Today’s market is at a turning point ,  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states. M aking it more essential than ever to work with a real estate professional. Not only will a trusted real estate advisor keep you updated and help you make the best decisions based on current market trends, but they’re also experts in managing the many aspects of  selling your house . Here are five key reasons why working with a real estate professional makes sense today. 1. A Professional Follows the Latest Market Trends With higher mortgage rates and moderating buyer demand, conditions are changing and staying on top of the latest market information is crucial when you sell. Working with an expert real estate advisor helps ensure you can stay updated on what’s happening. They know your local area and follow national trends too. More importantly, they’ll know what this data means for you, and as the market shifts, they’ll be able to...

   If you’re following today’s housing market, you know two of the top issues consumers face are inflation and mortgage rates states  Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . Let’s take a look at each one. Inflation  and the Housing Market This year, inflation reached a high not seen in forty years. For the average consumer, you probably felt the pinch at the gas pump and in the grocery store. It may have even impacted your ability to save money to buy a home. While the  Federal Reserve  is working hard to lower inflation, the August data shows the inflation rate was still higher than expected. This news impacted the stock market and fueled conversations about a recession. It also played a role in the  Federal Reserve’s  decision to raise the Federal Funds Rate last week. As  Bankrate says : “. . .   the Fed has raised rates again, announcing yet anothe...

  The real estate market is on just about everyone’s mind these days states  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott . That’s because the unsustainable market of the past two years is behind us, and the difference is being felt. The question now is,   just how financially strong are homeowners throughout the country ? Mortgage debt grew beyond  10 trillion dollars   over the past year, and many called that a troubling sign when it happened for the first time in history. Recently Odeta Kushi, Deputy Chief Economist at  First American , answered that question when she said: “U.S. households own $41 trillion in owner-occupied real estate, just over $12 trillion in debt, and the remaining ~$29 trillion in equity. The national “LTV” in Q2 2022 was 29.5%, the lowest since 1983.” She continued on to  say : “Homeowners had an average of $320,000 in inflation-adjusted equity in their homes in Q2 2022, an all-time hi...

  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states.  Experts are starting to make their 2023 home price forecasts. As they do, most agree homes will continue to gain value, just at a slower pace. Over the past couple of years,   home prices   have risen at an unsustainable rate, leaving many to wonder how long it would last. If you’re asking yourself:   what’s ahead for the price of my home,   know that experts are now answering this question and it's welcome news for homeowners who may have been led by the media to believe their home would lose value. Historically, home prices have appreciated at a rate near  4% . For 2023, the average of six major forecasters noted below is 2.5% .  While one,  Zelman & Associates , is calling for depreciation, the other five are calling for appreciation. The graph below outlines each expert forecast to show where they project home prices are going in the coming yea...

  Some people believe there’s a group of homeowners who may be reluctant to  sell their houses   because they don’t want to lose the historically low mortgage rate they have on their current homes states  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott . You may even have the same hesitation if you’re thinking about selling   your house. Data shows 51% of homeowners have a mortgage rate under 4% as of April this year. And while it’s true mortgage rates are higher than that right now, there are other non-financial factors to consider when it comes to making a move. In other words, your mortgage rate is important, but you may have other things going on in your life that make a move essential, regardless of where rates are today. As Jessica Lautz, Vice President of Demographics and Behavioral Insights at the  National Association of Realtors  (NAR), explains: “ Home sellers have historically moved when something ...

  While watching the stock market recently may have started to feel pretty challenging,  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states. C hecking the value of your home should come as welcome relief in this volatile time. If you’re a homeowner, your  net worth   got a big boost over the past few years thanks to rising home prices. And that increase in your wealth came in the form of home equity. Here’s how it works. Equity is the current value of your home minus what you owe on the loan.  Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially. And while rising inventory and mortgage rates have cooled the market some in recent months, home prices nationally remain strong. That’s why, according to the latest Homeowner Equity Insights from  Co...