sedona short sales

So you want to invest in the Sedona Real Estate and Sedona Homes for sale marketplace and don't have a bucket of money? What's a person to do you ask?  Buy land.  If you listen to me at all - and who knows if you do - but if you listen to me at all - and want to get your foot into our marketplace - buy the land.  Cause as Mark Twain said... They ain't making that any more.  And let's not forget that Sedona with those pretty red rocks is surrounded by National Forest.  And remember there are lots of people who make money off of those beautiful red rocks from the local, state and federal government. So everyone is very aware of the little gem called Sedona and keeping it as the little gem t...

There were some financial indicators from last week that could impact anyone buying a home especially a second home in the Sedona Real Estate market.  They are as follows: Last week was not a happy one for folks who need a mortgage. Mortgage rates were as much as .25% higher than they were at the beginning of the week. The reasons include a big stock market rally, and very strong data including productivity and factory orders. These factors eclipsed the disappointing jobs number. Remember that in an economic recovery jobs are always (unfortunately) the LAST area to recover. And if we don't have jobs - we don't have money to buy houses...This week will be dominated by Treasury auctions. Al...

The Sedona AZ Homes for Sale Market has had it's share of international buyers.  With the majority of that business coming from Canada and Europe. However, quite recently I have had clients as far away as China into to Sedona to "buy" in Sedona.  Something that I find very interesting.  It is a known fact that the United States real estate offers a lot of bang for your buck, according to a new survey that shows U.S. homes are the cheapest relative to incomes among English-speaking nations. Australian homes — which have a median price of $454,000 — were found to be the most unaffordable among English-speaking nations, according to the report by consulting firm Demographia, which examined a...

Well, the latest Financials are out for the week and it should prove to be great for selling or buying a home in the Sedona Homes For Sale marketplace.

Even though it was a  tale of two numbers with the Consumer Confidenceoff-the-charts positive!  However the FHFA home price index was flat for November and the Case-Schiller 10 city house price index was actually down .8% month-over-month, putting the year-over-year number in slightly negative territory.

But since the Sedona Homes for Sale marketplace is really a 2nd home market place - consumer confidence is critical.   Consumer Confidence was boosted by optimism about the job markets (according to the survey). We wonder whether a doubl...

Does the fact that 1 in 45 homes in the US faced foreclosure in 10 and more are expected in 11 impact Selling a Home in Sedona AZ?  You bet.  This article came from the Associated Press...

Lenders Repossess 1 Million Homes in 2010
Banks repossessed more than 1 million homes in 2010 and this year is expected to get even worse, according to RealtyTrac, a foreclosure tracking resource. About 5 million borrowers are at least two months behind on their mortgage payments, which industry analysts say will likely lead to lenders taking back even more homes this year as borrowers continue to struggle with job losses and dropping home values.

"2011 is going to be the peak," says Rick Sharga, a sen...

So you have hired the right agent to sell your Sedona AZ Home for sale as a short sale.  You have a contract.  It's at the bank.  The realtor is telling you -you have nothing to worry about.  You are pretty confident that you have a nonrecourse note and you won't get slapped with a deficiency judgment by the lender.  So do you need an attorney?  Let me answer this question with a question.  If I have a pain in my leg, and a physical therapist tells me it's just a pain and nothing to worry about - am I still going to go to the doctor and get their advice?  Yes.  And why? Because he is an expert.  The physical therapist knows a lot about physiology of the leg -but isn't licensed in the fiel...

What Qualifies as a Short Sale Hardship?
Sellers aren’t entitled to a short sale just because they’ve lost equity in their home. Lenders look for other hardships when approving short sale transactions.  Here are the standard reasons for a short sale hardship that will have to be fully documented in the short sale process for the lender to even consider a short sale:

Job loss Illness Divorce Death of spouse Natural disasters Bankruptcy

However, besides a hardship, lenders also consider whether the home’s value has dropped, the mortgage is near or in default (you don’t have to default to qualify but you must prove that if something isn’t done soon, you will default), and the...

Many buyers come into to the Sedona Homes for Sale marketplace not wanting a typical home but the ease and safety of a condominium.  All of the Sedona AZ Condominium Association will have some kind of monthly fee associated with them.  Most of these fees typically cover "common expenses" shared by all owners, i.e. outside common area maintenance, exterior insurance on the building, exterior maintenance of the buildings, pool care and cleaning, etc.  Most of my buyer's who have purchased condominiums do so because the condo serves as a true 2nd home and the owner doesn't want to worry about the exterior of the building while they aren't here for the remaining part of the year.  The Sedona ...

People often wonder if the Sedona AZ Home Sale Market is influenced by the national job market.  Historically, that has not been in case, and Sedona is primarily influenced by the cash at hand for the 2nd home buyers and the overall confidence that the consumer feels about the national economy.  But on the National front, the employment picture in the US has brighten.  And as we all know, demand for housing is fueled by consumer confidence levels.  And nothing impacts those levels more than how consumers feel about the job market.  We had three major releases last week that gave us a better understanding of the employment picture.

First up were the Challenger Job Cuts report.  This measure...

AZ Tax Requirements for Landlords

Starting in 2011, there is a new tax requirement for landlords whether or not you own a home in the Sedona AZ Home market or anywhere in the States. All landlords who receive $600 or more in rent for the year must send a 1099 to all service providers that the landlord paid $600 or more during the year, such as plumbers, carpenters, yard services, and repair people.

 The new requirement applies to owners of both residential and commercial property in the Sedona AZ Home market to anywhere in the states. Prior to 2011, this requirement had only applied to those involved in full-time property management, but now the requirement covers all types of landlords...

What's a buyer to do these days when buying a Sedona AZ Home for Sale. Do they buy an existing home with the idea that it is less costly to buy than it is to buy a vacant piece of dirt and build? That used to be the standard. However, while the Sedona AZ home prices fell for the last several years - so did the vacant dirt. Let's remember the financing for for land and construction loans dried up.  Lender's shut their doors and many great and qualified general contractors and builders had to go get 2nd jobs. While the tide is a changin...according to Chris Dolan, president of Casa Natural Construction, building costs have fallen as much as 15%. And what used to cost $300.00 a square foot c...

I always think it a good idea for buyers and seller's in today's market to challenge their Sedona AZ Home real estate assessment.  After all, that is how your home taxes are calculated. You can't do much about the rate at which your home is taxed, but you can try to do something about how your home is valued for taxation purposes in 2010. The process varies depending where you live, but in general local governments conduct a periodic real estate assessment to determine how much your home is worth. That real estate assessment figure is used to calculate your property tax bill.

You can usually appeal your real estate assessment if you think it's too high. Contact the local assessor's office ...

Cheap! Views! Sedona! Buy Now for Selling Later! Facebook, email, or call 928-301-0669

The Sedona AZ Homes for Sale market may be stagnant but it looks like th Sedona Land market is improving a little.  The Median sold price for the year is $132,400.  Which is up from last year’s  10 year low of $121,000 .  The good news is that the sold prices have trended up a bit and we have sold more lots this year so far (79) than from 07-09.  In fact we haven’t seen this much activity since 06 when we sold 105 lots in the same time frame.  Prices have dropped to a point where buyer’s are now buying.   In 06 -  buyer’s thought they needed to jump on the bandwagon  before the prices went up any higher and seller’s made out like bandits.  And now buyer’s are making out like bandits – wit...

The amount of foreclosure and short sales will continue.

•·         In the Last Year  -41% of our sold inventory was  a foreclosure or a short sale

•·         Since January 10 - 42% of our sold inventory was a foreclosure or a short sale

•·         The median price in Sedona from this time last year has dropped by 9%

•·         From January till now - the Median Sold price has been $385,000

•·         In the last 4 months - the median sold price has dropped to $371,000

•·         Currently there are only 41 pending homes in Sedona

•·         Of those 41 pendings - ½ is either a foreclosure or a short sale

•·         Of those pendings - the median pending price is $359,000

•·  &nb...

Should you buy now or wait? Our market is showing signs of stabilizing slowly - but stabilizing. So I would advise anyone who is looking for the long haul - to buy now. I don't think prices are going up anytime soon - but the house that is priced well, land that is priced great is selling. I am working with a buyer now, you faced a multiple offer on a home that has been on the market for 3 years -however, now, it's priced right! So, If you are looking for your 2nd home, your dream home, (always wanting to live in this beautiful place - but not being able to afford it) you can stop dreaming and buy now! Even the vacant land pricing is great. It has gone up alittle bit since this time last ...

I received this following from a wonderful friend of mine who is a local lender in the Sedona real estate market - Lindar Rogers (928) 301-0822 and I would like to share it with all of you.

I was talking to two agents today about how we have come to view our homes as an investment and not just as a home anymore and how that has led to so much discontent and upset over the real and perceived losses in home values. People are seriously  wondering if they should invest in real estate at all.  I thought it might be useful to bring a little historical perspective to the conversation.
 
Houses in this country have lost substantial value over the last  five years. And if you bought property in 20...

Well so far the stats for this spring are wonderful in all sectors.  In our single family homes the number of Solds were up by 86% from this time last year.  With 44% of those solds being either a foreclosure or a short sale. The median price point has dropped by 8% from this time last year to $390,000.  Prices are starting to stabilize a bit.  I am still skeptical as I don't think prices are going to rebound anytime soon - I think they will hover around the bottom or close to the bottom - since we haven't seen that huge drop in prices as reflected from 08-09- when the median sold price plunged from $528K to $424K. The stabilization of price is also showing in that the median price of hom...

As far as our Sedona real estate market is concerned, I feel sorry for sellers. I do. It's hard being a seller today, trying to sell your home in Sedona with all the competition and with foreclosures representing only 7% of the active listings but 39% of the sold volume.  And it's worse through the Verde Valley.  If you include all of our little local towns... foreclosures represented a whooping 51% of our sold volume.  51%.  So I truly feel the seller's pain.  So, what's a seller to do in this market?  Price. That's it. Price.  It should be priced so well that it takes your breath away. It makes a seller gasp. That's the reaction you are trying to achieve with the buyer!  That GASP!   Th...