Posts by : Wally Reule

The National Association of Realtors reported today that existing home sales in June had risen to their highest level in over eight years. This is very good news for all of us, and in Sedona it is important because many people need to sell homes elsewhere before they can buy here. Click on Home Sales to read the whole article.

Our market statistics for the first half of the year compared to prior year are a mixed bag. With regard to single family homes under $1,000,000, the number of sales is down 3%, the price per square foot is up 3%, and the average days on market is virtually unchanged. Sales of million dollar homes are up 38% and the median sales price is up 46%. Vacant lot sales are down 30% and the median sales price is down 10%. For a closer look at the numbers click on the market statistics page on our website.

Sometimes there is a temptation for home owners to try to sell their homes without being represented by a real estate agent. Doing it this way is called For Sale By Owner (FSBO). And maybe they can, but there are good reasons not to try. Here are five:

1. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

• The buyer who wants the best deal possible
• The buyer’s agent who solely represents the best interest of the buyer
• The buyer’s attorney (in some parts of the country)
• The home inspection companies which work for the buyer and will almost always find some problems with the ...

The National Association of Realtors just reported that Arizona is second only to Florida as the choice for Canadian home buyers. That has also been our personal experience in Sedona. And while sales to Canadian buyers are down 20% from last year, they still account for a very healthy $1.9 billion dollars.

Here it is again. The next installment will be on February 6, 2016, and it offers a 5K, 10K, half marathon and full marathon events. You won't find a prettier course anywhere. Click on this registration link to get signed up early.

I very often sing the praises of Sedona, including it's natural beauty, the amazing selection of events and festivals, the hiking and biking, and more. But here's one that I hadn't even considered. According to a recent article in the Red Rock News, Sedona is the top ranked Arizona city for commuters. A study found that of all Arizona towns with a population over 10,000, Sedona commuters spent the least amount of time behind the wheel. Average commute time was a mere 15.3 minutes. Who knew? And if people weren't slowing down to take in the incredible views, we'd be even better. Click on this Commuter Article to see the whole story.

The City of Sedona has made enforcement of the short term rental ordinance a high priority, and last week gave it more teeth by amending it to require a minimum fine of $1000. The law prohibits the rental of any single family dwelling in residential areas for less than 30 days. Its stated purpose is to "safeguard the peace, safety and general welfare of the residents of Sedona and their visitors and guests."

A couple of months ago I reported that when the new disclosure forms from the Consumer Financial Protection Bureau take effect on August 1, we can expect it to take much longer to close a real estate transaction when a mortgage is involved. We are now hearing that we should expect it to take 60 days. Most of that is because it gives the borrower not only time to understand all of the costs, but also more time to shop it around. This change shouldn't affect cash deals. I will be taking a workshop on this on June 24, and will explain it in greater detail then

The Russ Lyon Sotheby's International Realty office has moved into temporary space while our new office building is being erected. For the next year we will be located at 2030 W State Route 89a, which is also the home of the Mary D Fisher Theater. This move was necessitated by the fact that Whole Foods Market has decided to expand into the space that we used to lease. Our telephone and fax numbers will remain the same. It's all good, so stop by for a visit when you're in the neighborhood.

According to the Conde Nast Traveler list of U.S. cities that make the best impression, Sedona ranks number one! Some of the runners up include Jackson WY, Savannah GA, Key West FL, Taos NM and Carmel-by-the-Sea CA. As you can see, we're in good company. To see the whole list, click on this article.

If you are looking for the perfect vacation retreat in beautiful Oak Creek Canyon, here it is. 

4426 N State Route 89A
Sedona, AZ

MLS# 507113 - Residential

If your dream is a cottage ON THE CREEK ...to sit high amidst the sycamore trees on your private decks watching the sunlight glint off the creek below...then be sure to see this move-in-ready, hybrid-mobile home TODAY!! Enjoy relaxing on one of 3 deck areas, or follow the steps to the creek & watch the Herons fish. Home has both air conditioning & evaporative cooling. The owner's meticulous care and tasteful decorating will make you consider living there full time. And hikers, the good news is this 55+ community borders Nation...

Here is a beautiful Spanish Hacienda style home that is sure to go quickly. We've already had ten showings in the first two days.

50 Meadowlark Lane
Sedona, AZ

MLS# 507062 - Residential

This old world Hacienda is patterned after Mexico's Country Estates. Upgrades include richly textured walls, arched doorways, art & sitting niches, Italian marble, & towering ceilings outlined by solid wood beams. Split bedroom lay out has 3 bedroom suites, all with patios. Mstr Bdrm has it's own office or artist studio. Living room & adjoining sitting room have wood burning kiva fireplaces. Classic French doors throughout invite you to enjoy the large backyard patio with its built-in barbeque & k...

The American dream used to include paying off the mortgage before retirement, but that is sometimes no longer the case. Some people are being advised that with low mortgage rates and high stock market returns, they are better off to keep the mortgage, or buy with a mortgage, and keep their funds invested. An additional reason to keep the mortgage is the ability to write off the interest payment, which some clients of mine recently did, even though they could easily have paid cash for their home. Of course, you should always check with your financial adviser before making such a decision.

The Dodd-Frank Act of 2010 mandated that Mortgage Disclosure Forms become more consumer friendly, and that the borrower have adequate time to review the documents. Well, a mere five years later that will become reality this summer. The main changes are the following. First, the Loan Estimate, which will replace the Truth in Lending statement, must be provided  three days after applying for a loan so the borrower has time to shop around. Second, the Disclosure Statement replaces the HUD-1 and must be provided three days before closing, to avoid surprises. For more information, read the entire Realtor.com article.

It's nice to see an uptick in construction of single family homes in the past couple of years. It's nothing like the heady days in 2002 - 2007 when we averaged 81 new building permits per year. But from a low of 23 new building permits in 2011, that number increased to 46 last year and is on pace to exceed that in 2015. It's not a surprise, as so few homes were built after 2007 that clients are having a hard time finding existing homes on the market with modern open floor plans. What is also interesting is that in 2013, after brisk sales of existing homes brought the inventory to the lowest level in 10 years, permits to remodel homes hit an all time high of 124.

The U.S. Census Bureau just released the numbers for new household formation for the first quarter of 2015, and the news is good. In the first three months of this year, 4,601,000 new households were formed. This compares very favorably to the long term average of 3,450,000. Increases in household formation correlate well with periods of strong housing markets because of increased demand for housing, both rented and purchased.

Russ Lyon Sotheby's agents in Sedona regularly volunteer their time and energy to assist in community efforts. Last year over 20 agents joined the Oak Creek Watershed Council in a cleanup effort that filled numerous bags with waste and litter. This year we are scheduled to return on May 20. If you'd like to join us, please give us a call.

First quarter market statistics are in, and confirm that the market has slowed. Median sales price and price per square foot have both increased, but the number of homes sold has declined. Sales of vacant land have been flat, but the median sales price has decreased significantly. For more detail click here.

On April 1 some of the Flood Zone Maps in Yavapai County were updated. This is an ongoing process, and if you live in a flood zone, or are contemplating the purchase of property in a flood plain, you need to know how this will affect you. Some floodplain boundaries have changed, which can change your insurance rates. Additionally, new legislation has changed how insurance is priced. The Yavapai County Flood Control District does a great job of keeping residents informed. For more information visit their website at www.ycflood.com

This building lot is in a very desirable neighborhood and it is absolutely priced to sell. The building envelope is is marked with pink ribbons so you can appreciate the view of Thunder Mountain from where your living room will be.

2895 Thunder Mountain
Sedona, AZ

MLS# 506674 - Land

Have you ever dreamed of living in one of Sedona's finest communities, close to all amenities, in a home surrounded by native trees, lush green vegetation and within walking distance of hiking trails & the National Forest. Then search no further. A gentle, sloping drive to an easy to build, flat area will keep construction costs low. Spend your days watching the sun play off of Thunder Mountain, Coffe...