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Real Estate Tips: Articles on the Flagstaff Real Estate Market

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What a Difference a Year Makes

It is no secret that home prices in our market have stabilized and that it is now a buyers market.  After returning from a short vacation in April, I was amazed when browsing Multiple Listing data from the Northern Arizona Association of Realtors that there were 125 new listings and of the current properties for sale there were 94 price reductions during the week that I was gone.

At this time last year sellers were still very much in the driver’s seat.  But that has all changed.  Prices are adjusting accordingly and many sellers are either reducing the price of their properties or offering incentives to lure buyers into making an offer.  Many are willing to negotiate, however most are not desperate.

If you are a potential buyer and have been sitting on the fence it is time to make your move.  Interest rates are still very attractive.  At the end of April, a 30 year conventional fixed loan with 0 points could be found for less than 6% interest.  Indications are that rates will remain near that level for the foreseeable future.  I recommend that you contact a lender and get pre qualified for a loan.  With a Loan Status Report indicating your qualification from a mortgage company you are in a good position to begin negotiations with a seller.

Numerous properties are coming on the market weekly. The selection is great and if you have a good idea of the area you like, type of home you want, and price range you can afford, I suggest you being your search.

Mary Monday is an Associate at RE/MAX Peak Properties. She can becontacted at (928) 779-9090 or Mary@MaryMonday.com.

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“Mary Monday made the experience of selling my home a genuine pleasure. It delights me to know there are true professionals left in the world.”—BS