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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Owning Your Home Helps You Build Wealth

Written by Marathon Florida Keys Mortgage on July 20, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Rent vs. Buy.

You may have heard some people say it’s better to rent than buy a home right now. But, even today, there are lots of good reasons to become a homeowner. One of them is that owning a home is typically viewed as a good long-term investment that helps your net worth grow over time. Homeownership Builds Wealth Regardless of Income Level You may be surprised to learn homeowners across various income levels have a much higher net worth than renters who make the same amount. Data from First American helps illustrate this point (see graph below): What makes wealth so much higher for homeowners? A...

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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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Home Prices Are Rebounding

Written by Marathon Florida Keys Mortgage on July 17, 2023. Posted in Buying Myths, For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing, Selling Myths.

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. If we take a year-over-year view, home prices did drop some, but that’s because we’re comparing to a ‘unicorn’ year when prices peaked well beyond the norm. To avoid an unfair comparison to that previous peak, we need to look at monthly data. And that tells a very different and much more positive story. While local home price trends still vary by market, here’s...

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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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How Remote Work Expands Your Homebuying Horizons

Written by Marathon Florida Keys Mortgage on July 13, 2023. Posted in For Buyers, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Even as some companies transition back into the office, remote work remains a popular choice for many professionals. So, if you currently enjoy working from home or hope to be able to soon, you’re not alone. According to a recent survey, most working professionals want to work either fully remote or hybrid (see below): This trend is good news if you’re looking to buy a home because a remote or hybrid work setup can help you overcome some of today’s affordability and housing inventory challenges. More Work Flexibility Equals More Home Options Remote or hybrid work opens up a world of opportunities....

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Renting or Selling Your House: What’s the Best Move?

Written by Marathon Florida Keys Mortgage on July 12, 2023. Posted in For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years. While a short-term rental can be a tempting idea, you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of selling it. A Short-Term Rental Comes with Responsibilities Successfully managing your house...

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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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Reasons Your Home May Not Be Selling

Written by Marathon Florida Keys Mortgage on July 10, 2023. Posted in For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

When it comes to selling your house, you want three things: to sell it for the most money you can, to do it in a certain amount of time, and to do all of that with the fewest hassles. And, while the current housing market is generally favorable to sellers due to today’s limited housing supply, there are still factors that can cause delays or even prevent a house from selling. If you’re having trouble getting your house to sell in today’s sellers’ market, here are a few things to think about. Limited Access – If You Can’t Show It, You Can’t Sell It. One of the biggest mistakes you...

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The Benefits of Downsizing for Homeowners [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on July 7, 2023. Posted in For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights Downsizing is a popular choice for homeowners when they retire or when their needs change, but with inflation still high, it’s also a way to reduce costs. Downsizing could help cut down on your expenses and your equity can fuel your move. If you’re thinking about moving to a smaller home, connect with a real estate professional to go over your housing goals and look at your options in the local market.

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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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Two Questions To Ask Yourself if You’re Considering Buying a Home

Written by Marathon Florida Keys Mortgage on July 5, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Pricing.

If you’re thinking of buying a home, chances are you’re paying attention to just about everything you hear about the housing market. And you’re getting your information from a variety of channels: the news, social media, your real estate agent, conversations with friends and loved ones, overhearing someone chatting at the local supermarket, the list goes on and on. Most likely, home prices and mortgage rates are coming up a lot. To help cut through the noise and give you the information you need most, take a look at what the data says. Here are the top two questions you need to ask yourself...

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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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Evaluating Your Wants and Needs as a Homebuyer Matters More Today

Written by Marathon Florida Keys Mortgage on July 3, 2023. Posted in First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

When it comes to buying a home, especially with today’s affordability challenges, you’ll want to be strategic. Mortgage rates impact how much it costs to borrow money for your home loan. And, to help offset the higher borrowing costs today, some homebuyers are taking a close look at their wish list and re-evaluating what features they really need in their next home to avoid overextending. As a recent NerdWallet article says: “A pool, for example, may be nice to have, but it may not provide as much day-to-day value as a garage or a space for a home office . . .” While that pool may be appealing,...

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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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Where Will You Go If You Sell? Newly Built Homes Might Be the Answer.

Written by Marathon Florida Keys Mortgage on June 29, 2023. Posted in For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, New Construction.

Do you want to sell your house, but hesitate because you’re worried you won’t be able to find your next home in today’s market? You’re not alone, but there’s some good news that may ease your worries. New home construction is up and is becoming an increasingly significant part of the housing inventory. That means when you go to put your house on the market this summer, considering newly built homes is crucial for expanding the options you’ll have for your next move. Near-Record Percentage of New Home Inventory Newly built homes today make up a near-record percentage of the total number...

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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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Why Homeownership Wins in the Long Run

Written by Marathon Florida Keys Mortgage on June 27, 2023. Posted in First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing, Rent vs. Buy.

Today’s higher mortgage rates, inflationary pressures, and concerns about a potential recession have some people questioning: should I still buy a home this year? While it’s true this year has unique challenges for homebuyers, it’s important to think about the long-term benefits of homeownership when making your decision. Consider this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how home values grow with time and how, by extension, that grows your own...

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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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Homeownership Helps Protect You from Inflation [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on June 23, 2023. Posted in First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Rent vs. Buy.

Some Highlights Wondering if it makes sense to buy a home today even when inflation is high? When other costs go up due to inflation, buying a home helps you keep your monthly housing expense steady. Rents typically increase with inflation. Maybe that’s why, according to a recent survey, 65.1% of landlords say they plan to raise the rent of at least one of their properties within the next 12 months. Especially when inflation is up, having a stable housing payment can be helpful. Connect with a local real estate agent so you can learn more and start your journey to owning a home today.

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Category: Marathon FL Mortgage