Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

Where is the market heading and how can you take advantage of this shift?

Today I’m interviewing Tiffany Taradash of CrossCountry Mortgage. She’s going to share with us some critical information about the changing market that every buyer and seller should know.

Feel free to watch the full interview or use these timestamps to browse specific topics at your leisure:

0:00 — Introduction

0:38 — Tiffany’s interest rate forecast for this year and next year

1:52 — Historical data on interest rates and inflation

3:15 — Historically, home prices continue to rise through a recession

3:56 — Not buying now could mean missing out on equity 

4:28 — Sellers are slightly dropping prices

5:36 — Doom-and-gloom news reports about the housing market are unreliable

7:48 — This market is different from the one in 2008

9:44 — The seven-year ARM is popular right now

10:13 — The 40-year amortization loan program is emerging as another option for buyers

11:01 — How to contact Tiffany

12:04 — Wrapping up today’s topic

If you have more questions about the changing market and how you can best navigate it, don’t hesitate to call or email me. I’ll be happy to help!

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

SOLD! Live the Country Life in this Delightful Timber Frame Flagstaff Estate Home with Spectacular Mountain Views On 2.75 Acres! 

4 Beds | 3 Bath | $1,685,000

Tucked amidst towering Ponderosa pines on a 2.75-acre lot in McCann Estates, this delightful Flagstaff timber frame style estate offers the peaceful country atmosphere you have been searching for! As you open the custom white oak entry door, an impeccably designed interior displays impressive craftsmanship throughout, from the gorgeous millwork and beautiful rustic hickory plank flooring to the solid fir beams on the high vaulted ceilings. A 44” Fireplace Xtrordinair with a floor-to-ceiling native Malapai rock surround warms the living room while walls of Sierra Pacific double-pane, low-E windows frame breathtaking views that greet you at every turn. An antler chandelier casts an elegant glow in the dining room, and glass sliders with access to the patio.

Sunlit and open, the gourmet kitchen has stainless steel appliances, including a 36” range with a 6-burner gas cooktop and an electric oven. Custom-built hickory cabinetry, solid granite countertops, a multi-seater pendant-lit island, and a scenic breakfast nook complete this ideal culinary space. An artisan staircase crafted from locally harvested aspen wood leads to a cozy loft and two carpeted private retreats outfitted with large closets and ceiling fans. A tastefully tiled shared bath with a shower/tub combo accommodates the secondary bedroom while a luxe 5-piece ensuite with an oversized slate shower and a spa-like 6’ jetted tub adjoins the primary suite.

Other notable items are a versatile bonus room plumbed for a wet bar, a well-sized laundry room, a mudroom, A/C on both levels, and an attached 2-car garage. Bordered by national forest on two sides, enjoy lush vistas and colorful sunsets over the San Francisco Peaks. Perfect for horse lovers with a gate for access to the forest. Plus, Flagstaff Mall is just moments away. Come get a glimpse of this gem while it’s still available!

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Photos and more information here:

www.northernarizonafinehomes.com/property/190493/

LOCATION

9485 Offenhauser Drive

Car-Dependent

Learn more about Flagstaff

Take highway 89 north. 2 miles past Townsend Winona turn left on Sunset Dr, turn right on Silver Saddle Dr follow around as it curves left into Forest Dr. Follow nearly to end where you turn right on Offenhauser Dr. Home is at end of road.

Amusement & Recreation 

• Bushmaster Park - Beautiful, 20 acre park with multiple playgrounds with different attractions for kids of all ages, dog park, skate park, multiple picnic areas WITH shade, paved walking paths, Lovely smell (and shade) from the pine trees all around, tennis courts, very well maintained grounds, 
• Wheeler Park - A great place to stay cool under the trees and enjoy outdoor with family.
• Ponderosa Park SPORTS and RECREATION AREA - A very nice and large park, where you can walk and lots of fun for children. Only place in Flagstaff with public pickleball courts.

Dining Nearby

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

Nearby Schools

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

MaCann Estates Neighborhood Information 

MaCann Estates/Elden Springs is perfect for homebuyers that prefer a rural life style but only minutes from Flagstaff city limits and groceries, the movie theater and the mall. Visit the community page for more information about this horse-friendly Flagstaff neighborhood.

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

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Kelly Broaddus |  eXp Realty | 888.446.5602 | Contact Kelly

Sold! This Munds Park Getaway Home is Modern Luxury & Tranquility Personified

 3 Beds | 2 Baths | $649,850

OPEN HOUSE Saturday 7/16 11AM - 2PM

On the hunt for the ultimate getaway where you can leave behind the hustle and bustle of everyday life? This impeccable home has the perfect blend of modern luxury and tranquility, all while being just moments away from everything Munds Park has to offer. Inside, wood and stone elements make for eye-catching interiors with a fireplace to keep the living spaces cozy in colder weather plus plenty of windows and doors to allow in refreshing breezes. Built-ins found throughout offer ample space for your belongings, including the newly painted white cabinets in the kitchen. It presents a deep stainless-steel sink, new oven and microwave, granite countertops with peninsula seating, as well as a subway tile backsplash, making this an ideal place for the home cook to prepare delicious meals to savor in the adjacent dining area. Ceiling fans keep the well-sized bedrooms cool and sufficiently lit.

For privacy and relaxation, look no further than the backyard deck where you can unwind, enjoy a good book, or take in the beautiful woods. Added perks include an attached garage with a newly refinished interior, a 2020 washing machine, plus professional paint inside and out. Located on Grizzly Ridge, the dwelling provides easy access to Coconino National Forest out the back door sitting conveniently on Munds Canyon for hiking and nature watching. This spectacular gem will dazzle you from the moment you arrive. Come take a tour to see it yourself!

TAKE A 3D TOUR

VIRTUAL TOUR

Photos and more information here:

https://www.northernarizonafinehomes.com/property/190377/

See all homes for sale in Munds Park/Pinewood

Location

17300 Grizzly Ridge

Car-Dependent

Learn More About Munds Park

Pinewood Blvd to N Lodge Dr head North, East on Oak Dr, and South on Grizzly Ridge

Dining Nearby

Pinewood Restaurant is located in a small mountain community and is a great place to eat.  The menu is typical good old home style country cooking. Looking for a mouthwatering hand sliced Texas brisket? Whether you are staying in Munds or just driving thru don't miss this place, Agee's Barbecue Market.

Attractions & Recreation

• Stoneman Lake - one of the few natural lakes in Arizona, sometimes dry lake is surrounded by pine trees, beautiful meadows, and a small camping area. Perfect nearby get away.
• American Offroad Adventures - offer UTV rentals, gear rentals for outdoor activities

Schools

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

Munds Park/Pinewood Neighborhood Information 

Munds Park/Pinewood is just over 20 minutes' drive, south of Flagstaff on I-17.  This community surrounds a semi-private golf course, Pinewood golf course. Many residents are summer-only retirees so expect a quieter neighborhood during the winter season.

Looking for a beautiful summer home? Schedule your appointment to view this home today! Contact Kelly Broaddus at kelly.broaddus@exprealty.com or call 888-4465602 to see other houses for sale in Munds Park.

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Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Group Brokered by eXp / by Joselyn Uy

Flagstaff's Spring Market Has More Listings and Higher Prices

The current Flagstaff real estate market has shifted from a strong seller's market towards a more typical, pre-pandemic (2019) level. The market has been cooling off, more homes are available, and demand is less. We’re already seeing prices move lower as a result. Here's our latest update.

FLAGSTAFF HOME SALES

The US Existing-Home Sales Fell 3.4% in May while Greater Flagstaff's housing posted a strong 35.9% growth from April according to data provided by the Northern Arizona MLS. There was a total of 159 homes sold, which is 1.9% lower than a year ago.

""Further sales declines should be expected in the upcoming months given housing affordability challenges from the sharp rise in mortgage rates this year," Lawrence Yun- National Association of Realtors Chief Economist. "Nonetheless, homes priced appropriately are selling quickly and inventory levels still need to rise substantially – almost doubling – to cool home price appreciation and provide more options for home buyers."

Expect rising interest rates to create a more balanced market over time, a nice counter to the wild seller’s market we’ve been seeing.

In the month of May, the Broaddus Properties Group Brokered by eXp sold six properties in Flagstaff & Bellemont valued at over $3.5 Million. Last year we helped buy and sell 8 homes worth $5.9 Million +. 

FLAGSTAFF MEDIAN HOME PRICE

"The median list-to-sales ratio for this area is 103.3%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property. 

The median sold price in May is up 26% year over year to $721,000, a new monthly high. Homes remained on the market for an average of 41 days. This is slower than the 38 days we saw in April, but faster than the 44 days we saw a year prior.

If the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall.

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

MAY 2022 Flagstaff Market Watch Summary

Total Home Sales - 158 homes, down 2.5 % vs May 2021.

Median Sale Price - $721,000 up 25.8% vs May 2021, highest in more than a decade

Mortgage rates - Average 30-year fixed-rate mortgage rate ended 6/20 at 5.9% - 6.04%. Rates can change rapidly during the day, and massively from week to week even though they can also be very boring for months on end.

Longest days on market (SF): 560 days Brand new single level Slayton Ranch home backing Forest Service land with 4 bedrooms, split floor plan, with upgrades throughout, includes two primary suites.

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. 

FLAGSTAFF'S PRICIEST HOMES SOLD in MAY 2022

Photo courtesy of RE/MAX Fine Properties, Jamie Wong

• The highest-priced single-family Flagstaff home that sold in May was a $4,100,000 three-bedroom luxury mountain retreat in Pine Canyon with 2 master suites, 3 gas fireplaces, and panoramic golf views.
• The highest-priced Flagstaff townhome sale was a $840,000 3-bedroom luxury townhouse in Switzer Mesa. Fully furnished & turnkey.
• The highest-priced Flagstaff condominium sale was a $2,200,000 four-bedroom, almost brand-new luxury main level Mountain Vista Condo in Pine Canyon, turn-key and fully furnished

THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in MAY 2022

Photo courtesy of Realty Executives of Flagstaff, Renee Gaun

• The lowest-priced single-family Flagstaff home that sold in May was a $425,000 3-bedroom home in Lower Greenlaw built in 1957
• The lowest-priced Flagstaff townhome sale last month was a $388,402 two-bedroom townhome located in Flagstaff Townsite. Close to the mall, parks, NAU and all the amenities of downtown.
• The lowest-priced Flagstaff condominium sold was a $255,000 one-bedroom ground level condo located in the highly sought-after community of University Meadows (The Arbors). 

Flagstaff Home Buyer Advice

You should know data from realtor.com shows more listings are coming onto the market each month this year. Having additional options can make the search for your next home easier

Mortgage interest rates are predicted to rise even further this year. A higher interest rate means a more expensive loan payment, Rates have been up 2% since the start of the year, which means the average homebuyer’s affordability has dropped by 20%. 

While it’s true rising mortgage rates and home prices mean buying a house today costs more than it did a year ago, you still have an opportunity to set yourself up for a long-term win. Buying now lets you lock in at today’s rates and prices before both climb higher. 

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:

Click here to see all Flagstaff homes for sale

Search Northern Arizona Homes For Sale

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

Sign up for free to receive our updates about coming soon properties and homes for sale not listed on the MLS. I can set up a customized search so you’ll get notified when new listings that meet your criteria hit the market.

Flagstaff Home Seller Advice 

The demand for homes is still high. The increased interest rates have also caused home sellers to stay in their homes longer, and our typical spring and summer surge of inventory just isn’t happening right now. Low supply is good news for homeowners because it will keep your property values up.

The current frenzied market has been brought on by basic supply and demand, and any kind of market crash is pretty unlikely. According to Brandon Haefele, CEO of Catalyst Mortgage, “I think we’re now going to start seeing individual markets potentially have some slowdown…my reasoning is we still have extremely low inventory. But it’s not going to go the other way and crash.”

Although rising rates are going to cause some buyers to leave the market entirely, all of the evidence we’ve seen on the ground points to home values continuing to appreciate as long as supply remains this low. This is good news for you if you’re thinking about selling.

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 home sellers has tons of tips to help sell your home faster and add thousands of dollars to your bottom line. Check it out. 

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

If you have any questions about our market or are thinking about buying or selling in Flagstaff, don’t hesitate to call us at 888.446.5602 or email us at kelly.broaddus@exprealty.com. We’re out in the market every day helping clients to buy and sell in Northern Arizona, and we do research so we have the best advice to give you, no matter your situation.

You Might Be Interested In:

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

Here’s what buyers and sellers should know about our market.

What’s happening in Flagstaff’s housing market? You may have heard that the market is changing, and it’s true. How will this shift affect buyers and sellers? 

Over the last few years, we’ve experienced one of the hottest seller’s markets I’ve ever seen. Homes were flying off the MLS in a matter of days with multiple offers far above the asking price. Now, things have started to slow down. Homes are staying on the market for a little bit longer, and multiple-offer situations are only happening with the most desirable properties. 

"If these trends continue, we’ll soon be in a buyer’s market."

Why is this happening? It all started in April when interest rates increased. Since then, homes have sat on the market longer, and sellers have had to make more concessions. If these trends continue, we’ll soon be in a buyer’s market. 

This means sellers should put some thought into their homes before putting them on the market. Your list price matters now more than ever. If you price too high, buyers will move on and find a similar property for less money. You also need to be mentally prepared for the shift. You likely won’t receive 20 offers on your property anymore. 

For buyers, this is great news. If you stopped looking at homes because you were sick of all the competition, now might be the time to reenter the market. Currently, we have 380 homes active on the market. Two or three months ago, we had as few as 90 houses on the market. With more inventory, you could get a better deal on your new home. 

If you have questions about today’s topic or anything else related to real estate, please call or email me. I am always willing to help! 

Kelly Broaddus |  eXp Realty | 888.446.5602 | Contact Kelly

See ALL single-family homes for sale in Sunnyside

Sold! Centrally Located Flagstaff Home Under $400K? This Might Be It!

3 Beds | 2 Baths | $398,350

OPEN HOUSE Saturday, August 20, 12-3 PM. Adorable 3-bedroom 2 bath, perfect rental or second home get away! One of the few single-family homes under 400k in Flagstaff! Minutes from restaurants, downtown, Aqua plex, schools and more. Don't let this one pass you up! 

TAKE A VIRTUAL TOUR

Photos and more information here:

https://www.northernarizonafinehomes.com/property/190165/

Location

1802 North East Street

Very Walkable

Learn more about Sunnyside Flagstaff

Dining Nearby

Schools

Sunnyside Neighborhood Information 

Sunnyside is a multi-cultural neighborhood with an award-winning level of community involvement. Close to shopping and restaurants, it is the first neighborhood east of downtown Flagstaff. Sunnyside is the second most walkable neighboorhood in Flagstaff according to Walkscore, an international website that measures walkability. 

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

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Kelly Broaddus |  eXp Realty | 888.446.5602 | Contact Kelly

See all Condos for sale in Flagstaff

Sold! Adorable 2 Bedroom Condo at the Arbors, Near NAU!

   2 Beds | 2 Baths |$ 339, 980

Highly coveted Arbors condo!! Adorable 2 bed 2 bath, very isolated and private condo. Don't let this one get away! The Arbors Flagstaff condominiums are nestled in the midst of a beautiful Ponderosa Pine Forest. It is a short bike ride to NAU and conveniently located close to downtown Flagstaff.

Photos and more information here:

northernarizonafinehomes.com/property/190164/

Location

1385 West University Avenue

Car-Dependent

Learn more about The Arbors in Flagstaff

With its close proximity to NAU and downtown, this condo is perfect for students, as a starter home or as a family vacation home. W University Ave to Forest Meadows, unit is on East side of Building 12

Attractions & Recreation

• Flagstaff Escape Space - An escape room is a real-life mystery game where a group of players must work together to decipher a series of puzzles and enigmatic clues while locked in a dark, mysterious room.

Dining Nearby

Schools

Woodlands Area (Arbors) Neighborhood 

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

Contact Kelly Broaddus at kelly.broaddus@exprealty.com or call 888-4465602 to see this remodeled 2 bedroom Arbors condo or other properties for sale in Flagstaff.

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Kelly Broaddus |  eXp Realty | 888.446.5602 | Contact Kelly

The last two years caught many of us off guard—and not just because of the pandemic. They also ushered in the hottest housing market on record, with home prices rising nationally by nearly 19% in 2021, driven primarily by low mortgage rates and a major supply shortage.¹

But while some had hoped 2022 would bring a return to normalcy, the U.S. real estate market continues to boom, despite rising interest rates and decreasing affordability.

So, what’s driving this persistent demand? And is there an end in sight?

Here are three factors impacting the real estate market right now. Find out how they could affect you if you’re a current homeowner or plan to buy or sell a home this year.

MORTGAGE RATES ARE RISING FASTER THAN EXPECTED

Over the past couple of years, homebuyers have faced intense competition for new homes—in part due to historically low mortgage rates that were a result of the Federal Reserve’s efforts to keep the economy afloat during the COVID-19 pandemic.

However, in response to a concerning level of inflation, the Fed is now reversing those efforts by raising the federal funds rate. And as a result, mortgage rates are rising, as well. Few experts predicted, though, that mortgage rates would go up as quickly as they have.

In January 2022, the Mortgage Bankers Association projected that rates would reach 4% by the end of this year.² By mid-April, however, the average 30-year fixed mortgage rate had already hit 5%, up from around 3% just one year prior.³ On a $400,000 mortgage, that 2% difference could translate into an additional $461 per monthly payment.

Since then, mortgage rates have continued an upward trend. So what impact are these rising rates having on demand? While many buyers had hoped for a cooling effect, experts warn that may not be the case.

Ali Wolf, chief economist at housing market research firm Zanda, told Fortune magazine, "Rising mortgage rates are having a counterintuitive effect on the housing market. Home shoppers actually sprang into action to buy a home before mortgage rates rise any higher."⁴

Since inventory remains low, the resulting “race” has kept the homebuying market highly competitive–at least for now.

What does it mean for you?

While current 30-year fixed mortgage rates represent an increase over previous months, they remain well below the historical average of 8%.⁵ As inflation across the economy continues, the Fed is likely to raise rates further this year. Buyers should act fast to secure a good mortgage rate. We’d be happy to refer you to a lender who can help.

For sellers, speed is also of the essence. The pool of potential buyers may shrink as mortgages become more expensive. And if you plan to finance your next home, you’ll want to act quickly to secure a favorable rate for yourself. Contact us today to discuss your options.

HOME PRICES KEEP CLIMBING

History shows that higher interest rates don’t necessarily translate to lower home prices. In fact, home prices rose 5% between 1980 and 1982, a period of significantly higher mortgage rates and inflation.⁵

Forecasters expect that home prices will continue to go up throughout 2022, though likely at a slower pace than the 18.8% increase of the last 12 months.⁴ Bank of America predicts that prices will be up approximately 10% by the end of this year, while Fannie Mae estimates 11.2%.^6,7

In addition to limited supply and a race to beat rising mortgage rates, home values are also climbing because of positive economic indicators, like low unemployment.⁸ Plus, rents are soaring–up 17% from a year ago–which is prompting more first-time homebuyers to enter the market.⁹ Add to that the continued popularity of remote work, and it’s easy to see why property prices continue to surge.

However, it’s not all bad news for prospective homebuyers. Economists expect that as mortgage rates rise, the rate of appreciation will continue to taper, though the effect may be gradual.

“Eventually mortgage rates will slow down home prices,” according to Ken Johnson, an economist at Florida Atlantic University interviewed by Marketwatch.¹⁰ “We should not see rapid upticks in prices as mortgage rates rise.” Forecasters agree—Fannie Mae expects price increases to slow to 4.2% in 2023.⁷

What does it mean for you?

While the pace of appreciation is likely to decrease next year, home prices show no signs of going down. However, current labor shortages are leading to higher salaries and better job opportunities for many workers. You may find that your income growth outpaces home prices, making homeownership more affordable for you in the future.

For homeowners, the outlook’s even brighter. You could find yourself sitting on a nice pile of equity. Contact us for a free home value assessment to find out.

INVENTORY REMAINS EXTREMELY LOW

As noted, one of the largest hurdles to homeownership is a lack of inventory. According to a February 2022 report by Realtor.com, there’s an expanding gap between household formation and home construction, which has resulted in a nationwide shortage of 5.8 million housing units.¹¹

The origins of this shortage date back to the 2008 housing crisis, during which crashing home values led contractors to stop building new properties—a trend that has not been fully reversed.¹²

That decline in home construction also resulted in a decrease in the number of home building professionals, a trend that was exacerbated by job losses during the COVID-19 pandemic. Now, many builders are limited by their ability to find qualified labor.

Another major challenge is a staggering increase in the cost of materials. Pandemic-related supply chain shortages have been a significant driver, with home building material costs rising on average 20% on a year-over-year basis. The price of framing lumber alone has tripled since August 2021.¹³

These trends add tens of thousands of dollars to the cost of a typical home. Factors like a lack of buildable land in many areas, restrictive zoning, and a shortage of developers are also contributing to the issue.¹⁴

Most homebuying experts agree that the lack of inventory is the primary factor driving rising housing prices and unprecedented competition for homes. With available housing units near four-decade lows, the end of the current housing boom is not yet in sight.¹⁵

What does it mean for you?

Prospective buyers should be prepared to compete for a home, since low inventory can lead to multiple offers. You may also need to expand your search parameters. If you’re ready to look, we’re ready to help.

For sellers, the picture is rosier. In this strong market, your home may be worth more than you realize. Contact us to find out how much your home could sell for in today’s market.

WE’RE HERE TO GUIDE YOU

While national real estate trends 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 market and the local issues that are likely to drive home values in your neighborhood.

If you’re considering buying or selling your Northern Arizona home, contact us now to schedule a free consultation. We can help you assess your options and make the most of this unique real estate landscape.

Sources:

1. Marketwatch - https://www.marketwatch.com/picks/home-price-appreciation-will-normalize-what-5-economists-and-real-estate-pros-predict-will-happen-to-home-prices-in-2022-01646940841
2. Bankrate -
   https://www.bankrate.com/mortgages/mortgage-rate-forecast
3. CNBC -
   https://www.cnbc.com/2022/04/16/heres-how-much-the-same-mortgage-costs-now-compared-to-last-year.html
4. Fortune -
   https://fortune.com/2022/03/23/housing-market-interest-rate-economic-shock/
5. National Association of Realtors -
   https://www.nar.realtor/blogs/economists-outlook/instant-reaction-mortgage-rates-april-07-2022
6. Fortune -
   https://fortune.com/2022/03/16/home-prices-2022-2023-bank-of-america-forecast-mortgage-rates/
7. Fortune -
   https://fortune.com/2022/03/07/what-home-prices-will-look-like-2023-fannie-mae/
8. Fortune -
   https://fortune.com/2022/03/17/home-prices-drop-housing-markets-california-michigan-massachusetts-corelogic/
9. CNN -
   https://www.cnn.com/2022/03/23/success/us-national-rent-february/index.html
10. MarketWatch -
    https://www.marketwatch.com/story/home-prices-increase-at-one-of-the-fastest-rates-on-record-but-higher-mortgage-rates-should-slow-future-growth-11648559497
11. Realtor.com -
    https://www.realtor.com/research/us-housing-supply-gap-expands/
12. NPR -
    https://www.npr.org/2022/03/29/1089174630/housing-shortage-new-home-construction-supply-chain
13. Investopedia -
    https://www.investopedia.com/housing-market-dips-in-early-march-2022-5222449
14. NPR -
    https://www.npr.org/2022/03/29/1089174630/housing-shortage-new-home-construction-supply-chain
15. Fortune -
    https://fortune.com/2022/03/14/housing-market-key-metric-inventory-zillow-bad-for-buyers/

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Kelly Broaddus |  eXp Realty | 888.446.5602 | Contact Kelly

Sold! Turnkey Vacation Rental in Kachina Village
5 Beds | 4 Bath | $729,850

It's no wonder that this vacation rental has stellar reviews on Airbnb! Guests say that they love stargazing in the 6-person hot tub, lounging on the two covered decks, and cooking in the gourmet kitchen. They love the wood burning stove in the winter, the backyard firepit on crisp autumn evenings, and the escape from the hot summers in the valley. There's even a perfect sledding hill on the property where the kids love to play in the snow. You'll love getting distracted by hummingbirds buzzing around as you sway in the breeze with a good book in the hammock or swing chair on the covered deck. Control the entire house from your smartphone – dim all the lights to 10%, lock and unlock the doors, or adjust the thermostat… all from the palm of your hand, whether you're in the house, the hot tub, or 5,000 miles away. 

If you're looking for your next savvy investment or simply want to make the most out of your next purchase, then don’t pass up on this incredible opportunity! It’s fully furnished and turnkey. Whether you’re investing and want to enjoy a property that pays for itself, or you want to live in it full time, the choice is yours.

Beautifully updated, this tranquil retreat from the city provides unlimited fun and leisure activities for you and guests. Inside, an open layout allows a seamless flow where multiple entertainment spaces beckon.

Convene in the upper-level living room where a wood-burning stove lends warmth during cooler seasons, a sound system lets you listen to your favorite playlist, and glass slides open to an expansive balcony for alfresco dining. Whip up unforgettable dishes in the fully equipped kitchen that has well-stocked cabinetry, a host of premium stainless-steel appliances, and granite countertops extending to the multi-seater island. Retire to the 5 private sanctuaries, including two master suites with king size beds and a playhouse themed bunk bedroom. After a day full of adventure, head down to the lower-level family room and enjoy your favorite movies in surround sound. Relax in the evenings under the stars on the generously sized deck that’s fully fenced to add seclusion as you sip nightcaps in the hot tub. A fabulous location means you’re only moments away from some of Arizona’s popular destinations, including NAU, Fort Tuthill, and downtown Flagstaff, plus Sedona and the Grand Canyon are nearby. As a bonus, there’s a laundry area and an attached garage. An opportunity like this won’t last long. Take a tour today!

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Virtual Tour

Photos and more information here: 

www.northernarizonafinehomes.com/property/190096/

See all homes for sale in Kachina Village

Location

3170 Kweo Trail

Car-Dependent

Explore Flagstaff on Walk Score

Take Hwy 17 to Kachina exit 333, turn west on Kachina Boulevard, go north on Kachina Trail until reaching Kona Trail, turn left, follow until Kweo Trail on left. Home is on the right.

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:

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.

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Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

Here’s how the recent Kalway case ruling will affect homeowners.

Today I wanted to discuss a new court ruling that is going to affect wide swaths of Arizona homeowners. The Arizona Supreme Court just ruled on the recent Kalway case, and it will impact those of us living in neighborhoods with HOAs and CC&Rs. 

This ruling will affect short-term rentals, but it will also affect any new amendments to HOAs that have come up since their inceptions. 

A few years back, Governor Ducey passed a law that says HOAs can only pass ordinances that affect the health and safety of their residents. Somehow, the HOAs went crazy with that and started banning or heavily restricting short-term rentals by amending their CC&Rs. 

The Arizona Supreme Court decision invalidates many of these short-term rental regulations. First, any amendment that was created after the HOA was originally created to restrict anything is invalid unless there is a 100% vote by the HOA members, which is very unlikely to ever happen. 

"Get a copy of your CC&Rs by reaching out to your agent."

Let’s say that in your neighborhood, your HOA passed a regulation to restrict fences after its inception. If fences weren’t addressed in the original CC&Rs, your HOA must have a 100% vote to enforce it, otherwise, the amendment is invalid.

There are tons of restrictions out there in many HOAs that were added after their inception. That’s why this is such a big deal. Any amendment is now unenforceable if it’s not on the neighborhood's original CC&Rs. 

To get a copy of your CC&Rs, you can either call your Realtor or your title company. Then you’ll know what you can and can’t do based on the original rules.

If you have any questions for me about the Kalway case, its repercussions, or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you.