Flagstaff Real Estate - News, Market Reports and Humor

Flagstaff Real Estate - "What's the market like up there"?

  Shooting from the Hip at 7000 feet.

Interested people like to shoot me the question - "so, what's the market doing up there?"

The people who ask down there are, for the most part, residents of Phoenix or Tuscon, buyers or sellers who have experienced unprecedented downturns in their own real estate markets over the past two years.

Their motivation for asking comes from one of two diametrically opposed interests.

Either they own a home in Flagstaff and want to know if they can still claim the price they wanted in 05 or 06, or they are interested in buying and, being smart, want to find the best, screaming deal, preferrably paying no more than one dollar more than if they could steal it.

In order to answer this question for everyone, whether "down there" or a resident of Flagstaff, I am introducing......

    

Click above for Flagstaff's Daily Market Report

 

The Daily Market report will be updated (almost) daily and allow you to track the number of single family, townhome, condo and manufactured homes sold, the average price and the price per square foot.  I will include weekly and monthly summaries.  The guessing is over!

A brief explanation of the Flagstaff Market.

Unlike the larger cities in Arizona and the Southwest that experienced massive developer-based growth, Flagstaff's relatively small size inhibited that kind of expansion.  The good news is that we also are not experiencing "that" kind of contraction - Developers who need to dump large amounts of inventory, or a disproportionate number of investors who can't afford their investment properties and need to short sale or foreclose.

Flagstaff is also unique to Arizona.  At 7000' we enjoy the natural beauty of a mountain town with the amenities of urban life, including an excellent hospital/medical system, and Northern Arizona University and Coconino Community Colleges.  We are an active population motivated to golf, hike, bike, walk, climb, do yoga, run, play tennis and ski. We are a haven for Valley residents who need to beat the summer heat, and a laid back but diverse community for full time residents. In short, we are a mountained boutique market in the high desert terrain of Arizona.

Remember, market reports are only snapshots.  For personal reports that reflect YOUR property or YOUR neighborhood, please email me at eschreiber@russlyon.com or call me at 928 226 7150.  I answer my phone.

For the best Flagstaff Real Estate Site, www.TheFlagstaffWebsite.com.  !

 

Facebook - of all things - Saves the Day!

It's been very smooth sailing for my First Time Homebuyer.  We found him and his wife a great home they can afford, and from the minute we presented the offer, we have all felt - "ahhh, this is one of those that is meant to be!"  Our offer was accepted, he qualified easily for his VA Loan, inspection went well... home free!

When you think you have experienced all the glitches, a new one rears it's head. It's been almost three weeks and the VA could NOT get an appraiser to accept the assignment! Two appraisers down....

The clock is ticking. We are a bit on edge. But oh joy.  The third appraiser said yes, we can breathe again.

Day One. Day Two.  Day Three.  The appraiser does not call to make an appointment.  The VA tells the lenders that the property has been assigned. 

 

Day Four.

I used to be an appraiser and I know there are precious few qualified for VA Appraisals. I called the Lender and asked, "In an off-chance, is the Appraiser Jane Doe?"  YES!  She's the one who apparently has accepted the assignment.

Well  hush my puppies, that is my old boss.  As a Realtor I know I am not allowed to speak to appraisers about home values, but nothing stops me from asking her WHY SHE ISN'T MAKING THE APPOINTMENT!!!

Hmm. That old phone number doesn't work.  Maybe she changed her company name, I can't find anything close to her name and address in the phone book.  The phone number on the order form also doesn't work and there is no email address.  ????

My Buyers are getting close to panic.

OMG. Isn't she a Friend of mine on Facebook?  FACEBOOK?  And lo and behold, she is.  In one swift little internet move I find her profile which has her email address and contact her.  She responds right away and we soon discover there is a problem with the VA Portal. Thirteen telephone conversations and 26 emails later, Problem Solved!

While I use Facebook mostly for fun, this was a happy way that Facebook actually saved a deal and allowed my Buyers to start breathing again.  I know they are grateful for that.

Yipppeee!

Flagstaff Arizona First Quarter of 2009 - The Stats are In!

2009 First Quarter Flagstaff Real Estate Results!

FIRST QUARTER 2009 - The average price of residential sales (homes, townhomes, condos, manufactureds) was $337,000, with a total of 139 units sold in the first quarter. The average price per sf. is $174.00.  In the first quarter of 2008, 69 units sold.

Interpretation? While it is still very much a Buyer's Market in Flagstaff, and while inventory remains high, average price and sales volume are higher this quarter than the first quarter of 2008.

Even with the rise of bank-owned sales and short sales, Flagstaff prices are not dropping to the drastically lower levels experienced in Phoenix and other larger cities. This is because of Flagstaff's special qualities (altitude, location, amenities, second-home market), and because Banks price their homes as close to market value as possible and given high demand, are not motivated to drop prices, unless the home has more serious problems that make it unattractive to almost any buyer.

Personally, I am excited to report a wave of Buyer activity, mostly with first time home buyers or second home buyers looking for a Flagstaff properties at $250,000 and below.  Fabulous interest rates, lower prices, the $8,000.00 tax credit for first time homebuyers and what seems to be more confidence in the economy are prompting buyers to submit offers and close deals!

View the Flagstaff Daily Market Report at www.TheFlagstaffWebsite.com. Updated (almost) daily with easy weekly and monthly comparisons, you can be your own Flagstaff Market Expert!

And remember, when deciding on the correct sale or offer price, it is important to look at the statistics in your specific Flagstaff neighborhood, and consider every aspect of your home. For focused, personalized reports for your property, call or email Eileen.

Positive Surprises for a First Time Buyer in Flagstaff, Arizona even during tough times.

My first-time Home Buyer is the type who, within weeks of searching for her home,  knew more about the market than I did.  Each night after her two boys were in bed, she sat at her computer researching EVERYTHING about Flagstaff, Arizona properties.  She made lists of townhomes, single family homes and manufactureds.  She had plus and minus columns.  She met with her lender and found out about every first time homebuyer program.  When that lender didn't give her excellent service, she switched to one who did.

So, I love her.

We have spent months together trying to find the one, affordable home in Flagstaff that made her heart sing. Her husband said - if you like it honey, I love it.  We have wanted her to like it.  It's been tough and often disappointing.

Then we found it.  Just perfect. The one!  Great shape, wonderful loving touches.. home.

We offered, they countered, we accepted.  What an absolutely happy time!  After months of searching, many disappointing moments and exhaustion, THE ONE!

And then, the appraisal. We knew the appraisal was going to be tight, and we all believed we would have to regroup to make it work.  But in the end, I could see that the Sellers would not be able to do it.  If they sold at appraisal, we would have to go into a short sale.  We had no time.

I couldn't bear the thought of my beautiful first timer losing this house. It was one of those nights where you go to sleep with a knot in the pit of your stomach, dreading the inevitable conversation you must have in the morning.  There was no way to avoid it.  Ugh.

In the early morning I checked the MLS.  And there it was.  A BIGGER and NEWER home offered at the same price as the one that was about to slip through our fingers.  Could this be true?

Rather than call my sweet client with only bad news, I was able to say - Hey, OK, this one isn't going to work but let's see this other one today, what time can you make it?  She was so overwhelmed and confused that she just followed my lead.  In a rush to make an unexpected home viewing, she didn't truly have time to process that she just lost her dream home.

This truly is a happy ending. 

She loved it, we offered, they accepted without a counter, we are in escrow and there will be no problem with the appraisal.  This home is 400 sf bigger than the last! 

We are all shaking our heads with happy disbelief at the perfect timing of this journey.  With so much gloom and doom, hardship and negativity trying to infilitrate our lives (so it seems), it's wonderful to know first hand that there is opportunity for positive, marvellous and seemingly miraculous surprises.

 

For Flagstaff Arizona Properties by Neighborhood, Price, or Golf Community

February Flagstaff Real Estate Market Stats are in!

With our economy in flux and the eyes and ears of our nation, and other nations, tuned in to multiple indicators of national economic health, local statistics are more important than ever. 

What, exactly, is happening where I live? 

The Flagstaff Daily Market Reportanswers that question on an (almost) daily basis for our slice of Paradise, Flagstaff Arizona.  These monthly market reviews help us stay educated about local trends and enable us to make our best decisions: Is it time for ME, personally to buy or sell? 

According to data taken from the Northern Arizona MLS, which does not include sale by Owners, in February 2009:

We sold 39 homes; the average price was $290,000; and the average price/sf was $171.00

From January to February, the number of sales increased by 1, the average price of sales declined by 16 percent.  The average price/sf declined by 1.7 percent.

Interpretation?

Looking at averages is only a snapshot and can be misleading.

Sales were reported on 15 days out of the month of February.

Of those 15 days, on SIX days, average sale prices were $345,000 and above, and on THREE days, average sales prices were $300,000 and above.

So, on NINE out of FIFTEEN days, the average sales price in Flagstaff was above $300,000

On SIX days, average sales prices were below $300,000, with lower prices bringing the entire average down to $290,000.

The Economic Stimulus helps Flagstaff

The new Economic Stimulus contains provisions aimed at helping the First Time Homebuyer above all, and also Buyers qualified for FHA Loans. 

Coconino County is considered a high cost area, meaning our FHA loan limits are increased to $450,000.  This is great news for Flagstaff.  FHA loans allow buyers to purchase with lower downpayments.  When homes are still averaging in the $300,00 range, this enables qualified buyers to purchase with approximately $10,000 as a downpayment instead of the minimum of $30,000 needed for most conventional loans.

FHA loans are often considered loans ONLY for first time homebuyers.  THIS IS NOT TRUE.  It does not matter how many homes you have owned.  Ask your lender for specifics!

Flagstaff's Selling Season

Spring and Summer are traditionally considered Flagstaff's high selling season.  This is because we are a vibrant second home market.  As the temperatures start to boil in Phoenix, buyers look to the north for a good investment that enables a higher quality of life. 

We will keep our eyes tuned to the Flagstaff Daily Market Reportfor (almost) daily and weekly updates, to observe how lower prices, provisions of the economic stimulus, and the onset of our busier selling season evolves.

For market reports that focus on YOUR home and YOUR neigborhood, please email or call me! 

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