While the real estate industry across the country appears to be contracting, homes for sale in Sedona and Sedona real estate, in general, are bucking the trend.
According to RealEstate.com, the pace of home sales relative to inventory reached a new record high in February in the country, as sellers gained leverage and buyers benefited from lower mortgage rates.
But the federal government’s shutdown of “non-essential businesses” has paused most real estate transactions. A new report from Fannie Mae forecasts that home sales will fall by nearly 15% in 2020 compared to 2019 numbers.
The mortgage giant currently predicts the economy and home sales both to rebound in 2021. However, that rebound is depending on the pandemic’s trajectory.
Zillow’s recent report also includes their housing market for home sales. The company expects a whopping 50% – 60% decline in home sales from its pre-coronavirus levels.
Experts at Zillow forecast home sales to bottom out in the second quarter of 2020 before they slowly recover to baseline levels by the end of 2021.
Another U.S. real estate market forecast from Zillow is that nationwide home sales will slowly recover and return to their pre-coronavirus levels by the end of 2021. Still, Zillow noted that the pace of recovery highly depends on the scale and success of social-distancing measures, among other factors.
However, this is not the case with homes for sale in Sedona.
The real estate market in Sedona remains strong and robust, most likely because of Sedona’s reputation as the healing capital of the world and also because Sedona’s Covid-19 numbers are so low compared to other municipalities in Arizona and the country.
From all appearances, Sedona remains a very desirable place to visit and live in, in that the sense of safety is strong in Sedona, not only from the minimal threat of the virus but also from the threat of civil unrest in other cities across the country are experiencing at the moment.
People are coming to Sedona in droves this year and many are looking to stay here permanently.
The lure of Sedona’s natural scenic beauty, its rural feel, its culture, and artistic qualities, its wonderful restaurants, and shopping centers and even having its own airport, make Sedona an extremely appealing place to live in and settle down when retiring.
Given all the attributes Sedona offers and the strong interest now being generated by home buyers in looking at homes for sale in Sedona the prospects of having a strong real estate market in 2021 are strong.
Further, once the coronavirus pandemic is under control, hopefully before the start of a new year, people will feel safe to start buying again. Those hesitant in selling their homes during the pandemic will put their homes back on the market because they will no longer be burdened by social distancing.
Fortunately, homes for sale in the Sedona area will continue to increase in value, and now is the time to act for anyone looking to own real estate in Sedona.
We at Own In Sedona are ready to help you find the home of your dreams or sell your home for the best price possible.
Reach out and let’s talk about what you’re looking for and we will send you the very best homes that meet your search criteria.
Call now 928-323-0031. I look forward to meeting you.