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As home values continue to rise, some are questioning whether we are approaching another housing bubble. Zillow just reported that:
“National home values have surpassed the peak hit during the housing bubble and are at their highest value in more than a decade.”
Though that statement is correct, we must realize that just catching prices of a decade ago does not mean we are at bubble numbers. Here is a graph of median prices as reported by the National Association of Realtors (NAR).
We can see that prices rose during the early 2000s, fell during the crash and have risen since 2013. read more
In a blog post published last Friday, CNBC’s Diana Olnick reported on the latest results of the FAU Buy vs. Rent Index. The index examines that entire US housing market and then isolates 23 major markets for comparison. The researchers at FAU use a “‘horse race’ comparison between an individual that is buying a home and an individual that rents a similar-quality home and reinvests all monies otherwise invested in homeownership.”
Having read both the index and the blog post, we would like to clear up any confusion that may exist. There are three major points that we would like to counter: read more
According to a recent report by Trulia, “buying is cheaper than renting in 100 of the largest metro areas by an average of 33.1%.” The report may have some people thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective?
Ralph McLaughlin, Trulia’s Chief Economist explains:
“Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.” read more
Here are four great reasons to consider buying a home in Sedona today, instead of waiting.
CoreLogic’s latest Home Price Index reports that home prices have appreciated by 7.1% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.9% over the next year.
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained around 4%. Most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year. read more
To start the year, housing experts all agreed on one thing: 2017 was going to be the year we would see mortgage interest rates begin to rise. After years of historically low rates, and an improving economy, the question wasn’t if they would increase but instead how much they would increase. Some thought we could see rates hit 5-5.5% by the end of the year.
However, the exact opposite has happened. Instead of higher rates as we head into the middle of 2017, we now have the lowest rates of the year (as reported by Freddie Mac). Here is a graph of mortgage rate movement since the beginning of the year: read more
Some people like to compare homes in Sedona based on the cost per square foot. I’ve compiled the list of the 12 cheapest homes in Sedona based on cost per square foot.
Comparing Sedona real estate with this method is not an accurate way to judge properties nor do I recommend it. The appraiser certainly won’t use this method. However, it may yield a property that you may have overlooked otherwise. We find that a home that has grown stagnant on the market may have a price reduction that puts it solidly in the ‘buy now’ market. read more
A recent survey found that the American public is still somewhat confused about what is required to qualify for a home mortgage in today’s real estate market. We want to address two major misconceptions today and a few lending options.
The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 40% of consumers think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less. (Veterans Affairs or VA loan is 100% and the USDA loan can exceed 100%) read more
Safe, low-odor saltwater swimming pools are gaining in popularity. Could you have saltwater in your future?
If you hate the stink and sting of chlorine, you’ll love saltwater pools.
Once primarily a perk in health spas and resorts, saltwater pools have now become popular among U.S. homeowners. Today, about 30% of all U.S. in-ground pools are saltwater.
“They’ve literally exploded in popularity in the last decade,” says Erika Taylor of “Pool and Spa News.” “It really does make a difference in the way the water feels on your skin. Nothing feels as good as jumping into a saltwater swimming pool.”
How Saltwater Pools Work read more
Sedona luxury homes for sale map search. A map of listings from the Sedona MLS for luxury homes.
New Sedona real estate listing in the Village of Oak Creek. Built in 1996 and 2450sqft. Call us to see this or any Sedona real estate on the market.
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Here’s a well done video from the Sedona Tourism Bureau
We shot a video of this foreclosure home that is on the market at 193K. We haven’t seen anything under 200K for a stick built home in a long time. Needs paint and a good scrubbing for sure. Unfortunately, we have found out that it is now under contract but the bank is taking back up offers.
This home is located in the Chapel Area of Sedona. Great landscaping. New paint in and out.
IF NO INFO APPEARS BELOW, THEN THE HOME IS OFF THE MARKET
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Sedona foreclosure homes in Chapel area of Sedona AZ.
Troy & Susan Deierling
RE/MAX Sedona
1165 W AZ-89A, Sedona, AZ
(928) 451-6098 Susan
(928) 202-0700 Troy