Last month, in a post on the   Liberty Street Economics   blog, the   Federal Reserve Bank of New York   noted that Americans believe   buying a home   is definitely or probably a better investment than buying stocks states Mike Eastwood Author-Chief Executive Officer of Bello Sol Inc/West USA Realty of Prescott. Last week, a   Gallup Poll   reaffirmed those findings. In an  article  on the current real estate market,  Gallup  reports: “Gallup usually finds that Americans regard real estate as the best long-term investment among several options — seeing it as superior to stocks, gold, savings accounts and bonds. This year, 41% choose real estate as the best investment, up from 35% a year ago, with stocks a distant second.” Here’s the breakdown: The article goes on to say: “The 41% choosing real estate is the highest selecting any of the five investment options in the 11 years Gallup has asked this question.” Is real esta...

 Mike Eastwood Author-Chief Executive Officer of  Bello Sol Inc/West USA Realty of Prescott states  When buying a home, it’s important to have a budget and make sure you plan ahead for certain homebuying expenses. Saving for a   down payment   is the main cost that comes to mind for many, but budgeting for the   closing costs   required to get a mortgage is just as important. What Are Closing Costs? According to  Trulia : “ When you close on a home, a number of fees are due. They typically range from 2% to 5% of the total cost of the home,  and can include title insurance, origination fees, underwriting fees, document preparation fees, and more .” For example, for someone buying a $300,000 home, they could potentially have between $6,000 and $15,000 in closing fees. If you’re in the market for a home above this price range, your closing costs could be greater. As mentioned above,  closing costs are typically between 2% and 5% of your pur...

 Mike Eastwood Author & Chief Executive Officer of Bello Sol Inc/ West USA Realty of Prescott states.  Homebuyers are flooding the housing market right now to take advantage of record-low   mortgage rates . Many have a sense of urgency to find a home soon since experts   forecast   a steady rise in both rates and home prices this year and next. As a result, buyer demand greatly outweighs the current housing supply. Here’s how the shortage of houses for sale sets yours up to be the   oasis   in an inventory desert. According to the  National Association of Realtors  (NAR), today’s housing inventory sits at an incredibly low  2.1-month  supply, far below the  6-month  mark for a neutral market. Inventory of single-family homes a year ago was already very low, and as you can see in the graph below, this year’s levels are even lower: Due to these market conditions, today’s buyers frequently enter fierce bidding wars while ...

   It’s clear that consumers are concerned about how quickly home values are rising states Mike Eastwood Author-Chief Executive Officer of Bello Sol Inc/ West USA Realty of Prescott. Many people fear the speed of appreciation may lead to a crash in prices later this year. In fact, Google   reports   that the search for   “When is the housing market going to crash?”   has actually spiked 2450% over the past month. In addition, Jim Dalrymple II of  Inman News   notes : “One of the most noteworthy things that came up in Inman’s conversations with agents was that every single one said they’ve had conversations with clients about whether or not the market is heading into a bubble.” To alleviate some of these concerns, let’s look at what several financial analysts are saying about the current residential real estate market. Within the last thirty days, four of the major financial services giants came to the same conclusion:  the housing market is s...

   There’s no doubt that 2021 is the year of the seller when it comes to the Arizona housing market states Mike Eastwood Author & Chief Executive Officer of West USA Realty of Prescott. If you’re a homeowner thinking of   moving   to better suit your changing needs, now is the perfect time to do so. Low   mortgage rates   are in your favor when you’re ready to purchase your dream home, and high buyer demand may give you the   leverage   you need to negotiate the best contract terms on the sale of your house. Here’s a look at what’s driving this sellers’ advantage and why there’s so much opportunity for homeowners who are ready to move this season. 1. Historically Low Inventory The  National Association of Realtors  (NAR)  explains :  “ Total housing inventory at the end of March amounted to 1.07 million units , up 3.9% from February’s inventory . . .  Unsold inventory sits at a 2.1-month supply   at the current sa...

 Mike Eastwood Author and Chief Executive Officer of Bello Sol Inc/ West USA Realty of Prescott states.  Many people are sitting on the fence trying to decide if now’s the time to   buy a home . Some are renters who have a strong desire to become homeowners but are unsure if buying right now makes sense. Others may be homeowners who are realizing that their current home no longer fits their changing needs. To determine if they should buy now or wait another year, they both need to ask two simple questions: Do I think home values will be higher a year from now? Do I think mortgage rates will be higher a year from now? Let’s shed some light on the answers to these questions. Where will home prices be a year from now? If you average the most recent  projections  from the major industry forecasters, the expectation is home prices will increase by 7.7%. Let’s take a house that’s valued today at $325,000 as an example. If the buyer makes a 10% down payment ($32,500), ...