If you’re thinking about buying a home today, there’s welcome news. Even though it’s still a  sellers market , it’s a more moderate sellers’ market than last year. And the days of feeling like you may need to waive contingencies or pay drastically over the asking price to get your offer considered may be coming to a close. Today, you should have less competition and more negotiating power as a buyer. That’s because the intensity of buyer demand and bidding wars is easing this year. So, if bidding wars were the biggest factor that had you sitting on the sidelines, here are two trends that may be just what you need to re-enter the market. 1. The Return of Contingencies Over the last two years, more buyers were willing to skip important steps in the home buying process, like appraisal or inspection, to try to win a bidding war. But now, fewer people are waiving the inspection and appraisal. The latest data from the  National Association ...

  It’s clear the 2022 housing market has been defined by rising  mortgage rates .  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states.  With rates on the rise, it’s also become more costly to purchase a home. According to the National Association of Realtors   (NAR): “Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%.” If you’re thinking of buying a home or have been trying to recently, that’s a big increase in monthly mortgage payment – and it may be causing you to press pause on your plans. This jump is making homes less affordable, especially compared to the last two years when mortgage rates were at historic lows. The good news is you can navigate today’s housing market and this rising rate environment with a few simple tips. Here are three things you may want to consider to help make your homeownership goals a reality. 1. Expand Your Search Ar...

  There’s no denying the housing market is  undergoing a shift   this season as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall. Opportunity #1: You Have More Options for Your Move One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you. If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have impr...

  The desire to own a home is still strong today states  Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . In fact, according to the Census, the U.S. homeownership rate is on the rise. To illustrate the increase, the graph below shows the homeownership rate over the last year: That data shows more than half of the U.S. population lives in a home they own, and the percentage is growing with time. If you’re thinking about buying a home this year, here are just a few reasons why so many people see the value of homeownership. Why Are More People Becoming Homeowners? There are several benefits to owning your home. A significant one, especially when inflation is high like it is today, is that homeownership can help protect you from rising costs. Lawrence Yun, Chief Economist at the  National Association of Realtors  (NAR), explains: “In the 1970s, when inflation was running around 1...

 Owing a house   is a major financial milestone and an achievement to take pride in states,  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott . One major reason: the  equity   you build as a homeowner gives your net worth a big boost. And with high  inflation   right now, the link between owning your home and building your wealth is especially important. If you’re looking to increase your financial security, here’s why now could be a good time to start on your journey toward homeownership. Owning a Home Is a Key Ingredient for Financial Success A report from the  National Association of Realtors  (NAR) details several homeownership trends, including a significant gap in net worth between homeowners and renters .  It finds: “. . . the net worth of a homeowner was  about $300,000 while that of a renters was $8,000 in 2021.” To put that into perspective, the average homeowner’s net worth is rou...

  According to the   U.S. Census Bureau  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states . T his year, builders are on pace to complete more than a million  new homes   in this country. If you’ve had trouble finding a home to buy over the past year, it may be time to work with your trusted agent to consider a new build and the incentives that come with it. Here’s why. The Supply of Newly Built Homes Is Rising When looking for a home, you can choose between existing homes (those that are already built and previously owned) and newly constructed ones. While the inventory of existing homes is on the rise today, it’s still in tight supply, meaning it can be challenging to find just the right one. The inventory of newly built homes, however, is also rising. And with more options available than there have been in years, a new home may be just the answer you’re looking for. The graph below shows just how much the supply...

  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states.  One of the biggest questions people are asking right now is:   what’s happening with home prices ? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture. Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let’s break down the differences among those terms to help clarify what’s actually happening today. Appreciation  is when home prices  increase . Depreciation  is when home prices  decrease . Deceleration  is when home prices  continue to appreciate, but at a slower or more moderate pace. Experts agree that, nationally, what we’re seeing today is deceleration. That means home prices are appreciating, just not at the record-breakin...