March Sedona Real Estate Market Update

Check out the most recent statistics for the health of the local real estate market on the Sedona Real Estate Market Update.  Things are popping here in town right now – lots of buyers are putting homes into escrow and taking the best ones off the market.  If you’re looking to get a good deal – contact me today!

Sedona iPhone Seach app

I just put a link on my Sedona Real Estate site to a cool new tool put out by Realtor.com for your iPhone.  It’s a GPS location tool that shows nearby homes and their list prices.  So, if you’re an iPhone user, you should be able to download this app, drive through the streets of West Sedona, Uptown Sedona, the Chapel area and the Village of Oak Creek and it will tell you details on each currently listed home that you drive past… how cool is that.  I’m assuming that by offering this – you’ll contact me when you find the right house for you!!!  If you’re not iPhone friendly, just email me and I’ll do the search for you and email you homes that fit your needs!!!

For those of you that use the iPhone – let me know how you like it!!!

Short sale changes on the way from Government

I’d been sent a link this am that I thought to share with those of you interested in short sales in Sedona.  We’ve been having a few issues with sellers thinking that they would be held liable for the “forgiven” amount – and I’m hoping that the new information puts some seller’s minds at ease.  Take a look!

I haven’t yet run the reports for November – I should have those statistics ready by next week.  But take a look at the October statistics to show the overall health of the real estate market in Sedona.

As of today, there are 576 residential properties on the market – and of those, there are 75 that are currently in escrow (on their way to being sold).  It feels pretty busy here in town, we’ve received 2 offers in the last 48 hours on 2 different properties and expect another offer today on a third property.    Of course I can’t share prices until they sell, but each offer is within 10% of the list price (seems to be a starting point for most buyers recently). 

There was an interesting article in last week’s USA Today – mentioning that Sedona is one of the hottest  places in the country to purchase a second home.  Take a look

Great news for Sedona home buyers!!!

Pending legislation shoud see a vote from the Senate today.  Not only will this extend the first time Homebuyers credit but it now offers a $6500 credit for people who have lived in their home for the last five years.  That is great news for the industry.  Since this is a limited time offer I would expect this to have an immediate impact on sales for the next six months.  If you know of anyone who has even mentioned the possibility of buying in Sedona - now is the time to break the good news to them!    

The Senate has voted last night (11/4) to extend and expand a popular tax credit for homebuyers that was scheduled to expire Nov. 30. The House is expected to schedule a quick vote on the bill as early as today 11/5 as part of a package that also extends unemployment benefits for people out of work more than a year. The White House indicated that the President will sign the legislation.

How the homebuyer tax credit would work:

• Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers who purchase between December 1, 2009 and May 1, 2010. First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.
• Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.
• Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.
• Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
• How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.
• New anti-fraud limitations imposed.
• Cost: $10.8 billion.

Source: Bloomberg Press and Associated Press and confirmed information with the content of the Senate bill

Sedona Real Estate Buyers on the rise

The last two weeks of October were BUSY in the world of Sedona Real Estate.  The rise can be attributed to our normal Autumn increase in visitors to the area and the recent decline of prices on homes.  Vacant land sales have picked up a bit – but activity levels in this category are still anemic.  Sedona homes are the opposite.  We passed up the total number of homes sold in 2008 a month or two ago – and there’s no reason to think that things will change over the coming weeks.  Prices are low, inventory of homes are depleting, so buyers can see that the best deals go quickly – so they’re now acting on their impulses.  If you’re looking for a Sedona home – there’s no time like the present market to buy a home surrounded by the Red Rocks that have made Sedona famous.

There are 436 homes currently on the market in Sedona and 61 are already in escrow.  That makes 14% of our current inventory is in the process of a sale.  At this pace we’ll be whittling down inventory and buyers will have less to choose from in the Spring.  If you’re able to buy – feel free to check out the entire inventory of available homes at Sedona Homes

End October 2009 Sedona Real Estate Market update

As of this minute… there are:

444 homes for sale in Sedona (and the VOC) with a median price of $599k

80 of these listings are short sales or Foreclosures (only 18% of our homes are Distressed Sales)

112 condos and townhomes for sale in Sedona (and the VOC) with a median price of $294,450

71 residential properties are already in escrow (in the process of being SOLD)

458 lots (vacant land) for sale in Sedona

The least expensive available condo/townhome in the city limits is $124,900

The least expensive available home in the city limits is $144,875 (bring your hammer – this one’s a doozy!)

Feel free to call or email me with questions….  rick@sedona.net or 928-340-5012

or check the monthly updated stats at www.sedonaforsale.com

Forbes ranks Sedona as one of America’s Prettiest Towns

yeah, I know… another feather for the cap.  It’s almost as good as the article in the USA Today Weekend naming Sedona as the #1 most beautiful place in the USA.  What’s even better is that you can buy a home in this incredible town for 30% less than you could a few years ago.  Click here to search for available Sedona homes or click here to see that Sedona is on the list for Americas Prettiest Towns

Sedona Real Estate Market update – October 2009

Yes, fall has finally come to Sedona with it’s incredible weather, increased # of visitors, and our 2nd busy season of the year for Sedona Real Estate. It seems like there are people here year-round – but when they come and it’s 75 degrees with clear blue skies and chilly evenings, things heat up for our local marketplace.

I just updated the Sedona Real Estate Market Update so that everyone can see for themselves the health of real estate in Sedona. After starting off the year with a thud in January, things have progressively gotten better. There are about 10% less homes on the market today than 6 months ago – a positive sign that buyers are swooping in and getting great deals on available homes. Prices have held steady after an initial decline – and we’re now averaging about $200 per square foot for a home here in town. As you get into the higher price points, the $per square foot goes up – but it’s still under what it was a few years back. On the whole I’d say that our pricing is off 30% or so from our highs in 2005/2006. If you bought then – hang on tight and if you haven’t bought yet – you’d better get your shoes on and get looking. The best deals go in a matter of days if the pricing is right. Inventory is getting tighter so if you intend to cash in on low Sedona prices – I wouldn’t wait much past January of 2010. The next few months will be the best time to take advantage of our pricing and selection, before the main high season starts in February/March of 2010. I predict that we’ll see more tightening of supply and leveling of pricing!!!

Sedona Lifestyle

There are many reasons to want to live in Sedona Arizona, not the least of which are the year round temperate climate and the stunning natural backdrop of the Red Rocks. Few people realize that even though Sedona lies in the heart of Arizona, it is exempt from the scorching heat and favored by mild temperatures making outdoor activities pleasant year round. Combine this with the 100,000 acres of National Forest that Sedona lies surrounded by and you have one of the most beautiful places in North America making the Sedona Real Estate market an enticing one.

As with many southwest towns, Sedona’s origins are humble. Originally home to many native Indians, whose remnants and influence remain a strong part of the community today, it evolved into a small farming community before becoming widely known as the artistic haven and spiritual power center of today.

Although tourism is now the largest contributor to the local economy, Sedona has managed to maintain the small town feel that so often gets lost with development. Several main Sedona Real Estate Areas are carefully maintained by the local community. These are made up primarily of independent retailers, artists and owner/operators who all work hard to preserve the local atmosphere and culture that is such a big part of the Sedona experience.

It is not surprising then, given the array of benefits available in the community that the Sedona real estate market has been experiencing steady growth in recent years. More and more people are choosing the Sedona lifestyle as their own. These include: young families seeking to raise their children in a healthy, wholesome environment, urban professionals escaping from the stresses of big city life, or retirees looking for that peaceful location to enjoy their golden years. With its strong public school system and modern health care faculties there is little reason to be found not to want to relocate to Sedona.

Come and see for yourself. A visit to Sedona Arizona is one that won’t soon be forgotten.