Home Prices Are Back on the Rise [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on August 11, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

Some Highlights Looking at monthly home price data from six expert sources shows the worst home price declines are behind us, and they’re rising again nationally. If you’ve put your plans to move on pause because you were worried about home prices crashing, this rebound is good news. Connect with a local real estate agent so you know what’s happening with prices in your area.

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About 11,000 Houses Will Sell Today

Written by Marathon Florida Keys Mortgage on August 10, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Some homeowners have been waiting for months to put their house on the market because they don’t think people are buying homes right now. If that’s you, know that even though the housing market has slowed compared to the frenzy of a couple of years ago, it isn’t at a standstill. Contrary to what you may believe, buyers are still active and plenty of homes are selling right now. According to the National Association of Realtors (NAR), based on the pace of sales right now, just over 4 million homes will sell this year. With some simple math, let’s break down what that really means for you: 4.16...

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There’s Only Half the Inventory of a Normal Housing Market Today

Written by Marathon Florida Keys Mortgage on August 8, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Wondering if it still makes sense to sell your house right now? The short answer is, yes. Especially if you consider how few homes there are for sale today. You may have heard inventory is low right now, but you may not fully realize just how low or why that’s a perk when you go to sell your house. This graph from Calculated Risk can help put that into perspective: As the graph shows, while housing inventory did grow slightly week-over-week (shown in the blue bar), overall supply is still low (shown in the red bars). Compared to the same week last year, supply is down roughly 10% – and it...

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Housing Market Forecast for the Rest of 2023 [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on August 4, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Infographics, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

Some Highlights Want to know what experts say will happen in the rest of 2023? Home prices are already appreciating again in many areas. The average of the expert forecasts shows positive price growth. Where mortgage rates go for the rest of the year will depend on inflation. Based on historical trends, rates are likely to ease as inflation continues to cool. Even though low inventory continues to be a challenge, experts project 5 million homes will still sell this year. That pace should pick up if rates come down.

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How Inflation Affects Mortgage Rates

Written by Marathon Florida Keys Mortgage on August 3, 2023. Posted in Buying Myths, For Buyers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

When you read about the housing market in the news, you might see something about a recent decision made by the Federal Reserve (the Fed). But how does this decision affect you and your plans to buy a home? Here’s what you need to know. The Fed is trying hard to reduce inflation. And even though there’s been 12 straight months where inflation has cooled (see graph below), the most recent data shows it’s still higher than the Fed’s target of 2%: While you may have been hoping the Fed would stop their hikes since they’re making progress on their goal of bringing down inflation, they don’t...

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How To Know If You’re Ready to Buy a Home

Written by Marathon Florida Keys Mortgage on August 2, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. You’re thinking about your finances, today’s mortgage rates and home prices, the limited supply of homes for sale, and more. And, you’re juggling how all of those things will impact the choice you’ll make. While housing market conditions are definitely a factor in your decision, your own life and your finances may be even more important. As an article from NerdWallet says: “Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation,...

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Key Housing Market Trends [INFOGRAPHIC]

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

Some Highlights If you’re considering buying or selling a home, you’ll want to know what’s happening in the housing market. Housing inventory is still very low, prices are climbing back up, and homes are selling fast when priced right. Connect with a real estate agent if you want more information about your local area and what the trends mean for your plans to buy or sell.

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Homebuyers Are Still More Active Than Usual

Written by Marathon Florida Keys Mortgage on July 27, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Even though the housing market is no longer experiencing the frenzy that was so characteristic of the last couple of years, it doesn’t mean today’s market is at a standstill. In actuality, buyer traffic is still strong today. The ShowingTime Showing Index is a measure of how much buyers are touring homes. The graph below uses that index to illustrate buyer activity trends over time to help put today into the proper perspective. It shows there’s seasonality in real estate. If you look at the last normal years in the market (shown in gray), there was a consistent pattern as buyer activity peaked...

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Don’t Fall for the Next Shocking Headlines About Home Prices

Written by Marathon Florida Keys Mortgage on July 25, 2023. Posted in Buying Myths, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

If you’re thinking of buying or selling a home, one of the biggest questions you have right now is probably: what’s happening with home prices? And it’s no surprise you don’t have the clarity you need on that topic. Part of the issue is how headlines are talking about prices. They’re basing their negative news by comparing current stats to the last few years. But you can’t compare this year to the ‘unicorn’ years (when home prices reached record highs that were unsustainable). And as prices begin to normalize now, they’re talking about it like it’s a bad thing and making people fear what’s...

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Foreclosure Numbers Today Aren’t Like 2008

Written by Marathon Florida Keys Mortgage on July 24, 2023. Posted in Distressed Properties, For Buyers, Foreclosures, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’ve been keeping up with the news lately, you’ve probably come across headlines talking about the increase in foreclosures in today’s housing market. This may have left you with some uncertainty, especially if you’re considering buying a home. It’s important to understand the context of these reports to know the truth about what’s happening today. According to a recent report from ATTOM, a property data provider, foreclosure filings are up 2% compared to the previous quarter and 8% since one year ago. While media headlines are drawing attention to this increase, reporting...

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Real Estate Continues To Be the Best Investment [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on July 21, 2023. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Some Highlights According to a recent Gallup poll, real estate has been voted the best long-term investment for 11 years in a row, beating gold, stocks, bonds, and more. Owning real estate means more than just having a home—it’s an investment in your future. That’s because it’s typically a stable and secure asset that tends to increase in value as time goes on. Connect with a local real estate agent if you’re ready to buy a home and invest in your future.

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Explaining Today’s Mortgage Rates

Written by Marathon Florida Keys Mortgage on July 19, 2023. Posted in For Buyers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re following mortgage rates because you know they impact your borrowing costs, you may be wondering what the future holds for them. Unfortunately, there’s no easy way to answer that question because mortgage rates are notoriously hard to forecast. But, there’s one thing that’s historically a good indicator of what’ll happen with rates, and that’s the relationship between the 30-Year Mortgage Rate and the 10-Year Treasury Yield. Here’s a graph showing those two metrics since Freddie Mac started keeping mortgage rate records in 1972: As the graph shows, historically, the average spread...

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Homebuyers Are Getting Used to the New Normal

Written by Marathon Florida Keys Mortgage on July 18, 2023. Posted in For Sellers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Before you decide to sell your house, it’s important to know what you can expect in the current housing market. One positive trend right now is homebuyers are adapting to today’s mortgage rates and getting used to them as the new normal. To better understand what’s been happening with mortgage rates lately, the graph below shows the trend for the 30-year fixed mortgage rate from Freddie Mac since last October. As you can see, rates have been between 6% and 7% pretty consistently for the past nine months: According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR),...

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Low Housing Inventory Is a Sweet Spot for Sellers [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on July 14, 2023. Posted in For Sellers, Housing Market Updates, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Some Highlights Today’s housing inventory is still well below more normal years. This low inventory is why homes that are priced right are still selling quickly and seeing multiple offers. If you want to sell your house, now is a great time because inventory is still low. Contact a trusted real estate agent to start the process.

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Momentum Is Building for New Home Construction

Written by Marathon Florida Keys Mortgage on July 11, 2023. Posted in For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, New Construction.

If you’re in the process of looking for a home today, you know the supply of homes for sale is low because you’re feeling the impact of having a limited pool of options. And, if your biggest hurdle right now is that you’re having trouble finding something you like, don’t forget that a newly built home is a great option. As a recent article from the National Association of Realtors (NAR) says: “Home buyers continue to be met with limited housing options during what’s typically the real estate market’s busiest season. . . . The current supply of existing homes is about half the level it was...

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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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Americans Still View Homeownership as the American Dream

Written by Marathon Florida Keys Mortgage on July 4, 2023. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Everyone’s interpretation of the American Dream is unique and personal. But, for many people, it’s tied to a sense of success, freedom, and prosperity. These are all things that owning a home can help provide. A recent survey from Bankrate asked respondents which achievements they feel most embody the American Dream. The responses prove owning a home is still important to so many Americans today (see graph below): As the graph shows, homeownership ranks above other significant milestones, including retirement, having a successful career, and earning a college degree. A recent report from MYND...

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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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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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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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Are Home Prices Going Up or Down? That Depends…

Written by Marathon Florida Keys Mortgage on June 13, 2023. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Pricing.

Media coverage about what’s happening with home prices can be confusing. A large part of that is due to the type of data being used and what they’re choosing to draw attention to. For home prices, there are two different methods used to compare home prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M). Here’s an explanation of each. Year-over-Year (Y-O-Y): This comparison measures the change in home prices from the same month or quarter in the previous year. For example, if you’re comparing Y-O-Y home prices for April 2023, you would compare...

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Category: Housing Market Updates