Posts by : Wally Reule

When is the best time to buy your new home in Sedona? Drumroll please. The answer is now, and here are four reasons why.

1. Inventory of existing homes for sale is low, and demand has been increasing. It's the old Law of Supply and Demand. There are still some great deals on the market, and you can buy much more home than you can build for the same amount of money.
2. The Federal Reserve plans to taper off its bond buying program starting in October. We all know what that means: higher interest rates.
3. Flat wages in our economy threaten to make homes less affordable as prices go up faster that income.
4. Don't wait for the above factors to limit your choices in the future. The better homes in...

Sedona has been declared a dark-sky community by the International Dark-Sky Association. This is quite an honor as there are only eight such communities in the world, with six of them being in the United States. Flagstaff, our neighbor to the north, is one of the other communities with this designation.

It came about as a result of the tireless efforts of numerous local governmental entities, business and environmental groups, and Keep Sedona Beautiful, which submitted the comprehensive application. Sedona is a beautiful place to live, and this is just one of the things that will help keep it that way.

After a slow first quarter, sales have rebounded somewhat, but the number of total homes sold is still 8% less than last year.. The median sales price is up about 8%, and the average price per square foot is up about 5%. Sales of luxury homes are still lagging last year, but the big winner is vacant land. Sales and median price are both up significantly as last year's low inventory made people start to think about building rather than buying an existing home. Please contact us if you have questions about any of these. Click here to see the numbers.

Sedona residents and visitors are invited to join thousands of other communities nationwide in celebrating the 31st Annual National Night Out with safety presentations and a free community picnic on Saturday, August 9, 2014 from 11:00 a.m. to 1:00 p.m at the Posse Grounds Park, 525 Posse Ground Road, Sedona AZ 86336.

National Night Out is designed to increase community involvement and strengthen partnerships between the community and local public safety agencies. 

Free hamburgers, hot dogs, vegetarian alternatives, chips and water donated by local merchants will be served throughout the evening along with live demonstrations, live music and a wide range of information on public safety t...

We recently dropped the price on this home by $150,000. It's an amazing property for the discerning buyer who appreciates beauty and would like to live on Oak Creek.

70 East Wing Drive
Sedona, AZ

MLS# 502794 - Residential

Own a piece of Oak Creek, have fabulous Red Rock views & enjoy luxurious, spacious, old world elegance living in this magical Villa. 4628sf main living & 3000sf separate living qtrs on lower level. Beyond quality crafted custom gates, you'll find the ideal personal retreat. Double French doors throughout frame stunning views of Sedona's Red Rocks. Brew a latte in the Espresso Bar room then choose from one of 3 fireplaces to find a cozy seat to nestle into or set...

If you're curious about how home prices compare to prices in the state of Arizona s a whole, realtor.com  has compiled some very interesting information including median prices, price per square foot, and more. Just click on the link above to view the information, and when you're done, call us to help you make your dream of a home in Sedona become reality.

A few days ago I shared a report from our local Chamber of Commerce on where our international visitors were coming from. Again, these were people who stopped into the welcome center operated by the C of C. The largest group at 12% was from California, followed closely by our own state of Arizona at 10%. I suspect that Arizona visitors may outnumber the Californians, but don't feel a need to stop in the visitor's center. Anyway, after that comes Minnesota and Illinois at 6%, Ohio at 5%, Washington and Wisconsin at 4%, and Florida t 3%.

The Sedona Chamber of Commerce tracks international visitors who stop at the Visitor Center. For the first six months of the year, the largest group came from Canada, with a whopping 54% of the total visitors. Let's see if we can figure out why. Winter months in Canada equal  cold and snowy, while we are blessed with mild winters and beautiful hiking. Hmmm, we may be on to something here. After Canada came England with 7%, Australia and Japan tied at 6%, and Germany and France were each at 4%.

Click on the link below to see the summer edition of the Russ Lyon Sotheby's newsletter. It's full of interesting information, especially the article on what they call phantom appreciation. Essentially what they are saying is that one of the reasons the median price of homes sold has gone up so much is because the distressed properties offered at bargain basement prices are now practically non existent, so buyers have to pay more for their homes. The article offers statistics for all of the major markets in Arizona, including Sedona.

Newsletter

International buyers are helping to keep the housing recovery going. According to an article in CNNMoney two days ago, the two largest groups of foreign buyers are Canadians and Chinese. The Canadians are buying the most properties, but the Chinese are spending more money, with an average purchase price of $591,000. One of the main reasons that we joined the Sotheby's team is because of the international marketing platform that allows us to reach those buyers.

Click the link below to see a 34 minute video with great shots of the most beautiful place in America. This professional film was shown for several years in an IMAX theatre at the gateway to Sedona.

Sedona Video

Since the recession, household formation dropped to one percent of the national population. Compare that to the 2.3% annual growth of the 1970's, when 78 million Baby Boomers reached adulthood. But considering that the leading age of the largest generation ever - 81 million Echo Boomers -- is now over 30, the numbers should be closer to those we experienced way back then.

The National Association of Home Builders said about 2.1 million households delayed formation due to the recession.  Pent-up demand for housing should increase sales levels and continue to drive prices higher.

3282 Calle Del Montana is an amazing vacant lot in the highly desirable Foothills South gated community in Sedona. It is .62 acres, an easy build, and features sweeping panoramic views of the most beautiful place in America. Click on the attached link to enjoy the aerial tour.

3282 Calle Del Montana Tour

3282 Calle Del Montana
Sedona, AZ

MLS# 503948 - Land

Sedona's red rocksoften referred to as the "8th" Wonder of the World, provide a mesmerizing backdrop for this beautiful lot. Centrally located in one of Sedona's finest gated communities, this premier custom building lot has it all! Resting on one of the highest elevations in Foothills South, this property provides the privacy...

When it comes to setting a price for your home, one of the important considerations is the "trading range" for similar homes. The range is actually surprisingly narrow, typically 2 - 5% of list price average. As we have discussed, proper pricing to begin with is extremely important. The following video from Mike Balzotti, training manager for Russ Lyon Sotheby's International Realty, is very informative on the subject.

Trading Range

Sales of previously owned homes increased by 4.9% nationally in May, which not only exceeded expectations, but was the largest increase in nearly three years. A combination of higher inventory, slower price increases, low interest rates and higher employment is fueling the increase in sales. This is very good for our Sedona real estate market, as many of our clients need to sell a home somewhere else before they can make Sedona Their Home.

I just read an article in REALTOR®Mag, the official magazine of the Association of Realtors®. According to that article, consumers think they need to put down 11 - 15% in order to qualify for a mortgage. In reality, there are many programs available that require only 5%, and some as low as 3%. Of course, that depends on the particular circumstances of the buyer, and loans less than 20% still require mortgage insurance. To read the entire article click on the following link.   Down Payments

I recently read an article in CNN Money about the growing number of people who are buying a new home, and then instead of selling their old home, they are turning it into a rental property. Historically low interest rates have allowed them to do it. To read the whole article click on the following link. CNN Money Article

That is similar to what we have seen in the last couple of years in Sedona, only in a different order. Several of our clients have purchased their retirement homes now, while prices and interest rates are still low, and are renting them out until they are ready to move in. What a deal!

I've addressed this before, but the New York Times has developed a calculator to plug in your own numbers and see if Buying or Renting is better for you. Just click on the link below.

Buy-Rent Calculator

6302 N Avatar
Rimrock, AZ

MLS# 501837 - Land

It's all about the view and the privacy!! Unblock-able, panoramic views of Jerome & the Mingus Mountains. This lot is perfect for the client who wants a remote, rural lifestyle. It sits at the top of the hill and is bordered on the west by a Ridge. Create your own mini farm, raise horses, garden to your hearts content, watch the desert storms roll-in, but most of all live with absolute peace & privacy. Property is within 15 minutes of shopping etc. Bring ALL OFFERS!!

View Listing Details

Here is your chance to own a couple of acres of Northern Arizona Real Estate for a great low price of only $17,300!