Sedona Real Estate News

Thanks for stopping by our Sedona Real Estate News Blog. Here we will have featured Sedona homes and real estate. We will also have news and articles about buying and selling Sedona homes and property.

 

April 24, 2018

Try This ONE Thing To Get The Best Return On Your Remodeling Project

Sedona home improvements

Prior to getting our “one thing”, answer this question: Are you aware of which DIY projects will give you the best return on investment?  You may have heard a friend at a social gathering claim that renovating the kitchen or master bath is the best ROI, it doesn’t imply it is a fact. Do not use one of those posts/articles you see online (think HGTV) that claim that 'X' project will give you one of the best bangs for your buck. Because, the most effective return on your investment for any kind of house remodeling will depend on a lot on numerous things

Sedona AZ Factors When RemodelingSelling your Sedona AZ Home

  1.  Exactly where do you actually live in Sedona AZ?
  2.  What's the housing market like in Sedona in general?
  3.  What exactly is the Sedona AZ real estate market like pertaining to homes such as specific house?
  4.  Thinking of doing the improvement particularly to make more money on the sale of the home in the near foreseeable future?
  5.  Or even you'll be selling some time at a later date?

However I can tell you, with no hesitation, irrespective of where you are living in Sedona, no matter what the Sedona real estate market is like… No matter what your home is like… Or when you're intending to put it up for sale it … There exists one, hands down best return on your investment.
With Sedona Arizona, You might even believe that all upgrades will raise the value when selling a home located in Sedona. You're correct but may still be mistaken.

Your Sedona Arizona Home Will Be Worth More

In the event you renovate your kitchen, that’s certainly got to increase valuation on your home, correct? Changing that out dated  bathroom for brand-new will surely allow you to receive more money whenever you sell the house. Build an addition... an additional bedroom must add to your eventual market list price tag when you go to sell the home.. Why not consider painting the entire house? New tile or hardwood floors? A new furnace?
And you might be correct … to a certain level.

You would certainly add value … help make your house actually worth more … regardless of the renovation project you do. Although let’s face it, while the choices are unlimited, your budget is not. So, you will be wise to stop and consider which project will bring you the greatest value for your dollar.
But the reality is… the vast majority of remodeling projects cost more than they return.

...But Maybe Not Enough To Cover The Remodel

Most remodeling projects you decide to pursue are not going to help make you any cash. Of course, they will increase the sales price, but many of the items you might want to put money into, will not in fact raise the value anymore than it'll cost you. Quite often, the increase house price is somewhere in the 60%-75% wide range of what you put in. For example … You spent $900 and improve the valuation, say $600 - $700. Or, you may spend $12000, and collect the returns of possibly $6000 - $7000. Sometimes it can be dramatically less.  10K on a roof, doesn't matter, the new buyer of you Sedona home expects the roof to be in good repair.  It may be a complete write off. Same with any deferred maintenance issues, unless you're selling below market and thats not what we are talking about.
Sedona Home Improvments that count, Don't be shocked

Talk about a shocker

Once it's done it is simply too late. At least, for people that don’t take advantage of some thing which will provide a large roi. Regrettably, not everyone does this.. But most folks do not do this, because All too often, people will decide to start a remodeling project and think that it will increase the Sedona AZ properties value more than expense of the project. If they went through with it and they are keeping the house, then it doesn't matter much. But on many of occasions, people are doing renovations mainly because they are planning on selling soon, and figure it makes sense to do whichever project spurs them as the most bang for the buck without speaking with a Sedona Arizona Realtor to begin with.

The Bad Guy

Then comes the time that they happily invite a Sedona Realtor to the home. They want to market their property and cannot wait to observe how impressed the real estate agent shall be. And, often the broker is impressed! But, the home-owner is just not going to be satisfied with the home value the real estate agent comes up with in their market analysis. Seems the work is not really worth the money spent. For that reason, the broker becomes the bad guy. The real estate agent turns into the the reason it failed to produce. it seems like the agent doesn't have a clue… or don’t understand the increased value … or maybe really want the home owner to value it very low to allow them to come up with a quick sale.

... Here's The Sedona Homes Recently Sold


Realtors are often villainized for charging to much commission, or maybe out to produce a quick profit (Let’s not even slip into those myths right here) But the reality is, Realtors are usually underrated and also under used. To just go on and do a remodeling given that you suppose, heard, or read that some thing is “the perfect yield upon investment”, is a big oversight. Going the opposite path, rather than doing a particular remodeling project because some yearly statement you obtained online says that a do it yourself basically returns 52% of the expense, could possibly be quite as big a miscalculation. It totally is dependent upon your area in Sedona. Your property. Your project designs. And a Sedona AZ Realtor will help you discover which home improvements will actually increase the value of your property and definitely worth the money you pay out for your home improvement in Sedona. However, way too frequently, a Sedona real estate agent isn’t called until the home owner wishes to place their house on the Sedona real estate market … When they should have also asked the Realtor to come out prior to startingthe project.

We're Here To Help

Give a call your Sedona Realtor before you decide to do anything, or pay to remodel your home. That is indisputably the smartest thing that you can do to get the best yield on your home remodeling project. Your agent will likely be the most effective, useful resource in regards to what your very best ROI will likely be for that expensive job. It may be doing your your kitchen. It could be remodeling the bathroom. It can be as elementary as a coat of paint. Or possibly a professional scrubbing. No post/article can tell you… and the man inside the pub cannot let you know (except if they are really a Sedona Arizona real estate professional or real estate appraiser who knows your Sedona house, the market, along with your situation).

Questions? Give us a call (928-451-6098) when you have an opportunity. We'd be happy to go over your home, improvements and what your plans are for selling in Sedona.

 

Susan Deierling Team in Sedona real estate

April 18, 2018

Buying A Sedona Arizona Home

Buying A Sedona Arizona Home

Where to find the exact home you want and how to work with the Realtor team who will help you get it.

You’re  purchasing your very first house in Sedona. And maybe your very first mortgage loan.

It is a great move. Buying a home will take significant amount of cash and also time, with a few exceptions.  Veteran programs and USDA programs are no money down programs.  Nevertheless when you get the keys to your new Sedona AZ home, that can be  one of the most rewarding emotions ever. Sedona home buying

The key for you to get there? Becoming familiar with the home buying journey. Understanding what tools will be at the tips of your fingers. Above all building relationships with experts who can assist you to deliver results.

That is where this guide will come in. We will explain to you not only the main strategies you may take on through the house purchase processes, but also demonstrate the partnerships and realtors you will need .

Do Your Research
Everyone wants to leap straight to looking at homes. Prior to even step in to your inside the front door, you need to identify your list of “needs & wants This checklist is really an inventory of priorities in your hunt for a Sedona  home. In addition , there’s so much to decide: Total price, house type, subdivision, and the school district - merely to name some.

Start Searching For Sedona Homes for Sale
Once you recognize just what you are seeking, you need to to begin taking a look at MLS listings and housing facts on the internet.


Look for a Really good Sedona AZ Agent
Your personal connection with your real estate agent is the basis for the home-buying processes. They are the mostGreat Sedona realtor important consultant you can meet up with on the quest, and also professional you may rely upon most. That is why it’s crucial that you interview real estate agents to find the agent that is right your particular needs.

Choose a Mortgage Loan Company
Once you’ve found your agent be sure to ask him or her to refer no less than 3 or more mortgage lenders that meet all your financial needs. Here's our Lender List. This is certainly a big move, you will work jointly with the mortgage provider through the home-buying stage.

When you have decided on a mortgage lender, you can use your mortgage loan people to help identify the mortgage products best you. You have to consider the  personal income you would like to invest for your new house, and you will have to provide the mortgage lender with paperwork showing evidence of of income, employment situation, as well as other sorts of necessary financials. If it proceeds satisfactorily you’ll become pre-approved for a loan for up to a specific predefined amount.

Go to see Sedona Homes & See the Market

Since you now have together an real estate agent which understands your  personal preferences and also a budget - and a mortgage company who can loan a home inside of that budget and then it is the moment for you to become sincere about viewing properties. Your own broker can provide real estate listings you might prefer based upon your primary features (price, areas, features), and is going to also help you determining the quality Sedona  listings you find online. Next will come the most interesting step: The private tours of people's homes, which grant you the exclusive opportunity for you to assess properties in such a way you can’t online.

Develop a Offer
When you choose the Sedona AZ house you'd decide to purchase, it's time to work with your personal broker who will craft a good offer to purchase which will not just stipulates the cost you’re considering to spend regarding the house but also the proposed settlement calendar date as well as clauses that will have to be approved by both sellers and buyers, such having the property inspection, termite check as well as requiring resulting home repairs on the property.

Getting a BargainSedona foreclosure homes can be great bargaing in Arizona
Preparing a purchase offer can feel just like an emotionally charged cliff. It is is often nerve-racking! Some property owners just simply accept the top offer that they receive, nevertheless quite a few sellers make a counter-offer. If that crops up, it’s option to make a decision whether or not you want your own real estate agent to bargain with the seller or just walk away. This specific can be a area where your realtor can furnish real value just by using their skilled bargaining abilities to negotiate on your behalf and also nab you the finest deal.

Carryout a House Inspection - Employ a Home Inspector
After the offer is approved, then you can sign a purchase contract. Most sales contracts include things like a home inspection addendum. This would mean you will retain the services of a licensed home inspector to examine the home with respect to needed repairs and maintenance. You may then require that homeowner to have these home repairs made. It mitigates your risk when deciding to buy a house that may has got serious problems lurking under the surface, similar to mould or cracks in the foundation.


Sedona real estate appraisal issuesAppraisal Value Difficulties in Sedona
Once you'd offer to purchase a house, your lender definitely will need to have the property value appraised to make certain the house value is adequate to pay for the mortgage loan. Should your property is valued at near to the contract purchase price, you won't have nothing to worry about. A low/bad appraisal may well add a issue. A owner may lower the price, you could provide cash to closing or one can call off the agreement.

Wrap It Up - Keys
Your final step regarding your home buying process is close of escrow. You are going to sign the finalized home ownership and insurance coverage records.

Posted in Sedona homes
March 23, 2018

Freddie Mac|Increasing Home Loan Rates Will not Result in Decreasing Home Values

Sedona home real estate market

Just recently, Federal Home Loan Mortgage Corporation aka Freddie Mac shared an Insight Report titled No place to go but up? All about the way in which rising mortgage rates could affect real estate and the market, including the Sedona real estate market. The statement focused on the effect the forecasted rise in home loan interest rates might have on the housing market this year.

 Some think an increase in mortgage rates may cause a slowdown in buying of homes in Sedona Arizona which would, subsequently, create a fall in Sedona real estate values. Inevitably, however, price is based on supply & demand even though rising mortgage rates might slow down demand from customers, in addition they influence supply. 

From the report:

 “For today's home owners, the decision to invest in a new home is often associated with their decision make a sale their existing home. Because of this association, the loans costs from the existing mortgage loan are a part associated with the homeowner’s decision if it makes sense to sell.

If the existing rate (we'll assume fixed rate) exceeds the interest paid for an existing bank loan, the potential home buyer would have to leave behind a  below-market mortgage to sell.

 The homeowner might choose to hold off both the sale of their existing home and purchasing of a new home to keep the beneficial interest rate.”

The Freddie Mac analysis, on acknowledging this example, concluded that pricing is not necessarily adversely stricken by increased mortgage rates. They explained:

 “While demand for homes may slump, there is an linked slide on the supply with homes with the association between the buying and selling decisions. As both the supply and demand move in concert in this manner they have offsetting effects on lowered demand diminished selling price and reduced supply raises price.

They went on to show that the Freddie Mac National Home Price Index was

 “…unresponsive to changes in mortgage rates. In the present housing market, the driving force in regards to the increase in selling prices is often a reduced supply with both completely new and also resale homes coupled with generally rates that are low. As rates on mortgages rise, the need for home purchases may continue being good relative to the confined supply and continue to set upwards pressure upon house prices.”

Sedona AZ homes for sale

The following information, depending on facts within the article, unveils what happened to house prices the past six occasions mortgage rates increased by no less than 1%. This is consistent with the Sedona real estate market as well.

Freddie Mac Increasing Rates On Mortgages Really Don't Lead to Falling Home Prices 

Regardless if you are a move up buyer or first time home buyer, holding out to invest in your next house based mostly upon the belief that values may drop on account of increasing mortgage rates can make absolutely no logic.

If you're looking for a mortgage lender, we maintain a list of local professional Sedona mortgage lenders.

Feb. 6, 2018

2017 Sedona Home Sale Market Round Up

2017 Sedona Home Sales Review

Increasingly, Sedona is a popular destination for visitors from around the world. Some visitors are struck by the beauty and lifestyle offered by Sedona and decide to become.  Sedona is encompassed by the Coconino National Forest and its breathtaking vistas, it’s a captivating and exciting place to live.  The introduction of Sedona to so many   visitors has helped promote strong housing demand. 

The Sedona real estate sales market saw substantial progress throughout 2017 but in particularly June. In June the sale of Sedona homes suitable for short term vacation rental was incredible.   Perhaps the way to realize where home sales are going is to see sales comparisons with annual data .

Sedona homes for sale

Sedona Homes sold (single family residential)

Year

Active 12/31

# Sold

Days on Market

Avg Cost Sqft

Avg Price

2015

233

409

210

217

528,218

2016

194

425

194

230

564,062

2017

188

465

196

242

613,697

Currently 176 Sedona homes for sale Update homes for sale

Sedona Luxury Homes Over $1 Million*

Year

# Sold

Days on Market

Avg Cost Sqft

Avg Price

2015

28

317

336

1,513,000

2016

27

322

387

1,598,000

2017

41

360

328

1,508,000

Currently 51 Sedona luxury homes for sale Update Here

Sedona Condominiums & Townhomes

Year

# Sold

Days on Market

Avg Cost Sqft

Avg Price

2015

100

169

188

277,000

2016

95

152

208

259,000

2017

124

124

228

321,000

Currently 21 Sedona Condos for sale  Update condos for sale

Sedona Horse Properties – Sedona is a great place for equestrian activities. Lots of trails

Year

# Sold

Days on Market

Avg Cost Sqft

Avg Price

2015

16

209

252

745,000

2016

15

223

361

955,000

2017

18

383

290

879,000

Currently 21 Sedona horse properties for sale Update horse properties for sale

Homes for sale in Sedona

We expect 2018 to be a great year for Sedona real estate sales for many factors. 

 

OTHER FACTORS TO CONSIDER

1.      As a vacation destination, Sedona is beginning to challenge the Grand Canyon as the #1 destination in Arizona.  Tourist numbers have climbed to around 3M per year. The introduction of Sedona to an ever increasing numbers of tourists has positively aided growing demand for real estate.

2.      A causative factor as well is the national recovery of the economy.  Many areas of the US are seeing homes sell now. This allows people from other areas to afford to come to Sedona.

3.      State Bill 1350 – An Arizona law that prohibits local and county governments from limiting vacation home rentals (More Info).  Home Owner Associations (HOA’s) including Condo Associations can still restrict rentals through CC&R’s.  The majority of HOA/POA/COA’s do limit short term vacation home rentals.  Most impose a 30 day minimum  period but some are more restricted. This triggered a buying frenzy on non-HOA homes with most new Sedona homeowners wishing to do either full or part time vacation home rental.  It’s an opportunity to have a second home that also pays back. Something difficult to do in the past due to City of Sedona restrictions.

4.      Surrounded  by Coconino National Forest. Sedona and has a limited area that could possibly be developed.  By Statute, the National Forest if forbidden from selling land so Sedona isn’t likely to grow beyond its current borders. With constrained growth, supply and demand will push Sedona home sales prices up.

5.       Many of our clients are departing high tax states and cities for Arizona.

Stop by our website to search for Sedona homes for sale or to be notified when Sedona properties come on the market that fit your criteria.  Selling in Sedona? To find out what your home is worth in the current market email me (Susan Deierling) or call 928-451-6098.

Home sale market data for Sedona, AZ provided by Susan P. Deierling, Associate Broker at Realty Executives Northern Arizona and is derived from data from the Sedona Multiple Listing Service (MLS).

 

 

Posted in Sedona Real Estate
Sept. 25, 2017

Sedona Homes: 5 Requirements For a Bedroom

Sedona, AZ:  To be considered a bedroom, 5 elements must be present

Can it count as a bedroom?

Over the years we've heard a lot of opinions about what constitutes a bedroom.  The #1 myth is that a bedroom has to have a closet.  Many Victorian homes didn't have closets, so in this line of thinking a home may not have any bedrooms. In more modern times, the flex space has become popular. If it doesn't have a closet, could you put an Armoire in the room to serve as a closet? 

Many real estate agents in Sedona labor under the false impression that it isn't a bedroom without a closet.  This could potentially cost their seller clients by undervaluing the home. In Sedona, homes are built utilizing the International Residential Code (IRC), it does not require closets in bedrooms.



1) A bedroom needs at least two ways to egress., normally through a door and then have one other exit (window or door). A door to the exterior works as an exit point, and so does a window. According to the International Residential Code, a bedroom window must be between 24 inches wide X 44 inches from the floor and a minimum of a 5.7 sqft opening and no less than 24 inches high and 20 inches wide (R310.1).
   
2) At least 50% of a bedroom ceiling needs to be at least 7 ft tall. Most ceilings are at least 8 ft tall, so this is rarely an issue (R305.1).
   
3) The room has be at least 70 sq ft, and it cannot be less than 7 feet in width in any direction. (R304.2 / R304.4).

4) Is it reasonably close to a bathroom?

5) Does it make sense and what are the local expectations?  You shouldn't have to go through a bedroom to reach another bedroom (obsolescence) or go through another bedroom to reach a bathroom.  Size of the room, access/egress, light, and ventilation all matter when it comes to defining a bedroom (IRC).

Technically the International Residential Code does NOT mandate a bedroom to have a closet. So the lack of a closet does not necessarily mean a room cannot be a bedroom. However, we must ask, what does the local real estate market expect, and what is required by the local city/county?

Bedroom with no close but storage

While some in the real estate community say closets are always required, that rule doesn’t really apply here for two reasons:

1) The IRC definition of a bedroom does not actually mandate a closet; and

2) If the market considers the rooms as bedrooms, that’s what they are.  Ultimately closets are not technically mandated by the international definition, but they may be expected and/or required by local code.

I'm not an appraiser so for the final word call a local appraiser and your local building authority (City or County).

July 19, 2017

3 Tips to Succeed in Today’s Sedona Real Estate Market

3 Tips to Succeed in Today’s Sedona Real Estate Market

In today’s highly competitive real estate market in Sedona, where inventory levels are not keeping up with the constant stream of buyer demand, there are steps you can take to ensure you are most prepared for success when buying a home.

The 3 tips we are going to expand on today come from a recent blog by Trulia entitled, The Skinny on Skinny Inventory. 

1. Be Prepared

“Homebuyers should talk with a lender, real estate agent, and a home inspector BEFORE finding a home to make an offer on.”

Being intentional, pre-approved, and prepared will set you up for the accelerated time tables that come with a highly competitive market. If you are the most prepared buyer interested in a home, if you have already secured financial approval, and if you are ready to move fast, your bid will be that much more attractive to a seller.

If you're a cash buyer, have access to your 'proof of funds' to submit with the offer.

2. Think Strategically

“Starter homebuyers don’t have a home to sell and can be flexible on closing dates compared to home buyers who are also trying to sell at the same time.”

If you are one of the many first-time buyers looking for your dream home, know that being strategic and flexible about closing dates can also help your offer stand out from the rest. But don’t fret if you are a homeowner who will also have to sell your own house first – be upfront about your timeline with your agent and with any offers you make.

3. Seek Out the Ugly Ducklings

“Buyers might consider looking for homes that have been on the market for a while and investigate why. The reasons may be a deal-killer but all it takes is one ugly duckling to turn into a swan.”

Finding a fixer-upper or a Sedona home that needs a little love might be your best way to guarantee that you are able to find a home in the neighborhood that you want. The worst house on the best block will go for a steal and offer instant equity once you fix it up! Let us know what kind of mortgage you are getting (VA, FHA, Conventional) and we can find the best fit.

Bottom Line

In today’s market, full of bidding wars and tough competition, finding ways to stand out from the rest by getting creative will improve your chances of having a home to call your own.

Posted in Sedona Real Estate
June 26, 2017

Sedona Buying Guide Summer 2017

Here's the summer edition of our Sedona home buying guide.  It's a great way to review the home buying process and the benefits of home ownership.  Free download.

Sedona home buying guide

Posted in Sedona homes
June 26, 2017

New Construction Problems

 

The Supply & Demand Issue Plaguing New Construction

Unfortunately for builders in Sedona and the rest of the country, there are many forces that are making it difficult for them to do just that!

Last week at the National Association of Real Estate Editors 51st Annual Conference, CoreLogic’s Chief Economist Frank Nothaft broke down the 4 ‘L’s of New Home Construction: Lots, Labor, Lumber, and Lending.

The concept of supply and demand is ripe in the new home construction industry. The four ‘L’s of new home construction are each suffering a supply problem, and with that comes added costs. Let’s break it down!

Lots – There is a shortage of land near metros at an affordable price, causing builders to move farther and farther away from cities to keep costs down. This isn’t always an attractive option for those who want to stay close to work.

Labor – The Great Recession forced many skilled construction and trade workers to find other sources of income once their jobs were lost at the time of the crash. Even though the overall housing market has recovered, these workers have not returned. Those who remain are starting to age out and retire, causing even more of a shortage and additional costs.

Lumber – The cost to build a new home is directly tied to the cost of the lot and the cost of the supplies needed to build the home. Lumber costs continue to escalate due to policies restricting the importation of Canadian lumber, making larger luxury homes an attractive option to recoup costs when selling, rather than building smaller single-family homes and making less profit.

Below is a graph showing the increase in cost of 1,000 board feet of framing lumber.

Cost of Framing Lumber | Simplifying The Market

Year-over-year, lumber costs are up 13% after reaching a high of $433 in the second week of April.

Lending – During the Great Recession, many small community banks were forced to close their doors. These banks were a great source of capital and lending for builders looking to borrow money at a low interest rate in the community in which they were building. Tougher lending standards have made borrowing funds more expensive and more difficult for builders.

Bottom Line

Additional costs across all 4 ‘L’s have made building luxury properties more attractive to builders as they are able to make a larger margin with the higher sales price. The move to scale down to starter and trade up homes to help with supply will mean any additional costs are absorbed by the builders unless the supply of the 4 ‘L’s can increase!

June 26, 2017

New Sedona Listing - No HOA

I saw this home just came on the market.  No HOA, views and more. Located in Uptown Sedona.

80 Eagle Nest Lane, Sedona

 

Posted in Sedona Real Estate
June 19, 2017

Sedona Home Search Results Fail with Zillow

The real estate market exploded in Sedona.  Throughout the last two months we've seen one glaring issue.  Zillow does not keep it's information up to date.  Let me explain.

As Realtors, we belong to the Multiple Listing Service or MLS. Locally it's the Sedona Verde Valley MLS. All 700 local agents input listings for sale of homes, land, businesses for sale..etc.  The Sedona MLS shares this info with over 100 different vendors.  How often and how those vendors choose to update varies.  Zillow is one of those vendors as well as it's subsidiary Trulia.  They advertise a lot and are quite popular, but they are not the MLS. They exist to sell marketing to agents.  In other words, you sign up with Zillow and they distribute your information to agent for money.

So if they don't update, who's going to call them out on it?  We run into the problem of clients searching Zillow and finding homes that have sold already but are marked as available.  We are seeing homes that have been sold for months.  Unfortunately, many people think Zillow and the MLS are one and the same.

As a members of the Sedona MLS, we have access to the same information.  Our websites and our App are updated every 5 minutes from a feed direct from the MLS.  We don't recommend Zillow or Trulia.  Our recently built app and websites will give you the most accurate information possible.  The app is called Millions Mapped and includes a national home search.  You can contact us directly from inside the app with any questions on property that you may have.  Download the App from your Android or iPhone or text "susan" to 928-433-4705 for the app.

 

Posted in Sedona Real Estate