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Posts by : Wally Reule

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Interest Rates Remain Favorable

Fri, May 17th 2019 1:13 pm by Wally Reule Miscellaneous

If you've been putting off a real estate transaction because you feel like interest rates are too high, and going higher, you might want to reconsider. Yes, rates are off their historic lows from a couple of years ago, but they're still pretty darned good. In fact, the average rate now for a thirty year fixed mortgage has gone down each week for the past three weeks, and now stands at 4.07% compared to 4.61% a year ago. Rates are staying low now because of concerns over a trade war with China, and smart money is moving to safer investments. But when the China issue is resolved, it's likely that mortgage rates will resume their upward march.



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What to Expect From Your Listing Agent

Sat, May 11th 2019 11:49 pm by Wally Reule Sedona Real Estate Market News

The Sedona real estate market has slowed a bit from last year, which was very strong. And whenever the market is strong, it attracts many new agents. However, the real estate business is complex, and while we wish them well, we also know that it can take years of experience to develop the skills needed to be a top agent. I posted the following graphic a couple of years ago, because it shows what it takes to professionally represent a seller, but now is a good time to share it again. If you are thinking about selling your home, make sure that your agent has all of these skills. Jan and Wally have been successfully representing sellers in the Verde Valley for over ten years, and our testimo...



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What's My House Worth? It Depends on Who You Ask

Thu, May 9th 2019 4:44 pm by Wally Reule Miscellaneous

One of the challenges in setting a listing price is that owners are sometimes convinced that they know the value of their homes because Zillow told them so. And it may be right, or it may not. Real estate websites use a program called an Automated Valuation Model (AVM) to determine the value of your home. However, each uses different mathematical models and data bases to come up with the value of your home. As a result, there can be quite a range, depending on how you ask. To test it, I looked at the AVM for one of our former listings in Cornville. I checked five different sources, including Zillow, Trulia, Realtor.com, Homes.com and RPR. The low estimate was $287,842 and the high estimat...



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First Quarter Sedona Real Estate Market Statistics

Tue, Apr 16th 2019 4:50 pm by Wally Reule Sedona Real Estate Market News

The numbers are in and they are down from a year ago. First quarter sales of single family homes under $1,000,000 dropped this year to 92, or 15%, compared to 108 in the same period last year. The median sales price increased 3%, to $559,500. Sales of vacant declined sharply to 33 from 48 last year. For more detailed information, go to our Market Statistics web page.



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Lower Interest Rates Keeping More Buyers in the Game

Mon, Apr 1st 2019 6:10 pm by Wally Reule Sedona Real Estate Market News

Interest rates last week experienced their biggest drop in ten years. That's good news for home buyers or for people who may want to refinance their mortgages. The average rate for a 30 year fixed mortgage has declined in the past year from 4.40% to 4.06%. Concerns over a possible recession on the horizon are keeping interest rates low. However, home prices continue their slow climb as low inventory is still the norm, but low interest rates can help keep home ownership possible for many buyers. Here is a link to an article from CNBC with more information.



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Understanding Your Real Estate Broker

Tue, Mar 26th 2019 1:22 pm by Wally Reule Miscellaneous

A friend recently forwarded a New York Times article entitled "Translating Broker Babble". It was very interesting, so I'm passing it along via the link below. Rest assured that we speak plain English with our clients, so this is for entertainment value only.

New York Times Article



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Modest Growth Predicted for Sedona Real Estate Prices

Thu, Mar 21st 2019 1:36 pm by Wally Reule Sedona Real Estate Market News

Home Prices in the Sedona area peaked in 2006, before the crash, and started the road to recovery in 2012. It was just last year when prices finally got back to the 2006 high water mark. But what can we expect as we go forward? 

The graph below shows historical home prices in our area from 2000 until the present, and then projected prices until 2024. These projections come from Collateral Analytics, and they show continued moderate growth, with a possible dip in 2021. The main driver continues to be under-supply, and with relatively high building costs, that is likely to continue. So if you're waiting to buy a home until prices come down, you may want to reconsider that decision.

Price Forecasr



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Vacant Land Remains a Bargain in Sedona

Tue, Mar 19th 2019 4:01 pm by Wally Reule Events

Prices for vacant land are still much lower than they were before the crash in 2007, but with the low inventory of existing homes for sale, prices are creeping up. This listing of ours offers great views and is well priced.

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4651 Red Rock Loop
Sedona, AZ

MLS# 517894 - Land

This exquisitely elevated acreage offers awe inspiring, unblockable, panoramic red rock views. Cathedral Rock could be the centerpiece view from your living area. Juniper trees and lush desert vegetation add to this lot's unique qualities. Privacy and massive red rock views coupled with close proximity to all the conveniences of Sedona are just a few of the reasons to consider this extraordinary piece of land ...



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2019 Challenges for Sedona Home buyers

Mon, Mar 11th 2019 6:25 pm by Wally Reule Sedona Real Estate Market News

Will this be a good year to buy a home in Sedona or an nearby community. The answer is a resounding "maybe". Inventory is still low, and the good homes that are priced right go quickly, so keeping an eye on new listings and being prepared to act quickly are critical. If you will be financing your purchase, get pre-qualified. Interest rates are higher than they were a year ago, but have actually come down quite a bit since November. If you want to make Sedona your home, you can do it, but you'll just have to keep your focus. Contact us if you need assistance.



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Jan Bigelow honored to receive Russ Lyon Sotheby's Chairman Board Award

Thu, Feb 21st 2019 6:15 pm by Wally Reule Events

We all know how hard Jan works for our clients, so it's nice to receive this special recognition from Russ Lyon Sotheby's International Realty. She was in the top 3% of Russ Lyon agents for 2018, and is off to a great start in 2019.

Chairman Award



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Seniors Blamed for Housing Shortage

Mon, Feb 18th 2019 6:19 pm by Wally Reule Sedona Real Estate Market News

I came across an interesting, and somewhat surprising article in Realtor.com. It turns out that I am at least partially responsible for the housing shortage, because I haven't moved out of my home and into  assisted living yet. My selfish action, along with many other baby boomers, is helping to drive up the cost of housing and keeping the millennials from being able to purchase a home. Sorry about that! Here is a link to the article if you want to know more.



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Check Your Electric Wiring

Mon, Feb 11th 2019 4:51 pm by Wally Reule Events

Attached is an article that appeared in Sedona.biz regarding a home fire that was caused by faulty electrical wiring. It's a good reminder to check your electric outlets, wires and connections. One of the things that we have seen, and that is not uncommon is pack rats finding a way into the attic and chewing on the wiring insulation. Keep an eye on that, especially if you hear scratching in your ceiling at night. Here is the article.



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It's not too late to Sign Up for Run Sedona

Tue, Jan 29th 2019 1:47 pm by Wally Reule Events

Time to lace up those running shoes for a run through the majestic red rocks of Sedona. They offer a 5k, a 10k and a half marathon for your running pleasure. For more information, or to sign up, go to www.sedonamarathon.com



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Year End Sedona Real Estate by the Numbers

Sat, Jan 19th 2019 2:29 pm by Wally Reule Sedona Real Estate Market News

The year ending numbers are out, and we enjoyed a banner year in Sedona. Sales of homes and vacant land went up 10% and 7% respectively. For the details, look at our Market Statistics Page.  Another interesting note is the difference between the Sedona and the Village of Oak Creek (VOC) Markets. In 2018 the median price of a home sold in the City of Sedona was $615,000, compared to the median price of $500,00 for a home in VOC. We normally tell clients to expect a 12 - 15 % difference, but for 2018, it increased to nearly 19%.



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Most underrated destination

Wed, Jan 16th 2019 9:33 am by Wally Reule Sedona Real Estate Market News

I just read an article entitled "Sedona ranks as the No. 1 most under-rated destination". The title seems to be a bit of an oxymoron, but it makes sense when you read it. The bottom line is that Sedona has so much to offer that visitors are more impressed than they expected to be.  Here is a link to the article. https://azbigmedia.com/sedona-ranks-as-the-no-1-most-underrated-destination/



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Sedona Parking App

Thu, Jan 10th 2019 2:05 pm by Wally Reule Events

If you're frustrated by not being able to find a parking space in Uptown, I have the solution for you. I was at a Sedona Community Pulse meeting yesterday and learned about a new app that will not only show you where the empty spaces are, but will also give you directions, and if it's paid parking you can pay remotely using your phone. Here is a link to the city with directions on how to get the app.

http://www.sedonaaz.gov/visitors/visit-sedona/parking-in-uptown/see-parking-availability-get-the-app



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El Rojo Grande Update

Fri, Jan 4th 2019 12:04 pm by Wally Reule Sedona Real Estate Market News

If you haven't been following this story, potential buyers of this 172 acre ranch near Sedona are seeking a zoning change so they can develop a 600 unit manufactured home community. Of course, there are strong opinions on both sides. One side argues that it would provide badly needed affordable housing for Sedona, and the other says that the environmental impact is unacceptable. The parcel is located outside the Sedona city limits, so the decision will be made by Yavapai County. The next meeting of the Yavapai County Planning and Zoning Commission will be January 16, and I expect a very lively discussion.



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New Cottonwood Listing That Has It All

Mon, Dec 10th 2018 7:14 pm by Wally Reule Sedona Real Estate Market News

This was a great home before the present owner put in some fabulous upgrades, including a brand new casita and swimming pool!

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2040 Tierra Serena
Cottonwood, AZ

MLS# 518374 - Residential

Stunning quality, elegance & expansive mountain views only begin to describe the charm of this 5 year old home. Over $225,000 invested in the property in the last 3 years. New features include solar, Fireplace with stacked rock in L Rm, 786 sq ft casita, pool/ spa, fenced yard, paver walkways, synthetic grass, epoxy garage floor, storage shed. Kitchen highlights include over-sized Kodiak granite island, commercial grade Thermador appliances, warming oven , hard wood custom cabinetry. with pull o...



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New Listing in West Sedona with Huge Views

Tue, Nov 27th 2018 5:04 pm by Wally Reule Sedona Real Estate Market News

Her is our newest listing in West Sedona. It would be a great home with plenty of room for growth, or because it is in an area with no HOA, it could be a vacation rental.

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350 Arroyo Pinon Drive
Sedona, AZ

MLS# 518295 - Residential

Massive red rock views and West Sedona location make this property a prime candidate for a buyer looking for no HOA, a 2nd home, or a short term (VRBO) rental opportunity. Mature desert landscaping surrounds the 4 buildings existing on .52 of an acre. 2 bdrm 2 bath main home could be a 3 bdrm dwelling. Casita is remodeled and rented. Two additional buildings exist; one is a workshop and the other storage for art (but could be transformed into an artis...



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This new listing in West Sedona is a Gem

Mon, Nov 5th 2018 11:54 pm by Wally Reule Sedona Real Estate Market News

This home is conveniently located in West Sedona, and is a beautiful home with upgrades galore!

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80 Rimstone Circle
Sedona, AZ

MLS# 518100 - Residential

Looking for a luxurious, resort-like sanctuary in the heart of Sedona? Well here you have it. Follow the tree lined, paver, driveway to this private location. Glass walls recede into the interior making the courtyard & rear elevated patio areas part of your every day living space & experience. Home showcases the latest in tile flooring, fine appointments, media room, & a grand entry pivot door. The coffee bar & wine room with a pass thru window to court yard is an entertainer's delight! Property is fenced, has dog run, solar, sy...



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