Realty Executives of Flagstaff
Here’s something that probably won’t surprise you…
Numerous studies confirm that people looking for a professional, such as a roofing contractor, trust recommendations more than advertising.
Like I said, there’s no surprise there!
It’s becoming more and more common for people to ask friends and neighbors for recommendations when they’re looking for a professional. In fact, it’s one of the more common types of posts on community Facebook pages.
Why am I bringing this up?
As you may know, I’m well-connected in the local “home” industry. So, if you or one of your neighbors is looking for a reputable contractor, decorator, or other professional, I may be able to recommend someone. Please feel free to ask.
I’m happy to help.
And, by the way, if you come across someone looking for a good real estate agent, I hope you’ll feel comfortable giving them my name. My business is built on referrals from valued clients and homeowners in the communities I serve. Any referral you send my way will be greatly appreciated!
Let's jump into a quick market update...
In July I will provide a full 6 month review of the market. To quickly summarize what we have seen in the last few weeks I have asked Arizona Association of Realtors President, Gary Nelson for his take on the recent changes.
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“Throughout Arizona and the nation, real estate markets seem to be shifting quickly and sales activity has slowed. This is due to a rise in interest rates since January that has taken away the buying power of most real estate buyers combined with the drastic increase in home prices over the past few years. Sales activity has returned to before-pandemic conditions where housing inventory has increased and buyers are more tentative. Buyers still need to be prepared by being pre-qualified with a reputable local lender and, depending on price range, may still face a multiple-offer situation. Sellers need to also be prepared with properties that show well, are ready for the market and are not overpriced."
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As Gary mentioned, things are shifting quickly and we anticipate more changes to come. I will always have my finger on the pulse of the market, please reach out with any questions!
Have a wonderful 4th of July!
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Renee Gaun * Jeff Ross 928-606-6232 Renee
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15 E. Cherry Ave |
How often have you opened a newspaper, or logged into your favorite news website, and seen story after story about the real estate market? It has certainly been getting a lot of coverage. Most news outlets report on national and general state news. It's good to have an idea of the big picture for real estate in Arizona but it is the local scene that impacts you most. Here is a very brief year-over-year summary for April for the Flagstaff real estate market.
What does all of this mean? In a nutshell, Flagstaff is still a sellers' market. Prices have increased since April of 2021 and we are not seeing those numbers coming down. However, the early May numbers are showing a slight pause with houses staying on the market for a couple of weeks before receiving offers. This is very typical of May with graduations and end of the school year. Another interesting observation (not reflected above) is that while houses are selling for over the list price this number is now under $20,000. Earlier this year we were seeing properties selling for $50,000-100,000 over the list price with multiple offers. Great for sellers but very hard for buyers. Predictions are for a strong sellers' market as we move into the third quarter of 2022. Buyers can look forward to more properties on the market and perhaps more time to view them.
If you’re thinking of moving, give me a call. I can give you a good idea of what your property will sell for in today’s market. In addition, if you’re targeting a neighborhood you’d like to get into, I can let you know what properties are selling for in that area and the current opportunities available.
If you ever have questions about the local market, please don’t hesitate to contact me.
Blessings,
Kim
How often have you opened a newspaper, or logged into your favorite news website, and seen story after story about the real estate market?
Probably often.
There’s no doubt about it. The real estate scene has been getting a lot of coverage lately, and it can all seem confusing — even baffling.
However, there is good news.
Most news outlets report on national news. But, it’s the LOCAL Flagstaff real estate scene that impacts you the most. And, this Flagstaff market is much easier to understand and predict.
Say, for example, you’re thinking of moving. If you give us a call, We can give you a good idea of what your property will sell for on today’s market fairly quickly. In addition, if you’re targeting a neighborhood you’d like to get into, We can let you know what properties are selling for in that area and the current opportunities available.
So, if you ever have questions about the local market, please don’t hesitate to contact us.
5 Month Update to the Flagstaff Real Estate Market
We are almost 5 full months into the 2022 Real Estate year with many changes afoot.
The Biggest is Inventory, which has increased, not to a level that is needed yet, but it is on the way.
The second is mortgage interest rates.
When we wrote our enewsletter in January, we had 41 homes of all types, Single Family, Townhome, Condo, and Manufactured in the general Flagstaff area. As I start this newsletter today on Friday, May 20th, we are up to 169 homes on the market.
Granted, the median price of those 169 homes is $835,000, with only 30 of those homes priced under $500,000. The average days on market for these homes is sitting at 36 days.
Lets start with the end of the newsletter and moved on from there, so the Summary:
| Sellers; Be careful what you are listing your home at, it is more important that ever to have that experienced full time agent giving you the guidance you need. We talk in our office of the importance today, of not overpricing your home. More than ever, if your home does not sell relatively fast and you decided to lower the price, you may be putting a stigma on the home, "Why did it not sell”. The first question most buyers may ask, what is wrong with the home? not necessarily noticing it was just plain overpriced. |
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We are still in a strong Seller’s Market, so a good time to list, though it may take longer depending on the price point you are sitting at, and what happens with the Mortgage Rates.
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Buyers; Find the full-time agent, the agent that Real Estate is their only career, second find the best possible Mortgage Lender.
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Just recently talking to Chris Hallows with Wallick & Volk Lending, his comment, “you must stay focused on the final outcome of your mortgage”. If you are waiting for homes to drop in price, while watching the interest rates rise, you may be focused on the wrong thing.
Granted things change, but currently in today’s market.
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A little more about this year’s Housing Market;
As mentioned above, we have climbed to 169 active homes on the market, with a median home price of those homes at $835,000.
Year-to-Date, we have sold 444 homes a decrease of -17%, with the Median Sale price climbing to $663,000 or a 32.6%.
Of those homes, the Median List price was $637,000, so a final price of 4% over list.
Also, the median Price per Sq Ft, has risen to $358.00.
Of these sold homes, 33% have been cash sales, with the Median Sales price of these case sales at $685,000.
We see what has happened this year,
Now let's look back 5 years and compare 2017 sales to 2022 sales:
We have sold 4.5% more homes this year to date, than in 2017, during the same time frame,
Home prices have climbed dramatically, with the Median Sales price in 2017 at $333,000, compared to todays at $663,000, an increase of 99.1%.
We wanted to keep this newsletter a little shorter, with the overall tone,
Buyers,
There is opportunity, but more than ever, the importance of having a great Lending and Real Estate professional guiding you.
Sellers,
Be careful, it is easy to think the market is so hot, you can list for anything. But with the rising interest rates, and rise in home prices, the buyers purchase power is eroding.
We are not saying do not list, it is the best time of year, and the demand is still extremely strong. With that strong Real Estate professional, they will guide you toward that very best sales price.
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Jeff Ross * Renee Gaun 928-607-5556 Jeff
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15 E. Cherry Ave |
From Traditional to Groundbreaking
Top-notch hospital care as well as alternative health care treatments are all available in Flagstaff, providing a boost to the body and the mind.
Flagstaff is home to one of two hospitals run by Northern Arizona Healthcare, which is the largest health care system in northern Arizona.
Flagstaff Medical Center is the only Level 1 Trauma Center north of Phoenix and is a Primary Stroke Center. FMC and NAH’s next nearest hospital, Verde Valley Medical Center has a combined capacity of 400 beds.
NAH serves more than 700,000 people with a team of 4,000 doctors, nurses and other experts, as well as millions of tourists visiting nearby sites such as Grand Canyon National Park, Sedona, Monument Valley and Lake Powell.
NAH also provides outpatient services through 33 ambulatory sites throughout Flagstaff, Cottonwood, Sedona and Camp Verde, including:
With seven helicopters and 15 ambulances, NAH provides emergency transport services through Guardian Air and Guardian Medical Transport. NAH is a nonprofit health care system and is governed by a volunteer board of directors.
Flagstaff residents also receive high-quality, comprehensive medical services at the two North Country Health Care locations in town.
North Country’s federally-qualified community health centers at Fourth Street and University Avenue are two of 14 it has throughout northern Arizona. The Fourth Street facility is the largest, and it provides services such as family medicine, pediatrics, dental care, obstetrics and gynecology and behavioral health. It also has an on-site pharmacy for convenience.
North Country HealthCare is a Patient Centered Medical Home – the organization practices a team-based approach to treating patients. A care team may include a primary care provider, a care manager, a behaviorist and a clinical pharmacist.
If you’re looking to treat your teeth, you will experience a new approach to dental health when you visit Northern Arizona Biological Dentistry, which helps patients achieve optimal dental health while supporting whole body wellness. The team will work with other medical professionals – such as a medical doctor, chiropractor and naturopath – to ensure appropriate care.
Services include:
Back2Basics Outdoor Adventure Recovery is a licensed and nationally accredited program that implements an innovative approach to treat individuals struggling with substance and alcohol addiction.
Back2Basics is a recovery program that includes wilderness adventures and extensive life skills building, culinary and nutrition education, community service and healthy living. The second stage, Beyond the Basics, provides a platform for participants to implement those skills back into society.
If you’re in need of physical therapy, DeRosa Physical Therapy provides its patients with the highest level of comprehensive care, which includes sports, pediatrics, orthopedics, wellness and heart healthy cardiac care. In fact, DeRosa has Centers of Excellence in several specialties, including aquatic therapy, fitness and wellness, heart health and orthopedics.
Established in 1983, DeRosa is highly experienced. Its physical therapists serve the entire Flagstaff area, including world-class athletes visiting from around the globe.
At DeRosa, patients receive state-of-the-art and evidence-based rehabilitation, therapeutic services and physical conditioning. For example, the Cross Fit Train and Strong Fusion programs offer advanced high-level conditioning and performance enhancement. Some of the cutting-edge therapeutic methods used by the therapists have been published in medical journals or shared at national and international conferences.
Flagstaff is home to a variety of alternative medical and healing practices. Dr. Brandie Gower started Dr. DNA in 2007 in an effort to provide medicines and treatments to prevent diseases such as cancer. The naturopathic physician’s research focuses on viruses and helping patients heal from their impacts, with treatments such as constitutional hydrotherapy, acupuncture and IV infusion. Dr. Gowey creates all her own formulations, and her work is overseen by two governing boards, including a research board.
From Destination Flagstaff @7000ft, a publication of the Greater Flagstaff Chamber of Commerce. 2019-2020 Official Relocation & Visitor’s Guide.
One of the great things about having friends and family is knowing that you help each other out.
Over the course of a year, you probably get asked for help, at least occasionally. Perhaps a neighbor has reached out to borrow some tools or a friend has needed some advice.
I’m sure you’re happy to oblige, whenever you can.
Why am I bringing this up?
We want to let you know that if you ever need help that is in some way real estate-related, you can give us a call. We'd be happy to help.
For example, you might need a contractor recommendation for a home improvement project. Or, you might have a question about the local real estate market and the current selling price of properties in the area.
Whatever help you need, We hope you’ll consider us as a friend and feel free to ask.
Contact us anytime.
A Look at the Frist Quarter of 2022 Flagstaff Housing Market
We wanted to give you an update of the General Flagstaff Housing market as we pass through the 1st quarter of the year.
| Before digging into the sale portion of our current market, I spoke with Chris Hallows over at Wallick & Volk to get his perspective on the lending side of things. I hesitate to give figures as there are many variables in lending. Your interest rate is contingent on many things, your Credit score, the day of the week and the option to pay points to buy down your rate. |
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| What we do know, interest rates are moving up and we may not see them come back down in the near future. Buyer's need every edge they can get to compete in today’s market, we do highly recommend using a local lender. Sellers are looking for assurances that the home is going to close and on time. Having lenders that live in our community helps to assure this. |
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As we write this, we are up to 80 active homes on the market. Though still way under the normal 300-500 homes for this time of year, the trend is moving upward. Last month we hovered around the 41 home mark.
Year to Date, as of this week, for all types of homes, Single Family, Townhome, Condo and Manufactured,
we have seen a -12% drop in the number of homes sold, with a -25.3% drop in the number of homes coming to the market.
Broken out,
Because of the nationwide low inventory we have seen a strong growth in the Median Sales Price, with a 31.3% increase YTD.
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Broken down we find,
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We see and hear about active listings getting well above list price and in some cases, this can happen.
But as the current market matures, sellers are increasing their list price to match the market as it changes, we are not seeing as many dramatic differences between list and sales price as we saw earlier.
For instance, Year to Date, as of this week, let's look at the Median List Price at the time of the sale compared to the actual Sales Price
As you see two of the four types of home types are selling under the list price by as much as 7-8%.
Single Family and Condo prices are going above list price, that difference has narrowed and is getting very close.
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If you are a home buyer, what are you looking at? As mentioned today, we have 80 homes on the market, with the Median List price at $889,500. Broken down, |
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It is important to note that this is what is on the market today!
Homes priced under this do come to the market frequently, but do not sit for long.
Of the 310 homes that sold so far this year,
105 of those sold for under $500,000 and those homes were only on the market for a median of 42 days.
72% of those homes required financing of some type, which may take 35 or so days of those 42.
Most agents will leave the home on the market for maybe 5-7 days to make sure all have had an opportunity to see the home and garner the best offer for the seller.
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So today, the Median List prices look daunting, but over a third of the homes sold are well under the median, you just need that FULL TIME Real Estate Agent to be looking out for you.
A little about cash sales.
We hear the figure of 50% of the homes sold are for cash, this is just not true for the overall sold homes in Flagstaff. YTD 31.9% of homes sales are cash sales. Though that 50% is very close to what the homes in the Gated Communities of Forest Highlands, Pine Canyon, and Flagstaff Ranch, but not when you take into consideration all homes in Flagstaff.
We have covered a lot, and you may have a lot of questions, if so, please never hesitate to reach out to either of us, we would enjoy talking and helping you make the right decision for you and your family.
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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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