Are you looking for a Cabin In The Woods. It's that time of year when the deserts are hot and the mountains are cool. I have picked the best of the best cabins for those looking for a mountain retreat. Click the link to view these great homes and contact me for more information and a showing. Thanks for viewing: View Listings
Gregg Munson, Associate Broker
Phone: 928.853.4289 | Email Gregg@GreggMunson.com
FLAGSTAFF'S BEST OF THE BEST CABINS IN THE WOODS FOR SALE
WHAT NOT TO DO WHEN YOU LIST YOUR FLAGSTAFF HOME FOR SALE
The first day your home hits the MLS is the most important
day to let the world know your Flagstaff home is now on the market. Our local Flagstaff MLS has what’s called a “Create Hot Sheet Search” and it’s the way
real estate agents check out the hot new listings. Like most
agents, I am constantly checking the MLS for listings that meet my client’s
needs. When a great new listing comes
up, I promptly and excitedly email the listing to my clients with a note saying
this is a home we need to view. Of course, if the listing has zero to 1 photo,
obviously, there is no point in letting a good client know about such a
listing. We all know that a picture says
a thousand words, thus photos, and lots of them are THE MOST IMPORTANT WAY TO
LET THE WORLD KNOW THAT YOUR FLAGSTAFF HOME IS FOR SALE. Without photos, few if anyone will look at a
listing. And if photos are added a day
or more later, the marketing edge is all but gone. Click the following link to see an example
of very poor marketing: View Listings. What’s
sad about such marketing is that the average Seller assumes his or her real
estate agent will put forth their best effort to professionally market the
listing. All too often, the home is
poorly marketed because the real estate agent won’t spend the money for
professional photograph y or at least, buy a decent camera and LEARN HOW TO
SHOOT QUALITY PHOTOS. In sum, if you
are not getting the amount of showings you would like, take a look at your
listing online and ask yourself if you can get excited about what you see. If there are very few photos, or overly dark
photos and photos show rooms which appear to be bowed out on the sides, or a
photo which shows a garage door as the only front view of your home, perhaps it
time to call your Flagstaff real estate agent and have a talk. After all, for most of us, our home is our
most important investment and poor marketing is money lost. Thanks for reading. As always, your comments are welcome.
BANK OF AMERICA OFFERS CASH INCENTIVES TO SHORT SELLERS
Bank of America says it will provide up to $30,000 in relocation assistance to delinquent borrowers who work with the bank to obtain a preapproved short-sale price before submitting purchase offers. Read read the full article: http://bit.ly/Kuq8NJ
MAY 16th 2012 FLAGSTAFF REAL ESTATE MARKET SNAPSHOT
Flagstaff's Median Price has risen from
$324,842 in April to $329,854 as of May 16th 2012.
Inventory is relatively unchanged from 487
single family homes in April to 500 as of today.
single family homes in April to 500 as of today.
Median price per square foot is virtually
unchanged from $150 psf to $149 psf.
Average Days on Market (DOM) is down from 235
to 229 DOM. The primary reason for the
lengthy DOM numbers is due to the short sale process which can take months to
obtain approval thereby increasing the DOM figure and the overall market. Stay tuned for my regular market updates. Thanks for reading.
FLAGSTAFF GOLF COMMUNITY HOMES FOR SALE
It's that time of year when the temps soar in the desert areas and the desert dwellers come to Flagstaff looking for relief from the relentless heat. For those in the market for a gated golf community, click on the following link to view ALL listed Flagstaff homes for sale in Forest Highlands, Pine Canyon and Flagstaff Ranch. I am ready to assist with your home search when you are ready. Cheers, Gregg. http://bit.ly/J5ng3S
REAL ESTATE MARKET UPDATE
More evidence of the Flagstaff real estate market stabilization and the general market in the US: as of March, Realtor.com
put the median list price of homes up 5.56% for the year.
The NAR's chief economist offered, "The housing market has clearly turned
the corner. Rising sales are bringing down inventory and creating much more
balanced conditions around the country, which means home prices will be rising
in more areas as the year progresses." The
NAR forecasts existing home sales UP nearly 10% for 2012, to 4.68 million
units.
put the median list price of homes up 5.56% for the year.
The NAR's chief economist offered, "The housing market has clearly turned
the corner. Rising sales are bringing down inventory and creating much more
balanced conditions around the country, which means home prices will be rising
in more areas as the year progresses." The
NAR forecasts existing home sales UP nearly 10% for 2012, to 4.68 million
units.
VIEW THE CURRENT AND 200 YEAR HISTORY OF MORTAGE RATES
Thanks to Wallick & Volk for providing these accurate and helpful Interest Rate Charts which should help in the decision process.
Historical 30 Year Fixed Rate Mortgage Chart: http://bit.ly/JgX7AU
200 Year Historical 30 Year Fixed Rate Mortgage Rate Chart: http://bit.ly/Ju196O
Rent Versus Buy Chart: http://bit.ly/IMsilG
Home Price Versus Payment Chart: http://bit.ly/K47Yiw
FLAGSTAFF'S FIRST FRIDAY ART WALK MAY 4TH 2012
The First Friday ArtWalk is one of Northern Arizona's premier
arts events. Each month, art galleries and businesses in historic Downtown
Flagstaff open their doors with special art exhibitions, performances, live
music, treats and much much more. Click here to learn more about this monthly Flagstaff event. http://FlagstaffArtWalk.com
arts events. Each month, art galleries and businesses in historic Downtown
Flagstaff open their doors with special art exhibitions, performances, live
music, treats and much much more. Click here to learn more about this monthly Flagstaff event. http://FlagstaffArtWalk.com
APRIL 26 2012 FLAGSTAFF MARKET UPDATE
Click the following link for a quick Flagstaff Real Estate Market Update. http://bit.ly/GJgwvK
RECOVERY UNDERWAY FOR NEW HOME BUILDING
INFO THAT HITS US WHERE WE LIVE... People say home
building can't recover any time soon. Yet the signs continue to mount that a
recovery is underway. Off 5.8% for March, Housing Starts are up 10.3%
from a year ago, to a 654,000 unit annual rate. The monthly drop came
from volatile multi-family starts, while single-family units were down only
0.2%. And the number of homes under construction was up for the seventh
month in a row! Even Building Permits are up 30.1% versus a year
ago. It's early in the home building recovery, but some are saying we
could get to 1.5 million units by 2016.
More signs the housing market is recovering slowly but surely came with March
Existing Home Sales. Although off 2.6% for the month, at 4.48 million units,
they're up 5.2% over a year ago. In addition, the median price
rose in March to $163,800 and is up 2.5% over a year ago, while the months'
supply of inventory stayed at 6.3. Frankly, no one expects a big bump in
home sales soon, but the market is definitely beginning to heal, as it's
obviously a great time to buy.
building can't recover any time soon. Yet the signs continue to mount that a
recovery is underway. Off 5.8% for March, Housing Starts are up 10.3%
from a year ago, to a 654,000 unit annual rate. The monthly drop came
from volatile multi-family starts, while single-family units were down only
0.2%. And the number of homes under construction was up for the seventh
month in a row! Even Building Permits are up 30.1% versus a year
ago. It's early in the home building recovery, but some are saying we
could get to 1.5 million units by 2016.
More signs the housing market is recovering slowly but surely came with March
Existing Home Sales. Although off 2.6% for the month, at 4.48 million units,
they're up 5.2% over a year ago. In addition, the median price
rose in March to $163,800 and is up 2.5% over a year ago, while the months'
supply of inventory stayed at 6.3. Frankly, no one expects a big bump in
home sales soon, but the market is definitely beginning to heal, as it's
obviously a great time to buy.
Are You Looking for Energy Savings in All the Wrong Places?
So you think you are saving energy but your bills keep going up. Read this great article for clues on what you are doing wrong and what you can do right. Cheers and thanks for reading.
AVERAGE FLAGSTAFF PRICES CAN BE DECEIVING
So what should you expect to pay for a Flagstaff home during
2012? If you read my report from a few
days ago, you would have noticed that the average price per square foot for a
single family home in Flagstaff* during the first quarter of 2012 was $134
psf. Does this mean that you should be able
purchase a luxury home in Pine Canyon or Forest Highlands for $134psf? Obviously not. My point here is the say that averages can be deceiving. Yes, it’s true that the average price per
square foot for the first quarter of 2012 was $134. But, it’s important to note
that this average is made up of Flagstaff non-distressed homes, bank owned
homes and short sale homes. Each of
these property types has its own average price per square foot; i.e. bank owned
homes sold on average for $110psf, and rightly so, as most bank owned homes are
in rough shape. Flagstaff Short Sale
homes sold on average for $122psf. And finally, a regular non-distressed
Flagstaff home sold on average for $151psf. Always keep in mind that even the
average price per square foot for each of these property types will vary
depending upon the property condition, location, time on the market, and other
factors. Will these average prices per
square foot vary this year? In all
likelihood they will and my guess is that there will be pressure to the
upside. Time will tell. In the meantime, if you are thinking of
purchasing in Flagstaff, please consider allowing me and my team to be of
service. I will be happy to show you
homes, prepare a through market price analysis and negotiate on your
behalf. As always, thank for
reading. Your comments are always welcome.
Cheers
Gregg Munson
*A Single family Flagstaff home is
defined as a home in zip codes 86001 & 86004: Town homes, condos, & mobile/manufactured
homes are excluded from this valuation and are other areas.
FLAGSTAFF NEW CONSTRUCTION
As of today, April 12, 2012 there are 444 residentail properties for sale in Flagstaff (defined as 86001 and 86004 zip codes). Of this 444 properties, there are 34 new construction opportunities available or approximaelty 7% of our inventory. The number of new homes to be built has climbed dramatically versus previous years. If you are thinking of exploring a newly constructed home whether it be on the list below or a custom built home, please contact me for help with finding the best builders and site locations. It will cost you nothing; I know the builders with the best reputation for quality and honesty. I am here to help. Please click the link below to get an idea of what costs are and contact me for help.
Cheers
Gregg
FIRST QUARTER FLAGSTAFF REAL ESTATE MARKET UPDATE
First quarter Flagstaff real estate sales in the single family home market showed real signs of strength with increased year over year sales and higher prices. March sales were comparable
to last year and up 54% from 2010. Average sales prices for non-distressed homes are up 9.7% over last quarter and 21.3% over the first quarter of 2011. The average sales price per square foot is stable at approximately $134 per square foot and has remained so for well over
a year. The average days on market is highly affected by sale type; however, the gap in days on market between sale types is narrowing adding even more credence to a more stable market. All in all, we are seeing very convincing signs that the market has bottomed and prices are beginning to rebound. Have a happy April everyone.
Gregg Munson
ONLY 14 BANK OWNED HOMES FOR SALE IN FLAGSTAFF
Yesterday I received a referral from a Scottsdale AZ real estate agent who has a buyer looking for a summer home in Flagstaff. I gladly accepted the referral and then contacted the referral to get an idea of the type of summer home he was looking for. Shortly into the conversation and after informing the potential buyer that our Flagstaff real estate bank owned inventory was quite low and that finding what he was looking for would be difficult, the buyer got a bit upset. To paraphrase what he said, he stated that with the real estate market being the worst in history, there should be an abundance of bank owned homes for sale and deals of a lifetime. When I politely informed him that as of today, there is a total of 14 bank owned homes for sale in the city of Flagstaff most of which were lower end and not the custom home with great views at the unbelievable price he was looking for, he said that he felt he needed to find another real estate agent. Well, I must admit that I can’t blame him. Logic would dictate that there should be an abundance of such Flagstaff homes for sale. Nonetheless, there are not and this year appears to be a year where we will have low inventory. The lesson learned here is that the truth can sometimes cost you business. Such is life but I will continue to be a straight shooter. Thanks for reading.
BANK OF AMERICA TESTS FORECLOSURE ALTERNATIVE
Bank of America test foreclosure alternative. Read this article and share your thoughts:
THE NATIONS TOP FIVE SERVICES REQUIRED TO IMPROVE THE SHORT SALE PROCESS
There is good news on the short sale front regarding the Federal Government and states attorney general settlements. Below is an outline of the settlement reached and what is required of the nations top five mortgage servicers. Here is Flagstaff, we have seen a marked improvement in the short sale process with Bank of America and most other servicers while Wells Fargo is providing very poor service. Hopefully, Wells Fargo will improve with these new regulations.
• Mortgage servicers are required to give a decision to a borrower within 30 days of receiving a completed short sale request package.
• The servicers’ internal groups must review all short sale requests in the first two months of the quarter, according to Exhibit E in the settlement filed this week.
• And if a servicer takes longer than 30 days on more than 10% of the requests, the firm is considered in "potential violation."
• The settlement also requires a servicer to notify a borrower within 30 days if any documents are missing from the request package.
• Servicers will also be required to notify a borrower if there is a deficiency payment needed before the short sale is approved, including an approximate amount.
• If more than 5% of all short sales approved in a given quarter did not include this disclosure, the bank would be in violation.
• The servicers’ internal groups must review all short sale requests in the first two months of the quarter, according to Exhibit E in the settlement filed this week.
• And if a servicer takes longer than 30 days on more than 10% of the requests, the firm is considered in "potential violation."
• The settlement also requires a servicer to notify a borrower within 30 days if any documents are missing from the request package.
• Servicers will also be required to notify a borrower if there is a deficiency payment needed before the short sale is approved, including an approximate amount.
• If more than 5% of all short sales approved in a given quarter did not include this disclosure, the bank would be in violation.
Documents pertaining to the Mortgage Servicing Settlement are available on the U.S. Department of Justice website as well as the National Mortgage Settlement website.
EXISTING HOMES SALES HIT TWO YEAR HIGH
Pending home sales hit two year high according to National Association of Realtors study. Here is Flagstaff, as of today, we have 47 pending home sales versus 2 two for last year at the same time. Click to read more on this report:
NEW CONSTRUCTION IN FLAGSTAFF INCREASES
It’s been years since Flagstaff has seen any appreciable increase in new construction. When the market sank, most Flagstaff builders either quit building or went belly up as it became cheaper to buy resale versus the cost to build. While resale homes are still less expensive versus building new, in general, new construction is gaining momentum as the cost to build is becoming competitive with resale. A quick glance at the numbers reveals the following:
Average price per square foot for an existing single family home in the city of Flagstaff as of March 4, 2012: $165.41 psf. *
Average price per square foot for a newly constructed single family home in the city of Flagstaff as of March 4, 2012: $170.60 psf. *
As you can see, the cost of building new is only 3% higher as compared with resale. Does it make sense to build new? If you feel that a new home may be in the cards for you, consider the following factors: The time is takes to build new which is an average of 5-6 months. Also, new construction usually means a base priced home to which you will have to add the cost of landscaping, window coverings, upgrades, lot premium, all of which you can find in a nice resale home without having to pay for it. Often these additional costs will add up to thousands of dollars.
In sum, does new construction make sense? Probably not from a financial standpoint, but it does it you just can’t find what you like in the resale market or if you just WANT new. Many people just like the thought of a new home which has never been lived in with colors of his/her choice etc. If that scenario fits your description, go for it. If you have additional questions, would like a list of all newly constructed homes for sale, or help finding your dream home, give me a call. I know the market well and offer hassle free services. Thanks for reading. As always, your comments are welcome.
* Based on asking prices
* Based on asking prices
FLAGSTAFF SINGLE FAMILY HOME SALES UPDATE
Year to date, there have been 43 single family closed sales in the city of Flagstaff. This compares with 54 sales for the same period in 2011. The average price per square foot for the 2012 sales is $130.04 versus $136.94 in 2011. Our 2012 median price YTD is $251,000.00 as compared to $240,000.00 in 2011. In sum, the average price per square foot is down by 5% while the median price is up. Year to date, we are seeing a surge in buyers and substantially more activity in the upper end market which we did not see last year. This surge will translate into increased volume, somewhat higher prices, and an inventory shortage. The surge in buyers this year is most likely due to extremely low interest rates, an improving economy, and buyer optimism towards the market. What is your opinion on real estate? Share your thoughts as we value your opinion.
LENDERS OFFER CASH INCENTIVES TO DO A SHORT SALE
Below is a link to a good article dealing with lenders and the cash incentives some are offering to sellers should a seller do a short sale versus a foreclosure. Here is Arizona and Flagstaff, to date, we have not seen these cash incentives but said incentives may be coming. Time will tell. Click below to read more about these incentives: http://bit.ly/AeXBjr
JANUARY 2012 FLAGSTAFF REAL ESTATE SNAPSHOT
FLAGSTAFF SINGLE FAMILY HOMES JANUARY 2012 SALES
SHORT SALES -Avg psf $111.00 Avg Sales Price: $273,445
REO'S $113.00 $213,131
MARKET $146.00 $373,344
CONDO/TOWNHOMES
SHORT SALES- Avg psf $111.00 Avg Sales Price: $198,000
REO $104.00 $120,000
MARKET $137.00 $155,000
STUDY SHOWS NOW IS THE TIME TO BUY
University study says we have reached the "Hurdle Rate" and it's a good time to buy. In Flagstaff as it relates to rental rates, it definately makes sense to buy versus rent. Read the article and let us know your thoughts. http://bit.ly/zJJlfM
Your comments are welcome. Email us at: Gregg@GreggMunson.com
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.
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
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
to
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
