I heard through the grape vine that the second home market, not only in Flagstaff, but nationally, should be gathering steam for 2010. The reason for this prognostication is based on the fact that historically, the second home market picks up when ever yacht and fine art sales increase. And yacht and fine art sales are up more than 15% so far. This news should be well received by second home owners looking to sell this year.
INFO THAT HITS US WHERE WE LIVE The Pending Home Sales Index recovered from its November slump, increasing 1.0% in December, putting it 10.9% over its level of a year ago. National Association of Realtors chief economist Lawrence Yun sees "...a broad improvement over year-ago levels. December activity was the fifth-highest monthl...
The rumor is that FHA will be increasing the upfront mortgage insurance premium from 1.75% to 2.25% sometime in the Spring. Also, the currently allowed seller concessions 6% will be decreased to 3%. Last, if the borrowers FICA is 585 or less, the FHA downpayment will be increased to 10%. Again, this information is a rumor but comes from a reliable source. Let's see what the near future reveals with regard to these issues.
I just got back from #pheasant hunting. 31 birds. It was great. Now to work. #Real Estate in Flagstaff is moving. It is much busier than usual for this time of year. Is this a prelude for 2010?
Our local Flagstaff Real Estate market, again, remains pretty much the same; i.e. relatively boring. For November, the average home price is up for the third month in a row and the median price is up for November. Many would comm...
The housing market continues to steam forward. As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 8th consecutive monthly gain in September. It’s the longest winning streak in the history of the index and Pending Home Sales are now at their highest levels since December 2006. A Pending ...
The U.S. Congress has approved a bill that extends and broadens tax credits that were set to expire this month. The bill extends the credit for contracts signed by April 30th and closing by June 30t...
Another good week for the housing market. The S&P/Case Shiller home price index was up for the third month in a row and the rate of annual decline fell for the sixth month in a row! Price increase...
Hi All: I'm hearing a lot of good things about using Microsoft Bing versus Google Virtual Earth for property searches. While neither is perfect, I must admit that, for Flagstaff real esstate, I like Bing better than Google Virtual Earth. If you haven't tried it, do so and let me know your thoughts.
By now, most of you have read the news stating that the Fed is slowing it's program to buy mortgage backed securities in the open market. The Fed is doing so as it believes that the economy is on the mend thus there is no need to keep pressure on lower interest rates. What do you think? Is the Fed making its move too early? Many believe that another round of foreclosures and short sales is forthcoming and that the commercial real estate market is headed downward.&nb...
Hi All: Sources state that another round of foreclosures and short sales will be hitting the market as another batch of "Interest Only" loans adjust upwards. Of course, there are a number of variables which could soften and perhaps even negate such an outcome. I'm curious, what do you think will happen and what answers do you have to keep the economy and real estate rolling in the right direction?
Our local Flagstaff Real Estate market remains pretty much the same; i.e. relatively boring. For August, the average price of homes is up but the median price is down a fraction. Again, as it relates to single family housing in the city of Flagstaff, it’s time to ...
Hi All: Well, I want your opinion. With all the government spending going on, do you think it will help or hinder Flagstaff real estate, real estate in general, and the economy in general? Come on, some of you have answers. Let me know.
Our local Flagstaff Real Estate market reflected another minor upturn since the June’s market report. As in June, volume is up, average prices are up by $6,730.00, average days on the market is unchanged, and the median is the same. It appears to me that the marke...
Hi All: I have my option but would value hearing from you. Is the Flagstaff real estate market improving or getting worse? I have a proof in the statistics but would appreciate hearing from the public. Let me know your thoughts.
Kindest Regards
Gregg Munson
If you're not up on the news, the Phoenix Metro area is seeing homes selling at the fastest pace since 2006. And the good news is the buyer's are purchasing homes not on speculation, but upon price. It looks like the bottom has been reached. Low prices and extremely low interest rates equal increased sales. As it pertains to our local Flagstaff Real Estate market, the bo...
Good news! Flagstaff real estate sales are up. In general, sales have been climbing while prices are lower and seems to have bottomed. Only time will tell. At last check, single family homes in Flagstaff have declined in value slightly over 15% from the market top in 2006. Let's hope that the bottom has been reached. For more information on our market, feel free to email us at Gregg@GreggMunson.com or visit us online at Continue Reading | Permalink | Email to Friend | Comments[0]
Hello all. As many of you know, there are lots of scams out there. We who are selling Flagstaff real estate are seeing an increase in this activity. The attorney's and many others are adverting that they can do a loan modification and/or prevent a foreclosure. Please read the following carefully and pass it along to anyone you know as it may save someone unnecessary expenses. You can vist my website...
Hi All: Bloomberg has a excellent video which deals with housing affordability and the real estate market in general. While Flagstaff real estate hasn't been battered nearly as much as the Phoenix Metro area and many other parts of the country, I think the video provides a worthwhile perspective on the real estate market and it's current affordability. I hope you enjoy this short video whether the Flagstaff real estate market or other markets a...
Let's talk about the Flagstaff Real Estate market and buy opportunities for a moment. Of course it makes sense to get a great real estate deal in this market; however, in the Flagstaff real estate market, is the short sale or foreclosure necessarily the best way to go? To that I answer sometimes yes and sometimes no. As it pertains to the short sale, more often t...
March 23, 2009 Flagstaff Real Estate Distressed Properties Update: I ran the numbers this AM and as of today, Flagstaff and Northern Arizona have a total of 34 residential MLS lisitngs that are either bank owned or short sale properties. The current MLS total inventory is 1250 listings of which the 34 distressed properties represents 2.72%. I plan on monitoring these numbers on a regular basis and keeping all apprised of the results. The...
I have been asked this question more than once recently, thus I will try to answer. In a typical 'short sale', we're going to ask a lender to except an amount which is less than what is owed on the property; or, in other words, to except a short sale. In the past, short sales were more difficult to execute but in recent history, lenders are much more willing to ex...
Perhaps I have a little good news as it relates to Flagstaff real estate. What's the news? As it pertains to real estate financing, it appears that FHA will keep the former upper limit cap of $729,750.00 for “Conforming” loans in high cost areas. Previously, “Conforming” loans were limited to $417,000.00 with all loans over that amount referred to as "Jumbo" loans....
The new economic stimulus package allocates $787 billion to boost our multi-trillion dollar economy. Here are some provisions individuals can take advantage of now.
I'm guessing that by now most everyone knows that late last night the United States Senate unanimously passed a bipartisan amendment to the Economic Stimulus bill creating a $15,000 tax credit to individuals who purchase a home. Yes, there are some guidelines such as:
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