Flagstaff Real Estate Update

Jeff Ross * Renee Gaun Your 1st Choice in Real Estate® Your Team for Success 928-607-5556  Jeff Jeff@AllFlagstaffHomes.com 928-606-6232 Renee Homes@ReneeGaun.com www.AllFlagstaffHomes.com   15 E. Cherry Ave Flagstaff, AZ. 86001

I hope all is well with you and the family during these tough Covid times. It does look like there may be light at the end of the tunnel, now how fast will that train be as we travel to that light:) In the meantime, please be safe. You may have noticed the header to this email has changed! Yes, Renee with all her experience and being in the top 10% of all agents in Home Sales over the past 5 years, has moved over to our office. She and I will be teaming together over the next 2 plus years as I slowly transition out of Real Estate toward the end of 2023. No worries though, over this time we will be melding our two businesses so we can better help you with your Real Estate needs. My email and phone number will remain the same along with adding her contact info. Here is something from Renee; I am honored to be working with Jeff and joining the team at Realty Executives of Flagstaff.  As a Flagstaff native I have a deep connection to the area and its community.  I am so grateful to be raising my children in a place where you are surrounded by wonderful people and just about any outdoor activity you can dream of.  Since starting my career in Real Estate 5 years ago, I have successfully taken on different roles and have a comprehensive understanding of the home buying and selling process from start to finish. Let us be your knowledge of the area and please always feel free to reach out if you need anything!

Some Top Notes in our Current Real Estate Market.

• Inventory or Active Available Homes on the market continue to be all time record lows.
  • In the General Flagstaff area, we have only 62 homes of all types on the market (Active) as I write this.
    • This should be close to 300 to 500  homes including Single Family, Condo, Townhome, or Manufactured homes.
• Interest Rates are still at record lows
  • Allowing Buyers to have even great purchasing power
  • This is continued to remain this way through the year
• Homes Sales in our Market Area
  • Sales down 4.9% for January
  • Homes coming to the market down 11.7%
• Home prices are on the rise
  • Though way too early to tell how much.
  • The early figures are skewed because we have a very limited number of homes in the lower price ranges on the market, thus more higher end are selling, skewing the median price numbers.
• Are we in a Housing Bubble?
  • Doubtful, here is an article recently purblished in USA Today

What does this all mean:

We expect this trend to remain through the Spring and early Summer.

• As a Seller
  • Good time to sell if you have a second home and you find you are not using it as much.
    • Not sure there could be a better time
  • With that said, if you are looking to relocate (Upsize or Downsize) here in Flagstaff, we should discuss. Since finding you that replacement home may be a challenge, unless you have someplace to stay after selling your home, while looking for that replacement.
  • If you are not considering selling, have you checked your current mortgage rate to todays rates for refinancing?
• As a Buyer
  • Patience, is the key word.
    • Hang-in there, as you do your searches.
    • There will be multiple offers on most homes
    • These are unprecedented times
  • Stay Focused, Stay Grounded.
    • Stay focused on your needs and goals.
      • We are starting to see Buyers straying from their goals, sometimes in major ways.
        • For instance
          • Looking in areas they have never been interested in
          • Looking at homes that do not fit their needs
          • Looking outside their price ranges
  • There are ways to compete in this market and some important ways to structure your offer to help move to the top of the pile.
    • Call me and we can discuss what you can do, while still staying within goals.

Our Ask to you....

Sellers;
Please reach out if you or anyone you know is thinking of putting your or their home up for sale. We can do an market analysis at no cost, giving you an estimated value of your home today. Along with discussing if this is the right time for you and your families based on your family circumstances.

Buyers;
Be patient, stay focused! and please reach out with questions. As mentioned above, our job will be to keep the search focused on what you stated your needs were at the onset of the search.
In todays market we may be telling you 'no, that is not the right home', more then ever, about a home you have an interest in.
Why?, because the home you may be asking about is so far outside our original discussions and needs that you and your family stated you were looking for. You may be grabbing at straws that would not be in the best interest of you and your family. 

About the Authors:

Jeff Ross * Renee Gaun Your 1st Choice in Real Estate® Your Team for Success 928-607-5556  Jeff Jeff@AllFlagstaffHomes.com 928-606-6232 Renee Homes@ReneeGaun.com www.AllFlagstaffHomes.com   15 E. Cherry Ave Flagstaff, AZ. 86001