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Have Mortgage Interest Rates Skyrocketed?

Tue, Apr 13th 2021 5:22 pm by Wally Reule Miscellaneous

I came across an interesting article on Realtor.com recently and the title said that interest rates have skyrocketed in recent months. In fact, it stated that the average interest rate for a 30 year fixed mortgage was all the way up to 3.18%. For someone like me, whose first mortgage in 1984 was at a 14% interest rate, this seems like a pretty low flying skyrocket. But it's all relative, and even though interest rates are still at historically low levels, this increase does price some people out of the market. The main culprit, of course, is lack of inventory and the resulting strong sellers market. It's always something! To read the article click on this link.



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Sedona Real Estate Market Still on Fire

Mon, Mar 22nd 2021 5:43 pm by Wally Reule Sedona Real Estate Market News

Our real estate market continues to be a very strong seller's market. Most properties are getting multiple offers in the first couple of days in the MLS, and if you're not paying attention, they will have come and gone before you know it. Because there are so few homes available for under $1,000,000, the median listing price is now $1,467,500. That's a little deceiving because the more expensive homes a moving a little slower. But it has shifted a lot of attention to vacant land, and good lots are not as plentiful as they were six months ago. For more information visit these market statistics.



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New Link for Solar Energy Information

Tue, Mar 16th 2021 5:18 pm by Wally Reule Miscellaneous

As you probably already know, I am very interested in programs that help to protect our environment, and am one of the few agents in the Verde Valley that has earned the GREEN designation from the National Association of Realtors. So I was surprised and pleased to receive an email from a teacher who shared that a student named Megan had found a very informative website for young environmentalists. It contains a lot of information on solar power, and I am happy to share the link. It is https://solarpower.guide/ It is also available on the Environmentally Friendly Homes Page of our website. Thanks Megan!



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Sedona in Motion Project Moving Right Along

Sat, Mar 13th 2021 3:19 pm by Wally Reule Events

The City of Sedona has developed a comprehensive plan to alleviate the traffic congestion that we experience when we have a lot of visitors in town. Much of the work in Uptown is now complete and we are moving into subsequent phases of the plan. To read a status update, click on this link to the Red Rock News article.



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Is i-Buying the wave of the future in real estate?

Mon, Mar 1st 2021 10:05 am by Wally Reule Miscellaneous

Lately it seems like you can't watch TV for more than an hour without seeing a commercial touting the benefits of selling a home through an internet based service. Although I believe there are many good reasons not too go this way, that is not what this blog is about. Instead, this is just a look at how well this business model is performing. This information comes from the Cromford Report.

Despite its name recognition, Zillow has been unable to capture much market share from the other iBuyers in Phoenix and appears to be stuck at little more than one sale per day. Zillow represents 16% of the iBuyer market, which itself was under 3% of the total market by unit count. In hindsight the pe...



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Are You Looking for a Foreclosure in Sedona?

Mon, Feb 15th 2021 9:36 am by Wally Reule Sedona Real Estate Market News

If you are expecting to find a really good deal in Sedona through foreclosure, you may have a very long wait. Core Logic recently published their Loan Performance Insights report for November 2020. 5.9% of mortgages were delinquent by 30 or more days in November, which is up from 3.9% in November 2019, before the COVID-19 pandemic hit. Serious delinquent loans plus loans in foreclosure are at 3.9%, which is the lowest rate reported since June 2020. This declining level of delinquency supports the view that there will a large supply of distressed inventory in the next year,

The difference between today's defaults and those that we witnessed in the 2007-8 crash is the equity position owner...



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Welcome Denise Garlan to the Team

Tue, Feb 2nd 2021 7:14 pm by Wally Reule Sedona Real Estate Market News

We have been working closely with Denise Garlan for several years, and are pleased to announce that she is now a full fledged member of the Make Sedona My Home team. She brings a lot of expertise because of her years of experience as a builder/developer. In addition to being professional knowledgeable and caring, she is just fun to be around. Learn more about her background here.



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Responsible Tourism in Sedona

Sun, Jan 31st 2021 3:01 pm by Wally Reule Miscellaneous

Although Sedona is a small town with a population just over 10,000. we attract an average of three million visitors each year. Of course, in addition to our charm and sparkling personalities, the main attraction is the natural beauty of our red rocks. So it makes sense that we want to preserve that beauty. With that intention, the Sedona Chamber of Commerce has developed a responsible tourism program. One of the initiatives of that program is called Leave No Trace.

Leave No Trace

Click on the logo above to learn more about the program. Or better yet, click here to register for the February 17 ZOOM meeting presented by the Leave No Trace Center for Outdoor Ethics.



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Buying Vacant Land in Sedona

Fri, Jan 29th 2021 10:50 pm by Wally Reule Sedona Real Estate Market News

With the inventory of existing homes available for sale in Sedona at record lows, it is no surprise that sales of vacant land are on the rise. In fact, compared to 2019, the number of lots sold increased by 35%, and the median sales price went up by 18%. The good news is that land is still a relative bargain. Even with the increase, median sales prices are still 40% less than they were in 2007.

Most people who call us about vacant land start with two questions. First, does it have good views, and are they unblockable? Of course, that is to be expected. The second most popular question is whether the property is in a Home Owners Association. Many buyers don't want to be bound by architect...



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Russ Lyon Sotheby's International Realty is Tops in Sedona

Tue, Jan 19th 2021 10:22 pm by Wally Reule Sedona Real Estate Market News

We moved to Russ Lyon Sotheby's International Realty over seven years ago, and have never looked back. We felt it would be a great move for our business, and it has exceeded our expectations. At the beginning of each year, we review the past year, and congratulate ourselves for making that move. Once again, Russ Lyon Sotheby's International Realty is at the top of the heap. The following three graphs show the rankings of the top ten firms in total sales, sales of listings and current active listings. We are number one in all three categories.Total Sales

Listing Sales

Active Listings



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2020 Was a Record Breaking Year for Sedona Real Estate

Thu, Jan 14th 2021 2:23 pm by Wally Reule Sedona Real Estate Market News

The year end numbers are in and they are nothing short of remarkable. Sales of single family homes under $1,000,000 ended the year at 632. That is an increase of 27% over what was a very good year in 2019. Also amazing is the fact that 120 homes sold for over $1,000,000, which more than doubled the number of 54 sold in 2019. Not to be outdone, vacant land sales rose from 142 to 192, and the median price rose by 18%. For more information visit our Market Statistics Page.



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New Hilton in the Village of Oak Creek?

Mon, Jan 11th 2021 10:39 am by Wally Reule Events

Sedona's natural beauty attracts millions of visitors every year, and depending on your point of view, that can be either a blessing or a curse. On the one hand, tourism supports local business and government, and the red rock views should be available to everyone. On the other hand, the sheer volume of guests can overwhelm the infrastructure and degrade the pristine beauty of our environment. The current debate over the proposal to build a new hotel in the Village of Oak Creek is a perfect example of trying to navigate a course that honors both needs. For more information, click here to read a recent article in the Red Rock News.



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Welcome to the New Year in Sedona Real Estate

Mon, Jan 4th 2021 9:55 pm by Wally Reule Sedona Real Estate Market News

Last year was one for the record books. Inventory has never been lower, and well priced homes under $1,000,000 are still flying off the shelves as soon as they come on the market. The result of that is that the median list price for a home in Sedona is still over $1,200,000, and that explains why sales of vacant lots are increasing. Follow this link for detailed market statistics.



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Vacant Lot with Great Red Rock Views

Wed, Dec 9th 2020 12:41 pm by Wally Reule Sedona Real Estate Market News

Our newest vacant land listing is a real winner. The views are incredible and unblockable. And if you're looking for land without and HOA, this is it.

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310 Cathedral Rock Tr
Sedona, AZ

MLS# 524824 - Land

What does everyone want when they are building in Sedona - ?? -- Big Red Rock Views, of course - - and this .60 of an acre lot showcases spectacular panoramic views as well as in -your-face views of Elephant Rock. Located in the heart of Sedona and at the end of a cul de sac, this gently sloped lot has unlimited potential for your architectural preferences. The property parallels national forest and has no HOA . Mature vegetation on all sides of the lot highlights the beauty of ...



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The Real Estate Market is Hot, But Where is Everybody Moving?

Mon, Oct 12th 2020 2:31 pm by Wally Reule Sedona Real Estate Market News

Our local real estate market continues to be very active, and it's clearly a sellers' market. Much of this has been driven by people wanting to make different lifestyle choices as we slog our way through the pandemic. I recently read an interesting article in Forbes that suggests that many of these changes may be permanent. To read the full article, click here.



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Sedona Market Statistics

Mon, Oct 5th 2020 1:00 pm by Wally Reule Sedona Real Estate Market News

The Sedona real estate market continues to be slowed only by the lack of inventory. All of our recent listings have been under contract within three days, and all received multiple offers. Because anything under $800,000 goes so quickly, the median price of homes listed for sale in Sedona now exceeds $1,000,000, according to a report from Yavapai Titile Company. Click here to see that report.



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Another New Listing that Flew off the Shelf

Mon, Oct 5th 2020 12:39 pm by Wally Reule Sedona Real Estate Market News

Here is another one of our listings that had multiple offers and was under contract within two days of coming on the market.

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380 Oak Ridge Lane
Sedona, AZ

MLS# 524330 - Residential

Nestled at the end of a cul de sac, and surrounded by towering evergreens & mature desert vegetation, sits a charming southwest home offering panoramic red rock views from every room. Architecture resembles the Santa Fe/Pueblo designs. This single level home features Saltillo tile, custom cabinetry, wood floors and a gas Kiva fireplace. Walls of glass at the front entry display the intimacy of the front courtyard. 3rd Bedroom (on-suite) has it's own private entry off garage. Be sure to park at the en...



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Sedona Real Estate Business is Booming

Tue, Sep 15th 2020 3:38 pm by Wally Reule Sedona Real Estate Market News

Just when we think we can't get any busier, somehow we do. All of our recent listings have had multiple offers because there are so few homes on the market. For a breakdown of sales through the end of August, visit our Market Statistics page.



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Another New Listing in Sedona

Mon, Aug 24th 2020 2:46 pm by Wally Reule Sedona Real Estate Market News

This real estate market is on fire! The new listing that I introduced in my last blog had several offers and is now under contract. This listing went live this morning and we have already had at least a half dozen calls.

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350 Northview Rd
Sedona, AZ

MLS# 523965 - Residential

Nestled in the heart of Sedona, this 3 bdrm, 2 bath , 1819 sq ft, single level home, is move-in ready & looking for a very special new owner. The new owner will enjoy updating the bathrooms, and delight in selecting their favorite colors to paint the interior. The kitchen has been remodeled, deck was recently stained & sealed, interior has been professionally cleaned...even the garage cleaned & painted. Disp...



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New Sedona Listing with Incredible Views

Tue, Aug 18th 2020 3:30 pm by Wally Reule Sedona Real Estate Market News

You can see forever from this one, and it's been getting a lot of interest since the day that it came on the market. My bold prediction is that it will be under contract this week.

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100 Pine Knolls Drive
Sedona, AZ

MLS# 523873 - Residential

If miles of hiking/biking trails, no HOA, & HUGE red rock views, top your ''must have'' list - - search no longer. This exceptional hilltop sanctuary with its long sweeping driveway & luxurious indoor swimming pool boasts a private, ''resort like'' energy. 3 Kiva fireplaces, towering walls of glass, & colorful Mexican tile throughout highlight this quality Santa Fe build by John Griffin. Cabinetry & doors have authentic Ocotillo cactus insert...



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