Owning Is More Affordable than Renting in the Majority of the Country

Written by Marathon Florida Keys Mortgage on January 31, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing, Rent vs. Buy.

If you were thinking about buying a home this year, but already pressed pause on your plans due to rising home prices and increasing mortgage rates, there’s something you should consider. According to the latest report from ATTOM Data, owning a home is more affordable than renting in the majority of the country. The 2022 Rental Affordability Report says: “. . . Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means major home ownership expenses consume a smaller...

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Buyers Want To Know: Why Is Housing Supply Still So Low?

Written by Marathon Florida Keys Mortgage on January 20, 2022. Posted in Buying Myths, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

One key question that’s top of mind for homebuyers this year is: why is it so hard to find a house to buy? The truth is, we’re in the ultimate sellers’ market, so real estate is ultra-competitive for buyers right now. The number of buyers searching for a home greatly outweighs how many homes are available for sale. While low inventory in the housing market isn’t new, it’s a challenge that continues to grow over time. Here’s a look at two reasons why today’s housing supply is low and what that means for you. 1. New Home Construction Fell Behind for Several Years The graph below shows new home...

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With Mortgage Rates Climbing, Now’s the Time To Act

Written by Marathon Florida Keys Mortgage on January 19, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Last week, the average 30-year fixed mortgage rate from Freddie Mac jumped from 3.22% to 3.45%. That’s the highest point it’s been in almost two years. If you’re thinking about buying a home, this news may have come as a bit of a shock. But the truth is, it wasn’t entirely unexpected. Experts have been calling for rates to rise in their 2022 projections, and the forecast is now becoming a reality. Here’s a look at the projections from Freddie Mac for this year: Q1 2022: 3.4% Q2 2022: 3.5% Q3 2022: 3.6% Q4 2022: 3.7% As the numbers show, this jump in rates is in line with the expectations...

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Why Inflation Shouldn’t Stop You from Buying a Home in 2022

Written by Marathon Florida Keys Mortgage on January 11, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Pricing.

If you’re following along with the news today, you’re probably hearing a lot about record-breaking home prices, rising consumer costs, supply chain constraints, and more. And if you’re thinking about purchasing a home this year, all of these inflationary concerns are likely making you wonder if you should wait to buy. Investopedia explains that during a period of high inflation, prices rise across the board. And while home prices aren’t immune from this increase, here’s why inflation shouldn’t stop you from buying a home in 2022. Homeownership Offers Stability and Security Home prices have...

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How Much Do You Need for Your Down Payment?

Written by Marathon Florida Keys Mortgage on January 3, 2022. Posted in Buying Myths, Down Payments, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

As you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment? If you think you have to put 20% down, you may have set your goal based on a common misconception. Freddie Mac says: “The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.” Unless specified by your loan type or lender, it’s typically not required to put 20% down. According to the Profile of Home Buyers and Sellers from the National...

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5 Tips for Making Your Best Offer on a Home

Written by Marathon Florida Keys Mortgage on December 28, 2021. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

As a buyer in a sellers’ market, sometimes it can feel like you’re stuck between a rock and a hard place. When you’re ready to make an offer on a home, remember these five easy tips to help you rise above the competition. 1. Know Your Budget Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it: “This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.” Showing...

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Key Things To Avoid After Applying for a Mortgage

Written by Marathon Florida Keys Mortgage on December 27, 2021. Posted in Buying Myths, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Once you’ve found your dream home and applied for a mortgage, there are some key things to keep in mind before you close. It’s exciting to start thinking about moving in and decorating your new place, but before you make any large purchases, move your money around, or make any major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan. Here’s a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process. 1. Don’t Deposit Cash...

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Two Reasons Why Waiting To Buy a Home Will Cost You

Written by Marathon Florida Keys Mortgage on December 9, 2021. Posted in Buying Myths, First Time Home Buyers, For Buyers, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Pricing.

If you’re a homeowner who’s decided your current house no longer fits your needs, or a renter with a strong desire to become a homeowner, you may be hoping that waiting until next year could mean better market conditions to purchase a home. To determine whether you should buy now or wait another year, you can ask yourself two simple questions: Where will home prices be a year from now? Where will mortgage rates be a year from now? Let’s shed some light on the answers to both of these questions. Where Will Home Prices Be a Year from Now? Three major housing industry entities are projecting...

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Why It Just Became Much Easier To Buy a Home

Written by Marathon Florida Keys Mortgage on December 7, 2021. Posted in Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Since the pandemic began, Americans have reevaluated the meaning of the word home. That’s led some renters to realize the many benefits of homeownership, including the feelings of security and stability and the financial benefits that come with rising home equity. At the same time, many current homeowners have decided their house no longer meets their needs, so they moved into homes with more space inside and out, including a home office for remote work. However, not every purchaser has been able to fulfill their desire for a new home. Here are two obstacles some homebuyers are facing: The...

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Tips for Single Homebuyers: How To Make Your Dream a Reality

Written by Marathon Florida Keys Mortgage on December 2, 2021. Posted in Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re living on your own and looking to buy a home, know that you can make your dream a reality with thoughtful planning and the right team of experts. Research from Freddie Mac shows 28% of all households (36.1 million) are sole-person, and that number is growing. Over the past 40 years, the number of sole-person households has nearly doubled, and that’s a trend that’s expected to continue. According to Freddie Mac: “Our calculation suggests that there will be an additional 5 million sole-person households in the United States by the next decade. This means 42% of the household growth...

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How To Think Strategically as a Buyer in Today’s Market

Written by Marathon Florida Keys Mortgage on December 1, 2021. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

The game of chess can provide incredible lessons to apply to all aspects of life, including the homebuying process. Chess requires you to plan and think about your strategy from the very beginning of the game. The homebuying process, like chess, requires strategy and planning. Here are a few things to keep in mind to ensure your plan is as strong as possible when you begin your home search. Pre-Approval: the Best Opening Play To Make as a Homebuyer It’s important to have a great opening play when you’re buying a home. And the best move you can make when you begin your home search is getting...

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How Smart Buyers Are Approaching Rising Mortgage Rates

Written by Marathon Florida Keys Mortgage on November 24, 2021. Posted in Buying Myths, First Time Home Buyers, For Buyers, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Last week, the average 30-year fixed mortgage rate from Freddie Mac inched up to 3.1%, and experts project rates will continue rising through 2022: “The 30-year fixed-rate mortgage was 2.9% in the third quarter of 2021. We forecast mortgage rates to increase slightly through the remainder of the year and reach 3.0%, rising to 3.5% for full year 2022.” If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage rates rise. Taking Time Off Can Be Costly Mortgage rates play a significant role in your home search. As rates go up, your monthly...

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VA Loans: Helping Veterans Achieve Their Homeownership Dreams

Written by Marathon Florida Keys Mortgage on November 11, 2021. Posted in Buying Myths, Down Payments, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Time-sensitive.

The purpose of Veterans Affairs (VA) home loans is to provide a pathway to homeownership for those who have sacrificed so much by serving our nation. As the Veterans Administration says of the program: “The objective of the VA Home Loan Guaranty program is to help eligible Veterans, active-duty personnel, surviving spouses, and members of the Reserves and National Guard purchase, retain, and adapt homes in recognition of their service. . . .” For over 75 years, VA home loans have provided millions of veterans and their families the opportunity to purchase their own homes. 2020 Data on VA...

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The Mortgage Process Doesn’t Have To Be Scary [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on October 29, 2021. Posted in Buying Myths, First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Some Highlights Applying for a mortgage is a big step towards homeownership, but it doesn’t need to be one you fear. Here are some tips to help you prepare. Know your credit score and work to build strong credit. When you’re ready, lean on your agent to connect you with a lender so you can get pre-approved and begin your home search. Any major life change can be scary, and buying a home is no different. Let’s connect so you have an advisor by your side to take the fear out of the equation. Content previously posted on Keeping Current Matters

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Knowledge Is Power When It Comes to Appraisals and Inspections

Written by Marathon Florida Keys Mortgage on October 25, 2021. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Buyers in today’s market often have questions about the importance of getting a home appraisal and an inspection. That’s because high buyer demand and low housing supply are driving intense competition and leading some buyers to consider waiving those contingencies to stand out in the crowded market. But is that the best move? Buying a home is one of the most important transactions in your lifetime, and it’s critical to keep your best interests in mind. Here’s a breakdown of what to expect from the appraisal and the inspection, and why each one can potentially save you a lot of time, money,...

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Important Distinction: Homes Are Less Affordable, Not Unaffordable

Written by Marathon Florida Keys Mortgage on October 21, 2021. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

It’s impossible to research the subject of buying a home without coming across a headline declaring that the fall in home affordability is a crisis. However, when we add context to the most recent affordability statistics, we soon realize that, though homes are less affordable than they have been over the last few years, they are more affordable than they historically have been. Black Knight, a premier provider of data and analytics for the mortgage industry, just released their latest Monthly Mortgage Monitor which includes a new analysis of the affordability situation. Here’s what the report...

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What Does the Future Hold for Home Prices?

Written by Marathon Florida Keys Mortgage on October 19, 2021. Posted in Buying Myths, For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing, Selling Myths.

If you’re looking to buy or sell a house, chances are you’ve heard talk about today’s rising home prices. And while this increase in home values is great news for sellers, you may be wondering what the future holds. Will prices continue to rise with time, or should you expect them to fall? To answer that question, let’s first understand a few terms you may be hearing right now. Appreciation is an increase in the value of an asset. Depreciation is a decrease in the value of an asset. Deceleration is when something happens at a slower pace. It’s important to note home prices have increased,...

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Don’t Wait for a Lower Mortgage Rate – It Could Cost You

Written by Marathon Florida Keys Mortgage on October 12, 2021. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Today’s housing market is truly one for the record books. Over the past year, we’ve seen the lowest mortgage rates in history. And while those rates seemed to bottom out in January of this year, the golden window of opportunity for buyers isn’t over just yet. If you’re one of the buyers who worry they’ve missed out, rest assured today’s mortgage rates are still worth taking advantage of. Even today, our mortgage rates are below what they’ve been in recent decades. So, while you may not be able to lock in the rate your friend got recently, you’re still in a great position to secure a rate well...

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If You’re a Buyer, Is Offering Asking Price Enough?

Written by Marathon Florida Keys Mortgage on September 27, 2021. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

In today’s real estate market, buyers shouldn’t shop for a home with the expectation they’ll be able to negotiate a lower sales price. In a typical housing market, buyers try to determine how much less than the asking price they can offer and still get the home. From there, the buyer and seller typically negotiate and agree on a revised price somewhere in the middle. Things Are Different Today Today’s housing market is anything but normal. According to the National Association of Realtors (NAR), homes today are: Receiving an average of 3.8 offers Selling in just 17 days Homes selling quickly...

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Two Reasons Why Waiting a Year To Buy Could Cost You

Written by Marathon Florida Keys Mortgage on September 23, 2021. Posted in Buying Myths, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Pricing.

If you’re a renter with a desire to become a homeowner, or a homeowner who’s decided your current house no longer fits your needs, you may be hoping that waiting a year might mean better market conditions to purchase a home. To determine if you should buy now or wait, you need to ask yourself two simple questions: What will home prices be like in 2022? Where will mortgage rates be by the end of 2022? Let’s shed some light on the answers to both of these questions. What will home prices be like in 2022? Three major housing industry entities project continued home price appreciation for 2022....

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Is a 20% Down Payment Really Necessary To Purchase a Home?

Written by Marathon Florida Keys Mortgage on September 22, 2021. Posted in Buying Myths, Demographics, Down Payments, First Time Home Buyers, For Buyers, Gen Z, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Millennials.

There’s a common misconception that, as a homebuyer, you need to come up with 20% of the total sale price for your down payment. In fact, a recent survey by Lending Tree asks what is keeping consumers from purchasing a home. For over half of those surveyed, the ability to afford a down payment is the biggest hurdle. That may be because those individuals assume a 20% down payment is necessary. While putting more money down if you’re able can benefit buyers, putting 20% down is not mandatory. As Freddie Mac puts it: “The most damaging down payment myth—since it stops the homebuying process...

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Category: Buying Myths