Chris Hallows

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

There’s always that scene in the movies when the main character wonders if things couldn’t get any worse as it then begins to rain, affirming that yes, it can get worse. Some may wonder if that’s a similar situation to our housing market with tough rates, competitive inventory and just as we thought it couldn’t get worse, we have an election year upon us. Yes, newsfeeds are bombarding us with controversies and even my text messages have been firing up, which feels like a complete violation. … [Read more...] about Is the Housing Market Impacted by Election Cycles?

Historically speaking, 2012 was likely it – the best year to buy a home in maybe the last 50 years. It was the rare time of stars aligning where post-crash demand was still low, the foreclosure inventory market was still working through so supply was high and you had the effects of a final round of Quantitative Easing from the Federal Reserve leading to sub-4% interest rates. Truly an uncommon, “stars aligned” type moment, given the uncommon and painful conditions preceding it. In most … [Read more...] about Making Real Estate Lemonade from Lemons