National News: Existing Home Sales Drop in Aggregate Report for September

For Flagstaff homeowners who are closely watching the market, the national news this a.m. – and its subsequent fallout – could be distressing. Yesterday, economists predicted that September resale home figures to be reported today would show a drop of 4.6%. At 10:00 a.m. this morning, the reality was worse.  Overall home resales declined to a 5.04 million annual rate, an 8.0% decrease from August.

While the Flagstaff market drifted lower in the 3d quarter of 2007, Flagstaff home prices, overall, still have not dropped below the highs of 2005.  The inventory of homes for sale in Flagstaff was down a bit in the first half of October but still high enough to declare that Flagstaff is a buyers’ market. The Flagstaff market swings have been, and probably will continue, to be less dramatic than the national market swings.

Another interesting article in this morning's newspapers notes that Realtors^® across the country are recommending home staging. This has been our recommendation all year, and Team Heitland at RE/MAX Peak Properties incorporates an initial staging consult with a professional stager into our listing fee. As a Flagstaff real estate agent, I agree with the Seattle real estate agent who said, “Having a home well prepared and well photographed used to make the difference between selling at one price and selling for a bit more....  Now if you don't have these things done, you're going to be lucky to get it sold at all."