Sold! Continental Country Club Gem 3 Beds | 2 Baths | $399,950
What a gem! Adorable ''A'' frame, 3 bed 2 ba, brand new appliances (refrigerator, dishwasher, stove) New wrap-around deck. and a metal roof! Backing a wonderful green belt, wonderful privacy with no one behind you! This home is also NOT IN THE HOA!! You can put up a fence or have a dog run. This is a perfect little getaway cabin!
Lowell Observatory - Astronomical observatory where the planet Pluto was discovered. Great place to go if you want to enhance your knowledge about astronomy, time with the stars on the horizon explained, and a chance to look through the giant telescope.
Walnut Canyon National Monument - features prehistoric archaeological sites that are spectacularly located in cliffs and along the rim of Walnut Canyon.
Buffalo Park - Perfect walk to enjoy the outdoors, fresh air, and close mountain views. Many Trails for all ages and even dogs. Plus the beautiful views of the San Francisco Peaks.
Dining Nearby
Nearby restaurants include The Northern Pines, it's very conveniently located at the intersection of the I-17 and I-40. Looking for a friendly place to dine? Visit the Olive Garden Italian Restaurant, they offer great menu choices with many healthy (gluten and vegan ) options. Another great place to dine is at Coco's Bakery Restaurant. The food is exceptional be it breakfast, lunch, or dinner. Excellent fresh homemade desserts.
Schools
Children in this community typically go to the following nearby schools:
Thomas M Knoles Elementary School PK-5
Mount Elden Middle School 6-8
Coconino High School 9-12
Continental Country Club Neighborhood Information
Homeowners in the Continental Country Club area enjoy the facilities of the two nearby golf courses: Aspen Valley and Continental. A social membership fee covers the use of the two golf clubs. The Continental Country Club has a fitness center, swimming pool, tennis, and discounted fees for golf. Aspen Valley offers an affordable yet challenging game of golf as well as casual dining at the bar & grill.
Contact Kelly Broaddus at kelly.broaddus@exprealty.com or call 888-4465602 to see this RARE turn-key comfortable townhome in the desirable Tanglewood Vistas in Continental Country Club or other houses for sale in Flagstaff.
Kelly Broaddus | eXp Realty | 888.446.5602 | Contact Kelly
The pandemic has changed the way many of us live, work, and attend school—and those changes have impacted our priorities when it comes to choosing a home.
According to a recent survey by The Harris Poll, 75% of respondents who have begun working remotely would like to continue doing so—and 66% would consider moving if they no longer had to commute as often. Some of the top reasons were to gain a dedicated office space (31%), a larger home (30%), and more rooms overall (29%).1
And now that virtual school has become a reality for many families, that need for additional space has only intensified. A growing number of buyers are choosing homes further from town as they seek out more room and less congestion. In fact, a recent survey found that nearly 40% of urban dwellers had considered leaving the city because of the COVID-19 outbreak.2
But not everyone is permanently sold on suburban or rural life. Instead, some are choosing to purchase a second home as a co-primary residence or frequent getaway. Without the requirements of a five-day commute, many homeowners feel less tethered to their primary residence and are eager for a change of scenery after spending so much time at home.
If you’re feeling cramped in your current space, you’ve probably considered a move. But what type of home would suit you best: a move-up home or a second home? Let’s explore each option to help you determine which one is right for you.
WHY CHOOSE A MOVE-UP HOME IN NORTHERN ARIZONA?
A move-up home is typically a larger or nicer home. It’s a great choice for families or individuals who simply need more space, a better location, or want features their current home doesn’t offer—like an inground pool, a different floor plan, or a dedicated home office.
Most move-up buyers choose to sell their current home and use the proceeds as a downpayment on their next one. If you’re struggling with a lack of functional or outdoor space in your current home, a move-up home can greatly improve your everyday life. And with mortgage rates at their lowest level in history, you may be surprised how much home you can afford to buy without increasing your monthly payment.3,4
To learn more about mortgage rates, contact us for a free copy of our recent report! “Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers”
One major benefit of choosing a move-up home is that you can typically afford a nicer place if you spend your entire budget on one property. However, if you’re longing for that vacation vibe, a second home may be a better choice for you.
WHY CHOOSE A SECOND HOME IN FLAGSTAFF?
Once reserved for the ultra-wealthy, second homes have become more mainstream. Home sales are surging in many resort and bedroom communities as city dwellers search for a place to escape the crowds and quarantine in comfort.5 And with air travel on hold for many families, some are channeling their vacation budgets into vacation homes that can be utilized throughout the year.
A second home can also be a good option if you’re preparing for retirement. By purchasing your retirement home now, you can lock in a low-interest rate, start paying down the mortgage and begin enjoying the perks of retirement living while you’re still fit and active. Plus, it’s easier to qualify for a mortgage while you’re employed, although you may be charged a slightly higher interest rate than on a primary home loan.6
One advantage of choosing a second home is that you can offset a portion of the costs—and in some cases turn a profit—by renting it out on a platform like Airbnb or Vrbo. However, be sure to consult with a real estate professional or rental management company to get a realistic sense of the property’s true income potential.
WHICH ONE IS RIGHT FOR ME?
You may read this and think: I’d really like both a move-up home AND a second home! But if you’re dealing with a limited budget (aren’t we all?), you’ll probably need to make a choice. These three tactics can help you decide which option is right for you.
1. Determine Your Time and Financial Budget
You may meet the bank’s qualifications to purchase a home, but do you have the time, energy, and financial resources to maintain it? This is an important question to ask yourself, no matter what type of home you choose.
Most buyers realize that a second home will mean double mortgages, utilities, taxes, and insurance. But consider all the extra time and expense that goes into maintaining two properties. Two lawns to mow. Two houses to clean. Two sets of systems and appliances that can malfunction. Second homes aren’t always a vacation. Make sure you’re prepared for the labor and carrying costs that go into maintaining another residence.
Of course, some move-up homes require more work than a second home. For example, if your move-up option is a major fixer-upper, you’ll probably invest more energy and capital than you would on a small vacation condo by the beach. Have an honest discussion about how much time and money you want to spend on your new property. Would a move-up home or a second home be a better fit given your parameters?
2. Rank Your Priorities
If you’re still undecided, make a wish list of the characteristics you’d like in your new home. Then rank each item from most to least important. This exercise can help you determine your “must-have” features—and which ones you may need to sacrifice or delay. Here’s a sample to help you get started:
#
FEATURE
Dedicated home office
Extra bedroom
Pool
Walk to the beach
Big backyard
Close to friends and family
Short commute to the office
Investment potential
3. Explore Your Options
Once you’ve determined your parameters and priorities, it’s time to begin your home search.
If you’re still not sure whether a move-up home or a second home is right for you, we can help.
Contact us to schedule a free consultation. We’ll discuss your options and help you assess the pros and cons of each, given your unique circumstances.
We can also send you property listings for both move-up homes and second homes within your budget so you can better envision each scenario. Sometimes, viewing listings of homes that meet your criteria can make the decision clear.
LET’S GET MOVING
Whether you’re ready to make a move or need help weighing your options, we’d love to help. We can determine your current home’s value and show you Flagstaff or nearby area properties that fit within your budget. Or, if your heart is set on a second home in another market, we can refer you to an agent in your dream locale. Contact us today to schedule a free, no-obligation consultation! Call Kelly at 888.446.5602 or email kelly.broaddus@exprealty.com
Flagstaff, AZ, September 9, 2020 - eXp Realty, the largest residential real estate brokerage by geography in North America, announced that Kelly Broaddus, along with 129 top-producing agents across the country, has been given the eXp Realty ICON Award for August 2020. Kelly received her first ICON award in August 2018 during her first year of joining eXp Realty. She has achieved $35 million dollars in sales volume with 72 transactions in the first eight months of 2020.
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 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
$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.
"I could not have achieved this award without the help of my wonderful team: Josie, Merry, Sarah, Stephen, David, Rebecca thank you! It is wonderful to once again achieve the highest honor with eXp. I am honored and excited to be a part of helping other agents achieve the same goal!" Kelly Broaddus
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 Kelly Broaddus Real Estate Advisors Team, 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 Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy
Best. Month. Ever. July Flagstaff home sales beat out 2019 by 37%
I hope that you've had a fun summer and are keeping cool. After the bottom fell out of the real estate market immediately following the shutdown, it saw a roaring bounce back from the recent pandemic skid– and seems to still be gaining steam. Here's the latest update on the Flagstaff.
FLAGSTAFF HOME SALES
The US existing home sales skyrocket by 24.7% in July marking two consecutive months of significant gains. Sales as a whole rose year-over-year, up 8.7% from a year ago.
Meanwhile, buyers inundate the Flagstaff real estate housing market breaking record prices and sales.
Greater Flagstaff's housing sales surge 26% for the second straight month with 295 housing units sold after a meteoric rise in June 2020. This is the most sales we’ve had in July, in 15 years. In July of 2019, there were 215 sales but back then the median sale price was only $445K. Helping boost sales and prices are historically low mortgage rates.
“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days. With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021,” said Lawrence Yun, NAR’s chief economist.
In the month of July, our team hit a record of 17 homes, selling over $8M of Flagstaff and nearby area real estate. This is the biggest number of homes the Kelly Broaddus Real Estate Advisors Team sold in a month! We are very happy to have helped 4 sellers and 13 buyers achieve their real estate goals.
FLAGSTAFF MEDIAN HOME PRICE
US HOME PRICES RISE 5.9% VERSUS THE EXPECTED 3.5%. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 5.9% to 122.1 in July.
In Flagstaff, a new price record is set for the month of July. The median sales price for June 2020 came in at $480K up 8% from the same period last year. The previous high of $445K was set last year.
Total Single Family Home Sales - 201 homes, up 39% vs July 2019.
Median Home Price - $480,000, up 7.9% vs June 2019
Average Mortgage rates - 30-year fixed-rate mortgage rose 3.13% on Aug 31. Mortgage rates change daily but they remain very competitive and are worth locking in.
Longest days on market (SF):1,080 This is a 3-bedroom luxury custom new build home in Flagstaff Ranch's Aspen Shadows. Property owners in Flagstaff Ranch must purchase either a Golf ($60,000) or Social Membership($30,000).
CDOM The acronym CDOM (Cumulative Days on Market) is used by the Flagstaff MLS to describe how many days a property has been available for sale. A property has to be off the MLS for at least 90 days for the CDOM to restart, even if it is listed by a different agent. We report the average days on market for properties sold based on CDOM.
The number of days a home sits on the market can tell us a lot about pricing. A high CDOM is commonly a strong indicator that the home is overpriced.
FLAGSTAFF'S PRICIEST HOMES SOLD in JULY 2020
Photo courtesy of Symmetry Realty Brokerage
The highest-priced single-family Flagstaff home that sold in July was a $4,600,000 4-bedroom multi-level home in Pine Canyon. This is currently the most expensive Flagstaff home that sold this year. Pine Canyon is an exclusive, 600-plus-acre private lifestyle golf community tucked among the Ponderosa Pines of Arizona's high country.
The highest-priced Flagstaff townhome sale was a $780,000 single-level luxury Mountain Villas townhome in Pine Canyon that features an attached one bedroom, one bathroom, casita with a private entrance off the courtyard.
The highest-priced Flagstaff condo sale was a $425,000newer two-bedroom unit at Dale Condominiums in Flagstaff Townsite. Located in the heart of downtown with views of the town's most historic landmarks.
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in JULY 2020
Photo courtesy of RE/MAX Peak Properties
The lowest-priced single-family Flagstaff home that sold in July was a $175,0002-bedroom rental in Sunnyside with a large fenced yard with mature shade trees and back deck. Cash sale.
The lowest-priced Flagstaff townhome that sold was a $199,0002-bed unit in Christmas Tree Estates, the easternmost residential neighborhood in the city beyond the Flagstaff Mall.
Are you thinking of buying a home in our market? Then you need to be prepared to enter into a multiple-offer scenario because they’re quite common right now. Kelly has several tips to share that will help you win the home you want if you find yourself in a bidding war for it. These tips will strengthen your offer and make life much easier for the seller. Watch the video below.
0:38—Make a strong earnest money deposit.
Put down a strong earnest deposit to show in good faith that you truly want that house. If you’re an FHA buyer and need to put down 3.5%, don’t just offer $500, put it down in your deposit. You’ll get credit for it at closing. If you’re a VA buyer with 100% financing, still put down a strong deposit because you’ll get it back at closing.
1:13—Have your agent ask the listing agent what closing date works best for the seller
Consider what closing date is best for the seller. Have your real estate agent talk to their listing agent and find out what date works best for them so you can accommodate their needs.
1:56—Don’t ask the seller to pay your closing costs
Do not ask the seller to pay your closing costs unless you absolutely need it. If you do need it, consider bumping up the price to cover the closing costs; that way, you’ll pay it off in your monthly payments later.
3:41—Don’t ask for a home warranty
Make a clean offer. If you want a home warranty, you can buy it yourself at closing. It costs $500 to $600, and it covers you for the first year.
4:13—Don’t ask the seller to leave personal property
Don’t ask the seller for a personal property they’re not offering. Again, make it a clean offer.
5:10—Pick an offer price you’re comfortable with
Nowadays, you can’t look back at prices from the last six to 12 months in a neighborhood because there’s so much activity, and buyers are bumping up prices. In addition to all the typical summer activity, interest rates are extremely low and many people are relocating to this area. Consider what price you feel comfortable offering for that property—it’s not uncommon for prices to be bumped up, especially during multiple-offer scenarios.
7:04—Keep your due diligence period as short as possible
Have as short of a due diligence period as possible. Maybe make it five business days from acceptance so you have time to get the inspector lined up. We used to see two weeks for due diligence, but with all the activity happening, Home Inspectors, Radon Inspectors are booked out. If you have a good real estate agent that does a lot of transactions, they usually have a relationship with inspectors and sometimes they can get it done a little bit sooner. You might want to think about that when choosing a real estate agent.
8:35—Add an escalation clause to your offer
This is a great strategy for getting the house you love! Our team has gotten many homes for our clients with this method. Contact Kelly at 888.446.5602 to discuss how this works.
Need a lender recommendation for your home loan? We work with trusted lenders who will walk you through the entire process and have your best interest at heart. Contact us today and we will get you one of our trusted lenders that best fits your needs.
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.
It appears that the fall will be a busy time. If you're thinking about selling your home, NOW's the time. Buyers are in the market, interest rates are still historically low, and you won't have a lot of competition due to LOW inventory. The supply of homes for sale in July declined to under 3 months, we were at 4.88 a year ago.
A normal market would have 6-7 months of inventory. Anything under six months would indicate a sellers’ market, which would put upward pressure on prices. It's a seller's market for Flagstaff home except in 2 high-end price ranges.
If you are considering selling your home, you can start by simply finding out what you could get for it in the current hot market. An easy way to do this is with the following home value calculator, which takes into account recent area sales. Click below and Enter your address to find out what your home is currently worth
If you’d like a free consultation regarding your home’s value, give us a call at 888.446.5602. Kelly will be happy to talk about strategy and tell you how to take advantage of the current market. Our team sold 85 homes last year, so we know how to guide you through any situation and make sure you sell quickly and for top dollar.
LET'S CONNECT TODAY!
Whether you connect by phone or video chat, we can help you understand how to safely navigate the housing market so that you can prioritize the health of your family without having to bring your plans to a standstill. Whether you’re looking to buy or sell, we know the best protocol as well as the optimal resources and lenders to help you through the process in this fast-paced world that’s changing every day. Give us a call at 888.446.5602 or email kelly.broaddus@exprealty.com.
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.
Here are several tips that will help you win a bidding war.
Are you thinking of buying a home in our market? Then you need to be prepared to enter into a multiple-offer scenario because they’re quite common right now. I have several tips to share today that will help you win the home you want if you find yourself in a bidding war for it. These tips will strengthen your offer by making life much easier for the seller.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety or use these timestamps to browse specific points at your leisure:
0:38—Make a strong earnest money deposit
1:13—Have your agent ask the listing agent what closing date works best for the seller
1:56—Don’t ask the seller to pay your closing costs
3:41—Don’t ask for a home warranty
4:13—Don’t ask the seller to leave personal property
5:10—Pick an offer price you’re comfortable with
7:04—Keep your due diligence period as short as possible
8:35—Add an escalation clause to your offer
9:13—Wrapping things up
As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.
Sold! Desirable 2.5 Acres Level Lot with Water & Gas, no HOA $231,800
Wonderful opportunity to own a beautiful lot to build on WITH water and gas and NO HOA! Build your dream home on this wonderful 2.5 acres. A list of builders can be provided upon request.
Take highway 89 to Provided Way. Does not show up on Google/Apple Maps. See photos or use Coconino Parcel Viewer for help locating parcel
Attractions & Recreation
Lowell Observatory - Astronomical observatory where the planet Pluto was discovered. Great place to go if you want to enhance your knowledge about astronomy, time with the stars on the horizon explained, and a chance to look through the giant telescope.
Walnut Canyon National Monument - features prehistoric archaeological sites which are spectacularly located in cliffs and along the rim of Walnut Canyon.
Buffalo Park - Perfect walk to enjoy the outdoors, fresh air and close mountain views. Many Trails for all ages and even dogs. Plus the beautiful views of the San Francisco Peaks.
Dining Nearby
Nearby restaurants include The Northern Pines, it's very conveniently located at the intersection of the I-17 and I-40. Looking for a friendly place to dine? Visit Olive Garden Italian Restaurant, they offer great menu choices with many healthy (gluten and vegan ) options. Another great place to dine is at the Coco's Bakery Restaurant. The food is exceptional be it breakfast, lunch or dinner. Excellent fresh homemade desserts.
Schools
Children in this community typically go to the following nearby schools:
Sturgeon Cromer Elementary School PK-5
Sinagua Middle School 6-8
Coconino High School 9-12
Hutchison Acres Neighborhood Information
Hutchison Acres is located in the eastern rural area of Flagstaff.
Contact Kelly Broaddus at kelly.broaddus@exprealty.com or call 888-4465602 to see this vacant lot in Hutchison Acres or other properties for sale in Flagstaff.
Kelly Broaddus | eXp Realty | 888.446.5602 | Contact Kelly
In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history.1 And while many Americans have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today’s rates truly a bargain?
While average mortgage rates have drifted between 4% and 5% in recent years, they haven’t always been so low. Freddie Mac began tracking 30-year mortgage rates in 1971. At that time, the national average was 7.31%.2 As the rate of inflation started to rise in the mid-1970s, mortgage rates surged. It’s hard to imagine now, but the average U.S. mortgage rate reached a high of 18.63% in 1981.3
Fortunately for home buyers, inflation normalized by October 1982, which sent mortgage rates on a downward trajectory that would bring them as low as 3.31% in 2012.3 Since 2012, 30-year fixed rates have risen modestly, with the daily average climbing as high as 4.94% in 2018.4
So what’s causing today’s rates to sink to unprecedented lows? Economic uncertainty.
Mortgage rates generally follow bond yields, because the majority of U.S. mortgages are packaged together and sold as bonds. As the coronavirus pandemic continues to dampen the economy and inject volatility into the stock market, a growing number of investors are shifting their money into low-risk bonds. Increased demand has driven bond yields—and mortgage rates—down.5
However, according to the National Association of Realtors Chief Economist Lawrence Yun, “the number one driver of low mortgage rates is the accommodating Federal Reserve stance to keep interest rates low and to buy up mortgage-backed securities.” According to Yun, “we will see mortgage rates stay near this level for the next 18 months because of the significance of the Fed’s stance.”6
HOW DO LOW MORTGAGE RATES BENEFIT CURRENT Northern Arizona HOMEOWNERS?
Low mortgage rates increase buyer demand, which is good news for sellers. But what if you don’t have any plans to sell your home? Can current homeowners benefit from falling mortgage rates? Yes, they can!
A growing number of homeowners are capitalizing on today’s rock-bottom rates by refinancing their existing mortgages. In fact, refinance applications have surged over the past few months—and for a good reason.7 Reduced interest rates can save homeowners a bundle on both monthly payments and total payments over the lifetime of a mortgage.
The chart below illustrates the potential savings when you decrease your mortgage rate by just one percentage point. When it comes to refinancing, the bigger the spread, the greater the savings.
Estimated Monthly Payment On a 30-Year Fixed-Rate Mortgage
Loan Amount
4.0%
3.0%
Monthly Savings
Savings Over 30 Years
$100,000
$477
$422
$55
$20,093
$200,000
$955
$843
$112
$40,184
$300,000
$1,432
$1,265
$167
$60,277
$400,000
$1,910
$1,686
$224
$80,368
$500,000
$2,387
$2,108
$279
$100,461
Be sure to factor in any prepayment penalties on your current mortgage and closing costs for your new mortgage. For a refinance, expect to pay between 2% to 5% of your loan amount.8 You can divide your closing costs by your monthly savings to find out how long it will take to recoup your investment, or use an online refinance calculator. For a more precise calculation of your potential savings, we’d be happy to connect you with a mortgage professional in our network who can help you decide if refinancing is a good option for you.
HOW DO LOW MORTGAGE RATES BENEFIT Flagstaff & Nearby Area HOME BUYERS?
We’ve already shown how low rates can save you money on your mortgage payments. But they can also give a boost to your budget by increasing your purchasing power. For example, imagine you have a budget of $1,500 to put toward your monthly mortgage payment. If you take out a 30-year mortgage at 5.0%, you can afford a loan of $279,000.
Now let’s assume the mortgage rate falls to 4.0%. At that rate, you can afford to borrow $314,000 while still keeping the same $1,500 monthly payment. That’s a budget increase of $35,000!
If the rate falls even further to 3.0%, you can afford to borrow $355,000 and still pay the same $1,500 each month. That’s $76,000 over your original budget! All because the interest rate fell by two percentage points. If you’ve been priced out of the market before, today’s low rates may put you in a better position to afford your dream home.
On the other hand, rising mortgages rates will erode your purchasing power. Wait to buy, and you may have to settle for a smaller home in a less-desirable neighborhood. So if you’re planning to move, don’t miss out on the phenomenal discount you can get with today’s historically low rates.
HOW LOW COULD MORTGAGE RATES GO?
No one can say with certainty how low mortgage rates will fall or when they will rise again. A lot will depend on the trajectory of the pandemic and subsequent economic impact.
Forecasters at Freddie Mac and the Mortgage Bankers Association predict 30-year mortgage rates will average 3.2% and 3.5% respectively in 2021.9,10 However, economists at Fannie Mae expect them to dip even lower to an average of 2.8% next year.11
Still, many experts agree that those who wait to take advantage of these unprecedented rates could miss out on the deal of a lifetime. “With rates now at all-time historic lows, it’s hard to imagine that people may be holding out for something even better," warns Paul Buege, president and COO of Inlanta Mortgage.12 Positive news about a vaccine or a faster-than-expected economic recovery could send rates back up to pre-pandemic levels.
HOW CAN I SECURE THE BEST AVAILABLE MORTGAGE RATE?
While the average 30-year mortgage rate is hovering around 3%, you can do a quick search online and find advertised rates that are even lower. But these ultra-low mortgages are typically reserved for only prime borrowers. So what steps can you take to secure the lowest possible rate?
Consider a 15-Year Mortgage Term
Lock in an even lower rate by opting for a 15-year mortgage. If you can afford the higher monthly payment, a shorter mortgage term can save you a bundle in interest, and you’ll pay off your home in half the time.13
Give Your Credit Score a Boost
The economic downturn has made lenders more cautious. These days, you’ll probably need a credit score of at least 740 to secure their lowest rates.14 While there’s no fast fix for bad credit, you can take steps to help your score before you apply for a loan:15
Dispute inaccuracies on your credit report.
Pay your bills on time, and catch up on any missed payments.
Hold off on applying for new credit.
Pay off debt, and keep balances low on your credit cards.
Don’t close unused credit cards (unless they’re charging you an annual fee).
Make a Large Down Payment
The more equity you have in a home, the less likely you are to default on your mortgage. That’s why lenders offer better rates to borrowers who make a sizable down payment. Plus, if you put down at least 20%, you can avoid paying for private mortgage insurance.
Pay for Points
Discount points are fees paid to the mortgage company in exchange for a lower interest rate. At a cost of 1% of the loan amount, they aren’t cheap. But the investment can pay off over the long-term in interest savings.
Shop Around
Rates, terms, and fees can vary widely amongst mortgage providers, so do your homework. Contact several lenders to find out which one is willing to offer you the best overall deal. But be sure to complete the process within 45 days—or else the credit inquiries by multiple mortgage companies could have a negative impact on your credit score.16
READY TO TAKE ADVANTAGE OF THE LOWEST MORTGAGE RATES IN HISTORY?
Mortgage rates have never been this low. Don’t miss out on your chance to lock in a great rate on a new home or refinance your existing mortgage. Either way, we can help.
We’d be happy to connect you with the most trusted mortgage professionals in our network. And if you’re ready to start shopping for a new home in Flagstaff/Sedona or nearby communities, we’d love to assist you with your search—all at no cost to you! Contact us today to schedule a free consultation.
Call 888.446.5602 or email kelly.broaddus@exprealty.com.
The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.
Now is a great time to sell your home. Here’s why.
Why is now the best time to consider selling your home?
For one thing, we’re seeing an unprecedented surge in demand and a lack of inventory. When the pandemic first hit, a lot of people pulled their homes off the market. None of us knew what would happen or expected the kind of demand we’re seeing. There are more buyers than there are available homes. As a result, the homes that are available are fetching multiple offers, and their sales prices are much higher than what they were listed at.
Obviously, this is great news for sellers. We don’t know how long this situation will last, but we do know that now’s a wonderful time to put your home on the market.
What’s fueling this buyer frenzy? Mortgage rates are very low, and people can afford higher monthly mortgage payments. Let’s face it—the question on most buyers’ minds is, “What will this home cost me every single month?” They’re not thinking as much about the overall list price. So not only can sellers sell for more money, but money is also very cheap to borrow at the moment.
"Now’s a wonderful time to put your home on the market.."
Also, due to COVID-19, many people have stopped traveling. The next best thing to traveling is buying yourself a mountain home, so we’re also seeing a surge in secondary home purchases. On top of that, many more people are working from home. It’s not required to live in a certain city for work purposes, so we’ve seen a flood of buyers move here because they love the area. These buyers want the home they’ll be working from to be their sanctuary, so they’re spending more than what they’d normally spend to get what they want.
If you’d like a free consultation regarding your home’s value, give me a call. I’ll also be happy to talk strategy and tell you how to take advantage of this situation. My team and I sold 85 homes last year, so we know how to guide you through any situation and make sure you sell quickly and for top dollar. If you’d like to find out more about our market and how much homes are selling for, visit my website northernarizonafindhomes.com.
If you have any other real estate questions, feel free to reach out to me as well. I’d love to help you.
Kelly Broaddus | eXp Realty | 888.446.5602 | Contact Kelly
SOLD! Affordable 4 Bedroom in NE Flagstaff!
4 Beds | 2 Bath | $269,780
Affordable home in Flagstaff!! Don't miss this adorable manufactured home! New flooring and paint, great backyard. Escape the heat in your own little oasis, very low HOA fee. This is the only home available for sale in the Timberview Village area
Highway 89 to Empire to Timberview Village and turn right
Amusement & Recreation
Lowell Observatory - Astronomical observatory where the planet Pluto was discovered. Great place to go if you want to enhance your knowledge about astronomy, time with the stars on the horizon explained, and a chance to look through the giant telescope.
Walnut Canyon National Monument - Cliff dwellings of the Sinagua Indians, built-in alcoves in the sandstone walls of a deep, wooded canyon near Flagstaff. Located about 10 mi (16 km) southeast of downtown Flagstaff, Arizona, near Interstate 40.
Museum of Northern Arizona- Excellent local museum, lots of native American archeology and Anasazi artifacts.
Dining Nearby
Nearby restaurants include Nomads Global Lounge, if you are looking for an unusual menu with a great range of flavors this is a great place for you. You can also drop by at Tinderbox Kitchen and enjoy the good food and Flagstaff's authentic vibe. Satchmo’s is also a great place for dinner with a group. If you're looking for crafted BBQ and Cajun cooking it's just a small detour from the main road.
Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy
Cheap Mortgage Rates Tempt Home Buyers, Flagstaff Home Sales Boom in June
I hope that you're well and having a safe summer. As we hit the dog days of summer, June certainly heated up in the housing market. Here's the latest update on the Flagstaff.
FLAGSTAFF HOME SALES
June saw a historic turnaround as stay at home orders around the country were lifted. The US existing home sales rose sharply by 20.7% in June vs the previous month after 3 straight months of decline due to the ongoing pandemic. Meanwhile, housing prices and sales in the greater Flagstaff region hit new highs for the first half of 2020. Greater Flagstaff's housing sales surge nearly 77% with 235 homes sold from 133 in May 2020, according to the latest data compiled from the Northern Arizona Multiple Listing Service. One year ago (June 2019), there were 149 homes sold, this year home sales climbed by almost 58% after slowing down for 2 straight months. See the breakdown below.
(Figures include Other Areas, Williams, Parks homes on the Northern AZ MLS)
Here's why home sales are up:
PENT UP DEMAND
“The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown,” said Lawrence Yun, NAR’s chief economist. Who are these buyers?
They are millennials hitting their 30s want to settle down
Stronger demand for larger spaces as more and more people work from home and desire to move away from crowded cities to avoid exposure to the coronavirus.
Investors
VERY CHEAP MORTGAGE RATES
The 30-year mortgage rate at 3% provides an extra $100 to $300 of saved monthly housing costs, tempting borrowers
MOVE TO LESS RISKY INVESTMENT
Some investors have pulled out of unpredictable and risky stocks and are putting money in real estate
JOB GROWTH SURGE
Many jobs coming back where there had been temporary unemployment situations
Our team had a very productive 1st half selling over $22M of Flagstaff and nearby area real estate. The Kelly Broaddus Real Estate Advisors Team sold 38 properties in 6 months! In the month of June, we helped 9 sellers and buyers achieve their real estate goals with 8 homes sold over $9.9M.
FLAGSTAFF MEDIAN HOME PRICE
A new price record is set for the month of June. The median sales price for June 2020 came in at $474K up 7% from the same period last year. The previous high of $442K was set last year.
Longest days on market (SF):837 This is a 4-bedroom home with expansive golf course views situated in a cul-de-sac. Located close to the practice tee in Forest Highlands
CDOM The acronym CDOM (Cumulative Days on Market) is used by the Flagstaff MLS to describe how many days a property has been available for sale. A property has to be off the MLS for at least 90 days for the CDOM to restart, even if it is listed by a different agent. We report the average days on market for properties sold based on CDOM.
The number of days a home sits on the market can tell us a lot about pricing. A high CDOM is commonly a strong indicator that the home is overpriced.
FLAGSTAFF'S PRICIEST HOMES SOLD in JUNE 2020
The highest-priced single-family Flagstaff home that sold in June was a $3,750,000 160-acre site on historic Hart Prairie Rd with a rustic cabin and pump house. Listed & sold by our very own Kelly Broaddus!
The highest-priced Flagstaff townhome sale was a $1,100,000 luxury townhome that backs to the golf course and boasts fairway views on both the main and lower levels. This multi-level Elk Pass Townhome in Pine Canyon has 4 bedrooms, 4 bathrooms.
The highest-priced Flagstaff condo sale was a $350,000three-bedroom unit in beautiful gated Flagstaff Ranch, sold with furniture and decor
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in June 2020
Photo courtesy of Better Homes and Gardens Real Estate Grand View North
The lowest-priced single-family Flagstaff home that sold in June was a $204,5002-bedroom mid-century ranch in Grandview Homes, located in the northeast section of Flagstaff
The lowest-priced Flagstaff townhome that sold was a $226,0312-bed, 1.5 baths end unit in Arroyo Seco Townhomes in Sunnyside, just steps away from Ponderosa Recreation Center.
The lowest-priced Flagstaff condo that sold was a $155,000 Riordan Ranch (University Meadows) one-bedroom unit tucked in the closest building near NAU.
Flagstaff Home Buyer Advice
Much of the housing market shut down entirely in April. Since this is normally the hottest part of the year for real estate, there is a tremendous amount of pent-up demand. Mortgage rates continue to hit new record lows. The 30-year fixed mortgage rate currently stands at 3.13%, more than a half percent lower than a year ago.
Not surprisingly, this is creating even more demand, as buyers seek to take advantage of these historically low and favorable rates. The typical mortgage payment, estimated at $1,036, has fallen below the median rent, at $1,045 (see average rent prices in Flagstaff) For potential home buyers who were thinking of purchasing a home anyway before the pandemic outbreak and who are likely to remain employed, the low mortgage rate may be the clincher. There's only one thing standing in their way, a lack of inventory.
INVENTORY
In residential real estate, how many items are available in relation to how many consumers want to buy that item is called months supply of inventory. A normal market would have 6-7 months of inventory. Anything over seven months would be considered a buyers’ market, with downward pressure on prices. Anything under six months would indicate a sellers’ market, which would put upward pressure on prices.
It's a seller's market for Flagstaff homes under $600,000 however the market favors buyers in 3 high-end price ranges. If you’re buying at the lower price range, having fewer homes on the market could present a few challenges. Don’t worry MORE homes are coming into the market! We can also help you find off-market homes that are not listed on the MLS. Let's talk about your situation in person. Call Kelly at 888.446.5602.
Need a lender recommendation for your home loan? We work with trusted lenders who will walk you through the entire process and have your best interest at heart. Contact us today and we will get you one of our trusted lenders that best fits your needs.
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.
Buyers are showing a greater desire for non-urban properties and rural areas are leading the way as compared to suburban and urban. The inventory of Flagstaff homes for sale was low even before the pandemic hit. It's even lower now since many sellers pulled their homes off the market and have been slow to list them once again. What does all this mean for you? We are in a strong seller's market for homes priced under $600,000 at some high-end price range.
Pent-up demand and low mortgage rates mean there are many buyers on the market. On the other hand, low inventory means much of that demand is not being met. As a result, prices are rising, bidding wars are becoming common, and homes are selling quickly. If you were to sell in the current market, you'd have a great shot at selling for top dollar and in record time.
Like I said, right now might be a unique moment. It's not clear how long this situation will last. As more sellers start listing their homes, we're likely to have some balancing out between supply and demand.
If you are considering selling your home, you can start by simply finding out what you could get for it in the current hot market. An easy way to do this is with the following home value calculator, which takes into account recent area sales. Click below and Enter your address to find out what your home is currently worth
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 have any questions, give me a call at 928-606-6749. I'm talking to buyers and sellers all day long, and I have a great feel for changing market conditions, which I am happy to share with you.
LET'S CONNECT TODAY!
Whether you connect by phone or video chat, we can help you understand how to safely navigate the housing market so that you can prioritize the health of your family without having to bring your plans to a standstill. Give us a call at 888.446.5602 or email kelly.broaddus@exprealty.com. Whether you’re looking to buy or sell, we know the best protocol as well as the optimal resources and lenders to help you through the process in this fast-paced world that’s changing every day.
We at The Kelly Broaddus Team with eXp Realty know that the only result that ultimately matters is that your home gets sold — and sold for the right amount. Satisfied clients say it all. Check out our 5 Star Reviews.
Total Single Family Home Sales - 201 homes, up 39% vs July 2019. 
