As we move into the latter half of the year, questions about what’s to come are top of mind for buyers and sellers states Mike Eastwood Author & Chief Executive Officer of Bello Sol Inc/West USA Realty of Prescott. Near record-low mortgage rates coupled with rising home price appreciation kicked off a robust housing market in the first half of 2021, but what does the forecast tell us about what’s on the horizon? Mortgage Rates Will Likely Increase, but Remain Low Many experts are projecting a rise in interest rates. The latest  Quarterly Forecast  from  Freddie Mac   states : “ We forecast that   mortgage rates will continue to rise through the end of next year.  We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.” However, even as mortgage rates rise, the anticipated increase is expected to be modest at most, and still well below  historical averages . Ra...

 Mike Eastwood Author-Chief Executive Officer of Bello Sol Inc/ West USA Realty of Prescott states.  Selling a house is a time-consuming process – especially if you decide to do it on your own, known as a   For Sale By Owner (FSBO) . From conducting market research to reviewing legal documents, handling negotiations, and more, it’s an involved and highly detailed process that requires a lot of expertise to navigate effectively. That’s one of the reasons why the percentage of people selling their own house has declined from 19% to   8%   ( S ee graph below ): To help you understand just how much time and effort it takes to sell on your own, here’s a look at a few of the things you need to think about before putting that “For Sale” sign up in your yard. 1. Making a Good First Impression While it may sound simple, there are a lot of proven best practices to consider when prepping a house for sale. Do you need to take down your personal art? What’s the right amount ...

 Mike Eastwood Author & Chief Executive Officer of Bello Sol Inc/West USA Realty of Prescott states.  Building financial wealth and stability remains one of the   top reasons   Americans choose to own a home, and as a homeowner, your wealth often grows without you even realizing it. In a recent paper published by the   Urban Institute,   Home Ownership is Affordable Housing , author Mike Loftin illustrates how homeowners increase their equity and their wealth simply by making monthly mortgage payments: “The principal portion that reduces the loan balance builds the homeowner’s equity. In doing so, the principal payments behave like an automatic savings account. The principal payment is not money going out; it is money staying in.” But home equity – the difference between the value of your home and what you currently owe – isn’t just built through your monthly principal payments. Home price appreciation plays a vital role in growing your equity and, ulti...

  You may have been told that it’s important to get   pre-approved   at the beginning of the   homebuying   process, but what does that really mean, and why is it so important? States Mike Eastwood Author-Chief executive Officer of Bello Sol Inc/West USA Realty of Prescott. Especially in today’s   market , with rising home prices and high buyer competition, it’s crucial to have a clear understanding of your budget so you stand out to sellers as serious homebuyer. Being intentional and competitive are musts when buying a home right now. Pre-approval from a lender is the only way to know your true  price range  and how much money you can borrow for your loan. Just as important, being able to present a pre-approval letter shows sellers you’re a qualified buyer, something that can really help you land your dream home in an ultra-competitive market. With limited housing inventory, there are many more buyers active in the market than there are sellers, ...

 Mike Eastwood Author-Chief Executive Officer of  Bello Sol Inc/West USA Realty of Prescott states when  it comes to buying a house, you’re looking for the perfect place to call home. The problem is, in today’s market there just aren’t that many homes available to purchase. With   inventory   hovering near record lows and sky-high buyer   demand , a multi-offer scenario is the new normal. Here are five things to keep in mind when you’re ready to make an offer. 1. Know Your Numbers Having a complete understanding of your budget and how much house you can  afford  is essential. That’s why you should connect with a lender to get  pre-approved  for a loan early in the homebuying process. Taking this step shows sellers you’re a serious, qualified buyer and can give you a competitive edge in a bidding war. 2. Brace for a Fast Pace Today’s market is dynamic and fast-paced. According to the  Realtors Confidence Index  from the  Na...