Every year,  Gallup  conducts a  survey  of Americans to determine their choice for the best long-term investment. Respondents are asked to select real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds. For the seventh year in a row, real estate has come out on top as the best long-term investment.  Gallup  explained: “Real estate remains the most favored investment to Americans, as has been the case since 2013, when the housing market was on the rebound. More than a third of Americans have named real estate as the top investment since 2016.” This year’s results indicated 35% of Americans chose real estate, followed by stocks at 21%. The full results covering the last decade are shown in the chart below: Bottom Line The belief of the American people in the stability of housing as a long-term investment remains strong, even though the many challenges our economy faces today.  If you like to learn more about the Prescott, Arizona real est...

As the health crisis started making its way throughout our country earlier this spring, sellers have been cautious about putting their homes on the market states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. This hesitation stemmed primarily from fear of the spread of the coronavirus, and understandably so. This abundant caution has greatly impacted the number of homes for sale and slowed the pace of a typically busy spring real estate season. Mark Fleming,  Chief Economist  at  First American   notes : “As more homeowners are reluctant to list their homes for sale amid the pandemic, the supply of homes available to potential home buyers continues to dwindle.” With many states beginning a phased approach to reopening,  virtual  best practices and health and safety  guidelines  for the industry are in place to increase the comfort level of buyers and sellers. What we see today, though, is that sellers are still making a very...

With more U.S. states reopening for business this summer, and as people start to return to work, we can expect the economy to begin improving states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Most expert forecasts indicate this economic recovery will start to happen in the second half of this  year . As we get back to work and the financial landscape of the country begins to turn around, many experts also agree that real estate has the potential to lead the way in the recovery process. According to  Ivy Zelman  of  Zelman & Associates:  “Housing will fare better than expected during this severe downturn.” In addition, CNBC  notes : “Mortgage demand from home buyers shows unexpectedly strong and quick recovery…The quick recovery has surprised most forecasters.” Robert Dietz,  Chief Economist  and  Senior Vice President for Economics and Housing Policy  of the  National Association of Home Builders ...

The travel industry is one of the major sectors that’s been hit extremely hard by the COVID-19 pandemic. Today, it’s hard to know how long it will take for summer travelers to be back in action and for the industry to fully recover states Mike Eastwood Chief Executive Officer of West USA Realty Of Prescott. Homeowners who rent their secondary properties on their own or through programs like  Airbnb,  which has over  660,000  listings in the U.S. alone, have been impacted in this challenging time. Some of these homeowners are considering selling their vacation homes, and understandably so. A recent CNN  article  indicated: “With global travel screeching to a halt during the pandemic, a number of Airbnb hosts are planning to sell their properties…These desperate moves come as hosts face the possibility of losing thousands of dollars a month in canceled bookings while bills, maintenance costs, and mortgage payments pile up.” If you’re one of the property owner...

As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices states Mike Eastwood Chief Executive Officer at West USA Realty of Prescott. Looking at the big picture, supply and demand will give us the clearest idea of what’s to come. Making our way through the month of June and entering the second half of the year, we face an undersupply of homes on the market. Keep in mind, this undersupply is going to vary by location and by price point. According to the  National Association of Realtors  (NAR), across the country, we currently have a 4.1 months  supply  of homes on the market. Historically, 6 months of supply is considered a balanced market. Anything over 6 months is a buyer’s market, meaning prices will depreciate. Anything below 6 months is a seller’s market, where prices appreciate. The graph below shows inventory across the country since 20...

More than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in states Mike Eastwood Chief Executive officer of West USA Realty of Prescott They’re evolving into our workplaces, schools for our children, and safe havens that provide shelter, stability, and protection for our families through the evolving health crisis. Today,  65.3%  of Americans are able to call their homes their own, a rate that has risen to its highest point in 8 years. June is  National Homeownership Month , and it’s a great time to reflect on the benefits of owning your own home. Below are some  highlights  and quotes recently shared by the  National Association of Realtors  (NAR). From non-financial to financial, and even including how owning a home benefits your local economy, these items may give you a reason to think homeownership stretches well beyond a sound dollars and cents investment alone. Non-Financial Benefits Ow...

Before he died, a grandfather said to his grandson; “Here is a watch that your great grandfather gave me. It is almost 200 years old. Before I give it to you, go to the jewelry store. Tell them that I want to sell it, and see how much they offer you." The grandson went to the jewelry store, came back to his grandfather, and said; "They offered $150.00 because it's so old." The grandfather said; “Go to the pawnshop." The grandson went to the pawnshop, came back to his grandfather, and said; "The pawnshop offered $10.00 because it looks so worn." The grandfather asked his son to go to the museum and show them the watch. He went to the museum, came back, and said to his grandfather; “The curator offered $500,000.00 for this very rare piece to be included in their precious antique collections." The grandfather said; “I wanted to let you know that the right place values you in the right way. Don't find yourself in the wrong place and get angry if y...