The health crisis we face as a country has led businesses all over the nation to reduce or discontinue their services altogether. This pause in the economy has greatly impacted the workforce and as a result, many people have been laid off or furloughed states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Naturally, that would lead many to believe we might see a rush of foreclosures like we saw in 2008. The market today, however, is very different from  2008 . The concern of more foreclosures based on those that are out of work is one that we need to understand fully. There are two reasons we won’t see a rush of foreclosures this fall: forbearance extension options and strong homeowner equity. 1. Forbearance Extension Forbearance, according to the  Consumer Financial Protection Bureau  ( CFPB ), is  “ when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage.”  This ...

Inventory is arguably the biggest challenge for buyers in today’s housing market states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. There are simply more buyers actively looking for homes to purchase than there are sellers selling them, so the scale is tipped in favor of the sellers. According to the latest  Existing Home Sales Report  from the  National Association of Realtors  (NAR), total housing inventory is down 18.8% from one year ago. Inventory is well below what was available last year, and the houses that do come to the market are selling very quickly. Sam Khater,  Chief Economist  at  Freddie Mac   notes : “Simply put, new housing supply is not keeping up with rising demand. We estimate that the housing market is undersupplied by 3.3 million units, and the shortage is rising by about 300,000 units a year. More than half of all states have a housing shortage.” Why is inventory so low? There are many reasons why i...

There’s a great opportunity for today’s homeowners to sell their houses and make a move states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott, yet due to the impact of the ongoing health crisis, some sellers are taking their time coming back to the market.  According  to Javier Vivas,  Director of Economic Research  at  realtor.com : “Sellers continue returning to the market at a cautious pace and further improvement could be constrained by lingering coronavirus concerns, economic uncertainty, and civil unrest.” For homeowners who need a little nudge of motivation to get back in the game, it’s good to know that buyers are  ready to purchase  this season. After spending several months at home and re-evaluating what they truly want and need in their space, buyers are ready and they’re in the market now. Lawrence Yun,  Chief Economist  at the  National Association of Realtors  (NAR)  explains : “A number of p...

Over the past several weeks,  Freddie Mac  has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to  3.03% . Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott  (See graph below ): What does this mean for buyers? This is huge for homebuyers. Those currently taking advantage of the increasing  affordability  that comes with historically low-interest rates are winning big. According to Sam Khater,  Chief Economist  at  Freddie Mac: “The summer is heating up as record low mortgage rates continue to spur homebuyer demand.” In addition,  move.com   notes : “Summer home buying season is off to a roaring start. As buyers flooded into the market, realtor.com ®  monthly traffic hit an all-time high of 86 million unique users in June 2020, breaking May’s record of...

With businesses reopening throughout the country and some experts indicating early signs of a much-anticipated economic  recovery , more homebuyers are actively entering the housing market this summer states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Today, housing is truly driving the U.S. economy forward. With so many buyers looking for homes to purchase and so few houses for sale right  now , there’s a disconnect between supply and demand. This imbalance is pushing home prices upward while driving more bidding wars and multiple-offer scenarios. Danielle Hale,  Chief Economist  at  realtor.com  explains : “People are surprised that prices are rising, not falling, because in the last  recession  home prices fell, the difference this time is the severe shortage of homes for sale…We are seeing bigger price increases with [a limited] number of homes…That is likely to lead to more competition and potentially multiple offers...

In today’s fast-paced world where answers are just a Google search away, there are some who may question the benefits of hiring a real estate professional when selling a house. The reality is, the addition of more information can lead to more confusion. A real estate agent can be your essential guide, but truth be told, not all agents are created equal. Finding the right agent for you and your family should be your top priority when you’re ready to sell your house states or purchase a home, states Mike Eastwood Chief Executive Officer at West USA Realty of Prescott.  The right agent is the person who can truly walk you through the whole process, look out for your best interest, and seamlessly lead you through all the steps along the way. In today’s complex market, the way we execute real estate transactions is changing constantly, especially as more elements can be done  virtually . Making sure you have the best advice on your side is more important than ever. So, how do you c...