8 Tips for Buying Your Sedona Luxury Property
Are you considering buying a Sedona luxury property? For the purposes of this article, we'll define a luxury property as any home over $1 million.
Sedona Arizona offers an active lifestyle that is hard to beat. We have something for everyone and a vibrant list of activities, events and recreation opportunities throughout the year. Even with a large number of visitors from around the world, it's kept it's a small-town feel. One upside to the tourism industry is the large number of restaurants, art galleries and entertainment around Sedona.
Before you head out to buy a Sedona luxury property, you'll want to know what to expect and what to look for during the home buying process. We are here to help guide you and assist you throughout. You'll probably find that some things may be done differently in Arizona than they were at your last home state. The more upfront with us you are about your expectations, the better the experience will be for all of us.
We know the entire Verde Valley area of Arizona and we know the local communities. We are very familiar with all the Sedona luxury property market communities and if we don't know the answer to a question, we'll find out. Susan has a great deal of experience and expertise as a Sedona luxury agent and she can discuss the available inventory. She also knows the amenities available and can find Sedona luxury homes that match your needs.
Sedona Luxury Property Buying Tip # 2 – Expect Confidentiality from your Realtor
Privacy should be a basic human right. If you choose Susan as your luxury property Realtor, she will adhere to a strict level of confidentiality. Successful Realtors don't talk about high profile clients that maybe buying a Sedona luxury property. It's bad business and damages reputations.
Sedona Luxury Property Buying Tip # 3– Find a Realtor in the Sedona Luxury Home Network
Susan belongs to the Sedona Luxury Real Estate Professionals (SLREP). It's a group of very successful agents that must have proven experience in the Sedona luxury properties market. They must also be invited to join. They meet twice a month and here they will exchange information on luxury homes that are coming up for sale & 'pocket listings'. These are luxury homes in Sedona Arizona that the owners do not want the home in the Sedona AZ MLS. High profile or High net worth clients on occasion do not want it known that they are selling, for a number of reasons. As a member of the Sedona Luxury Real Estate Professionals, Susan has access to these very private listings.
Sedona Luxury Property Buying Tip # 4 – Proof of Funds Will be Required
Proof of funds is required whenever you make a cash offer on a home, regardless of price point. However, for the high-end luxury property market in Sedona Arizona it is common that proof of funds may be required to even view/show the home.
It may seem an imposition on your privacy (we think it is) to have to provide financials to even see a property, but it ensures that only qualified people will be able to step inside the property. The seller may incur expenses by having cleaners and landscapers come to the property prior to a showing so that it is in top shape. If you are a high profile individual, then a simple search in Google for your profile may suffice and placate the seller. Lacking that, then either a letter from your bank or brokerage attesting to your ability to purchase is often enough. On occasion, a seller may only be satisfied with actual account statements. We recommend that the account number is blacked out. Ultimately, you'll need to provide the actual statements at the time of contract if you're paying cash for the Sedona luxury property.
Sedona Luxury Property Buying Tip # 5 – Research with your Realtor
Let Susan know what you really want in a luxury property in Sedona. Is it a certain lifestyle? What are your interests and hobbies? This will help us better sort through the 60+ Sedona luxury property on the market. Do you need a Sedona gated community for extra security or peace of mind? What about the amenities of the home? Do you need a swimming pool, workout facility, yoga room ...etc?
Sedona Luxury Property Buying Tip # 6: Consider Sedona luxury Foreclosure Homes
We don't get a lot of foreclosure homes in Sedona, usually no more than a few at any given time. However, some of them can certainly fall into the luxury property market. This can be a great way to buy a Sedona luxury property at a discount. Who doesn't like to save money? Just make sure you have a trusted home inspector and contractors to go through it. You want to know any problems you'll be buying with the home. Foreclosure properties are sold by the banks in 'As-Is' condition without any disclosures as to the condition of the home.
Sedona Luxury Property Buying Tip #7: Seller Motivation Level
We always like to look at how long the luxury property has been on the market or "Days on Market" or DOM. It can take two or more years to sell if the pricing or condition isn't right and most sellers are discouraged after only a few months. Has it ever had a price reduction? If they are regularly reducing the price, the home will eventually sell. The problem with overpricing a luxury property in Sedona is that it will get stale on the market. Priced right and in good condition, it should sell within 6 months. You'll want a Sedona property search that notifies you of price changes. We have seen Sedona luxury homes that sat on the market and then they drop it by 10% or more and it goes quickly. You want to know when the price changes to those luxury properties happen.
Sedona Luxury Property Buying Tip #8 The Contract
You will want to compare the properties to the rest of the Sedona luxury property market. Is it priced right for the location, build quality, age and amenities? With Susan's experience and network connections, she will be able to determine the best initial offer & likely sales price of the property.
Try to keep the offer as 'clean' as possible. A well-written contract with the appropriate clauses to protect you but without any unusual contingencies or requests. In addition, consider a quick closing, it is often a plus when sellers review the offer. Use your due diligence period to the fullest – home inspection, future plans, previous insurance claims, zoning, specialty inspections, anything that assures you the property is as presented.
Review a copy of a blank Arizona residential purchase contract (pdf) if you would like to review it prior to your purchase offer. All purchase contract forms are supplied to us by the Arizona Association of Realtors.
Buying a property can be stressful. We know, we have seen it and that's why we believe in providing as much information as you need to help you make an informed decision when buying a Sedona AZ property or real estate. Our motto is "Providing Information... Not Pressure". We will be with you every step of the way through the entire buying process.
Call us and we can chat about Sedona and your possible future plans. (928) 301-4949.