Last week showed an increase in mortgage applications (for both new home purchases and refinancing) and could potentially be good news for the real estate market overall.  With interest rates staying low, averaging 4.96 percent for 30 year fixed mortgages, and 4.5 percent rates for 15 year mortgages, dropping property values and the new tax incentives for first-time home buyers, surely there could not be a more attractive time to buy real estate, these new figures show that people across the country are feeling the same way too.  A recent article in Realty Times states that the importance of this increase: “New financing applications to buy homes obviously point to rising purchase contracts and closed sales in the months ahead. They also suggest that prices have hit a level in many markets that is attracting once-hesitant buyers off the sidelines.”  The stimulus plan appears, at least for the time being, to be making a difference, let’s hope this real estate trend sticks!

For the best in Sedona Real Estate service and knowledge, contact Claudia Ault at 928-301-3016. Click here for a complimentary search of the Sedona MLS and access to all property currently on the market in Sedona AZ, visit www.claudiaault.com.

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