Sedona, AZ: The Sedona Market increased by 106 percent between 2001 and 2007. That is the good news. The bad news? The market is down 15 percent from last year.
Sedona presents itself with a great appreciation rate and unparalleled natural beauty, despite being affected by the market at large. Consider the market as a "slinky moving down the stairs" (I think that's a great analogy). We have seen the downward appreciation stale somewhat: instead of a 2 percent decline, it is now a 1.5 percent decline.
The current Sedona median price is $494,000 (from January to July 2008), versus $557,000 for 2007. The question is, should people buy now? Or should those anxious to buy wait until after the elections, or, as some have suggested, after the Feds propose a better solution to the housing crisis? Remember, Sedona is a true "limited edition," surrounded by National Forest land and therefore distinct from other real estate markets. If you find a property you want in Sedona, I believe the time to buy is right now.
One suggested strategy for buying now: adjust your asking price to reflect the decline. A seller would be ill advised not to look at an offer within 20 percent of the asking price. As the famous Will Rogers has said, "Don't wait to buy land, buy land and wait!" As a Sedona Realtor with many years experience, I have come to realize the same holds true when it comes to buying homes in Sedona.
About Sedona Realtor Barbara Baker
Barbara Baker specializes in representing clients in the purchase and sale of single-family residences, real estate investments, income property, and commercial ventures in Sedona and the Verde Valley. This includes Sedona, Rimrock, Clarkdale, Camp Verde, Cottonwood, Lake Montezuma, Cornville and Page Springs.
For more information or to request a private preview of Sedona homes for sale, call 800-975-5943 or visit www.barbarabaker.com.
Article contributed by Barbara Baker.
Posted August 23, 2008.
