Realty Executives of Northern Arizona
What’s the most important thing when it comes to real estate? Location, location, location as they say.
When it comes to the location of that perfect home you have always dreamed of, make sure there aren’t any challenges you didn’t expect. Make sure the area and the amenities will stay the way you expect them to.
Here are a few desirable locations that may have some great perks as long as you keep in mind the potential challenges.
National forest lands
Backing national forest is quite important to many people. Having your own great views and potential access to forest would make anyone happy.
Keep in mind that in remote areas, some utilities may not be available. Also, make sure your property is Fire Wise and can handle what Mother Nature might throw your way.
Bordering national forest in the intermountain west is like beachfront in the coastal areas; you will have to pay accordingly for those views and trees.
Golf course property
Spectacular views and meticulously cared for greens could be what you experience from your patio, deck or windows. Quick access to the greens, club amenities and activities can also provide a wonderful lifestyle.
Many people enjoy the social aspect of golf course living as well, with golfers enjoying a great game on a wonderful day. Whether on a public course or inside one of Northern Arizona’s gated and private communities, golf course living has tremendous benefits.
State forests and lands
Sometimes state trust lands are just as spectacular as national forest lands, but be prepared that this location may be temporary. In Arizona, trust lands can be sold with the proceeds going toward public school construction.
Although national forest lands may be traded, that would be very rare. State lands, however, are temporary, and some of the largest developments in the state were previously trust lands.
Undeveloped land
Keep in mind that undeveloped land may be developed in the future.
You may want to negotiate a building envelope with the owner of an adjacent lot or negotiate a view corridor to maintain that view you want. Many subdivisions have building envelopes built into the CC&Rs (covenants, conditions, and restrictions) or plat maps of the development.
But a negotiated view corridor or negotiated height restriction may go a long way toward preserving that wonderful Northern Arizona view you always wanted.
Gary Nelson
Delegated Associate Broker
Realty Executives of Flagstaff
2022 AZ Realtor® of the Year
Our office partnership with Habitat for Humanity of Northern Arizona began in 1998 when a client of Wayne McCormick's invited him to join the Family Partnership Committee. In 1999, Wayne was unable to attend a meeting due to showing homes to clients and his wife Debra attended in his place; this resulted in Debra also joining this committee. In 1999, Debra McCormick became the Chairman of this Committee and was chairman for two years. While on the committee (this is when you actually showed up with a hammer and paintbrush and helped out alongside the families), they helped build three homes; two off Lone Tree and the first handicap-accessible home in Sunnyside.
After leaving the committee, Wayne and Debra continued to contribute to Habitat yearly through tax credits. The Agent partnership began in 2014. Kim Geile-Gonzalez, another realtor in the office, is also a member of the board.
There are currently 27 Agents from Realty Executives of Flagstaff who participate in the Realtor’s Initiative. Simply put, Agents participating in the Realtor’s Initiative donate a portion of their commission to Habitat for Humanity towards building an affordable house. In the month of December 2022 Habitat appealed to the public via radio advertising that Realty Executives of Flagstaff would “match” donations.
Jane Horton, Development Director for Habitat for Humanity of Northern Arizona says, “Just from my experience working with the team at Realty Executives of Flagstaff, it has been so exciting and beyond joyful to build relationships with the absolute best of humanity who simply share the passion and mission of Habitat for Humanity in this community of Flagstaff. The team is always willing to come to our events, home dedications, photo shoots, etc., and promote our efforts in collaboration with print media, social [media], etc.”
Donations from Realty of Executives of Flagstaff to Habitat for Humanity:
Year 2014: $815
Year 2015: $3,060
Year 2019: $5,550
Year 2020: $7,725
Year 2021: $15,650 via Agent Closings, Sponsor a Stud Campaign, and Playhouse Raffle
Year 2022: $17,740 via Agent Closings and donations, A Little Home Raffle
*The above amounts do not include donations made by Agents directly to Habitat (for example, tax credits).
*The above amounts do not include the donations the office made to the Restore.
*The above amounts do not include amounts the office paid to promote Habitat for Humanity.
Realty Executives of Flagstaff is very active in their community, and fosters a culture of giving back. The partnership with Habitat for Humanity has been very rewarding, as together they help families enjoy the benefits of home ownership.
For more information or to make a donation to Habitat for Humanity of Northern Arizona, visit www.HabitatFlagstaff.org
Realty Executives of Flagstaff's tradition comes back to what our mission statement has been with the company: giving back to the community as much as possible and always being involved with the community with everything that we do.
That statement is not just words; there are actions behind them. Realty Executives of Flagstaff and its realtors are actively involved and made donations to over thirty organizations in the Flagstaff area, including schools, the arts, and charities in 2022.
Realty Executives is open seven days a week. Visit our website at RealtyExecutives.com/office/Flagstaff to learn more about listings or to schedule an appointment.
Realty Executives of Flagstaff Prides Themselves on Giving Back
Deciding to buy a home is one of the most financially and emotionally consequential decisions that a person can make in their life, and living in Flagstaff, does not make this process easier. The last few years have been confusing to any home buyer as interest rates and the cost of living rise, but as those who live in Flagstaff know, home prices are exorbitantly higher than the national average, making many of these challenges even more difficult to overcome.
This unfortunate reality makes finding a trustworthy realtor even more important than it already is, and for the past two years, the people of Flagstaff have found that Realty Executives of Flagstaff has served this community best.
Though Realty Executives is a franchise with locations all across the United States, Wayne and Debra McCormick have strived to make their business much more than about selling houses. It’s about a tradition that their family has kept since Wayne’s father, Dave, started the business in 1977.
“The tradition,” Wayne explained, “comes back to what our mission statement has been with the company: giving back to the community as much as possible and always being involved with the community with everything that we do.”
And their efforts to achieve that goal have manifested in a variety of ways, from giving back to the Flagstaff youth and music scene to partnerships with Special Olympics and Habitat for Humanity, but according to the McCormicks, the joy that their efforts bring to members of the community and home buyers alike makes it all worth it.
“That is actually really one of the most satisfying things for us,” Debra said, “finding someone their first home, and being able to afford to live here. It’s not easy to do. But we sure do work hard at that.”
The McCormicks are proud of the work their family has put into building these relationships over the years, but when it comes to their success, they believe the key – aside from quality training and customer service – is having a naturally good team and fostering a culture that incentivizes community engagement and positivity.
“We breed a culture of giving,” Wayne said, “and our agents go out on their own and get involved in the community and go and volunteer at the Flagstaff Food Bank and stuff like that. And you don’t train that, that’s their natural personality of giving and caring, and I guess we’re really fortunate to have associates that have that as their natural trait.”
Despite their smaller size, Realty Executives of Flagstaff has shown their community that you don’t have to be a major realtor to make a big impact. Winning Best of Flag is the ultimate affirmation of all the work the McCormicks have put into building their business, and they’re grateful to have been recognized in such a positive way.
“I’m totally stoked,” Debra laughed. “It’s a real honor to be recognized for everything that we have given back to the community, and we’re going to continue to do so.”
Realty Executives of Flagstaff is open seven days a week at 15 E. Cherry Avenue. Visit their website at RealtyExecutives.com/office/Flagstaff to learn more about their listings or schedule an appointment.
-Matthew Hayden, Arizona Daily Sun, Best of Flag 2022 Winner’s Edition
The ancient Greek philosopher, Heraclitus, said, “Change is the only constant in life.” Well, that’s certainly true, especially in today's Real Estate market,
Things change. Often!
Kids get older. People take on new hobbies. Careers evolve.
As a result, a house that was perfect when the owners originally purchased it may no longer be ideal. That can be the reality even if they’ve only been living there for a short time.
While you may not be in that situation now, you might be in the next few months or years. When that happens, you can count on us to help.
In fact, there are a couple of ways we can work with you as your house needs evolve.
For example, if you need to renovate, we may be able to recommend a good contractor. And, of course, if you need to find a new, “more perfect” home, we can work with you to make that happen.
Just know that Renée and I are here to help ensure your home continues to be the ideal place for you.
So, when you have questions or need advice, reach out to us.
A little update on Jeff and Sue, before digging into the changes in the current Flagstaff Housing Market.
Since we semi-retired and turned most of the day-to-day Real Estate operations over to Renée September of last year, we have been working hard at retirement.
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After 14 months, not sure we have it all figured out yet, but can say we have given it a good try by traveling in and out of the states, visiting our kids and grandkids, taking up a new hobby: bikepacking, and getting in some serious backpacking. Sue going to the gym, traveling to Quilt Fairs and completing some Gorgeous Quilts. |
Let’s move on to some Real Estate news.
As we move into more detail, unless we specify, we will be talking about the general Flagstaff and surrounding areas and will be talking about residential homes including Single Family, Townhome, Condo, and Manufactured homes.
You have been reading all the national news and, in reality Flagstaff is not too far off.
One of the most telling facts is the Sales Price received ‘Compared To’ the List Price.
Going back to December 2019, homes were selling in the 98.8% of list price, so slightly under.
By February 2020 that figure climbed to 99.5% of List price and hovered in the 99% range till October of 2020 when it hit 101.1%, meaning that homes sold for 1.1% higher than list price.
To Clarify, 100% would mean the home sold at list price.
For the next 20 months we saw this happen monthly, with a peak in March of 2022 to 104.6%
Now that 4.6% over list price may not seem like a lot, but with a Median Sales Price that month of $620,000, that amount Averaged over $28,500 per home over list price, this is a significant amount. Yes, you may have heard of much Higher, and there were those you did not hear about, that were lower.
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Changes came fast in early to Mid-2022, partly because of rising mortgage rates. In June homes selling at 101.6% over listing to July homes selling under list at 99.6% and by October of 2022, was down to 98.1% of list price.. Again, a significant amount since the Median price home price in October 2022 was $673,000 so a reduction of 1.9% in price amounts to -$12,787. |
Home prices for the first 10 months of 2022 are still at an increase of 15.7%, August being the only month that showed a decrease in the median values of homes sold, and that was only -1.4%.
Do Not expect this +15.7% increase in Median price to continue. The first quarter of the year, we hovered at an increase of +30%, and has dropped significantly since to our currently year-to-date of 15.7%
So far this year we have sold -22.8% few homes than 2021 and -12.7% fewer homes have come to the market.
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Couple of other interesting facts,as referenced above, in October 2020, we hit 101.1% of list price, that month, the Median Home price was $497,000, selling at $248 a sq ft, with only 84 active homes on the market looking for a buyer. Fast forward 2 years to October 2022 the Median Home price is at $672,702, selling at $363 a sq ft, with 244 active homes on the market looking for a buyer. |
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Lastly, what has happened in the past 5 years:
If we go back to 2018, our median home prices have increase 69.4%, from $369,000 in 2018, to today thru the first 10 months of the year to $625,000. We are selling -14.1% fewer homes, and -15.9% fewer homes are coming to the market.
Cash sales have slightly increased from 24.2% in 2018 to this year to date of 28.9%
We hope this helps give you a broad overview of what has happened this year in the market.
As Always, if you have question, please know we are both here for any questions.
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Renée Gaun * Jeff Ross 928-606-6232 Renee
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15 E. Cherry Ave |
Where the Experts are - Serving Flagstaff and Northern Arizona since 1977
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