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For Sale: $225,000

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U.S. Market Data Review

National Market Update

Note December data below is the most recent published by the National Association of Realtors®.

National Association of Realtors® (NAR) data shows that sales of existing homes relaxed in most of the U.S. in December, but for all of 2017 sales grew 1.1%  -- in fact 2017 turned out to be the best year for sales in 11 years. December's existing-home sales slipped 3.6 percent to a seasonally adjusted annual rate of 5.57 million from a 5.78 million in November.
 Existing Home Sales By Region

NAR's chief economist, Lawrence Yun, said the housing market performed well in 2017, with notable wealth gains for homeowners and historically low distressed property sales. “Existing sales concluded the year on a softer note, but they were guided higher these last 12 months by a multi-year streak of exceptional job growth, which ignited buyer demand,” Yun said. He added, “At the same time, market conditions were far from perfect. New listings struggled to keep up with what was sold very quickly, and buying became less affordable in a large swath of the country. These two factors ultimately muted what should have been a stronger sales pace.”

Housing Data Takeaways

  • December's median existing-home price for all housing types in was $246,800, up 5.8% from December 2016 ($233,300). December’s price increase marks the 70 consecutive months of year-over-year gains.
  • Total housing inventory at the end of December fell 11.4% to 1.48 million existing homes available for sale; this is 10.3% lower than a year ago (1.65 million) and has dipped year-over-year for 31 straight months. Unsold inventory offers a 3.2-month supply at the current sales pace, down from 3.6 months one year ago -- the lowest level since NAR started tracking in 1999.
  • First-time buyers drove 32% of U.S. sales in December, up from 29% in November and the same as a year ago. For all of 2017, first-time buyers drove 34% of sales.
  • According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage inched higher for a third straight month to 3.95% in December from 3.92% in November. For all of 2017, the rate was 3.99%.

Regarding first-time buyers, NAR's economist Lawrence Yun suggested that, “Rising wages and the expanding economy should lay the foundation for 2018 being the turning point towards an uptick in sales to first-time buyers,” adding that “...if inventory conditions fail to improve, higher mortgage rates and prices will further eat into affordability and prevent many renters from becoming homeowners.”

Make Your Offer Count!

With today's competitive housing market, it is more important than ever that home buyers get their financial house in order when applying for a loan! Be sure to review your credit report with your mortgage professional and get pre-approved for your loan before making an offer on a home.

A little preparation goes a long way and can mean all of the difference when it comes to closing on that dream home. Having a trusted mortgage professional can make a huge difference in your home-buying experience -- don't underestimate the significance of this choice.

Contact us today to get the right loan for your current needs! We can recommend proven lending professionals who can help you position yourself for your next home purchase.

Find a New Way to Wake Up In Flagstaff

If you love coffee and are looking for a new place to start your day, then you're living in the right place in Flagstaff. Flagstaff is home to more than a few outstanding coffee and tea houses. Whether you prefer the larger chains or small local shops, there's something for every taste.  Local Flagstaff shops are especially fun to explore and discover a new flavor or treat.  It’s a chance to relax while checking out the art scene or just reading or socializing.  Here’s a few of the best coffee shops in Flagstaff to explore.

Kickstand Kafe

You’ll find this nice coffee house located on a quiet side street, creating a relaxing environment away from the tourist crowds. They not only offer great coffee, but a light breakfast and lunch menu, along with delicious pastries. Their espresso drinks are rich in flavor and never burnt, using the highly rated Italian espresso coffee and IIIy café. The friendly service and relaxing setting make this a great coffee stop to just sit and relax with your tasty brew.

Late for the Train

Also located way from the crowds is a great shop known for its unique atmosphere, previously being a gas station. Travelers and locals enjoy coming here on their way to the snowbowl , a hike, or the Grand Canyon.  They offer a full menu of drinks and a year-round pumpkin spice blend. The setting is eclectic, relaxed, and not congested.  It’s a great place to come and relax, especially during the winter months where you can look out at the snow covered pines.

White Dove Coffee Shop

This quaint little shop on the east side of Flagstaff is also a nice alternative if you’re looking for a local coffee house experience.  The pricing is fair and they offer a frequent customer reward program.  In addition to great espressos, they offer a light menu of burritos, bagels, yogurt, and smoothies. You can relax by the cozy fireplace during the winter while playing board games, or just sit and read your favorite book.

There’s a lot of things that make Flagstaff an amazing place to visit and to buy a home.  Visit our blog every week for more great reasons to buy a home in Flagstaff.

 

Contact Information

The Gary Nelson Group
Realty Executives of Flagsaff
15 E. Cherry Ave. Suite 101
Flagstaff AZ 86001
Direct: 928-225-3510
Office: 928-773-9300
Fax: 928-774-1102

 

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