During the pandemic, many homeowners were able to pause their mortgage payments using the forbearance program states  Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . The goal was to help homeowners financially during the uncertainty created by the health crisis. When the forbearance program began, many experts were concerned it would result in a wave of foreclosures coming to the market, as there was after the  housing crash  in 2008. Here’s a look at why the number of foreclosures we’re seeing today is nothing like the last time. 1. There Are Fewer Homeowners in Trouble Today’s data shows that most homeowners are exiting their forbearance plan either fully caught up on payments or with a plan from the bank that restructured their loan in a way that allowed them to start making payments again. The graph below depicts those  findings  from the  Mortgage Bankers Association  (MBA): The sam...

  Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott states.  According to a   recent survey   from the   National Association of Realtors   (NAR), one of the top challenges buyers face in today’s   housing market   is finding a home that meets their needs. That’s because the   inventory   of homes for sale is so low today. If you’re looking to  buy a home , you may have noticed this yourself. But there is good news. Recent data shows more sellers are listing their houses this season, which may give you more options for your  home search . Early Signs Inventory May Be Growing The  latest data  from  realtor.com  shows the number of listings coming onto the market, known in the industry as “new listings,” has increased since the start of the year ( see graph below ): This indicates more sellers are listing their homes for sale each month this year. And acc...

  If you’re planning to buy a home,  Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott states. I t’s critical to understand the relationship between   mortgage rates   and your purchasing power. Purchasing power is the amount of home you can afford to buy that’s within your financial reach. Mortgage rates directly impact the monthly payment you’ll have on the home you purchase. So, when rates rise, so does the monthly payment you’re able to lock in on your home loan. In a rising-rate environment like we’re in today, that could limit your future purchasing power. Today, the average 30-year fixed mortgage rate is  above 5% , and in the near term, experts say that’ll likely go up in the months ahead. You have the opportunity to get ahead of that increase if you buy now before that impacts your purchasing power. Mortgage Rates Play a Large Role in Your Home Search The  chart  below can help you underst...

  Buying your first home is a major decision and an exciting milestone.  Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott states.  Even though it can feel daunting at times, it has the power to change your life for the better. If you’re looking to purchase your first home, you may be wondering what’s happening in the   housing market   today, how much you   need to save , and   where to start . Here are three things that can help give you the information you need to confidently pursue your dream of  homeownership . 1. Consider All Options When the Number of Homes for Sale Is Low Today, there are far  more buyers  in the market than there are homes available for sale. When that happens, it’s a good idea to do what you can to increase your pool of options. That could mean expanding your search to include additional housing types. For first-time buyers, considering  condominiums ...