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As the health crisis started making its way throughout our country earlier this spring, sellers have been cautious about putting their homes on the market states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. This hesitation stemmed primarily from fear of the spread of the coronavirus, and understandably so. This abundant caution has greatly impacted the number of homes for sale and slowed the pace of a typically busy spring real estate season. Mark Fleming,  Chief Economist  at  First American   notes : “As more homeowners are reluctant to list their homes for sale amid the pandemic, the supply of homes available to potential home buyers continues to dwindle.” With many states beginning a phased approach to reopening,  virtual  best practices and health and safety  guidelines  for the industry are in place to increase the comfort level of buyers and sellers. What we see today, though, is that sellers are still making a very...

On Monday, the  National Bureau of Economic Research  (NBER)  announced  that the U.S. economy is officially in a recession. This did not come as a surprise to many, as the  Bureau  defines a recession this way: “A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.” Everyone realizes that the pandemic shut down the country earlier this year, causing a “significant decline in economic activity.” Though not surprising, headlines announcing the country is in a recession will cause consumers to remember the devastating impact the last recession had on the housing market just over a decade ago. The real estate market, however, is in a totally different position than it was then. As Mark Fleming...

With more U.S. states reopening for business this summer, and as people start to return to work, we can expect the economy to begin improving states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Most expert forecasts indicate this economic recovery will start to happen in the second half of this  year . As we get back to work and the financial landscape of the country begins to turn around, many experts also agree that real estate has the potential to lead the way in the recovery process. According to  Ivy Zelman  of  Zelman & Associates:  “Housing will fare better than expected during this severe downturn.” In addition, CNBC  notes : “Mortgage demand from home buyers shows unexpectedly strong and quick recovery…The quick recovery has surprised most forecasters.” Robert Dietz,  Chief Economist  and  Senior Vice President for Economics and Housing Policy  of the  National Association of Home Builders ...

The travel industry is one of the major sectors that’s been hit extremely hard by the COVID-19 pandemic. Today, it’s hard to know how long it will take for summer travelers to be back in action and for the industry to fully recover states Mike Eastwood Chief Executive Officer of West USA Realty Of Prescott. Homeowners who rent their secondary properties on their own or through programs like  Airbnb,  which has over  660,000  listings in the U.S. alone, have been impacted in this challenging time. Some of these homeowners are considering selling their vacation homes, and understandably so. A recent CNN  article  indicated: “With global travel screeching to a halt during the pandemic, a number of Airbnb hosts are planning to sell their properties…These desperate moves come as hosts face the possibility of losing thousands of dollars a month in canceled bookings while bills, maintenance costs, and mortgage payments pile up.” If you’re one of the property owner...

As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices states Mike Eastwood Chief Executive Officer at West USA Realty of Prescott. Looking at the big picture, supply and demand will give us the clearest idea of what’s to come. Making our way through the month of June and entering the second half of the year, we face an undersupply of homes on the market. Keep in mind, this undersupply is going to vary by location and by price point. According to the  National Association of Realtors  (NAR), across the country, we currently have a 4.1 months  supply  of homes on the market. Historically, 6 months of supply is considered a balanced market. Anything over 6 months is a buyer’s market, meaning prices will depreciate. Anything below 6 months is a seller’s market, where prices appreciate. The graph below shows inventory across the country since 20...

More than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in states Mike Eastwood Chief Executive officer of West USA Realty of Prescott They’re evolving into our workplaces, schools for our children, and safe havens that provide shelter, stability, and protection for our families through the evolving health crisis. Today,  65.3%  of Americans are able to call their homes their own, a rate that has risen to its highest point in 8 years. June is  National Homeownership Month , and it’s a great time to reflect on the benefits of owning your own home. Below are some  highlights  and quotes recently shared by the  National Association of Realtors  (NAR). From non-financial to financial, and even including how owning a home benefits your local economy, these items may give you a reason to think homeownership stretches well beyond a sound dollars and cents investment alone. Non-Financial Benefits Ow...

With the U.S. economy on everyone’s minds right now, questions about the country’s financial outlook continue to come up daily states Mike Eastwood Chief Executive Officer at West USA Realty of Prescott. The one that seems to keep rising to the top is:  when will the economy begin to  recover ?  While no one knows exactly how a rebound will play out, expert economists around the country are becoming more aligned on when the recovery will begin. According to the latest  Wall Street Journal  Economic Forecasting Survey , which polls more than 60 economists on a monthly basis,  85.3% believe a recovery will begin in the second half of 2020   (see graph below): There seems to be a growing consensus among these experts that the second half of this year will be the start of a turnaround in this country. Chris Hyzy,  Chief Investment Officer  for  Merrill   notes : “We fully expect the economy could begin to pick up in late June and July w...