There are so many great reasons to purchase a home, and over the past year, we’ve realized more of them than we ever thought possible states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. If you’re a first-time homebuyer, having a home of your own can give you a greater sense of security and accomplishment in a time that’s largely uncertain. If you’re a repeat buyer looking for your dream home, making a move might give you space or features you need to find greater success and happiness in a new normal way of life. Whatever your motivations are, here are three reasons why becoming a homeowner now may help you win big in the long run. 1. Buying a Home Is a Great Investment Several recent reports indicate that real estate is still a  good investment , topping other options such as gold, stocks, bonds, and savings. Why? Real estate helps you build  equity , a type of forced savings that grows your net worth. According to the latest  Equity Repor...

  Headlines matter. Right now, it’s hard to read about real estate without seeing a headline that suggests homes have become unaffordable for most Americans states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. In reality, there’s hard evidence that shows how owning a home is more affordable than   renting   in most parts of the country, as record-low interest rates are keeping monthly mortgage payments about 23%   lower   than the typical payment of 20 years ago. Despite the facts, misleading headlines persist, and they impact how hopeful homebuyers perceive the market. In a recent  survey  by  realtor.com , home shoppers indicated they were surprised by what they could actually afford when buying their first home. In fact, 47% discovered their budget was larger than they expected. George Ratiu,  Senior Economist  at  realtor.com , explains: “For first-time buyers, especially, the drop in the 30-year mortgage...

   Home values appreciated by about ten percent in 2020, and they’re forecast to appreciate by about five percent this year states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. This has some voicing concern that we may be in another housing bubble like the one we experienced a little over a decade ago. Here are three reasons why this market is totally different. 1. This time, the housing supply is extremely limited The price of any market item is determined by supply and demand. If supply is high and demand is low, prices normally decrease. If supply is low and demand is high, prices naturally increase. In real estate, supply and demand are measured in “ months’ supply of inventory ,” which is based on the number of current homes for sale compared to the number of buyers in the market. The normal monthly’ supply of inventory for the market is about 6 months. Anything above that defines a buyers’ market, indicating prices will soften. Anything below that...

  Over the past year, our homes have become an integral part of our lives more than ever states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. They’re much more than the houses we live in. They’re our workplaces, virtual schools, and safe havens that provide shelter, stability, and protection through the evolving health crisis. Today,   65.8%   of Americans are fortunate enough to call their homes their own. As we continue to think about the future, our goals for the year, and what we want to achieve well beyond 2021, it’s a great time to look at the benefits of owning a home. Below are some  highlights  and quotes on the benefits of homeownership shared by the  National Association of Realtors  (NAR). From feel-good motivations to economic and social impacts on the local community, these items may give you a reason to believe homeownership stretches well beyond your financial investment. Non-Financial Benefits Owning a home brin...

  Over the past year, our homes have become an integral part of our lives more than ever states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. They’re much more than the houses we live in. They’re our workplaces, virtual schools, and safe havens that provide shelter, stability, and protection through the evolving health crisis. Today,   65.8%   of Americans are fortunate enough to call their homes their own. As we continue to think about the future, our goals for the year, and what we want to achieve well beyond 2021, it’s a great time to look at the benefits of owning a home. Below are some  highlights  and quotes on the benefits of homeownership shared by the  National Association of Realtors  (NAR). From feel-good motivations to economic and social impacts on the local community, these items may give you a reason to believe homeownership stretches well beyond your financial investment. Non-Financial Benefits Owning a home brin...

  In today’s housing market, there are clear financial benefits to owning a home increasing   equity , the chance to build your   net worth , and   appreciating   home values, just to name a few states  Mike Eastwood Chief Executive Officer of West USA Realty of Prescott:  . If you’re a renter, it’s never too early to think about how homeownership can propel you toward a stronger future. Here’s a dive into three often-overlooked financial benefits of homeownership and how preparing for them now can steer you in the direction of greater financial security and savings. 1. You Won’t Always Have a Monthly Housing Payment Personal finance advisor Dave Ramsey  explains : “Every payment brings you closer to owning the house. When you pay your rent, that money is spent. Gone. Bye. Not returning. But when you pay your mortgage, you work toward full ownership.” As a homeowner, you can eventually eliminate the monthly payment you make on your house. That’s a...