Sedona Real Estate Update – November 2010

Inventory is slowly shrinking in Sedona – we’re down to 554 residential properties on the market as of right now.  And of these – 71 are already in escrow.  Fall is shaping up to be very busy this year due to low prices and great interest rates from mortgage lenders.  Many purchases are CASH – in fact, I’ve seen 4 offers in the last 8 days that are cash offers – and two of these have had multiple offers.  This shows that competition is intense for the best priced properties – so it pays to have your homework done before you make an offer.  If you have cash to buy, prepare bank statements or a letter from your CPA or investment advisor to prove that you have the funds to purchase.  If you’re needing a loan, then speak with a mortgage lender or bank representative to get pre-qualified – not only is this a good idea – but any offer that mentions a loan must be accompanied by a LSR or prequal letter.

Recent stats posted on the Sedona Real Estate Update site show that the average price per square foot has dropped to prices from 2003.  Different price categories come in higher or lower, so depending on your interest, it pays to see what the average price is in your category.  For example – from $250k-$400k the average price per square foot is $164 – but if you’re spending $1.2-1.5M, then be prepared to spend $400 per square foot.

Great prices on homes in every price range come available on a regular basis, so if you don’t see what you like right now – take another look in a week and you may be suprised.  Most agents have the know-how to put a buyer on a list for a certain kind of home – so ask your agent to assist you with this.  If you’re looking for a 3BR home in West Sedona with a pool in your price range and you can’t find one – then you can be put on an automated list to receive instant information as soon as one comes on the market.

The other cool tool I’ve seen in action lately is the iPhone app for searching homes.  I put this on my homepage months ago, but just saw it in action last week.  I had a client with an iPad download the app and it works through GPS to let you know all the details about any home listed when you’re nearby.  If you’re addicted to your iPhone or iPad – check it out!!!!