If you’re a millennial, home buying might be top of mind for you.  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott states   Your generation is the largest group of homebuyers in the market today and has been since 2014, according to the   National Association of Realtors   (NAR). And while other millennials are looking to buy for the first time, you may be one of the many who are now discovering you’ve outgrown your home. If that’s the case, you’re not alone. The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home. As a recent report from the  Wall Street Journal  states: “They say the pandemic and the emergence of remote work accelerated millennial home-buying trends already under way. . . .  Millennials who already owned homes traded up for more space .” So, if you’re working  remotely  now or simp...

  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott states.    Almost every industry is currently struggling with supply chain disruptions. This also applies to the current U.S. housing market, where buyer demand far exceeds housing supply. Purchaser demand is very strong right now. The  National Association of Realtors  (NAR) just released their latest  Existing Home Sales Report  which reveals that sales surged in January. Existing home sales rose to a seasonally adjusted annual rate of 6.5 million – an increase of 6.7% from the prior month, with sales up in all regions. However, there’s one big challenge. Inventory Is at an All-Time Low Because purchaser demand is so high, the market is running out of available homes for sale. The above-mentioned report states that the current months’ supply of inventory of homes for sale has fallen to 1.6 months. This prompts Lawrence Yun, Chief Economist at NAR, ...

  Many things have changed over the past couple of years, and real estate is no exception.  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott states.  One impact is an increased desire to own more than one home. According to the recent   Luxury Market Report   from   Luxury Home Marketing : “As trends such as remote working and flexi-hours took hold in 2021, so too did the flexibility of  relocating  as well as  the growth of second homeownership .” This may be because the pandemic has altered how we think about our homes. Where we live has become, more than ever, our  safe space  and our getaway. And with the rise in  remote work , more people are reconsidering where they want to live and buying second homes to give them greater flexibility. If you fall in that category, here are just a few of the perks you’ll enjoy, and how owning a second home may be a great decision for yo...

   In an annual   Gallup   poll, Americans chose real estate as the best long-term investment states  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . It’s not the first time it’s topped the list, either. Real estate has been on a winning streak for the past eight years, consistently gaining traction as the best   long-term investment   ( see graph below ): If you’re thinking about purchasing a home this year, this poll should reassure you. Even when inflation is rising like it is today, Americans agree  an investment like real estate truly shines. Why Is Real Estate a Great Investment During Times of High Inflation? With inflation reaching its highest level in  40 years , it’s more important than ever to understand the financial benefits of homeownership. Rising inflation means prices are increasing across the board. That includes goods, services, housing costs, and more. But when you pu...

  Fifteen years ago, prices were high, wages were low, and mortgage rates were over 6%. Today, prices are still high. Wages, however, have increased, and the mortgage rate, even after the recent spike, is still well below 6%. That means the average purchaser today pays less of their monthly income toward their mortgage payment than they did back then. In the latest  Affordability Report  by  ATTOM Data , Chief Product Officer Todd Teta addresses that exact point: “The average wage earner can still afford the typical home across the U.S., but the financial comfort zone continues shrinking as home prices keep soaring and mortgage rates tick upward.” Affordability isn’t as strong as it was last year, but it’s much better than it was during the boom. Here’s a chart showing that difference: If costs were so prohibitive, how did so many homes sell during the housing boom? 2. Mortgage Standards Were Much More Relaxed During the Boom During the housing bubble, it was much ea...