Posts by : Wally Reule

For the past few years we have heard that there is a huge "shadow inventory" of homes that lenders have taken back, or plan to take back, and when the time is right, they will dump them all back on the market. The fear is that when that happens, prices will plummet. But what are the facts? First, in Arizona the serious delinquency rate on mortgages has dropped from a high of 13.2% to a present rate of 2.9%. Prices have gone up 15.2% in the past year, and inventories are at their lowest levels in many years. Granted, rising interest rates and low inventories may hinder buying, but demand remains strong, and outstrips the supply. If you're waiting for the dump of cheap properties into the m...

Several of our clients asked us to see if there was a way to make the pictures of the listings larger. So we did, and there is! When you are viewing a listing, simply clip on the expand icon in the upper right hand corner of the image, and the picture will fairly jump off the page at you. You'll feel like you're actually in Sedona, even if you're still sitting in your living room in Michigan. Just another example of how we're here to help make your search fir Sedona Real Estate a pleasant experience.

The final numbers for real estate agents are out for 2013, and Jan is a confirmed Rock Star, finishing in the top 2% of all local agents. Thanks very much to all of our friends who bought, sold, or referred new clients to us. Our goal for 2014 is to be in the top 1%, and our strategy is the same as it has always been: to provide outstanding service. We hope you enjoy a happy, healthy and prosperous new year!

The Sedona real estate market has been keeping us very busy. We closed seven transactions in the first three weeks of November, and all indications are that we will be very busy again after the first of the year. We are looking forward to a wonderful holiday season, and wish you the same. In the meantime, we are never too busy to help with your real estate needs. Please call us and let us know how we can serve you.

The short answer is "no".  In a Realty Times article written by Nora Ling Lane, we are reminded that your home will not sell when it's off the market. While it's a busy time for you, your home may never look more warm and inviting. Just let your agent do the work. She also points out that people who are looking at that time of year are serious buyers, and a number of people provided testimonials to support that. If we can help you with your Sedona real estate transaction, please email us or give us a call.

Did you know that on this website you have access to a very powerful tool to assist you in your search for your dream home in Sedona. Not only do you have immediate and up to date access to all of the data on our Multiple Listing Service, but you can also save your favorites and your searches. You can even have our website notify you automatically whenever something new comes on the market that matches your search criteria. And best of all, Jan and I are always available to answer questions you may have about any of the properties that catch your fancy. What are you waiting for? Register today!

The days of bountiful foreclosure opportunities are over in Sedona. In October only 12 of the 279 active listings for homes (not including vacant land) were distressed properties. The process of buying one is still tedious, and most of the bargain prices are gone. And if that isn't enough, many have deferred maintenance, and you will be buying it "AS IS".

While buying a new home, have you wondered if anyone ever died in that home. I haven't, but apparently enough people have that the demand has led to a new website at www.diedinhouse.com. For only $11.99 you can find out who died, when and the cause of death. You can also get the "vitality status", whatever that is, of previous residents. So if you get a spooky feeling while looking at a house, now you know where to go to confirm your suspicions. 

Home values continue to appreciate, but the rate is slowing, according to a survey sponsored by Zillow. The survey of of 108 economists, real estate experts and investment strategists felt that this year's national average appreciation of 6.7% would slow next year to 4.3%. While our rates of appreciation in Sedona are also slowing, we still expect a higher rate than the national averages. Because of our natural beauty and the fact that real estate is limited by National Forest and Wilderness land, Sedona is a very desirable location, and many of our properties are second homes, which seem to lag general value trends.

When you decide to purchase a new home, it's important to know what your budget is, and to be able to demonstrate to sellers that you have the wherewithal to make it happen. Pre-qualification can be a letter from a lender, or proof that you have the funds available, but you need it in order to make an offer. And in most luxury homes, you won't even get in to see the home without it. So when you get serious about looking for a new home, make sure this is done early in the game.

Applying for a home loan has the potential to create additional stress, so here are some tips to help smooth the process. Many of these are pretty self evident, but others may be less so.

• Stay in your current home and keep making the payments
• Don't quit your job
• Don't change bank accounts
• Don't make any major purchases
• Don't open a new credit card
• Don't close a credit card account
• Transfer credit card balances or consolidate them
• Max out a credit card
• Stay current on all of your payments
• Don't open a new cell phone account
• Buy new furniture or start a home improvement project

Use common sense while awaiting approval. Business as usual is a good rule of thumb.

We hope that the government shutdown doesn't last very long, but you never know. In case you are in the middle of a real estate transaction, or are considering one, here is what you need to know by department

Internal Revenue Service The IRS is closed and is not processing any forms (I know, sad but true!), including requests for tax return transcripts.We have heard that some lenders are allowing for processing and closing with income verification to follow if the borrower has signed a Form 4506T requesting IRS tax transcripts. Still, expect some delays.

Federal Housing Administration The FHA will continue to endorse new loans in the Single Family Mortgage Loan Program, but will not mak...

As our beautiful Sedona Autumn gets underway, I imagine that the Ghost of Real Estate Past is now visiting our clients who have been "waiting for a better deal to come along for Sedona Real Estate". The Ghost is advising them to start laying in provisions for a long winter night, because homes in Sedona are getting harder to find, prices have increased, and interest rates are going up. Not that there aren't any good deals to be had. There are, but they just cost more now! And based on what's been happening  in our market, they will cost even more next year. Fall is a busy time for us, so if you're considering a home in the Verde Valley, don't put it off. Contact us today.

We are pleased to announce that we are moving to Russ Lyon Sotheby's International Realty. It was a difficult decision because we've had a great relationship with Realty Executives, but we felt that with the resources available through Russ Lyon Sotheby's we would be able to serve our clients even better. Check out our new featured listings. They're great!

One reason that Federal Reserve policy makers decided not to raise interest rates this month is because home starts nationally were lower than expected in August. The Fed wants to maintain the stimulus to economic expansion. Homebuilders see this as a temporary slowdown, and do expect home sales and interest rates to continue to rise in the near future. So if you're thinking about financing a new home, you have a temporary reprieve from higher interest rates.

Laura Pennington of Coldwell Banker First Affiliate was the Lucky winner of the $50 drawing among agents visiting our Sedona Real Estate Listing at 2296 Roadrunner Road on the home tour. We are fortunate to work with so many amazing real estate professionals in Sedona, and it's nice to be able to say thanks this way. We hope you have fun with your winnings!