Kay, Home Buyer in Flagstaff, AZ

Is the Flagstaff market still on the decline? Trying to purchase home, people still want what they were

Asked by Kay, Flagstaff, AZ Tue Apr 8, 2008

getting two yrs ago for price. kay

Help the community by answering this question:


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.
Web Reference: http://www.eppraisal.com/
1 vote Thank Flag Link Wed Sep 3, 2008
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.
1 vote Thank Flag Link Tue Sep 2, 2008
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.
1 vote Thank Flag Link Fri Aug 29, 2008
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.
Web Reference: http://BradBergamini.com
1 vote Thank Flag Link Tue Apr 8, 2008
2013 was a very good year for the Flagstaff housing market. For the year the median sale price rose 15% to $290K up from $252K in 2012. Housing sales increased by 7% totaling 951.

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 “it’s all good.”
0 votes Thank Flag Link Tue Jan 21, 2014
If your price range is under $300,000, Flagstaff single-family-home prices may have hit bottom for you. In the upper ranges, my prediction is that we'll see more decline.
0 votes Thank Flag Link Mon Sep 27, 2010
Flagstaff Real Estate Market has several "markets" within the overall general Flagstaff real estate market. For example, single family homes for sale in Flagstaff and the surrounding areas under $300,000 has been a very active real estate market. In the last 6 months (ending Feb. 6,2010), 201 homes sold in the Flagstaff area in this price range and an additional 44 homes are in escrow or have a contract on them. Currently, there are 176 homes for sale in the Flagstaff area in this price range not under contract or about a 5 month supply. There are lots of buyers in this price range and a shortage of homes. I have seen many homes in this price range get multiple offers.

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 that’s it’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 today’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
Direct: 928-607-0242
0 votes Thank Flag Link Sat Feb 6, 2010
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,

(928) 606-0442
0 votes Thank Flag Link Mon Nov 9, 2009
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