With higher  mortgage rates,  you might be wondering if now’s the best time to buy a home.  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states .  While the  financial aspects   are important to consider, there are also powerful non-financial reasons it may make sense to make a move. Here are just a few of the benefits that come with homeownership. Homeowners Can Make Their Home Truly Their Own Owning your home gives you a significant sense of accomplishment because it’s a space you can customize to your heart’s desire. That can bring you added happiness. In fact, a report from the  National Association of Realtors  (NAR) shows making updates or remodeling your home can help you feel more at ease and comfortable in your living space. NAR measures this with a  Joy Score  that indicates how much happiness specific home upgrades bring. According to NAR: “ There were numerous interior projects ...

  Does the latest news about the housing market have you questioning your plans to  sell your house?  If so,  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott  states perspective is key. Here are some of the ways a trusted real estate professional can explain  the shift   that’s happening today and why it’s still a sellers’ market even during the cooldown. Fewer Homes for Sale than Pre-Pandemic While the supply of homes available for sale has increased this year compared to last, we’re still nowhere near what’s considered a balanced market. A recent artcle from  Calculated Risk  helps put this year’s increased inventory into context ( see graph below ): It shows supply this year has surpassed 2021 levels by over 30%. But the further back you look, the more you’ll understand the big picture. Compared to 2020, we’re just barely above the level of inventory we saw then. And if you go all the way back to ...

  If you’re looking to buy a home, you probably want to secure the lowest  interest rate   possible for your home loan states  Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . Over the last couple of years, that was easier to do as the housing market saw record-low mortgage rates, but this year rates have  risen dramatically . If you’re looking for ways to combat today’s higher rates and lock in the lowest one you can, here are a few factors to focus on. Since approval opportunities can vary, connect with a trusted lender for customized advice. Your Credit Score Credit scores can play a big role in your mortgage rate.  Freddie Mac  explains: “ When you build and maintain strong credit, mortgage lenders have greater confidence when qualifying you for a mortgage because they see that you’ve paid back your loans as agreed and used your credit wisely.  Strong credit also means your lender ...

  As you set out to  buy a home , saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start state  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott. If that sounds like you, your down payment could be more in reach than you originally thought. Here’s why. The 20% Down Payment Myth If you believe you have to put 20% down on a home, you may have based your goal on a common misconception.  Freddie Mac  explains: “. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home.  This myth remains one of the largest perceived barriers to achieving homeownership .” Unless it’s specified by your loan type or lender, it’s typically not required to put 20% down. According to the latest Profile of Home Buyers and Sellers from the  National Association of Realtors  (NAR), the median down...

  Rising interest rates   have begun to slow an overheated housing market as monthly mortgage payments have risen dramatically   since the beginning of the year.  Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott .  This is leaving some people who want to purchase a home priced out of the market and others wondering if now is the time to buy one. But this rise in borrowing cost shows no signs of letting up soon. Economic uncertainty and the volatility of the financial markets are causing mortgage rates to rise. George Ratiu, Senior Economist and Manager of Economic Research at  realtor.com , says this: “While even two months ago rates above 7% may have seemed unthinkable, at the current pace, we can expect rates to surpass that level in the next three months.” So, is now the right time to buy a home? Anyone thinking about buying a home today should ask themselves two questions: 1. Where Do I Think Home Prices Are Hea...