Real Estate Market

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For Sale: $199,500

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U.S. Market Data Review

National Association of Realtors Data Review

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

Data from the National Association of Realtors® (NAR) shows sales of existing homes grew in October to the briskest pace since early summer, but an ongoing lack of supply resulted in fewer closings for a second straight month.

Nationally, total sales of existing homes (counts completed transactions for single-family homes, townhomes, condominiums and co-ops) bumped up 2.0% to 5.48 million in October from 5.37 million in September. Despite the uptick in velocity, sales remain 0.9% lower than one year ago.

 Existing Home Sales By Region
NAR's chief economist, Lawrence Yun, indicated that October's sales activity picked up for the second consecutive month, with increases across all four major regions. "Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home" Yun said. He added that "While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated."

Housing Data Takeaways

  • The median existing-home price (all housing types) in October was $247,000, up 5.5% from October 2016 ($234,100). October's price increase marks 68th months in a row of year-over-year gains.
     
  • On average U.S. properties stayed on the market for 34 days in October, unchanged from September and down from 41 days a year ago. Forty-seven percent of homes sold in October were on the market for less than a month.
     
  • Mortgage data from Freddie Mac shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.90% in October  from 3.81% in September. For all of 2016, the average commitment rate was 3.65%.
     
  • Nationally, first-time buyers drove 32% of October's sales, up from 29% in September but a drop from 33% one year ago.

Investing in Real Estate

Today's low interest rates and stabilized home prices have created some great investment opportunities!

Investing in real estate has unique advantages over other types of investments. Of course, wise investors may have various instruments in their portfolio, but real estate has a long-term track record of proving its worth.

Here are some of real estate investing's advantages:

  • Interest in mortgage loans are tax-deductible. Investors can lower their tax liability while increasing their equity.
  • Renters pay down your mortgage loan. Investors reap the benefits of rental income, which offsets your mortgage cost and build equity.
  • Real Estate values increase over the long term. Real Estate is limited and will always be in demand. 
  • 1031 exchanges are available to defer taxable income when you are ready to sell.

Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!

Relieve Holiday Stress in a Flagstaff B&B

It's true that the holidays can be stressful.  What can you do to relieve the stress without going on a big vacation? No problem, Flagstaff has the perfect bed and breakfast just waiting for you to relax and release the holiday tension.  Don’t live in Flagstaff? Then you’ll appreciate what these fine inns offer for those who want to enjoy the beauty of the area. You can relax in a private setting, all while breathing in the cool mountain air of the southwest.

Here’s a few of the best bed and breakfasts in Flagstaff and the surrounding are that will be sure to take your stress levels down a few pegs.

Elden Trails Bed and Breakfast

Located at the foot of Mt. Elden, the natural setting complements the simplicity of this comfortable B&B.  This eco-tourist inn features locally sourced and home-grown food grown in their own greenhouse.  This bed and breakfast sets a great example of sustainable living and is sure to take the weight off your busy life.

Starlight Pines Bed & Breakfast

Rated one of the top 10 bed and breakfasts by Phoenix Magazine, this is the only B&B in all of Arizona to receive the “Best of the Road” award, along with being mentioned in a number of other magazines.  You’ll see what all the fuss is about when you relax in this historic Victorian home. You can relive the old days with a warm crackling fire and clawfoot bathtubs. The antique filled rooms and old-fashioned hospitality complete the picture.

Want to find other great B&B’s in Flagstaff?  Here’s a few more that may be the perfect remedy to a stressful life.

 

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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