Flagstaff’s Spring 2012 Market Report

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Without a doubt there have been a lot of questions regarding the real estate market – especially when people are faced with many media reports that contradict what they are hearing in their own areas. One of the most frequent questions I have received lately is about the perfect time to sell a home in our marketplace. Usually the spring is a good time to sell but this year I have even better news to report. Here are two factors that may change your outlook on when you choose to sell your home:

Homes Under Contract or Sold Significantly Up This Year

This year so far we have had 553 homes that either sold or went under contract. Looking at the same time last year, the figure was 267 – more than twice less than we are reporting today and an unprecedented jump in sales! This significant jump in sales can only mean one thing: consumers are out there buying despite what the media might have you believe. The statistics reported are for a time period between January and May. In fact, even though we had a lot of snow during some of these months, the cold did not bother them and buyers were still out there buying.

Interest Rates Still at Record Lows

With timing as perfect as it has been, so many buyers are out there aiming to seize the opportunity of record-setting low interest rates. It has never cost less to borrow money for a mortgage and buyers can sense that it will not last forever.

Last year there were a total number of 100 transactions through year-end but this year already we have reached 64 without even coming to the halfway point of the year. With sales numbers continuing to rise – and appearing that they will surpass the previous years’ numbers – now is a great time to list your home on the market. The increased sales also result in decreased inventory. Fewer homes on the market will amount to price stabilization and ultimately a balanced market – something that we all can look forward to.
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If you have been thinking about selling your home soon or even if it seems like listing your home next year might be in the cards – I invite you to contact me today so we can discuss the benefits of listing sooner.  As always, I wish you the best in all of your real estate endeavors.