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 architectural restrictions, or by limitations on their ability to rent the home. And while these may be important considerations, there is much more to be concerned about.
As with a home, the purchase contract guarantees a due diligence period that will allow the buyer to fully inspect the property before closing on it, to make sure that there are no defects or other conditions that are unacceptable. What may seem counter intuitive, however, is that in the Arizona Purchase Agreement, the default inspection period for a home is ten days, and for vacant land, it's thirty days. But that is because problems with land are often less apparent. Here is a short list of other questions to ask:
There are more, but I think you get the idea. If you're in the market for a place to build your dream home, be sure to work with an agent that can help you answer all of these questions.