Top 5 Reasons To Hire an Agent When Buying a Home [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on April 5, 2024. Posted in Buying Myths, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights Hiring an agent when buying a home helps you understand the buying process and the local market. They’ll also go over contracts and fine print with you, so you understand what you’re agreeing to. Plus, they’re good at negotiating, making sure you get the best deal. Expert advice from a trusted real estate professional is priceless. Connect with a local agent today.

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Is It Easier To Find a Home To Buy Now?

Written by Marathon Florida Keys Mortgage on March 28, 2024. Posted in Buying Myths, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

One of the biggest hurdles buyers have faced over the past few years has been a lack of homes available for sale. But that’s starting to change. The graph below uses the latest data from Realtor.com to show there are more homes on the market in 2024 than there have been in any of the past several years (2021-2023): Does That Mean Finding a Home Is Easier? The answer is yes, and no. As an article from Realtor.com says: “There were nearly 15% more homes for sale in February than a year earlier . . . That alone could jolt the housing market a bit if more “For Sale” signs continue to appear....

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Single Women Are Embracing Homeownership

Written by Marathon Florida Keys Mortgage on March 27, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

In today’s housing market, more and more single women are becoming homeowners. According to data from the National Association of Realtors (NAR), 19% of all homebuyers are single women, while only 10% are single men. If you’re a single woman trying to buy your first home, this should be encouraging. It means other people are making their dreams a reality – so you can too. Why Homeownership Matters to So Many Women For many single women, buying a home isn’t just about having a place to live—it’s also a smart way to invest for the future. Homes usually increase in value...

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What Every Homebuyer Should Know About Closing Costs

Written by Marathon Florida Keys Mortgage on March 25, 2024. Posted in Buying Myths, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Before making the decision to buy a home, it’s important to plan for all the costs you’ll be responsible for. While you’re busy saving for the down payment, don’t forget you’ll want to prep for closing costs too. Here’s some helpful information on what those costs are and how much you should budget for them. What Are Closing Costs? A recent article from Bankrate explains: “Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being...

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Your Home Is a Powerful Investment

Written by Marathon Florida Keys Mortgage on March 13, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Going into 2023, there was a lot of talk about a possible recession that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 10-20%—and that might have made you feel a bit unsure about buying a home. But here’s what actually happened: home prices went up more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, explains: “Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.” To put last year’s growth into context, the graph below uses data from...

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What Mortgage Rate Do You Need To Move?

Written by Marathon Florida Keys Mortgage on March 12, 2024. Posted in Buying Myths, For Buyers, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’ve been thinking about buying a home, mortgage rates are probably top of mind for you. They may even be why you’ve put your plans on hold for now. When rates climbed near 8% last year, some buyers found the numbers just didn’t make sense for their budget anymore. That may be the case for you too. Data from Bright MLS shows the top reason buyers delayed their plans to move is due to high mortgage rates (see graph below): David Childers, CEO at Keeping Current Matters, speaks to this statistic in the recent How’s The Market podcast: “Three quarters of buyers said ‘we’re out’ due to...

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Finding Your Perfect Home in a Fixer Upper

Written by Marathon Florida Keys Mortgage on March 11, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

If you’re trying to buy a home and are having a hard time finding one you can afford, it may be time to consider a fixer-upper. That’s a house that needs a little elbow grease or some updates, but has good bones. Fixer-uppers can be a really great option if you’re looking to break into the housing market or want to stretch your budget further. According to NerdWallet: “Buying a fixer-upper can provide a path to homeownership for first-time home buyers or a way for repeat buyers to afford a larger home or a better neighborhood. With the relatively low inventory of homes for sale these days,...

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The First Step: Getting Pre-Approved for a Mortgage [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on March 1, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights If you’re looking to buy a home in 2024, getting pre-approved is a key piece of the puzzle. Mortgage pre-approval means a lender checks your finances and decides how much you’re qualified to borrow. As more buyers re-enter the market, it’ll help you make a strong offer that stands out from the crowd. Talk to a trusted professional to learn more and begin your homebuying process today.

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Why You Want an Agent’s Advice for Your Move

Written by Marathon Florida Keys Mortgage on February 28, 2024. Posted in Buying Myths, For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

No matter how you slice it, buying or selling a home is a big decision. And when you’re going through any change in your life and you need some guidance, what do you do? You get advice from people who know what they’re talking about. Moving is no exception. You need insights from the pros to help you feel confident in your decision. Freddie Mac explains it like this: “As you set out to find the right home for your family, be sure to select experienced, trusted professionals who will help you make informed decisions and avoid pitfalls.” And while perfect advice isn’t possible – not even from...

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The Truth About Down Payments

Written by Marathon Florida Keys Mortgage on February 26, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case. Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your homebuying dream than you realize. As The Mortgage Reports says: “Although putting down 20% to avoid mortgage insurance is wise if affordable, it’s a myth that this is always necessary. In fact,...

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Strategic Tips for Buying Your First Home

Written by Marathon Florida Keys Mortgage on February 20, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Buying your first home is a big, exciting step and a major milestone that has the power to improve your life. As a first-time homebuyer, it’s a dream you can make come true, but there are some hurdles you’ll need to overcome in today’s housing market – specifically the limited supply of homes for sale and ongoing affordability challenges. So, if you’re ready, willing, and able to buy your first home, here are three tips to help you turn your dream into a reality. Save Money with First-Time Homebuyer Programs Paying the initial costs of...

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Achieve Your Dream of Homeownership with Condos and Townhomes [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on February 16, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights If you’re trying to buy a home but are having a hard time finding something in your budget, here’s something that can help: consider condos and townhomes. They may better fit your budget, can help you start building equity, and tend to require minimal upkeep and less maintenance. Looking at condos and townhomes can make it easier to find and buy a home. When you’re ready, connect with a local real estate agent.

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Bridging the Gaps on the Road to Homeownership

Written by Marathon Florida Keys Mortgage on February 13, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Homeownership is a major part of the American Dream. But, the path to achieving this dream can be quite difficult. While progress has been made to improve fair housing access, households of color still face unique challenges on the road to owning a home. Working with the right real estate experts can make all the difference for diverse buyers. It’s clear that achieving homeownership is more challenging for certain groups because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Black households continue to have the...

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Why Pre-Approval Is Even More Important This Year

Written by Marathon Florida Keys Mortgage on February 7, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024. What Pre-Approval Is As part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According to Investopedia, this includes things like your W-2, tax returns, credit score, bank statements, and more. From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow. Freddie Mac explains it like this: “A...

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Why Having Your Own Agent Matters When Buying a New Construction Home

Written by Marathon Florida Keys Mortgage on February 5, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, New Construction.

Finding the right home is one of the biggest challenges for potential buyers today. Right now, the supply of homes for sale is still low. But there is a bright spot. Newly built homes make up a larger percent of the total homes available for sale than normal. That’s why, if you’re craving more options, it makes sense to see if a newly built home is right for you. But it’s important to remember the process of working with a builder is different than buying from a homeowner. And, while builders typically have sales agents on-site, having your own agent helps make sure you have proper representation...

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Why It’s More Affordable To Buy a Home This Year [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on January 26, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Pricing.

Some Highlights Home affordability depends on three factors: mortgage rates, home prices, and wages. Mortgage rates are down from their recent peak, home prices are expected to rise at a slower pace, and wages are increasing faster than usual. That’s good news if you want to buy a home because it means affordability is getting better.

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The Top Benefits of Buying a Multi-Generational Home

Written by Marathon Florida Keys Mortgage on January 25, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind? If so, you’re not alone. More buyers are choosing to go this route and buy a multi-generational home. Here’s a look at some of the top reasons why, to see if a home like this may be right for you too. Why Buyers Are Opting for Multi-Generational Living According to the National Association of Realtors (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with affordability (see graph below): First-time buyers are focused most on cost...

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Are More Homeowners Selling as Mortgage Rates Come Down?

Written by Marathon Florida Keys Mortgage on January 24, 2024. Posted in Buying Myths, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale. The Mortgage Rate Lock-In Effect Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac explains: “The lack of housing supply was partly driven by the rate lock-in effect. . . ....

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3 Key Factors Affecting Home Affordability

Written by Marathon Florida Keys Mortgage on January 18, 2024. Posted in Buying Myths, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Pricing.

Over the past year, a lot of people have been talking about housing affordability and how tight it’s gotten. But just recently, there’s been a little bit of relief on that front. Mortgage rates have gone down since their most recent peak in October. But there’s more to being able to afford a home than just mortgage rates. To really understand home affordability, you need to look at the combination of three important factors: mortgage rates, home prices, and wages. Let’s dive into the latest data on each one to see why affordability is improving. 1. Mortgage Rates Mortgage rates have come down...

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Homeownership Is Still at the Heart of the American Dream

Written by Marathon Florida Keys Mortgage on January 15, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Buying a home is a powerful decision, and it remains at the heart of the American Dream. Unlike renting, owning a home means more than just having a place to live – it offers a sense of belonging, stability, and freedom. According to Nicole Bachaud, Senior Economist at Zillow: “The American Dream is still owning a home. There’s a lot of pent-up demand for ownership; that isn’t going to go away.” Let’s explore just a few of the reasons why so many Americans continue to value homeownership. The Financial Benefits of Owning a Home One possible reason homeownership is viewed so highly is because...

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Home Prices Forecast To Climb over the Next 5 Years [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on January 12, 2024. Posted in Buying Myths, For Buyers, Housing Market Updates, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing, Rent vs. Buy.

Some Highlights If you’re worried about what’s next for home prices, know the HPES shows experts are projecting they’ll continue to rise at least through 2028. Based on that forecast, if you bought a $400,000 house this year, experts say it could gain over $72,000 in equity over the next five years. If you’re worried about falling home prices, don’t be. Many experts forecast they’ll keep rising for years to come. If you have questions, ask a local real estate agent.

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The Dramatic Impact of Homeownership on Net Worth

Written by Marathon Florida Keys Mortgage on January 11, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Rent vs. Buy.

If you’re trying to decide whether to rent or buy a home this year, here’s a powerful insight that could give you the clarity and confidence you need to make your decision. Every three years, the Federal Reserve releases the Survey of Consumer Finances (SCF), which compares net worth for homeowners and renters. The latest report shows the average homeowner’s net worth is almost 40X greater than a renter’s (see graph below): One reason a wealth gap exists between renters and homeowners is because when you’re a homeowner, your equity grows as your home appreciates in value and you...

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Category: Buying Myths