A large annual consumer survey to be released November 13 (the 2009 National Association of Realtors® Profile of Home Buyers and Sellers) demonstrates that first-time home buyers accounted for more than 45 percent of home sales during the past year. A separate survey of Realtors® shows that distressed homes accounted for 29 percent of transactions in September.
The Federal Reserve reported in its October 21st regional economic review that housing market conditions improved in recent weeks, primarily from a pickup in sales of low-to medium-priced houses. So, overall, we have first-time homebuyers purchasing bank-owned and short-sale properties, and the properties of sellers who are willing to compete with those properties. Homes that are selling are priced at the low-end of the market.
The fact that nearly 30% of sales at the low-end of the market are by institutions puts additional pressure on prices in the mid-range and higher end. That’s because sales in those price ranges are typically made to buyers who have just sold another home and are looking to “step-up” to something larger or more attractive. Without that step-up share of the market, the outlook is not good for homes in Flagstaff that are priced above $350,000. If you want to sell a Flagstaff home, pricing right is key -- make sure that you have an agent who is looking closely at comparable sales and placing your home at a price where it needs to be to meet the competition.
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To buy or sell any Flagstaff home, contact me: Ann Heitland at RE/MAX Peak Properties.
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