Real Estate Information

Thanks to historically low inventory and an extremely competitive market, home prices across the nation have been steadily rising in recent years. And according to expert predictions, it doesn’t look like that trend is going to change in 2018. According to CoreLogic’s recent Home Price Insights report, home prices are expected to increase by 4.3% in 2018. While that’s less than the 2016-2017’s year-over-year change, which came in at 6.3%, it’s still a significant increase. If you purchased a home for $200,000 today, that same home is projected to cost you an additional $8,600 by the end of the year. Homes have steadily been getting more expensive, and they’re just going to continue to get more expensive in the upcoming year. Buying at the start of 2018 can save you thousands (even tens of thousands) of dollars vs. waiting until the end of the year to make a purchase.

The Takeaway If you’re thinking about buying a home in 2018, talk to your real estate agent and start looking at properties before prices start to spike.

3/17/17 – 3/17/18 (Sedona):

Total Closed Sales: Up 19% from 186 to 221 from this time last year, and up 6% from Dec. ‘17

Median Recorded Sale Price: Up 7% from $490K to $523,500 from this time last year, and up 1% from Dec. ‘17

Price Per Square Foot: Up 1% from 248 to 251 from this time last year, and up 1% from Dec. ‘17

Days On Market: No change; stayed at an average of 147 days. However, this figure is up slightly, 2%, from Dec. ‘17

3/17/17 – 3/17/18 (Cottonwood):

Total Closed Sales: Up 5% from 325 to 342 from this time last year, and up 3% from Dec. ‘17

Median Recorded Sale Price: Up 12% from $200K to $223K from this time last year. However, this is a slight dip from Dec. ’17, down about 1%

Price Per Square Foot: Up 9% from 134 to 146 from this time last year, and up 2% from Dec. ‘17

Days On Market: We are seeing a 10% increase in the time a house sits on the market, from 107 days on average to 118, and up 1% from what we were seeing in Dec. ‘17

Fill in the blank… “I have a _________…” It doesn’t take a psychic to know what word you chose. Was it “dream”? Good chance it was. We all know this line from Martin Luther King, Jr.’s famous speech. So when we hear those first three words, it sort of naturally comes to mind. But what many people aren’t aware of is how much he affected the lives of real estate agents, buyers, and sellers. It was his death that gave Congress the last push needed to pass the Fair Housing Act, back in 1968. It’s pretty involved, but to put it simply… This was put in place to ban racial discrimination in housing. You can’t be refused the rental or purchase of a house, based upon your race. Seems simple enough to most people now. A given, if you will. But it didn’t happen overnight. And believe it or not, it still can and does come up. But guess who’s a big part of making sure this Act is followed… On the front lines, it’s real estate agents. We’re tasked with making people aware that discrimination based upon race (and many other things) are not acceptable, and they must refuse to work with anyone who wants to do so. Real estate agents are proud to be a part of this ongoing history. Today is the day where we take a moment to reflect and pay him respect. It’s also a good day to share some insight into how much more responsibility real estate agents have than meets the eye.

Market Stats Update for December:

SEDONA:

Total Closed Sales: Up 15% from 181 to 209 (over the same time period last year). However, it is down slightly from 215 which we saw last month.

Median Recorded Sales Price: Up 9% from $475K to $519K (over the same time period last year). This is about a 1% gain from this time last month.

Price Per Square Foot: Up 4% from $238 / sq. foot to $248 / sq. foot. No change from this time last month.

Days On Market: Down 8% from 157 to 144 (over this same time period last year).

COTTONWOOD:

Total Closed Sales: Up 4% from 321 to 333 (over this same time period last year). As we saw with Sedona, this figure is also slightly down from the 340 we saw last month.

Median Recorded Sales Price: Up 14% from $197,250 to $225,000 (over this same time period last year). No change from this time last month.

Price Per Square Foot: Up 9% from 131 to 143 (over this same time period last year). No change from this time last month.

Days On Market: This has crept up slightly over this time last year by about 9%, from an average sale taking 110 days last year, to about 117 days current day.

With a continued low inventory driving the prices, we are still in a Seller's market.

If you would like a brief, no obligation Marketing Strategy Review, please feel free to contact us, we are here to help; team is what it takes!

"One Call Gets Us All!"

From our family to yours, we wish you a blessed holiday season and hope that all your holiday wishes come true!

45 Cove Drive, Sedona, AZ 86351

Surveyed in November 2016. Picturesque setting with unique rock shelf to the rear of the lot and outstanding red rock views to the north! A private setting in one of the Village's most outstanding subdivisions -- small, intimate with the red rocks wrapping around it, quiet because it is beyond the flow of traffic, rich in its developed homes.  MLS # 511563.  Offered at $65K.  Please enjoy the virtual tour here:  http://www.tourfactory.com/1684651

New Subdivision Alert - Coming On-Line Soon:

Sedona Ranch on Oak Creek by Dorn Homes

*41 lots

*17 of those 41 are going to be available to have the builder of your choice build your custom home. These lots will range in price from $373K-$750K.

*Lot sizes will range from .73-acre to 6.39-acres

*Floor plans for the houses offered by Dorn Homes will range from 2500-3100 square feet

*Prices for the home / land packages will range from $1.2M to $1.6M

*Gated Community with private roads

*Water Improvement District

*Individual Septic Systems

*Will have a clubhouse for the residents to use

*Designed to compliment the natural beauty of Sedona

Good Friday to you all! I just wanted to take a moment and let you know some "good news!" The housing market in Sedona, Cottonwood and the Verde Valley continues to improve! Have a look at the numbers below.

Sedona (11/17/16 - 11/17/17):

Total Closed Sales: Up 26% from 171 to 215 (from this same time last year and up 3% from last month).

Median Recorded Sales Price: Up 10% from $467,500 to $515,000 (from this same time last year).

Price Per Square Foot: Up 6% from $233 / sq. ft to $248 / sq. ft (from this same time last year and about 1% gain over last month).

Cottonwood (11/17/16 - 11/17/17):

Total Closed Sales: Up 6% from 321 to 340 (from this same time last year and up about 1% over last month).

Median Recorded Sales Price: Up 15% from $195,000 to $225,000 (from this same time last year and up about 1% over last month).

Price Per Square Foot: Up 10% from $130 / sq. ft. to $143 / sq. ft (from this same time last year and up about 1% over last month).

If you or someone you know is looking to sell or buy, please don't hesitate to contact us. We are here to help you or them with all of your residential real estate needs!

AULT&ASSOCIATES - Team Is What It Takes.

Home Inspections:  Why a Seller Should Have a Home Inspection Prior to Marketing

We highly recommend that our sellers get a home inspection "to prepare the property for marketing." Those words are actually used by us as the opening to our Marketing Remarks in the MLS listing so that buyers know that the seller has done his/her due diligence. In addition, this technique is done almost exclusively by Ault & Associates in our listings. Other agents ask us how we get our sellers to do this and wish they could do the same. We tell them that we believe in it 100%. The result is two-fold: 1.) Other agents in the MLS know that when they bring a buyer to our listings, there will be no surprises. Too many sales fall out of escrow during the inspection process because of surprises. And, 2.) The Seller usually gets a better price to begin with since the buyer has nowhere to go with his offer; he can no longer come in low because he believes that the roof may be bad or the heating and cooling are unknowns in this older home. Those questions have been answered by the home inspection report which becomes part of the seller's disclosure items along with receipts for work performed.

When preparing your home for sale, a number of simple cosmetic changes often provide the biggest return on investment. Here are three tips to upgrade your house without breaking the bank:

Bring in the light. The right light creates the right mood. Adding lights to dark rooms can make your home feel warm and inviting. Bring outdoor light inside by opening curtains and installing economical sun tubes.

Create Space. Many of today's buyers are looking for open rooms. Consider removing unwanted walls to make your home feel more spacious. Buyers will often pay a premium to get a bit of extra room.

Replace Flooring. Get rid of that old carpet in the den and replace it with today's newer hardwoods and laminates. You don't have to spend a lot to make a big impression!

These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.