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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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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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 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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The Surprising Amount of Home Equity You’ve Gained over the Years

Written by Marathon Florida Keys Mortgage on September 9, 2024. Posted in For Sellers, Home Prices, Inventory, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

There are a number of reasons you may be thinking about selling your house. And as you weigh your options, you may find you’re unsure how you’re going to deal with one thing about today’s housing market – and that’s affordability. If that’s your biggest concern, understanding how much equity you have in your house could help make your decision that much easier. Here are two key factors that have a big impact on your equity. How Long You’ve Been in Your Home First up is homeowner tenure. That’s how long homeowners live in a house, on average, before selling or choosing to move. From 1985 to...

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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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The Number One Mistake Sellers Are Making: Overpricing Their House

Written by Marathon Florida Keys Mortgage on August 21, 2024. Posted in For Sellers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Tips.

In today’s housing market, many sellers are making a critical mistake: overpricing their houses. This common error can lead to a home sitting on the market for a long time without any offers. And when that happens, the homeowner may have to drop their asking price to try to re-ignite buyer interest. Data from Realtor.com shows the number of homeowners realizing this mistake and doing a price reduction is climbing (see graph below): If you’re thinking about making a move yourself, here’s what you need to know. The best way to avoid making a costly mistake is to work with a trusted real...

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Is Affordability Starting To Improve?

Written by Marathon Florida Keys Mortgage on August 13, 2024. Posted in Affordability, Economy, For Buyers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it’s getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says: “Housing affordability is improving ever so modestly, but it is moving in the right direction.” Here’s a look at the latest data on the three biggest factors affecting home affordability: mortgage rates, home prices, and wages. 1. Mortgage Rates Mortgage rates have been volatile this...

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Are Home Prices Going To Come Down?

Written by Marathon Florida Keys Mortgage on July 29, 2024. Posted in For Buyers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening. Some say home prices are heading for a correction, but what do the facts say? Well, it helps to start by looking at what a correction means. Here’s what Danielle Hale, Chief Economist at Realtor.com, says: “In stock market terms, a correction is generally referred to as a 10 to 20% drop in prices . . . We don’t have the same established definitions in the housing market.” In the context of today’s housing market, it doesn’t mean home prices are going to fall dramatically....

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A Newly Built Home May Actually Be More Budget-Friendly

Written by Marathon Florida Keys Mortgage on July 24, 2024. Posted in Buying Tips, For Buyers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re in the market to buy a home, there’s some exciting news for you. Many people assume that newly built homes are more expensive than existing ones (houses that have already been lived in), but that’s not always the case. In fact, exploring newly built homes can sometimes lead to more cost-effective options, especially today. Hard to believe, right? But the data doesn’t lie. Here are two key reasons working with your agent to look into new home construction could help you find a more budget-friendly option. Reason 1: Lower Median Prices for Newly Built Homes The median sales price for...

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Unlocking Homebuyer Opportunities in 2024

Written by Marathon Florida Keys Mortgage on July 18, 2024. Posted in Buying Tips, For Buyers, Home Prices, Inventory, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because the challenges in today’s market felt like too much to tackle. You’re not alone in that. A Bright MLS study found some of the top reasons buyers paused their search in late 2023 and early 2024 were: They couldn’t find anything in their price range They didn’t have any successful offers or had difficulty competing They couldn’t find the right home If any of these sound like why you stopped looking, here’s what...

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How Do Presidential Elections Impact the Housing Market?

Written by Marathon Florida Keys Mortgage on July 12, 2024. Posted in Economy, Home Prices, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Some Highlights Are you wondering if the upcoming election will have an impact on the housing market? Here’s what history tells us you need to know if you’re considering a move.? Data shows home sales slow in November but quickly bounce back and rise the following year. Prices usually keep climbing. And mortgage rates typically come down slightly. Presidential elections have only a small and temporary impact on the housing market. If you have questions, connect with a real estate agent.

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Why Your Asking Price Matters Even More Right Now

Written by Marathon Florida Keys Mortgage on July 9, 2024. Posted in For Sellers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Tips.

If you’re thinking about selling your house, here’s something you really need to know. Even though it’s still a seller’s market today, you can’t pick just any price for your listing. While home prices are still appreciating in most areas, they’re climbing at a slower pace because higher mortgage rates are putting a squeeze on buyer demand. At the same time, the supply of homes for sale is growing. That means buyers have more options and your house may not stand out as much, if it’s not priced right. Those two factors combined are why the asking price you set for your house is more important...

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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 real...

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Housing Market Forecast for the 2nd Half of 2024 [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on June 28, 2024. Posted in Forecasts, Home Prices, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Some Highlights Wondering what the second half of the year holds for the housing market? Here’s what expert forecasts say. Home prices are expected to climb moderately. Mortgage rates are forecast to come down slightly. And, home sales are projected to hold steady. If you have questions about what to expect for the rest of the year, connect with a local agent to have a conversation about what it means for you and your plans.

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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 the...

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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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Your Agent Is the Key To Pricing Your House Right [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on May 24, 2024. Posted in Agent Value, Home Prices, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights The asking price for your house can impact your bottom line and how quickly it sells. Both under- and overpricing have drawbacks. So to find the right price for your house, lean on your agent for their expertise. Don’t pick just any price for your listing. Trust your real estate professional to help you find the perfect price for your house.

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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 survey...

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Home Prices Are Climbing in These Top Cities

Written by Marathon Florida Keys Mortgage on May 13, 2024. Posted in For Buyers, For Sellers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Thinking about buying a home or selling your current one to find a better fit? If so, you might be wondering what’s going on with home prices these days. Here’s the scoop. The latest national data from Case-Shiller and the Federal Housing Finance Agency (FHFA) shows they’re going up (see graphs below): As you can see, home prices were rising for most of 2023. But over the course of December and January, they were virtually flat – which is pretty normal for that time of year. But here’s what you need to know now. As of February, when the spring market kicked off, prices were...

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Category: Home Prices