What's Hot

    Arizona House Bill 2711 Amendment Could Halt Sedona Short Term Rentals | Local News

    February 14, 2022

    3 Reasons Why Arizona is the Best Place to Live in an Unstable Economy

    February 1, 2022

    Looking to invest in real estate in Sedona?

    January 24, 2022
    LinkedIn Telegram
    Homes For Sale in Sedona | Crypto Realtor SedonaHomes For Sale in Sedona | Crypto Realtor Sedona
    Telegram LinkedIn
    Contact Us
    • Home
    • Blog
    • Contact Us
    • Start Here
      • Buyers
        • Camp Verde
        • Clarkdale
        • Cornville
        • Cottonwood
        • Rimrock
        • Sedona
      • Sellers
        • Home-Staging Guide
        • Seller Guide
        • What’s My House Worth?
      • Crypto
        • NFTs
        • Tokenization
    Homes For Sale in Sedona | Crypto Realtor SedonaHomes For Sale in Sedona | Crypto Realtor Sedona
    Home»Buying a House»Buying and selling homes in Sedona is alive and well during the pandemic
    Buying a House

    Buying and selling homes in Sedona is alive and well during the pandemic

    January 21, 2021
    LinkedIn Reddit Telegram
    Share
    Facebook Twitter LinkedIn Pinterest Email

    As a Sedona’s real estate consumer, you need to know that the housing market is currently one of the bright spots in the U.S. economy.

    Surprised? You’re not alone.

    Sure, the processes have changed a bit and some lenders have changed their lending standards, but overall, the real estate market looks very much like the pre-pandemic market.

    If you’re considering buying or selling a home in the near future, read on to learn about some of the changes.

    The national market, in a nutshell

    While March and April home sales plummeted, there are nuggets of wonder in the rest of the statistics.

    Want to hear something surprising? Demand for homes is higher now that it was before the lockdown and prices continue to rise.

    In fact, homebuyers vastly outnumber sellers in the current market. “More than 41% of homes faced a bidding war in the four weeks ending May 10,” according to Diana Olick at CNBC.com, citing a recent study.

    For comparison, only 9% of homes for sale experienced bidding wars in January, pre-U.S. pandemic.

    To add to the excitement, “mortgage applications from buyers jump 11%,” according to the folks at CNBC.com.

    The authors add that they expect the frenzy to continue as the lockdown is eased. Perhaps then those wanting to sell will jump back into the market. We need homes to sell to these eager buyers of Sedona.

    Speaking of mortgages

    With the volume of forbearance request rolling in, mortgage lenders decided enough was enough and began tightening lending standards.

    Down payment requirements are higher and some have upped their minimum credit score requirement.

    JP Morgan Chase & Co., for instance, announced that it is raising the minimum credit score they will accept to 700 and increased the minimum down payment from 3.5% to 20%.

    Since Chase is the nation’s largest lender, others are following suit.

    “Wells Fargo and US Bank both adjusted their minimum score requirement to 680 (including for FHA and VA loans, which typically feature credit-score requirements as low as 580),” according Natalie Campisi at Inquisitor.com.

    If you are considered a credit risk, the best thing to do is work on your credit score. Check back here in the next week or two when we’ll be showing you some quick ways to raise your score.

    Thinking of selling Homes in Sedona? You need to know about this

    If you are thinking of selling, let’s get that home on the market sooner, rather than later, and here’s why:

    “Home prices will hold up, at least through the summer, but declines are coming,” Mark Zandi, chief economist at Moody’s Analytics tells Bloomberg.com’s Noah Buhayar, Prashant Gopal, and John Gittelsohn.

    If you’re in forbearance, you may also find challenges to getting the home sold if you wait. It turns out that the section of the Fair Credit Reporting Act that was amended by the CARE Act has a glitch.

    While the CARE Act requires lenders to report mortgages in forbearance as current, many lenders are labeling these mortgages as being in forbearance when they submit them to the credit reporting agencies.

    FHA, Fannie Mae, Freddie Mac and the Department of Veterans Affairs don’t allow those in forbearance to obtain a new loan or even refinance until at least one year after they’re caught up on payments.

    If you decide to sell, you’ll be able to take advantage of the sellers’ market that is happening right now.

    More questions about buying or selling real estate during the pandemic? Reach out to us – we love to talk about Sedona’s real estate!

    Buying a House Sedona Selling
    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleEasy-care plants that bloom all summer long
    Next Article A Baby Boomer’s Guide to Aging in Place

    Related Posts

    Arizona House Bill 2711 Amendment Could Halt Sedona Short Term Rentals | Local News

    Looking to invest in real estate in Sedona?

    Comments are closed.

    ABOUT
    Best realtor in Sedona

    Hi, my name is Will and I am a third-generation real estate agent and investor of Sedona. I have been a Sedona native for more than 30 years. I am an Associate Broker at Realty One Group Mountain Desert in Sedona and I am a Certified Crypto Agent.

    If you have any questions about Sedona Real Estate, Investing, or Crypto, I’d love to speak with you.

    I Want To…
    • Search For Properties
    • Learn More About Buying
    • Find The Value Of My Home
    • Schedule A Call
    • Read Tips and Tricks
    • View Featured Communities
    • See Client Success Stories
    • Talk About Selling My Home

    BEST REALTOR IN SEDONA

    Homes For Sale In Sedona

    • Privacy Policy
    • Sitemap
    • Real Estate
    • Testimonials
    • Contact
    Menu
    • Privacy Policy
    • Sitemap
    • Real Estate
    • Testimonials
    • Contact

    © 2022 The Equity Team Sedona | All rights reserved.

    Realty One Group Mountain Desert | 3150 W State Route 89A, Sedona, AZ 86336 | Office License # LC654107002 | Agent License # BR676591000

    Type above and press Enter to search. Press Esc to cancel.