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HOUSING CRISES TO END IN 2012 AS BANKS LOOSEN CREDIT

Capital Economics expects the housing market crises to end this year.  Here in Flagstaff, our market bottom truly appears to have been reached as sales and activity are booming.  Click to read the article and learn more.  As always, you comments are welcome.  Thanks for reading:
 

WHAT'S UP WITH THE TOWNHOME MARKET IN FLAGSTAFF AZ?

In the market for a nice townhome in Flagstaff AZ? Yesterday, a potential buyer that I showed townhomes to was surprised, almost in disbelief, when I told him that currently there is a total of 38 townhomes available for sale in the entire city of Flagstaff. Included in the 38 homes is the good, bad, and ugly so to speak. This particular individual wanted a mid-priced range 3 bedroom townhome in a good area-something in the range of $200-$250,000 with a garage and decent location. When the client and I sat down in front of the computer and viewed the choices, there were only 8 townhomes in the whole city worth consideration. Fortunately, for this individual he found one to his liking.  Why do I mention this story? I mention it as frequently, potential buyers are somewhat shocked to find out that Flagstaff doesn't have thousands of homes available for sale. As I tell them, Flagstaff is a small city. A big city like Phoenix AZ sells more homes in one month than Flagstaff does in a year. With a small city comes limited inventory and limited options but a lifestyle  beyond compare. 

OBAMA PROPOSES MORTGAGE REFINANCE PLAN TO AID MILLIONS OF HOMEOWNERS

The Obama administration announced its latest plan to help troubled homeowners, enabling an estimated 3.5 million underwater mortgage holders to refinance at today’s historically-low interest rates. However, experts speculate the proposal—which is expected to cost up to $10 billion and would be... paid for by imposing a fee on major banks—could have a difficult time getting Congressional approval. This proposal follows a string of government-initiated programs that have had mixed success, including the Making Homes Affordable Program. The difference is, Obama’s latest plan would assist borrowers with private (non-government backed) loans.
Under the current proposal, to be eligible borrowers must:
Have not missed a mortgage payment in the past six months, and have no more than one late payment in the six months prior;
Have a credit score of 580 or higher;
Have a current mortgage balance within loan limits for FHA-insured loans in their communities; and
The property must be their primary residence. Keep in mind that this proposal still needs congressional approval which may never happen. Time will tell.
 

FLAGSTAFF REAL ESTATE INVENTORY UPDATE

I just ran a check on currently available residential properties for sale in the city of Flagstaff as of February 14th 2012.   Presently, there are a total of 278 residential properties for sale. The number includes condos, town homes, single family homes, and mobile homes. Of this number, there are only 175 single family homes for sale in the entire city. As you will note, there just isn’t much inventory to choose from if you are looking for a regular home.  Lack of inventory and the fact that there are a lot of buyers looking for homes (yes this time of year) has really put pressure on the market to find nice clean homes for sale in good locations. When you take out the foreclosures and short sales, the number is even less. This year most likely will be a tough one if you are looking for that above average single family home.  Time will tell.

FLAGSTAFF'S ARIZONA BOND PROGRAM

If you haven't owned a home in the last three years or you are a first time home buyer, then you will want to be aware of the Arizona Bond Program. This program is designed for buyers who fall into certain income categories and need down payment assistance. Many potential buyers can get into their dream home with as little as $1,000.00 out of their pocket.  This is no gimmick. If you thought that home buying wasn't a possibility for you, give Gregg a call at 928.853.4289 for free, no obligation information.

FLAGSTAFF 2012 RELOCATION GUIDE JUST PUBLISHED

Destination Flagstaff,” the 2011-2012 visitor and relocation guide to Flagstaff has been published. This official Flagstaff Chamber of Commerce guide gives you the low-down on all things Flagstaff – from business and education to arts and leisure. Check it out online at http://www.villageprofile.com/arizona/flagstaff/.

FLAGSTAFF BREWHAHA BEER TASTING EVEN THIS WEEKEND

Flagstaff's  one and only Beer Tasting Event- BrewHaHa-this weekend in Flagstaff.  Proceeds benefit Habitat for Humanity.  Have fun and help the community. Click to learn
more:  www.Flagstaffbrewhaha.com

TECH TRENDS FOR 2012

Tech Trends for 2012. Smart Phones outsell computers, Ultra Books are the new laptops.  Other trends to watch: http://bit.ly/tQqC06

FLAGSTAFF 26TH ANNUAL WINTERFEST

Features more than 100 events including  x-country & downhill skiing, winter sports, ice skating, snow sculpture, snow softball, parade, concerts, theater, art shows, historic tours, workshops & winter star gazing,  Click to learn more about this wonderful event and time of year  http://bit.ly/uqf4Zg

FLAGSTAFF AND ITS VARIED LIFESTYLES

Would you like to know a bit more about Flagstaff and its lifestyles?  Below is a link to a nice video that will give you some insight into our wonderful town and its many facets.  Thanks for viewing.

DEW DOWNTOWN FLAGSTAFF COMING SOON TO HISTORIC DOWNTOWN

Who has heard of this new awesome event called Dew Downtown Flagstaff? Feb 11-12 (in time for V-Day!) http://ht.ly/8NnEB

FIRST FRIDAY ART WALK IN HISTORIC DOWNTOWN FLAGSTAFF

First Friday "Art Walk" is this coming Friday, February 3, 2012 in downtown Flagstaff. This every month event is lots of fun. Come visit historic downtown, walk from shop to shop and enjoy the fun.

FLAGSTAFF REAL ESTATE AND THE MOBILE WEB

Our Flagstaff Technology Group will meet this coming Wednesday, February 1, 8:30 AM at our Russ Lyon Sotheby's Flagstaff office.  This month I would like to discuss "The Mobile Web".  At the meeting, we will review each others websites and discuss what today's consumers want (and Google) when it comes to finding Flagstaff real estate online.  Things are changing rapidly.  Come join us and learn more.  

SHOULD YOU BUY A HOME IN 2012?

Should you buy a Flagstaff home in 2012 of elsewhere for that matter?  Learn what the experts at CNN say and share your thoughts with me.  http://linkd.in/znyTZX

MOBILE REAL ESTATE TRENDS FOR 2012

There is increasing evidence that consumers are more likely to call or email an agent about a listing from a mobile device than from a laptop or desktop computer. Realtor.com, the nation’s largest real estate website, reports that as much as 45% of its weekend traffic comes from mobile users-i.e. Apple iPad, iPhone, Android and other users. This trend will most likely increase exponentially and thus it will be very important for real estate agents and companies to offer high quality mobile websites. These websites will need to focus on property searches, offer photos, mapping, and basic property information while being simple in nature to navigate. I for one, have my website, www.GreggMunson.com optimized to work on most mobile devices. When desktop users type in www.GreggMunson.com, these users get the full version of my website, while mobile users can type the same URL into his or her web browser and get a mobile optimized version of the website. It’s quick, clean and simple to use. I am quite confident that from 2012 on, mobile devices will dominate and eventually replace desktop and laptop usage for the most part. I am curious as to your thoughts. Please don’t hesitate to share them. Thanks for reading.

NEW SMART PHONE WEBSITE FOR FLAGSTAFF REAL ESTATE

Hi All: As we know, just about everyone is using his or her Smart Phone for getting everything from social media to the latest news and weather. In the past, lagging a bit has been finding real estate via a good Smart Phone (mobile) website.  Rest assured that’s no longer the case. As it pertains to finding Flagstaff and Northern Arizona real estate, I am pleased to introduce my new mobile website, www.GreggMunson.com. (This is my regular website which automatically converts to a mobile version via your phone’s web browser). Via my user friendly website, you can search ALL Northern Arizona real estate listings for ALL companies. This website is extremely easy to use and offers everything from multiple photos, satellite mapping, school info, and social media, to an appointment app and much more. I hope you will take a minute, visit my website and let me know your thoughts. I think you will be very pleased. In the meantime, have a great week. As always, your comments and suggestions are welcome.

Warmest Regards

Gregg Munson

NEW GOVERNMENT PROGRAM ALLOWING INVESTORS TO BUY FORECLOSURES IN BULK

There is a new government program coming which will allow private investors to buy foreclosures in bulk and turn them into rentals.  Government statistics show mounting foreclosures coming and part of the solution to absorb this new inventory is this new program.  Although Flagstaff has a relatively small inventory of foreclosures compared to big cities, this program may benefit our local Flagstaff real estate market and the markets in general.  What are your thoughts?  Click to read more about the program:  http://yhoo.it/yVAbeM

2012 PREDICTIONS FOR THE FLAGSTAFF REAL ESTATE MARKET

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1. 2012 will be the start of the housing recovery: Flagstaff real estate numbers for the last quarter or so have shown positive results with non-distressed homes selling far better than distressed homes. Buyers are out there looking for good homes to buy. I have been seeing buyers in record numbers for this time of year.

2. Banks will start lending again: And not just to people with good credit. After 5 years of foreclosures and short sales, banks will strategize that there are millions of Americans with jobs, good income and, except for that that upside down mortgage, an otherwise good credit history. There will be reform in the banking industry that will affect who and how banks lend that will include those that experienced a foreclosure or a short sale.

3. Flagstaff homes will see positive price increases in 2012: Many of our neighborhoods are already experiencing modest increases in pricing. There will still be some price declines where lower end homes in poor condition are on the market via REO agents.

4. Land will heat up: Land sales have been dead for years as the cost to buy land and build is too high compared to the choices offered in the resale market. As the economy improves buyers desiring a new home will be forced to buy land and build. Land prices won’t go up much but land/lot inventory will start to turn.do with consumer confidence.  The increase in activity we are experiencing is being buoyed along by stronger than usual consumer confidence in the overall marketplace.  Gas and oil prices are stable.  Unemployment figures are improving.  The stock market is becoming more predictable and overseas markets seem to have stabilized as well. These are all factors that make people feel better about the overall economy and will cause them to spend again.  Need more evidence?  Holiday Sales for 2011 were up 16% over last year.  Americans are tired of feeling poor.

 

6.       Baby Boomers will buy real estate again:  Pre-boom, (pardon the pun) the Baby Boomers were going to retire earlier, richer and look to buy lots and lots of real estate.  The housing crash and poor economy delayed the onslaught, but they are still out there.  Maybe not as rich, maybe not as young, but still there.

7.       Interest rates will remain exceptionally low:  It’s an election year.  Interest rates of every variety will be stable throughout 2012.  But, they have do have to go up eventually.  Buyers need to take advantage of these historically low rates soon.

3 TIPS TO ACHIEVE TOP $ FOR YOUR FLAGSTAFF HOME

Noted below is a link to a great article provided by Inman News.  This article discusses the advantages and additional value a seller will receive if he/she stages and/or cleans up the home for showings.  For years I have advised my Flagstaff home sellers to get their home in the best shape possible in order to achieve top dollar.  Please take a minute to read this article and let me know your thoughts.  Thanks for reading. http://linkd.in/rBoDiG

FLAGSTAFF ONE OF THE 10 BEST PLACES TO RETIRE IN 2012

Pleasant year-round weather: Flagstaff, Ariz.

Flagstaff's  high altitude and low humidity generally lead to a
pleasant four-season  climate throughout most of the year. To select a
place with great  year-round weather, we used National Oceanic and
Atmospheric  Administration data to find places with the most sunny
days. Among the  sunniest cities, we looked for places where the
temperature seldom rises  above 90 degrees. The sun shines in Flagstaff
an average of 78 percent  of the year, according to NOAA data, but
unlike most other sunny  climates, the temperature only rises above 90
degrees an average of  three days per year. Flagstaff can receive a
significant amount of snow  in the winter, but the prolific sunshine
often quickly melts  accumulation. "There is a lot of sunshine and no
extremes of  temperature," says Karen Haskins, 71, a retiree who moved
to Flagstaff  from Amherst, N.H., in 2007. "Summer and early fall are
really pleasant.  Winters are cold and you do get snow, but because of
the intensity of  the sun, it melts quickly."

[In Pictures: The 10 Best Places to Retire in 2012.]

SMART PHONE AND TABLET USEAGE CONSUMER'S PREFERRED METHOD TO OBTAIN INFORMATION

According to a recent report, 65% of individuals use Smart Phones and/or Tablets to get the news and other items of importance.  Only 45% of individuals use print media such as newspapers and magazines.  In my own business, I have found that myself and most of my clients fit into this mold.  Particularly when it comes to real estate searches for Flagstaff real estate, Flagstaff homes, Flagstaff land or other real estate searches outside of the Flagstaff area.  This trend is expected to continue and the unfortunate recipients of this trend will be the print media who will fall by the wayside.

NOVEMBER FLAGSTAFF REAL ESTATE SALES CONTINUE TO SHOW A STABILIZING MARKET AND SLIGHT UPTICK IN VALUATIONS

Regular single family home sales (not short sales or bank owned properties) have dominated the market since mid-year with November sales accounting for approximately 63% of the market.  The average sales price for a regular single family Flagstaff home is up a bit since mid-year.  In addition, the dollars per square foot for all homes sold has been relatively flat since mid-year but up somewhat in the 4th quarter. The days on market for all homes have been relatively stable throughout 2010 with short sale DOM improving somewhat.  Distress sales have declined in the 3rd and 4th quarters and overall sales year to date are up 8% since the same time last year.   Let’s hope this trend continues and improves. http://bit.ly/sCzXFi

FLAGSTAFF TECH GROUP MEETS DECEMBER 7TH 2011

The Flagstaff Technology Group will meet at our Russ Lyon Sotheby's office next Wednesday, December 7, 2011 at 8:15 AM.   Topics will include a demonstration of the new Coconino County GIS website, Gregg's Online Relocation Package, Chris' Google Goodies, and who knows what else. If you are a Tech Pro and want to share give me a call as we'd love to have you in the group.  The group is not just for real estate agents, it's for all persons interested in staying abreast of the latest in technology and related issues.  

4% INTEREST RATES AVAILABLE TO PURCHASE YOUR FLAGSTAFF HOME

Yes, 4% 30 year fixed rate financing is still available for purchasing your Flagstaff home.  As you might expect, good credit and a down payment is required; but the good news is financing at this incredible rate can be obtained.  No big deal you say.  Well just for comparative purposes, let's say you need a $200,000 30 year fixed rate loan.  At 6% the payment for principal and interest only will be $1199.10.  That same loan at 4% equals a payment of $954.83.  To put it another way,  $1199.10 with 4% financing will get you $251,165 in purchasing power.  In my opinion, that's a big deal.  Thanks for reading.  Let me know your thoughts.    

BUSINESS INSIDER MAGAZINE CLAIMING FLAGSTAFF REAL ESTATE WILL BOOM

Business Insider magazine tagged Flagstaff as one of the best housing markets for the next five years. Has the bottom of the Flagstaff housing market finally arrived?  The housing statistics seem to indicate so.  Click to read the article and let me know your thoughts.  Thanks for reading.   http://bit.ly/uwOC9K