As with almost every housing market, Sedona is not immune to the pendulum
swing.
On one side, we have buyers who want nothing more than to settle into this beautiful community.
On the other side, many potential sellers are staying put for a variety of reasons. Many homeowners are currently enjoying low interest rates, so unless a move is imperative, they can sit and wait for market changes. This is true everywhere.
This is not an easy position for a buyer. As a Realtor, I’m always looking for off-market properties or upcoming opportunities to offer my buyers in this Seller's Market. Because Sedona is such a small community, this knowledge can help my buyers ease into homeownership through the back door.
Some people watch the stock market daily. I watch the Real Estate market daily!! Morning –noon- night! I keep my finger on the pulse of the market because it's my job to help my sellers and buyers.
In this tight market, knowing the market is key. It’s so exciting when your seller says ‘It’s time to list” and then you have a ready, willing able buyer at your fingertips who is grateful to FINALLY have the opportunity to purchase a home in this wonderful community.
Pre-approval is a must
But to be that ready and willing buyer, preparation is required! First and foremost is having a pre-approval from your lender which does a number of things to benefit you as a buyer. Your pre-approval sets you up for success when it comes to competing with other interested buyers.
Here are a few more tips for hopeful buyers
1. Know your budget: By getting pre-approved, you'll know exactly how much you
can afford to spend on a home. This knowledge will help you avoid falling in love with a
property that is out of your price range, and it will also make the home-buying
process smoother and less stressful.
2. Lock in your interest rate: A pre-approval allows you to lock in your interest rate
for a period of time, typically 60 to 90 days. This can be helpful if interest rates
are expected to rise in the near future, as it will protect you from higher rates.
3. Streamline the mortgage process: Once you find a property and make an offer,
having a pre-approval can streamline the mortgage process. Since you've
already provided the necessary financial documentation to obtain the pre-
approval, the lender will only need to verify that the property meets their
requirements and conduct a final credit check before closing.
Selling and buying a home is a team process. I’m on your team.