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.
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.
Foreclosure and short-sales dropped making up only 16% of total sales down from 2012 when they accounted for 32% of the total. In 2011 these distressed sales were an incredible 41% of total sales! This decline has been a very big factor in our real estate market recovery. The median sales price for both December and for the 4th quarter also jumped, up 13% and 6% respectively to come in at $290K.
So coincidentally for all three time periods; the year, the quarter and the month the median sales price of a house sold in the greater Flagstaff region was $290K. As they say â€œitâ€™s all good.â€
On the other hand, the Flagstaff real estate market for homes over $500,000 is slow with just 77 sales in Flagstaff and the surrounding areas in the last 6 months plus an additional 12 homes under contract. As of Feb 6, 2010, there are 170 homes for sale in Flagstaff over $500,000 or about 13 months of inventory.
During the summer of 2009, there was over 3 years of inventory for homes above $500,000. What this suggests is that most sellers take there home off the market during the fall and winter months thinking thatâ€™s itâ€™s not a good time to sell. But, many times the fall and winter can be a better time to sell a home in Flagstaff because there is less competition. If you are looking to buy, then summer might be the best time to pick up a bargin in this price range becuse there are more homes for sale.
Supply and demand determines the price of all products. When there is an excess of inventory relative to demand, prices fall. So, my advice to sellers is... the next time you are thinking about taking your home off the market during the fall and winter months, I would suggest you reconsider. It might be a better time to sell.
Lots of factors determine market conditions and selling prices. The right advertising/promotion is one factor which is critical in todayâ€™s real estate market. If you want to get the best price for your home, the right marketing (advertising/promotion) is essential.
My strength is marketing. I specialize in internet marketing. According to the National Association of Realtors 87% of home buyers use the internet to find homes for sale. When you are thinking about selling, choosing the right Realtor will make a big difference in achieving your objectives. If you would like to get an idea of what your home is worth and/or to see some samples of my marketing, please contact me.
Douglas Fuller, Realtor, GRI, ABR, e-Pro
Certified Relocation Specialist
Prudential Northern Arizona Real Estate
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.