If you were thinking about buying a home this year, but already pressed pause on your plans due to rising   home prices   and increasing   mortgage rates , there’s something you should consider.  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott states . According to the   latest report   from   ATTOM Data , owning a home is more affordable than   renting   in the majority of the country. The   2022 Rental Affordability Report   says: “. . .  Owning a median-priced home is more affordable than the average rent   on a three-bedroom property  in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means  major home ownership expenses consume a smaller portion of average local wages than renting .” Other experts in the industry offer additional perspectives on  renting  today. In the latest  Single-...

   If you’re thinking about selling your house in 2022, you truly have a once-in-a-lifetime opportunity at your fingertips states  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . When selling anything, you always hope for   strong demand   for the item coupled with a   limited supply . That   maximizes your leverage   when you’re negotiating the sale. Home sellers are in that exact situation right now. Here’s why. Demand Is Very Strong According to the latest  Existing Home Sales Report  from the  National Association of Realtors  (NAR), 6.18 million homes were sold in 2021. This was the largest number of home sales in 15 years. Lawrence Yun, Chief Economist for NAR, explains: “Sales for the entire year finished strong, reaching  the highest annual level since 2006 . . . . With mortgage rates expected to rise in 2022, it’s likely that a portion of December buyers were...

  Many members of Generation Z (Gen Z) are aging into adulthood and deciding whether to   rent   or buy a home states  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . If you find yourself in this group, it’s important to understand you’re never too young to start thinking about homeownership. The sooner you start planning, the sooner you can move on from renting. As you set off on your journey and plan your next move, here are a few reasons to think about homebuying this year. The Reasons Gen Z Want To Become Homeowners While the majority of Gen Z haven’t entered the housing market yet, a large portion plan to according to a  realtor.com   report . The report found that 72% of Gen Z would rather purchase a home than rent long-term. As George Ratiu, Manager of Economic Research for  realtor.com,   says : “With  nearly three-quarters of those surveyed preferring to buy versus renting long-...

  You may have heard that it’s important to get  pre-approved  for a mortgage at the beginning of the  homebuying process   states Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott , but what does that really mean, and why is it so important? Especially in today’s market, with rising   home prices   and high   buyer competition , it’s crucial to have a pre-approval letter prior to making an offer. Here’s why. Being intentional and competitive are musts when buying a home this year. 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 sell...

  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott states.  One key question that’s top of mind for homebuyers this year is:   why is it so hard to find a house to buy?   The truth is, we’re in the ultimate sellers’ market, so real estate is   ultra-competitive   for buyers right now. The number of buyers searching for a home greatly outweighs how many homes are available for sale. While low inventory in the housing market isn’t new, it’s a challenge that continues to grow over time. Here’s a look at two reasons why today’s housing supply is low and what that means for you. 1. New Home Construction Fell Behind for Several Years The graph below shows  new home construction  for single-family homes over the past five decades, including the long-term average for housing units completed. Builders exceeded that average during the housing bubble ( shown in red on the graph ). The result was an oversup...