If you’re planning to  buy a home , knowing what to budget for and how to save may sound scary at first.   Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states  it doesn’t have to be. One way to take the fear out of budgeting is to understand some of the costs you might encounter.  And to do that, turn to trusted  real estate professionals . They can help you plan your finances and prepare your budget. Here are just a few costs experts say you can expect. 1. Down Payment Saving for your down payments is likely top of mind as you set out to buy a home. But do you know how much you’ll need to save? While each situation is different, there’s a common misconception that putting 20% down toward your purchase is required. An article from the  Mortgage Reports  explains why that’s not always the case: “The idea that you have to put 20% down on a house is a myth. . . .  The right amount depends on y...

   Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states.  If you’re thinking about  selling your home   but wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they’re looking for. While the millennial generation has been dubbed the renter generation, that namesake may not be appropriate anymore. Millennials, the largest generation, are actually a significant driving force for buyer demand in the housing market today. Here’s why. Millennial Homebuying Power While there’s no denying higher mortgage rates are making it more challenging to afford a home today, many millennials are still eager and able to buy homes – whether it’s their first or they’re moving up. That’s in large part because of the value they place on education. A recent article from  First American  says millennials may be the most...

  With all the headlines and talk in the media about the  shift   in the housing market, you might be thinking this is a housing bubble states  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott . It’s only natural for those thoughts to creep in that make you think it could be a repeat of what took place in 2008. But the good news is, there are concrete data to show why this is nothing like the last time. There’s Still a Shortage of Homes on the Market Today, Not a Surplus For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to fall dramatically. Supply has increased since the start of this year, but there’s still a shortage of inventory available overall, primarily due to almost 15 years of underbuilding homes. The graph below uses data from the  National Association of Realtors  (NAR) to show how the m...

  If you’re planning to  buy a home   this year, one of the first steps on your  journey   is getting pre-approved states  Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . Especially in today’s market when  mortgage rates   are higher than they were just a few months ago, getting a   mortgage pre-approval   can be a game changer. Here’s why. What Is Pre-Approval? To better understand why pre-approval is key, it’s important to know what pre-approval is. The  Mortgage Reports explains  it like this: “When you’re ready to take the leap into homeownership, your first step is mortgage preapproval. . . . A mortgage preapproval is when a lender determines you’re qualified for a home loan.  Your preapproval letter shows the maximum loan amount you’re approved for (your home buying budget), as well as the specific interest rate and loan term you can expect. ” As part of...

  While the   Federal Reserve   is working hard to  bring down inflation , the latest data shows the  inflation rate   is still high,  remaining around 8%.  .  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states.   This news impacted the stock market and added fuel to the fire for conversations about a recession. You’re likely feeling the impact in your day-to-day life as you watch the cost of goods and services climb. The pinch it’s creating on your wallet and the looming economic uncertainty may leave you wondering:  “should I still buy a home  right now?”  If that question is top of mind for you, here’s what you need to know. Homeownership Is Historically a Great Hedge Against Inflation In an inflationary economy, prices rise across the board. Historically, homeownership is a great hedge against those rising costs because you can lock in what’s likely your largest month...

  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states.  Over the past two years, the substantial imbalance of low housing supply and high buyer demand pushed home sales and buyer competition to new heights. But this year, things are shifting as supply and demand reach an  inflection point . The graph below helps tell the story of just how different things are today. This year, buyer demand has eased as higher mortgage rates and mounting economic uncertainty moderated the market. This slowdown in demand is clear when you look at the red bar on the graph. It uses the latest data from  ShowingTime  to illustrate how showings (an indicator of buyer demand) have softened by just over 12% compared to the same time last year. Now for a look at how the housing supply has changed, turn to the green bar. It uses data from  realtor.com  to show active listings are up nearly 27% compared to last yea...