What Are Customers With Families Looking For In A Home? 

When dealing with family oriented buyers, which may include grand parents, there are many areas to keep     in mind when chosing homes for the buyer to preview. 

Buyers think in terms of safety when a growing family is involved.  Considerations should include, traffic   patterns, fenced in yards, proximity to schools. Other considerations would include extra bathrooms,  extra   bedrooms and quiet ares to study and learn.  We also have to allow for indoor and outdoor recreation with safety again, being the highest priority. 

Kids - Their Space

Age & gender play a big part in deciding the size and the location of kid's bedrooms.  Do the parents want the kids rooms to be a shared experience or multi-purpose rooms or do they want the children to have separate spaces for study and play time.  These are all key points for a realtor® to address with the parents. 

Based on their age, we have to make sure there is sufficient space for the child to grow into.  Most parents want their children's rooms on the same floor as the master bedroom. However, a teenager may want their space to be away from the family as they mature.  For example, a room or two in the basement.  They also may want to entertain their teenage friends and a multi purpose room for study and entertaining may be appropriate. Let's not forget that extra bathroom.  Teenagers are looking for privacy. 

Other areas to consider: 

1) Storage space, 2) Safe exit for emergencies 3) Convenience & accessibility for adult supervision

Multi-Purpose Rooms

Families want their space together and apart from each other.  Depending on the price-point of the buyer, this may be a tall order to fill.  Consideration should be given to rooms that allow the family to participate as a family.  The dining room should be large enough to accomodate family and guests if possible. A room near the front of the home to greet guests that will not inconvenience or disrupt the rest of the family is an added bonus.  Some homes have a multi-purpose or bonus room on the same level as the bedrooms.  This allows the children to study or entertain their friends away from the main area of the home such as a great room or family room. 

Outdoor Play Areas  

The prime consideration for children should be their safety. If a home has a playgroud or play set, it should be inspected.  Is there a risk in using the equipment. This is no different than having a pool.  The home owner needs to have essential precautions in place.  A pool safety expert might be a great step to help make an informed decision as to the best safety equipment to have installed.  Besides suitable fencing, a pool cover and more specifically an electronically controlled cover might be a great option to ensure a safe environment.  Make sure that you meet the minimum standards of pool safety for your area.  Check with your local government agency. 

Let's remember, nothing is more important than proper and constant parental supervision to keep your kids safe.

Safety - Comfort - Privacy - Expansion

As with any buyer, the key for the realtor® is to ask the right questions and listen to the answers to determine the priority to the customer. But looking for a home that is safe, comfortable has the right amount of privacy and room to expand for a growing family are important to finding the right home for your family oriented customers.

As our population continues to age, we have to be very cognizant of those young families who are looking for their peice of the American Dream. As you have read in this article, there are different priorities for families than those buyers who are single or empty nesters. 

Thanksgiving

The picture above brings back pleasant memories from last Thanksgiving. It is a time to be thankful for all our family and friends. The Cornucopia is a symbol of "an abundant supply of good things".  This should remind us to reflect on our bounty and how fortunate we are for what we have.

I am blessed to live in a very special place.  When you look around at the majestic scenery and stare at the night sky, breathe in the crisp pine scented air while listening to the sounds of nature in the background, you can't be anything but thankful. All your senses become heightened.  You realize how alive you are.

Fortunately, most of us can reflect in the same way as I mentioned above,  but what about those who are not as blessed?  At the very least, we can implore to a higher power to help those people who are in need.  If it is within our ability, we can also share our bounty with our neighbors and community and help those who are disadvantaged.

The Thanksgiving table is another symbol of being thankful for our abundance. To me, it is the perfect representation of friends and family getting together to celebrate as one unit sharing stories and memories as well as that all important meal!  Your Thanksgiving table serves as a focal point during this special gathering of all the important people in your life.  The attention you put into the table decorations adds to the ambience and sets the mood for the occasion.

Below you will find a few tips to bring delight to your guests and help celebrate the holiday season.

Eye Catching Centerpieces ~ Vivid Harvest & Autumn Color ~ Other Table Ideas 

This is one example of hundreds of creative ideas you can use to focus attention onto your table.  Remember that you do not want your centerpiece to interfere with the ability of your guests to talk across the table as well as pass your sumptuous meal that you have prepared.  You can always pull the centerpiece off the table and set it on another area that can add a dimension of ambiance to the room. This will allow space for the main dish to be served from the center of then table.  If you are creating mood light with candles don't forget to keep flammables clear of the flames.

Fall offers such an array of Autumn colors to adorn your table. There are the rich reds and scarlet  hues, golden yellows and deep orange shades as well as a splash of green (light or dark) to add an undertone to your rich palette. Using faux foliage combined with berries and leaves can only add to an already warm and inviting setting.





Of course no table is settled without the fruit of the season. Cranberry and pumpkin are probably the most well known but don't ignore other strains of squash and often forgotten persimmon. Hold overs from early in the season include, apples, grapes, berries, pears and yes, even cherries. Fruit can not only be  used as table decoration, it is a perfect light fare to have after your main course has been served.  This leads us into the realm of Fall desserts.

Besides the traditional pumpkin pie, there are hundreds of creative mouth watering ideas including pumpkin & spice breads, fruit turnovers and strudels, cookies and carmel drizzled ice creams.  Other classics such as apple & pecan pie, cheese cakes & mousse delights. Oh! Don't forget the nuts. Some of us like to crack our own.  Yummmm!  So many of us feel guilty we partake in these sweet pleasures, so you may decide to serve bite size pieces of a variety of guilty pleasures to ease the compunction. This has become a very popular choice among your finest eating establishments.

Well, you can see that this tantalizing and delectable selection of treats will be the perfect cap off to any Thanksgiving meal and will help your celebration be a fond and warm memory for all.

May you and yours enjoy Thanksgiving that will provide a life time of memories.

If you are in the market to buy or sell Sedona real estate or Verde Valley property, please call Sheri Sperry @ (928) 274-7355 or visit her website @ www.eSedona.biz .  Happy Holidays!

© eSedona.biz, sperryr.com, azsedona.biz  

How Long Should A Buyer Expect A Home To Last

The simple answer to the question is a home will last as long as the homeowner provides proper maintenance to take care of it.  When the cost of maintenance exceeds the real value to the current homeowner, then it is time to move on. 

Rule of Thumb: Tract homes will generally require more maintenance more often than a custom built home.  However a custom built home may be more expensive when maintenance issues arise.  A big factor in home maintenance is the climate the home is located in. 

That being said.... I have found that most buyers are looking for homes that are less than 10 years old.  By ruling out homes older than 10 years old, the potential buyer is probably eliminating many homes that would fit the criteria they want in a home.  Inspection periods, help the buyer get a good handle on potential maintenance issues and can also lead to a renegotiation of the sales price. 

As we have all seen, there are some homes that will fit the movie "Money Pit". This is the main reason there is an inspection period and buyers should take that very seriously. 

A Realtor's ® job is to see that the buyer does their due diligence during that inspection period and has a good idea what to expect on the quality and maintenance of the home they are purchasing.

In other areas of the country, especially in the east, you can find homes that were built in the 1800's or early 1900's.  It is not uncommon to find "old" homes that are still in use today.  This leads to questions that may arise about the quality of homes that have been built more recently.  You could argue that "cookie cutter" homes in subdivisions that have gone up quickly may be of a more inferior build than those that were built 75 plus years ago. 

I contend that a well maintained home will last and last.  

Here is a great link to help you with understanding the average lifespan of home materials. 

Average Lifespan Chart for Home Materials, Appliances & Other Components

How Important Is Bathroom Design To The Homebuyer?

The average homebuyer will focus much of their attention on two areas when purchasing a home;  kitchens and bathrooms.  The design of your kitchen and your bathrooms matter because they need to be functional for your needs.  If you don't get these areas right, you will be spending large sums of money to make them functional.

Today we will spend our time discussing that all important bathroom design.  Of course, a first impression may have you looking at color schemes but there may be more important areas to consider when looking at the bathroom.

Check The Plumbing 

Looking for leaks is not something that you need a plumber for.  Check by the toilet to see if the floor is discolored or spongy. Press down with your foot.  If there is a lot of give, the fixture may be leaking or has been leaking in the past.  If there is tile on the floor, check the grouting.  In most cases, calcium deposits can build up or discolor the grout where a leak has or is occurring. Vinyl floors will generally bubble if there has been a leak. 

If the home is two stories, check the area underneath the bathroom and look for leaks in the ceiling through patch repair or discolored paint.  You can also look at the hose or pipe fitting under the sinks or around the toilet for mineral deposits. This may also indicate a plumbing concern.  Water damage can lead to damaging the structural integrity of the home.  If you find areas of concern, you should order a professional inspection. 

Check To Make Sure The Design Works For You 

It is a good idea to look beyond the fancy wall colors, new fixtures and flooring to see if the design concept fits your needs. 

Plumbing: How easy is it to access the plumbing if there is a problem.  Look for access panels for the tub, shower, toilet and the sink(s).  Do cabinets or vanities hinder access to the plumbing. 

Fixtures:  How easily do the faucets turn on.  What type of water pressure do you see. Is the water running fast or slow?  Have a professional check the water pressure coming into the house. If it is too high, it is placing stress on the hoses and pipes which could cause a breach at some point.  

Lighting:  Lighting plays many different roles in a bathroom.  Do you have proper lighting around mirrors that is bright and clear?  Is there soft lighting to set a more relaxing mood while bathing or showering? Is natural daylight able to filter in through windows or skylights?

Ventilation: This is important because improper ventilation can be a breeding ground for mold and mildew and other lingering odors.  Do you have a window that offers fresh air?  Bathroom ventilation can be an area that is skimped on by a builder.  Make sure it works!  If it is weak or not clearing the stagnant air in a short amount of time, replace the fan with a more powerful model that will work with the ventilation you have.  You want to make sure the fan vents to the outside.

 Storage: We often overlook the storage needs when checking our bathroom design, especially in smaller bathrooms. Do you have enough room to store bath linens, toiletries, and other bath supplies?

Don't Shortcut The Number Of Bathrooms When Purchasing A Home.

How many bathrooms does your family need?  Anyone who has had to wait outside a bathroom will not want to compromise in this area.  Generally, this is not an area that is negotiable.  When couples share a bathroom, keep in mind the design.  Can two people function in one bathroom independently of each other.  For example, dual sinks can make a huge difference when people share a bathroom space. 

Also remember that a home with more than one bath will have a better resale value that a home with only one bathroom. 

I hope that some of these tips will help you when it comes time to make your decisions on bathroom design. 

Sheri Gets A Very Unexpected Testimonial!

This morning Sheri grabbed her cup of coffee and proceeded to check her emails.  To her surprise there was a testimonial that made her day.  This is an area that you will never hear Sheri mention.  She takes care of her customers day in and day out.  All she wants is "Client Satisfaction". However during the process of buying or selling a home sometimes emotions can get the better of the buyer, seller or Realtor®.  Yes!  Even a Realtor® can get caught up in the moment.

As much as Sheri warns her clients and customers to avoid getting attached to a particular home, her customers can get attached!  At some point they start to fall in love with a particular property.  This leads to excitement and hope that everything goes well with the transaction.  Unfortunately, as you may have suspected, sometimes deals fall through or don't go as planned and this creates a lot of angst.  What if it happens more than one time?  You can understand why a customer can become discouraged and may even lose hope that there is any property that will fit their "dream home".

Sheri has seen her clients become very emotional because a deal is not going smoothly.  She has told me that this is her time to be a calming force.  When the sky is black with thunder and lightning, somehow Sheri will find the silver lining or that distant rainbow.  She will point out just where that patch of blue sky is and how the sun is shinning through.

Her skill and calming force is not just with her clients.  She manages to be the calming force with other realtors as well.  Where a deal might well fall through because the other agent and their client have succumbed to the emotions of the deal, Sheri knows how to maintain respect and a businesslike attitude and ultimately remain cool, calm and collected.  Her associates have commented on her ability to keep a deal from turning sour. She is gaining a lot of respect from other agents and brokers here in the Sedona real estate market.

Here is a testimonial from a client who has been on the emotional roller coaster (more than once) through their quest to find the "dream home".

~~~ TESTIMONIAL ~~~

Short Sales & Foreclosures - Finding That Deal Of A Lifetime...Or Is It?

In today's market, many buyers feel that they want to get the deal of a lifetime.  There has to be a short sale or foreclosure out there that has their name on it and is at that bargain basement price that they can pick up for a song.  Surely you have heard the stories?  Homes selling so far below what they are worth it will make your head spin!

Well there is another side of the story!  Certainly there are some deals left to be had, but most of the "good deals" are snatched up before they hit the MLS.  Buyers are lined up and ready to pay cash. It is just a mere formality that some of these deals hit the MLS, because it may be part of the process.

Short sales and foreclosures or bank owned properties are not for the faint of heart. A distressed property is just that, distressed!  In the short sale process, the bank agrees to a sale below the loan amount that is due to the investor. This is oversimplifying it a little, but the point is that buying a short sale may not be the great deal you think it is.  You always have to remember that in most cases, the home is going to go for what the market will bare.



The home owner is under-water on the home. This generally means that they are not getting anything back when the property sells.  Like the house above, the short sale or foreclosure may be in disrepair because the home owner does not want to sink any more money into it.  Chances are they can not afford to put money out for general maintenance.  This means that areas such as plumbing, electrical, home appliances may be broken or in need of replacing.

Some distressed property owners are so upset about the situation they are in, they cause deliberate destruction.  The house may be decaying because of lack of paint and termite damage.  Hidden costs can add up. In most cases, you cannot rely upon disclosure to find out about the details.  Why?  The home owner may already have moved out causing the bank to take the home back.  The bank is not obligated to disclose any problems unless they have lived in the home.  So it is up to you to make sure you are getting the best deal possible.

As you may already know, there are properties that may not sell for other reasons, such as an unreasonable or difficult seller or the home was put on the market at the wrong time and wrong price. Don't forget that you may be dealing with a third party who is the investor (bank).  They have the final say during the sale.  This is all business to them.  There is no emotion and you may not have the leverage you anticipate.

Make sure you get a good and accurate inspection and have a calculator handy so you can figure out the hidden costs.  If major repairs are necessary, you will need a licensed contractor that you can trust who will not gouge you.

The old saying "If it looks to good to be true, it probably is" may apply on a distressed property. Be ready to walk away. The "deal of a lifetime" may become a lifetime of nightmares and expense if you are not careful. Remember that movie "The Money Pit"!

When Will Home Prices and the Real Estate Market Rebound?

Consumers want to buy but are waiting for the right time

This article was taken from our Market Leader website at www.esedonahomes4sale.com.  You can see this article and many others at "Insider Tips".  

A survey released this week by Hanley Wood shows that recovery is still evading the U.S. housing market. Consumers are in no hurry to buy a home even though they believe in homeownership as well as the significance of a healthy housing market in aiding economic recovery. “We thought people would be soured after watching home values fall, but instead we found the typical American still places high value on homeownership,” said Frank Anton, CEO of Hanley Wood in a release.

The media and data research company polled about 3,000 homeowners and renters in June and more than 68 percent of respondents believed that the time was right to buy a house. But, their belief and wishes were dampened by the realities of today’s economy, the survey found. Unemployment, strict lending practices and an uncertain future continue to take its toll on consumers. “As long as buyers are uncertain about what’s happening in the economy and where house prices are headed, they are going to be slow to move. There is no urging the market,” Kent Colton, a senior fellow at Harvard University’s Joint Center for Housing Studies told Reuters. There is a silver lining though. The survey found that 29 percent of renters and 19 percent of homeowners are considering buying a home in the next two years. Those numbers mean an upward of two million potential buyers are waiting for the right time to plunge into the market.

Now that could definitely be a game changer.

Home Prices May Not Climb Upward Soon

Without an aggressive and creative solution, home prices will not pick up and aid in economic recovery, according to new forecasts. Home values will continue to fall for years, says a poll conducted by the Professional Risk Managers’ International Association for research firm FICO. The poll conducted among industry experts found that bankers expect delinquencies on consumer loans to rise, underwriting to be stricter. They also expect the housing market to continue to struggle for a while. Forty-nine percent of the respondents said they don’t expect home prices to touch 2007 levels before 2020. Mortgage delinquencies will remain at a high for at least another five years, an overwhelming 73 percent of respondents said. The findings indicate that more needs to be done to aid the housing market toward a speedy recovery. Aggressive steps toward creating jobs is not a good enough catalyst for rejuvenating the housing market. Also, the never-before-seen low mortgage rates are good, but they are doing little to help the market when lenders are following strict lending guidelines.

Sedona Market (86336) Is Very Active

 This chart is reported from Market Leader at Market Insider

Normally the market slows this time of year in this resort community. As a realtor, it is a good time to take a vacation. However Sedona buyers are actively pursuing that second home, vacation or retirement property. Properties are moving and new home construction, which has been completely dormant is on the rise. On two streets here in Sedona there are 4 homes being built and one just completed! These are very good signs!  

Points! Yea or Nay ?

When obtaining a loan there is so much to think about.  Paying points is just one more thing that can break the camel's back!  This article below does a great job in showing you through the formulas whether or not it benefits you to pay for points.

This article was re-posted from Realty 101 part of Market Leader.  Original article can be seen at this url. -  http://www.realty101.com/should-i-pay-points-refinance

Is it Worth Paying Points On a Mortgage?

When financing a home purchase or refinancing a current home, you have to make a number of decisions. You will have to choose from among a half dozen different mortgage types available to you. Regardless of which type of mortgage you choose, you’ll be faced with another question: should I pay points?

Points, or discount points, are a cash payment that you make to the bank (or your mortgage lender) to get a lower interest rate on your loan. A lower interest rate means a lower monthly payment and savings to you, the homebuyer. The lender also benefits by getting some cash up front, so points can be a win for both parties. However, paying points for a reduction in your interest rate isn’t always worth it. Let’s look at some simple scenarios to answer the question, “Should I pay points on my refinance or new mortgage?”

Let’s assume you are borrowing $250,000. You are quoted an interest rate of 5 percent on a 30-year fixed rate mortgage. This means that every month you’ll be paying $1,342.05 in interest and principle for your mortgage. By the way, you don’t need to be a math wizard to calculate these numbers, your mortgage broker or bank loan officer will provide this information to you, and there are great mortgage calculators online that make doing the math a snap. Here is a link to one on my website Mortgage Calculator for Sedona Home Buyers .

Here’s how buying points works: on this same type of loan you might see that paying 1 point lowers the rate to 4.675 percent. Each point equals 1 percent of your total loan amount. So, with our $250,000 loan, 1 point costs $2,500. The math looks like this:

[points] / 100 x [loan amount] = [cost of the discount]

1 / 100 x $250,000 = $2,500.

Also, points may appear on mortgage rate tables a few different ways - as number or a percent, and sometimes under the heading “points” or “discount.” Despite these stylistic differences, the numbers are always the same.

So, we know that to reduce this mortgage interest rate from 5 percent to 4.675 percent will cost $2,500. Now let’s figure out if it’s worth it. The new monthly payment at this lower rate is $1,292.84. This is $49.21 less than the payment for the loan at 5 percent. By spending $2,500 we save nearly $50 a month. Since our 30-year mortgage will last 360 months, that’s a savings of almost $18,000.

It sounds good, saving $18,000 by paying $2,500. But keep this in mind, you only get your $18,000 in savings if you stay in the house for 30 years. With a savings of $49.21 per month it will take you over four years to break even. Here’s the math:

[cost of the discount] / [monthly savings] = [number of months to break even]

$2,500 / $49.21 = 50.8 months (or 4 years and 3 months)

Rule of Thumb - Is it worth it?

If all these savings sounds great, conventional wisdom actually tells us this is not a great deal. Most experts agree that it is not worth paying points on a mortgage if you won’t break even in less than four years.

This is true for a few reasons. Most likely you won’t be in your house for 30 years, so you never realize the full value of the savings. Second, your cash has value today. In the above scenario, if you spend $2,500, you break even in four years and three months, and double your money in eight years and six months. Could you make better use of this cash? When you pay points, you’ve spent the money, so it can be redeemed no matter how long you’re in the house. For it to make sense, in the above scenario, you’d ideally like to be saving about $60/month not $50.

Deciding whether it is worth paying points on a mortgage can be confusing because it’s difficult to know exactly how long you’ll be in a house and how your financial situation might change over time. If you’re faced with the dilemma of whether you should pay points during a refinance or home purchase, the simple formulas and guideline above can help you through the process.

Buyers Decide Within 8 Seconds Whether They Are Interesed In A Home!

Many of you have seen Barbara Corcoran who is a Real Estate Contributor on NBC's Today Show and I also enjoy her participation on ABC's Shark Tank.  She certainly holds her own with the other "sharks"!

Per Barbara: 

"Buyers decide within 8 seconds whether they are interested in your home."

According to LaNita Cates of Re/MAX Realty of Joliet who said in her blog on Active Rain, "I'm not surprised by this at all. It's the first impression when walking in and hearing "Wow, this is cute" or "Ugh, what is that smell?" This pretty much sums up the next few minutes of the tour of that home.

I always tell my buyers that they will know when they walk in if this is their home or not.  If they aren't feeling it within the first 10 seconds, let's move on.  They never believe me... AT FIRST.  But usually by the 4th house they agree that they know pretty much immediately if they are interested or not when walking in the door.  So buyers pretty much know.  Sellers - remember that! That first impression (or at least the first 8 seconds) can decide whether the buyer is interested in your home."

I agree with this whole-heartedly.  There are a lot of factors that go into the decision to purchase a home.  However, potential buyers make up their mind quickly whether they are interested or not. Besides, curb appeal and staging, embedded house smells will make a buyer scatter faster than you can say "P - U"!

Sellers, it pays to have drapes and carpets cleaned or replaced and minimize "fragrant" cooking practices. Adorn the house with fresh flowers and bake cookies in the oven before home showings if possible.

As I opened the door to my last home purchase, it swung open on a cantilever hinge.  I realized at that moment, I was thoroughly hooked on that house.  The "Wow Factor" overwhelmed me in such a positive fashion that little things were overlooked.  My first impression was that this house was built with custom quality amenities and I wanted to see more! It was if I had put on "rose colored" glasses.  Needless to say, I worked magic to make that house mine.

As we all know, eight seconds is a very short window of time, so concentrate your efforts on curb appeal and the first 8 seconds as you enter the front door before moving through the rest of the home.  Make the buyers want to wear "rose colored" glasses!

You can find other home buying and selling tips on eSedona.biz .

How To Negotiate - 7 Clever Home buying Negotiation Tactics

I am re-posting this from my website in the "Insider Tips" section.  I will include one tip in each blog entry  so that it is easier to digest.

TIP # 1

Get the "Dirt" on the Home Seller


Learn as much as you can about the motivations and situation of the home sellers.  For instance, if they're living in the house and they need flexibility around the closing date, you could offer to be flexible on closing if they move on terms.  In the case of estate properties, take some time to learn about the heirs - where they live, what kind of houses they live in and whether or not they are in legal or financial trouble. It may sound creepy, but most of this information is available for free online once you have the names of the home sellers.  You can also research obits and marriage documents that are in the public domain.  The more you know, the more leverage you have when it comes time to negotiate.

Visit my website at eSedonaHomes4sale.com.  It boasts one of the most comprehensive search engines available and has so many customizable features, you can see exactly what is on the market based on your "wish list".  At "Market Insider" you can also get a Market Analysis, Community Info, Local Schools information as well as Compare Areas.  Just input the zip code for the most current information. It is almost as good as having me siting next to you while you are researching Sedona real estate!  If you need to ask me a question just reach out and call me. My contact information is available on the website as well.

Massive Tax Bill Looming on Horizon For Homeowners Who Short-sell Their Homes

 The picture on the left shows a home that is upside down which is the term used for a qualified principal residence when the proceeds from selling the property will fall short of the balance of debt secured by liens against the property.  Besides ruining one’s credit, the debt that is forgiven is considered regular income and is taxed at the applicable rate.  I call this a “Ghost Tax”.  It is tax on your “income” that you do not have.  It is a paper income gain and the money does not exist to pay the tax.  You have to file a Form 1099-C, Cancelation of Debt with the IRS.  The most common situations where cancellation of debt is not taxable are discussed in detail in IRS Publication 4681. 

To help families who were upside down in their homes get out from under the debt and taxes owed, Congress enacted the Mortgage Forgiveness Debt Relief Act of 2007 (MFDR). The MFDR was enacted on December 20, 2007 (see news Release IR-2008-17).  Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principle residence.  The maximum amount you can treat as qualified principal indebtedness is $2 million or $1 million if married filing separately. 

Here is the kicker, the special relief is in effect from 2007 through 2012. So at the end of the year, this legislation expires unless Congress acts to extend it. 

The current administration is proposing an extension that would apply to any amounts forgiven before January 1, 2015. At that point the government would reassess the market conditions and determine whether an extension is appropriate. As with all financial information, please get with your financial planner, or accountant to see how the law affects you. 

Winter is Heating Up! .... WHAT? !!

I am talking about the Sedona real estate market!  The winter in Sedona is normally a slow season for real estate activity. However, this year activity is heating up! Perspective buyers are showing more confidence this winter then anytime in the recent past.  For instance, January's closings or home sales were the highest we have seen since 2005!

Market Inventory trends are showing a decline from before October 2011. This decline in inventory means that sellers are able to see a stronger selling price than in months past.  Inventory is starting to move and we have seen that some homes are getting multiple offers.

Currently in Sedona the Median Listing Price for single family homes and condos is $549,310. The Median Days on Market is 134.  There are 209 Active Listings of which the percentage of Distressed Listings (foreclosures and short sales) are 11.5% of the total listings. this stats are from http://www.esedonahomes4sale.com/mimarket/zip/86336/ (dated today).

This is the current chart indicating the Sedona zip code of 86336 Market Inventory Trends.

The chart below is for the Village of Oak Creek (VOC) which is usually lumped in with Sedona.

This is a key chart.  As you can see the listing price has dramatically risen and more importantly so has the Median Sold Price.  To some degree, these charts illustrate the supply and demand curve. As the supply falls and demand increases, prices rise.  Of course in this soft recovery of our economy, these figures might reflect a different scenario if the financial markets were not as strong. Another key is the low mortgage rates.  15 year rates are at a record low averaging 3.13% for a fixed rate and traditional fixed 30 year mortgage rates are also under 4%.