Pony 4 Precious: Where Compassion Meets Connection for a Life-Changing Experience

With the release of the latest  Economic Pulse  Flash Survey  from the  National Association of Realtors  (NAR), results show that people selling their houses today are holding strong on  price . According to the most recent data, 74% of real estate agents noted that sellers are not dropping listing prices to attract more buyers states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Lawrence Yun,  Chief Economist  at NAR, noted:   “The housing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy.” This  inventory  shortage, which spread widely throughout the housing market going into today’s economic slowdown, created an environment where there were not enough homes for sale for those who wante...

A big challenge facing the housing industry is determining what impact the current pandemic may have on home values states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Some buyers are hoping for major price reductions because the health crisis is straining the economy. The price of any item, however, is determined by supply and demand, which is how many items are  available  in relation to how many consumers  want to buy  that item. In residential real estate, the measurement used to decipher that ratio is called  months supply of inventory . A  normal market  would have 6-7 months of inventory. Anything over seven months would be considered a  buyers’ market , with downward pressure on prices. Anything under six months would indicate a  sellers’ market , which would put upward pressure on prices. Going into March of this year, the supply stood at three months – a strong seller’s market. While buyer demand has ...

In a recent survey by  realtor.com ,  people thinking about selling their homes indicated they’re generally willing to allow their agent and some potential buyers inside if done under the right conditions. Mike Eastwood Chief Executive Officer of West USA Realty of Prescott states They’re less comfortable, however, hosting an open house. This is understandable, given the health concerns associated with social contact these days. The question is if you need to sell your house now, what virtual practices should you use to make sure you, your family, and potential buyers stay safe in the process? In today’s rapidly changing market, it’s more important than ever to make sure you have a digital game plan and an effective online marketing strategy when selling your house. One of the ways your agent can help with this is to make sure your listing photos and virtual tours stand out from the crowd, truly giving buyers a detailed and thorough view of your home. So, if you’re ready ...

There are two crises in this country right now: a health crisis that has forced everyone into their homes and a financial crisis caused by our inability to move around as we normally would. Over 20 million people in the U.S. became instantly unemployed when it was determined that the only way to defeat this horrific virus was to shut down businesses across the nation. One second a person was gainfully employed, a switch was turned, and then the room went dark on their livelihood. The financial pain so many families are facing right now is deep. How deep will the pain cut? Major institutions are forecasting unemployment rates last seen during the Great Depression. Here are a few projections: Goldman Sachs – 15% Merrill Lynch – 10.6% JP Morgan – 8.5% Wells Fargo – 7.3% How long will the pain last? As horrific as those numbers are, there is some good news. The pain will be deep, but it won’t last as long as it did after previous crises. Taking the direct projection from...

The uncertainty the world faces today due to the COVID-19 pandemic is causing so many things to change. The way we interact, the way we do business, even the way we buy and sell  real estate  is changing. This is a moment in time that’s even sparking some buyers to search for a better deal on a home. Sellers, however, aren’t offering a discount these days; they’re holding steady on price. According to the most recent  NAR Flash Survey  (a survey of real estate agents from across the country), agents were asked the following two questions: 1. “Have any of your sellers recently reduced their price to attract buyers?” Their answer: 72% said their sellers have not lowered prices to attract buyers during this health crisis.   2. “Are home buyers expecting lower prices now?” Their answer: 63% of agents said their buyers were looking for a price reduction of at least 5%. What We Do Know    In today’s market, with everything changing and ongoing...

With all of the unanswered questions caused by COVID-19 and the economic slowdown we’re experiencing across the country today, many are asking if the housing market is in trouble states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. For those who remember 2008, it’s logical to ask that question. Many of us experienced financial hardships, lost homes, and were out of work during the Great Recession – the recession that  started  with a housing and mortgage crisis. Today, we face a very different challenge: an external health crisis that has caused a pause in much of the economy and a major shutdown of many parts of the country. Let’s look at five things we know about today’s housing market that was different in 2008. 1. Appreciation When we look at appreciation in the visual below, there’s a big difference between the 6 years prior to the housing crash and the most recent 6-year period of time. Leading up to the crash, we had much higher apprecia...

With over 90% of Americans now under a shelter-in-place order, many experts are warning that the American economy is heading toward a recession if it’s not in one already states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. What does this mean to the residential real estate market? What is a recession? According to the  National Bureau of Economic Research : “A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.” COVID-19 hit the pause button on the American economy in the middle of March . Goldman Sachs, JP Morgan,  and  Morgan Stanley  are all calling for a deep dive into the economy in the second quarter of this year. Though we may not yet be in a recession by the technical definition of the word today, most believe history will show we were in one from April to J...