Happy Fall!  Every year seems to move faster than the last. This year I celebrated 11 years as a Realtor. Considering this, I thought it might be interesting to compare today’s real estate market with the market ten years ago. The graph below compares statistics for the 3^rd Quarter of 2013 to the 3rd Quarter of 2023.

It is no surprise the median sales price for homes in Flagstaff has increased by 39%. The mortgage interest rate in October of 2013 was 4.39% for a 30-year fixed. On Monday, the mortgage interest rate for 30-year fixed rose to 8.0%. This is the highest we’ve seen since 2000. You might be asking yourself if we are in another real estate bubble. Although it’s not reflected in the graph above, the months of inventory and the number of unsold listings skyrocketed in 2007-2008. This was more dominant in larger, metropolitan markets such as Phoenix and Las Vegas. The number of unsold listings and the months of supply have both decreased from 2013 to 2023. It is also important to note that the percentage of cash sales has also increased, demonstrating the strength of investors and second-home buyers.

While some of these stats might seem depressing, there is hope. Mortgage interest rates fluctuate. If you buy a home with a higher than desired rate, you can refinance when rates go down. If rates continue to rise, it’s best to get into a home sooner rather than later so you are not paying a higher rate along with higher prices.  Builders and sellers are beginning to offer point buy-down opportunities for interested, qualified buyers. Our Flagstaff market might have seen fewer sales this year but none of them were distressed properties. (One caveat, the MLS doesn’t show foreclosure sales that happen on the courthouse steps. It only records those properties sold through the MLS. The distressed properties would be classified on the MLS as short-sales.) There have been fewer unsold listings and homes are selling for closer to the list price. Demand for homes is still exceeding the supply we have available in our area. Owning real estate remains the best investment and the greatest indicator of generational wealth.

I could go on and on but this seems enough for now. If you would like a longer explanation or if you have questions, please let me know. I love to talk about our real estate market! If you know of friends or family who have real estate questions, I would appreciate the referral.

Our office, Realty Executives of Flagstaff, is once again competing in Best of Flag. It would be so appreciated if you would vote for us in the Real Estate category. You can text 654 to 928-770-6559. You can vote once daily through October 31.

Join our own Renée Gaun, and she joins Chris Hallows at Benchmark Mortgage for the newest episode of the Real Estate Rundown.

This episodes topics include:

Wall Street Landlords - are large corporations buying single family homes, betting on Millenials buying their first homes?

Winter is Coming - a look at how the real estate market ebbs and flows during the winter months. Winter may be the most opportune time to buy.

Are You A Statistic? - looking back at how the numbers for 2023 have stacked up.

Mountain Town Bargain - Flagstaff and all it offers is a bargain when set beside comparable mountain towns in Utah and Colorado.

Let's dive into the latest episode!

Call Renée Gaun for more information on Flagstaff, the topics covered in this podcast, and buying and selling in Flagstaff!

 Renée Gaun 

928-606-6232 Renée
Homes@ReneeGaun.com
 

15 E. Cherry Ave
Flagstaff, AZ. 86001

Each year Realty Executives of Flagstaff is proud to host our annual family-friendly Client Appreciation Breakfast on the 4^th of July. The Flagstaff, AZ July 4^th parade has been ranked in the top ten small town parades in the USA, and our building sits right along the parade route. Our prime location offers our clients and their families a front row seat to enjoy the show!

Before the parade, the agents prepare and serve our clients and their families a pancake breakfast, along with sausage, fruit, yogurt, muffins, juice and plenty of water. Agents enjoy using this time to visit in person and catch up with their clients.

The children (and some adults!) have a great time having their faces painted and being entertained by skilled balloon artists. They also receive a goody bag full of assorted fun July 4th themed items.

As proud supporters of local nonprofits, Realty Executives of Flagstaff also accepts donations at the breakfast event for Toys for Tots, Flagstaff’s Climb to Conquer Cancer, and Habitat for Humanity.

As the parade is underway and the temperature rises, our agents walk along the sidelines passing out ice cold water to spectators and parade participants.

Realty Executives of Flagstaff agents and their families have been helping to set up, participate in, and clean up for this client appreciation event every year for 14 years now. We also greatly appreciate help we receive from The Hallows Team at Benchmark Mortgage, and Pioneer Title. As our office grows, so do our clients; this year we hosted 600 people!

Please enjoy the following video of our event, prepared by the Chris Hallows and Cole Clark of the Hallows Team at Benchmark Mortgage.

For 19 years, Realty Executives of Flagstaff has participated in a charity event near and dear to their hearts, Climb to Conquer Cancer. With the next event slated for August 19^th, the team is lacing up their boots with a goal to outpace the competition when it comes to raising funds.  

The Climb to Conquer Cancer is one of many activities associated with the American Cancer Society. The climb is designed to unite the community to honor cancer survivors, spread the word about reducing cancer risk, and to raise money to help the organization save lives. The hike takes place at Arizona Snowbowl Ski Resort, with two challenging routes ranging from 5.5 miles to 10 miles.

The brokerage walks every year in memory of Nedra Bell, an Executive who lost her battle to lung cancer in 1999.  Additionally, the team walks in memory of the many friends, family members, and peers who have lost their battles to various cancers.  “But most importantly,” says Debra McCormick, CFO of Realty Executives of Flagstaff, “we walk as a tribute to those who have won their battles with cancer or are currently fighting.”

In addition to forming a team and participating in Climb to Conquer Cancer, Realty Executives of Flagstaff has supported the fundraiser in multiple ways over the years, from sponsoring mile markers to working water stations.

“Everyone has been touched by cancer in some way.  This hits our hearts, and we want to do everything we can to find a cure,” said Wayne McCormick, Broker and Owner of Realty Executives of Flagstaff.  Wayne recently lost his friend of 52 years to pancreatic cancer.

In 2022, the team was the top fundraiser in Northern Arizona, raising nearly $11,000.  Additionally, they ranked as the Top Company, Top Team, and Top Individual fundraising categories. This year, they are on track to exceed their previous year’s efforts.

“I love walking with my neighbors, and that the donations stay in our local community,” says Shannon Strazer, Office Coordinator. “Even if you are unable to make a donation at this time, we hope that you come out and show support for all the hikers participating in Climb to Conquer Cancer.”

To consider donating to Climb to Conquer Cancer, please visit www.FlagstaffClimb.com.

EXECUTIVES GIVING BACK, EXECUTIVES IN THE NEWS, PRESS RELEASE

Alysia Heun, Vice President, Realty Executives International