Sellers have a great opportunity this season as buyer demand still heavily outweighs the current supply of homes for sale state mike  Eastwood Author/ Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . According to the   National Association of Realtors   (NAR), today’s housing inventory sits at only a 2.6-month supply. To put that into perspective, a neutral market typically features a 6-month supply.  That places today’s market firmly in the  sellers’ market  category . That same NAR data also shows today’s inventory of single-family homes is trailing behind the level we saw last year  (see graph below) : Because of the ongoing supply challenges, buyers can feel like they’re wandering across a vast, empty desert when searching for their next home.  That means your house could provide an oasis for  buyers  thirsty for options  – and it could increase the chances of buyers entering a bidding war for ...

  As you follow the news, you’re likely seeing headlines discussing what’s going on in today’s housing market states  MIke Eastwood Author/ Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . Chances are high that some of the more recent storylines you’ve come across mention terms like   cooling   or   slowing   when talking about where the market is headed. But what do these terms mean?  The housing market today is  anything but normal , and it’s still an incredibly strong  sellers’ market , especially when compared to the few years leading up to the pandemic. With that in mind, what can previous years tell us about today’s real estate market and if it’s truly slowing? We’re Still Seeing an Above Average Number of Sales You may see headlines about a drop in home sales. But are those headlines telling the full story? The most recent  Existing Home Sales Report  from the  National Association of Realtors ...

   The last 18 months changed what many buyers are looking for in a home states  MIke Eastwood Author/ Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . Recently, the   American Institute of Architects   released their   AIA Home Design Trends Survey   results for Q3 2021. The survey reveals the following: 70% of respondents want more outdoor living space 69% of respondents want a home office (48% wanted multiple offices) 46% of respondents want a multi-function room/flexible space 42% of respondents want an au pair/in-law suite 39% of respondents want an exercise room/yoga space If you’re a homeowner who wants to add any of the above, you have two options: renovate your current house or buy a home that already has the spaces you desire. The decision you make could be determined by factors like: A possible desire to relocate The difference in the cost of a renovation versus a purchase Finding an existing home or designing a new hom...

  A recent survey from   LendingTree.com   found there are multiple reasons why Americans would choose to purchase a home instead of   renting  States  Michael Eastwood Author/ Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott   . Some of the most popular   non-financial   reasons given include: The flexibility to make the space your own The pride homeownership offers The sense of stability In the same survey, 41% of respondents say they’d rather own a home than rent because of the unique way  homeownership  builds wealth  over time. And experts agree – the home you own is an important tool for building your net worth.  Here’s what many of those experts have to say about building long-term financial stability through homeownership. According to the  National Association of Realtors  (NAR): “Homeowners who purchased a typical single-family existing-home 30 years ago at the median sales price of ...

  The financial benefits of buying a home versus renting one are always up for debate states  MIke Eastwood Author/ Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . However, one element of the equation is often ignored – the ability to build wealth as a homeowner. According to the  latest research  from the  National Association of Realtors  (NAR): “ Homeownership is a key pathway to building wealth  and narrowing the racial income and wealth inequality gap. Housing wealth (equity) accumulation takes time and is built up by price appreciation and paying off the mortgage.” An increase in  equity  builds the wealth of the individual that owns it. This wealth can be passed down to future generations. The  Federal Reserve  in an addendum to their  Survey of Consumer Finances  explains: “There are numerous ways families can transmit wealth and resources across generations. Families can directly transfer th...