Category: For Buyers

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What Are Experts Saying About the Spring Housing Market?

Written by Marathon Florida Keys Mortgage on March 21, 2024. Posted in For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here’s what the professionals are saying about what’s in store for this season. Odeta Kushi, Deputy Chief Economist, First American: “. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.” Lisa Sturtevant, Chief Economist, Bright MLS: “There is still strong...

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Does It Make Sense To Buy a Home Right Now?

Written by Marathon Florida Keys Mortgage on March 20, 2024. Posted in First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

Thinking about buying a home? If so, you’re probably wondering: should I buy now or wait? Nobody can make that decision for you, but here’s some information that can help you decide. What’s Next for Home Prices? Each quarter, Fannie Mae and Pulsenomics publish the results of the Home Price Expectations Survey (HPES). It asks more than 100 experts—economists, real estate professionals, and investment and market strategists—what they think will happen with home prices. In the latest survey, those experts say home prices are going to keep going up for the next five years (see...

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4 Tips To Make Your Strongest Offer on a Home

Written by Marathon Florida Keys Mortgage on March 18, 2024. Posted in First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Are you thinking about buying a home soon? If so, you should know today’s market is competitive in many areas because the number of homes for sale is still low – and that’s leading to multiple-offer scenarios. And moving into the peak homebuying season this spring, this is only expected to ramp up more. Remember these four tips to make your best offer. 1. Partner with a Real Estate Agent Rely on a real estate agent who can support your goals. As PODS notes: “Making an offer on a home without an agent is certainly possible, but having a pro by your side gives you a massive advantage in...

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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...

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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...

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The Benefits of Downsizing When You Retire

Written by Marathon Florida Keys Mortgage on March 7, 2024. Posted in Demographics, For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

If you’re taking a look at your expenses as you retire, saving money where you can has a lot of appeal. One long-standing, popular way to do that is by downsizing to a smaller home. When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares: “A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that...

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What To Know About Credit Scores Before Buying a Home

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

If you want to buy a home, you should know your credit score is a critical piece of the puzzle when it comes to qualifying for a mortgage. Lenders review your credit to see if you typically make payments on time, pay back debts, and more. Your credit score can also help determine your mortgage rate. An article from US Bank explains: “A credit score isn’t the only deciding factor on your mortgage application, but it’s a significant one. So, when you’re house shopping, it’s important to know where your credit stands and how to use it to get the best mortgage rate possible.” That means your...

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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...

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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...

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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...

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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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Why So Many People Fall in Love with Homeownership

Written by Marathon Florida Keys Mortgage on February 14, 2024. Posted in First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Rent vs. Buy.

Chances are at some point in your life you’ve heard the phrase, home is where the heart is. There’s a reason that’s said so often. Becoming a homeowner is emotional. So, if you’re trying to decide if you want to keep on renting or if you’re ready to buy a home this year, here’s why it’s so easy to fall in love with homeownership. Customizing to Your Heart’s Desire Your house should be a space that’s uniquely you. And, if you’re a renter, that can be hard to achieve. When you rent, the paint colors are usually the standard shade of white, you don’t have much control over the upgrades, and...

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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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Winning Plays for Buying a Home in Today’s Market [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on February 9, 2024. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Some Highlights In today’s housing market, you can still come out on top if you have the right team and plan. To win when buying a home, you need to build your team, make strategic plays, consider what’s in and out of bounds, and stand out from the crowd. Connect with a local real estate agent today to make your winning move.

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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...

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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...

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2 of the Factors That Impact Mortgage Rates

Written by Marathon Florida Keys Mortgage on January 30, 2024. Posted in For Buyers, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re looking to buy a home, you’ve probably been paying close attention to mortgage rates. Over the last couple of years, they hit record lows, rose dramatically, and are now dropping back down a bit. Ever wonder why? The answer is complicated because there’s a lot that can influence mortgage rates. Here are just a few of the most impactful factors at play. Inflation and the Federal Reserve The Federal Reserve (Fed) doesn’t directly determine mortgage rates. But the Fed does move the Federal Funds Rate up or down in response to what’s happening with inflation, the economy, employment...

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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...

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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...

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