You may have noticed as you drive through your neighborhood that there are very few “FOR SALE” signs on the streets, and if you search the internet you don’t find many homes for sale in your price range. Homes for sale in Flagstaff are few these days, probably more so than at any time in recent history. I closely monitor our Northern Arizona Multiple Listing Service (MLS), and as I write this article there are currently 500 active residential listings versus over 800 a year ago and those numbers include most of northern Arizona.
There are undoubtedly many reasons; some speculate that because of the pandemic more people are working from home, have kids going to school online and are therefore restricted from moving. Others feel that because prices are so high that even if they sell that they cannot find or afford to purchase another home.
Buyers are having a hard time finding homes to buy. Many agents can tell stories of how their clients have submitted an offer only to find out that someone else had made the seller a better offer that the seller accepted. An agent that presented an offer on one of my listings told me that her clients had made offers on four properties only to be beat out by higher offers.
If you have a home and are considering selling it, the time has never been better. As a seller you can expect a reasonable offer without a lot of negotiating if your house shows well, is properly maintained and priced right. Almost every realtor who I talk to has buyers who are looking for a home less than less than $350K. They are all having a hard time finding a suitable property that meets their buyer’s needs.
The current economic climate that we are in is good for you, the seller. The real estate market will always shift to the seller's advantage when demand is high, interest rates are low and there are fewer homes on the market. That is the situation that we are currently in. If interest rates rise, the demand abates, and more homes become available for sale then buyers will move into the driver’s seat.
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