longest days on market (SF):  891 days new build 3 bedroom home in Presidio

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 in NOVEMBER 2019 (SOLD)

  • $2,000,000  - This 5 bedroom single level luxury home is located on a private cul-de-sac golf course lot just off of the 1st Green in exclusive Pine Canyon. This is the 5th most expensive homes sold in Flagstaff in 2019. A 3.8M Pine Canyon home sold in April 2019  holds the number 1 position on our 2019 Flagstaff's most expensive list.
  • $510,000  - Last month's priciest townhouse is a stunning, upgraded, 2336 square feet home backing open space in Pinnacle Pines
  • $255,000 - Last month's most affordable condo is located in Summit Park

MOST AFFORDABLE  FLAGSTAFF HOMES SOLD in NOVEMBER 2019

 

Home Buyer Advice 

Did you know that your purchasing power has increased? Even though prices are going up because interest rates are low and because wages are going up, people can purchase more of a home. New loan limits for case numbers assigned on or after January 1, 2020, have also increased. 

  • Conventional loan – limit for 1 unit properties increase to $510,400 up from $484,350 in 2019
  • FHA – new loan limits for SFR $331,760.00 up from  $314,827.00. 

If inventory continues to decline relative to demand, however, it is likely that we will upward pressure on pricing. If you’re buying at the lower price range, having fewer homes on the market could present a few challenges. Don’t worry! I can help you come up with a strategy to find your next home. Let's talk about your situation in person! Call Kelly at 888.446.5602

If you’re currently renting, 2020 may be a great time to think about making a jump into homeownership while mortgage rates are low. Now is a great time to lock in a low mortgage rate. It will shrink your monthly payment and could save you a bundle over the long term. Or if you plan to stay in your current home for a while, consider whether it makes sense to refinance your mortgage at today’s lower rates.

MOrtgage Rates at Historic Lows

Move-up buyers, if you’re ready to trade in your starter home for something more luxurious, you may get the best of both sectors. We’re still witnessing a strong demand for entry-level homes, giving sellers the upper hand.

Luxury buyers, buyers of high-end homes still have a greater selection (and more negotiating power). 

[Here's what you need to know about the mortgage process.]

Flagstaff Home Seller Advice 

It's a great time to sell! It's still a seller's market in Flagstaff for homes under $600,000 with less than 3 months of housing supply. Experts are saying that home prices will continue to go up and Americans, based on the latest survey by Porch.com, believe that real estate is still a safe investment over the next 10 years. So what we have is a market that buyers are increasing, even though it’s the winter, not the spring buying season. There are people out there buying homes. 

Some homes sell as soon as it gets on the market. Some expire. Why didn’t those houses sell?

  1. It could be the condition of the house. If it is, we might be able to help stage it or suggest minor renovations that would help amp up the resale value of your Flagstaff home.
  2. It could be the price, the previous realtor may have given them the wrong price. Let's get you an updated market analysis of your home. What’s Your Flagstaff Home Actually Worth? Discover What Buyers Will Pay in Today’s Market
  3. It could be that the realtor had no marketing plan for the house. The Consumer’s Guide to Hiring an Amazing Real Estate Agent
  4. And it could be that during a very rapidly evolving market, there was no real good communication between the seller and that agent. 

 

GET IN TOUCH

If you’re thinking about selling now, let’s get started. From hiring the right real estate agent to handing over the keys, here is your step by step guide to the home selling process. Let’s get together to determine the specific options available for you and your family. Contact 928.606.6749 or email kelly.broaddus@exprealty.com if you are looking for a Northern Arizona realtor to help you buy/sell your Flagstaff/Sedona real estate and the surrounding areas. 

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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