Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

Sold! Beautiful Williams New Construction Home, Close to Bearizona

  3 Beds | 2 Baths | $799,980

Own your own BRAND-NEW home! This beautiful home is scheduled to be finished by the end of April; you can still choose some finishes! Enjoy a sophisticated water catchment system that flows into a 5000-gallon water cistern equipped with a UV light system for potable water, water haul may be a think of the past! When it rains, 600 gallons of water will be 'caught' per one thousand sq feet of roof space.

Lot A is approximately 3 fenced acres with a bonus of two acres! Conveniently located 3 miles from I-40, 30 min to Flagstaff and shopping, restaurants, and all amenities it has to offer. 

The home has an upgraded open cell spray foam insulation which conditions the air in the home to provide cooler air in summer and warmer air in winter. More details below:

• Metal roof
• Custom tile shower in master and tub surround in guest bath
• Custom Alder cabinets by Thomasville and quartz countertops throughout
• Luxury vinyl plank flooring
• Air conditioning
• Appliance package

Photos and more information here: 

northernarizonafinehomes.com/property/188618/

LOCATION

Pinetree Drive

Car-Dependent

More information on Walk Score

Directions: From I-40 take exit for Garland Praire Rd. Continue on over rail road tracks to Woods Rd. Right on Pinetree Dr to property on right.

It is just fifteen minutes from Route 66 in historic downtown Williams, Arizona, and the Grand Canyon Railway.

Amusement & Recreation 

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

There’s a lot to consider when selling your Flagstaff home, from the market and appraisals to where you’ll go next. Don’t forget, however, that design is also a key factor. It’s often one of the first things buyers notice when they walk into a home, and it’s also a detail that you, as a seller, can easily control.

According to Realtor.com’s 2022 housing market forecast, home for-sale inventory will increase from last year, as will the projected number of overall sales.¹ This means, if you’re looking to sell in the near future, now is the time to consider how you can stand out.

Updating your home design is one way to do that. Changes like new security features or upgraded siding can add value to your home now and be highlighted when you market it for sale later. To get the most out of your updates, focus on these popular home design features that will wow buyers in 2022.

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

Eco-Friendly Fixtures

Millennials account for the largest share of current homebuyers, according to the National Association of Realtors.² Sustainable living tops the list of priorities for this generation. A recent Deloitte survey found that nearly one-third of millennials initiate or deepen their consumer investment in products or services that help the environment—this also includes the houses they choose to live in.³

Here are a few eco-friendly design features that will be attractive to these millennial buyers in 2022. Bonus, they can net a significant return on investment (ROI) for you, as a seller, too.

• Energy-Efficient Windows: Heat gain or loss from low-performance windows drives 25–30 percent of home heating and cooling costs, according to Energy.gov.⁴ Therefore, energy-efficient windows can help homeowners save money.
• Low-Flow Water Fixtures: According to the EPA, replacing your shower head with one that’s labeled with WaterSense can save four gallons of water with each shower.⁵ Doing the same with your faucet can save 700 gallons per year. This leads to cost savings and environmental support.
• Native Landscaping:  According to the American Society of Landscape Architects, 58 percent of members report increased client demand for native trees and plants as a means to combat biodiversity loss from climate change..⁶ Enhance the eco-friendly appeal of your home with some native plants in the front yard.

Wellness Retreat Nooks

The pandemic has had a significant impact on mental health. For example, in an effort to prioritize mental health, many people are relocating to quieter, more peaceful homes, with 22 percent of city dwellers planning a move to less congested residential areas, according to the Home Improvement Research Institute’s (HIRI) 2021 Insights Summit.⁷

However, no matter where you live, you can still intrigue buyers by jumping on this trend. At-home wellness amenities, which were once viewed as luxuries, are now on many homeowners’ must-have lists. Indoor spaces that function as a retreat for wellness and self-care have become extremely popular, according to HIRI.

Improve your quality of life in your home with reading nooks, spa-inspired bathrooms, and exercise or meditation spaces. Even if your house doesn’t have the square footage to section off an entire room for relaxation, making simple tweaks to natural light, air purifiers, and indoor plants can help you feel better in your home now while enabling future buyers to see the opportunity for their own space.

Calming Paint Colors

Paint colors that produce a calming atmosphere will also be a key selling point in 2022. Soft earth tones and natural hues will prevail this year, including various shades of blue, green,  brown, and beige. Recent research suggests steering clear of trendy paint colors in favor of a more classic palette to bring the feel of nature indoors in a subtle and soothing way.⁸

In fact, the same research found that buyers are often willing to pay an extra $4,698 for a house with a light blue bathroom or an extra $1,491 for a house with a dark blue bedroom. Another crowd-pleasing hue to refresh the walls with is BEHR’s 2022 paint color of the year, known as Breezeway.⁹

This shade of green with silver undertones was created to mimic sea glass. As the BEHR website describes it, Breezeway “evokes feelings of coolness and peace, while representing a desire to move forward and discover newfound passions.” 

Home Safety Features

Buyers want peace of mind more now than ever before. According to a 2021 survey from the American Institute of Architects, members report seeing an increase in the popularity of these home safety features¹⁰:

• Emergency backup power generation
• Accommodations for multiple generations
• Wider accessible doorways and hallways
• Home security monitoring equipment
• Interior ramps and home elevator features

Consider how you can build home safety features like these into the design of your home to enhance your quality of life now and attract more buyers later. For example, you could install a backup generator in the garage and sell it with the house or update your major doorways to be wider.

Before making an investment in expensive home safety upgrades, contact us. We can help you determine what will deliver the greatest ROI for your location and goals.

Designated Work Spaces

It may come as no surprise that after the pandemic, 63 percent of homebuyers want their next house to feature room for a designated office, according to the National Association of Home Builders.¹¹ In addition, 70 percent of these buyers want the office to be at least 100 square feet (or a 10x10 room).   

If you can, consider turning a bedroom or a den into a work-from-home office. When designing the space, make it both functional and aesthetically pleasing. Position a desk near the window for natural light, install a bookshelf unit, arrange a few succulents on the work surface, and hang a few framed posters or a cork bulletin board on the wall. You want the space to foster productivity as well as be a place in your home you enjoy spending time.

When you get ready to sell, we can help you highlight your designated work space. Given the high demand for this design feature, it can help you interest more buyers and attract more competitive offers—if marketed creatively.

Luxury Kitchen Retouches

The kitchen has always been a main focal point of interior design, and that’s no different in 2022. Families will always need this space to come together in their own homes.

This year’s buyers want a kitchen with new upgrades and retouches, but you don’t have to renovate the entire kitchen to make an impact. If you’re not sure where to start, here are a few tips on how to create a kitchen that buyers will love without spending too much money on renovations:

• Repaint the kitchen, keeping the calm and nature-inspired colors in mind that are most popular right now. Taking a kitchen from dark to light by painting cabinets and walls can make all the difference.
• Update the hardware. These kitchen “accessories” stand out and add personality to an otherwise standard kitchen.
• Update light fixtures to bring in more light while also adding a fresh look and feel to the space.

Unique Accent Walls

In a recent interview with the National Association of Realtors, Brian Santos, the director of education for Fresh Coat Painters, explains that bold, unique accent walls are trendy right now.¹² An accent wall gives a home character while maintaining the calming feel of natural- and neutral-colored walls.

Santos also explains that this is part of a design aesthetic that draws inspiration from the Roaring Twenties, and it’s likely to remain a sought-after home feature in 2022. Here are some bold colors to consider for your home’s accent walls:

• Solid black
• Jewel or metallic tones
• Textured wallpaper
• Painted ceilings
• Built-in shelves

If you’re planning to sell in the next year, talk to us before adding an accent wall. Depending on your target buyer, it may be a design feature that actually hurts your home’s value. We can run a free Comparative Market Analysis on your home to help you understand what would resell best in your neighborhood.

Exterior Siding Updates

A new exterior siding refresh is one of the most affordable renovation projects you can do to help increase a home’s resale value. The average cost is just $12 per square foot, but higher-end material options can push costs closer to  $50 per square foot.¹³ What’s more, there are many siding materials available, from fiber-cement, brick, and wood to vinyl, metal, and stone.

While all these options can infuse the exterior with character and add curb appeal, fiber-cement and vinyl deliver the highest ROI. In fact, according to a 2021 Cost vs. Value Report, a vinyl siding replacement can boost resale value by $11,315 (68.3 percent cost recoup), and a fiber-cement siding replacement can boost resale value by $13,618 (69.4 percent cost recoup).¹⁴

Give your home this simple, affordable, and attractive facelift before putting it on the market. If you’re not sure how to get started yourself, our team can connect you with a trusted vendor to guide you through the process.

Keep These Home Design Features on Your Radar in 2022

These design features can infuse personality into your home while helping to close the deal if you plan to sell in 2022. The average buyer knows just what they’re looking for in a space they plan to call home, so with some investment and foresight, you can give your house an edge over the competition—and boost resale value in the process.

However, you don’t need to make all these changes to attract more buyers.

We can help you determine which design features you should add to your Flagstaff home by sharing insights and tips on how to maximize the return on your investment. We can also run a Comparative Market Analysis on your Northern Arizona home to find out how it compares to others in the area, which will help us decide what changes need to be made. Contact us to schedule a free consultation! Call 888.446.5602/ email kelly.broaddus@exprealty.com.

Sources:

1. Realtor -
   https://www.realtor.com/research/2022-national-housing-forecast/
2. National Association of Realtors -
   https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends
3. Deloitte -
   https://www2.deloitte.com/content/dam/Deloitte/global/Documents/2021-deloitte-global-millennial-survey-report.pdf
4. Energy.gov -        
   https://www.energy.gov/energysaver/update-or-replace-windows
5. EPA.gov -
   https://www.epa.gov/watersense/about-watersense
6. American Society of Landscape Architects -
   https://www.asla.org/NewsReleaseDetails.aspx?id=60427
7. Home Improvement Research Institute -
   https://www.hiri.org/blog/4-major-home-wellness-trends-from-hiri-summit-speaker-dr-jie-zhao
8. Zillow -
   http://zillow.mediaroom.com/2021-07-15-Homes-With-Light-Blue-Bathrooms,-Dark-Blue-Bedrooms-Could-Sell-for-Up-to-4,698-More-Than-Expected
9. Behr -
   https://www.behr.com/colorfullybehr/behr-announces-2022-color-of-the-year-and-trends-palette/
10. American Institute of Architects -
    http://info.aia.org/AIArchitect/2021/0910/aia-interactive/index.html#
11. National Association of Home Builders -
    ​​https://www.nahb.org/-/media/NAHB/news-and-economics/docs/housing-economics-plus/special-studies/2021/special-study-what-home-buyers-really-want-march-2021.pdf?_ga=2.188050984.1824982414.1639512139-1247360189.1639512139
12. National Association of Realtors -
    https://www.nar.realtor/blogs/styled-staged-sold/hot-home-trend-the-accent-wall-is-back
13. Forbes -
    https://www.forbes.com/advisor/home-improvement/how-much-does-siding-cost-to-install/
14. Remodeling Magazine -
    https://www.remodeling.hw.net/cost-vs-value/2021/

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FLAGSTAFF, AZ — January 31,2022— HomeLight, the real estate technology platform powering the best real estate agents in the United States, announced today that KELLY BROADDUS was recognized in the third annual HomeLight Achievements™ Awards as a TOP PRODUCER and TOP NEGOTIATOR  in FLAGSTAFF, AZ. The annual program recognizes the talent and successes of top-performing residential real estate agents at both the local and national levels.

HomeLight Achievements™ recognizes agents in three categories: Top Producer, Sells Homes Fast, and Top Negotiator. Winners were selected based on the same verified real estate transaction data that HomeLight uses to match home buyers and sellers with top-performing real estate agents across the country.

“It’s an honor to be named to the 2021 HomeLight Achievements™ Awards,” said Kelly Broaddus, RE Broker with eXp Realty. “We are dedicated to excellence in service and sincerity with our clients.” Kelly 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 Kelly Broaddus 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 is one of the fastest-growing real estate brokerages in the United States with more than 60,000 agents in 14 countries around the world

“We’re thrilled to give the top-performing real estate agents in the United States a platform to showcase their expertise,” said Sumant Sridharan, Chief Operating Officer at HomeLight. “These agents work incredibly hard to provide a standout home buying and selling experience for their clients —we’re proud that, together, we’re building the future of how people buy and sell homes. They deserve every bit of this recognition.

”Winners are featured on a list of the top performing real estate agents in the country and will receive a HomeLight Achievements™ 2021 badge on their HomeLight profile as a sign of strong performance and dedicated service to their clients. These badges are intended to help both home buyers and sellers identify the top real estate agents by metro area on HomeLight.

To learn more about HomeLight Achievements™ and see a full list of national winners, visit https://www.homelight.com/achievements.

About HomeLight

The best real estate agents rely on HomeLight's platform to deliver better outcomes to homebuyers and sellers during every step of the real estate journey, whether that's enabling an all-cash offer, unlocking liquidity of their existing home to buy a new one, or creating certainty through a modern closing process. Each year, HomeLight facilitates billions of dollars of residential real estate business on its platform for thousands of agents.

Founded in 2012, HomeLight is a privately held company with offices in Scottsdale, San Francisco, New York, Tampa, and Seattle, with backing from prominent investors including Zeev Ventures, Menlo Ventures, Group 11, Crosslink Capital, Bullpen Capital, Montage Ventures, STCAP, Citi Ventures, Google Ventures, and others.

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

Sold! Great Opportunity, Boulder Pointe Townhome

    3 Beds |  2.5 Baths | $430,000

Great opportunity! This townhouse boasts 3 beds, 2.5 baths, and a 2 car garage. Engineered hardwood floors in living area, deck in the back yard and large, open kitchen.  Incredibly high ceilings give an open feel. Home is centrally located in town and near the FUTS trail system, shopping and NAU. Great for first time buyers, investors or second home buyers.

Photos and more information here: northernarizonafinehomes.com/property/188471/

LOCATION

2548 South Gravel Lane

Car-Dependent

Learn more about Boulder Pointe Flagstaff

Amusement & Recreation 

• Flag Tag AZ  experience their multi-level laser tag arena, classic arcades or their hand at axe throwing. A great place for family to relax and have fun.
• Flagstaff Extreme Adventure Course - Perfect adventure place for thrill seekers. 
• Wheeler Park- A great place to stay cool under the trees and enjoy the outdoors with family.

Dining Nearby

If you like fresh light salads with delicate and delicious flavor, Taverna Modern Mediterranean is the place to come! Taverna has been a favorite dining destination since 2019 for delicious Mediterranean inspired foods. Visit Olive Garden Italian Restaurant, they offer great menu choices with many healthy (gluten and vegan ) options. If you are looking for an amazing meal and enjoy Indian cuisine drop by at Delhi Place.

Nearby Schools

• Manuel De Miguel Elementary School
• Mount Elden Middle School
• Flagstaff High School

Boulder Pointe Neighborhood Information 

Visit the Boulder Pointe community page  for more information about this southwest city Flagstaff community surrounded by nature filled scenery and exceptional mountain views. 

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

Search for Homes in Flagstaff, Arizona

Flagstaff Homes for Sale Under $400,000

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

Flagstaff Homes for Sale $500,000 - $600,000

Flagstaff Homes for Sale $600,000 - $700,000

Flagstaff Homes for Sale $700,000 and above

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

Here’s why short-term rentals are no longer allowed in the neighborhood.

As we begin a new year, I wanted to quickly touch on one of the big changes coming in Flagstaff this year to give you an idea of what to expect. 

Most of the homes in Continental Country Club are in the HOA, although some of them aren't. They made a ruling last year that they will no longer allow short-term rentals in the HOA that are under 30 days. Starting at some point this year, it will be enforced. This news doesn’t affect those homes that aren’t in the HOA.

"We can get you a free market analysis of your property today."

If you have a second home here and are relying on short-term rental income, give me a call. We are very well-equipped to help you. You don’t want to be stuck with this home in the midst of a correction when properties start to flood the market. We can get you a free market analysis that shows you what your home could sell for today. 

It’s the perfect time to sell because prices have never been so high. Then we can take the proceeds from your sale and find a property in a different community in Flagstaff that allows short-term rentals. There are plenty of them, and we’d be happy to point you in the right direction.

If you have any questions for me about these changes or real estate in general, don't hesitate to reach out via phone or email. I look forward to hearing from you soon.

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

Sold! Partially Updated Lakeside Acres Townhouse, Close to Downtown Flagstaff & NAU

3 Beds | 2.5 Baths | $649,850

Beautifully located partially updated Lakepoint Townhouse. Hardwood flooring throughout. The back deck is surrounded by beautiful nature, walk off your deck to endless trails! This cozy home has gas start wood fireplace. Townhouse complex was painted summer of 2019. Tall mature Ponderosa Pines, mature Aspen Trees along with plenty of greenery set this townhouse complex apart from the others.  Close to trails, Flagstaff Mall, Safeway and just minutes from downtown and NAU. Ongoing litigation occurring with CCC in regard to Lake Elaine.

More photos and information: northernarizonafinehomes.com/property/188462/

Location

1000 N Lakepoint Way

Car-Dependent

Learn more about Lakeside Acres Flagstaff

Dining Nearby

Looking for an unusual menu with a great range of flavors? Silver Pine Restaurant and Bar a great place for you. You must try pizza with soppresetta, pistachio and honey at the Fat Olives. If you're looking for crafted BBQ and Cajun cooking drop by at Satchmo’s, it's just a small detour from the main road.

Attractions & Recreation

• North Pole Experience - Give the kids details about Santa and his workshop. Kids get to see Santa and help him makes toys. 
• Wheeler Park - A great place to stay cool under the trees and enjoy outdoor with family.
• Walnut Canyon National Monument - Features prehistoric archaeological sites that are spectacularly located in cliffs and along the rim of Walnut Canyon. 

Schools

Kelly Broaddus |  888.446.5602  | Contact Kelly  

Sold! Beautifully Updated Newer Home Close to Everything Flagstaff Has to Offer!

4 Beds | 3 Baths | $674,950

Beautiful 4 bedroom 3 bath home with many custom upgrades. Custom aged wood looking tile, custom window coverings, large front porch/deck. Builder was Everest, one owner and very lightly used. Open floor plan with the living room in view of the kitchen, sit in the living room enjoying the fireplace while dinner is cooking!! Don't miss out on this home in a safe neighborhood with minimal HOA. Close to three playgrounds and to everything Flagstaff has to offer with access to I-40, I-17, NAU, forest trails, and popular downtown Historic Flagstaff. Come check this out today!

More pics and information: northernarizonafinehomes.com/property/188448/

Showings to begin on Monday, please have all offers submitted by Thursday 1/27 and a response time Friday by 5:00 1/28. Seller needs a 30 day lease back.

Location

2393 West Mission Timber Circle

Car-Dependent

Learn more about Presidio Flagstaff

Historic Rte 66/W Rte 66, turn left onto S Woody Mountain Rd, at the traffic circle, take the 2nd exit onto W Presidio Dr, turn right onto W Mission Timber Cir.

Attractions & Recreation

• Presidio Children's & Dog Park - Well maintained community park with parking.

Schools

Location

If you are looking for a home on of the newer Flagstaff neighborhoods, this is it. Contact 888.446.5602 to arrange for a private showing.

The Presidio in the Pines Neighborhood

Presidio is a 91-acre mixed-use urban village located northwest of the city.  It that features newer construction homes with stunning San Francisco Peak views surrounded by the forest. Quiet and family-friendly. The HOA is minimal with great amenities including a children's park and dog park.

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

Flagstaff Home Sales Tumble, Median Price Edge Up in December

I hope your year is off to a great start! Our red-hot housing market caused some homebuyers to put their plans on hold in 2021. We typically see a seasonal slide in buyer activity in the 4th quarter of the year as the weather cools and holiday celebrations take center stage. As we begin a new year, many buyers will return to the market. Let's take a look back at last month's home sales figures.

FLAGSTAFF HOME SALES 

The latest report by the National Association of Realtors announced that US Existing home sales dropped by 4.6% in December 2021. Meanwhile Flagstaff residential home sales plunged 9.7% from November 2021 according to data released by the Northern Arizona MLS. 

• Month 102 single-family Flagstaff homes sold in December, down 11.3% from 115 a year ago. All property types residential sales dipped 19.2% VS the same month in 2020
• 4th Quarter sales are down by 15% from last year with only 477 homes sold (all residential property types)
• Year-Over-Year 2021 housing sales in the greater Flagstaff region are down 10.2% from a year ago.

The Kelly Broaddus Group sold 9 Flagstaff and Parks homes in December 2021 valued over $5M. We ended the year with 109 Northern Arizona homes listed and sold, valued at over $64M.

FLAGSTAFF HOME PRICES

"The median list-to-sales ratio for this area is 102.5%." List to Sales Ratio is the percentage of the list price that the buyer ultimately paid for the property.

Flagstaff housing prices hit new highs 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. 

December housing prices in the greater Flagstaff region rose 38.5% with the median sale price coming in at $692K 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 $500,000. 

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

December 2021 Flagstaff Market Watch Summary 

Total Home Sales  -   139 homes, down 19.2% vs December 2020

Median Home Price -  $692,435 up 38.5% vs December 2020, new high

Mortgage rates up - A 30 year fixed rate mortgage with 5% down and very good credit is at an average of 4% as of 1/19

Longest days on market: 432 days. New build Flagstaff Ranch 4 bedroom home located on the fairway and in a cul-de-sac with stunning views from over sized decks!

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 DECEMBER 2021

Photo courtesy of Symmetry Realty Brokerage

• The highest-priced single-family Flagstaff home that sold in December was a $4,325,000 7 bedroom, 7 bath home in Pine Canyon
• The highest-priced Flagstaff townhome sale was a $739,999 3-bedroom almost new, end unit townhome with gorgeous mountain views in Switzer Mesa 
• The highest-priced Flagstaff condo sale was a $395,000 move-in ready 3 bedroom unit in Sunnyside that has an extra bathroom, larger front deck and a master deck. 

THE MOST AFFORDABLE  FLAGSTAFF HOMES SOLD in DECEMBER 2021

Photo courtesy of RE/MAX Fine Properties - Downtown

• The lowest-priced single-family Flagstaff home that sold in December was a $260,000 2 bedroom home in Sunnyside that is tenant occupied
• The lowest-priced Flagstaff townhome that sold last month was a $325,000 2-bedroom townhouse on a quiet cul-de-sac in Lower Greenlaw
• The lowest-priced Flagstaff condo that sold was a $245,000 1 bedroom at the Village, an apartment complex with 207 units located in the University Heights neighborhood  close to NAU, hiking & biking, shopping.

Flagstaff Home Buyer Advice

If buying a home is one of your New Year’s resolutions, you’ll be relieved to know that it should be a much better year to accomplish that task than 2021 was. Here are three things all homebuyers should know in 2022:

The market is easing up for homebuyers. New data from the Common Haus Price Index, which tracks asking prices for three-bedroom, two-bathroom U.S. homes, shows that the year-over-year rate slowed from 5.9% to 5.4%. That’s the smallest year-over-year price growth since January 2020. 

Additionally, prices have started to slide back down from their 2021 peaks, and supply is bouncing back at the fastest pace we’ve seen since May. This will give you more options and better prices as a buyer.

It’s important to be flexible in this market. Although supply is on the rise, inventory is still very low from a historical perspective. This means that you need to have a plan in place before you even begin your home search. You’ll need to be prepared to act quickly when the right home hits the market, and don’t get your hopes up in case your first offer isn’t accepted.

Rates will likely rise, but not by much.

It’s clear that home prices have been inflated over the past year or so, but competitive mortgage rates have helped offset them. Rates will rise in 2022; it’s inevitable. However, the Mortgage Bankers Association predicts a modest increase in the 30-year fixed-rate mortgage average to around 4%. This will make homes less affordable than they are right now, but again, a 4% rate is still extremely low based on historical averages.

Only time will tell if 2022 will be a great year for homebuyers. However, the low rates we’re seeing won’t last forever. Locking in a low rate on a long-term investment like a home puts you in a great financial position for the future.

If you’re curious about what’s out on the market right now, you can get a direct feed to our Northern Arizona multiple listing service here:

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.

Flagstaff Home Seller 

If you decide to list your home this winter, you might benefit from the current high prices and low inventory. In other words, you could sell quickly and for top dollar.

If that piques your interest, you can get more info on what your home is currently worth by using this home value calculator, which takes into account recent Flagstaff 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. 

If you are considering selling while the current market lasts, give me a call at 888.446.5602 or email kelly.broaddus@exprealty.com. I've helped many people sell in these pandemic circumstances, and I'm here to answer your questions and help however I can.

If you have further questions about our market or real estate in general, please reach out to me by phone or email. I would be happy to help.

GET IN TOUCH

If you have further questions about our market or real estate in general, please reach out to me by phone or email. I would be happy to help. Let’s start making your 2021 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. 

You Might Be Interested In:

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

Sold! Fully Remodeled Condo in University Meadows

1 Bed  | 1 Bath |$225,000

Fully remodeled and furnished condo.

Photos and more information here:

https://www.northernarizonafinehomes.com/property/188394/

Location

1200 South Riordan Ranch Street

Very Walkable

Learn more about Flagstaff

Attractions & Recreation

• Riordan Mansion State Historic Park - The Riordan mansion state park sits at 409 W Riordan Road, it does not only allow you to see two beautiful homes but also learn about the history of this area.
• Flagstaff Visitor Center - Arizona's destination for all seasons located in the high country mountains of northern Arizona. 
• Flagstaff E Bike Tours - Ride to see the beautiful outdoors in and around Flagstaff.

Dining Nearby

Nearby restaurants include Los Altenos. A family owned restaurant sharing their love for food to everyone in an absolute best experience. You can also find NiMarco's Pizza West, the best homemade pizza in town made with freshest and best-tasting ingredients. Check out the Himalyan Grill which serves finger-licking authentic Tibetan, Nepalese and Indian foods that can satisfy your cravings.

Nearby Schools

Kelly Broaddus  |  eXp Realty  |  888.446.5602  | Contact Kelly

Last year was one for the real estate history books. The pandemic helped usher in a buying frenzy that caused home prices to soar nationwide by a record 19.9% between August 2020 and August 2021.¹

However, there were signs in the fourth quarter that the red-hot housing market was beginning to simmer down. In the month of October, only 60.3% of sales involved a bidding war—down from a high of 74.5% in April.² While this trend could be attributed to seasonality, it could also be a signal that the real estate run-up may have passed its peak.

So what’s ahead for the U.S. housing market in 2022? Here’s where industry experts predict the market is headed in the coming year.

MORTGAGE RATES WILL CREEP UP

Most economists expect to see mortgage rates gradually rise this year after hitting record lows in late 2020 and early 2021.³

Freddie Mac forecasts the 30-year fixed-rate mortgage will average 3.5% in 2022, up from around 3% in 2021.⁴

The Mortgage Bankers Association predicts that rates will tick up to 4% by the end of the year. "Mortgage lenders and borrowers should expect rising mortgage rates over the next year, as stronger economic growth pushes Treasury yields higher," said Mike Fratantoni, chief economist for the Mortgage Bankers Association at their 2001 Annual Convention & Expo in October.⁵

However, it’s important to keep in mind that even a 4% mortgage rate is low when compared to historical standards. According to industry trade blog The Mortgage Reports, “Between 1971 and December 2020, 30-year mortgage rates averaged 7.89%.”⁶

What does it mean for you? Low mortgage rates can reduce your monthly payment and make homeownership more affordable. Fortunately, there’s still time to lock in a historically-low rate. Whether you’re hoping to purchase a new home or refinance an existing mortgage, act soon before rates go up any further. We’d be happy to connect you with a trusted lending professional in our network.

THE MARKET WILL BECOME MORE BALANCED

In 2021, we experienced one of the most competitive real estate markets ever. Fears about the virus and a shift to remote work triggered a huge uptick in demand. At the same time, many existing homeowners delayed their plans to sell, and supply and labor shortages hindered new construction.

This led to an extreme market imbalance that benefitted sellers and frustrated buyers. According to George Ratiu, director of economic research at Realtor.com, “Prices and sellers reached for the moon [last] year. It looks like we are now about to move back to earth.”⁷

Data from Realtor.com released in November showed that listing price reductions had more than doubled since February 2021. And the average days on market (an indicator of how long it takes a home to sell) has been slowly creeping up since June.⁷

What’s causing this change in market dynamics? The real estate market typically slows down in the fall and winter. But economists also suspect a fundamental shift in supply and demand.

At the National Association of Realtors’ annual conference last November, the group’s chief economist, Lawrence Yun, told attendees that he expects increased supply to come from an uptick in new construction—which is already underway—and an end to the mortgage forbearance program. “With more housing inventory to hit the market, the intense multiple offers will start to ease,” he said.⁸

Demand is also predicted to wane slightly in the coming year. Rising mortgage rates and record-high prices have made homeownership unaffordable for a growing number of Americans. And in a recent Reuters poll, nearly 80% of property analysts said they expect housing affordability to worsen over the next several years.⁹

What does it mean for you? If you struggled to buy a home last year, there may be some relief on the horizon. Increased supply and softening demand could make it easier to finally secure the home of your dreams. If you’re a seller, it’s still a great time to cash out your big equity gains! And with more inventory on the market, you’ll have an easier time finding your next home. Reach out for a free consultation so we can discuss your specific needs and goals.

HOME PRICES LIKELY TO KEEP CLIMBING, BUT AT A SLOWER PACE

Nationally, home prices rose an estimated 16.8% in 2021.⁸ But the average rate of appreciation is expected to slow down in 2022.

Danielle Hale, chief economist at Realtor.com, told Yahoo! News, “Home asking prices have decelerated in the second half of 2021, with median listing price growth slipping from a peak of 17.2% in April to just 8.6% in October.”¹⁰

But experts disagree about how much more property values can continue to climb this year. Goldman Sachs predicts that home prices will rise by 13.5%, while Fannie Mae and Freddie Mac are forecasting a 7.9% and 7% rate of appreciation, respectively.²

However, not all analysts are as bullish. The National Association of Realtors predicts a 2.8% rate of appreciation for existing homes and 4.4% for new homes, while the Mortgage Bankers Association expects the average home price to decrease by 2.5% by the end of the year.^10,2

According to Hale, “With prices near all-time highs and mortgage rates expected to rise, we expect this slowdown in prices to continue.”¹⁰

What does it mean for you? If you’re a buyer who has been waiting on the sidelines for home prices to drop, you may be out of luck. Even if home prices dip slightly (and most economists expect them to rise) any savings are likely to be offset by higher mortgage rates. The good news is that decreased competition means more choice and less likelihood of a bidding war. We can help you get the most for your money in today’s market.

RENTS WILL CONTINUE TO RISE

Along with home, gasoline, and used vehicle prices, rent prices rose dramatically last year. According to CoreLogic, in September, rents for single-family homes were up 10.2% nationally year over year.¹¹ And economists at Realtor.com expect them to climb another 7.1% in 2022.¹²

“Homes are expensive now...but for most people, the comparison that is most important is how that cost of homeownership is going to compare to the cost of renting,” Zillow Senior Economist Jeff Tucker told CNBC in November.¹³

Tucker also pointed out that rent is less predictable than a mortgage—and more likely to go up along with inflation.¹³

Real assets, like real estate, are often used as a hedge against inflation. That’s because property values typically rise with inflation.¹⁴ And when a homeowner takes out a mortgage, they lock in a set housing payment for the next 30 years.

In contrast, renters are at the mercy of the market—and they don’t gain any of the benefits of homeownership, like tax deductions, equity, or appreciation.

George Ratiu of Realtor.com told CNBC that he advises buyers to consider their budget and time frame. If they plan to stay in the home for at least three to five years, he believes it often makes sense to buy.¹³

Fortunately, it’s shaping up to be a better year for buyers. “I think 2022 has the promise of providing less competition, a lot more homes to choose from, and, as a result, a lot more approachable prices,” Ratiu said.¹³

What does it mean for you? Both property and rent prices are expected to continue rising. But when you purchase a home with a fixed-rate mortgage, you can rest assured knowing that your monthly mortgage payment will never go up. Whether you’re a first-time homebuyer or a real estate investor, we can help you make the most of today’s real estate market.

WE’RE HERE TO GUIDE YOU

While national real estate numbers and predictions can provide a “big picture” outlook for the year, 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 particular neighborhood.

If you’re considering buying or selling a home in 2022, 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.

Sources:

1. Fortune -
   https://fortune.com/2021/11/04/us-home-prices-real-estate-forecast-2022-outlook/
2. Fortune -
   https://fortune.com/2021/11/29/housing-market-real-estate-predictions-2022-forecast/
3. Freddie Mac -
   http://www.freddiemac.com/pmms/pmms30.html
4. Freddie Mac - https://freddiemac.gcs-web.com/news-releases/news-release-details/freddie-mac-strong-housing-market-will-continue-even-rates-and
5. Mortgage Bankers Association -
   https://www.mba.org/2021-press-releases/october/mba-annual-forecast-purchase-originations-to-increase-9-percent-to-record-173-trillion-in-2022
6. The Mortgage Reports -
   https://themortgagereports.com/61853/30-year-mortgage-rates-chart
7. Realtor.com -
   https://www.realtor.com/news/trends/has-housing-market-peaked/
8. National Association of Realtors -
   https://www.nar.realtor/newsroom/nars-yun-says-housing-market-doing-well-may-normalize-in-2022
9. Reuters -
   https://www.reuters.com/world/us/rise-us-house-prices-halve-next-year-affordability-worsen-2021-12-07/
10. Yahoo! News -
    https://www.yahoo.com/now/where-home-prices-headed-2022-130012748.html
11. CNBC -
    https://www.cnbc.com/2021/11/16/inflation-rent-for-single-family-homes-surged-10percent-in-september.html
12. Realtor.com -
    https://www.realtor.com/news/trends/what-to-expect-in-2022-housing-market/
13. CNBC -
    https://www.cnbc.com/2021/11/23/rising-inflation-hot-housing-market-what-you-need-to-know-about-buying-a-home.html
14. Money -
    https://money.com/inflation-2021-stocks-bitcoin-gold-reits-commodities/