Realty Executives of Northern Arizona
Have you ever wondered about the "alphabet soup" after a REALTORS® signature? What do all of those designations and certifications mean to you? Well, here is a brief description.
GRI – Graduate Realtor Institute. REALTORS® with the GRI designation have in-depth training in legal and regulatory issues, technology, professional standards, and the sales process.
SRES – Senior Real Estate Specialist. The SRES® Designation program educates REALTORS® on how to profitably and ethically serve the real estate needs of the fastest growing market in real estate, clients age 50+.
rCRMS – Residential Certified Risk Management Specialist. REALTORS® who earn this certification go the extra mile to protect their client’s interests as well as their own. They recognize that in today’s litigious society, good REALTORS® need to anticipate the pitfalls in a real estate transaction for their clients and themselves and be well prepared to avoid them
ABR – The Accredited Buyer’s Representative (ABR®) designation is designed for real estate buyer agents who focus on working directly with buyer-clients at every stage of the home-buying process.
SRS - The Seller Representative Specialist (SRS) designation is the premier credential in seller representation. It is designed to elevate professional standards and enhance personal performance. The designation is awarded to real estate professionals who demonstrate the knowledge and skills essential for seller advocacy. SRS designees represent a global community of REALTORS® who use their advanced training and expertise to go above and beyond their client’s expectations.
e-PRO - This certification program helps REALTORS® master the advanced digital marketing techniques of today. With the e-PRO® certification, REALTORS® increase their ability to reach customers, expand their capabilities, and build trust by safeguarding client information.
LHC - Luxury Homes Certification gives REALTORS® the knowledge they need to approach the luxury niche, including pricing strategies, negotiation tactics, and how to stand out from the crowd. I’m currently completing this certification.
I believe education is one of the keys to providing exceptional service. If you (or your friends or family) have questions, I'd be happy to help.
Kim
Kimberlie Geile-Gonzalez, Realtor, GRI, SRES, rCRMS, ABR, e-PRO, AHWD, SRS
Realty Executives of Flagstaff
15 E. Cherry Ave.
Flagstaff, AZ 86001
Office: 928-773-9300
Direct: 928-699-9750
(Published on - 10/10/2022)
We've all seen the news. Mortgage Rates are higher than they have been in years and so, you've decided to put off your home search until they come back down. A good way to save money, right? Actually, you may want to make your move before May 10th, according to Barry Habib, economist and VP of MBS Highway.
The 2% rates we saw in the last couple of years were historically, even unnaturally, low. So, you should not wait to purchase your home thinking that they will come back to those levels because they are not likely to. Habib suggests that we could see rates in the 5% range by the May 10th reading of the Core CPI which will energize sleeping buyers. Combined with Flagstaff’s traditionally low levels of inventory, this could push home prices higher.
What drives mortgage rates?
The Fed Rate does not control Mortgage Rates as many might think. The "Fed Rate" we keep hearing about is for short-term loans like credit cards and auto loans, not long-term loans like a home mortgage. Mortgage Rates are adjusted by lenders based on inflation. The Fed will adjust the Fed Rate to curb inflation so they may look like they are connected but Mortage Rates are driven by inflation.
Notice the period where mortgage rates stayed relatively flat even though inflation had increased. This was through the process of Quantitative Easing, where the government was buying mortgage-backed securities to keep rates artificially low. The moment the government hinted that they would stop doing this, the mortgage rates did exactly what they normally do and increased to match inflation.
Rates are expected to lower this year.
Inflation is measured by the Core Consumer Price Index. Each month, a reading of the Core CPI is done to determine the price of goods and whether they are becoming more or less expensive. For this purpose, each reading is compared to the same month from the prior year. This coming May offers the best chance at a Core CPI reading that would signal a decline in inflation which would result in lower mortgage rates. The timing will coincide with the annual cycle of new home listings but, the inventory is unlikely to be the 4-6 months’ supply that indicates a balanced market and buyers will once again need to be competitive with their offers.
But what about the rising inventory?
“Month’s Supply of Inventory” is a common way to determine market health. It is calculated by dividing how many homes are currently on the market by how many sold in the last month. If there are 6 months’ worth of homes left to sell, it is considered a balanced market that is neither a Seller’s nor Buyer’s Market. Less than 6 months tends to favor Sellers and more than 6 months tends to favor Buyers. Here is the image the Network News folks are showing you. A dramatic incline in the inventory certainly spells a repeat of the 2006 bubble.
The way the Network News spins it, there is a huge glut of inventory beginning to build up. Keep in mind, these folks are hired to sell ad space, not analyze years of real estate history. Telling the full story here would be boring. First off, 2.9 months of inventory is far less than the 6 months that are considered a balanced market but more, they fail to show that every February, from 2013 through COVID-19, inventory had been between 4.6 and 7.2 months, at or near the peak of inventory for every year. Here is the full picture of the market. Each red dot indicates inventory levels in February. Note, each year (even during the worst of COVID-19) it ramps up toward January and February. There is no news here other than that we are returning to pre-COVID-19 market norms.
You have a choice.
If you are one of the many buyers waiting for the lower rates, be ready to compete against all those buyers when you make your first offer. Sellers will be able to use competing buyers against each other to drive up the price. Another option would be to shop now while the other buyers wait. Win the contract at a lower price and then refinance your loan when the rates improve. There is still time.
If you would like to try to get under contract before everyone else does, let's update your search and check in with your lender for an updated pre-qualification letter. Click here if you would like to get a refresher on the process for buying a home.
Egle & Tyler
Egle Rucci
REALTOR®, ABR, GRI, CRPM
Realty Executives of Flagstaff
C (928) 600-5629 | Off (928) 773-9300
egle@propertiesinflagstaff.com | www.myflaghome.com
Connect with me: Facebook | Twitter | LinkedIn
The best compliment I could get, is a referral from you, your family and friends!
S Tyler Hood
Realty Executives of Flagstaff
15 E. Cherry Ave, Flagstaff, AZ 86001
tyler@propertiesinflagstaff.com
Call or Text: 928-440-0747
Office: 928-773-9300
Luxury homes are not only about the interior; they should also have stunning outdoor spaces that complement their beauty. Landscaping can transform a simple yard into a breathtaking oasis. Here are 5 landscaping ideas for homes that will make your property stand out.
Pergolas and Gazebos
A pergola or gazebo is a great addition to any home. It provides a shaded space for outdoor dining or relaxation. You can install it near the pool or in the garden, and adorn it with climbing plants or hanging lights to create a warm and inviting atmosphere.
Water Features
Water features add an element of serenity to your outdoor space. You can install a fountain, a small pond, or a waterfall to create a peaceful and calming environment. Water features also attract wildlife, such as birds and butterflies, which add to the beauty of your garden.
Outdoor Lighting
Outdoor lighting is a simple yet effective way to enhance the beauty of your home's landscaping. Strategically placed lights can highlight trees, flower beds, and other focal points in your garden. You can also use lighting to create a dramatic effect in the evenings.
Landscape Sculptures
Landscape sculptures are a perfect addition to luxury homes. They add a touch of art to your outdoor space and can be used as a focal point. You can choose from a wide range of sculptures, including statues, modern art pieces, and abstract designs.
Ornamental Plants
Ornamental plants are a must-have for any luxury home. They add color and texture to your garden, making it look more vibrant and alive. You can choose from a variety of plants, including exotic flowers, colorful shrubs, and unique trees. When selecting plants, consider the climate and soil conditions in your area to ensure they thrive.
With these five landscaping ideas, you can create a beautiful and inviting outdoor space that complements your home's beauty. Whether you choose to install a water feature, add ornamental plants, or incorporate outdoor lighting, these ideas will help you transform your yard into a stunning oasis.
Gary Nelson
Delegated Associate Broker
Realty Executives of Flagstaff
928-600-4279
2022 AZ Realtor of the Year
Very surprising on how little the real estate market shifted during these unexpectedly heavy winter months. Mid-January we had over 40 inches of snow in one week and had a couple of nice listings launch looking like igloos from the photos. But the Buyer base trudged through the snowbanks and made contract offers. February showed limited Buyer activity with interest rates rising to 7% on the 30-year fixed, and heavy snowfall. Now we are looking at March, with the interesting twist of a couple of bank failures, and our interest rates going down to the 6.375% to 6.5% range for a 30-year fixed rate-depending on dynamics of the bond market and the Federal Reserve actions.
Snow is melting, with high water and unfortunate flooding in store, until the first week of April. My key lender base is telling me there is a slight uptick in Buyers’ loan applications—which following a dormant and very quiet February is very welcomed by all in the industry. So, limited supply of homes and active Buyer base is returning and navigating all the water flowing on the streets now, and real estate prices have not shifted down much over the winter months.
Feel free to contact me to get more exact information on how Sellers are holding some steady value or how some Buyers are getting some great deals in this market right now.
Wayne McCormick
Broker, Realty Executives of Flagstaff
(928) 526-9300
The process of selling a home is always evolving and has changed tremendously in the past few years.
Available technology and rapidly changing market conditions are the driving forces primarily behind those changes. Photography and video are a big part of that. Here are five considerations when marketing a home for sale in 2023.
PROFESSIONAL PHOTOGRAPHY
This seems to be a basic concept to most home sellers, but professional quality photography is now the industry standard in all price ranges. And yet a recent national estimate showed that only 67% of homes marketed in 2021 had professional grade photos when it is considered a standard expectation of home sellers.
3D VIRTUAL TOURS
The current norm is a full 3D rendering of a home, its outbuilding, and even exterior grounds. During the pandemic, 3D walk-through tours were expected in most price ranges and now are very common. Zillow 3D and Matterport are the technologies most used.
VIDEO PRODUCTION
Full videos of homes also are becoming more and more common. Video offers more options to capture a unique setting, the outdoor appeal of a property, and they give the viewer a sense of how a property “lives.”
Some video productions are a “mini movie” with a theme and even actors to portray the qualities of a home and lifestyle.
DRONE PHOTOGRAPHY, VIDEO
Another consideration is drone images of a property. Drone photography and video are becoming much more common, especially in rural areas and for large homes and parcels.
These images can capture not only the setting of a home, but also outbuildings, nearby amenities, views and more.
Lot lines and roadways can be overlayed to enhance the marketing of a home. Care must be made that the drone operator is licensed and following federal, state and local guidelines.
WEB PRESENCE
The final consideration is that of an internet presence. All of the above is great but only if the homebuyers can gain easy access to it. Social media sites are ideal for this. Multiple Listing Service platforms have the ability to portray and disseminate images, 3D tours and video, but ultimately the end user must be kept in mind.
Websites and home listing aggregators always are wanting to provide the homebuying public high-tech and visually appealing content.
Gary Nelson
Delegated Associate Broker
Realty Executives of Flagstaff
928-600-4279
2022 AZ Realtor of the Year
Where the Experts are - Serving Flagstaff and Northern Arizona since 1977
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