Today’s real estate market has high   buyer interest   and low housing   inventory . With so many buyers competing for a limited number of homes states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. It’s more important than ever to know the ins and outs of making a confident and competitive offer. Here are five keys to success for this important stage in the homebuying process. 1. Listen to Your Real Estate Agent A recent  article  from  Freddie Mac  offers guidance on making an offer on a home in today’s market. Right off the bat, it points out how emotional this can be for buyers and why trusted professionals can help you stay focused on the most important things: “Remember to let your homebuying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.” Your real estate professional should be your primary source for a...

  There’s no doubt 2020 has been a challenging year states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. A global pandemic coupled with an economic recession has caused heartache for many. However, it has also prompted more Americans to reconsider the meaning of “home.” This quest for a place better equipped to fulfill our   needs , along with record-low mortgage   rates , has skyrocketed the   demand   for home purchases. This increase in demand, on top of the severe  shortage  of homes for sale, has also caused more  bidding wars  and thus has home prices appreciating rather dramatically. Some, therefore, have become cautious about buying a home right now. The truth of the matter is, even though homes have appreciated by a whopping  6.7%  over the last twelve months, the cost to buy a home has actually dropped. This is largely due to mortgage rates falling by a full percentage point. Let’s take a look at th...

  This year’s record-low mortgage rates sparked a high demand among homebuyers states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Current homeowners, however, haven’t put their houses on the market so quickly. This makes finding a home to buy today challenging for many potential buyers. With an obstacle like this, those searching for their dream homes may be pressing pause on their searches as we approach the end of the year, but that could be a big mistake for many hopeful house hunters. Here’s why.   According to the most recent  Housing Trends Report  from the  National Association of Home Builders  (NAHB): “The length of time spent searching for a home continues to grow.” The report indicates that  62% of buyers now spend 3 months or more looking for a home,  an increase from 58% one year ago .  A primary cause for the delay is the heavy competition today’s buyers face when making an offer on a home. Based on rec...

   In 2020, buyers got a big boost in the housing market as mortgage rates dropped throughout the year states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. According to   Freddie Mac , rates hit all-time lows   12 times   this year, dipping   below 3%   for the first time ever while making buying a home more and more attractive as the year progressed   (See graph below): When you continually hear how rates are hitting record lows, you may be wondering:  Are they going to keep falling? Should I wait until they get even lower? The Challenge with Waiting The challenge with waiting is that you can easily miss this optimal window of time and then end up paying more in the long run. Last week, mortgage rates ticked up slightly. Sam Khater,  Chief Economist  at  Freddie Mac,   explains : “ Mortgage rates jumped this week  as a result of positive news about a COVID-19 vaccine. Despite this rise, mortga...

  Through all the challenges of 2020, the real estate market has done very well states Mike Eastwood Chief Executive Officer at West USA Realty of Prescott, and purchasers are continuing to take advantage of historically low mortgage rates.   Realtor Magazine   just   explained : “While winter may be typically a slow season in real estate, economists predict it isn’t likely to happen this year…Low inventories combined with high demand due to record-low mortgage rates is  sending buyers to the market in a flurry .” However, one challenge for the housing industry heading into this winter is the dwindling number of homes available for sale. Lawrence Yun,  Chief Economist  for the  National Association of Realtors  (NAR), recently  said : “There is no shortage of hopeful, potential buyers, but  inventory is historically low .” In addition, Danielle Hale,  Chief Economist  for  realtor.com,   notes : “Fewer new seller...

  If you’ve been   working from home   this year, chances are you’ve been at it a little longer than you initially expected states Mike Eastwood Chief Executive officer of West USA Realty of Prescott to keep their employees healthy, safe, and productive. For many, it may be carrying into next year, and possibly beyond. While the pandemic continues, Americans are re-evaluating their homes, floorplans, locations, needs, and more. Some need more space, while others need less. Whether you’re renting or own your home, if remote work is part of your future, you may be thinking about  moving , especially while today’s mortgage rates are so low. A recent study from  Upwork   notes : “Anywhere from  14 to 23 million Americans  are planning to move as a result of remote work.” To put this into perspective, last year,  6 million homes were sold in the U.S.  This means roughly  2 – 4X as many people  are considering moving now, and there’s...