As we enter the final months of 2020 and continue to work through the challenges this year has brought, some of us wonder what impact continued economic uncertainty could have on home prices states MIke Eastwood Chief Executive Officer of West USA Realty of Prescott. Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come. Due to the  undersupply  of homes on the market today, there’s upward pressure on prices. Consider simple economics: when there is a high demand for an item and a low supply of it, consumers are willing to pay more for that item. That’s what’s happening in today’s real estate market. The housing supply shortage is also resulting in  bidding wars , which will also drive price points higher in the home sale process. There’s no evidence that buyer  demand  will wane. As a result, experts project price appreciation will continue over the next twelve months. Here’s a graph of the major for...

   Many housing experts originally voiced concern that the mortgage forbearance program (which allows families impacted financially by COVID to delay mortgage payments to a later date) could lead to an increase in foreclosures when forbearances end states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Some originally forecasted that up to 30% of homeowners would choose to enter  forbearance . Less than 10% actually did, and that percentage has been dropping steadily.  Black Knight  recently  reported  that the national forbearance rate has decreased to 5.6%, with active forbearances falling below 3 million for the first time since mid-April. Many of those still in forbearance are actually making timely payments. Christopher Maloney of  Bloomberg Wealth  recently  explained : “Almost one quarter of all homeowners who have demanded forbearance are still current on their mortgages…according to the latest MBA data.” Ho...

  The 2020 housing market has surpassed all expectations and continues to drive the nation’s economic recovery states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. The question is, will this positive trend continue throughout the rest of the year, especially given the uncertainty around the current health crisis, the upcoming election, and more? Here’s a look at what several industry-leading experts have to say. Lawrence Yun,  Chief Economist,   National Association of Realtors “Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market… Further gains in sales are likely for the remainder of the year,  with mortgage rates hovering around 3% and with continued job recovery.” Frank Martell,  President  and  CEO ,  CoreLogic “Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures…Although the exact contours of the...

  One of the biggest misconceptions for first-time homebuyers is how much you’ll need to save for a down payment states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Contrary to popular belief,   you don’t always have to put 20% down to buy a house . Here’s how it breaks down. A recent survey by  Point2Homes   mentions  that 74% of millennials (ages 25-40) say they’re interested in purchasing a home over the next 12 months. The study notes, “ 88% say they have significantly fewer savings than the average national down payment amount, which is $62,600 .” Thankfully, $62,600 is  not the amount every buyer needs for a down payment  in the United States. There are many different options available, especially for first-time homebuyers (millennial or not). That amount can also be significantly less, depending on the purchase price of the house. According to the  National Association of Realtors  (NAR), “ The median existing-...

  Many industries have been devastated by the economic shutdown caused by the COVID-19 virus. Real estate is   not   one of them states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Mark Fleming,  Chief Economist  for  First American , just  reported : “Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.” Buyer demand is still strong heading into the fall.  ShowingTime , which tracks the average number of buyer showings on residential properties, just  announced  that  buyer showings are up 61.9%  compared to the same time last year. They went on to say: “Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August and into September.” The...

  There are many benefits to working with a real estate professional when selling your house. During challenging times states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott & Bello Sol Inc, like what we face today, it becomes even more important to have an expert you trust to help guide you through the process. If you’re considering selling on your own, known in the industry as a  For Sale by Owner (FSBO) , it’s critical to consider the following: 1. Your Safety Is a Priority Your family’s safety should always come first, and that’s more crucial than ever given the current health situation in our country. When you FSBO, it is incredibly difficult to control entry into your home. A real estate professional will have the proper protocols in place to protect not only your belongings but your family’s health and well-being too. From regulating the number of people in your home at one time to ensuring proper sanitization during and after a showing, and eve...