As we near the end of the year, more homeowners are realizing the benefits of today’s sellers’ market states  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . Record-breaking   home price appreciation , growing   equity , low   inventory , and competitive   mortgage rates   are motivating homeowners to make a move that addresses their   changing lifestyles . In fact, recent  data  from  realtor.com  shows a larger share of homeowners are planning to list their houses this winter. So, that means  more homes  are about to hit the market, which will lead to more choices for buyers too. According to George Ratiu, Manager of Economic Research at  realtor.com : “The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests  the majority of prospective sellers are a...

  Last week, the average 30-year fixed mortgage rate from   Freddie Mac   inched up to 3.1%, and   experts project   rates will continue rising through 2022 states  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott “The 30-year fixed-rate mortgage was 2.9% in the third quarter of 2021. We forecast mortgage rates to increase slightly through the remainder of the year and reach 3.0%,  rising to 3.5% for full year 2022.” If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage  rates rise . Taking Time Off Can Be Costly Mortgage rates play a significant role in your home search. As rates go up, your monthly mortgage payment increases if you’re buying a home, directly affecting how much you can afford. And even the smallest increase can have a large impact on your  monthly payment   (see chart below) : With mortgage rates on the rise, yo...

  There are a lot of questions right now regarding the real estate market as we head into 2022 states  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott. T he forbearance program is coming to an end and mortgage rates are beginning to rise. With all of this uncertainty, anyone with a megaphone – from the mainstream media to a lone blogger – has realized that bad news sells. Unfortunately, we’ll continue to see a rash of troublesome headlines over the next few months. To make sure you aren’t paralyzed by a headline, turn to reliable resources for a look at what to expect from the housing market next year. There are already alarmist headlines starting to appear. Here are two recent topics you may have seen in the news. 1. Foreclosures Are Spiking Today There are a number of headlines circulating that call out the rising foreclosures in today’s real estate market. Those stories focus on an overly narrow view on that topic: the c...

  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott states.  Your   equity   is a powerful tool that can help you achieve your goals as a homeowner. And chances are, your equity grew substantially over the past year. According to the latest   Equity Insights Report   from   CoreLogic , homeowners gained an average of $51,500 in equity over the past year. If you’re looking for the best ways to use your  growing equity , here are four options: 1. Use Your Equity To Buy a Home That Fits Your Needs If you’re finding you no longer have the  space  you need, it might be  time to move  into a larger home. Or, it’s possible you have  too much  space and would like something  smaller . No matter the situation,  consider using your equity to power a move into a home that fits your changing lifestyle.  Moving into a larger home can provide extra space for remote ...

  Like most industries, residential real estate has seasonality to it states  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . For example, toy stores sell more toys in October, November, and December than they do in any other three-month span throughout the year. More cars are sold in the U.S. during the second quarter (April, May, and June) than in any other quarter of the year. Real estate is very similar. The number of homes sold in the spring is almost always much greater than at any other time of the year. It’s even labeled as the  spring buying season . Historically, the number of buyers and listings for sale significantly increase in the spring and remains strong throughout the summer. Once fall sets in, the number of buyers and sellers typically drops off. Last year, however, that seasonality didn’t happen. The outbreak of the virus and subsequent slowing of the economy limited sales during the spring market....