News and statistics are in from the National Association of Realtors with exciting information on a rise in pending home sales

Numbers are up! A combination of record low mortgage interest rates and the first-time buyer tax credit boosted sales for the third consecutive month! The Pending Home Sales Index nationally rose 6.7% to 90.3 from a reading of 84.6 in March, and is 3.2% above April 2008 when it was 87.5.

For the western part of the country, the news is just as exciting, here in the the index rose 1.8% to 94. This news comes shortly after news that 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 and price increases are expected shortly.

Video Courtesy of the National Association of Realtors

Lawrence Yun – NAR Cheif Economist had this to say: “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market…[as] buyers must finalize their purchase by November 30th” – Now is the time to buy!

With new rulings allowing First Time Homebuyers to utilize the tax credit as a downpayment before receiving their check from the IRS it is expected that the upward trend of further purchases will continue. In 2008, 41% of all home purchases were made by first time homebuyers. In the first quarter of 2009, that number was 53% (according to NAR) they are an important part of the market.

As previously written, 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!

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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