Benchmark Mortgage Flagstaff

A long, long time ago – long before HGTV, in a time and place hardly imaginable to our modern world, humankind decided that roughing it all the time “out of doors” was for the birds and began a trend that would forever shift our world. Yup, indoor living has really taken off as a pretty serious trend. Some of the earliest shelter building may have been as early as 400,000 years ago, with signs of actual “home décor” showing up as early as 100,000 years ago. Today, housing and related services … [Read more...] about The Indoor Living Trend Isn’t Always About the Money

Are we having fun yet? Yes, as exciting and/or scary as it may seem, we are experiencing many historic moments here in the market. We are working toward what feels like the end of an inflation cycle with economic conditions we’ve not seen since the 1970s and 1990s. That cycle has put us in 25- to 30-year highs for mortgage rates. At the time of writing this article in late April, the proposed tariffs – rivaling those not seen in more than 100 years—are on a temporary pause, but we’ve not fully … [Read more...] about Math Through History: Recession = Lower Mortgage Rates = Home Appreciation

The lyrical question from the 1980s Clash hit song is likely being repeated in 2025 among Flagstaff residents. “Should I stay or should I go?” The phrase itself seems disarmingly simple, yet we all know it’s a very layered and complex question. I’m sure that can be the case for most places where people get comfortable, but Flagstaff and Northern Arizona also have a unique emotional appeal. Maybe it’s the proximity to nature, the small-town charm and the massive biodiversity in a small radius, … [Read more...] about Flagstaff: Should I Stay or Should I Go?

Taking over or “assuming” a seller’s mortgage seems like a fantastic idea if they have something, say, in the 2%-3% range, given that current average 30-year fixed rates are hovering in the 6% range. Loan assumptions are a hot topic over the last two years and a loan function that we still get asked about on a weekly basis. I hope this serves as an educational column to set a bit of the record straight that – while they can be amazing – more often than not, it’s not truly viable or advisable for … [Read more...] about Can I Take Over the Seller’s Low Interest Rate?

Speculation can make the housing market seem like one big guessing game! Will rates go up or down? Will values go up or down? Will people want to buy in Northern Arizona or not? Will rules and regulations change? The list could go on, but while those speculations can have a place, today is about firm ground and what you can “take to the bank” when it comes to the 2025 Housing Market. New Year, New Loan Limits Loan limits are important to the general consumer as conforming loans as well as … [Read more...] about Two Things You Can Count On in the 2025 Housing Market

While it’s felt a bit unpredictable at times, 2024 has overall been a good year for real estate and possibly just what we needed. Year to date (through October), 1,441 homes have sold in the Flagstaff area, just 58 homes more than last year. Mortgage rates are about 1% lower than 12 months ago and, on an average $400K loan amount, that puts monthly payments about $275 less per month for those entering the market now. The median sales price is only a modest 4.21% higher than this time last year, … [Read more...] about With 2024 Almost in the Rear View, Where Does Real Estate Go From Here?

The numbers don’t lie. That’s one of the solaces I have on my side of the real estate business. Everyone may have a different opinion on what color to paint the house or whether they prefer quartz or granite countertops – the simple math of a certain financial path saving more money over another path is not subjective. With this preface, I would like to begin this month’s article and exploration with hard numbers. The baby boomer generation is our retired, retiring and pre-retirement … [Read more...] about The Truth About Reverse Mortgages

Owning a home means a lot of things to a lot of people. It can mean security and stability for some; for others, it’s a license for creativity; and for most, it is part of the path to financial freedom. These amazing benefits and more only come to those willing to be decisive and assume a certain level of risk. This “risk” comes from the fact that homes are sold as an open market product and are heavily impacted by global and national economic trends as well as local supply and demand … [Read more...] about Monitoring the Real Estate Market: Everything Could Change in Four or Five Months

Yes, I know, it definitely has felt like a “boy who cried wolf” scenario when the industry has been hoping for rates to reduce for so long, but this inflation economy proved stubborn, and 25-year high mortgage rates have prevailed. However, the boy who cried wolf was eventually right, and if we follow the inflation impact trends during the 70s and 90s, then at some point, these interest rates could in fact come down. With the market now currently sitting at 18-month low mortgage rates and with … [Read more...] about Beware of the Refinance Racket

Human behavior is one of the most fascinating things I’ve been able to observe in my 15 years of home lending in Flagstaff. We are blindsided on all fronts with lifestyle, advertising and, for better or worse, we all wear the proud badge of “consumer” all too easily. This can stand at odds with larger financial goals and financial freedom. When I sit down with first-time buyers, I often try to lighten up the learning curve by joking “they don’t teach this in school,” but that’s the unfortunate … [Read more...] about You are Part of the Problem, But You Can Change