Today’s Housing Inventory Is a Sweet Spot for Sellers

Written by Marathon Florida Keys Mortgage on July 6, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

One of the biggest challenges in the housing market right now is how few homes there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still is, let’s take a look at the latest information on active listings, or homes for sale in a given month, as it compares to more normal levels. According to a recent report from Realtor.com: “On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.” The graph below helps illustrate this point. It uses historical data to provide a more concrete look at how...

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Key Reasons To Use a Real Estate Agent When You Sell [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on June 30, 2023. Posted in For Sellers, FSBOs, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights An agent is a really important part of selling your home because they bring a lot of skill and expertise to the sales process. They’ll explain what’s happening today, what that means for you, and how to price and market your house. They’re also skilled negotiators and well versed in the contracts and disclosures involved. Connect with a local real estate agent to ensure you have an expert helping you sell your house successfully.

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Lending Standards Are Not Like They Were Leading Up to the Crash

Written by Marathon Florida Keys Mortgage on June 28, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

You might be worried we’re heading for a housing crash, but there are many reasons why this housing market isn’t like the one we saw in 2008. One of which is how lending standards are different today. Here’s a look at the data to help prove it. Every month, the Mortgage Bankers Association (MBA) releases the Mortgage Credit Availability Index (MCAI). According to their website: “The MCAI provides the only standardized quantitative index that is solely focused on mortgage credit. The MCAI is . . . a summary measure which indicates the availability of mortgage credit at a point in time.” Basically,...

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The True Cost of Selling Your House on Your Own

Written by Marathon Florida Keys Mortgage on June 26, 2023. Posted in For Sellers, FSBOs, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Selling your house is no simple task. While some homeowners opt to sell their homes on their own, known as a FSBO (For Sale by Owner), they often encounter various challenges without the guidance of a real estate agent. If you’re currently considering selling your house on your own, here’s what you should know. The most recent Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveyed homeowners who’d recently sold their own homes and asked what difficulties they faced. Those sellers say some of the greatest challenges were prepping their home for sale, pricing...

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Eco-Friendly, Energy-Efficient Homes Attract Buyers

Written by Marathon Florida Keys Mortgage on June 21, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Are you planning to sell your house? If so, you may be surprised to hear just how much buyers value energy efficiency and eco-friendly features today. This is especially true as summer officially kicks off. In fact, the 2023 Realtors and Sustainability Report from the National Association of Realtors (NAR) shows 48% of agents or brokers have noticed consumers are interested in sustainability. So, if you’re considering selling your house, why does this matter to you? It helps you know what you can do to make your house even more appealing to today’s buyers. According to Jessica Lautz, Deputy...

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Why the Median Home Price Is Meaningless in Today’s Market

Written by Marathon Florida Keys Mortgage on June 20, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

The National Association of Realtors (NAR) will release its latest Existing Home Sales (EHS) report later this week. This monthly report provides information on the sales volume and price trend for previously owned homes. In the upcoming release, it’ll likely say home prices are down. This may feel a bit confusing, especially if you’ve been following along and seeing the blogs saying that home prices have bottomed out and turned a corner. So, why will this likely say home prices are falling when so many other price reports say they’re going back up? It all depends on the methodology of each...

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Why Buying or Selling a Home Helps the Economy and Your Community

Written by Marathon Florida Keys Mortgage on June 15, 2023. Posted in For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re thinking about buying or selling a house, it’s important to know that it doesn’t just affect your life, but also your community. The National Association of Realtors (NAR) releases a report every year to show how much economic activity is generated by home sales. The chart below illustrates that impact: As the visual shows, when a house is sold, it can make a big difference in the local economy. The impact comes largely from the workers required to build, update, and buy and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB),...

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A Drop in Equity Doesn’t Mean Low Equity

Written by Marathon Florida Keys Mortgage on June 14, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Pricing.

You may see media coverage talking about a drop in homeowner equity. What’s important to understand is that equity is tied closely to home values. So, when home prices appreciate, you can expect equity to grow. And when home prices decline, equity does too. Here’s how this has played out recently. Home prices rose rapidly during the ‘unicorn’ years. That gave homeowners a considerable equity boost. But those ‘unicorn’ years couldn’t last forever. The market had to moderate at some point, and that’s what we saw last fall and winter. As home prices dropped slightly in the back half of 2022,...

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Your Needs Matter More Than Today’s Mortgage Rates

Written by Marathon Florida Keys Mortgage on June 13, 2023. Posted in For Buyers, For Sellers, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

If you’re thinking about selling your house right now, chances are it’s because something in your life has changed. And, while things like mortgage rates are a key part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first place. It’s true mortgage rates have climbed from the record lows we saw in recent years, and that has an impact on affordability. With rates where they are right now, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home....

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Why You Can’t Compare Now to the ‘Unicorn’ Years of the Housing Market [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on June 10, 2023. Posted in For Buyers, For Sellers, Foreclosures, Housing Market Updates, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

Some Highlights Comparing housing market metrics from one year to another can be challenging in a normal housing market – and the last few years have been anything but normal. In a way, they were ‘unicorn’ years. Expect unsettling housing market headlines this year, mostly due to unfair comparisons with the ‘unicorn’ years. Connect with a local real estate professional who can share the data that puts those headlines in the proper perspective.

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This Real Estate Market Is the Strongest of Our Lifetime

Written by Marathon Florida Keys Mortgage on June 8, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

When you look at the numbers today, the one thing that stands out is the strength of this housing market. We can see this is one of the most foundationally strong housing markets of our lifetime – if not the strongest housing market of our lifetime. Here are two fundamentals that prove this point. 1. The Current Mortgage Rate on Existing Mortgages First, let’s look at the current rate on existing mortgages. According to the Federal Housing Finance Agency (FHFA), as of the fourth quarter of last year, over 80% of existing mortgages have a rate below 5%. That’s significant. And, to take that...

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Oops! Home Prices Didn’t Crash After All

Written by Marathon Florida Keys Mortgage on June 5, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

During the fourth quarter of last year, many housing experts predicted home prices were going to crash this year. Here are a few of those forecasts: Jeremy Siegel, Russell E. Palmer Professor Emeritus of Finance at the Wharton School of Business: “I expect housing prices fall 10% to 15%, and the housing prices are accelerating on the downside.” Mark Zandi, Chief Economist at Moody’s Analytics: “Buckle in. Assuming rates remain near their current 6.5% and the economy skirts recession, then national house prices will fall almost 10% peak-to-trough. Most of those declines will happen sooner...

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Today’s Real Estate Market: The ‘Unicorns’ Have Galloped Off

Written by Marathon Florida Keys Mortgage on May 30, 2023. Posted in For Buyers, For Sellers, Foreclosures, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

Comparing real estate metrics from one year to another can be challenging in a normal housing market. That’s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared. Comparing this year’s numbers to the two ‘unicorn’ years we just experienced is almost worthless. By ‘unicorn,’ this is the less common definition of the word: “Something that is greatly desired but difficult or impossible to find.” The pandemic profoundly changed real estate over the last few...

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Moving Now Can Give Your House Its Day in the Sun [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on May 26, 2023. Posted in For Sellers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights If you want to sell your house, consider doing it this summer. The days are longer, the weather is warmer, and it’s a great time for sellers. If your needs have changed, now’s the time to capitalize on the low inventory and multiple offers in today’s sellers’ market. Connect with a local real estate agent today if you’re ready to sell your house and move to a home that meets your changing needs.

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The Benefits of Selling Now, According to Experts

Written by Marathon Florida Keys Mortgage on May 25, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re trying to decide if now’s the time to sell your house, here’s what you should know. The limited number of homes available right now gives you a big advantage. That’s because there are more buyers out there than there are homes for sale. And, with so few homes on the market, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house. Here’s what industry experts are saying about why selling now has its benefits: Lawrence Yun, Chief Economist at the National Association of Realtors (NAR): “Inventory levels are still at historic lows. Consequently,...

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Powerful Job Market Fuels Homebuyer Demand

Written by Marathon Florida Keys Mortgage on May 18, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

The spring housing market has been surprisingly active this year. Even with affordability challenges and a limited number of homes for sale, buyer demand is strong, and getting stronger. One way we know there are interested buyers right now is because showing traffic is up. Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, makes it clear more people are out looking at homes than there were prior to the pandemic (see graph below): And though there’s less traffic than the buyer frenzy of the past couple of years, we’re not far off that pace....

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What You Need To Know About Home Price News

Written by Marathon Florida Keys Mortgage on May 17, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

The National Association of Realtors (NAR) will release its latest Existing Home Sales Report tomorrow. The information it contains on home prices may cause some confusion and could even generate some troubling headlines. This all stems from the fact that NAR will report the median sales price, while other home price indices report repeat sales prices. The vast majority of the repeat sales indices show prices are starting to appreciate again. But the median price reported on Thursday may tell a different story. Here’s why using the median home price as a gauge of what’s happening with home...

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The Worst Home Price Declines Are Behind Us

Written by Marathon Florida Keys Mortgage on May 16, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. Contrary to those headlines, home prices aren’t in a freefall. The latest data tells a very different and much more positive story. Local home price trends still vary by market, but here’s what the national data tells us. If we take a year-over-year view, home prices stayed positive – they just appreciated more slowly than they did at the peak of the pandemic. To...

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Homeowners Have Incredible Equity To Leverage Right Now

Written by Marathon Florida Keys Mortgage on May 15, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time: “Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.” How Your Equity Can Help You Achieve Your Goals The equity you build up over the years can be used to your advantage when you...

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The Worst Home Price Declines Are Behind Us [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on May 13, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

Some Highlights While home prices vary by local area, they’ve already hit their low point nationally, and now they’re starting to rise again. Last July, prices started to decline, but around February, they began climbing back up. If you put your plans to move on hold waiting to see what would happen with home prices, reach out to a local real estate expert to discuss if now’s the right time to jump back in.

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The Worst of the Home Price Declines Is Behind Us [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on May 12, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

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The Best Time To Sell Your House Is When Others Aren’t Selling

Written by Marathon Florida Keys Mortgage on May 11, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

If you’re thinking about selling your house, you should know the number of homes for sale right now is low. That’s because, this season, there are fewer sellers listing their houses for sale than the norm. Looking back at every April since 2017, the only year when fewer sellers listed their homes was in April 2020, when the pandemic hit and stalled the housing market (shown in red in the graph below). In more typical years, roughly 500,000 sellers add their homes to the market in April. This year, we saw fewer than 400,000 sellers entering the market in April (see graph below): While there...

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Category: For Sellers