Phoenix home prices are coming up. In the past 12 months, prices have risen 20 percent. We know that this typically means that Flagstaff prices will follow. Flagstaff has always been a stronger market but is tied to the rest of the state and country.
This trend is projected to continue throughout the year, although at a slower pace. Arizona’s market seems to be much stronger than most of the United States. The rest of the country is slowly starting to recover.
For buyers in the Flagstaff market, there are a few good deals out there, but as we see low inventory in single-family homes, NOW is the time to buy. Chances are that we won’t see prices as low as they were and they are creeping up, so if you are in the market to buy, now is the time. Keep in mind that waiting will also mean paying higher interest rates, as they cannot stay this low forever.
So, buyers have a double jeopardy getting ready to play out, with slowly rising prices and increasing interest rates. Qualified buyers should not wait a moment longer.
For sellers in a buyers’ market, it is important to price the property at market value and get an experienced realtor who knows how to best present the property so it will sell.
With all of the technology out there these days, sellers want an agent who will get people to see the property even if they are not physically there. Through the use of the Internet, MLS, and network marketing, a property on the market can be seen by buyers in the Flagstaff and Phoenix markets and worldwide.
I have been in the business for 20 years and the market in the past few years has been very unique. The short sales and foreclosures in Phoenix and surrounding areas were out of control and now we are watching them disappear. A buyers’ frenzy is underway in Phoenix. Short sales and foreclosures are starting to slow down. This is due to many factors: the improving economy, government programs such as HAFA and HARP, and just the fact that most people who were in trouble are no longer in their homes. For people who are still hanging on to a home but may have to walk away from it, there are some potential tax consequences that will go into effect next year. A qualified real estate agent will be able to help homeowners navigate the legalities. FBN
John Parris, Broker, and Flagstaff native Lea Lubeck-Parris are owners of Realty City, LLC, serving Flagstaff, Phoenix and Mexican beach property markets.
Jeannie Middleton also works at Realty City helping Northern Arizona sellers market their properties in Phoenix and locally.
Written by John Parris