There’s no doubt about the fact that the housing market   is slowing from the frenzy we saw over the past two years states  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott . But what does that mean for you if you’re thinking of selling your house? While home prices are still appreciating in most markets and experts say that will continue, they’re climbing at a slower pace because rising mortgage rates are creating less buyer demand. Because of this, there are more homes on the market. And in a shift like this one, the way you price your home matters more than ever. Why Today’s Housing Market Is Different During the pandemic, sellers could price their homes higher because demand was so high, and supply was so low. This year, things are shifting, and that means your approach to pricing your house needs to shift too. Because we’re seeing less buyer demand, sellers have to recognize this is a different market than it...

  If rising home prices leave you wondering if it makes more sense to  rent to buy   a home in today’s housing market, consider this states Cynthia  Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott . It’s not just  home prices   that have risen in recent years – rental prices have skyrocketed as well. As a recent article from   realtor.com  says: “The median rent across the 50 largest US metropolitan areas reached $1,876 in June,  a new record level for Realtor.com data for the 16th consecutive month .” That means raising prices will likely impact your housing plans either way. But there are a few key differences that could make buying a home a more worthwhile option for you. If You Need More Space, Buying a Home May Be More Affordable What you may not realize is that, according to the latest data from realtor.com and the  National Association of Realtors  (NAR), it may actu...

  As there’s more and more talk about the  real estate market   cooling off from the peak frenzy it saw during the pandemic, you may be questioning what that means for your plans to  sell your house .  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states.  If you’re thinking of making a move, you should know the market is still anything but normal. Even though the supply of homes for sale has been growing this year, there’s still a shortage of homes on the market. And that means conditions continue to favor sellers today. That’s because the level of inventory of homes for sale can help determine if buyers or sellers are in the driver’s seat. Think of it like this: A  buyers’ market  is when there are more homes for sale than buyers looking to buy. When that happens, buyers have the negotiation power because sellers are more willing to compromise so they can sell their houses. In a  seller...

  With all the headlines and buzz in the media, some consumers believe the market is in a  housing bubble .  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states.  As the housing  market shifts , you may be wondering what’ll happen next. It’s only natural for concerns to creep in that it could be a repeat of what took place in 2008. The good news is, that there are concrete data to show why this is nothing like the last time. There’s a Shortage of Homes on the Market Today, Not a Surplus The supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued price appreciation. For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to tumble. Today,...

  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott  states. Buying a home is a major life   decision . That’s true whether you’re purchasing for the first time or selling your house to fuel a move. And if you’re planning to buy a home, you might be hearing about today’s   shifting market   and wondering what it means for you. While  mortgage rates  are higher than they were at the start of the year and  home prices  are rising, you shouldn’t put your plans on hold based solely on market factors. Instead, it’s necessary to consider why you want to move and how important those reasons are to you. Here are two of the biggest personal motivators driving people to buy homes today. A Need for More Space Moving.com  looked at  migration patterns  to determine why people moved to specific areas. One trend that emerged was the need for additional space, both indoors and outdoors . Outgrowing your home isn...