Realty Executives of Flagstaff
Eventually, just about all homeowners get to the point where they think about moving. Some want to upsize, some want to downsize, while others just want a change.
No matter what the motivation, the decision isn’t always an easy one. There may be many reasons why it makes sense to stay with your current property. At the same time, there may be other compelling reasons to sell and find your next dream home.
Fortunately, you don’t have to make that decision alone.
As your real estate agents, We are always available when you have questions or need advice regarding home ownership. In fact, We are there when our clients need us even if it’s months or years before or after a transaction.
So, please don’t hesitate to give us a call. You don’t have to be serious about selling your home to talk to us. Even if you’re at the “wondering about it” stage, We are here to help.
A Brief Update to our Current Real Estate Market
In a Real Estate Market we currently have, it is extremely difficult to spin a positive for all sides.
In this case, the positives are all on the Sellers side in one of, if not the best market for a seller to make the decision to sell.
Here is what the market is like in a nutshell
None of this is sustaining, but to be honest, we do not know what the future holds.
On the Buyers Side, it is difficult at best.
It is time to Buckle-up, Hang-in there, and Call Us. There are few if any that understand the current market better.
If you need a home today,
First, call your lender, find out what your Lender limits are and also determine your personal limits, and then stick with them.
Once you have that, reach out to us and we will work as hard as ever to find you that home that fits.
If that home is not our there today, we will be upfront and honest with you.
On top of that, our job is to control the enthusiasm once we find the right home. The final offer price is one you must be comfortable with. If you get the home great, and if you do not, you know you gave it your all and time to walk away.
Renee and I, thought we would invite one of the top lenders in Flagstaff, Chris Hallows with Wallick & Volk Mortgage to give us some insight into the direction the current home mortgage rates are trending and how this affects us in today's aggressive housing market.
Change Coming for the Housing Market Silver Lining
By Chris Hallows, Branch Manager at Wallick & Volk Mortgage
Many of you reading this hopefully have enjoyed historically low rates on either a purchase or a refinance within the last 24 months.
With rates in the 2’s and 3’s, we barely even remember the last two decades - National 30 yr fixed rate average from 2000-2010 was 6.29% and from 2010 up to 2020 was 4.09%. It is no secret that these rates exist due to billions of dollars of market subsidies as directed by the 2020 Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020.
This has truly made interest rates the silver lining in a very aggressively price appreciating market. However, this ‘new normal’ is not here to stay and we shouldn’t take that for granted. That silver lining is already under pressure as the FED announced in its meeting earlier this month that they are officially tapering this expenditure and this at a time with heavy inflation readings. Less subsidy and fear of inflation will likely drive interest rates up. Experts predict an overall increase in the next 12 months of around .375% but we could certainly experience some volatility in getting there.
While we may not be in the “6’s” anytime soon it is a good reminder to make best use of the terms available in market and let your friends and neighbors know that while that house price may knock them off their feet, at least their rate will pick them back up for now!
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Click on this to get a more in depth reporting of Mortgages in Todays Housing Market.
NMLS 306345 | AZ MLO 0914354 | BK 0018295 | Corp NMLS 2973 Equal Housing Lender
About the Authors:
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At Realty Executives of Flagstaff, we are committed to giving back to our Flagstaff community. On November 16, 2021, our Executives had the opportunity to tour Habitat for Humanity of Northern Arizona’s current home that is being built for a local family. They also participated in the Sponsor a Stud campaign with custom Realty Executives studs designed by our Executive, Mark Colletti, and his wife Maggie! #executivesgiveback
Realty Executives of Flagstaff is the exclusive real estate agency is town to officially sponsor Habitat for Humanity of Northern Arizona. They realize home ownership can seem like an impossible dream for some families, and agents in the office donate a portion of their commissions to help make that dream a reality for families in the Flagstaff area.
How often has someone asked you about a particular professional or a service company? For example, they may have asked, “Do you know a good tree trimming service?” or “Can you recommend a great accountant?”
Chances are you’ve been asked plenty of times over the years.
The reason is obvious. Most people would prefer to work with a professional or company that a friend or neighbor has endorsed. That’s why they ask for recommendations!
With that in mind, when you get asked, and you do not have anyone in mind, never hesitate in reaching out to us, we have a very extensive list of service providers.
Better yet if you get asked “Do you know a great real estate agent?” We hope you’ll offer our names. If you do, We promise to provide that person with the very best service — as we do all our clients.
If the opportunity comes up and you do recommend us, please let us know. We will want to thank you personally for the referral.
Before jumping into Real Estate;
Sue and I had a great trip overseas spending a combined little over 3 weeks in Albania's UNESCO region with Rivers, Valleys and Gorges, a side trip into North Macedonia, then down to Greece to the Peloponnese Peninsula Region.
This was a self guided bike trip organized by a company called BikeTours.com. This was our 5th ride with them, having ridden in past years to Portugal, Czech Republic, Italy-Slovenia-Croatia, and lastly this ride. Most rides have been just Sue and I, though a couple of the earlier rides we rode with another Flagstaff couple.
The Tour company planned out the route, taking care of accommodations and moving our main luggage from town to town. Our job was to enjoy ride, 'smell the roses' so to speak, take in what the country side offers with its sites and wonderful people and food.
From the Flights over and back, the people in both countries and the daily bike rides, all went smooth. Not to say we took the current Covid situation lightly, but with proper planning and being careful in crowds, we had few if any issues.
Most of the days were out riding by ourselves , totaling right around 450 miles in the two countries, and then all the walking through the small towns we got to stay in, the time was superb.
The scenario in both countries was similar, we flew into Albania and spent two days explore their capital city of Tirana, then biked for 9 days, taking layover days to explore some of the smaller areas in more depth. Then flew down to Athens Greece took a few days there, then down to the Peloponnese region to bike 7 days plus layover days there. At the end of this portion of the trip we stayed in a little town called Nafplio for 4 day to explore the surrounding areas and what Greece is all about, that was a treat in itself.
Our Trip offered so much to talk about we could only include a snippet of the areas we toured for this issue.
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A close friend gave us this quote when we moved toward retirement that we thought was very appropriate as we head in that direction.
"We live in a wonderful world that is full of beauty, charm and adventure. There is no end to the adventures that we can have if only we seek them with our eyes open"
Jawaharlal Nehru
So with that said, and as you get this, I am up in Moab Utah, mountain biking for the week with my Sons family including our two granddaughters:), and Sue is down in Houston at the International Quilt Fair.
Now back to Real Estate;
2021 has been an interesting year in Real Estate, and you have heard a lot of stories.
In this article, we will cover some of the facts of Real Estate in North Arizona, and will include the combined communities of Flagstaff, Bellemont, Parks, Williams, and Munds Park.
If for any reason you would like just the area you live in, please just reach out to one of us and we can pull what you are looking to see.
To help gauge the numbers better we will break into Single Family, Condominium, Townhomes, Manufactured and then a total of All.
For starters last month we talked about the number of signs you see as you tour each neighborhood.
You may ask, why are we not seeing that home?
Though we will not break it down as we did last month, we will give you two total numbers.
As you are driving around today, you may see as many as 577 signs on homes throughout the above-mentioned areas.
After taking out the homes that are under contract in one fashion or another, which accounts for approximately 76% of the homes you see signed, which means there are only 138 homes left that are actually active ready for that right buyer.
Single Family homes, there are 101 homes available.
Condominium, there are 8 homes available.
Townhomes, there are 7 homes available.
Manufactured, there are 18 homes available.
With all this said, the availability has not increased as we have moved through the year.
On average we have sold 197 homes of all types, monthly thru September. We have a total of 138 homes currently available on the market, meaning we have less than 1 month supply of homes on the market.
We have mentioned before that the experts in Real Estate say a 6-month supply is a healthy market, anything less and it is considered a seller’s market, anything more and a buyer’s market.
Let’s move over to Number of Sales and Median Sales prices this year.
Overall, through the first 9 months of the year, our Median sales prices for all home types and the areas mentioned above, have climbed 23%, from a median price of $406,500 to a median price of $500,000.
We will break this down just a little, still in the 5 communities as mentioned above, but broken down by Home Type.
Single Family Homes Sales are down -6.7% for the year, while Median prices have risen to $575,000 a 25.0% increase.
Condominium Sales are down -5.8% for the year, while Median prices have risen to $279,000 a 26.8% increase.
Townhome Sales are down -12.3% for the year, while Median prices have risen to $419,725 a 17.2% increase.
Manufactured home Sales are up 7.3% for the year, while Median prices have risen to $310,000 a 21.6% increase.
Since Flagstaff and Single-family homes is the largest category, thought we would give you those figures.
In Flagstaff through September, the Median Sales Price of a single-family home is $600,000, rising 22%, though 8.2% fewer homes have sold.
You are hearing a lot of numbers out there and probably most can be justified, depending on the areas they are looking at and if they are including all types of homes. The key is asking what those numbers include to know how accurate they are as an overall picture.
Our goal here was to give you a broad and accurate overview of the Flagstaff and the surrounding communities.
Either Renée or I can pull an individual area for you pretty quickly, so if you have a particular area you are interested in, never hesitate to reach out.
As a summary:
As we move through the rest of the year, the key factor will be the availability of homes on the market.
That number will more than likely drop, but then so will the number of buyers. Winter can be a good time to be looking to buy since you normally do not have as many Buyers to compete with. On the same side of the coin, with the low inventory of homes, we are in an excellent time to sell your home.
We hope this helps, and as you have questions about your home and if it is a good time to sell, or on the buyer’s side of the equation, how can you navigate this market to get the best outcome for you and your family.
Please Never Hesitate to reach out.
About the Authors:
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A focus on educational success is a top priority in Flagstaff. A variety of schools in the area, from elementary to higher education, public and charter schools, offer many options for youth and families.
Northland Preparatory Academy
Northland Preparatory Academy is a tuition-free, nationally ranked public charter school in Flagstaff. The national ranking is based on the academic success of its students and preparation for college readiness. Academic rigor, delivered through over 12 Advanced Placement courses and seven dual enrollment courses, creates the initial foundational pillar of Northland Preparatory Academy’s academic excellence.
NPA students excel academically, socially, and emotionally, so that NPA Spartans don’t just get admitted to the colleges they covet, but thrive when they get there. The balance of the NPA foundation of success is the vibrant Arts Education programs, which animate the learning community and foster the creativity of our students enabling them to be well rounded.
The final pillar that stabilizes the school’s comprehensive college preparatory program is competitive and comprehensive high school and middle school athletic programs. The values instilled by participating in a competitive sport create the understanding of the need for teamwork, sacrifice and commitment to the greater good.
These three pillars of academics, arts & athletics make Northland Preparatory Academy the premiere choice for post-secondary success.
For more information, visit www.northlandprep.org .
Northern Arizona University
Northern Arizona University, a high research university with a $500 million operating budget, 4,600 faculty and staff, and 31,000 students, maintains a national reputation for thriving in the changing world of higher education and for the high quality educational experience provided to all students. More than 23,000 students attend the Flagstaff campus, with more than 8,000 students enrolled online and at Extended Campus sites statewide.
The university is dedicated to the economic success of our region and our state. The Alliance Bank Economic Policy Institute economic impact study, estimates that NAU contributes more than $2.6 billion to Arizona’s economy each year. NAU’s big economic impact comes from more than 22,000 jobs supported by NAU throughout Arizona. It comes from the growing percentage of Arizona students who choose NAU for the education, and the increasing number of those Lumberjacks who live and work in Arizona after their graduation. NAU graduates are the heart of many Arizona businesses and communities.
NAU’s research remains strategic and focused in critical areas that align with great strengths and statewide needs. Complementing undergraduate and graduate education, research at NAU is integrated into our mission of providing a high quality education and service to the State. Northern Arizona University is recognized as one of the top 100 research universities without a medical school by the National Science Foundation and is ranked as 201 for all universities in the United States.
NAU focuses on building Arizona’s workforce, enhancing academic achievement, and creating new possibilities for students, the university and state. NAU stands on a strong foundation that allows to answer the challenges of a constantly changing landscape.
Because of Northern Arizona University’s rich educational contributions, Flagstaff is recognized as the third-best college town in the nation. The university is also a gateway to world-class attractions, outdoor adventure, Route 66 history and Native American Heritage and culture.
Flagstaff Unified School District
Flagstaff Unified School District has a long history of offering a well-rounded and rigorous educational experience for all students. Home to more than 9,600 students and 15 comprehensive school sites, the school district works to implement the best practices and innovative education techniques to meet the needs of students in Northern Arizona.
Students discover their path at the 15 comprehensive school sites that include three elementary magnet schools, four middle school academies and four high school academies. Students can also take advantage of Advanced Placement, technology and engineering, expeditionary/place based education and modern language while high school students have opportunities to take high school dual-enrollment classes for college credit, career and technical education, music, fine art, drama, foreign language and online courses. Middle school students enjoy a variety of elective classes, clubs, sports and after-school programs, multi-age classroom opportunities, artists in residence as well as intervention and enrichment opportunities for every student.
With high expectations, FUSD employs teachers, counselors, librarians, bus drivers, administrators and support staff to ensure students can focus on their education. FUSD is proud that collaboration has led to students consistently scoring above state and national averages on standardized achievement tests and dropout rates being lower than the state average.
Community support is vital to making education successful across the district every day. FUSD is grateful for the continuing support of Team FUSD, the community partners, families and students. Flagstaff is a special place because of the ongoing community support.
Coconino Community College
Coconino Community College has served residents across 18,000 square miles of Coconino County since 1991. The college’s goal is to improve the lives of residents through workforce development and higher education.
Coconino Community Collee provides affordable tuition and offers certificate programs and two-year associate degrees in academic and career fields. The CCC2 university mission eases student transition to any of the three state universities, with the award-winning CCC2 NAU advisors housed on the Coconino campus. The CCC2 work mission focuses on getting students the training and skills they need to step into the current job market. The CCC2 community mission stresses lifelong learning through credit and noncredit courses that enrich the lives of county residents, including summer art workshops, artist demonstrations at the Comet Art Gallery and career camps for children.
High school students in Coconino County are able to receive college credit, degree, and certificates even before graduating high school with CCC’s HS2CCC and concurrent enrollment programs. Additionally, Coconino partners with the Coconino Association for Vacations, Industry and Technology to prepare high school students step out of the classroom and into careers.
Coconino reaches out to the more rural portions of the County and Tribal Lands. Instructional sites offer classes through online, in-person and Zoom video conferencing classes to meet the needs of students in rural and remote areas. Nearly 20 percent of students are Native American learners.
For more information about Coconino Community college, visit www.coconino.edu.
Basis Flagstaff
Opened in 2011 as a public charter school, BASIS Flagstaff provides a rigorous K-12 liberal arts curriculum. BASIS is built on the idea that children can achieve greatly when they are provided an opportunity to meet high expectations with effective and passionate instruction. BASIS has an engaged school community, and a strong academic support program that assists with long-term development of study skills. Students compete with the best educational systems and students from around the globe, and graduate prepared to excel in college and beyond.
U.S. News & World Report ranked BASIS as the No. 5 best public high school in the nation in its 2018 rankings. The classrooms are led by subject-expert teachers who are knowledgeable in their craft and discipline, and who inspire students to come to class every day eager to learn. Although the focus is on academics, BASIS offers a variety of extracurricular activities and clubs to support students in becoming well-rounded individuals. The school competes in the Arizona Interscholastic Association in basketball, chess, cross country, volleyball, golf, soccer, speech and debate, swim, tennis, track & field and volleyball.
For more information, visit www.basised.com/flagtaff.
*Destination Flagstaff @7000ft, a publication from the Flagstaff Chambeer of Commerce, 2019-2020 Official Relocation & Visitor's Guide. www.FlagstaffChamber.com
We hope the Summer has been treating you and your family well.
As you have read in the past, Sue and I are slowly moving toward retirement, well Sue is there, but over the next two years I will be transitioning out of Real Estate and letting Renee take the reins.
No worries though, you are not quite done with me yet. I will be here for your needs and you will be hearing from me in the coming newsletters.
Of course, both Renee and I will always be here to help with your Real Estate needs.
As our first step moving toward retirement, Sue and I will be traveling in September. Fortunately, we have close friends that will be staying at our home and watching our precious two cats and the flowers and gardens.
During this time away, we will be biking in Albania and Greece and hope to fill you in when our October newsletter come out.
So until then….
In regard to Real Estate.
As both Renee and I take our clients around to look at homes, we inevitable get asked
‘Why we are not showing all the homes that have signs on them?’
This is such a great question, we wanted to bring to light the reasons for driving past those homes.
The first reason is that when showing our clients homes, we know what price range and features the clients are looking for and if the homes do not fit. There is no reason to both take the time of the Client to see a home that does not fit their needs, along with rearranging the homeowners schedule for a home that will not fit our clients.
Secondly,
In today’s market, homes are not staying active very long,
When we say ‘Active’, it means the home is available for sale and not under contract.
Once the home goes under contract, the signs will stay up for as long as 45 days. Few agents put sign riders on them saying they are under contract; they want to keep the interest up just in case the home falls out of contract.
We have a chart below that will show at the time we pulled the figures,
only 22% of the homes that have signs on them are still active and waiting for that buyer to come and view the home.
The remainder are under contract, and basically off the market.
Could they come back? It is possible, but in today’s hot real estate market, this is unlikely.
So bottom line,
As you are driving around you will see a lot of signs on homes, but only about 22% or so percent of those homes are active and waiting for that right buyer to come and see them. Then depending on the Buyers needs, only a percent of that 22% may fit.
That is where Renee and I come into play, sorting though the homes to find the ones that fit your needs, and also still active and allowing showings.
I hope this helps solve part of the mystery of your question, why not that one?
Have a great end of your summer and early fall and we will be back to you next month.
Renee and Jeff
| Total Signs Up | Active homes | Home signed, but under Contract | |
| Railroad Springs | 12 | 2 | 10 |
| Presidio | 17 | 3 | 14 |
| Boulder Pointe | 5 | 1 | 4 |
| Pine Canyon | 27 | 7 | 20 |
| University Heights | 8 | 3 | 5 |
| Foxglenn general area | 13 | 2 | 11 |
| Elk Run/ Continental General area | 42 | 13 | 29 |
| Sunnyside | 8 | 2 | 6 |
| Swiss Manor and below Mt Elden | 3 | 1 | 2 |
| Ponderosa Trails | 8 | 0 | 8 |
| Doney Park, General area | 74 | 22 | 52 |
| Ft Valley/Baderville | 5 | 4 | 1 |
| Kachina/Mountainaire | 23 | 3 | 20 |
| Timber Sky | 39 | 0 | 39 |
| Pondersoa Parkway Condos | 26 | 2 | 24 |
| Total in all of Flagstaff | 459 | 102 | 357 |
| % of homes that have signs that are ACTIVE | 22.22% | ||
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Jeff Ross * Renee Gaun 928-607-5556 Jeff
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15 E. Cherry Ave |
Where the experts are - Serving Flagstaff and Northern Arizona since 1977
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