Home Values Rise Even as Median Prices Fall

Written by Marathon Florida Keys Mortgage on October 3, 2024. Posted in For Buyers, For Sellers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a buyer or seller, it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story. Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create. Homes on the Market Right Now Are Smaller The biggest reason for the dip in median price...

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This Is the Sweet Spot Homebuyers Have Been Waiting For

Written by Marathon Florida Keys Mortgage on October 1, 2024. Posted in For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

After months of sitting on the sidelines, many homebuyers who were priced out by high mortgage rates and affordability challenges finally have an opportunity to make their move. With rates trending down, today’s market is a sweet spot for buyers—and it’s one that may not last long. So, if you’ve put your own move on the back burner, here’s why maybe you shouldn’t delay your plans any longer. As you weigh your options and decide if you should buy now or wait, ask yourself this: What do you think everyone else is going to do? The truth is, if mortgage rates continue to ease, as experts project,...

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Buying Beats Renting in 22 Major U.S. Cities

Written by Marathon Florida Keys Mortgage on September 30, 2024. Posted in Affordability, For Buyers, Home Prices, Inventory, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments (see chart below): As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country. This is a big deal if you’ve been renting for a while now. But if you don’t see your city on this list, don’t sweat it. Things are moving fast, and your area might...

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Buy Now, or Wait?

Written by Marathon Florida Keys Mortgage on September 27, 2024. Posted in Buying Tips, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Some Highlights If you’re wondering if you should buy now or wait, here’s what you need to know. If you wait for rates to drop more, you’ll have to deal with more competition and higher prices as additional buyers jump back in. But if you buy now, you’d get ahead of that and have the chance to start building equity. Should you buy now or wait? Connect with a real estate agent and talk through it together, so you can make your best decision.

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Don’t Fall for These Real Estate Agent Myths

Written by Marathon Florida Keys Mortgage on September 26, 2024. Posted in Agent Value, Buying Tips, For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Tips.

When it’s time to buy or sell a home, one of the most important decisions you’ll make is who you’ll work with as your agent. That choice will have an impact on your entire experience and how smoothly it goes. As you figure out who you’ll partner with, it’s important to know what to expect and what to look for. Unfortunately, there may be some myths holding you back from making the best decision possible. So, let’s take some time to address those, and make sure you have the information you need to find the right agent for you. Myth #1: All Real Estate Agents Are the Same You might think all...

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Why Buying Now May Be Worth It in the Long Run

Written by Marathon Florida Keys Mortgage on September 25, 2024. Posted in Buying Tips, Equity, First-Time Buyers, For Buyers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Should you buy a home now or should you wait? That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want to consider as you make your decision. As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation. Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices...

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The Down Payment Assistance You Didn’t Know About

Written by Marathon Florida Keys Mortgage on September 24, 2024. Posted in First-Time Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it. And if you’re hoping to buy a home, this is a mission-critical gap to close – fast (see graph below): Here’s what you need to know to make the most of your down payment in today’s housing market. Amplify Your Down Payment Potential For first-time buyers, the name of the game with down payments is making sure you’re taking advantage of all the resources out there designed to help you. And a bunch of them can get you to your goal faster than you may have thought possible....

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Lower Mortgage Rates Boost Your Buying Power

Written by Marathon Florida Keys Mortgage on September 20, 2024. Posted in For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Some Highlights Mortgage rates are trending down and that’s great news for your bottom line. As rates drop, your monthly payment on your next home does too. Even a small change in mortgage rates can have a big impact on your purchasing power. If you put your search on hold when mortgage rates were higher, think about how much you could save now that rates are coming down.

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The Latest Builder Trend: Smaller, Less Expensive Homes

Written by Marathon Florida Keys Mortgage on September 18, 2024. Posted in Affordability, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, New Construction.

Even though affordability is improving, buying a home can still feel tough right now. But here’s some good news: builders are focusing their efforts on building smaller homes, and they’re offering key incentives to buyers. And both of these things can be a big help if you’re worried about finding a home that’s right for your budget. Builders Are Building Smaller Homes During the pandemic, homebuyers were looking for larger homes—and many could afford them. Builders responded to that demand and created bigger spaces to help people with things like working from home, setting up home gyms,...

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Mortgage Rates Drop to Lowest Level in over a Year and a Half

Written by Marathon Florida Keys Mortgage on September 17, 2024. Posted in For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment. Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at Freddie Mac, says: “Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.” But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at...

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The Best Time To Buy a Home This Year

Written by Marathon Florida Keys Mortgage on September 16, 2024. Posted in Buying Tips, For Buyers, Inventory, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

A shift is underway in the housing market this season. And if you’ve been sitting on the sidelines waiting for the right moment to jump back into your homebuying search, this is a great time to do it. That’s because the best week to buy a home this year is just around the corner. Your sweet spot is here. The experts at Realtor.com study seasonal trends to figure out the ideal week for homebuyers: “Nationally, the best time to buy in 2024 is the week of Sept. 29–Oct. 5. This week historically has shown the best balance of market conditions that favor buyers. Inventory tends to be high, prices...

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What To Know About Closing Costs

Written by Marathon Florida Keys Mortgage on September 12, 2024. Posted in Buying Tips, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Now that you’ve decided to buy a home and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process. And while your down payment is probably the number one expense on your mind, don’t forget about closing costs. Here’s what you need to know. What Are Closing Costs? Simply put, your closing costs are the additional fees and payments you have to make at closing. And while they’ll vary based on the price of the home and how it’s being financed, every buyer has these, so they shouldn’t be a surprise. It’s just that some people...

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The Real Story Behind What’s Happening with Home Prices

Written by Marathon Florida Keys Mortgage on September 11, 2024. Posted in For Buyers, For Sellers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re wondering what’s going on with home prices lately, you’re definitely not the only one. With so much information out there, it can be hard to figure out your next move. As a buyer, you might be worried about paying more than you should. And if you’re thinking of selling, you might be concerned about not getting the price you’re aiming for. So, here’s a quick breakdown to help clear things up and show you what’s really happening with prices—whether you’re thinking about buying or selling. Home Price Growth Is Slowing, but Prices Aren’t Falling Nationally Throughout...

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Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List

Written by Marathon Florida Keys Mortgage on September 10, 2024. Posted in Affordability, Buying Tips, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Since the supply of homes for sale is growing and mortgage rates are coming down, you may be thinking it’s finally your moment to jump into the market. To make sure you’re ready, you need to get pre-approved for a mortgage. That’s when a lender looks at your finances, including things like your W-2, tax returns, credit score, and bank statements, to figure out what they’re willing to loan you. After that process, you’ll get a pre-approval letter to show what you can borrow. Here are two reasons why this is essential in today’s market. Pre-Approval Helps You Know Your Numbers While home affordability is...

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The Latest on the Luxury Home Market

Written by Marathon Florida Keys Mortgage on September 5, 2024. Posted in Buying Tips, For Buyers, Luxury / Vacation, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Luxury living is about more than just stunning views and cutting-edge smart home technology—it’s about elevating your lifestyle. And if you’re in the market for a million-dollar home, now is an excellent time to explore the thriving luxury market. Here’s why. The Number of Luxury Homes Is Growing The top of the market, or luxury homes, can mean different things depending on where you live. But in general, these are homes that are in the top 5% price range in any area. According to a recent report from Redfin, the average value of those homes has risen to over one million dollars: “The...

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Could a 55+ Community Be Right for You?

Written by Marathon Florida Keys Mortgage on September 2, 2024. Posted in Buying Tips, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re thinking about downsizing, you may be hearing about 55+ communities and wondering if they’d be a good fit for you. Here’s some information that could help you make your decision. What Is a 55+ Community? It’s important to note that these communities aren’t just for people who need extra support – they can be pretty vibrant, too. Many people who are downsizing opt for this type of home because they’re looking to be surrounded by people in a similar season of life. U.S. News explains: “The terms ‘55-plus community,’ ‘active adult community,’ ‘lifestyle communities’ and ‘planned communities’...

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Are We Heading into a Balanced Market?

Written by Marathon Florida Keys Mortgage on August 29, 2024. Posted in For Buyers, For Sellers, Inventory, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’ve been keeping an eye on the housing market over the past couple of years, you know sellers have had the upper hand. But is that going to shift now that inventory is growing? Here’s a breakdown of what you need to know. What Is a Balanced Market? A balanced market is generally defined as a market with about a five-to-seven-month supply of homes available for sale. In this type of market, neither buyers nor sellers have a clear advantage. Prices tend to stabilize, and there’s a healthier number of homes to choose from. And after many years when sellers had all the leverage, a more balanced...

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2025 Housing Market Forecasts: What To Expect

Written by Marathon Florida Keys Mortgage on August 28, 2024. Posted in For Buyers, For Sellers, Forecasts, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Looking ahead to 2025, it’s important to know what experts are projecting for the housing market. And whether you’re thinking of buying or selling a home next year, having a clear picture of what they’re calling for can help you make the best possible decision for your homeownership plans. Here’s an early look at the most recent projections on mortgage rates, home sales, and prices for 2025. Mortgage Rates Are Projected To Come Down Slightly Mortgage rates play a significant role in the housing market. The forecasts for 2025 from Fannie Mae, the Mortgage Bankers Association (MBA),...

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What’s the Impact of Presidential Elections on the Housing Market?

Written by Marathon Florida Keys Mortgage on August 27, 2024. Posted in Economy, For Buyers, For Sellers, Home Prices, Inventory, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

It’s no surprise that the upcoming Presidential election might have you speculating about what’s ahead. And those unanswered thoughts can quickly spiral, causing fear and uncertainty to swirl through your mind. So, if you’ve been considering buying or selling a home this year, you’re probably curious about what the election might mean for the housing market – and if it’s still a good time to make your move. Here’s the good news that may surprise you: typically, Presidential elections have only had a small, temporary impact on the housing market. But your questions are definitely worth answering,...

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How Growing Inventory Benefits Today’s Buyers

Written by Marathon Florida Keys Mortgage on August 23, 2024. Posted in For Buyers, Infographics, Inventory, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights While the number of homes for sale varies by local area, nationally we’re up over 36% year-over-year, but still down almost 29% compared to what’s normal.? Here’s what that means when you buy: more options for your search, more negotiation power for you, it’s more likely sellers will make select repairs, and more moderate price growth. If you want to talk more about what rising inventory means for you, connect with a local real estate agent.

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Today’s Biggest Housing Market Myths

Written by Marathon Florida Keys Mortgage on August 22, 2024. Posted in Buying Tips, Economy, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Have you ever heard the phrase: don’t believe everything you hear? That’s especially true if you’re thinking about buying or selling a home in today’s housing market. There’s a lot of misinformation out there. And right now, making sure you have someone you can go to for trustworthy information is extra important. If you partner with a real estate agent, they can clear up some common misconceptions and reassure you by backing them up with research-driven facts. Here are just a few misconceptions they can help disprove. 1. I’ll Get a Better Deal Once Prices Crash If you’ve heard home prices...

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How To Choose a Great Local Real Estate Agent

Written by Marathon Florida Keys Mortgage on August 20, 2024. Posted in Agent Value, For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Selecting the right real estate agent can make a world of difference when buying or selling a home. But how do you find the best one? Here are some tips to help you make that big decision as you determine your partner in the process. Check Their Reputation Start by gathering information about agents in your area. From there, try to narrow down the list. Ask the people you trust if they have someone they’d recommend. You’ll want to find an agent with a strong online presence, plenty of positive reviews, and someone whose great reputation truly precedes them. As Freddie Mac explains: “. . . you...

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Category: For Buyers