Tips & Trends for the Flagstaff Real Estate Market:
Past Articles [November 2003]
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High-End Homes due for a Comeback
If you own a home valued more than $500,000 and are contemplating selling, the timing may be right to put it on the market now or early next year. With the stock market showing ever increasing signs of strength, the sale of high end homes is poised to make a comeback. In fact we may be seeing the beginning of better conditions now. Northern Arizona Multiple Listing Service records for home sales exceeding $500K during the period July-September of this year indicate that 13 homes in this category have sold. In 2002 only four sold during the same period, and in the third quarter of 2001 there were six sales.
The threat of rising interest rates may not put a damper on luxury home sales. High end home buyers many times are cash buyers. These buyers are investors in the stock market and if those conditions continue to improve the chances of selling your home will increase as the stock market gains ground. Next years economic growth is expected to be in the 3.5 percent range which spells good news for those of you considering selling your home.
Low and mid range homes have fueled the housing market during the past two years here in Northern Arizona and across the state. Low interest rates have helped keep housing affordable for many buyers. In spite of the fact that we have seen extraordinary appreciation in home values, buyers in this category will keep the Flagstaff housing market strong. However a surge in high end home sales will strengthen our market even more.
Nationally the market for existing single-family homes rose again in September and set a third consecutive monthly record. While there are a few dark clouds on the horizon the overall real estate market remains robust and the local market continues to remain strong.
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