Driving around Flagstaff, it’s hard to not notice all the building and improvements happening in all parts of town. The Standard, The Hub, Switzer Mesa, Timber Sky and many more.
Residential real estate in Flagstaff has jumped 38 percent since 2015. The average sales price of a home in the City of Flagstaff is $439,200. Forecasters predict continued, albeit slower, growth – at least until 2022.
Our temperate climate, cool downtown, arts and theater scene, unparalleled outdoor activity opportunities, Northern Arizona University, Flagstaff Medical Center, local businesses that support our community, and the multitude of non-profit organizations are just some of the many features that enrich and make Flagstaff a true gem of Northern Arizona.
If you are already a homeowner in Flagstaff, and believe, as many do, that Flagstaff real estate is a good bet for the future, have you ever considered purchasing another property as an investment? If this idea intrigues you, a call to your financial planner and tax agent may confirm that Flagstaff real estate could be a good diversification asset for you.
As most of the country is experiencing, Flagstaff real estate is short of inventory. If you are already looking with your realtor for potential buys, you may note how desirable properties don’t last very long. Flagstaff real estate “Days on Market” in most areas is down from even a year ago. Don’t be discouraged that prices are not as low as they were in 2010. We may look back in 2022 and wonder why we didn’t act in 2018.
If you already own your home, as well as investment properties, good for you! Here are a couple of options to ponder for your future portfolio of investment properties.
If you are happy with your income and equity projection for your current real estate assets, great! You are in an enviable position!
Want more Flagstaff? If you have plenty of equity with your current properties, consider refinancing with one of our excellent local lenders and buy that condo, townhome or single family residence you just saw pop up on the MLS.
Want to upsize/downsize to that area you always wished you could live in, closer to work, closer to hiking, closer to downtown or on acreage for that horse you always wanted? Now may be the perfect time. Remember how wonderfully low mortgage interest rates are now!
Want to sell your Flagstaff investment property and buy that second home? Think about where else you may want to live in the future! San Diego? Hawaii? Santa Fe? Durango?
Want to sell and pay for school tuition? Erase those student debts, or just have the cash to pay as you go.
Want a rental property that is bigger, smaller, better, easier to maintain or manage, or perhaps has more equity potential, maybe a residential to commercial property? Ask your financial and tax advisors if a 1031 Exchange may work for you to defer your capital gains, at the same time you potentially improve your real estate asset portfolio.
The bottom line is your home is your emotional center, a sanctuary, but real estate investment property can be a rewarding enterprise that can help you reap some of the market value rewards in Flagstaff. Your professional team of financial/tax advisors and realtor possess a wealth of information to help you make your plans a reality.FBN
By Paula Mack
Paula Mack is a realtor with Russ Lyon/Sotheby’s International Realty. She can be reached at firstname.lastname@example.org or 928-699-6837.