ceo-stories

   As a renter, you’re constantly faced with the same dilemma: keep renting for another year or purchase a home states  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott ? Your answer depends on your current situation and future plans, but there are a number of   benefits to homeownership   every renter needs to consider. Here are a few things you should think about before you settle on  renting  for another year. 1. Rents Are Rising Quickly Rent increasing each year isn’t new. Looking back at  Census  data confirms rental prices have gone up consistently for decades  (see graph below): If you’re a renter, you’re faced with payments that continue to climb each year.  Realtor.com  recently shared the  September Rental Report , and it shows price increases accelerating from August to September  (see graph below) : As the graph shows, rents are still on the rise. It’s i...

  Many people have questions about home prices right now states  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott .   How much have prices risen over the past 12 months? What’s happening with home values right now? What’s projected for next year?   Here’s a look at the answers to all three of these questions. How much have home values appreciated over the last 12 months? According to the latest  Home Price Index  from  CoreLogic , home values have increased by 18.1% compared to this time last year. Additionally, prices have gone up at an accelerated pace for each of the last eight months  (see graph below) : The increase in the rate of appreciation that’s shown by  CoreLogic  coincides with data from the other two main home price indices: the  FHFA Home Price Index  and the  S&P Case Shiller Index . The last year has shown tremendous home price appreciation, which is...

  With the average 30-year fixed mortgage rate from   Freddie Mac   climbing above 3%, rising rates are one of the topics dominating the discussion in the housing market today states  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . And since experts'   project   rates will rise further in the coming months, that conversation isn’t going away any time soon. But as a homebuyer, what do  rates  above 3%  really  mean? Today’s Average Mortgage Rate Still Presents Buyers with a Great Opportunity Buyers don’t want mortgage rates to rise, as any upward movement increases your monthly mortgage payment. But it’s important to put today’s average mortgage rate into perspective. The  graph  below shows today’s rate in comparison to average rates over the last five years: As the graph shows, even though today’s rate is above 3%,  it’s still incredibly competitive. But today’s rate...

   With forbearance plans coming to an end, many are concerned the housing market will experience a wave of foreclosures similar to what happened after the housing bubble 15 years ago states  Mike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . Here are a few reasons why that won’t happen. There are fewer homeowners in trouble this time After the last housing crash, about  9.3 million households  lost their homes to a foreclosure, short sale, or because they simply gave it back to the bank. As stay-at-home orders were issued early last year, the fear was the pandemic would impact the housing industry in a similar way. Many projected up to  30% of all mortgage holders  would enter the forbearance program. In reality, only 8.5% actually did, and that number is now  down to 2.2% . As of last Friday, the total number of mortgages still in forbearance  stood at 1,221,000 . That’s far fewer than th...

  With   mortgage rates   climbing above 3% for the first time in months, serious buyers are more motivated than ever to find a home before the end of the year states  M ike Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott . Lawrence Yun, Chief Economist for the   National Association of Realtors  (NAR), puts it best,   saying : “Housing demand remains strong as buyers likely want to secure a home before  mortgage rates increase even further next year .” But the sense of urgency they feel is complicated by the  lack of homes  for sale in today’s market. According to the latest  Existing Home Sales Report  from NAR: “From one year ago, the inventory of  unsold homes decreased 13%. . . .” What Does This Mean for Sellers Today? With buyers eager to purchase but so few homes available, sellers who list their houses  this fall  have a tremendous advantage – also kno...