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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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115 Canyon Shadows in Sedona

Thu, May 2nd 2013 8:25 pm by Wally Reule Events

A couple of weeks ago I blogged about a beautiful home in Sedona that we had listed at $1,620,000, and encouraged you to look at it in our featured listings page. The good news about that listing is that we had an offer within two days, and it is now in escrow. But since it's no longer an active listing, it disappeared from that page. Sorry you missed it, but that's the way this market is going now.



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High Praise for Jan

Thu, May 2nd 2013 8:17 pm by Wally Reule Sedona Real Estate Market News

I wouldn't normally put this in the blog, but I want to share something that came from the broker of a different real estate company in Sedona. He said, "Congratulations on this successful transaction...You are a credit to the real estate industry in general, Realty Executives specifically, and most importantly to yourself." High praise from an executive from another company.... feels great!



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Record Low Mortgage Rates

Thu, Apr 25th 2013 7:54 pm by Wally Reule Sedona Real Estate Market News

Freddie Mac has reported that 15 year mortgage rates have hit an all time low. During the week ending April 25, the rates fell to an average of 2.61%. It's just another good reason to buy a home in Sedona. Prices for Sedona real estate are on the rise, but there are still some great deals to be had. Call Jan or Wally if we can help.



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Where Have All the Smokin' Deals Gone?

Mon, Apr 22nd 2013 6:56 pm by Wally Reule Sedona Real Estate Market News

A client recently told me that he wanted to find a smokin' deal, but was afraid he had already missed them. Well I'm glad to report that there are still some excellent deals in Sedona! They just cost more than they used to. The median price of home sales in Sedona has gone up, but much of that can be attributed to the fact that most of the better low priced homes have been sold, and many of the ones left require some tender, loving care. Since most buyers don't want to do that, they're buying more expensive properties. But even though they may cost more, there are still homes that are smokin' deals when compared to comparable properties. Don't be like some people who waited to long and ar...



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Home Buying Tips for the New Market

Fri, Apr 19th 2013 9:48 am by Wally Reule Sedona Real Estate Market News

The market has changed for Sedona real estate! Prices are going up, and we often receive multiple offers Sedona homes for sale, so here are some tips reported by CNN Money Magazine.

(1) Don't waste time with lowball offers. Those days are gone, and it's not going to work. Even if the seller doesn't have another offer in hand, if it's a property you really want, you might alienate the seller.

(2) Bid to win! As I said, we are often seeing multiple offers on the same homes in Sedona, so in addition bidding more, consider the following strategies: Have fewer contingencies, be flexible with the closing date, and offer a leaseback if the seller is in a crunch to vacate.

(3) Shop for financi...



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Inventory of Homes for Sale in Sedona Creeping Up

Thu, Mar 28th 2013 6:22 pm by Wally Reule Sedona Real Estate Market News

As we have reported before, inventory of homes for sale in Sedona are lower than they have been in many years. But they're starting to creep up again as demand is strong and prices are increasing. The higher prices have allowed some sellers who were underwater before to finally put their homes on the market. Although prices are increasing, it's still a great time to buy Sedona Real Estate,



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More Buyers Enter Market As Prices Increase

Wed, Mar 20th 2013 5:37 pm by Wally Reule Sedona Real Estate Market News

Rising prices helped lift nearly two million homes above water in 2012, according to a report released by real estate data firm CoreLogic. Another 5% increase in home prices will bring an additional 2.3 million homes above wqter, and at the present rate, that won't take long at all. This trend is likely to heat up even more what is already a strong seller's market, as many of these people will finally be able to sell their current homes and buy their dream home in Sedona.



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Time to Buy Vacant Land in Sedona?

Thu, Mar 14th 2013 4:12 pm by Wally Reule Sedona Real Estate Market News

And the answer is an emphatic YES. Inventory of existing homes is lower than it has been since 2005, when the market was on fire. Home buyers are finding it difficult to find the home to meet their needs, and are electing to build. Sales of vacant residential lots were up 30% in 2012 over 2011, and that trend is accelerating. While prices show signs of starting to rebound, they are still less than half of what they were at their peak in 2006 - 2007. Real bargains are going to become more difficult to find.



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Median Home Prices in Sedona Soar

Tue, Mar 5th 2013 4:33 pm by Wally Reule Sedona Real Estate Market News

The median sales price for Sedona Homes has risen from $340,000 to $405,000 since just last November 30. The market is hot and the inventory is low, and the longer home buyers wait, the more expensive it will be!



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Sedona International Film Festival Feb 23 - Mar 3

Tue, Feb 19th 2013 1:05 pm by Events
The Sedona International Film Festival will run from February 23 - March 3, 2013. From features to shorts, documentaries to animation and foreign films to student films, you will be treated to more than 145 films!

Already recognized by filmmakers and audiences as one of the top festivals in the nation (and named the “Fest to Impress” by MovieMaker Magazine), the 2013 edition will continue a tradition of honoring those motivated by passion for their art and driven by a love for making timely, moving and important films.
 
Join filmmakers, celebrities, industry guests and film buffs from all around the world as Sedona takes center stage with its biggest celebration of film yet! 
This year's...



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