Sedona:Any chance home sale prices lower now due to low sales? (Phoenix: broker, houses)

[hollywoodaz]

Everything I have been reading is indicating the worst of the credit crunch is over, foreclosures, however, may be another story, the Politicians just can't seem to come up with a sound fix for those...but I just read an article today that there are bills in the house and the Senate proposing 7000-7500 tax credits to purchasers of foreclosures and short sales.... The Fed is working on a plethora of ALA Lee Iacocca bailouts, courtesy of our tax dollars. They know a sound real estate market is VITAL to our economy...and our economy is vital to many of the world's economies....

Bankruptcy laws were tightened a few years ago, next will be a tightening of foreclosure laws, I presume. The first quarter of 2008 was the worst quarter on record in our local downturn as far as number of sales, and we are on track to have a more prosperous second quarter, but we have a LONG way to go in the area before sellers in our area will find themselves where the grass is greener. Our current rate of sales will need to DOUBLE from our current numbers before our market resembles a normal market again.... BUt many homes in some areas are selling at or below replacement cost, and if you remember the "Back to Basics" rules of buying real estate, you should be fine... (IE buy and hold, dont use it as a credit card, etc)

Definitely come here a few times on your own before stepping foot in a Realtors office. Go to our restaurants, stores, coffee houses, chat with the locals...get a feel if the area will work for you, once you find the area, you WILL find the house. Dont put the cart before the horse.

Chose an agent very carefully...Arizona is a handful of states where individuals other than attorney's are allowed to draft legally binding documents...the average real estate contract in AZ is now around 20 pages, and there are a plethora of issues you will want to be aware of. Below is a link to some of the issues that are common in some parts of Sedona and the VErde Valley, You might find it helpful. Code of the West- A Guide to Living In the Rural West
There is a Hospital facility in Sedona, but much larger facilities in Cottonwood. While some people do go to the hospitals in Flagstaff or PHX for major procedures, the hospital in Cottonwood has added over 64,000 sq ft in the last 7-10 years. There is now an Oncology ward and expanded cardiac care facilities. Fortunately, I have not yet had to use either facility, so rather than give you incorrect info, here is a link to their website. Home page for VVMC patients and public DRAFT. for lodging, you are likely to find your best deal in Cottonwood, the Best Western and The View motel have kitchenettes and I have heard good things about both.

[Ria Rhodes]

hapi question:

More Questions: Apologies for stretching this subject a bit
1. Medical care, hospitals.
If you live "in" Sedona where do you get most of your care? (Cottonwood?)
If you have anything major/serious requiring specialists is that available there or do you have to go to Flagstaff/Phoenix? Or?

response:

Most primary care physicians here in the Verde Valley refer their patients to specialists in the Phoenix area for other than routine medical care. In general, the Phoenix area is where the best of the best practice medicine in Arizona. Flagstaff has specialists offering services up there, but it's small potatoes compared to selection of specialists in Phoenix. I hope you'll have a medical plan that allows you to go outside of your local area for specialized care.

[drwnorth]

Originally Posted by hollywoodaz

Chose an agent very carefully...Arizona is a handful of states where individuals other than attorney's are allowed to draft legally binding documents...the average real estate contract in AZ is now around 20 pages, and there are a plethora of issues you will want to be aware of.

A plethora of issues correct, but any person not a felon can draft a legally binding document.

A contract I draft and apply appropriately is no less or more legal and binding than one drafted by an licensed attorney or real estate agent.

[zonababe]

Originally Posted by hapi

Ok, looking online, most nice Sedona homes are a bit above our price, but do see a few that look possibly good that are a little older, around and below $400,000. Locals...what do ya know? It looks like the actual sale prices end up much lower than the advertised prices if you look at the real estate stats. Really really want to live in Sedona and not Cottonwood if possible. Are there any bad neighborhoods there? We're planning a trip there soon.
Thanks...want local residents opinions.

Prior to moving here, I subscribed to the local news paper for 1 year. I'd suggest you find a reale state agency that gives you access to the MLS on line. Pick a few homes and track them. When time comes to buy a house, look for a buyer's broker. A buyer's broker has no listings and will only show you what you want to see. Happy hunting

[drwnorth]

Due to actions by the federal reserve, financial institutions, lenders, developers and developer support services, the problem created is so huge that devaluation of home prices will be more not less a way of life for quite a while to come!

When current comp's hit 50% of peak '06 market, then buy.

[hapi]

Great info...thanks to each of you. We're actually here in Sedona-Cottonwood right now and preparing to drive around diff. areas. Will probably be back with more questions later.

[hapi]

Zonababe....how do you find a Buyers Broker? (One that doesn't have listings??) and what exactly is one? When I look that up it just says they're real estate salespersons. I understand what you're saying, but what and where are they?

[hollywoodaz]

There is only one company in the area that has exclusive buyers brokers, the office has no listings whatsoever. But ANY real estate agent will act as an exclusive buyers broker when you are buying a listing that is listed with another office. IE your agent works for x realty, and you want to buy a home listed with z realty...your agent at x realty is working as a buyers broker. If you are working with an agent at x realty, and you are interested in a listing that agent has, or their office has, then they are operating as a dual agent. They represent the seller and you in those situations. Still, the agent and the company has a responsibility to deal honestly with you and disclose all known facts about the property. Some people actually prefer this situation, because the agent often has more info about the property in question. Again, any agent can and does function as a buyers broker, so long as the listing is in another office. Enjoy your stay here!

[hapi]

Thanks Hollywoodaz for "all" the help you've given.
Now a question about the drains, washes etc I see everywhere, some nicely rocked and some with fairly deep rocked ravines behind a lovely home. All seems well and understand their function but concerned about if they overflow and cause problems. The homes have seen w/these don't appear to have problems.

[poolgirl51]

Originally Posted by hapi

Thanks Hollywoodaz for "all" the help you've given.
Now a question about the drains, washes etc I see everywhere, some nicely rocked and some with fairly deep rocked ravines behind a lovely home. All seems well and understand their function but concerned about if they overflow and cause problems. The homes have seen w/these don't appear to have problems.

Always, ALWAYS get a home inspection before you buy a home. Write it into the contract when you make the offer. It the home has issues, including drainage, you can get out of the contract. It is well worth the $300 - $500 you will spend. Also in AZ you will want to have a separate roof inspection. Many of the flat roofs here have problems. Contract separately with a roofing company for a roof inspection.