If you’re following the news, chances are you’ve seen or heard some headlines about the housing market that don’t give the full picture states  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott . The real estate market is shifting, and when that happens, it can be hard to separate fact from fiction. That’s where a trusted real estate professional comes in. They can help debunk the headlines so you can really understand today’s market and what it means for you. Here are three common housing market myths you might be hearing, along with the expert analysis that provides better context. Myth 1: Home Prices Are Going To Fall One piece of fiction many buyers may have seen or heard is that  home prices  are going to crash. That’s because headlines often use similar, but different,  terms  to describe what’s happening with prices. A few you might be seeing right now include: Appreciation , or an increase in home prices. Depreciatio...

  There are  more homes for sale   today than at any time last year states  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott . So, if you tried to  buy a home   last year and were outbid or outpriced, now may be your opportunity. The number of homes for sale in the U.S. has been growing over the past four months as rising mortgage rates   help slow the frenzy the  housing market   saw during the pandemic. Lawrence Yun, Chief Economist at the  National Association of Realtors  (NAR), explains why the shifting market creates a window of opportunity for you: “This is an opportunity for people with a secure job to jump into the market when other people are a little hesitant because of a possible recession. . . They’ll have fewer buyers to compete with.” Two Reasons There Are More Homes for Sale The first reason the market is seeing more homes available for sale is the number of sales happening e...

   If you’re thinking about  making a move , you probably want to know what’s going to happen to  home prices   for the rest of the year states Cynthia  Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott . While experts say price growth   will moderate due to the shifting market, ongoing appreciation is expected. That means home prices won’t fall. Here’s a look at two key reasons experts forecast continued price growth: supply and demand. While Growing, Housing Supply Is Still Low Even though  inventory is increasing  this year as the  market moderates , supply is still low. The graph below helps tell the story of why there still aren’t enough homes on the market today. It uses  data  from the  Census  to show the number of single-family homes that were built in this country going all the way back to the 1970s. The blue bars represent the years leading up to the housing crisis in 2008. As the gra...

  Over the last two years, the rate of home prices appreciated at a dramatic pace. While that led to incredible  equity gains   for homeowners, it’s also caused some buyers to wonder if home prices will fall. Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states.   It’s important to know the housing market isn't a bubble   about to burst, and home price growth is supported by strong market fundamentals. To understand why price declines are unlikely, it’s important to explore what caused home prices to rise so much recently, and where experts say home prices are headed.  Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott states.  Here’s what you need to know. Home Prices Rose Significantly in Recent Years The graph below uses the latest data from  CoreLogic  to illustrate the rise in home prices over the past year and a half. The gray bars represent the dra...

  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states.   If you’re planning to purchase a home , you might have heard that pre-approval is a necessary step to take before starting out on your journey. But why is that? And is it still important in today's market ? The truth is, getting a pre-approval letter from your lender is critical, and when it comes to your home search, it can be a game changer in so many ways. To better understand why it’s important to know what pre-approval is.  Freddie Mac  defines the process like this: “A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home.  The lender you work with will provide you with a pre-approval letter, which is an official document that states the maximum amount they are willing to lend you, . . .” Put simply, pre-approval from a lender helps you understand your true price range and how much mo...