Summer Residential Real Estate Market Going Strong in the Sweet Spot

By Bonnie Stevens, FBN

Looking back at the wild ride of the home-buying frenzy during the past three years, skeptics had warned prices could not keep going up, demand would have to level off, and certainly we should all be wary of the “bubble,” that, when popped, would cause home values to come crashing down. But despite an increase in homes for sale and the 10th interest rate hike in 14 months, the Flagstaff real estate market continues to sizzle.

“We thought last summer was wild and the truth is, this summer is quite a journey. I’m starting at about 5:30 in the morning and finishing work at about 7 or 8 o’clock at night. It is at an absolutely rapid speed. It’s exciting – for both buyers and sellers – and a really great time in real estate,” said award-winning realtor Lori Anna Harrison with Zion Realty in Flagstaff.

Not all Arizona markets are behaving the same way, but Harrison says there is definitely a “sweet spot” for real estate in the high country. “It really is that three-bedroom, two-bath, two-car garage home that’s got a little bit of space for a yard, whether that’s used for RVs, motorhomes or pets or gardening, that is the sweet spot. And homes with a price point being anything right around $600,000 and below are receiving multiple offers when they are in excellent condition. People are just snapping them up immediately. There definitely seems to be a bit of a shortage in that sweet spot.”

Harrison says there is more sanity in the home-buying and home-selling market than in the past few years. Fewer homes are being purchased sight unseen and fewer buyers are needing to wave home inspections or make other concessions in order to win the contract. As a result, sellers are working harder and buyers are more discriminating, which she says results in happiness and satisfaction on both sides of the deal.

“Every buyer wants to walk into a turnkey home. Regardless of what they say about their interest in a fixer-upper, when I walk with them into a home that’s completely turnkey, it’s a game-changer.”

Like most realtors, Harrison wants her sellers to be successful and receive the best deal for their home, and she also is keenly aware that it is her brand behind the product. “I want to put the best home out there that we possibly can.”

To coach sellers through the process, she starts with curb appeal and then

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