Flagstaff Real Estate - News, Market Reports and Humor

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.

Not to be Negative, but bringing out the old really $#!@!

It started out on a great note. The escrow I had open, and which had been struggling along for months, looked like it would close! With final documents (not loan docs) being rushed around for signatures, my Buyers were hopeful that in the first week of January they would have their beautiful little Flagstaff home with the great views of the trees.

Rewind. We had started in September. These buyers, like many others, were looking for their dream second home - the beautiful cabin in the trees for under $200,000.

If you don't know the Flagstaff market (and most people on the planet do not), that dream is almost a pipe dream, in some instances a fantasy.

Flagstaff is unique in Arizona. We are at 7000 feet, at the base of a mountain, surrounded by the world's largest (I think) Ponderosa Pine Forest. We are a treed oasis in the high-desert, complete with four seasons, temperate summers, and plenty of outdoor fun. We also have a great hospital, a university and community college, and are on the road for everybody coming from the East and South to go to the Grand Canyon.

What I mean is that Flagstaff is special and knows it, and therefore is not cheap. And we haven't crashedlike many larger markets. Finding something for under $200,000 that doesn't make you want to bring out the smelling salts is not often easy. (Affordable Flagstaff)

So, my buyers have a $208,000 escrow on a home in the trees that is in really good condition! A dream come true! We are ecstatic!

Except that right in the middle of the escrow, the banks changed all the rules, and from one day to the next they became un qualified for their loan. Except for the fact that the sellers are very elderly, do not "do" fax or email, and are used to being able to be stubborn rather than follow contractual law.

Yesterday, as it looked like we had survived these land mines, I approaced Phoenix, AZ for my New Years Eve party at about 4:45 PM. I received the call that I hope signifies the end of all horrible surprises of 2008. "If we can't close today, the Sellers don't want to sell".

Without boring you with the rest of the details, let's just say that for the next two hours and multiple phonecalls with Realtors, Lenders, Buyers and my Broker, the strategy was in place, the emails sent, and I was finally able to start bidding adieu to 2008.

We don't know what will happen with this escrow, but I do know that as of today, I'm giving strict instructions to the Universe that these types of surprises are no longer welcome, or acceptable! In 2009 we want all great things to come easy!

 

HAPPY NEW YEAR!

Eileen

Resolutions of a Flagstaff Realtor for 2009

 

Where else but Flagstaff?  A Pine Cone Drop to bring in the New Year!

In the year 2009.....

1. I will learn from my dogs and play exuberantly at least once a day.
2. I will continue to NEVER watch the local, regional or national news.
3. I will always remember that even if I need to redefine my idea of success, I can always achieve success.
4. I will remember each day that enjoying life and what I do is the best recipe for success.
5. I will continue to grow my love for Flagstaff, AZ, and especially for all of the cool outdoor and athletic activities that make Flagstaff so special (check out www.FlagstaffAthletics.com)
6. I will learn from my dogs and remember that I can be happy in any moment, regardless of what happened the moment before.
7. I will always remember that there is Plan B:  Move to Phoenix, become an executive assistant, and wear tight skirts and pantyhose.
8. I will think of Plan B every day as a way to motivate me harder within Plan A.
9. I will consider giving up being a Blog-A-Holic if my life becomes unmanageable.
10. I will remember that one day, I may actually work for money!

      This is how to have fun in a snowy, Flagstaff Winter.

For The Best Flagstaff Real Estate Website, www.TheFlagstaffWebsite.com

Friday December 5 Flagstaff Listing Stats

New Listings	9
Back on Market	2
Price Increases	2
Price Reductions	9
Contingents	3
Pendings	0
Solds	2
Expireds	3
Inactives	5

Flagstaff Market Trends - To October 2008

Flagstaff Arizona Market Trends - Three Year Comparison  

Year	Average Sales Price (add all prices, divide by number sold)	Median Price (the midpoint between the lowest and highest price)	Average Days on Market	Units sold annually or to date	% Change in median price from 2006 (highest)
2006	$458,116	$392,500	91	528	High
2007	$436,511	$375,000	108	479	-4.4%
Through October 2008	$415,083	$359,500	120	334 YTD	-8.40%

Please remember that Market Trends do not provide you with specific information relevant to YOUR property.  Values differe according to your property's age, location, size, lot size and amenities.

For reports specific to your home and neighborhood, email eileen at eschreiber@russlyon.com

**All data is taken from the Northern Arizona Multiple Listing Service