City finances may not be the most riveting conversation starter, however in these sensitive economic times many are more interested in how public officials spend your money.

Sedona City Council approved the City budget for fiscal year 2009-2010 on Tuesday, June 23 2009. The media has dubbed the news “The Good, The Bad & The Ugly” referring to the cities prudent planning (the good) and the bad & ugly being the economy and having to use some reserves.

The good news is that the City operating fund (otherwise known as General Fund) is in better financial condition, comparatively, than most other municipalities in Arizona. Because the City has been conservative in its revenue forecasts over the years. revenues have generally exceeded expenses therefore, Sedona has accumulated over a ten million dollar reserve account as a “rainy day fund”.

This means that for the 2008-2009 fiscal year with the current economic conditions worldwide it is expected that the city will dip into the fund by about 5%. Preparing for the economy the city started controlling expenditure early – Beginning in the early fall of 2008, staff and Council began to reduce City expenditure with Hiring freezes, educational and travel allowance reductions, contingency freezes and elimination of surveys and studies were all initiated to reduce General Fund expenditures. In addition, over $1,000,000 worth of Capital projects were deferred.

This is just the tip of the iceberg on the budget. However, what is sure is that with a steady real estate market and careful fiscal policy Sedona will be poised to boom once again when the world pulls away from the grip of this recession.

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.

Starting tomorrow, May 1st 2009 the new rulings entitled the HVCC – Home Valuation Code of Conduct come into force.

However with many confusing rumors and negativity floating about on the web about how the new rulings will effect the real estate and mortgage process at the moment will be changing, let us take some time to explain how it will effect you:

The HVCC is designed to help protect consumers from any relationship between a lender or mortgage broker and a specific appraiser. It does not forbid independent appraisers to be used, but just limits how they interact with the mortgage broker or lender. This means, in theory, that the consumer can be assured that the appraiser is acting in the best interests of the consumer in returning a fair market value for a property.

To avoid the HVCC becoming meaningless there are several safeguards in place, for instance Freddie Mac (FHLMC) will not purchase any loans from sellers who do not adopt the code. The news on how Fannie Mae will handle the Home Valuation Code of Conduct has not been announced yet. To ensure that the code is enforced and the quality of appraisals is upheld there is to be the formation of a regulatory body named the Independent Valuation Protection Institute (IVPI).

It has been said by some that the rulings will mean higher costs for the consumer as well as leaving many brokers unprepared. What is sure is the the next few months as the rules start to really take effect will be interesting.

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.

According to the National Association of Realtors the Federal Housing Administration is key to the housing market recovery process.

With the collapse of many major banks the FHA has come into the fold as the primary source of financing for millions of Americans looking to purchase a home.

Over the past 18 months, FHA has handled an increase in volume four times greater than 2007 levels, increasing its market share to over 30 percent. Also the U.S. Department of Housing and Urban Development has made a number of important and valuable changes to FHA over the years that has enabled it to stand up to the challenges of today’s mortgage market

FHA has handled its role and volume increase well, for instance in utilizing the $8,000 first-time home buyer tax credit to allow buyers to apply it toward downpayment requirements. This has helped bring much stability to the national real estate market.

Here in Sedona the market is recovering well. Buyers are taking advantage of a great selection of inventory available, low mortgage rates and increasing levels of financing becoming available.

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.

Sedona is such a popular destination that it often needs no introduction, however the Los Angeles Times has written a nice travel piece on Sedona urging travellers to take advantage of the lower gas prices at the moment and to get into their cars, hit the road and head to Sedona!

The article offers advice on where to stay, where to eat and some interesting pictures of the area!

This ties in nicely with Sedona’s new Hiking Community website: www.sedonahiker.com

This website and its launch by Sedona.biz LLC shows how popular hiking is in the Sedona area. Many people look at the red rocks and the Verde Valley and think what a great place to hike. There are numerous trails and if your feet hurt a little, you can always take a pink jeep tour!

The website is designed to be a social networking site for hikers who take advantage of Sedona’s landscape. However, it also offers a great chance for those visiting to see pictures and video of the area. Whats better? Well, the site is free and easy to use!

So come one, come all! Sedona is waiting for you!

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 so much to see and do in Sedona, Arizona it is no wonder that the question – where do we eat? Often comes to mind! Particularly in such a health conscious community!

Sedona is a great place to find a fabulous eatery. There is a wide selection of different foods to suit different tastes as well as costs to suit every budget.

In some ways it is a case of “which country would you like to dine at this evening” as there is the AAA Four-Diamond winner; L’Auberge Restaurant on Oak Creek or how about Thai Spices, an inexpensive local favorite that features fresh, spicy Asian food. The choice is yours!

There are a smattering of family friendly restaurants, ethnic choices, light meals or fine dining. Generally, unless a restaurant states, casual dress is acceptable in Sedona.

Arizona Central has published a great list of restaurants which can be perused online, this gives a ready reference guide to what there is in the area and is viewable by clicking here.

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.

Sedona Arizona is not only celebrating Water Awareness Month, it is also the National Association of Realtors Fair Housing month which is now in its 41st year and commemorates the passing of the Fair Housing Act in 1968.

The National Association of Realtors is committed to ensuring that there is equal access to housing an in its strict code of ethics article 10 is written with the Fair Housing Act in mind..

NAR guidelines are strict and by using a Realtor you can be sure that they are following these guidelines to ensure that all have access to housing.

What does the law actually say? Well in short – the following:

Fair Housing Act (1968) - The Fair Housing Act declares a national policy of fair housing throughout the United States. This law makes illegal any discrimination in the sale, lease or rental of housing, or making housing otherwise unavailable, because of race, color, religion, sex, handicap, familial status, or national origin.

If you would like to know more about what is going on locally for Fair Housing Month contact your local Realtor. If you are in the Sedona, Arizona area 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.

Water is one of the most important substances on earth. This April Sedona celebrates water awareness month.

As spring is starting to take shape nicely in Sedona and the rest of the Verde Valley the fresh greenery brings a reminder to engage in Water Awareness Month. Since 2003 each April has been full of activities focused on education, action and celebration of the most precious of natural resources. The Sedona WaterWise Alliance will offer a great roundup of events.

The activities range from growing your own food locally through to the annual Native Plant Workshop hosted by Keep Sedona Beautiful which is on tomorrow. With such a range of events to choose from it is no wonder that residents are always so busy taking advantage of all the area has to offer!

Water Awareness Month 2009 will close with a fantastic event at 5 pm on Sunday, April 26th entitled -“Water to Wine” where $12 will bring you an evening of superb Verde Valley Wines, samples of local foods and music from William Eaton and Friends.

If you are visiting Sedona from another area to attend these events then it is a great time to learn more about Sedona Arizona and perhaps consider purchasing a second home here.

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 Realtor’s has released Real Estate statistics for February 2009 and the news is great!

Sales in February were up countering the downward sales trend in January of this year. Home sales nationally rose 5.1% to a seasonally adjusted annual rate of 4.72 million units in February from a pace of 4.49 million units in January.

Lawrence Yun, NAR chief economist, said first-time buyers accounted for half of all home sales last month, with activity concentrated in lower price ranges. “Because entry level buyers are shopping for bargains, distressed sales accounted for 40 to 45 percent of transactions in February,” he said. “Our analysis shows that distressed homes typically are selling for 20 percent less than the normal market price.”

The trend was fueled by a surge of sales in the western half of the country as buyers have started snapping up property. Existing-home sales in the West increased 2.6 percent to an annual rate of 1.20 million in February and remain 30.4 percent higher than a year ago. The median price in the West was $204,600.

This is very exciting news for Sedona and the rest of Central Arizona and we will bring you more as it develops!

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.

If you don’t have to sell your home then now is definitely not the time to do so, it is, after-all, a buyer’s market.  Take advantage of this time and remodel your home, the timing could not be better.  Prices for remodeling are less expensive than they have been in years due to the competitive market the economy has created.  The number of new homes is down as is the expectation of many to actually do a remodel.  This means that not only is labor more competitive but so could be the pricing of the supplies.  The added incentive to remodel is the “Green” tax credit available for home improvements that live up to environmentally friendly standards.  Remodeling a home is always good for improving property values in the long run.  If you have the money now is a great time to consider remodeling your home and protecting your real estate investment.

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.

Mortgage rates hit the lowest they have been since mortgage rates began being tracked in 1971.  The average rate for a 30 year fixed mortgage wound up at 4.85% for the week ending Thursday March 26.  Not a bad mortgage rate for those either refinancing or purchasing a new home and the drop shows that the government’s commitment to invigorating the housing market is working, at least to some extent.  The decrease in interest rates means that mortgage debts held by existing home owners can become more affordable when they are refinanced.  The low rates also might entice those waiting on the sidelines to enter the real estate market.

The lower mortgage rates are an effect of the Federal Reserve committing to an influx of cash in the Treasury, a plan meant to stimulate the housing market.  A recent Reuters Article quoted Lawrence J. White, professor of economics at New York University’s Stern School of Business, as saying “everything helps when it comes to the U.S. housing market and lower interest rates on mortgages should make it easier for buyers to enter the market and absorb supply, which is still quite high.”  Lower mortgage rates, tax incentives and decreasing home values should all add up to more affordable real estate across the board.

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.