Be careful that this property is not a short sale. If it is, you have about a 10% chance of buying it as a short sale. But, if it's not a short sale, then I would be concerned regarding the length of time on the market. It could signal that the property is not eligible for normal financing due to its condition. Remember, that even though you may be approved for a loan, the property you want to buy also has to be approved for the loan. It must be livable with NO safety hazards (not even a cracked window) to qualify for most normal loans.
Each particular area is different, but in the Phoenix area, there are 55,000 properties for sale. It will be a few more years before the market returns to any type of normalcy. Make certain you do your homework for Sedona.
Buyer's Agent Realtor
You are talking about the house on Johnny Guitar. It is a short sale. There are two offers in on that home. The home keeps dropping in price for there werent' any buyers. Now that the house is priced accordingly - there are two buyers. However - neither of them is at $415,000. Are you familiar with the short sale process? Do you have representation in Sedona? If not, why don't you call me directly - at 800-975-5943 or email me directly at email@example.com to discuss you putting in an offer before you arrive. I hope to hear from you.
Market timing is an unreachable prediction. If any of us could harness it, we would not be working so hard!
Values in some areas will continue to fall. I live in Scottsdale. Scottsdale pricing has fallen but certain communities are still holding their own for value because owners are not upside down in the properties and can afford to wait.
If you found the home of your dreams and you see the value in it because some one of experience in real estate has properly informed you and can see sustained pricing, then I would say step up. Particularly if there are not enough homes surrounding the one you like that are for sale in foreclosure or short sale.
We are not supposed to solicit you for business here on Trulia, but I can offer some guidance to you with a referral to a realtor I know in Sedona to start education and working with you.
Best of luck to you and I hope your dream comes true.
Sedona is an inspiring an beautiful area.
Ph (480) 220-7491
Fax (866) 711-8573
Keller Williams - Scottsdale, AZ
2008-2009 Master of Real Estate award recipient