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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Real Estate Is Still Considered the Best Long-Term Investment

Written by Marathon Florida Keys Mortgage on June 6, 2023. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

With all the headlines circulating about home prices and rising mortgage rates, you may wonder if it still makes sense to invest in homeownership right now. A recent poll from Gallup shows the answer is yes. In fact, real estate was voted the best long-term investment for the 11th consecutive year, consistently beating other investment types like gold, stocks, and bonds (see graph below): If you’re thinking about purchasing a home, let this poll reassure you. Even with everything happening today, Americans recognize owning a home is a powerful financial decision. Why Do Americans Still Feel...

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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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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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The Impact of Inflation on Mortgage Rates

Written by Marathon Florida Keys Mortgage on May 10, 2023. Posted in Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re reading headlines about inflation or mortgage rates, you may see something about the recent decision from the Federal Reserve (the Fed). But what does it mean for you, the housing market, and your plans to buy a home? Here’s what you need to know. Inflation and the Housing Market While the Fed’s working hard to lower inflation, the latest data shows that, while the number has improved some, the inflation rate is still higher than the target (2%). That played a role in the Fed’s decision to raise the Federal Funds Rate last week. As Bankrate explains: “Keeping its inflation-fighting...

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Why Today’s Housing Market Is Not About To Crash

Written by Marathon Florida Keys Mortgage on May 9, 2023. Posted in For Buyers, For Sellers, Foreclosures, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

There’s been some concern lately that the housing market is headed for a crash. And given some of the affordability challenges in the housing market, along with a lot of recession talk in the media, it’s easy enough to understand why that worry has come up. But the data clearly shows today’s market is very different than it was before the housing crash in 2008. Rest assured, this isn’t a repeat of what happened back then. Here’s why. It’s Harder To Get a Loan Now It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then, banks had different lending...

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It May Be Time To Consider a Newly Built Home

Written by Marathon Florida Keys Mortgage on May 8, 2023. Posted in For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, New Construction.

If you’re looking to buy a house, you may find today’s limited supply of homes available for sale challenging. When housing inventory is as low as it is right now, it can feel like a bit of an uphill battle to find the perfect home for you because there just isn’t that much to choose from. If you need to open up your pool of options, it may be time to consider a newly built home. According to the latest data from the U.S. Census, there’s positive news when it comes to new home construction. When you look at the first three months of this year, you’ll find: More new homes were completed and...

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Reasons To Sell Your House Today [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on May 5, 2023. Posted in For Sellers, Housing Market Updates, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights Not sure if selling your house is the right move today? You should know there are a number of reasons it still makes sense to sell now. Your house will stand out because inventory is low. That’s why the number of offers on recently sold homes is on the rise. And most homeowners have a lot of equity that can fuel a move. If you’re thinking about selling your house, reach out to a local real estate expert to discuss if now may be the time to move.

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Buyer Activity Is Up Despite Higher Mortgage Rates

Written by Marathon Florida Keys Mortgage on May 3, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

If you’re a homeowner thinking about making a move, you may wonder if it’s still a good time to sell your house. Here’s the good news. Even with higher mortgage rates, buyer traffic is actually picking up speed. Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, helps paint the picture of how much buyer demand has increased in recent months (see graph below): As the graph shows, the first two months of 2023 saw a noticeable increase in buyer traffic. That’s likely because the limited number of homes for sale kept shoppers looking for homes...

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A Recession Doesn’t Equal a Housing Crisis

Written by Marathon Florida Keys Mortgage on May 2, 2023. Posted in Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

Everywhere you look, people are talking about a potential recession. And if you’re planning to buy or sell a house, this may leave you wondering if your plans are still a wise move. To help ease your mind, experts are saying that if we do officially enter a recession, it’ll be mild and short. As the Federal Reserve explained in their March meeting: “. . . the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years.” While a recession may be on the horizon, it won’t be one for the housing market record...

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Why Today’s Foreclosure Numbers Are Nothing Like 2008

Written by Marathon Florida Keys Mortgage on April 27, 2023. Posted in Distressed Properties, Foreclosures, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

You’ve likely seen headlines about the number of foreclosures climbing in today’s housing market. That may leave you with a few questions, especially if you’re thinking about buying a house. Understanding what they really mean is mission-critical if you want to know the truth about what’s happening today. According to a recent report from ATTOM, a property data provider, foreclosure filings are up 6% compared to the previous quarter and 22% since one year ago. As media headlines call attention to this increase, reporting on just the number could actually generate worry and may even make you...

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The Three Factors Affecting Home Affordability Today

Written by Marathon Florida Keys Mortgage on April 26, 2023. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Pricing.

There’s been a lot of focus on higher mortgage rates and how they’re creating affordability challenges for today’s homebuyers. It’s true that rates climbed dramatically since the record-low we saw during the pandemic. But home affordability is based on more than just mortgage rates – it’s determined by a combination of mortgage rates, home prices, and wages. Considering how each one of these factors is changing gives you the full picture of home affordability today. Here’s the latest. 1. Mortgage Rates While mortgage rates are higher than they were a year ago, they’ve hovered primarily between...

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What Are the Experts Saying About the Spring Housing Market?

Written by Marathon Florida Keys Mortgage on April 25, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your position right now. Here’s what industry experts are saying right now about the spring housing market and what it means for you: Selma Hepp, Chief Economist, CoreLogic: “We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when...

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Category: Housing Market Updates