Tips & Trends for the Flagstaff Real Estate Market:
Past Articles [October 2004]
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How Long Will Our Real Estate Appreciation Last?
For the past few years the naysayer’s among us have been warning about an impending slow down and decline in our housing market. The fact is they have been wrong. We have continued to see a surge in home building as well as a very strong market in resale’s here in Northern Arizona. National reports indicate that the housing industry remains a strength in our overall economy and that more people have been able to experience the dream of home ownership in the last few years than ever before.
Are we in for a change? As I read the tea leaves and talk to my peers I cannot see any dramatic downturn to our market in the foreseeable future. Several new housing developments are in the works and this past summer’s resale market has remained exceptionally strong. Interest rates are low (less than 6% as I write this article) and Flagstaff remains an attractive place to live.
New comers are a significant force in our real estate market. People want to move here from other parts of the country and if they can find employment and meet their financial needs they do indeed come. New residents from the Midwest go into sticker shock when they are confronted with our prices while those relocating from California feel like they are getting a bargain. But it matters not where they come from, as I talk to people with whom I do business I am struck by their love of our town and the quality of life we have to offer.
Our community continues to grow and our population continues to increase. My guess is that we will continue to experience moderate to strong appreciation in our real estate values for the next few years and that sales will remain strong.
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