Category: For Buyers

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Homeownership: The Heart of the American Dream

Written by Marathon Florida Keys Mortgage on July 4, 2024. Posted in Buying Tips, Equity, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Everyone’s vision for the future is personal and unique. But for many, common goals include success, freedom, and prosperity — values closely tied to having your own home and the iconic feeling of achieving the American Dream. A recent survey by Bankrate reveals exactly that: homeownership is still a part of the American Dream. The results show, at 78%, that owning a home tops the list, surpassing other significant milestones such as retirement, having a successful career, and more (see below): So, why is buying a home important to so many today? One reason is the financial and physical...

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Real Estate Still Holds the Title of Best Long-Term Investment

Written by Marathon Florida Keys Mortgage on July 2, 2024. Posted in Buying Tips, For Buyers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

With all the headlines circulating about home prices and mortgage rates, you may be asking yourself if it still makes sense to buy a home right now, or if it’s better to keep renting. Here’s some information that could help put your mind at ease by showing that investing in a home is still a powerful decision. According to the experts at Gallup, real estate has been crowned the top long-term investment for a whopping 12 years in a row. It has consistently beat out other investment types like gold, stocks, and bonds. Just take a look at the graph below – it speaks volumes: But why does...

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The Difference Between an Inspection and an Appraisal

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

When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with. While you may have a general idea of what an inspection is, maybe you’re not sure why you need one or how it’s different from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer. Home Inspection Once you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a...

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Focus on Time in the Market, Not Timing the Market

Written by Marathon Florida Keys Mortgage on June 26, 2024. Posted in Economy, For Buyers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Should you buy a home now or should you wait? That’s a big question on many people’s minds today. And while what timing is right for you will depend on a lot of other personal factors, here’s something you may not have considered. If you’re able to buy at today’s rates and prices, it may be better to focus on time in the market, rather than timing the market. The Downside of Trying To Time the Market Trying to time the market isn’t a good strategy because things can change. Here’s an example. For the better part of this year, projections have said mortgage rates will come down. And while...

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Housing Market Forecast: What’s Ahead for the 2nd Half of 2024

Written by Marathon Florida Keys Mortgage on June 24, 2024. Posted in For Buyers, For Sellers, Forecasts, Home Prices, Inventory, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales. Home Prices Are Expected To Climb Moderately Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry: The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains: “One thing that seems to be pretty solid is that home prices are going to continue to go up, and...

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Why a Vacation Home Is the Ultimate Summer Upgrade

Written by Marathon Florida Keys Mortgage on June 20, 2024. Posted in Buying Tips, For Buyers, Luxury / Vacation, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season. If you’re excited about getting away and having some fun in the sun, it might make sense to consider if owning your own vacation home is right for you. An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home (see below): Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home to use as a vacation spot can be a special place where you go to relax and take a break from your...

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What You Need To Know About Today’s Down Payment Programs

Written by Marathon Florida Keys Mortgage on June 19, 2024. Posted in Buying Tips, First-Time Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

There’s no denying it’s gotten more challenging to buy a home, especially with today’s mortgage rates and home price appreciation. And that may be one of the big reasons you’re eager to look into grants and assistance programs to see if there’s anything you qualify for that can help. But unfortunately, many homebuyers feel like they don’t know where to start. A recent Bank of America Institute study asked prospective buyers where they lack confidence in the process and need more information. And this is what topped the list: 53% said they need help understanding...

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Do Elections Impact the Housing Market?

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

The 2024 Presidential election is just months away. As someone who’s thinking about potentially buying or selling a home, you’re probably curious about what effect, if any, elections have on the housing market. It’s a great question because buying or selling a home is a major decision, and it’s natural to wonder how such a major event might impact your plans. Historically, Presidential elections have only had a small, temporary impact on the housing market. Here’s the latest on exactly what’s happened to home sales, prices, and mortgage rates throughout those time periods. Home Sales...

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Real Estate Is Still the Best Long-Term Investment [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on June 14, 2024. Posted in Equity, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Rent vs. Buy.

Some Highlights According to a recent poll from Gallup, real estate has been voted the best long-term investment for twelve straight years. That’s because a home is so much more just than a roof over your head. It’s also an asset that typically grows in value over time. If you’ve been debating if it makes more sense to rent or buy, connect with a real estate agent to talk about why homeownership can be a better bet in the long run.

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Homebuilders Aren’t Overbuilding, They’re Catching Up

Written by Marathon Florida Keys Mortgage on June 13, 2024. Posted in For Buyers, Inventory, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

You may have heard that there are more brand-new homes available right now than the norm. Today, about one in three homes on the market are newly built. And if you’re wondering what that means for the housing market and for your own move, here’s what you need to know. Why This Isn’t Like 2008 People remember what happened to the housing market back in 2008. And one of the factors that contributed to that crash was that there were too many homes for sale. While only part of the oversupply back then came from builders, the lasting impact is that some people still feel uneasy when they hear...

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Home Prices Aren’t Declining, But Headlines Might Make You Think They Are

Written by Marathon Florida Keys Mortgage on June 12, 2024. Posted in For Buyers, For Sellers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’ve seen the news lately about home sellers slashing prices, it’s a great example of how headlines do more to terrify than clarify. Here’s what’s really happening with prices. The bottom line is home prices are higher than they were a year ago at this time, and they’re expected to keep rising, just at a slower pace. But a recent article from Redfin notes, “Price Drops Hit Highest Level in 18 Months As High Rates Dampen Buyer Demand.” And that might make you think prices are declining. Now, while it’s true the latest report from Realtor.com also shows 16.6% of homes on the market had...

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Savings Strategies Every First-Time Homebuyer Needs To Know

Written by Marathon Florida Keys Mortgage on June 11, 2024. Posted in Buying Tips, First-Time Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If homeownership is on your goal sheet for your future, you’re probably working on your savings. And a big priority is making sure you’ve got a plan in place for things like your closing costs, down payment, and more. Here are a few strategies that can help speed up that process. Budget and Track Your Expenses: To start, create a detailed budget that tracks the money you’ve got coming in and the money going out. This’ll give you a better look at your finances as a whole. Cut Down on Unnecessary Spending: Now that you have your budget sheet done and you know how you’re spending your...

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The Wealth-Building Power of Homeownership [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on June 7, 2024. Posted in Equity, First-Time Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights If you’re trying to decide if buying a home is worth it, consider the long-term benefits, like building equity as home values grow over time. According to the FHFA, home values have increased by 315.7% since 1991. Home equity is one reason owning your own place can really pay off in the long run. When you’re ready, talk with a local real estate professional.

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The Sweet Spot for Buying Luxury Homes

Written by Marathon Florida Keys Mortgage on June 5, 2024. Posted in For Buyers, Inventory, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up.

If you’ve been looking for a home at the high end of your market, but haven’t found the right one, you may have put your search on hold. But according to recent data, now may be the time to jump back in. Here’s why. There Are More Luxury Homes To Choose From What’s considered the top-end of the market, or a luxury home, will always vary by location. But generally speaking, they’re homes that are valued in the top 5% of any given market. According to a recent report from the Institute for Luxury Home Marketing, the selection of luxury homes is increasing (see graph below): As the graph...

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What To Expect if You Buy or Sell a Home This June

Written by Marathon Florida Keys Mortgage on June 4, 2024. Posted in For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

June is a busy month in the housing market because a lot of people buy and sell this time of year. So, if you’ve got a move on your mind and you’re looking to make it happen this month, here’s a snapshot of what you need to know to make sure you’re ready. If You’re Buying This June A lot of homebuyers with children like to move after one school year ends and before the next one begins. That’s one reason why late spring into summer is a popular time for homes to change hands. And whether that’s a motivator for you or not, it’s important to realize more buyers are going to be looking right...

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More Than a House: The Emotional Benefits of Homeownership

Written by Marathon Florida Keys Mortgage on June 3, 2024. Posted in Affordability, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

With all the headlines and talk about housing affordability, it can be tempting to get lost in the financial side of buying a home. That’s only natural as you think about the dollars and cents of it all. And while you ultimately need to be able to afford a home you buy, don’t lose sight of why homeownership was so important to you in the first place. That’s because buying a home is so much more than just a financial transaction. As the National Association of Realtors (NAR) says: “The benefits of purchasing and owning your place of residence are both financial and emotional – pride in...

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Top Reasons To Own a Home [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on May 31, 2024. Posted in Buying Tips, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights Buying a home has powerful financial and non-financial benefits. It creates more stability, helps grow your net worth, and gives you an undeniable sense of pride. While today’s market can be challenging for buyers, use these reasons to remind you of why homeownership is so worthwhile. When you’re ready to enjoy all the amazing advantages that come with owning a home, get in touch with a local real estate agent.

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The Biggest Mistakes Buyers Are Making Today

Written by Marathon Florida Keys Mortgage on May 30, 2024. Posted in Buying Tips, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Buyers face challenges in any market – and today’s is no different. With higher mortgage rates and rising prices, plus the limited supply of homes for sale, there’s a lot to consider. But, there’s one way to avoid getting tripped up – and that’s leaning on a real estate agent for the best possible advice. An expert’s insights will help you avoid some of the most common mistakes homebuyers are making right now. Putting Off Pre-approval As part of the homebuying process, a lender will look at your finances to figure out what they’re willing to loan you for your mortgage. This gives...

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How Do Climate Risks Affect Your Next Home?

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

Climate change is impacting where people buy homes. As the experts at the National Association of Realtors (NAR) explain: “Sixty-three percent of people who have moved since the pandemic began say they believe climate change is—or will be—an issue in the place they currently live.” If you’re planning to move, climate change is something you might want to consider, no matter where you are. A recent study from Realtor.com helps put the growing impact climate change is having on real estate into perspective (see below): So, how can you be sure your investment is safe from the elements? For...

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How VA Loans Can Help You Buy a Home

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

For over 80 years, Veterans Affairs (VA) home loans have helped millions of veterans buy their own homes. If you or someone you know has served in the military, it’s important to learn about this program and its benefits. Here are some key things to know about VA loans before buying a home. Top Benefits of VA Home Loans VA home loans make it easier for veterans to buy a home, and they’re a great perk for those who qualify. According to the Department of Veteran Affairs, some benefits include: Options for No Down Payment: Qualified borrowers can often purchase a home with no...

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Worried about Home Maintenance Costs? Consider This

Written by Marathon Florida Keys Mortgage on May 21, 2024. Posted in Buying Tips, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If one of the main reasons you’re hesitant to buy a home is because you’re worried about the upkeep, here’s some information you may find interesting on both new home construction and existing homes (a home that’s been lived in by a previous owner). Newly Built Homes Need Less Upfront Maintenance If you can afford it, you may find a newly built home could help ease your worries about maintenance costs. Think about it, if everything in the house is brand new, it won’t have the wear and tear you may see in an existing home – and that means it’s less likely to need repairs. As LendingTree...

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What’s Next for Home Prices and Mortgage Rates?

Written by Marathon Florida Keys Mortgage on May 20, 2024. Posted in For Buyers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

If you’re thinking of making a move this year, there are two housing market factors that are probably on your mind: home prices and mortgage rates. You’re wondering what’s going to happen next. And if it’s worth it to move now, or better to wait it out. The only thing you can really do is make the best decision you can based on the latest information available. So, here’s what experts are saying about both prices and rates. 1. What’s Next for Home Prices? One reliable place you can turn to for information on home price forecasts is the Home Price Expectations Survey from Fannie Mae – a...

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