With forbearance plans about to come to an end, many are concerned the housing market will experience a wave of foreclosures like what happened after the housing bubble 15 years ago states Mike Eastwood Author-Professional Speaker- Chief Executive Officer of Bello Sol Inc/West USA Realty of Prescott. Here are four reasons why that won’t happen. 1. There are fewer homeowners in trouble this time After the last housing crash, about  9.3 million  households lost their home to a foreclosure, short sale, or because they simply gave it back to the bank. As stay-at-home orders were issued early last year, the overwhelming fear was the pandemic would decimate the housing industry in a similar way. Many experts projected  30% of all mortgage holders  would enter the forbearance program. Only 8.5% actually did, and that number is now  down to 3.5% . As of last Friday, the total number of mortgages still in forbearance stood at   1,863,000 . That’s definitely a...

  One of the hottest topics of conversation in today’s real estate market is the   shortage of available homes .   Simply put, there are many more potential buyers than there are homes for sale  states Mike Eastwood Aurhor-Chief Executive Officer of West USA Realty of Prescott. As a seller, you’ve likely heard that low supply is good news for you. It means your house will get more attention, and likely, more offers. But as life begins to return to normal, you may be wondering if that’s something that will change. While it may be tempting to blame the pandemic for the current inventory shortage, the pandemic can’t take all the credit. While it did make some sellers hold off on listing their houses over the past year, the truth is the low supply of homes was years in the making. Let’s take a look at the root cause and what the future holds to uncover why now is still a great time to sell. Where Did the Shortage Come From? It’s not just today’s high buyer demand. Our lo...

   If you’re a prospective buyer or seller, it’s important to understand the current real estate market conditions and how they affect you states Mike Eastwood Author-Chief Executive Officer of West USA Realty of Prescott. The   Counselors of Real Estate  (CRE)   just released its   Top Ten Issues Affecting Real Estate   report. Here are three hot topics from the list and how they impact today’s housing market. Technology Acceleration and Innovation The past year ushered in many changes to the real estate industry, especially when it comes to technology. The CRE report elaborates on this: “Lockdown-driven changes in our work, in the economy, in social structures, and in our personal behavior have pushed our reluctance aside.  The acceleration and adoption of technology during the pandemic has impacted everything, and real estate is no exception. ” For real estate,  innovations  like digital documentation, virtual tours, and video chat en...

   If you’re a prospective buyer or seller, it’s important to understand the current real estate market conditions and how they affect you states Mike Eastwood Author-Chief Executive Officer of West USA Realty of Prescott. The   Counselors of Real Estate  (CRE)   just released its   Top Ten Issues Affecting Real Estate   report. Here are three hot topics from the list and how they impact today’s housing market. Technology Acceleration and Innovation The past year ushered in many changes to the real estate industry, especially when it comes to technology. The CRE report elaborates on this: “Lockdown-driven changes in our work, in the economy, in social structures, and in our personal behavior have pushed our reluctance aside.  The acceleration and adoption of technology during the pandemic has impacted everything, and real estate is no exception. ” For real estate,  innovations  like digital documentation, virtual tours, and video chat en...

  As we move into the second half of the year, one thing is clear: the current real estate market is one for the record books states Mike Eastwood Author-Chief Executive Officer of Bello Sol Inc/West USA Realty of Prescott. The exact mix of conditions we have today creates opportunities for both buyers and sellers. Here’s a look at four key components that are shaping this unprecedented market. A Shortage of Homes for Sale Earlier this year, the number of homes available for sale fell to an all-time low. In recent months, however,  inventory levels  are starting to trend up. The latest  Monthly Housing Market Trends Report  from  realtor.com  says: “In June,  newly listed homes grew by 5.5% on a year-over-year basis , and by 10.9% on a month-over-month basis. Typically, fewer newly listed homes appear on the market in the month of June compared to May.  This year, growth in new listings is continuing later into the summer season, a welcome si...