May 2017 RE/MAX Housing Report

Tight inventory paired with rising home prices has slightly slowed down the spring home-selling season, according to this month's RE/MAX National Housing Report

 

Simply put: there just aren't enough homes for all the people looking to buy.

 

If you're considering selling your home, but reluctant because tight inventory may impact your buying decisions. At RE/MAX Flagstaff, we understand and we can help. We’re still successfully getting buyers into beautiful homes.

 

If you'd like to explore the possibility of buying or selling your home this summer, we can help you navigate this tough market. 

 

At RE/MAX Flagstaff, our dedicated REALTORS® are driven to serve you and are committed to success. Please let us know how we can assist you with your real estate needs. Call us at (386) 246-8585.

 

 

 

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Strong March Home Sales, Low Inventory Means Tougher Market for Buyers, Easier for Sellers

 

As we spring into peak home-buying season home sale prices continue to rise, according to this month's RE/MAX National Housing Report. 

 

The inventory of homes available to buy dropped below 3 months for the first time in the history of the report, indicating a market that greatly favors sellers, as six months is considered a balanced market.

 

Buyers, this doesn't mean you can't find - and buy - your dream home. We’re still helping people get the right home at the right price - it just requires more creativity and tenacity.

 

Homes continued selling faster last month, with the average Days on Market dropping to 64, compared to 68 in February 2017 and 71 in March 2016. 

 

“We expect a seasonal uptick in sales this time of year and March certainly met and somewhat exceeded that expectation,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “We don’t anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market and buyers will need to work with their agents to get in the right home.” To read the April 2017 Housing Report in its entirety, click here.

 

At RE/MAX Flagstaff our dedicated REALTORS® are driven to serve you and are committed to success. Please let us know how we can assist you with your real estate needs. Call us at (386) 246-8585.

 

 

 

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Who's Buying Homes?

A recent article in the New York Times focused on statistics of who first time homebuyers are in today’s market. The median age of 32 is not that much different from the 1970’s when the median age was 30.6 according to historical data from Zillow. What is changing is that more single people are buying homes. And, the down payment average is 6%, not the 20% down payments of the past. First time homebuyers account for 35% of home sales. With that in mind, 65% of home sales would be to previous homeowners. 

 

According to a study a couple of years ago by Zillow, Americans are renting for an average of six years before buying their first homes. In the 1970s, they rented for an average of 2.6 years. Could student loans be to blame? With 1.2 trillion dollars of student loan debt according to The Economist, logic would tend to reason that this has a huge impact on the decision to buy a home. However, in most cases, it’s less expensive to buy than to rent. Some may be reluctant to take on additional debt, but mortgage debt is different as the borrower is building wealth as the home presumably is increasing in value. 

 

In Flagler County area we do see a lot of first time homebuyers, but we also see plenty of people who relocate here because of the mild winters and the ability to enjoy the outdoors year round. We’re personally huge fans of the weather. There’s also a wonderful community with plenty to do, easy access to large cities, and international airports are close by. If you’re ready to buy, our team of REALTORS® will help you every step of the way. If you’re interested in selling, our team knows the score on how to get your home ready for the market. 

 

At RE/MAX Flagstaff our dedicated REALTORS® are driven to serve you and are committed to success. Please let us know how we can assist you with your real estate needs. Call us at (386) 246-8585.

 

 

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RE/MAX Flagstaff's Award Winning Agents!

We are so very proud of our professional REALTORS®!

 

Four agents recently earned top awards at RE/MAX Flagstaff. Scott Chappuis and Janet Geddings achieved the 100% Club award, which honors agents who earned commissions at the second-tier level during the previous year. This is Chappuis’ third consecutive award at the 100% level. Geddings has worked in the real estate industry for more than four years. 

 

Annette Gardinal qualified for the second consecutive year at the Platinum Club level, which recognizes agents who earned commissions at the third-tier level. In 2016, less than five percent of all active RE/MAX agents received this award.

 

Tina Turner received the Executive Club award, which honors successful agents who earned commissions at the first-tier level. Turner has been with the company for 14 years; this is her second consecutive year earning the Executive Club award.

 

At RE/MAX Flagstaff our dedicated REALTORS® are driven to serve you and are committed to success. Please let us know how we can assist you with your real estate needs. Call us at (386) 246-8585.

 

 

 

 

 

 

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Baby Boomers It’s Time to Sell Your Home to a Millennial!

 

Baby boomers have are moving from sprawling suburban homes to smaller homes or condominium developments with amenities and walking neighborhoods while millennials are looking for the familiar homes of their parent’s generation. Millennials are ready to give up small apartments and want a home that’s ready to be lived in, no renovation required. They also want plenty of storage room, closets, and outdoor space. 

 

Rising rents are also influencing the decision to move to the suburbs, some even use the extra space to rent out rooms which can help pay for their mortgage. In many cases, buying a home is less expensive than renting and the idea of building towards the future is very appealing. 

 

“Millennials are shaping the market more than anyone realized. In fact, half of all buyers are under 36 and half of sellers are under 41,” said Zillow Chief Marketing Officer Jeremy Wacksman, referring to results from a survey of more than 13,000 homeowners, sellers, buyers and renters that are part of the new Zillow Group Consumer Housing Trends Report. With numbers like that, if you’re a boomer considering selling your home whether you’re upsizing or downsizing, it just might be the time to sell. The experienced REALTORS® from RE/MAX Flagstaff are available to help you weigh the benefits. With an average of 53 days on the market homes are selling quickly when they are priced appropriately. 

 

At RE/MAX Flagstaff our dedicated REALTORS® are driven to serve you and are committed to success. Please let us know how we can assist you with your real estate needs. Call us at (386) 246-8585.

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