Gregg & Debbie Munson

I'm guessing that by now most everyone knows that late last night the United States Senate unanimously passed a bipartisan amendment to the Economic Stimulus bill creating a $15,000 tax credit to individuals who purchase a home. Yes, there are some guidelines such as:

1. The credit will be $15,000 or 10% of the purchase price, whichever is less.

2. Purchases must be made within one year of the legislation's enactment and the tax credit will not have to be repaid.

3. The amendment will allow taxpayers to claim the credit on their 2008 income tax return. It also seeks to prevent misuse by only allowing purchases of a PRINCIPAL RESIDENCE and by recapturing the credit if the home is sold within two years of the purchase date.

While the final details are still being debated, I'm curious as to your thoughts as to whether this benefit will be a real boost to real estate or a waste of tax payer money? Let me know your thoughts.

Best Wishes for 2009

Gregg Munson

So how did the Flagstaff Real Estate Market fair through 2008? In my humble opinion, not too badly. Overall, prices have dropped a total of 8.28% from the top in 2006-less than 10%. Yes, unit sales are down and days on the market have increased, but, again, overall, Flagstaff's doing OK. One really has to wonder why with all that's portrayed via the media. But the answer is really quite simple: Flagstaff is a resort town; we have relatively low inventory, no major builders to go belly up and stable employment. Yes, we have a few areas where prices have dropped 15% or more but these are, for the most part, outlying areas where investors and first time home buyers purchased. Will Flagstaff continue to do OK in 2009? Your guess is as good as mine. But I'll wager that Flagstaff real estate will do much better than most areas and will be a good place to buy real estate for the longer term. Thanks for listening. Your comments are welcome.

FLAGSTAFF MARKET SNAP SHOT 2008 REVIEW*

*Criteria: Northern Arizona Multiple Listing Service sold data for City of Flagstaff single family homes. The city is defined as North West City, South West City, North East City, and South East City. Condos, townhomes, multi-family, land and commercial properties are excluded as are outlying areas. The exclusion of outlying areas and well as properties other than single family homes will have an effect on valuations.

So what's up with the Flagstaff market through November 2008? As usual, it's pretty boring. There has been little change since last month's report. How can that possibly be, I wonder? With all the negative news surely the market will fall apart. Oh well, let's see what next month brings.

FLAGSTAFF MARKET SNAP SHOT NOVEBER 08*

So what's up with the Flagstaff market through September 08? Well, it's pretty much an extension of the same thing. So far, Flagstaff Real Estate is down less than 10% from the market top. I must admit that I have a hard time believing it as one would tend to think that prices should be much lower given the economic times. At any rate, it is what it is. Let's see what October brings. Thanks for viewing.

FLAGSTAFF MARKET SNAP SHOT SEPTEMBER 08*

*Criteria: Northern Arizona Multiple Listing Service sold data for City of Flagstaff single family homes. The city is defined as North West City, South West City, North East City, and South East City. Condos, townhomes, multi-family, land and commercial properties are excluded as are outlying areas. The exclusion of outlying areas and well as properties other than single family homes will have an effect on valuations.