If you’re a current homeowner, you should know your net worth just got a big boost states  Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . It comes in the form of rising home equity.   Equity is the current value of your home minus what you owe on the loan.   Today, you’re building that equity far faster than you may expect – and this gain is great news for you. Here’s how it happened.  Home values  are on the rise thanks to  low housing supply  and  high buyer demand . Basically, there aren’t enough homes available to meet this  high buyer interest ,  so bidding wars are driving  home prices  up. When you own a home, the rising prices mean your home is worth more in today’s market. And as home values climb, your equity does too. As Dr. Frank Nothaft, Chief Economist at  CoreLogic ,  explains : “Home prices rose 18% during 2021 in the CoreLogic Home Pri...

  For the first time in a long time, the number of newly listed homes is beginning to rise states  Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . In their latest   monthly release ,   realtor.com   reveals the number of existing homes entering the market has increased for two months in a row (this comes after six months of declines). Here’s a graph showing the monthly new listings going back to January of last year. The green bars indicate the first gains since June. However, buying demand is still outpacing the housing supply. Though the increase in homes coming to the market is great news for prospective homebuyers, the number of buyers is still outpacing the number of homes available for sale. As  realtor.com  explains in their  latest report : “During the final two weeks of the month,  more new sellers entered the market than during the same time last year . . . . However, with 5...

  Every year, many renters ask themselves the same question:   Should I continue  renting , or is it time to  buy a home ?   states Michael  Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott.   If you’re a renter, chances are you’ve asked yourself that question at least once, and it’s likely because you’ve faced an increase in your monthly housing costs over time. After all, according to   Census   data, rents have risen consistently for decades. To make an informed and powerful decision, the first step is understanding what’s happening in today’s housing market so you can determine which option is the better long-term  financial decision  for you. Rents Are Going Up Again This Year Rents are skyrocketing right now.  Data  from  realtor.com  shows just how much rental prices are surging throughout the country. The graph below highlights rental unit price increases ov...

  If you’re thinking of   selling your house   this year, timing is crucial states  Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . After all, you’ll want to balance getting the most out of the sale of your current home and making the   best investment   when you buy your next one. If that’s the case, you should know – you may be able to get the best of both worlds today.  Here are four reasons why this spring may be your golden window of opportunity. 1. The Number of Homes on the Market Is Still Low Today’s  limited supply  of houses for sale is putting sellers in the driver’s seat. There are far  more buyers  in the market today than there are  homes available .  That means purchasers are eagerly waiting for your house. Listing your house now makes it the center of attention. And if you work with a real estate professional to price your house correctly, you can e...

  If you’re thinking of   buying a home   today, you already know that the number of homes available for sale is low states  Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . But what does that really mean for you? As a buyer,   low housing supply   coupled with high buyer demand means you should be prepared to navigate a highly   competitive market   where homes sell fast and get multiple offers.  Realtor.com  has this to   say : “Homes also flew off the market at record pace as buyers put offers in the moment properties came up for sale….” In a bidding war situation like this, doing everything you can to get ahead of the competition is a wise move. That’s because when you find a house and submit an offer, it’ll likely be up against strong offers from other buyers. According to the latest  Realtors,   Confidence Index  from the  National Association of Rea...