Classic Southwest

Flagstaff and Prescott, Arizona

Sept/ Oct 2017 - Residential and Land
Yes it was a great summer in both Prescott and Flagstaff but it has not stopped.
Call me for additional information on a specific area you are considering .
There are several reasons why the markets are moving faster and earlier than norm

 Fear of higher interest rates
                                                                                      California baby boomers escaping the huge tax difference – especially                                                                                                            after selling a California home they have occupied for 15 years or longer.
               Stock market is doing well, so far.
                                                           A 6 month back log of people who held back from purchasing
                during the election cycle.

The Flagstaff home sales and listings are moving forward for this time of year. The listings and pending contracts are both rising at a reasonable rate but much earlier than usual. The numbers of listings are being offset by the number of increasing contracts.

Prescott, Arizona is moving at a rate much faster than the norm. In fact the number of pending contracts existing on single family homes is outstripping the number of new listings.

The number of active listings and pending contracts moving at this pace will more than likely – with the exception of a national or world disaster – be an early beginning of a major upswing in sales starting in April instead of May. This type of market can see a large move in pricing, much like the Phoenix metro area will be seeing this March.

Even though Flagstaff is not moving as fast as the Prescott market, at this time, Flagstaff is still under snow. Available listings are restricted by the Indian Reservations and Government owned lands surrounding them. The Flagstaff’s average age of 27 is probably due to the number of college students at NAU (Northern Arizona University). With restrictions for new builds, it is a favorite area and easier to get to for summer visitors from Phoenix, LA and Las Vegas. Prices have a greater chance to improve over a shorter period of time.

Prescott on the other hand, is restricted by the traffic getting into downtown, which is not the only area to live. The good news for people selling in downtown is that new homes are also restricted by location and historic laws.  Between the amenities, less wind and restricted building, the downtown area still has a strong demand for those looking to be in the center of all the activities.
With the exception of the downtown and South Prescott area, there is a lot of raw land still to build on, which is helping keep the price of homes lower than Flagstaff. With lower prices than Flagstaff and a much more consistent weather – very little snow, Prescott, with an average age of 55, is a great choice for full time families and retires.

The demand for the Flagstaff and Prescott areas should hit a high point this summer. Soon to be ex-California residents may drive the prices higher than normal during the late summer, which may slow the buying down in late August and September.

Buyers need to be looking at the market and areas to live in, now!
If you are looking in Prescott or Flagstaff you need to call or e-mail me so I can set you up with a residential search that will provide you an idea of the different areas in the Prescott metro area.
If you already familiar with the areas, a search of properties will give you first hand knowledge of pricing as soon as they come on the market. Do yourself a big favor if you are really serious about buying. Do Not Use Truilia or Zillow. They will be way off on what is available and pricing from March till August. Call me if you want the long list why! Mike at 928-707-4462

Sellers, you have some homework and probably some home maintenance to take care of, especially after these major rains and snow events. Please give yourself a month to your home ready for sale. That is better than trying to prep your home and packing things up over two weeks. I would be on the market at the start of the summer when the competition is lowest and the prices are rising. That should give you a good selling price within a short period of time.

Call or e-mail me to help set a plan in action.

Why me! – Advertising!

If you are selling, think about advertising. Yes, most buyers start online with one of the many Real Estate websites.  Once they become serious buyers and get caught up in financing and price range, they find an agent. Once they find an agent in Arizona, the Realtor supplies the real estate reports from the area being considered. That enables the Realtor to make sure their client has the finest quality information available which is not on a public website. The Realtor will send or make available very specific information coming from Arizona Realtor sources.  Most of that information comes from the area Real Estate Multiple Listing Services (MLS), not regional or national on line websites. Many other states do not have this type of non-public information!

 Your agent proceeds in setting up a listing in a Northern Arizona Multiple Listing service that is mainly used to reach other agent’s serious buyers. Yes, serious buyers are already getting information from their agent in the form direct Realtor emails or of an automatic search of the area, which both clients and agents are watching carefully.

Consider this------------- If you list your home in a Northern Arizona association the vast majority of those agents, probably because of control concerns or cost, only advertise directly with an estimate 700 agents in Flagstaff. If they are listing your house in Prescott, there are an estimated 1400 agents.
The Phoenix Metro area, which is responsible for a large segment of the purchases in Northern Arizona, contains an estimate of 16,000 agents.
Yes, you should list in your home’s area listing service. Should you limit your home information to so few agents? There is no extra cost to you.  Would you rather know your home is being advertised directly to prequalified clients of 700 agents, 1400 agents or 16,000 agents? As a member of all three Arizona realtor associations, I communicate directly though the three associations sending your information to thousands of prequalified clients of  18,000 agents through out Arizona. Might be the reason why 90% of my original listed homes do not last more than 30 days on market without a contract and most, if not all have sold for or over comparables at the time of listing.

Just a little icing on the cake, add the fact that I am not from back east but that my family has resided and has had contacts in Arizona for over 100 years.

*If you want a “Sold”  sign in your front yard as an alternative to a Realtor’s “For Sale” sign, do not hesitate to e-mail or me a call. 

Mike Mullan