Tag Archives: real estate market

Price Reduced on Amazing Home Minutes From Downtown Flagstaff

09 Tuesday Jan 2018

Posted by in Featured Flagstaff Listings, Flagstaff Features, Flagstaff Market News, Home Buyer Advice, Home Seller Advice, Living in Flagstaff, Real Estate News

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The amazing home at 2800 W. Hogan has been reduced to $689,000!  This home offers mountain living MINUTES from Downtown Flagstaff in the unique neighborhood of Westridge! Privacy awaits on this fully fenced 4.97 acre lot. This 4 bedroom, 3 bathroom cabin has it all. Entertaining is a breeze with the open floorplan and expansive decks. Move right in as all furnishings are included with the sale. There is ample storage space for all of your outdoor gear. 2 SEPARATE 2 car garages gives room for your cars AND your toys. The downstairs has its own kitchen and can be the perfect mother in law quarters or rental opportunity. It is hard to find a better location than this. Observatory Mesa is literally STEPS from this property. Within minutes you can be Downtown or to Thorpe Park. Take the back way to Snowbowl avoiding lots of traffic. Hike, snowshoe, ski right out your front door! Possibilities are endless here. Give us a call today at (928) 714-0001 so that we can give you a private tour!

And remember if you or someone you know are buying or selling a home, please pass along our number and we will be happy to help!  We are NEVER too busy for your referrals!

 

 

Monthly Flagstaff Homes Sales Report – September Flagstaff Homes Sales

26 Thursday Oct 2017

Posted by in Flagstaff Market News, Flagstaff Market Trends, Home Buyer Advice, Home Seller Advice, Living in Flagstaff, Real Estate News

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We saw another month of growth in September 2017 in most price ranges.  The largest amount of growth was in the $300,000-$500,000 price ranges with 73 sales in September 2017 compared to 60 in August 2017.  This is significantly up compared to September 2016 where we saw 51 homes sales in the $300,000-$500,000 price ranges.  Continuing the trend, our supply of inventory is very limited up to the $500,000 mark.  We anticipate sales and inventory to slow in the next few months due to historical statistics for this time of year.  There are a good number of Pending-Taking Backup (which means the home has an offer on it but is still in the escrow period and waiting to close out) in September which should show us some good sales numbers next month.

The average sales price for a single family home in Flagstaff for September 2017 was $454,589 which is about $10,000 less than the previous month.  The median sales price went up a bit to $410,000.  The average sales price per square foot was $208.30.

In Flagstaff we saw 11 condo sales and only 22 townhome sales.  The townhome sales are down quite a bit compared to last month.  This is due, however, to the lack of inventory.  Most townhomes are priced in the price range that is selling so if there were more on the market we would see more sales.

See the numbers below for September 2017.

Single Family Flagstaff Home Sales – September 2017

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NOTE: THE DATA REPORTED HERE ARE BASED ON HOME SALES IN THE FLAGSTAFF METRO AREA (THE CITY OF FLAGSTAFF AND IMMEDIATELY SURROUNDING COUNTY AREAS THAT HAVE FLAGSTAFF MAILING ADDRESSES) AS REPORTED IN THE MULTIPLE-LISTING-SERVICE MAINTAINED BY THE NORTHERN ARIZONA ASSOCIATION OF REALTORS.® THE DATA MAY NOT REFLECT ALL SALES (BUT IT SURELY REFLECTS MOST OF THEM).

To buy or sell a Flagstaff home, you need more than the general advice in this blog.  Contact The Elite Team at RE/MAX Peak Properties – Give us a call at 928-714-0001 or send an email to info@bestflagstaffhomes.com for experienced, professional advice on purchasing or selling a home in Flagstaff.

NOW is the time to buy!

15 Friday Sep 2017

Posted by in Flagstaff Market News, Home Buyer Advice, Living in Flagstaff, Real Estate News

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Check out this article for some pretty good reasons to buy that dream house now. Call us at 928-714-0001 or email us at info@bestflagstaffhomes.com and we can explain the process in more detail and guide you through with as little stress as possible.

Check out the 7 best things about buying a home in the fall by MONEY Magazine!

16 Friday Sep 2016

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As the weather cools down so does the Real Estate Market Take advantage of this and get into that dream home!

If you have any questions or are interested in buying or selling your home, give us a call @ 928-714-0001 or email us at info@bestflagstaffhomes.com.

Purchasing Condos Got a Bit Easier

08 Monday Aug 2016

Posted by in Flagstaff Market News, Flagstaff Market Trends, Home Buyer Advice, National Market News, Real Estate News

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condoA couple of weeks ago the U.S. Senate passed the Housing Opportunity Through Modernization Act.  This legislation includes reforms to current Federal Housing Administration restrictions on condominium financing.  This will make it easier for first time home buyers, or anyone relying on FHA financing to purchase condos.  This comes at a time where a lot of housing is unaffordable to most people.  Condominiums will be a good option for people looking in the lower price range.

Not all condos will qualify, but the bill makes it easier for most.  Previously FHA required  a 50% or more owner-occupancy status of a development in order for it to qualify for FHA financing.  They have lowered that number to 35%.  To learn more about the bill and what the National Association of REALTORS® click here.

If you are wondering if you qualify and for how much check out our list of Preferred Lenders. As always contact us with any questions at (928) 714-0001.

The National Association of REALTORS®(NAR) May 2016 home sales report

11 Monday Jul 2016

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The National Association of REALTORS®(NAR) has stated that existing home sales have sprung ahead in May to the highest pace in almost a decade! Sales are up 4.5% from May 2015 and the median home price for the western region is up 7.7%.  All major regions except for the Midwest saw strong sales increases in the last month.Of course, we would be happy to discuss buying a home and answering any questions you may have.  Give us a call at 928-714-0001.

National Association of Realtors® HOME Survey Results are Out

25 Friday Mar 2016

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The National Association of Realtors® has released the first quarter results of their Housing Opportunities and Market Experience (HOME) survey.  In the survey a sample of U.S. households was surveyed and was asked questions about real estate trends, including current renters and homeowners’ views regarding homeownership, experiences with the mortgage market, whether or not is it a good time to buy or not, etc.

So far in 2016 the survey showed that over three-quarters of the surveyed households would purchase a single-family home if they were to buy in the next six months.  Most renters claimed they would buy outside of an urban area, but most renters (especially in the West) are losing confidence in their purchasing power with the increase in prices.  These results show us that there is a need for more supply of single-family homes.  The low supply is driving prices up radically.  Read all of Adam Desanctis’ Article to find out more about the survey results.

We are definitely experiencing the upward trend in pricing here in our local Flagstaff market.  Low inventory is low, creating a lot of multiple offer situations, and often driving the prices up. The Flagstaff Elite Team is constantly trying to keep you informed on what is happening nationally and how it affects our market here.  Whether you are selling or buying we are here to advise you.  Don’t hesitate to give us a call at (928) 714-0001.

 

2015 RE/MAX vs The Industry

19 Tuesday Jan 2016

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Once again in 2015 RE/MAX lead the country in transactions.  We like to show you these stats because we want you to know that being a RE/MAX agent means that we work among the best and strive to stay on top.

remax table

The The Flagstaff Elite Team at RE/MAX Peak Properties is happy to be a part of such a winning team.  We love surrounding ourselves with outstanding agents.  We are proud that our clients have trusted us with such an important financial decision in their lives.  We hope when it comes time for you to buy or sell a home you will call us at (928) 714-0001 or  Email Us.

 

 

November Shows Setback in Sales

04 Monday Jan 2016

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The National Association of Realtors® (NAR) reported that existing home sales dropped off considerably in November.  Nationally, existing home sales slowed down to the slowest pace in 19 months.  All four regions saw declines in November.  Lawrence Yun, NAR chief economist, believes that multiple factors lead to the decline.  He believes that the main reason is the implementation of the new Know Before You Owe rule.  This rule tends to extend escrow lengths.  So, there were a large number of contracts signed in October, but many of these homes were unable to close until December.  Realtors®, lenders and title officers are all getting used to the new rule, and longer closing times is often a necessity. (WE strongly recommend using one of these Flagstaff lenders.  They know our market and the rules of the industry.) 

The median existing home price for all types of homes was actually up 6.3% from the previous year.  Total housing inventory decreased 3.3% in November and is now 1.9% lower than November 2014. Click Here to view the regional breakdown of November home sales.

Here is Lawrence Yun’s press release:

 

As we reported in an earlier Blog, Flagstaff area November sales for 2015 were only slightly off 2014 numbers.   Locally, we are continuing to see a shortage of inventory.  This is often a slower time for real estate in Northern Arizona, but we are still seeing homes that are priced correctly, and in the $200,000-$500,000 price range, move very quickly.

Thinking about selling? Please contact us and we will be happy to assess your home.

FHA Condo Lending Changes Good For Flagstaff Condo Market

17 Tuesday Nov 2015

Posted by in Featured Flagstaff Listings, Flagstaff Market News, Flagstaff Market Trends, National Market News, Real Estate News

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timberRecently HUD announced that they are making changes to FHA Condo Policies to ease FHA lending requirements.  This should be great news for the Flagstaff Condo market.  Several developments in our area have had issues with FHA financing over the last several years as the restrictions to meet FHA demands presented various challenges.  The anticipation is the new changes will give first time buyers more options by adding more condos to the mix.  If you or someone you know is looking to purchase a Flagstaff Condo, give Eric or Jessica a call at 928-714-0001.

Existing-Home Sales Stall in August

21 Monday Sep 2015

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After three months of gains, existing-home sales dipped in August despite slowing price growth and a rise in sales to first-time buyers. The lack of available inventory for Realtors® to show eager buyers is holding back the number of sales. This is true across the nation as well as in Flagstaff, as reported earlier this month in our Monthly Flagstaff Home Sales Report.

Still, home sales in August 2015 exceeded the number of sales in August 2014 and “despite this monthly hiccup, the outlook for sales activity remains bright,” said Gregory Daco, head of U.S. macroeconomics, in a note to clients.

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Read more: Existing-Home Sales Stall in August, Prices Moderate | realtor.org

Existing Home Sales Reach New Post Recession High

20 Thursday Aug 2015

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Existing-home sales steadily increased for the third consecutive month in July, while stubbornly low inventory levels and rising prices are likely to blame for sales to first-time buyers falling to their lowest share since January, according to the National Association of Realtors®.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.0%, seasonally adjusted, in July compared with June. Sales in July remained at the highest pace since February 2007, have now increased year-over-year for ten consecutive months, and are 10.3% above one year ago.

Home prices have increased enough that the “move-up” share of the market has overtaken the share occupied by first-time homebuyers. Existing homeowners can sell their homes and use their equity to buy a new home. The median existing single-family home price was $235,500 in July, up 5.8% from July 2014.

Were the Federal Reserve to raise interest rates in a way that slows the growth of home prices, there might be more damage to the economy than slowing home price growth is worth, according to an interesting piece published elsewhere today. We’ve still not hit the bubble rate of home sales of 2006-2007, and while we probably don’t want to, it’s worth keeping some perspective on how good this market actually is.

Existing Home Sales

Read more: 

U.S. home sales notch new post-recession high in July – MarketWatch.

National Association of Realtors Press Release.

Fed Governor on Rate Hikes and Home Prices

Housing starts highest since before Great Recession – MarketWatch

18 Tuesday Aug 2015

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As a logical result of yesterday’s news that the home building industry is confident, today’s headline shows that builders started building more houses last month — more than any time since October 2007. As this graph shows, however, we’re not near that bubble of 2006.

Housing Starts

As this report from MarketWatch states, “The July housing report was not all rosy. Permits for new construction, a sign of future demand, fell 16.3%.” But most of that can be traced to the expiration of government incentives in New York.

Read more: Housing starts highest since before Great Recession – MarketWatch.

For info on the Flagstaff real estate market, visit our website: Flagstaff Homes by The Elite Team At RE/MAX Peak Properties.

Pending Home Sales Climb in April to Highest Level since May 2006

28 Thursday May 2015

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 Pending home sales rose in April for the fourth straight month and reached their highest level in nine years, according to the National Association of Realtors®. The Pending Home Sales Index is a forward-looking market indicator based on contract signings for the sale of existing homes. The PHSI is now 14.0 percent above April last year  — the largest annual increase since September 2012 (15.1 percent). The index has now increased year-over-year for eight consecutive months and is at its highest level since May 2006.

Lawrence Yun, NAR chief economist, says the steady gains in contract activity each month this year highlight the fact that buyer demand is strong. “Realtors® are saying foot traffic remains elevated this spring despite limited — and in some cases severe — inventory shortages in many metro areas…. As a result, home prices are up and accelerating in many markets“

Listen to four minutes and forty-six seconds of Yun analysis here:

Pending Home Sales Climb in April to Highest Level since May 2006 | realtor.org.

To learn about the Flagstaff real estate market, give us a call at 928.714.0001, or start with our Flagstaff real estate website. We are The Elite Team at RE/MAX Peak Properties.

Housing starts surge 20% in April – MarketWatch

19 Tuesday May 2015

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Feel good headlines today about the housing market with the release of April data for new home starts. There was a big surge compared with February and March — not surprisingly given the improved weather.

There is lots of economic and builder-related stock pricing info in this article. But read to the bottom line and here’s what you find:

“Total housing starts remain far below an average pace of about 1.5 million over the 20 years leading up to the housing bubble’s 2006 peak.” via Housing starts surge 20% in April – MarketWatch.

So this report remains consistent with my view that 2015 will not be a bad year for home sales, but it won’t be a banner year either.

To learn more about Flagstaff home sales, contact The Elite Team at RE/MAX Peak Properties.