Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states.  One of the biggest questions people are asking right now is:   what’s happening with home prices ? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture. Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let’s break down the differences among those terms to help clarify what’s actually happening today. Appreciation  is when home prices  increase . Depreciation  is when home prices  decrease . Deceleration  is when home prices  continue to appreciate, but at a slower or more moderate pace. Experts agree that, nationally, what we’re seeing today is deceleration. That means home prices are appreciating, just not at the record-breakin...

  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states.  If you’re a  homeowner   or are planning to become one soon, you’re probably looking for clear information about  today's housing market . And if you’ve turned to the news or even just read headlines recently, you might feel like you’re left with more questions than answers. The best way to make sure you get what you need is to work with an expert. Why You Want To Lean on a Trusted Professional With any big milestone in life, it’s wise to seek advice from people who are experts in their field.  While you likely want that advice to be perfect, perfect simply isn’t possible. But professionals have the knowledge and experience to be able to provide you with the best advice for your situation. For example, let’s say you need an attorney, so you seek out an expert in the type of law required for your case. They won’t immediately tell you how the case is going to end or ho...

   If you’re thinking about  buying a home , you likely have a lot of factors on your mind states Cynthia  Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott . You’re weighing your own needs against higher  mortgage rates , today’s home prices, and more to try to decide if you want to jump into the market. While some buyers may wait things out, there’s a reason serious buyers are making moves right now, and that’s the growing number of homes for sale. So far this year, housing inventory has been increasing and that’s making the prospect of finding your dream home less difficult. While there are always reasons you could delay making a big decision, there are also always reasons to consider moving forward. And having a growing number of options for your home search may be exactly what you needed to feel more confident in making a move. What’s Causing Housing Inventory To Grow? As new data comes out, we’re getting an updated pic...

  Whether or not you owned a home in 2008, you likely remember the housing crash that took place back then states  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott.  And news about an   economic slowdown   happening today may bring all those concerns back to the surface. While those feelings are understandable, data can help reassure you the situation today is nothing like it was in 2008. One of the key reasons why the market  won’t crash  this time is the current undersupply of inventory. Housing supply comes from three key places: Current homeowners putting their homes up for sale Newly built homes coming onto the market Distressed properties (short sales or foreclosures) For the market to crash, you’d have to make a case for an oversupply of inventory headed to the market, and the numbers just don’t support that. So, here’s a deeper look at where inventory is coming from today to help prove why the housing market isn’...

  If you put off your home search at any point over the past two years, you may want to consider picking it back up based on today’s housing market conditions.  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states .  Recent data shows the   supply of homes   for sale is increasing, giving buyers like you additional options. But it’s important to keep in mind that while  inventory is improving , it’s still a  sellers’ market . And that means you need to be prepared as you set out on your home search. Here are three tips for buying the home of your dreams today. 1. Understand How Mortgage Rates Impact Your Homebuying Power Mortgage rates have  increased  significantly this year, and over the past few weeks, they’ve been fluctuating quite a bit. It’s important to stay up to date on what’s happening with rates and understand how they can impact your purchasing power when you’re thinking of buying a home. The cha...

   If you tried to purchase a home   during the pandemic, you know the limited supply of homes for sale was a considerable challenge.   Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states.  It created intense bidding wars which drove  home prices   up as buyers competed with one another to be the winning offer. But what was once your greatest challenge may now be your greatest opportunity. Today, data shows buyer demand is moderating in the wake of higher mortgage rates. Here are a few reasons why this shift in the housing markets is good news for your homebuying plans. The Challenge There were many reasons for the limited number of homes on the market during the pandemic, including a history of underbuilding new homes since the market crash in 2008. As the graph below shows, the housing supply is well below what the market has seen for most of the past 10 years ( see graph bel...