Sedona, AZ is the city of contrasts.
Whether you’re looking for snow or sunshine, barren or lush vegetation, topographical or serene landscapes; you will definitely find a place here. This is one of the main reasons why it has become the premier retreat location for American retirees and new homeowners alike.
So, what if we told you that Sedona is only packed with luxurious homes that are far beyond the reach of your pockets? Would you agree? Well, to give a practical answer to this question you should first ask yourself: What is affordable to me? In the end it all boils down to your annual earnings; what is unaffordable for you may be considered “loose change” from someone else’s pocket.
What Makes Real Estate Affordable?
Real Estate is classified as inexpensive based on the financial standing of the buyer. According to specialists, an acceptable definition of affordable real estate is a property that does not demand more that 30% a household’s annual income. Therefore, if a household’s annual income is $200,000 a maximum of $60,000 should be allotted for the housing expenses; this includes payment for taxes, utilities, insurance and mortgage. The monthly housing costs would be between $4400 and 5000.
Real estate affordability varies with each individual buyer requirements. For example, we offer a wide variety of properties with red rock views and small number of creek front properties. Properties with red rock views are typically priced higher than creek front properties and as a result, buyers looking to purchase real estate with red rock views will generally encounter higher prices.
Value For Homes In Sedona, Arizona
Analyzing the median price is the best method to detect the performance level within a real estate market and obtain accurate price estimations. The median price is used more frequently than the mean or average price to assess the events of a market because it offers a more accurate indicator of the sample size of the designated market. It refers to the middle price listed in a series of real estate sales during a specific period.
Sedona’s real estate median price rose to $420,000 in August, with the average price listing at $769,000. Therefore, based on a recent list of properties sold in Sedona ranging from the cheapest to the most expensive, the most noticeable price in the central point of the list is $420,000. The market witnessed a 6. 3% increase from the $396,000 listed for the previous year.
Of course there are many homes that are sold below the median price; some for as low as $160,000. Buyers who are looking for the least expensive route generally have the option to select homes with lower maintenance costs and fewer expenses. While the area is known for its luxurious real estate, there are also beautiful affordable homes available in this picturesque location as well. We specialize in assisting individuals with locating affordable real estate in Sedona.
Are you ready to make the move? Why not give us a call today?