The best part of being an agent is that as an agent, you can truly help others achieve the American Dream of owning a home.
Census data from 2020 shows the population here is 76,832 and growing at a rate of 1.41% annually. From the 2010 Census to 2020, Flagstaff gained 10,961 people. These numbers are not necessarily considered astronomical, but comparing the numbers with all of the surrounding areas to include all of Coconino County, it is definitely a huge change. As of 2021, Coconino County’s population is 145,052. By 2030, Coconino County’s population is projected to be around 154,380 and just Flagstaff at around 81,994. These numbers should give people a good idea that the growth of the area will not be slowing down any time soon.
So, the big question becomes, what happens to housing? How will people be able to afford buying a home? Historically, houses have appreciated on average 2% to 3% per year; however, from 2020-2022, appreciation for Arizona was 71.7% for the last three years. We did have a significant decrease in home sales in 2022 from previous years. However, home prices are not expected to depreciate until sometime in 2023 (and no one knows by how much). Most people want that crystal ball to tell us whether we should buy or sell. They want to buy low and sell high. But with Flagstaff being such a unique market, I do not see much of a dip in the market. This is not necessarily good or bad news. For affordable housing, it is not great. For current homeowners, this is incredible.
For the buyer, I recommend getting with an experienced lender. Don’t be afraid to ask questions about assistance programs. There are some really good resources out there for first-time home buyers, veterans, educators and those in the medical field. In Flagstaff, there is CHAP (Community Home Assistance Program), which provides help for down payments and/or closing costs. Another program is EAH (Employer Assisted Housing) that might be able to help with financial matching for City of Flagstaff employees. It wouldn’t hurt to call your employer’s HR department to see if they have similar programs. Another organization is the Housing Solutions of Northern Arizona. This is a wonderful resource to help educate buyers on several possible options available to them. It is extremely important to know how much (and if) you qualify for assistance, and also how much you are able to prequalify for before spending time and energy on house hunting. Make the first step and get the ball rolling. You have nothing to lose, and everything to gain.
For the seller, you may already have a trusted friend or relative who is a local real estate agent. Don’t be shy about picking their brain on the current market or asking questions about how you can save money when you’re ready to put your home on the market. In my professional opinion and experience, I do not recommend purchasing a home (one of the largest purchases and investments of your life) without a professional. There are so many small details that can make a big impact on the transaction. Trying to DIY the transaction could actually do more harm than good. Plus, with a professional, they have a network of resources at their fingertips. They may even be able to help you with suggestions to make small changes to your home (a pre-flight checklist, if you will) to best prepare your home for going on the market and even achieve top dollar, depending on the condition of your home.
The best part of being an agent is that as an agent, you can truly help others achieve the American Dream of owning a home. Homes are one of the best resources for the growth of net worth. There is a lot social media, news and propaganda out there that seems to dissuade the public from buying or selling. Seek the guidance of professionals and do extensive research so that you may be better equipped when you’re ready to buy or sell. Finally, always remember that history has shown time and time again that real estate is a top way to increase generational wealth. FBN
By Charlotte E Bamford
Charlotte Bamford is a real estate agent at Russ Lyon Sotheby’s International Realty office in Flagstaff. She can be reached at 928-600-5399 and charlotte.bamford@russlyon.com
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