Tips & Trends for the Flagstaff Real Estate Market:
Past Articles [December 2005]
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Some Reflections on the 2005 Real Estate Market
As I look back on the past year I cannot say that I have attended a social function in 2005 where the discussion of real estate was not the main topic of conversation. Homeowners are ecstatic about the value of their property while potential home buyers do not share the same enthusiasm.
A question I am often asked is “Who are the buyers and what is the main reason people decide to sell?” To find the answers I did a review of my clients during the past year and tried to categorize buyers and sellers so that I could understand why they made the decisions they did. Here is how it came out.
Buyers: First time home buyers 13%, Second home buyers 30%, Buy up from their present home 19%, Investors 19%, Job transfer into town 19%.
Sellers: Retirement and leaving town 20%, Job transfer and leaving town 15%, Investors/Builders 30%, Selling and buying up 10%, Other 25%.
I cannot say that my business is a reflection of the Northern Arizona housing market as a whole, but I believe it does give us a snapshot of why people buy and sell real estate in our communities.
Another question that I am asked repeatedly is “Where is this market going and how long can it last?” While there is no pat answer it appears that during the past couple of months there are signs that prices in our market are beginning to adjust. When looking at available properties in our Multiple Listing database there indications that homes are staying on the market for longer periods and that prices are being reduced to coincide with the longer times frames. It may be the result of the approaching holidays and winter or it may be a sign of things to come.
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