The real estate market is expected to do   very well   in 2021, with mortgage rates that are hovering at historic lows and forecasted by   experts   to remain favorable throughout the year. One challenge to the housing industry states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott, is the lack of homes available for sale today. Last week, the   National Association of Realtors  (NAR) released their   Existing Home Sales Report , which shows that the inventory of homes for sale is currently at an all-time low. The report explains: “Total housing inventory at the end of December totaled 1.07 million units, down 16.4% from November and down 23% from one year ago (1.39 million).  Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace , down from 2.3 months in November and down from the 3.0-month figure recorded in December 2019. NAR first began tracking the single-family home supply in 1982.” (...

  If you’re planning to buy a home, an   appraisal   is an important   step   in the process. It’s a professional evaluation of the market value of the home you’d like to buy. In most cases,  Mike Eastwood Chief Executive Officer of West USA Realty of Prescott states an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending the buyer money for the purchase. It’s also a different step in the process from a   home inspection , which assesses the condition of the home before you finalize the transaction. Here’s the breakdown of each one and why they’re both important when buying a home. Home Appraisal The  National Association of Realtors  (NAR)  explains : “A home purchase is typically the largest investment someone will make. Protect yourself by getting your investment appraised!  An appraiser will observe the property, analyze the data, and report their findings to their client. For the typica...

  Historically low mortgage rates are a big motivator for homebuyers right now states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. In 2020 alone, rates hit new   record-lows   16 times, and the trend continued into the early part of this year. Many hopeful homebuyers are now wondering if they should put their plans on hold and wait for the lowest rates imaginable. However, the reality is, acting sooner rather than later may be the actual win if you’re ready to buy a home. According  to Greg McBride,  Chief Financial Analyst  for  Bankrate : “As vaccines become more widely available and a return to normal starts to come into view,  we’ll see mortgage rates bounce off the record lows .” While only a slight increase in mortgage rates is projected for 2021, some experts believe they will start to rise. Over the past week, for example, the average mortgage rate ticked up slightly, reaching  2.79% . This is still incredibly...

 I f spending more time at home over the past year is making you really think hard about   buying   a home instead of renting one states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott, you’re not alone. You may be wondering, however, if the dollars and cents add up in your favor as home prices continue to   rise . According to the experts, in many cases,   it’s still more affordable to buy a home than rent one . Here’s why. ATTOM Data Solutions  recently released the  2021 Rental Affordability Report , which states: “ Owning  a median-priced three-bedroom home  is more affordable than renting  a three-bedroom property in 572, or  63 percent of the 915 U.S. counties analyzed for the report . That has happened even though median home prices have increased more than average rents over the past year in 83 percent of those counties and have risen more than wages in almost two-thirds of the nation.” How is this possi...

In 1963, Martin Luther King, Jr. inspired a powerful movement with his famous “ I Have a Dream ” speech states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think about our own dreams, goals, beliefs, and aspirations. For many Americans, one of those common goals is owning a home: a piece of land, a roof over our heads, and a place where we can grow and flourish. If you’re dreaming of buying a home this year, start by connecting with a local real estate  professional  to understand what goes into the process. With a trusted advisor at your side, you can then begin to answer the questions below to set yourself up for homebuying success. 1. How Can I Better Understand the Process, and How Much Can I Afford? The  process  of buying a home is not one to enter into lightly. You need to decide o...

  The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021 states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott.  Record-low mortgage interest rates  are a driving factor in this continued momentum, with average rates hovering at historic all-time   lows . According to the latest  Realtors Confidence Index Survey  from the  National Association of Realtors  (NAR),  buyer demand across the country is incredibly strong . That’s not the case, however, on the supply side. Seller traffic is simply not keeping up. Here’s a breakdown by state: As the maps show, buyer traffic is high, but seller traffic is low. With so few homes for sale right now, record-low inventory is creating a mismatch between supply and demand. NAR also just  reported  that the actual number of homes currently for sale stands at  1.28 million , down 22% from one year ago (1.64 million)....