Well - as the saying goes…”We live in an interesting time” and I think that can be said for the state of Real Estate in Sedona and the National Level. As we all know, foreclosures continue to bring our median price point downward and yet only represent 10% of the Active Listings. Yet make up 33% of all the sales in Sedona. 33%. Short sales represent 10% of the sold inventory. So almost ½ of all of the homes sold in Sedona is a foreclosure or a short sale. If you are a seller – listen carefully with BIG, BOLD letters. – “ 42% of our sold inventory is either a foreclosure or a short sale”. Will that trend continue? Yes…. And I’m not even a Gypsy with a crystal ball (although, I have been called that by some). And, that 10% active foreclosures and sold foreclosures have brought down the median SOLD price in Sedona from $422,000 of last year to $390,000 for this year - by 7.5%.
There is some good news in all of this for seller’s – our sold homes are up by 42% from this time last year. Why? Because investors, 2nd homers, dreamers now see the golden opportunity and are buying up houses that are priced RIGHT. If you are having no one see your house – it’s priced to high. If you are having people look at the house, but no offers, it’s priced to high.
And on behalf of myself and all the other 750 realtors in the Verde Valley – God created miracles – I’m just a realtor. If it’s too high – it isn’t going to sell. No matter how good the virtual tour, the photos, how many open houses. If you don’t believe me – let me send you the Expired listings of all the homes that haven’t sold because they were too high.
If you are a buyer. BUY. Get a great realtor – who is a great negotiator and who knows the market. But if you like a house – buy it. Remember your not buying on speculation – you are buying because you have always wanted to live in this beautiful, wonderful place and you are buying for your future. If you want to buy on speculation – buy at an auction, buy in Phoenix, buy in Vegas – but don’t expect to get rock bottom prices for the RED ROCKS. I am happy to say – “Phoenix this ain’t”. We recently found a home in Southern California in Venice – and guess what? They aren’t’ giving those away! Same with Sedona. Put in an offer below the asking price. Now, I am not going to give away trade secrets – but I am very good at what I do and would love to be able to use my expertise on your behalf.
Check out my NEW, REVISED, website at www.barbarabaker.com and pass along any comments.
As always – I continue to work in a declining market where everyone sees the glass ½ empty – I see it as ½ full. I have represented Happy Seller’s and Buyer’s and am more than willing to share my letters of recommendation..
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"The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails."William Arthur Ward