If you’re thinking about selling, start by getting a market analysis.
Today I want to talk about getting a market analysis, which is what would probably be the first step in the process if you want to list your home on the market.
It's very important to price your home correctly in this current market because of rising interest rates and other volatile factors. Plus, if you're wanting to purchase, it puts added pressure on how the strategy is going to work for selling your home and the pricing of your home.
We do a free market analysis. It doesn't cost anything. It's very thorough and will be helpful in your real estate goals. I can email it to you and bring you a hard copy. If you want to have a free market analysis, please fill out and submit the form below and we will analyze comparables, local trends, and local market data, and provide you with the information that you need to make a proper decision.
Give me a call or text me. I'm always available, and I’m happy to do that for you. Thank you so much.
Kelly Broaddus | eXp Realty | 888.446.5602 | Contact Kelly
Last year, one factor drove the real estate market more than any other: rising mortgage rates.
In March 2022, the Federal Reserve began a series of interest rate hikes to pump the brakes on inflation.1 And while some market sectors have been slow to respond, the housing market has reacted accordingly.
Both demand and price appreciation have tapered, as the primary challenge for homebuyers has shifted from availability to affordability. And although this higher-mortgage rate environment has been a painful adjustment for many buyers and sellers, it should lead to a more stable and balanced real estate market.
So, what can we expect in 2023? Will mortgage rates continue to climb? Could home prices come crashing down? While this is one of the more challenging real estate periods to forecast, here’s what several industry experts predict will happen to the U.S. housing market in the coming year.
MORTGAGE RATES WILL FLUCTUATE LESS
In 2022, 30-year fixed mortgage rates surged from 3% in January to around 7%. According to Rick Sharga of real estate data company ATTOM, “We’ve never seen rates double in so short a period.”2
This year, economists forecast a less dramatic shift.
In an interview with Bankrate, Nadia Evangelou, senior economist for the National Association of Realtors, shares her vision of three mortgage rate scenarios:3
Inflation continues to surge, forcing the Fed to repeatedly raise interest rates. In that scenario, she predicts that rates could reach as high as 8.5%.
Inflation decelerates and mortgage rates follow suit, averaging 7 to 7.5% for the year.
Rising interest rates trigger a recession, which could lead mortgage rates to drop closer to 5% by the end of the year.
Realtor.com forecasts something like scenario #2 above: “Mortgage rates will average 7.4% in 2023, trickling down to 7.1% by year’s end.”4 The Mortgage Bankers Association, however, projects something closer to Evangelou’s scenario #3, with the 30-year fixed rate declining steadily throughout the year, averaging 6.2% in Q1 and 5.2% by Q4.5
Economists at Fannie Mae fall somewhere in the middle. In a recent press release, they predicted that the U.S. economy will experience a “modest recession” this year.6 But in their December Housing Forecast, they project that 30-year fixed mortgage rates will only fall by half a point from an average of 6.5% in Q1 to 6.0% in Q4.7
“From our perspective, the good news is that demographics remain favorable for housing, so the sector appears well-positioned to help lead the economy out of what we expect will be a brief recession,” said Fannie Mae Chief Economist Doug Duncan.6
What does it mean for you? Even the experts can’t say for certain where mortgage rates are headed. Instead of trying to” time the market,” focus instead on buying or selling a home when the time is right for you. There are a variety of mortgage options available that can make a home purchase more affordable, including adjustable rates, points, and buydowns—and keep in mind you can always refinance down the road. We’d be happy to refer you to a trusted mortgage professional who can outline your best options.
SALES VOLUME WILL FALL AND INVENTORY WILL RISE
It looks like the home-buying frenzy we experienced in recent years is behind us. While the desire to own a home remains strong, higher mortgage rates have made it unaffordable for a large segment of would-be buyers.
Many economists expect the number of home sales to continue to decline this year, leading to an increase in listing inventory and days-on-market, or the time it takes to sell a home. But there is a wide range when it comes to specifics.
Economists at Fannie Mae forecast that total home sales will fall by around 20% this year before rising again by 15% in 2024.7 National Association of Realtors Chief Economist Lawrence Yun projects a less extreme dip of 7% in 2023 with a rebound of 10% next year.8
Realtor.com Chief Economist Danielle Hale foresees something in between. “The deceleration in home sales is likely to continue as high home prices and mortgage rates limit the pool of eligible home buyers. We anticipate that existing home sales will decline another 14.1% in 2023.” She expects this drop in sales to lead to a 23% increase in inventory levels this year, offering more choices for buyers who have struggled to find a home in the past.9
However, given the severe lack of housing supply, even with a double-digit increase, the market is expected to remain tight and below pre-pandemic levels. Hale points out: “It’s important to keep historical context in mind. The level of inventory in 2023 is expected to fall 15% short of the 2019 average.”9
What does it mean for you? If you’ve been frustrated by a lack of inventory in the past, 2023 may bring new opportunities for you to find the perfect home. And today’s buyers have more negotiating power than they’ve had in years. Contact us to find out about current and future listings that meet your criteria.
If you’re hoping to sell, you may want to act fast; rising inventory levels will mean increased competition. We can help you chart the best course to maximize your profits, starting with a professional assessment of your home’s current market value. Reach out to schedule a free consultation.
HOME PRICES WILL REMAIN RELATIVELY STABLE
While some economists expect home prices to fall this year, many expect them to remain stable. “For most parts of the country, home prices are holding steady since available inventory is extremely low,” said Yun at a November conference.8
Nationally, Yun expects the average median home price to tick up by 1% in 2023, with some markets experiencing greater appreciation and others experiencing declines.8 Economists at Fannie Mae offer a similar projection, forecasting a slight decrease in their Home Price Index of about 1.5%, year-over-year.7
Other experts foresee a larger fluctuation. Hale expects U.S. home prices to rise by 5.4% this year, while Morgan Stanley is forecasting a 7% drop from the peak in June 2022.9,10
Still, many economists agree that a housing market crash like the one we experienced in 2008 is highly unlikely. The factors that caused home prices to plunge during the Great Recession—specifically lax lending standards and a surplus of inventory—aren’t prevalent in our current market.10 Therefore, home values are expected to remain comparatively stable.
What does it mean for you? It can feel scary to buy a home when there’s uncertainty in the market. However, real estate is a long-term investment that has been shown to appreciate over time. And keep in mind that the best bargains are often found in a slower market, like the one we’re experiencing right now. Contact us to discuss your goals and budget. We can help you make an informed decision about the right time to buy.
And if you’re planning to sell this year, you’ll want to chart your path carefully to maximize your profits. Contact us for recommendations and to find out what your home could sell for in today’s market.
RENT PRICES WILL CONTINUE TO CLIMB
Affordability challenges for would-be buyers, inflationary pressures, and an overall lack of housing could continue to drive “above-average” rent price increases in much of the country.11 The Federal Reserve Bank of Dallas expects year-over-year rental price growth to tick up to 8.4% in May before moderating later in the year.12
According to Hale, “U.S. renters will continue to face challenges from limited supply and excess demand in the coming year that will keep upward pressure on rent growth. At a national level, we forecast rent growth of 6.3% in the next 12 months, ahead of home price growth and historical rent trends.”9
However, there are signs that the surge in rent prices could be tapering. According to Jay Parsons, head of economics for rental housing software company RealPage, there’s some evidence of a slowdown in demand. He predicts that market-rate rents will rise just 3.3% this year. Still, analysts agree that a return to lower pre-pandemic rental prices is unlikely.10
What does it mean for you? Rent prices are expected to keep climbing. But you can lock in a set mortgage payment and build long-term wealth by putting that money toward a home purchase instead. Reach out for a free consultation to discuss your options.
And if you’ve ever thought about purchasing a rental property, now may be the perfect time. Call today to get your investment property search started.
WE’RE HERE TO GUIDE YOU
While national real estate forecasts can provide a “big picture” outlook, real estate is local. And as local market experts, we can guide you through the ins and outs of our Flagstaff market and the issues most likely to impact sales and drive home values in your neighborhood.
If you’re considering buying or selling a Northern Arizona home in 2023, contact us now to schedule a free consultation at 888.446.5602. We’ll work with you to develop an action plan to meet your real estate goals this year.
The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.
Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy
Flagstaff Home Sales Cool in November
November marks the beginning of the usual slow season in real estate, and this year is no different. Flagstaff shows a housing market that is experiencing seasonal cooling as consumers prepare for the holidays. The market is slowly leveling back out, and the overheated market of 2021 seems to be behind us. Here's our latest update.
FLAGSTAFF HOME SALES
US Existing-Home Sales Dipped 7.7% in November vs October 2022 while Greater Flagstaff's housing market climbed 4.9% according to data provided by the Northern Arizona MLS. Demand for homes is lower than last year, as indicated by year-over-year decreases in closings. This is one of the lowest November sales in 10 years.
"The residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020. The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Plus, available housing inventory remains near historic lows," said National Association of Realtors Chief Economist Lawrence Yun.
In the month of November, the Broaddus Properties Group Brokered by eXp listed and sold nine Flagstaff homes valued at over $5.9 Million+. Last year we helped buy and sell eight homes in Flagstaff, Sedona, and Mormon Lake worth $5.9 Million+
FLAGSTAFF MEDIAN HOME PRICE
"The median list-to-sales ratio for this area is 98.5%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property.
We continue to see price growth from a year-over-year perspective, but we are no longer seeing the double-digit growth that we experienced earlier this year and last. Flagstaff's November median sold price dropped 8.6% vs last month and increased slightly by +0.1% year over year to $610,500, highest in more than a decade.
Homes are taking longer to sell. In November, homes spent a median of 76 days on the market, which is 21 days longer than last year and 4 days longer than last month.
Total Home Sales - 107 homes, down30.5% vs November 2021.
Median Sale Price - $610,500, an almost flat growthvs November 2021, highest in more than a decade
Mortgage rates - The 30-year fixed-rate mortgage rate averaged 6.34% in December 21, down from 6.42% the week before. A year ago, at this time it averaged 3.3%.
Longest days on market (SF):617 days This is a new construction Ponderosa Parkway condominium with two bedrooms located in the Switzer Mesa/Ridge area.
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 must be off the MLS for at least 90 days for the CDOM to restart, even if a different agent lists it. We report the average days on the 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.
The luxury benchmark price for Flagstaff single-family homes is $975,000, set by The Institute for Luxury Home Marketing. LUXURY BENCHMARK PRICE is the price point that marks the transition from traditional homes to luxury homes.
The Flagstaff single-family luxury market is a Buyer's Market with a 10% Sales Ratio.
Homes sold for a median of 98.52% of list price in November 2022.
The most active price band is $1,700,000-$1,899,999, where the sales ratio is 33%.
The median luxury sales price for single-family homes is $1,250,000.
The median days on market for November 2022 was 122 days, up from 75 in November 2021.
FLAGSTAFF'S PRICIEST HOMES SOLD in NOVEMBER 2022
Photo courtesy of Jackson Associates
The highest-priced single-family Flagstaff home that sold in November was a $2,335,000 six-bedroom luxury custom home in Equestrian Estates bordering forested state trust land on a 1.29 acre heavily treed lot with Peak and forest views.
The highest-priced Flagstaff townhome sale was a $710,000three-bedroom townhome in Switzer Mesa/Ridge with forest & red rock views off the decks
The highest-priced Flagstaff condominium sale was a $1,267,184 luxury new construction in Pine Canyon with two separate bedroom suites and a separate guest casita, fully equipped kitchen with spacious outdoor patio
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in NOVEMBER 2022
Photo courtesy of Best Flagstaff Homes Realty
The lowest-priced single-family Flagstaff home that sold in November was a $230,000 two-bedroom fixer upper in the heart of Old Town, sold as is, all cash
The lowest-priced Flagstaff townhome sale last month was a $221,605 three-bedroom, end unit in Rio Homes with a front porch overlooking the common area.
The lowest-priced Flagstaff condominium sold was a $290,000one-bedroom unit at Timberline Place Condos
Flagstaff Home Buyer Advice
Mortgage rates have dropped slightly in recent weeks. Even a small dip can help boost your purchasing power. Let’s assume you want to buy a $400,000 home. If you’re trying to shop at that price point and keep your monthly payment about $2,500-2,600 or below, here’s how your purchasing power can change as mortgage rates move up or down (see chart below). The red shows payments above that threshold and the green indicates a payment within your target range.
Our Advice: If a 7% rate was too high for you, it may be time to contact us. We will refer you to trusted lenders to see if the current rate is more in line with your goal for a monthly housing expense.
If you’d like to look at what’s available on the market today, you can view the homes that are available in the Northern Arizona MLS right now:
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.
If you’ve been in your home for more than a few years, you’ve built-up significant equity that can fuel your next move. Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones. Plus, retirement played a significant role for those moving greater distances.
There are indications that sellers are waiting until 2023 to put their homes on the market. The number of new listings home sellers brought to the market in November was 14% lower than what we saw last year.
Whatever your home goals are, we would love to work with you to find the best option. We'll help you sell your current house and guide you as you buy the home that’s right for you and your lifestyle today. Contact us today!
If you’re curious about what your home is worth in today’s market, click the image below then enter your address to instantly calculate your home’s value in today’s market based on recent Flagstaff home sales
Home Selling Tips Our blog for Northern Arizona 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 Broaddus Properties Group 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.
If you’ve been waiting since 2020 to make a move, I can help you decide if now is the right time. If you have any questions about buying or selling in Flagstaff, or want to get the process started, give me a call or send an email. I look forward to hearing from you! Don’t hesitate to call us at 888.446.5602 or email kelly.broaddus@exprealty.com.
The report is a guide to the luxury real estate market in North America and Flagstaff. It provides an overall analysis with trends and highlights comparative data on the top-residential markets throughout Canada and the United States.
This month’s report displays the market statistics for North America month over month as well as the 13-month trend.
In this month’s report we look at why the affluent are taking the long view with respect to luxury real estate ownership.
As the market continues to cool compared to 2021, we look at current real estate trends and the mindset of the affluent.
We investigate why the current market is probably experiencing more of a lull and, unless there is a significant change in the economy or a huge increase in inventory, a crash is unlikely.
We explain why buyers and sellers must now re-evaluate their expectations and take the time to understand how the market affects them directly, as it is certainly not a one size fits all anymore.
What should homeowners expect in terms of returns on their investment in the next couple of years and why does uncertainty continue to fuel hesitancy are also trends analyzed.
Finally, we look at why moving to affordable markets and locations less affected by climate change are set to impact decisions in 2023, especially for the younger affluent demographic.
It is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities, rather than just listening to the market rhetoric.
For homeowners looking to sell or buy their luxury home in today’s market we recommend working with a realtor who can provide you with critical knowledge about your local market, maintain a high level of security during the transaction and knows how to leverage technology to provide maximum exposure and assistance.
It is my responsibility as your REALTOR to ensure that when others around you are lowering their expectations, that this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals. Contact us at kelly.broaddus@exprealty.com or call 888.446.5602.
Six options for those who need to buy a home before selling.
How do you buy a home when you have to sell at the same time? Today I will be answering this question as part of the series I’m making for home sellers. If you have to make this real estate move, here are some of the things that you can do:
1. Talk to a lender. You can use one of our preferred lenders if you like, and ask them what options you have and what you can afford. Also, make sure to discuss whether you can afford two mortgages or not. You can buy the home, and then we can get your old house ready and sell it while you're in the new home. However, if this isn’t possible, there are other routes that you can take.
2. Make an offer with a home-sale contingency.
"Make sure to discuss with your lender whether you can afford two mortgages or not."
3. Get a leaseback agreement. You can sell your home and request a leaseback. If the people that bought your home are financed, then you can ask for a 60-day leaseback. If they paid cash, you can ask for a little bit longer time.
4. Talk to a real estate professional. Reach out to me so we can discuss a strategy for your situation.
5. Sell your home and secure temporary housing.
6. Get a bridge loan. Talk to the lender about, and check if they can give you a bridge loan.
If you want more details on how you can buy a home while selling your old one, or have any real estate concerns, don’t hesitate to call or email me. I’ll be happy to help.
The important recent numbers for the Flagstaff real estate market.
It’s important to stay informed on where the market has been trending, so today we’re important stats from the official October numbers.
First, know that home sales slumped quite a bit—overall, they were down 5.9%, with a total of 100 homes sold in the month. That’s a 50% decrease from a year ago. In addition, there were 60 single-family homes sold during the month, 14 townhomes sold, and 15 condos sold. This shows us that rising mortgage rates squeezed many potential buyers out of the market.
The recent list-to-sales price ratio was 98.5%, and it was 110% a year ago. The median sold price jumped 6.9% compared to the previous month, and homes remained on the market a day longer, at 72 days. Plus, 30-year fixed-rate mortgages averaged 6.58%, which is difficult to swallow since they were at 3.1% a year ago.
"Home sales greatly decreased recently."
Looking at the luxury market in Flagstaff, which includes any home worth over $975,000, we are seeing a fairly balanced market in the single-family sector. The sales ratio is 18% and the list-to-sales price ratio is 95.46%. The most active price band in this market is between $1.9 million and $2.1 million, with a median sales price of $1.5 million. In this market, the days on market jumped from 64 days to 85 days. The highest sales price was for a home in Pine Canyon, which sold for $3.75 million.
The numbers should help you discern what direction the market is heading in so you can make informed real estate plans. If you have any questions, don’t hesitate to contact me by phone call or email. I would be happy to help!
You don't have to break the bank to celebrate the holidays in style—even in this season of inflation. Prices may be higher on everything from food to gifts to decorations, but there are still plenty of opportunities to eke out extra savings.
For example, according to the U.S. Environmental Protection Agency (EPA), you can save a couple of hundred dollars a year just by sealing your home and boosting its insulation.1 Other small fixes—such as swapping old light bulbs for LEDs and plugging electronics into a powerstrip—can boost your yearly savings enough to pay off some of your holiday budget.
And thanks to a pandemic-era boom in online shopping, it is easier than ever to find deals on new and pre-owned furniture, thrifted gifts, DIY decor, and more. Even secondhand stalwarts like Goodwill have joined the digital fray, making it a cinch to score gently-used treasures at extra-low prices.2
You won't be the only one bargain-hunting your way to a more financially-stable New Year. Multiple surveys have found that inflation is not only chilling people's spending, it's also prompting shoppers to search for better deals and creative ways to reduce their bills.3
Here are some strategies you can use to boost your holiday budget by trimming household expenses:
Hunt for Deals on Groceries
If you're finding it harder than it used to be to serve your family dinner on a budget, you're not alone. With the U.S. food-at-home index (a measure of grocery price inflation) at a 43-year high, many families are struggling to control costs on food staples, such as meat, dairy, produce, and grains.4
That's made pulling off holiday gatherings especially stressful lately. But don't despair: Even with inflation, retailers are still giving motivated shoppers plenty of opportunities to whittle down their bills.
The key is to pay attention to the cost of each item on your shopping list—not just the most expensive—and look for easy swaps and discounts. For example, try buying non-perishable items in bulk, especially when they’re on sale, and only in-season produce. Or trade name-brand goods for less expensive options from a store's private label. As you tap into your inner bargain hunter, you could be surprised by what you save when you’re more mindful of your selections.
And unlike in the old days, you no longer have to clip your way through paper flyers to snag a bargain. Instead, you can save both time and money by scouting for deals online, digitally clipping coupons, and earning cash back through special apps and browsers. For example, coupon aggregation sites, like Coupons.com, and shopping apps—such as Checkout 51 and Ibotta—make it easy to score discounts and cash back on a variety of purchases, including groceries.
Also, check to see if your neighborhood grocer posts their weekly flyers online. If you're hosting a holiday party, the markdowns you find can help you narrow your food and recipe choices, based on what's currently on sale.
Prep Your Home for Holiday Guests With Pre-Owned Finds
You don't have to sacrifice style for the sake of preserving your holiday budget either. If you're expecting company this year and would like to add some festive flair to your home, you can do so inexpensively—especially if you're willing to decorate with items that are secondhand.
Thrifting is back in vogue, with an increasing number of shoppers preferring pre-owned furniture and home goods. A recent study found that the “recommerce” market grew almost 15% last year, which was twice the pace of general retail.5 Plus, buying used isn’t just a great way to save money, it also helps the environment by keeping reusable items out of landfills.
Fortunately, it’s become easier to score secondhand deals online. For example, you can scout consumer marketplaces on Facebook, Craigslist, and OfferUp. Or you can take advantage of neighborhood freecycles and “Buy Nothing” groups. And a number of thrift shops now have e-commerce sites, including major chains, like Goodwill.
If you're handy with a paintbrush or have some basic carpentry skills, you can also modernize some of your existing furniture by upcycling it yourself. Or, if you enjoy crafting, search through your own recycling or sewing bin for raw material to make one-of-a-kind decorations.
Don't stress yourself out, though, if you don't have the time or money to dress your home the way you hoped. “A house doesn’t have to be perfect or completely done for it to feel festive or inviting,” designer Justina Blakeney noted in an interview with the Washington Post. “These are family and friends, and they are not judging you.”6
Forgo Major Renovations in Favor of DIY Home Improvements
Holidays are always a tricky time to undergo big renovations. But with ongoing worker and material shortages, now is an especially bad time to commit. Inflated costs can add thousands to your reno budget –—and unnecessary stress to your holiday.
Instead of suffering through an ill-timed remodel, you're better off saving this time of year for simpler, less expensive projects you can do yourself.
One winter-perfect upgrade to consider: Build a DIY fire pit so that you and your guests can roast marshmallows and relax in the cozy comfort of your backyard. You can also add some extra ambiance by hanging energy-efficient LED outdoor string lights that change from white to colorful. These are festive enough for the holidays, but also versatile enough to use year-round.
Or, if you'd rather curl up by an indoor fire, channel your DIY energy into a fireplace upgrade. Adding a wooden beam to the top of your mantel can add an extra layer of coziness. Alternatively, re-tiling or painting your fireplace surround can lend contemporary flair.
Just be sure to stick to DIY projects that you know you can do a quality job on—especially if your changes will be difficult to reverse. Feel free to reach out for a free assessment to find out how your planned renovations could impact your home’s resale value.
Invest in Home Maintenance Projects That Cut Your Utility Bills
You can save money by completing basic home maintenance tasks[1] , such as swapping your furnace filter and updating your lightbulbs. But if you really want to lower your bills this winter, consider projects that make your home more energy efficient.
According to the EPA, 9 out of 10 homes in the U.S. are under-insulated, which wastes energy and money.7 Luckily, there are plenty of DIY insulation projects that you can complete in just a few days. For example, the EPA offers guides on how to:
Insulate your attic or basement crawl space
Weatherstrip doors and windows
Seal areas around the house that may be leaking air, including electrical outlets and fireplaces
The savings you get from these projects can really add up. The EPA estimates that sealing and insulating your ducts can make your HVAC system up to 20% more efficient.8 And thanks to new provisions from the Inflation Reduction Act, you can also save a bundle this year by investing in certain energy-efficient upgrades and claiming a tax credit.9 Be sure to check with us about any local rebates and incentives that may be available, too, before getting started on a project.
Use Expense Tracking to Boost Your Holiday Budget
To avoid overextending yourself during the holidays, one of the best things you can do is track your income and expenses. If your monthly budget is usually tight, you may need to make some adjustments to free up cash for holiday expenditures.
For example, here's a sample budget worksheet that we created. Start by adding in your expenses: Under the “Typical” column, you can list your standard expenses, and under the “Adjusted” column, list any areas where you could cut back on spending.
Then consider how your standard wages may be adjusted this month by extra shifts, additional tips, or an end-of-year bonus. By decreasing your spending and/or increasing your income, you can build room in your budget for holiday gifts and gatherings.
HOUSEHOLD BUDGET WORKSHEET
Typical
Adjusted
Difference (+/-)
HOUSING
Mortgage/taxes/insurance or Rent
Utilities (electricity, water, gas, trash)
Phone, internet, cable
Home maintenance and repairs
FOOD
Groceries
Restaurants
TRANSPORTATION
Car payment/insurance
Gas, maintenance, repairs
OTHER
Health insurance
Clothing and personal care
Childcare
Entertainment
Charitable contributions
Savings, retirement, college fund
INCOME
Salary/wages
Bonus, tips, other
MONTHLY TOTALS
Total Adjusted Income
Total Adjusted Expenses
-
EXTRA SAVINGS FOR YOUR HOLIDAY BUDGET
Feel free to utilize this worksheet as a template that you can personalize to your needs, or ask us for a PDF copy that you can print out and use right away.
WE’RE HERE TO HELP
We would love to help you meet your financial goals now and in the year ahead. Whether you want to find lower-cost alternatives for home renovations, maintenance, or services, we are happy to provide our insights and referrals.
And if you’re saving up to buy a new home in Northern Arizona, we can help with that, too. This is the perfect time to score a great deal because only the most motivated homebuyers and sellers are active in the market right now. So reach out to schedule a free consultation. Call 888.446.5602 or email kelly.broaddus@exprealty.com. We can fill you in on some of the exciting programs and incentives we’re seeing that help make homeownership more affordable.
The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.
This charming cottage is delightful and romantic. There is no doubt to all who view it the love and care that went into the remodel. Enjoy large panoramic views of pine trees from the window and rear patio or sit for coffee on a relaxing covered front deck. A large pipe and non-climb fenced back yard opens up rear views. Updates include kitchen cabinets and appliances including gas stove. New Central a/c and furnace. Newer water heater, washer and dryer. Wood burning stove in main room, water resistant plank floor throughout. The home also includes a Smart thermostat, water heater & sprinkler system, custom master bedroom set and nightstands. Bathrooms have been equipped with new walk-in tile showers, Koehler fixtures, copper sinks and custom vanities. Sellers will be leaving a Samsung wall mount TV and sound bar.
Enjoy close access for hiking to Pump House trail. Also available is 1 GB high speed internet to house.
The garage is perfectly set up for a perfect man cave, having a Mini-split AC with wall mounted heaters, built-in cabinets, checkered patterned black & white MotoFloor Garage Flooring and storage in the attic above the garage. Take a tour today!
Take S Milton Rd to AZ-89A 8 min (1.9 mi). Take I-17 S to Kachina Blvd in Kachina Village. Take exit 333 from I-17 S 6 min (6.5 mi). Take Kachina Trail and Kona Trail to Chaco Trail. Home is on left.
Dining Nearby
Visit Olive Garden Italian Restaurant, they offer great menu choices with many healthy (gluten and vegan ) options. Looking for an unusual menu with a fantastic range of flavors? Nomads Global Lounge is a great place for you. Delhi Palace is one of the top-rated Indian restaurants in Flagstaff, and you must try it.
Schools
Children in this community typically go to the following nearby schools:
Manuel De Miguel Elementary- PK-5
Mount Elden Middle- 6-8
Flagstaff High- 9-12
Kachina Village Neighborhood Information
At 7 miles away, Flagstaff is close enough to reach quickly, but far enough away to escape the hustle and bustle. The Forest Highlands Golf Club is right next door. Visit the Kachina Village community page for more information about this south rural Flagstaff neighborhood.
Contact Kelly Broaddus at kelly.broaddus@exprealty.com or call 888-4465602 to see this turnkey vacation rental in Kachina or other houses for sale in Flagstaff.
eXp Realty, the largest residential real estate brokerage by geography in North America, announced in October 5, 2022 that Kelly Broaddus is once again recognized as eXp Realty ICON agent (September 2022), along with 298 agents across the US. They have been recognized for achieving production goals and demonstrating company culture. Congratulations Kelly and thanks for all that you do!
She received her 2022 ICON plaque at the EXPCON 2022 held at the Mandalay Bay Resort & Casino last October 11-14,2022. EXPCON is a yearly event that brings together eXp Realty agents from around the world for a week of celebrating, learning and networking! Broaddus achieved $27 million dollars in sales volume with 39 transactions in the first nine months of 2022.
Kelly Broaddus received her first ICON award in August 2018 on her first year of joining eXp Realty.
"I have long said that I would much prefer getting a $16,000 stock award at the end of the year to reward my performance and hard work than a pretty statue to put on my shelf. This company allows us to be "Agent Owners" and that is unprecedented with RE Brokerages. I am grateful to eXp for allowing me to literally have 3 different streams of income, this is fantastic!"
-Kelly Broaddus, Broker Associate with eXp Realty Northern Arizona
The eXp Realty ICON Agent Award recognizes agents who achieve exceptional production goals and represent a good cultural fit for the brokerage. The eXp Realty ICON Agent Award provides each qualified ICON with up to $16,000 in publicly traded eXp World Holdings, Inc. common stock upon the achievement of certain production goals within an agent’s anniversary year. The company’s cap is presently set at $16,000. Through the program, ICONs effectively can earn up to their entire cap amount back in the form of stock.
ICON can earn up to $16,000 USD Stock Awards:
★ $8,000 USD by meeting the ICON Status Production Requirements,
★ $4,000 USD by meeting the ICON Status Cultural Requirement and
★ $2,000 USD per event for attending Shareholders and EXPCON events
ICON agent qualification details are:
Demonstrates company culture through giving back by teaching a class, serving on a panel, or serving on a committee
Demonstrates a willingness to promote eXp Realty within their community.
Production requirement: $16,000 paid in company cap plus capped status transactions in the same anniversary year resulting in capped status transaction fees of not less than $5,000, OR
Production requirement: Annual gross commission income of $500,000 or more with a minimum of 10 closed transactions and payment of an “ICON Qualifying Fee” equal to $5,000 less capped transaction fees paid during the same anniversary year.
Approval by the ICON Vetting Committee. - ICON agents, will be interviewed by a current member of the ICON Vetting Committee in the month of ICON recognition. The goal of the interview is to confirm the candidate operates in alignment with eXp Realty’s core values.
$12,000 in publicly traded eXp World Holdings common stock is awarded and vests after three years, $4,000 is issued with no vesting period.
Kelly Broaddus has been working in the real estate industry for more than 20 years and has extensive experience in buying and selling residential real estate. She leads the Broaddus Properties Group, a top-producing real estate team based in Flagstaff, AZ offering real estate solutions to home buyers and sellers in Flagstaff, Sedona, Cornville, Williams, and nearby areas.
eXp Realty provides 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its fully-immersive, virtual campus environment. As a public company subsidiary, eXp Realty uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth. eXp Realty is one of the fastest-growing real estate brokerages in the United States with more than 12,000 agents in 49 U.S. states, the District of Columbia and three Canadian provinces.
Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy
Flagstaff Home Sales Dive in October
Happy Thanksgiving Flagstaff! Winter is fast approaching, and the weather isn’t the only thing that cooled off in October. Home sales were down from September, and compared to October 2021, it’s an entirely different market! Here's our latest update.
FLAGSTAFF HOME SALES
The US Existing-Home Sales Slumped 5.9% in October 2022 vs September while Greater Flagstaff's housing market posted a 48% decline according to data provided by the Northern Arizona MLS. There was a total of 100 homes sold, almost 50% less than a year ago. This is the lowest October sales in 10 years.
"More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher. The impact is greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years," National Association of Realtors Chief Economist Lawrence Yun.
In the month of October, the Broaddus Properties Group Brokered by eXp listed and sold three Flagstaff homes valued at over $4 Million. Last year we helped buy and sell eleven homes in Northern Arizona worth $5.6 Million+!
FLAGSTAFF MEDIAN HOME PRICE
"The median list-to-sales ratio for this area is 98.5%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property.
Flagstaff's October median sold price jumped 6.9% vs last month, up +4.4% year over year to $668,000, highest in more than a decade. Homes remained on the market for 72 days (median), a day longer than the 71 days we saw in September. Same period last year homes were selling much faster at 53 days.
Total Home Sales - 100 homes, down45.9% October 2021.
Median Sale Price - $668,000, up 4.4% vs October 2021, highest in more than a decade
Mortgage rates - The 30-year fixed-rate mortgage rate averaged 6.58% in the week ending November 23, down from 6.61% the week before. A year ago at this time it averaged 3.1%.
Longest days on market (SF):570 days This is a new construction private retreat in Pine Canyon with three spacious bedrooms, each including an en suite private bath.
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 must be off the MLS for at least 90 days for the CDOM to restart, even if a different agent lists it. We report the average days on the 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.
The luxury benchmark price for Flagstaff single-family homes is $975,000, set by The Institute for Luxury Home Marketing. LUXURY BENCHMARK PRICE is the price point that marks the transition from traditional homes to luxury home.
The Flagstaff single-family luxury market is a Balanced Market with an 18% Sales Ratio.
Homes sold for a median of 95.46% of list price in October 2022.
The most active price band is $1,900,000-$2,099,999, where the sales ratio is 100%.
The median luxury sales price for single-family homes is $1,500,000.
The median days on market for October 2022 was 85 days, up from 64 in October 2021.
FLAGSTAFF'S PRICIEST HOMES SOLD in OCTOBER 2022
Photo courtesy of My Home Group
The highest-priced single-family Flagstaff home that sold in October was a $3,750,000 five-bedroom luxury custom cabin style home in Pine Canyon with breathtaking mountain and golf course views.
The highest-priced Flagstaff townhome sale was a $1,550,000four-bedroom, 3500 square foot upgraded townhome with a private porch and balcony in Pine Canyon
The highest-priced Flagstaff condominium sale was a $1,478,000 new construction in Pine Canyon boasting two separate bedroom suites, a separate guest casita, fully equipped kitchen & spacious outdoor patio
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in OCTOBER 2022
Photo courtesy of Robinson and Associates R.E
The lowest-priced single-family Flagstaff home that sold in October was a $207,000 one-bedroom off-grid home in Leupp/Winona Area. The new owner will enjoy million-dollar views of the Painted Desert, Meriam, and Sheba craters.
The lowest-priced Flagstaff townhome sale last month was a $349,500 two-bedroom, single-level townhouse in Lower Greenlaw
The lowest-priced Flagstaff condominium sold was a $250,000turnkey, one-bedroom unit located on the second floor at the Arbors (Woodlands Area)
Flagstaff Home Buyer Advice
New listings are coming onto our market every single day, so you can find the perfect property to fit all your needs. There’s way less competition. You won’t have to offer over the asking price to win a home anymore—in fact, many sellers are willing to give you generous concessions.
If you’re thinking of buying this year I suggest you hurry. Interest rates may rise further this year—the longer you wait, the more it could cost to purchase your dream home. As long as inflation is high, we’ll see higher mortgage rates. If we see more positive news on inflation, mortgage rates will come down. This will give prospective homebuyers more buying power and lead to more homeowners throughout the country.
If you’d like to look at what’s available on the market today, you can view the homes that are available in the Northern Arizona MLS right now:
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.
Traditionally, things slow down . However, today’s buyers are looking at homes online every day, no matter the season. Don’t try to time the market based on old assumptions about seasons. Price your home right and it will sell, no matter what time of year you enter the market.
If you’re curious about what your home is worth in today’s market, click the image below then enter your address to instantly calculate your home’s value in today’s market based on recent Flagstaff home sales
Home Selling Tips Our blog for Northern Arizona 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 Broaddus Properties Group 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.
If you’ve been waiting since 2020 to make a move, I can help you decide if now is the right time. If you have any questions about buying or selling in Flagstaff, or want to get the process started, give me a call or send an email. I look forward to hearing from you! Don’t hesitate to call us at 888.446.5602 or email kelly.broaddus@exprealty.com.
She received her 2022 ICON plaque at the EXPCON 2022 held at the Mandalay Bay Resort & Casino last October 11-14,2022. EXPCON is a yearly event that brings together eXp Realty agents from around the world for a week of celebrating, learning and networking! Broaddus achieved $27 million dollars in sales volume with 39 transactions in the first nine months of 2022. 
