As remote work continues on for many businesses and Americans weigh the risks of being in densely populated areas, will more people start to move out of bigger cities states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott? Spending extra time at home and dreaming of more indoor and outdoor space is certainly sparking some interest among homebuyers. In Prescott Arizona market we are seeing many buyers looking for homes with land so they can build a family compound  Early data shows an initial trend in this direction of moving from urban to suburban communities, but the question is:  will the trend continue? According to recent data from  Zillow , there is a current surge in urban high-end listings in some larger metro areas. The month-over-month increase in these homes going on the market indicates more urban homeowners may be ready to make a move out of the city, particularly at the upper end of the market  (see graph below): Why are people start...

So far, it’s been quite a ride this year, and our nation has truly seen its fair share of hurdles states Mike Eastwood Chief Executive Officer at Bello Sol Inc. From COVID-19 to record unemployment and then the resulting recession, just to name a few, the second quarter of 2020 has had more than a few challenges. Amidst the many roadblocks, however, the U.S. homeownership rate rose again, signaling great strength in the recovery of the housing market and an indication that even in a time of crisis, Americans still feel confident about buying a home. Yesterday, the  U.S. Census Bureau   announced : “The homeownership rate of 67.9 percent was 3.8 percentage points higher than the rate in the second quarter 2019 (64.1 percent) and 2.6 percentage points higher than the rate in the first quarter 2020 (65.3 percent).” The increase is also represented by race and ethnicity of the householder: There are many reasons why the homeownership rate in this country is rising, and one of the ...

In June, the number of first-time homebuyers accounted for 35% of the existing homes sold states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott, a trend that’s been building steadily throughout the year. According to the  National Association of Realtors  ( NAR ): “The share of first-time buyers increased in March through June—right into the heart of the pandemic period and the surge in unemployment—and is now trending higher than the 29% to 32% average in past years since 2012.” (See graph below): Why the rise in first-time homebuying? NAR continues to say: “The major factor is, arguably,  low mortgage rates . As of the week ended July 16, the 30-year fixed mortgage rate dropped to 2.98%. With rates so low that are locked in under a 30-year mortgage,  the typical mortgage payment, estimated at $1,036, has fallen below the median rent, at $1,045.  For potential home buyers who were thinking of purchasing a home anyway before the pandemic ou...

The residential real estate market is remaining resilient as the country still struggles to beat the COVID-19 pandemic. The Prescott Arizona real estate market is so strong we see most of the homes having an offer in the first week if not the first day states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott.   Three separate reports recently revealed how the housing market is still showing growth. Here’s a look at each one. 1. Ivy Zelman’s  Real Estate Broker Survey The survey explains that purchaser demand remains strong: “This month’s overall homebuyer demand rating…was easily the  strongest sequential gain in our survey history …Strength continues to be led by the entry-level…While high-end demand is less robust in an absolute sense, there has also been relative improvement, with contacts attributing incremental improvement to the stock market’s rebound, record low mortgage rates and luxury customers trading out of high-priced cities.” 2. The N...

With a worldwide health crisis that drove a pause in the economy this year, the housing market was greatly impacted. Many have been eagerly awaiting some bright signs of a recovery States Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Based on the latest Existing Home Sales  Report  from the  National Association of Realtors  (NAR), June hit a much-anticipated record-setting rebound to ignite that spark. According to  NAR ,  home sales jumped 20.7%  from May to a seasonally-adjusted annual rate of 4.72 million in June:   “Existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic…Each of the four major regions achieved month-over-month growth.” This significant rebound is a major boost for the housing market and the U.S. economy. According to Lawrence Yun,  Chief Economist  for NAR, the momentum has...