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Posts by : Wally Reule

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Median Sales Prices for Single Family Homes Way up in 2013

Mon, Aug 12th 2013 7:16 pm by Wally Reule Sedona Real Estate Market News

The median sales price for homes in Sedona for the first five months of 2013 is up 26% over the the median sales price for the same time frame in 2012. This price increase is influenced by the fact that most of the good homes under $300,000 are gone, or quickly snapped up as they come on the market. What remains are higher priced homes, so people are buying up! Actual prices for comparable properties are up about 17%.



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Housing Price Increases Will Slow Down

Thu, Aug 8th 2013 12:07 pm by Wally Reule Sedona Real Estate Market News

rices for homes in Sedona have been increasing by double digits, but that is expected to slow in the coming months. According to a recent report based on the CoreLogic Case-Shiller home price index, prices are expected to increase by 6.5% by March, 2014. There are still some great values in real estate in Sedona.



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Monsoons in Sedona

Tue, Aug 6th 2013 10:50 pm by Wally Reule Events

It's Monsoon Season in Sedona, and it's been a good one. In the months of July and August, we get beautiful soaking rains that quench our thirst after a dry May and June.. They usually happen in the afternoons, and provide a nice change to the normally warm and sunny days of early summer.



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Community Involvement with Sedona Wish List

Sat, Jul 27th 2013 7:18 pm by Wally Reule Events

Sedona Wish List is an organization started by a retired real estate broker Barbara Vickers. It accepts no advertising, and its function is to connect the community to our various service organizations. If you are looking for ways to contribute to the community, check it out here.



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Jan Named a Sedona Top Agent

Sat, Jul 27th 2013 6:51 pm by Wally Reule Sedona Real Estate Market News

Jan has received special recognition as one of Sedona's top agents for the first 6 months of this year. Statistics used to determine the top agents come from the Sedona Verde Valley Association of Realtors. It's a great honor to make it on to this elite list. Check it out here.



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New Home Sales Booming

Wed, Jul 24th 2013 11:14 am by Wally Reule Sedona Real Estate Market News

According to the Commerce Department, new home sales nationally hit a five year high in June. And that is an increase of 38.1% over last June. In Sedona, most sales are still of existing properties, but the number of new homes for sale is definitely on the rise.



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Higher Interest Rates Having Little Effect on the Market

Mon, Jul 22nd 2013 3:46 pm by Wally Reule Sedona Real Estate Market News

Interest rates keep inching higher, and currently stand at about one percent higher than their historic low a couple of months ago, but sales continue to be strong. The National Association of Home Builders announced last week that their housing-market index is at it's highest level since January, 2006, and we all remember what it was like then! Additionally, the index showed a .5% increase in purchase applications.



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Interest Rates on the Way Up

Mon, Jun 24th 2013 7:48 pm by Wally Reule Sedona Real Estate Market News

Interest Rates are on the rise! According to Freddie Mac, the average rate on a 30 year fixed rate mortgage has gone up from 3.3% in early May to 3.91% now. Historically speaking, these are still great rates, but if you're considering a financed real estate purchase in Sedona, don't wait for interest rates to come back down. It's not likely to happen. Most experts agree that they will continue to climb back to the 5.5% - 6% range in the next couple of years. And with the prices of Sedona homes going up, the longer you wait, the more it will cost.



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Tips for Buying Real Estate in our Hot Sedona Market

Wed, Jun 19th 2013 8:24 pm by Wally Reule Sedona Real Estate Market News

If you want to buy a home in a hot market like Sedona, you'd better be ready to get into the game. These seven tips recently appeared in Realtor.com, and they are great advice!

  1. Get pre-qualified for a mortgage if you plan to finance your purchase. If you wait until you find the home until you start to get pre-qualified, your home may be gone before you can make an offer
  2. Stay in close contact with your real estate agent to find out about new listings.
  3. Look for new listings yourself. Look online, in newspapers and drive the neighborhoods.
  4. Make up your mind. He who hesitates is lost!
  5. Make a competitive offer from the get go. A low ball offer might not even get a response.
  6. Keep the of...


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Luxury Home Sales in Sedona Taking Off

Thu, Jun 13th 2013 8:38 pm by Wally Reule Sedona Real Estate Market News

We all know that homes priced under $400,000 have been flying off the shelves for the past year, but what about the Luxury Homes? Well the good news is that sales of homes priced over $1,000,000 are also increasing. In fact, we have already sold as many Luxury homes in the first half of 2013 as we sold in all of 2012. As I reported earlier, Jan and I listed a home in April for over $1,500,000, and we had an accepted offer in two days. If you're considering buying or selling a luxury home in Sedona, give us a call.



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Timing is everything in this market

Thu, Jun 13th 2013 12:15 am by Wally Reule Sedona Real Estate Market News

On Sunday afternoon I got a call from a client who was outside of a property for sale, and he asked me what I knew about it. I replied that I knew that Jan had just sold it two hours before, but if he hurried he could put in a backup and be first in line. Since then, two more properties that I suggested he look at were taken before we could get there. The market is hot!



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Lots With Views in Sedona

Tue, Jun 4th 2013 11:15 am by Wally Reule Sedona Real Estate Market News

I'll be showing vacant land again today, and as always. it's all about the views! Obviously, neighborhood, ease of building and access are all important, but when it comes to land in Sedona, the views (and where they are - front, back or side?) are the most important thing, and the major driver of price. 



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Mortgage Rates at Highest Level in More than a Year

Sat, Jun 1st 2013 6:37 pm by Wally Reule Sedona Real Estate Market News

This week the rate on a 30-year fixed rate mortgage jumped .22 percentage points to 3.81%, according to Freddie Mac. That equates to a 15% increase over the record low of 3.31% last November! Prices are going up for homes in Sedona, as well as interest rates. If you've been thinking about buying real estate in Sedona, don't delay!



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More Good News for Home Sellers in Sedona

Tue, May 28th 2013 1:57 pm by Wally Reule Sedona Real Estate Market News

Home prices continue to increase nationally, just as they do in Sedona. An article today in the New York Times reported that recent double digit average increases nationally are the highest that they've been in years. Consumer confidence levels not seen since 2008, couples with a rising stock market, are fueling the housing recovery. How about your own personal housing recovery. Now is a great time to sell, as demand is strong and prices keep going up.



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Vacation Homes in Sedona still a Bargain

Tue, May 28th 2013 1:45 pm by Wally Reule Sedona Real Estate Market News

There was an article today on the front page of the USA Business section entitled "Vacation-home prices relax". What it said was that the prices of vacations homes are rising, but they are lagging prices of regular homes because they are still considered a luxury. One broker reported that prices for vacation homes traditionally run six months behind. With the way overall prices are rising, NOW is the best time to purchase a vacation home in Sedona. 



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Appraisals for Real Estate in Sedona

Sun, May 26th 2013 11:58 am by Wally Reule Sedona Real Estate Market News

I recently read an article in CNN/MONEY that said low appraisals are no longer derailing as many home sales. Realistic appraisals are good news for both buyers and sellers, and one of the important things to look for in an appraisal is how familiar the appraiser is with the local market. If you are thinking about selling your home, consider having an appraisal done by a geographically competent appraiser. That way you will have a good idea how to price your home to maximize your sales price, and still allow a buyer to get financing if needed.



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The Law of Supply and Demand at work in Sedona Real Estate

Fri, May 24th 2013 7:48 pm by Wally Reule Sedona Real Estate Market News

What we are seeing in the Sedona Real Estate Market is text book. Demand is up, supply is down, and so prices are on the rise! When we look at the first four months of this year compared to the first four months of last year, we see that the number of homes sold has decreased from 145 to 123, but the median recorded sales price has risen from $337,000 to $410,000. This is actually good news because as prices increase, more sellers will come into the market, for a couple of reasons. First, prices are catching up with the levels that people are comfortable to list at, and second because some potential sellers are no longer underwater with their mortgages. As long as interest rates stay low,...



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Median Sales Price of Vacant Land in Sedona up in 2013

Tue, May 21st 2013 10:56 am by Wally Reule Sedona Real Estate Market News

Because the inventory of existing homes is so low, we're getting many more requests for vacant land. So I was curious about how sales of lots compare to last year. Looking at vacant land that has closed from January 1 of this year, and comparing it to sales for the same time period last year, I was surprised that the number of actual closings was relatively flat. In Sedona, 30 transactions closed compared to 28 last year, and in the Village of Oak Creek, the number was 19, which is exactly the same as last year. However, the median price of these sales had increased in Sedona from $109,000 to $137,000, and in VOC from $84,900 to $118,300. Granted, it's a small sample, and doesn't reflect ...



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Time for a Vacation Home in Sedona?

Sun, May 19th 2013 9:00 pm by Wally Reule Sedona Real Estate Market News

According to Investor's Business Daily, sales of vacation homes are up in spite of stiffer underwriting and down payment requirements. In fact, sales were up over 10% in 2012. If you're considering a vacation home, there is no better place than Sedona. Let us help you fine one while there are still good deals to be had.



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To Rent or Own? That is the Question.

Sun, May 12th 2013 12:48 pm by Wally Reule Sedona Real Estate Market News

According to a recent survey by the John D. and Catherine T. MacArthur Foundation, attitudes about home ownership have changed a lot since the housing crisis. The appeal of renting is increasing. That's become very apparent with regard to housing in Sedona. Many of the Sedona area homes for sale under $350,000 have been purchased by investors to be rental properties. In spite of that, demand, and competition for rental homes remains high, and many potential renters are having a difficult time finding a place to live in Sedona. If you're considering a home in Sedona, but are not yet ready to move, consider buying a home now while prices and interest rates are low, and rent it until you're ...



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