Foreclosures represent 37% of ALL of Sedona’s Sold homes and “Short Sales” representing 10% of our SOLD market. So in actuality, you could say almost ½ of our sold inventory is either a foreclosure or a short sale.
Foreclosure and Short Sale Home Listings only represent 14% of our active market. That is what is selling and those homes are in turn bringing the rest of the market down. For they have to be used as comparables – since they are the “Norm” and not the “Exception”.
Our Median Sold price in Sedona (taking into account the high and the low) is currently $390,000.
Our homes under contract have SOARED – and is currently at 82 (under contract). To give you a comparison – in the heyday of June of 05 – there were 74 under contract. Today? 82. Which tells us that buyer’s are back buying because the prices are now at a point where people are once again buying and feeling comfortable in the economy to be purchasing a second home.
However, once more the Foreclosures and Short Sales – DOMINATE the Homes under contract, with more than ½ being a Foreclosure or Short Sale.
2010 will remain a strong buyer’s market. Buyer’s don’t be overly cocky and offer anything. We have shown that the buyer’s are back, and back in droves – if you want the house – then be reasonable. For if you aren’t – someone else will be and will get it. Hire a good agent to negotiate the whole offer.
If you are Selling your home – you need to be “COMPETITIVELY” priced AHEAD of the market. For it’s like going into a dark alley – you can’t really see what is in front of you, but you are carrying a big stick – assuming something bad could be ahead. Be competitive. Look at ALL offers – even low ones. You never know where you and a buyer will end up. And hire a great agent in these difficult times to get the place SOLD –so you can move on with your life.
For all your buying and selling needs I can be reached at 928-301-0669, or via my website at www.barbarabaker.com, or via email at email@example.com