At the beginning of the year, industry forecasts called for home price appreciation to slow to about half of the double-digit increase we saw last year. Mike Eastwood Author & Chief Executive Officer of West USA Realty of Prescott states. The thinking was that inventory would increase from record-low levels and put an end to the   bidding wars   that have driven home prices up over the past twelve months. However, that increase in inventory has yet to materialize. The   National Association of Realtors   (NAR)   reports   that   there are currently 410,000 fewer single-family homes available for sale   than there were at this time last year. This has forced those who made appreciation forecasts this past January to amend those projections. The  Mortgage Bankers Association ,  Fannie Mae ,  Freddie Mac , the  National Association of Realtors , and  Zelman & Associates  have all adjusted their numbers upw...

  The question many homebuyers are facing this year states Mike Eastwood Author-Chief Executive Officer of Bello Sol Inc & West USA Realty of Prescott is , “Why is it so hard to find a house?”   We’re in the ultimate   sellers’ market , which means real estate is ultra-competitive for buyers right now. The   National Association of Realtors   (NAR) notes homes are getting an average of   4.8 offers   per sale, and that number keeps rising. Why? It’s because there are so few houses for sale. Low inventory in the housing market isn’t new, but it’s becoming more challenging to navigate. Danielle Hale,  Chief Economist at realtor.com ,  explains : “ The housing market is still relatively under supplied , and buyers can’t buy what’s not for sale. Relative to what we saw in 2017 to 2019,  March 2021 was still roughly 117,000 new listings lower, adding to the pre-existing early-year gap of more than 200,000 fresh listings that would typical...

 H omeowners ready to make a move are definitely in a great position to sell their home today states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Housing inventory is incredibly low, driving up buyer competition. This gives homeowners   leverage   to sell for the best possible terms, and it’s fueling a steady rise in home prices. In such a hot market, houses are selling quickly. According to the  National Association of Realtors  (NAR), homes are typically on the market for just  18  short days. Despite the speed and opportunity for sellers, there are still steps you can take to prep your house to shine so you get the greatest possible return. 1. Make Buyers Feel at Home One of the ways to make this happen is to take time to declutter. Pack away any personal items like pictures, awards, and sentimental belongings. The more neutral and tidy thespace, the easier it is for a buyer to picture themselves living there. According to t...

  Mike Eastwood Author- Chief Executive Officer of West USA Realty of Prescott states. The next several months (data covering March, April, May, and June). The data will most likely show eye-popping one-year increases. While the year-over-year jumps will certainly be striking, consumers should take these numbers with a grain of salt, as the situation highlights a short-term quirk in the reporting of this data. Essentially, the increases will reflect a combination of two things: sharply lower housing numbers during last year’s virus-related market collapse and the subsequent strong rebound. This will result in what will appear to be unbelievable growth. Let’s use single-family home sales as an  example : As the graph reveals, last spring’s buying market was anything but typical. Instead of sales increasing, they fell sharply as a result of stay-at-home orders that virtually shut the real estate industry down. This spring’s real estate market will bounce back with more normal se...

  This year, mortgage rates have started to slowly climb above recent record-breaking lows. Many homeowners planning to   move   may feel like they’ve missed the chance to score a great rate on their next mortgage states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. In reality, there’s still time to secure a rate far below the historic norm. Here’s why. After creeping up for seven consecutive weeks, average mortgage rates have dropped more  recently  ( See graph below ). With rates taking a slight dip over the past two weeks at the same time the inventory of houses for sale is so low, homeowners today are sitting in the  optimal  seat to sell. What’s the advantage of selling your house now? Securing a low mortgage rate on your next home. To learn more about mortgage rates and the mortgage process call Sean Wohland at 928-264-1914 with the Wohland Morgage team. To take advantage of today’s real estate market, experts are encourag...