Two years ago I purchased an average home in Flagstaff. 3 bed/2 ba 9 years old. The price has dropped about $50,000. and has stabilized there.

With the First Time Buyer credit of $8,000. or the $6,500. Tax Credit to people who have lived in their homes for 5 years and want to move... coupled with the most unbelievable Interest Rates...NOW is the perfect time to buy.

If you are interested in living 7-10 min. out of town you can get the USDA loan with No Down Payment, No PMI, and Lower Interest Rates. There are some fantastic homes out there with acrerage and/or heavily treed properties.

Drop me an email and I'll send you the homes that fit your lifestyle.

Warm regards,

Beth
(928) 606-0442
Beth@ExitProperties.net

Interesting enough Flagstaff has seen a surge of new purchase activity and according to eppraisals.com has seen an increase in pricing since last month, with a median value of $413,000. I would look at Zillow and Trulia but, anyway you slice it Flagstaff has more buyers and less homes than most markets thus a perfect blend for stable or increased pricing. No I don’t profit from selling Flagstaff Real Estate. I work primarily in Prescott Arizona; the market here is much different than that of Flagstaff. And I agree Real Estate markets are slow and you can look for the perfect moment for you. But if you are looking for the right home, right price, look now.
Real Estate is Local contact a Flagstaff agent...I could be wrong on the exact numbers. But Flagstaff has a high demand. So if you are ready to buy, start looking.

Listen to answer number two. Prices in Flagstaff will come down, it just takes time. You aren't going to miss the bottom. Real estate moves slow. It's not like a stock, which can swing 30% in a day or two. Wait until 2010-11. That's when markets will start to truly hit bottom. Then they're going to sit for a year or so before going back up.

I don't understand the answer the realtor has provided. He compares the whole goods inflation with that of real estate. Real estate in Arizona increased by 137% from 2000 - 2006, which is obviously higher than the 3% annual increase in whole goods, etc. The bubble is bursting, and prices will decrease. The median household income in Flagstaff is less than $50,000 a year, yet the median listing price in Flag is > $500,000. You can do the math. The realtors' opinion will be skewed, because his income is based on the price of housing; therefore he will always scare you into thinking the bottom has already here. It's in his best interest.

If you think about it 2 years ago pricing is great. Can you buy gas at 2 yrs ago pricing or diner out at 2 years ago pricing. If you take into the account of inflation, 2 years ago pricing is incredible.

Sellers should have pricing that is greater than 2 years ago. If you are waiting for the bottom of the market you will miss it. Places like Flagstaff are a premium in Arizona and the pricing will always be higher than metro Phoenix.

If Flagstaff is too expensive for you it is too expensive for you and it will be in another 2 years. It is not the Sellers that are asking too much it might just be you are not willing to pay the price to be in the community. Not trying to be rude just pointing out that if it were cheaper to live in areas that everyone wanted to live in, well everyone would live there.

So, to answer your question more direct pricing is going down like everywhere but the best deal is the one you take not the one that you wait for.