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Do you like Flagstaff? Do you already own a house? Have you thought about buying another one?

While driving around Flagstaff, it’s hard not to notice all the buildings and upgrades happening in all parts of the city. The Standard, The Hub, Switzer Mesa, Timber Sky and many more.

Residential real estate in Flagstaff has jumped 38% since 2015. The average selling price of a home in the city of Flagstaff is $ 439,200. Forecasters expect continued, albeit slower, growth until at least 2022.

Our temperate climate, our cool downtown, our arts and theater scene, our unprecedented outdoor opportunities, Northern Arizona University, Flagstaff Medical Center, the local businesses that support our community and the myriad of organizations. Nonprofits are just a few of the many features that enrich and make Flagstaff a true Northern Arizona gem.

If you already own a home in Flagstaff and think, as many believe, that real estate in Flagstaff is a good bet for the future, have you ever considered buying another property as an investment? If this idea intrigues you, a call to your financial planner and tax agent can confirm that Flagstaff real estate could be a good diversification asset for you.

As most of the country is aware, Flagstaff real estate is running low on inventory. If you are already researching potential purchases with your real estate agent, you may notice how sought-after properties do not last very long. Flagstaff’s real estate “days on the market” in most areas are down from even a year ago. Don’t be discouraged, the prices aren’t as low as they were in 2010. We can look back to 2022 and wonder why we didn’t act in 2018.

If you already own your home, as well as investment properties, good for you! Here are some options to consider for your future investment property portfolio.

If you’re happy with your income and equity forecast for your current real estate assets, great! You are in an enviable position!

Want more Flagstaff? If you have a lot of equity with your current properties, consider refinancing with one of our great local lenders and purchase that condo, townhouse, or single family residence that you just saw appearing on the MLS.

Want to increase / decrease the size of that area you’ve always wished you could live in, closer to work, closer to rides, closer to downtown, or over an area for that horse you’ve always wanted? Now might be the perfect time. Remember how wonderfully low mortgage interest rates are now!

Want to sell your Flagstaff investment property and buy that second home? Think about another place you might want to live in the future! San Diego? Hawaii? Santa Fe? Durango?

Want to sell and pay your tuition? Write off that student debt or just have the cash to pay it off as you go.

Want a rental property that’s bigger, smaller, better, easier to maintain or manage, or maybe has more equity potential, maybe residential to commercial property? Ask your financial and tax advisers if a 1031 exchange can help you defer your capital gains, while potentially improving your portfolio of real estate assets.

Ultimately, your home is your emotional center, a sanctuary, but a real estate investment can be a rewarding business that can help you reap some of the rewards of market value in Flagstaff. Your professional team of financial / tax advisers and real estate agents have a wealth of information to help you make your plans a reality.NBF

By Paula Mack

Paula Mack is a real estate agent at Russ Lyon / Sotheby’s International Realty. She can be reached at [email protected] or 928-699-6837.

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