Kelly Broaddus | eXp Realty | 888.446.5602 | Contact Kelly
Here’s what buyers and sellers should know about our market.
What’s happening in Flagstaff’s housing market? You may have heard that the market is changing, and it’s true. How will this shift affect buyers and sellers?
Over the last few years, we’ve experienced one of the hottest seller’s markets I’ve ever seen. Homes were flying off the MLS in a matter of days with multiple offers far above the asking price. Now, things have started to slow down. Homes are staying on the market for a little bit longer, and multiple-offer situations are only happening with the most desirable properties.
"If these trends continue, we’ll soon be in a buyer’s market."
Why is this happening? It all started in April when interest rates increased. Since then, homes have sat on the market longer, and sellers have had to make more concessions. If these trends continue, we’ll soon be in a buyer’s market.
This means sellers should put some thought into their homes before putting them on the market. Your list price matters now more than ever. If you price too high, buyers will move on and find a similar property for less money. You also need to be mentally prepared for the shift. You likely won’t receive 20 offers on your property anymore.
For buyers, this is great news. If you stopped looking at homes because you were sick of all the competition, now might be the time to reenter the market. Currently, we have 380 homes active on the market. Two or three months ago, we had as few as 90 houses on the market. With more inventory, you could get a better deal on your new home.
If you have questions about today’s topic or anything else related to real estate, please call or email me. I am always willing to help!