The National Association of Realtors’ has announced that they have seen more and more buyers returning to the housing market to take advantage of the great selection of inventory available at record prices. This is in particular been driven by sales in the western half of the country. Now is the time to buy!

“There has never been a better time to buy…Housing affordability is at an all-time high, mortgage rates are historically low, and interest rates are the lowest they’ve been since the days of Eisenhower” said NAR Chief Economist Lawrence Yun.

Historically high housing affordability and low mortgage interest rates, combined with buyer opportunities in the distressed sales market, have increased home sales in many areas of the country. In California for instance home sales are rising much faster than expected; some areas in the state are seeing a 70-80%  increase in sales.

This could in part be attributed, not just to the state of the market, but due to the that the Federal Housing Administration (FHA) permitting its lenders to allow qualified home buyers to use the $8,000 tax credit as a downpayment as opposed to having them wait for the check to come from the IRS. In fact, many first-time buyers are attracted to deeply discounted and distressed home prices. Nationally, about 50% of all recent transactions have been distressed sales. 15-20% have been short sales and 30-35% have been foreclosures.

Lawrence Yun went on to comment that his projection for the real estate market was the following:

“home sales will be 10 to 20 percent higher the second half of this year than last year and we will come out of this recession in 2010.”

In Arizona things are really looking bright. Realty Times poses the question: Arizona: Is Now THE Time to Invest in the Grand Canyon State? The answer seems to be a very firm – YES! FHA Financing has opened up the market to consumers again and the $8,000 credit really is helping first time buyers. Sedona in particular is mentioned as a city where great properties can be picked up at a fabulous price right now.

If you have decided that you would like to own a home in Sedona as a full time resident or part time then contact Claudia Ault and her team in downtown Sedona.

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

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