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Flagstaff Market Update

Mortgage Rates & Sales Rates: Ups and Downs

​After nine weeks in a row of mortgage rate increases, borrowers recently got some relief with mortgage rates. The 30-year fixed-rate mortgage posted its first weekly decrease of 2018 in mid-March.


Freddie Mac reported the following national averages with mortgage rates for the week ending March 15:

 

  • 30-year fixed-rate mortgages: averaged 4.44%, with an average 0.5 point, dropping from last week’s 4.46% average. Last year at this time, 30-year rates averaged 4.30%.   
  • 15-year fixed-rate mortgages: averaged 3.90% , with an average 0.5 point, dropping from last week’s 3.94% average. A year ago, 15-year rates averaged 3.50%.   
  • 5-year hybrid adjustable-rate mortgages: averaged 3.67% , with an average 0.4 point, increasing from last week’s 3.63% average. A year ago, 5-year ARMs averaged 3.28%.
  • The average commitment rate for all of 2017 was 3.99%.

Home Sales Rates

Despite ongoing low inventory levels and upticks in prices, sales of existing homes rebounded in February after a couple of consecutive months of declines, according to the National Association of Realtors® (NAR). Notable sales increases in the South and West offset declines in the Northeast and Midwest.

Nationally, total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops) increased 3.0% to 5.54 million in February from 5.38 million in January. Sales now sit 1.1% above a year ago.

Lawrence Yun, NAR's chief economist, indicated that sales were uneven across the country in February but did jump nicely overall. “A big jump in existing sales in the South and West last month helped the housing market recover from a two-month sales slump,” he said. The economist continued, “The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018. However, even as seasonal inventory gains helped boost sales last month, home prices – especially in the West – shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.”

How's Your Selling Strategy?

 

​Sellers, you have an excellent opportunity to sell your home this season -- if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale.

It is very important to price your property at a competitive market value at the signing of your listing contract. In some places, the market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. And in some of today's particularly hot markets where we're seeing bidding wars, you still want to work with your agent to set the right starting price from the outset to give yourself every advantage.

An Overpriced Home:
· Minimizes offers
· Decreases agents response
· Limits qualified buyers
· Decreases showings
· Decreases prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

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Great Food in Flagstaff on a Budget

Not everyone has the money to spend on eating at pricey restaurants all the time. And that's OK, because Flagstaff is full of great places to eat for less. There's no need to sacrifice taste when you're on a budget with these top "cheap eats" in Flagstaff as listed by TripsAdvisor.com.

Here's a few from the top if the list.

NiMarcos Pizza West

A great choice for pizza in Flagstaff, NiMarco's makes their dough and sauce fresh every day, along with 100% mozzarella and freshly grated cheeses. And you can bring the dog and sit on their pet-friendly patio!

Galaxy Diner

It's the classic all-American 50's diner where you can enjoy all your classic favorites while you reminisce about the good old days. With their wide range of menu choices and 100 milkshake flavors, you can't go wrong.

Tacos Los Altos

We can't leave a great taco joint off the list. They offer delicious tacos and salsa, along with combos and burritos. With their fast and knowledgeable staff, you'll be enjoying your food in no time. 

If you want to see more outstanding places to eat in Flagstaff on a budget, view the full list here!

 

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