Barbara Baker, Sedona Arizona

I feel like it's Christmas -in November. All through Sedona you see realtors bustling around with clients, their fingers busy writing contracts, submitting offers, homes being exchanged between happy buyer's and grateful and happy seller's - and all through the air you feel the wonderful, crisp sound of "Activity" in Sedona. Music to a grown up Realtor like me! Yes Virginia! There is a Santa Claus and it's name is "Activity". For that is what has really returned with a bang to the Sedona Market place - "Activity" in the Real Estate Market. Our solds are up by 46% since this time last year. That in itself is enormous. We are seeing those investors and homeowner's who got slammed in the Stock Market or who were waiting for prices to be driven downward back in our marketplace in - hoards. Our pendings are up by 174% since last year - and our active listings are down by 28%. Which means the old law of supply and demand is starting to creep back in...This is all good news for all. Prices through the market are down by 20% since this time last year. Seller's are finally realizing that to list and sell their home they have to compete with the rest of the marketplace which includes shorts (10% of the solds) and REO (30% of the solds). And good old regular "Sellers"? Well, they represent 60% of our sold marketplace. They are finally starting to see the true meaning of the whole thing - like Scrooge! They are finally seeing what this season is all about- PRICE! I am thinking that Christmas may be here for an extended season!

Happy Buying! Happy Selling! I can be reached via facebook at Barbara Hooyman Baker, on Twitter at sedonahome, via email at barbara@barbarabaker.com, and on my website at www.barbarabaker.com, and the old fashioned way - 928-301-0669... or just follow that bright star in the sky to - SEDONA!

WHAT IS A SHORT SALE? AND IS IT WORTH IT?THE DEFINITION OF A SHORT SALE 101 - SELLER OWES MORE THAN THE HOUSE IS WORTH AND HIRES A REALTOR TO LIST THE HOUSE AND SOLICIT AN OFFER BASED ON THE CURRENT FAIR MARKET VALUE OF THE HOME. OFFER COMES IN AND SELLER PROVIDES FINANCIAL, OR MEDICAL DOCUMENTATION SHOWING HARDSHIP AND ASKS THE BANK IF THEY WILL TAKE "SHORT" OF WHAT IS OWED ON THE PROPERTY. IT IS UP TO THE BANK WHETHER OR NOT THEY WILL TAKE THE SHORT SALE. THEY SOMETIMES DO, HOWEVER, SOMETIMES THEY DON'T. THE 4 IMOST IMPORTANT CONSIDERATIONS FOR A BUYER IN PURCHASING A SHORT SALE ARE AS FOLLOWS: 1) TIME. MAKE SURE YOU HAVE ALOT OF IT - AND AREN'T IN A HURRY. GREAT FOR THE CASH BUYER. NOT SO GREAT FOR THE BUYER WHO IS DEPENDENT ON AN INTEREST RATE. THIS PROCESS IS NOT FOR THE FAINT OF HEART. FOR IT CAN TAKE ANYWHERE FROM 2 MONTHS TO 6 MONTHS TO GET A SHORT SALE THROUGH. IF YOU AREN'T IN A HURRY - THERE ARE SOME WONDERFUL OPPORTUNITIES. 2) FIND OUT HOW MANY NOTES ARE DUE ON THE PROPERTY. IF THE SELLER IS DEALING WITH ONE LENDER - THOSE SHORTS USUALLY GO THROUGH PRETTY SMOOTHLY. NOTICED I SAID SMOOTH - NOT FAST! IF THERE IS A 2ND LENDER, OR A PRIVATE INVESTOR - THEN IT CAN GET A LITTLE DICEY - FOR THE 2ND USUALLY WILL BE GIVEN MUCH LESS THAN WHAT IS OWED -AND MANY TIMES - THEY WILL REFUSE. THEY WILL DIG IN THEIR HEELS AND ALL THAT TIME HAS BEEN WASTED BY MR. BUYER WHILE OTHER GREAT PROPERTIES HAVE BEEN SOLD1; 3) KNOW WHO IS REPRESENTING MR. SELLER ON THE PROPERTY. THIS IS NOT REAL ESTATE 101 - THIS IS REAL ESTATE 1001. THE LISTING AGENT HAS TO BE A REAL ESTATE PITBULL. HAS TO BE CONSTANLY WORKING, BE ON TOP OF THIS FILE AND THE LENDER'S AND THEIR REPRESENTATIVES. SO MAKE SURE THAT AGENT KNOWS HOW TO GET THESE THINGS THROUGH. AND FINALLY; 4) BE WELL REPRESENTED ON YOUR SIDE. HAVE A GREAT AGENT REPRESENTING YOU WHO UNDERSTAND THIS PROCESS AND CAN CORRECTLY GUIDE YOU IN MAKING THE RIGHT CHOICE. FOR MANY TIMES THE RIGHT CHOICE ON BUYING A SHORT SALE ISN'T THE BEST CHOICE. I CAN BE REACHED ON TWITTER AT SEDONAHOME, FACEBOOK AT BARBARA HOOYMAN BAKER, EMAIL AT BARBARA@BARBARABAKER.COM, ON THE WEB AT WWW.BARBARABAKER.COM AND THE OLD FASHIONED WAY - 928-301-0669. HAPPY BUYING!

WELL, IT'S THAT TIME OF YEAR WHEN GOBLINS AND GHOULS ABOUND. BUT HEY THAT HAS BEEN HAPPENING ALL YEAR IN THE REAL ESTATE MARKET. IN FACT, IT'S BEEN HAPPENING FOR THE LAST 2 YEARS. THERE ARE MORE HOME DEATHS THIS YEAR THAN EVER. HOWEVER, I AM HAPPY TO REPORT THAT THE SEDONA MARKET HAS KEPT IT'S STREAM OF FORECLOSURES IN CHECK. CURRENTLY WE ONLY HAVE 22 FORECLOSED HOMES. OUR HIGH WAS 31 LAST NOVEMBER AND SINCE THEN WE HAVE BEEN HOVERING AROUND 21 TO 22. MANY BUYER'S ASSUME THAT BECAUSE MANY PARTS OF THE SOUTHWEST (MAINLY LAS VEGAS AND PHOENIX) HAVE SUCH A HIGH RATE OF FORECLOSURE THAT SEDONA WOULD FOLLOW. WELL, WHILE THAT MAY BE WISHFUL THINKING - IT HAS PROVEN TO BE ONLY THAT - A WISH. WE HAVE HAD RECORD SALES THIS YEAR - AND ONLY 30% OF OUR VOLUME IS IN FORECLOSURE BUSINESS. WE HAVE RECORD PENDINGS THIS YEAR - NOT SEEN SINCE 05! AND OF THOSE PENDINGS - ONLY 26% REPRESENT FORECLOSURED HOMES. I THINK THE MAIN THING THAT FORECLOSURES HAVE DONE FOR OUR MARKET - IS HELP SELLER'S PRICE THEIR PROPERITES MORE COMPETITIVELY AND REALISTICALLY TO COMPETE. AND THE STATS PROVE THAT. WE ARE HAVING BUYER'S RETURN IN RECORD NUMBERS. AND THE WORD ON CAPITAL HILL (NOW LET'S TALK ABOUT SOME SCAREY CHARACTERS UP THERE) IS THAT THEY WILL BE EXTENDING THE HOME TAX CREDIT. SO ALL IN ALL - DURING THIS GHOULISH SCAREY TIME - DON'T BE AFARID OF THE CLIMBING OFF THE FENCE AND BUYING. I CAN BE REACHED ON TWITTER AT SEDONAHOME, FACEBOOK AT BARBARA HOOYMAN BAKER, EMAIL AT BARBARA@BARBARABAKER.COM, ON THE WEB AT WWW.BARBARABAKER.COM AND THE OLD FASHIONED WAY - 928-301-0669. HAPPY HALLOWEEN!!

Sedona Real Estate Market Overall

The Sedona Real Estate market continues its buying frenzy in the mid to lower price sector. In this past 3rd quarter alone, our sold volume was up by a whopping 62% from last year, with Foreclosures or Short Sale accounting for 41% of that business. Even though Foreclosures and Short Sale represent only 12% of our active market- those segments continue to bring the market down and make the Once "Unreachable" Sedona Real Estate Market - an affordable place to own a home! Prices have come down to 03-04 levels.

The Vacant Land sector continues a downward spiral with the median sold price being $121,000. Compare that with 08 Sold pricing of $318,000 and you can see what opportunities exist. The Foreclosures have also hit this sector with 40% of the sold being a foreclosed property.

In the Luxury Marketplace ($1 Million and Over) there are 90 homes currently on the market with only 14 selling year to date, with a median sold price of $1,600,000. To put this in perspective - it will take 5 years to move the current inventory given the ratio of actives to solds.

The Condo Market has remained relatively consistent with a drop in price of only 2% year over year. With a median sold price of $298,500. Foreclosures represented 11%.

You can now reach me on Face book at Barbara Hooyman Baker, Twitter at Sedonahome, on LinkedIn, or the old fashioned way at 928-301-0669.

Bernake said this past Tuesday - Recession is nearing the end. Home Starts are up. Home solds are up! Home Pendings are up! Unemployment is still high! Stability? Depends on who you talk to - CNN... MSNBC, YOUR FINANCIAL PLANNER, THE CRYSTAL BALL - MAYBE A WEGIE BOARD! WHO KNOWS. I do know this. Interest rates remain LOW. I have had homeS close in September in Sedona AZ with interest rates in the high 4%. So with great credit - you too could be one of the luckies! Home prices continue to be LOW! As I have said previously - we are somewhere in the trough - not plummetting down like a meteror (Thank God) - the prices seem to be stabilizing. And the point must be made that if you are waiting for prices to drop and yet the interest rates go up - you will not see any gain because of the higher interest rates. It all makes sense to buy now. My old broker (one of the few guru's of Sedona Real Estate) says that 80% of the Sedona Real Estate Market is sold in the fall and spring months. There are many jewels to behold in the Sedona Real Estate Market NOW. You just have to allow yourself to move forward and seize the opportunity before you. Whether it's vacant land to build your dream home In Sedona, a Sedona Condo for a getaway, or the home you have always dreamed about owning amongst the Sedon AZ beauty - Don't wait. We are living in a golden opportunity. I myself have taken the plunge and have invested in this market - and I think you should too! For all your buying needs I can be contacted at 800-975-5943, 928-301-0669, barbara@barbarabaker.com www.barbarabaker.com - follow on twitter at sedonahome, facebook, or LinkedIn. Happy Buying! Barbara