Category: For Buyers

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Key Factors That Impact Affordability Today

Written by Marathon Florida Keys Mortgage on March 9, 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.

You can’t read an article about residential real estate without the author mentioning the affordability challenges that today’s buyers face. There’s no doubt homes are less affordable today than they were over the last two years, but that doesn’t mean homes are now unaffordable. There are three measures used to establish home affordability: home prices, mortgage rates, and wages. Let’s look closely at each of these components. 1. Home Prices The most recent Home Price Insights report by CoreLogic shows home values have increased by 19.1% from last January to this January. That was one...

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How Global Uncertainty Is Impacting Mortgage Rates

Written by Marathon Florida Keys Mortgage on March 8, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re thinking about buying or selling a home, you’ll want to keep a pulse on what’s happening with mortgage rates. Rates have been climbing in recent months, especially since January of this year. And just a few weeks ago, the 30-year fixed mortgage rate from Freddie Mac approached 4% for the first time since May of 2019. But that climb has dropped slightly over the past few weeks (see graph below): The recent decline in mortgage rates is primarily due to growing uncertainty around geopolitical tensions surrounding Russia and Ukraine. But experts say it’s to be expected. Here’s a...

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Supply and Demand in Today’s Market [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on March 4, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights Today’s housing market is the direct result of low supply and high buyer demand. Here’s what that means for you and your plans to buy or sell. For buyers, expect competition, be ready to move fast, and be prepared to submit your strongest offer. For sellers, know your house will be the center of attention and that it’ll likely sell quickly and get multiple offers. If you’re ready to move, let’s connect to talk about our local area and how you can take advantage of today’s unprecedented housing market. Content previously posted on Keeping Current Matters

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Are Home Prices Continuing To Rise?

Written by Marathon Florida Keys Mortgage on March 3, 2022. Posted in First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Pricing.

Many analysts projected home price appreciation would slow dramatically in the fall of 2021 and then continue to soften throughout 2022. So far, that hasn’t happened. The major price indices are all revealing ongoing double-digit price appreciation. Here’s a look at their reports on year-over-year price appreciation for December: Federal Housing Finance Agency (FHFA): 17.6% S&P Case-Shiller: 18.8% CoreLogic: 18.5% To show that they’re not seeing signs of softening, here’s a graph that gives the progression of all three indices for each month of 2021. As the graph above reveals,...

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Down Payment Assistance Programs Can Help You Achieve Homeownership

Written by Marathon Florida Keys Mortgage on March 2, 2022. Posted in Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

For many homebuyers, the thought of saving for a down payment can feel daunting, especially in today’s market. That’s why, when asked what they find most difficult in the homebuying process, some buyers say it’s one of the hardest steps on the path to homeownership. Data from the National Association of Realtors (NAR) shows: “For first-time home buyers, 29 percent said saving for a downpayment [sic] was the most difficult step in the process.” If you’re finding that your down payment is your biggest hurdle, the good news is there are many down payment assistance programs available that...

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An Expert Advisor Will Give You the Best Advice in Today’s Market

Written by Marathon Florida Keys Mortgage on March 1, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Having an experienced guide coaching you through the process of buying or selling a home is important in a normal market – but today’s market is far from normal. As a result, an expert real estate advisor isn’t just good to have by your side, they’re essential. Today’s housing market is full of extremes. Experts project mortgage rates will continue to rise this year, and that’s driving significant demand for homes as buyers want to make their purchases before rates climb even higher. At the same time, an absence of sellers is leading to record-low housing inventory. This imbalance in...

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Millennials: Do You Need a Home with More Space?

Written by Marathon Florida Keys Mortgage on February 28, 2022. Posted in Demographics, Down Payments, For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Millennials, Move-Up Buyers.

If you’re a millennial, homebuying might be top of mind for you. Your generation is the largest group of homebuyers in the market today and has been since 2014, according to the National Association of Realtors (NAR). And while other millennials are looking to buy for the first time, you may be one of the many who are now discovering you’ve outgrown your home. If that’s the case, you’re not alone. The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home. As a recent report from the Wall Street Journal...

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The Difference Between Renting and Owning [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on February 25, 2022. Posted in First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Rent vs. Buy.

Some Highlights If you’re deciding whether to rent or buy, consider the many financial benefits that come with owning a home. As a renter, you build your landlord’s wealth and face rising costs. As a homeowner, you build your own net worth and can lock in your monthly payments for the length of your loan. If you’re weighing your options, remember that owning a home is a decision that has considerable financial perks. If you want to learn more, let’s connect to talk about the perks of homeownership. Content previously posted on Keeping Current Matters

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How Supply and Demand Can Impact Your Buying and Selling Goals

Written by Marathon Florida Keys Mortgage on February 23, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

In today’s housing market, there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that’s exactly the case in today’s housing market. So, knowing what’s happening with the inventory of homes for sale and the demand for housing is crucial for today’s buyers and sellers. Nationally, Demand Is High and Supply Is Very Low The latest buyer and...

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The Perks of Owning More Than One Home

Written by Marathon Florida Keys Mortgage on February 22, 2022. Posted in For Buyers, Luxury Market, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Many things have changed over the past couple of years, and real estate is no exception. One impact is an increased desire to own more than one home. According to the recent Luxury Market Report from Luxury Home Marketing: “As trends such as remote working and flexi-hours took hold in 2021, so too did the flexibility of relocating as well as the growth of second homeownership.” This may be because the pandemic has altered how we think about our homes. Where we live has become, more than ever, our safe space and our getaway. And with the rise in remote work, more people are reconsidering...

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Real Estate Voted the Best Investment Eight Years in a Row

Written by Marathon Florida Keys Mortgage on February 21, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Rent vs. Buy.

In an annual Gallup poll, Americans chose real estate as the best long-term investment. And it’s not the first time it’s topped the list, either. Real estate has been on a winning streak for the past eight years, consistently gaining traction as the best long-term investment (see graph below): If you’re thinking about purchasing a home this year, this poll should reassure you. Even when inflation is rising like it is today, Americans agree an investment like real estate truly shines. Why Is Real Estate a Great Investment During Times of High Inflation? With inflation reaching its highest...

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Are You Ready To Fall in Love with Homeownership?

Written by Marathon Florida Keys Mortgage on February 14, 2022. Posted in First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Financial benefits are always a key aspect of homeownership, but it’s also important to understand that the nonfinancial and personal benefits are why so many people genuinely fall in love with their homes. When you own your home, you likely feel a sense of emotional attachment because of the comfort it provides, but also because it’s a space that’s truly yours. Over the past two years, we’ve learned to love our homes even more as we’ve stayed home more than ever due to the ongoing pandemic. As a result, the personal and emotional benefits our homes provide have become even more important...

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How To Win as a Buyer in a Sellers’ Market [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on February 11, 2022. Posted in Down Payments, First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Some Highlights Even in today’s sellers’ market, there are still ways for buyers to win big. Build a team of trusted professionals and make strategic plays as you budget and pick your desired neighborhoods. Then, be ready for the competition by getting a pre-approval letter and leaning on your expert advisors to draft a winning offer. In a sellers’ market, you can still be the champion if you have the right team and strategy. Let’s connect today to make your game-winning play. Content previously posted on Keeping Current Matters

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The Path To Homeownership Can Be Steeper for Some Americans

Written by Marathon Florida Keys Mortgage on February 9, 2022. Posted in Demographics, First Time Home Buyers, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

As we celebrate Black History Month, we honor and recognize the past and present experiences of Black Americans. A significant part of this experience is investing in a home of their own. While equitable access to housing has come a long way, the path to homeownership is still steeper for households of color. It’s an important experience to talk about, along with how working with the right real estate experts can make all the difference for diverse homebuyers. We know it’s a more challenging journey to achieve homeownership for some because there’s still a measurable gap between the...

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Don’t Let Student Loans Delay Your Homeownership Dreams

Written by Marathon Florida Keys Mortgage on February 8, 2022. Posted in Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re looking to buy a home, you may be wondering how your student loan debt could impact those plans. Do you have to wait until you’ve paid off your student loans before you can buy your first home? Or could you qualify for a home loan with that debt? To give you the answers you’re searching for, let’s take a look at what recent data shows. That way, you know what to expect and what to do next to achieve your dream of becoming a homeowner. While everyone’s situation is unique, your goal may be more within your reach than you realize. Do you have to delay your plans because of student...

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How Remote Work Impacts Your Home Search [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on February 4, 2022. Posted in For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights If your workplace is delaying its return to office plans or is allowing permanent work from home options, that may open up new possibilities for your home search. Ongoing remote work could give you the chance for a change in scenery, a move to an area with a lower cost of living, or finding a home with more home office space. If you want to learn more about how remote work can give you more options, let’s connect to discuss your situation and priorities for your home search. Content previously posted on Keeping Current Matters

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Millions of Americans Have Discovered the Benefits of Multigenerational Households

Written by Marathon Florida Keys Mortgage on February 3, 2022. Posted in Demographics, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If your needs are changing, you may be thinking about sharing a home with additional loved ones, such as grandparents, adult children, or other extended family members. Whether it’s for financial or health-related circumstances, or simply because you’ve reached a new phase of life, you might be wondering if living with multiple generations under the same roof is a good move for you. Many people have found themselves in a similar situation and they’ve already made the choice to live in a multigenerational home. What Is a Multigenerational Home? The Pew Research Center defines a...

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The Top Indicator if You Want To Know Where Mortgage Rates Are Heading

Written by Marathon Florida Keys Mortgage on February 2, 2022. Posted in First Time Home Buyers, For Buyers, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Mortgage rates have increased significantly since the beginning of the year. Each Thursday, Freddie Mac releases its Primary Mortgage Market Survey. According to the latest survey, the average 30-year fixed-rate mortgage has risen from 3.22% at the start of the year to 3.55% as of last week. This is important to note because any increase in mortgage rates changes what a purchaser can afford. To give you an idea of how rising mortgage rates impact your purchasing power, see the table below: How Can You Know Where Mortgage Rates Are Headed? While it’s always difficult to know exactly where...

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Why a Move Could Bring You More Happiness This Year

Written by Marathon Florida Keys Mortgage on February 1, 2022. Posted in For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Over the past two years, we’ve lived through one of the most stressful periods in recent history. Because of the health crisis, many of us have spent more time at home and that’s led us to re-evaluate both what we need in a house and how much we appreciate having a safe space. If you’ve found your current home isn’t filling all your needs, you may be wondering if it’s time to find a new one. There’s reason to believe a change of scenery could boost your happiness. Catherine Hartley, an Assistant Professor at New York University’s Department of Psychology and co-author of a study on how...

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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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Why Your Home Inspection Matters [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on January 28, 2022. Posted in First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Some Highlights Buying a home and wondering if your inspection is necessary? While some buyers may decide to waive their inspection, it’s risky decision. Your home inspection is a crucial step in the homebuying process. It assesses the condition of the home you plan to purchase, so you can avoid costly surprises down the road. Let’s connect so you have expert advice and a trusted professional who will keep your interests top of mind. Content previously posted on Keeping Current Matters

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The Next Generation of Homebuyers Is Here

Written by Marathon Florida Keys Mortgage on January 25, 2022. Posted in Demographics, First Time Home Buyers, For Buyers, Gen Z, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Many members of Generation Z (Gen Z) are aging into adulthood and deciding whether to rent or buy a home. If you find yourself in this group, it’s important to understand you’re never too young to start thinking about homeownership. The sooner you start planning, the sooner you can move on from renting. As you set off on your journey and plan your next move, here are a few reasons to think about homebuying this year. The Reasons Gen Z Want To Become Homeowners While the majority of Gen Z haven’t entered the housing market yet, a large portion plan to according to a realtor.com report. The...

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