I am here to tell you, buying a home is possible when you have the right team working on your behalf.
Through stories I have heard and my own observations, I have seen many buyers become discouraged while trying to purchase a home in Flagstaff. Cash buyers, California buyers, investors, corporations and many now working from home are some of the reasons the average first-time homebuyer is struggling to purchase a home. I am here to tell you, buying a home is possible when you have the right team working on your behalf. With a knowledgeable real estate advisor on your side, worries can turn into hope, and a realistic plan can become a successful purchase.
A full-time, experienced realtor is on the ground daily, gaining market knowledge and learning what it takes to “get the deal done” in this unprecedented market. Realtors are touring homes daily, that’s important when properties often sell in one day! When time is of the essence, it is important to have someone who has been inside and toured recent sales. Your realtor has valuable knowledge that can help you quickly and confidently make financial decisions and place a well-crafted competing offer. It is a grave mistake to place your trust in a Zillow estimate; a company using an algorithm, which knows little about the intricacies of our local market, what the interior of the house REALLY looks like, or for that matter… how to order a Rock Rammer at your favorite Late for the Train (a shameless plug, maybe, but it shows the difference between national pricing algorithms vs. local knowledge).
But tell me, Blake, how do I compete with an all-cash offer?! Great question. There are many tips and tricks your agent should be able to provide. A bit on the dramatic/ridiculous side, but one industry story is told of a couple who wrote into the terms and conditions that the seller could name the buyer’s first-born child! Good luck with that! Maybe you’re not that brave, but little incentives (paying a portion of seller’s closing costs), or bonuses, are strategies that could help seal the seller’s final decision. Personal notes may be a thing of the past—while you may feel hopeful by sharing your life story, not all sellers want to know or even care in many circumstances. For sellers, picking the buyer solely based on a personal letter could potentially be a precursor to a breach of the Fair Housing law.
Another point of competence that your real estate agent brings is contract writing. I have seen deals fall through because of two small words in a purchase contract. It is now common to add additional verbiage, addenda and contractual clauses into a purchase contract. Having an agent who has developed the skills to execute proper real estate verbiage will help you prevail.
Lastly, you want to position yourself with a well-known and reputable brokerage or agent. An agent with notable local realtor connections and a good répertoire will benefit you. Go on and Google them, find their social media platforms, and read their online reviews! The digital agent is one who knows and understand the trends of technology in our ever-changing world. With out-of-state clients, I have delivered a service of virtual showings. Often with buyers from the Valley, or anyone out of state, I will offer personal video services for the homes of high interest. I have had many success stories of buyers actually purchasing properties that they initially viewed virtually. Access to Matterport tours, video and virtual staging are key to purchasing (or selling) from a distance. Again, all the more emphasis to work with a well-connected local realtor.
The Numbers
According to the National Association of Realtor’s Economic outlook: “Single-Family Home Prices Rose in 99% of 183 Metro Areas in 2021 Q2. The year started off with strong home price growth and continued for the second quarter of 2021, with 94% of the markets showing double-digit home price appreciation. National median prices rose 22.9% year over year to $357,900. Flagstaff’s median home price is currently $712,000.” Flagstaff’s average price per square foot is $320 for a single family home, which has increased from $306 per square foot in April. Average days on the market is 51 days including a 30-day escrow.
Attempting to navigate this process alone is nearly impossible. Take your time and interview a few realtors to find the one who embodies these characteristics, and you will be on your way to finally purchasing your Flagstaff Home. FBN
By Blake Cain
Blake Cain is a local Realtor with Russ Lyon Sotheby’s International Realty. He can be reached at 928-856-9071 or blakecain.com.