Arizona’s real estate market is often a hot potato when it comes to the media. However the signs are encouraging. Even in areas that were hard hit, such as Phoenix.

In fact, Phoenix and the rest of the state is looking forward to a bright future!

The final tally for homebuilding permits in the Phoenix area this year will be about 8,800. 7,200 home lots ready for construction have sold in metropolitan Phoenix. About 42 percent of those lots were bought by homebuilders, and they don’t plan on holding on to them for long. As Phoenix’s housing market hit its bottom in April, based on current trend the market could see positive numbers by the spring of 2010. After all last month was the second-best November for home sales in the area’s history. Only November 2004 was better.

Both foreclosures and preforeclosures fell in Phoenix during November. Foreclosures dropped 21 percent from October to 3,808 and preforeclosures dipped 9 percent, to 7,149.

You could term the move as the “Road to Recovery” for 2010.

There have been several steps in paving this “road” which have started to occur. Including:

1) National Government intervention – The extended tax credit for contracts signed before 4/30/10.

2) Low Mortgage Interest rates - some rates are as low as they have been for 30 years!

3) Bank Owned Properties (REO’s) & Short Sales - The number of REO’s will continue to decline from the 65% of all closings’ peak in May of 2009, but will likely be replaced by Short Sales.

It is expected that things will continue to grow as sales increase. Perhaps not as high a rate as they have in the past year – 2008 had 60,000 closed sales – 2009 will be close to about 90,000!

Here in Sedona things are also looking great, but with the tax credit ending in a few months and interest rates with no where to go, but up! Now is the best time to buy.

Click here to subscribe to our RSS Feed.

Realty Times poses the question: Arizona: Is Now THE Time to Invest in the Grand Canyon State? The answer seems to be a very firm – YES! If you have decided that you would like to own a home in Sedona as a full time resident or part time then contact AULT&ASSOCIATES in downtown Sedona.

For a complimentary search of the Sedona MLS and access to all property currently on the market in Sedona AZ, visit www.claudiaault.com. For the best in Sedona Real Estate service and knowledge, contact Claudia Ault at 928-301-3016 or Larry Ault at 928-301-0852

Sedona Arizona is such a beautiful place to live, work and play. It attracts 3 million visitors every year!

In fact, even in the fall it’s beauty knows no bounds! Click here to see this picture taken in Oak Creek published by the USA today.

Named for Sedona Schnebly, the wife of its first postmaster, who arrived in the central Arizona town in 1902 – Sedona has it all for visitors and year round residents! The city of just 10,500 is just 19 square miles, is surrounded by protected lands, including the Coconino National Forest and two wilderness areas. Sedona sits at the entrance to Oak Creek Canyon, and dozens of smaller canyons surround it.

In terms of our Real Estate here, it’s all about being outdoors! Many of the homes back up to the National Forest where activities include hiking and mountain biking for instance. Being outside is complimented by the 330 annual days of sun, and a climate milder than much hotter Phoenix and Tucson, as Sedona sits at 4,500 feet. In fact, the city is so popular it generates 300 tourists for every one resident each year!

The large art scene, musicians and boutiques make the area popular with second home buyers. In the last few months this second home market has been increasing.

Most of the housing market consists of single family homes, averaging $550,000 to $600,000, although there are some town homes and condos around $200,000 as well as the luxury end of the market with many properties, even in the current market in excess of $1 million.

Sedona consists of many different neighborhoods. Three popular areas include:

West Sedona – This area has the bulk of the city’s services and amenities.

Uptown – With prices equal to West Sedona, this area is more residential. At the entrance to protected Oak Creek Canyon, Uptown is very close to the surrounding wilderness and red rock landscape.

Village of Oak Creek. – This village to the south of Sedona is more of a neighborhood than a suburb, home prices are 10%-15% less than Sedona proper and property taxes are slightly lower. It attracts more full-time residents because of its excellent school system.

So there you have it! More about Sedona, Arizona. So, if you are looking for that perfect second home or year round property then please get in touch as soon as possible for the best and most prompt real estate assistance.

Click here to subscribe to our RSS Feed.

Realty Times poses the question: Arizona: Is Now THE Time to Invest in the Grand Canyon State? The answer seems to be a very firm – YES! If you have decided that you would like to own a home in Sedona as a full time resident or part time then contact AULT&ASSOCIATES in downtown Sedona.

For a complimentary search of the Sedona MLS and access to all property currently on the market in Sedona AZ, visit www.claudiaault.com. For the best in Sedona Real Estate service and knowledge, contact Claudia Ault at 928-301-3016 or Larry Ault at 928-301-0852

THIS NEWS JUST IN!

Reported today, the Senate has just voted to extend the soon to expire on November 30th $8,000 First Time Homebuyer Tax Credit.

This credit has been one of the reasons for the recent rise in home sales and in some areas home prices. It has been key to many of the recovery efforts by the government to boost the industry and the economy.

In addition to extending the deadline for the credit to mid-2010, the Senate has also agreed to offer a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years. The unofficial word on the conditions of the extension and new credit are that the tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes. All of course not long after call from NAR to extend the credit.

We will watch this story closely as it continues…

Click here to subscribe to our RSS Feed.

Realty Times poses the question: Arizona: Is Now THE Time to Invest in the Grand Canyon State? The answer seems to be a very firm – YES!

If you have decided that you would like to own a home in Sedona as a full time resident or part time then contact Claudia Ault and her team in downtown Sedona.

For a complimentary search of the Sedona MLS and access to all property currently on the market in Sedona AZ, visit www.claudiaault.com. For the best in Sedona Real Estate service and knowledge, contact Claudia Ault at 928-301-3016.

The National Association of Realtors have released their monthly real estate sales data for the nation and for all regions. Figures are definitely on the up!

Nationally Single-family home sales rose 9.4 percent and condominium sales jumped 9.7 percent. Overall, existing-home sales, including single-family, townhomes, condominiums and co-ops – jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007! For the west of the country, Existing-home sales surged 13.0 percent to an annual rate of 1.30 million in September and are 5.7 percent above a year ago.

Also with this level of sales activity inventory has fallen, Total housing inventory at the end of September fell 7.5 percent to 3.63 million existing homes available for sale, which represents an 7.8-month supply at the current sales pace, down from an 9.3-month supply in August. Unsold inventory totals are 15.0 percent below a year ago.

Locally here in the western part of the country, Existing-home sales surged 13.0 percent to an annual rate of 1.30 million in September and are 5.7 percent above a year ago. The median price in the West was $219,000.

This really shows that now is the last chance to take advantage of market conditions and get a great home at a great price! Particularly with current FHA loan limits and the first time homebuyer tax credit.

Click here to subscribe to our RSS Feed.

Realty Times poses the question: Arizona: Is Now THE Time to Invest in the Grand Canyon State? The answer seems to be a very firm – YES!

If you have decided that you would like to own a home in Sedona as a full time resident or part time then contact Claudia Ault and her team in downtown Sedona.

For a complimentary search of the Sedona MLS and access to all property currently on the market in Sedona AZ, visit www.claudiaault.com. For the best in Sedona Real Estate service and knowledge, contact Claudia Ault at 928-301-3016.

With the national real estate market taking off it is no wonder that the market in Sedona is starting to show signs of recovery. Prices have fallen back to 2003-2004 levels with much of the buying activity occurring at the low/mid section of the market.

First time homebuyers have been snapping up property thanks to the $8,000 tax credit – which ends soon! – as well as taking advantage of the low interest rates. In fact the number of homes sold was up 62% with 41% of that volume being foreclosures & short sales.

That said, only 12% of the real estate market is made up of foreclosures and short sales so there is still an opportunity for buyers to purchase a great home at a knock down price.

In the Vacant Land side of the market, the median price is now around $121,000 compared to $318,000 in 2008. Definately an opportunity for buyers there. Also, in condominiums there has ben a 30% increase in sales with a 10% increase in the sales price!

In short, the time to act is now as the best buyers market in years is slipping away for those who are on the fence. [See our article - Pending Home Sales Rise Lead By the West!]

Click here to subscribe to our RSS Feed.

Realty Times poses the question: Arizona: Is Now THE Time to Invest in the Grand Canyon State? The answer seems to be a very firm – YES!

If you have decided that you would like to own a home in Sedona as a full time resident or part time then contact Claudia Ault and her team in downtown Sedona.

For a complimentary search of the Sedona MLS and access to all property currently on the market in Sedona AZ, visit www.claudiaault.com. For the best in Sedona Real Estate service and knowledge, contact Claudia Ault at 928-301-3016.

As recently written about, the vacation home market in the Verde Valley is ripe for buyers!

Indeed, times are changing and people are realizing the value in buying an investment home again.

Real Estate investing can work for many people – providing that some rules are followed to ensure the long term feasibility of the venture. Realty Times lists some points under “Real Estate 101“:

1. Own your own home first – as a buyer don’t try to stretch yourself to fast buying an investment property without owning your own residence.

2. Get Educated! Learn about the real estate market where you are and even consider getting your Real Estate license! This will help you understand more about the process of purchasing an investment home as well as the intricacies of the system.

3. Get In The Professionals – From constrators to real estate agents, you need to know how you can get the most from your investment

4. Learn your target market – are you going after singles, families or retirees? These are questions you need to know the answers to.

5. Develop an exit strategy – learn where to draw the line on the project. By having a developed business plan with a comprehensive exit strategy, you will ensure that you will have a way out if it does not work out.

By following these simple rules you can help build your own investment portfolio with the right foundations.

Realty Times poses the question: Arizona: Is Now THE Time to Invest in the Grand Canyon State? The answer seems to be a very firm – YES!

If you have decided that you would like to own a home in Sedona as a full time resident or part time then contact Claudia Ault and her team in downtown Sedona.

For a complimentary search of the Sedona MLS and access to all property currently on the market in Sedona AZ, visit www.claudiaault.com. For the best in Sedona Real Estate service and knowledge, contact Claudia Ault at 928-301-3016.

Buying your first home is both an exciting and daunting experience for many.

The New York Times has published a “7 New Rules for the First-Time Home Buyer” article to give advice those looking at buying a home in the current market.

Of course the Arizona Real Estate market, like many others across the nation has seen a rise in the number of first time homebuyers thanks in part to the $8,000 tax credit as well as the more affordable prices and low fixed rate mortgages options available.

In short the 7 new rules are:

1. THE BASICS – Put 20% down – not only will this protect you from market price fluctuations but it will also mean that you may have a smaller mortgage, a lower payment & you may not need mortgage insurance. Use a a fixed rate loan and make sure your total house payment is not over 35% of your monthly income..

2. INCOME -  Those first time home buyers in their 20’s and 30’s will see their incomes rise much faster than those older buyers.  With a stable job/career path you can relatively accurately predict your future income.

3. THE UNEXPECTED – Plan for the unknown! Think, could you manage this mortgage and house if you had a babyand took time off work or if you are a couple, if one of you lost your job. This is where you consider other things like changes in career, retraining midlife and other unexpected scenarios.

4. MAINTAINING A HOME – A house costs money to maintain! Often buyers play down the level of expense needed to keep a home, the average cost is 3.6% of the original purchase price annually for maintenance and 4.5% if it’s an older home.

5. THE DREAM OR THE STARTER HOME- It has been suggested that buyers should buy what they want (that elusive dream home) or a lower priced starter home and that the middle ground should be avoided. You can always buy a starter home and save for the dream home!

6. TIME IN THE HOUSE – Constantly moving incurs expense, staying in the home you buy longer is a great tip to save money.

7. “THE 8 HR RULE” – Would a mortgage for the dream home cause you to lose sleep whereas a mortgage on a starter home wouldn’t? This is important for your happiness.

Realty Times poses the question: Arizona: Is Now THE Time to Invest in the Grand Canyon State? The answer seems to be a very firm – YES!

If you have decided that you would like to own a home in Sedona as a full time resident or part time then contact Claudia Ault and her team in downtown Sedona.

For a complimentary search of the Sedona MLS and access to all property currently on the market in Sedona AZ, visit www.claudiaault.com. For the best in Sedona Real Estate service and knowledge, contact Claudia Ault at 928-301-3016.

“No Doc” loans (No Documentation) loans got some bad press after the credit crunch and were used as the scapegoat by much of the press – dubbed the “liars loan” as no or very little documentation was required.

However, despite the market not being ready for those type of loans to make a comeback just yet, it is expected that they may become available again in the near future according to Dustin Hobbs, spokesperson for the California Mortgage Bankers Association (CMBA). Some experts say they could return in six months some are guessing a little bit of a longer time frame.

The self-employed who are actually appropriately qualified are finding that getting a loan is a bit difficult are perfect candidates for No-Doc loans, which despite the bad press they received, if used correctly are a great product which really cuts down time between pre-approval and closing. However, for those looking at refinancing some wish for this type of product now, however if you are a proactive borrower who is looking to work with a lender to show that you are a low risk borrower then you may get lucky. In short – watch this space for more as this story develops.

Also, Mortgage rates have fallen for the third consecutive week – meaning that mortgages for buyers and for those refinancing are getting more and more attractive. The 30-year fixed-rate mortgage averaged 5.14% this week down from last week when it averaged 5.20%. This is excellent news – For a 30-year fixed-rate mortgage, the rate reduction over the past five weeks translates into a monthly payment saving of $56 on a $200,000 loan.

Now really may be the best time to buy!

Realty Times poses the question: Arizona: Is Now THE Time to Invest in the Grand Canyon State? The answer seems to be a very firm – YES!

If you have decided that you would like to own a home in Sedona as a full time resident or part time then contact Claudia Ault and her team in downtown Sedona.

For a complimentary search of the Sedona MLS and access to all property currently on the market in Sedona AZ, visit www.claudiaault.com. For the best in Sedona Real Estate service and knowledge, contact Claudia Ault at 928-301-3016.