In the current sellers’ market, many homeowners wonder what, if anything, needs to be remodeled before they list their house states Mike Eastwood Author/Chief Executive Officer of Bello Sol Inc/West USA Realty of Prescott. That’s where a trusted real estate professional comes in. They can help you think through today’s market conditions and how they impact what you should – and shouldn’t – renovate before selling. Here are some considerations a professional will guide you through: 1. With current supply challenges, buyers may be willing to take on projects of their own. A more balanced market typically sees a 6-month supply of homes for sale. Above that, and we’re in a buyers’ market. Below that, and we’re in a  sellers’ market . According to a recent  report  by the  National Association of Realtors  (NAR), our current supply of homes for sale, while rising, still remains solidly in sellers’ market territory: “ Unsold inventory sits at a 2.6-month supply...

  There are many headlines about how housing affordability is declining. The headlines are correct states Mike Eastwood Author/Chief Executive Officer of West USA Realty of Prescott: it’s less affordable to purchase a home today than it was a year ago. However, it’s important to give this trend context. Is it less expensive to buy a house today than it was in 2005? What about 1995? What happens if we go all the way back to 1985? Or even 1975? Obviously, the price of a home has appreciated dramatically over the last 45 years. So have the prices of milk, bread, and just about every other consumable.  Prices rise over time  – we know it as  inflation . However, when we look at housing,  price  is just one component that makes up the monthly  cost  of the home. Another key factor is the mortgage rate at the time of purchase. Let’s look back at the  cost  of a home over the last five decades and adjust it for inflation by converting that cost...

If you’re thinking of buying or selling a house, chances are you’re focusing on the many   extraordinary ways   it’ll change your life states Mike Eastwood Author/ Chief Executive Officer of Bello Sol Inc/West USA Realty of Prescott. What you may not realize is that decision impacts people’s lives far beyond your own. Home purchases and sales are significant drivers of economic activity. They have a major impact on your community and the entire U.S. economy via the multiple industries and professionals that take part in the process. The  National Association of Realtors  (NAR) releases a  report  each year that highlights just how much economic activity a home sale generates. The chart below shows how the sale of both a newly built home and an existing home impact the economy: To dive a level deeper, NAR also provides a detailed look at how that varies  state-by-state  for newly-built homes ( see map below ): As you can see, a single home sale can...

 Mike Eastwood Author-Chief Executive Officer of Bello Sol Inc/West USA Realty of Prescott ststes.  In April, the   National Association of Home Builders   (NAHB) posted an article,   Home Buyers’ Preferences Shift Towards New Construction , which reported: “ 60% of people who were looking to buy a home in 2020 said they’d  prefer new construction to an existing home. ” However, it seems buyers are now shifting their preferences back to existing homes. The latest  Consumer Confidence Survey  reveals the percentage of Americans planning to buy a home in the next six months is virtually the same as it was back in March. However, the percentage that plan to buy a newly constructed home is lower for that same period. NAHB confirms this sentiment in their latest  Housing Trends Report . The organization explains that existing homes are now the top preference among today’s buyers. Here’s a breakdown of those findings: Why the shift? There are sever...

  According to recent data from   realtor.com , median   rental prices have reached their highest point ever recorded   in many areas across the country states Mike Eastwood Author-Chief Executive Officer of Bello Sol Inc/West USA Realty of Prescott. The   report   found rents rose by   8.1%   from the same time last year. As it notes: “ Beyond simply recovering to pre-pandemic levels, rents across the country are surging.  Typically, rents fluctuate less than 1% from month to month. In May and June, rents increased by 3.0% and 3.2% from each month to the next.” If you’re a renter concerned about rising prices,  now may be the time to consider purchasing a home . Monthly Rents Are Higher Than Monthly Mortgage Payments When you weigh your options of whether to buy a home or continue renting, how much you’ll pay each month is likely top of mind. According to the  National Association of Realtors  (NAR) ,  monthly  mortg...

  Sometimes it can feel like everyone has advice when it comes to buying a home states Mike Eastwood Author-Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott. While your friends and loved ones may have your best interests in mind, they may also be missing   crucial information about today’s housing market that you need to make your best decision. Before you decide whether you’re ready to buy a home, you should know how to answer these three questions. 1. What’s Going on with Home Prices? Home prices are one factor that directly impacts how much it will cost to buy a home and how much you stand to gain as a homeowner when prices appreciate. The graph below shows just how much  experts  are forecasting prices to rise this year: Continued price appreciation is great news for  existing homeowners  but  can pose a significant challenge if you  wait to buy .  Using these forecasts, you can determine just how much waiting could co...