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Sedona Real Estate woes finished???

Well… it may not be over yet, but I wanted to give everyone some hope to let you know that the end is near.  I’m attaching an article from yesterday’s WSJ that’s speaking about the state of the market nationwide.  I know that Sedona is it’s own market… but like the rest of the country we’ve been in a bit of a funk for the last two and a half years.  Booms and busts are cyclical and I’ve heard mentioned before that they come and go in three year spurts.  Take a look at the attached article and let me know your thoughts…  http://blogs.wsj.com/developments/2008/05/07/the-housing-crisis-is-over/?mod=WSJBlog

Comment now » Read more May 7th, 2008

Important information for Sedona homeowners

This November there’s going to be a Citizens Initiative on the ballot that will directly affect your pocketbook.  This initiative is Article 9, Section 24 - and will prohibit new taxes on the transfer or sale of your home, land, or business.  Typically, once these Transfer Taxes are initiated, the rate can be increased by the state, county or city at will.  This act that we’re all voting on will once and for all eliminate the idea that such a tax can be enacted. 

 This transfer tax that the measure opposes will be anywhere from 1% to 4% of your home’s value… so if you’re selling your $500k home, then you’ll pay anywhere from 5k up to 20k in additional government taxes upon the sale.  If youre against this “Double Taxation” then vote YES this November to protect your home’s equity.  This constitutional amendment will make it almost impossible for the government to reach into your home’s value… if you vote YES on Article 9, Section 24 in November 2008!!! 

 I’ll write more on this when we get closer to election day….

Comment now » Read more April 29th, 2008

April 2008 Sedona Real Estate statistics

There are currently 528 homes and 115 condos on the market in the Sedona area (including VOC and Red Rock Loop areas).  Averaged out, the median home is a 3 BR, 2.5 bath home with 2379 square feet is priced at $679,900 and has been on the market for 111 days.  In the last 6 months, 92 homes have sold in the same area.  The profile of these sold homes is as follows… the average list price was $691,000, the avarage square footage was 2303, and it ended up selling for $635,991.  That makes the average difference from list price to sale price to be about 12%.  That’s a pretty high number…   And it makes the average price per square foot of sold homes down to $267 per square foot.  Again, remember that this is an average… so if the house has better than average views or is in better than average condition, be prepared to pay more!!!

Comment now » Read more April 16th, 2008

Upgrades in information

I’m happy to hear that readers of this blog are about to get an additional source of information when it comes to Sedona Mortgages.  You’ll soon get an insiders view of the lending world in Sedona.  Check the homepage regularly for this upcoming blog!!!

Comment now » Read more April 16th, 2008

Sedona Foreclosure Market

I’d guess that there are less than a dozen or so Sedona homes that are on the market due to a recent foreclosure- and dozens more that are in danger of going into foreclosure if they don’t sell soon.  I spoke with an agent that handles the listings for banks and other institutions that hold title on these properties… and they’re tired.  They’re worn out because they’ve been receiving up to 8 offers on homes that have been foreclosed upon.  It’s important for buyers to be aware that when properties come back on market as a foreclosure they’re priced under the market value.  So, if a property appraises at 500k and it forecloses and comes on the market for 285k… you won’t be able to write an offer for 175k and get this home.  You’ll need to be much closer to the list price of a foreclosed home to get the deal.  There are lots of other investor/buyers out there and they’re all looking for a deal, but it will help you if you stay closer to the price on these homes.  On the other hand, when a home is in pre-foreclosure or a potential short sale, then you might have more leeway on offering a lower $ amount.  This is because banks and other institutions dont want to own houses… they want the interest on the loan.  And, on average, they lose 80-90k when a home goes into foreclosure, so they’ll (generally) accept an amount less than what’s owed.  For example, if a homeowner owes 400k on a house, you might be able to pick it up for 325-350 depending on the lender.  Each home is taken case by case, so this may not apply to every home in this situation, but it’s what I’m currently seeing in the Sedona Real Estate marketplace.

Comment now » Read more April 14th, 2008

April 2008 Sedona Market Update

Well, we’re a week into April and I’m glad to announce that the Sedona housing market is marching ahead… things have picked up recently and for the first time in months there are more houses that went into escrow today than new homes coming online. This was a fairly commonplace occurrence a few years back, but there haven’t been too many days like this. The good thing there were 6 properties that went into escrow, 4 homes, one commercial property, and one piece of vacant land. The other telling thing is that of the 4 homes… all were under 400k. That shows how the market is heading… people are grabbing the most affordable homes now. Prices have come down approximately 12-15% over the last 18-24 months, so there are great deals on Sedona homes and land.�

Comment now » Read more April 7th, 2008

Senator John McCain’s home in Sedona

Well, he doesn’t really own a home in Sedona, but he loves the area and has a home just outside the city limits in Cornville, AZ.  When he dropped out of the presidential race 4 years ago (or was it he hosted a huge press conference atop Airport Mesa right in West Sedona.  He’s a big fan of the area and always mentions his “home in Sedona”.  Which brings the following thought to mind… if he’s elected president will it affect the Sedona real estate market??  There have already been prelim meetings with Police, Fire, and the Sedona Airport to discuss new protocols if he should make the office.  I wonder how the market in Crawford TX, Kennebunkport Maine, and Chappaquidick (sp?) NY were affected….

 I can only assume that (if he’s elected) that his owning a home in the area and mentioning Sedona on a regular basis to the press will increase public knowledge of the area.  This can only lead to more visitors and eventually translate to more demand for Sedona homes.  I don’t know if he can pull it off against a tough Dem candidate, but if he does, it certainly might change things in Sedona, AZ!

2 Comments » Read more March 20th, 2008

Short sales and foreclosures make a great buyers market in Sedona

Springtime is here in Sedona and with it come the travelers and sunseekers from all over the country.  This year we’re also seeing a fair number of investors coming back to town due to the fantastic deals that can be had in just about every price category.   No matter what price range buyers look in… they’ll find a smattering of underpriced homes that can only make them smile.  For a while it was the under $600k market that saw it’s fair share of short sales and foreclosures, but now there are some in the $800-$1M range and some over $1M as well…  They’re changing the look of Sedona real estate and if you’re a buyer that’s been waiting for an opportunity to purchase Sedona Real Estate on the cheap - then now’s the time.  Future prospects for Sedona properties are still good - I wouldn’t advise buying anything to “fix and flip” - but buying Sedona real estate for a long term investment now looks more intelligent than ever.  There is twice the inventory of a few years ago, and prices have come down 10-15%… so if you’ve been putting off your Sedona dreamhome,  don’t wait much longer.  The real estate market like all markets are cyclical… it will come back - and 10 years from now you’ll be able to laugh that you bought a home in Sedona for a song….

Comment now » Read more March 19th, 2008

Loan update for Sedona Real Estate - March 2008

My weekly email from Chris Seymour of Country Mortgage had something to say about the state of the market for loans and Real Estate in Sedona.  He stated: 

“One huge fact right now is that the spread between rates on mortgages as compared to rates on US treasury securities is the widest in history i.e. as rates have dropped in the bond market, mortgages have not followed. I believe they will eventually consolidate into the low 5s by spring. The Fed is expected to drop the funds rate by. 50% to 2.50% so prime rate will drop to 5.5% (still too high) and help home equity lines and ARM indexes. Longer term rates, 10 yrs and longer, are stubbornly high due to increasing inflation concerns. As the fed pumps the money supply, home values will rapidly find a bottom and start to recoup recent declines. There is no doubt that this is the time to start looking for deals.”

1 Comment » Read more March 6th, 2008

Down payment on Sedona homes

I’ve heard of a case that shows how lenders are tightening up… and this might help you when looking for a Sedona home.  Recently, a self-employed buyer with 750+ credit score was trying to buy a Sedona home with 20% down.  A certain lender told the buyer that because the market is sliding, that he’d need to put an additional 5% down to secure the loan.  The buyer ended up shopping the loan with a few other local lenders and found one quickly who would lend money to him.  These tight restrictions are starting to affect us here in town, but if you look around, there are plenty of good local lenders to steer you though the process without a scratch.  This is just another reason to use local lenders when you buy a home in Sedona!

Comment now » Read more March 5th, 2008