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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!

After a slow first quarter, sales of luxury homes in Sedona have almost caught up with last year's numbers. At the end of March, only three homes over $1,000,000 had sold in Sedona, but as of the end of April, that number had more than doubled to seven. That compares to eight luxury homes sold in the first four months of 2013. The median sales price for those homes was $1,460,000 compared to $1,193,250 for the same time period last year. May also appears to be a strong month for this market.

Average interest rates on a thirty year fixed mortgage have dropped to 4.14%, their lowest level since last October. If you are considering the purchase of real estate in Sedona, now is a great time to do it.  There are a lot of great new homes available that are very good values. 

The Sedona Film School will showcase the thesis films of their graduates this Memorial Day weekend. Not only will you get to see some great short films, but you can vote on your favorites. And a bit of trivia: Wally Reule, an actor in a former life, appeared in previous films, before he got too busy selling Sedona Real estate. For more information call 928-649-4257 or go to www.sedonafilmschool.com

The price on this beautiful home has been reduced to only $355,000. This is a great deal!

6070 E La Privada
Cornville, AZ

MLS# 503022 - Residential

Panoramic views of the Mingus Mountain range welcome you to this executive style, stucco home. Unique features of this distinctive home, are it's extra high ceilings, walls of glass, and private baths in each of the 3 bedrooms. High-end finishes include granite, stainless, and custom blinds & draperies. Listen to the soothing sounds of the water features which grace both the front courtyard and back patio. Landscaping is low maintenance leaving plenty of time to enjoy the beautiful community pool. This move-in-ready, immaculate proper...

So, what is an Automated Valuation Model (AVM)? Essentially it's a  technology driven estimated probable selling price of a home that was derived using an analysis of public records and computer decision logic. If you've ever gone to Zillow or Trulia to find out what you're home is worth, that's where the estimate comes from. Unfortunately they are sometimes wildly inaccurate, but sellers want to believe the AVM when it's too high and buyers want to believe it when it's too low. The fact is that the only way to get a real estimate of a home's value is with a real appraisal or a professional Comparative Market Analysis, and even those may vary somewhat. Just to see the difference I checked...

Our newest listing, this lot is located in one of Sedona's premier gated communities. It's over half an acre and it has great, unblockable views.

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 and unblockable views, that buyers & investors have at the top of their wish lists. Couple that with the fact that this lot is alive with native bushes, trees, ...

Last year was a very active year in the Sedona Real Estate Market. The number of sales were up in all price ranges, and so was the median recorded sales price. For more detailed information look back at previous blogs. In fact, the market was so active that late in the year many clients changed their search to vacant land because inventory was the lowest it had been in ten years, and they simply couldn't find an existing home that would meet their needs.  The market cooled off during the first quarter of 2014, and prices flattened out, while at the same time the inventory replenished itself. We are now poised for another period of more sales and higher prices, and as you know, it's best t...

Sedona market statistics for the first quarter are in, and the market has definitely cooled from the first quarter of 2013. With regard to single family homes under $1,000,000, the median sales price has gone down from $427.000 to $375,500, and the number of closed transactions has declined from 91 to 76. But what's interesting is at the same time, the average price per square foot has gone up about 2%. When you do the math, you see that the size of the average home sold has gone down from 2157 to 1840 square feet. Our clients are buying newer well appointed homes that have smaller but more open and more efficient floor plans. For more information on our local market statistics, click her...