MIke Eastwood Author/Chief Executive Officer of Bello Sol Inc/West USA Realty of Prescott states.  There’s a lot of discussion about affordability as home prices continue to appreciate rapidly. Even though the most recent index on affordability from the   National Association of Realtors   (NAR) shows homes are more affordable today than the   historical average , some still have concerns about whether or not it’s truly affordable to buy a home right now. When addressing this topic, there are various measures of affordability to consider. However, very few of the indexes compare the affordability of owning a home to renting one. In a paper just published by the  Urban Institute,  Homeownership Is Affordable Housing , author Mike Loftin examines whether it’s more affordable to buy or rent. Here are some of the highlights included. 1. Renters pay a higher percentage of their income toward their rental payment than homeowners pay toward their mortgage. T...

 In the middle of Arizona, surrounded by the “Quad-City” you will find the city of Prescott. Prescott is a beacon for retirees, former California residents, and fans of warm weather in general. Each year, Prescott attracts new families, students, or anyone looking for a change of pace. And new residents are welcomed into “Everybody’s Hometown” with characteristic earthy good cheer. Before any big move, however, there are bound to be tons of questions about housing, education, jobs, livability, and just what there is to do in your new city of choice. From the practical logistics to the local cultural specifics, let’s take a look at six things you need to know before moving to Prescott, Arizona. 1. Housing Costs Plenty of California and New York residents choose to relocate to Arizona for its lower housing prices. A spacious two-bedroom family home in the clean Arizona mountain air in Prescott can cost about 30% less on average than a house of the same size in California. The cost of...

  The last year has put emphasis on the importance of one’s home. As a result, some renters are making the jump into homeownership while some homeowners are re-evaluating their current house and considering a move to one that better fits their current lifestyle states Mike Eastwood Author-Chief Executive Officer of Bello Sol Inc/ West USA Realty of Prescott. Understanding how housing affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down the optimal window of time in which to make a purchase. There are three main factors that go into determining how affordable homes are for buyers: Mortgage Rates Mortgage Payments as a Percentage of Income Home Prices The  National Association of Realtors  (NAR) produces a  Housing Affordability Index . It takes these three factors into account and determines an overall affordability score for housing. According to NAR, the index: “…measures whether or not a typical famil...

  Today’s housing market is full of unprecedented   opportunities . High buyer demand paired with record-low housing inventory is creating the ultimate   sellers’ market , which means it’s a fantastic time to   sell your house  states Mike Eastwood Author-Chief Executive Officer of Bello Sol Inc/West USA Realty of Prescott . However, that doesn’t mean sellers are guaranteed success no matter what. There are still some key things to know so you can avoid costly mistakes and win big when you make a move. 1. Price Your House Right When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing  price . Believe it or not, that’s not always true. Even in a sellers’ market, listing your house for the right price will maximize the number of buyers that see your house. This creates the best environment for bidding wars, which in turn are more likely to increase the final sale price. A re...

   The real estate market is experiencing a severe shortage in inventory. People just aren’t putting their houses on the market fast enough. Here’s how that can change. Back in 2020, it seemed like everything was in low supply - antibacterial soap, disinfectant, toilet paper , and so on. Even things that weren’t even associated with the pandemic were hard to come by. But, housing? Housing is one of those things that you’d never think would be hard to find. There are always people selling their homes. There are always people needing to find a rental home or purchase a home. The shelter is, after all, a basic necessity in life.  However, according to HomeLight's 2021 agent survey , much of the country is experiencing a housing shortage. It’s a strong seller’s market, yet buyers are snatching up houses faster than sellers are willing to list them! Is there any way the housing crisis can be alleviated? Will we continue to experience a market that feels like in order to beco...

  The level of equity homeowners have is at an all-time high. According to the   U.S. Census ,   over 38%   of owner-occupied homes are owned free and clear, meaning they don’t have a mortgage. Those with a mortgage are seeing their equity skyrocket too. Every time real estate values increase, homeowners get a dollar-for-dollar gain in their home equity. According to the first-quarter  2021 U.S. Home Equity Report  from  ATTOM Data Solutions : “17.8 million residential properties in the United States were considered equity-rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value. The count of equity-rich properties in the first quarter of 2021 represented 31.9 percent, or about one in three, of the 55.8 million mortgaged homes in the United States. That was up from 30.2 percent in the fourth quarter of 2020, 28.3 percent in the third quarter and 26.5 percent in the firs...