Two Reasons Why the Housing Market Won’t Crash

Written by Marathon Florida Keys Mortgage on October 9, 2024. Posted in Economy, Inventory, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

You may have heard chatter recently about the economy and talk about a possible recession. It’s no surprise that kind of noise gets some people worried about a housing market crash. Maybe you’re one of them. But here’s the good news – there’s no need to panic. The housing market is not set up for a crash right now. Real estate journalist Michele Lerner says: “A housing market crash happens when home values plummet due to a lack of demand for homes or an oversupply.” With that definition in mind, here are two reasons why this just isn’t on the horizon. 1. Demand for Homes Is Higher...

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Why Now’s Not the Time To Take Your House Off the Market

Written by Marathon Florida Keys Mortgage on October 8, 2024. Posted in For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Tips.

Has your house been sitting on the market longer than expected? If so, you’re bound to be frustrated by now. Maybe you’re even thinking it’s time to pull the listing and wait to see what 2025 brings. But what you may not realize is, the decision to hold off could actually cost you. Here’s a look at why staying the course could be the smarter move. Other Sellers Are Pulling Back. Should You Hold Off Too? According to recent data from Altos Research, the number of withdrawals is increasing – that means more sellers are opting to pull their listings off the market right now. And this isn’t...

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Now’s the Time To Upgrade to Your Dream Home

Written by Marathon Florida Keys Mortgage on October 7, 2024. Posted in Equity, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below): But there’s also a good chance you, like many other people, have been holding off on that goal because of recent market challenges. It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, affordability has a huge impact on when you make your move. But there’s good news: now’s actually a great time to make that move...

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The Top 3 Reasons Affordability Is Improving

Written by Marathon Florida Keys Mortgage on October 4, 2024. Posted in Affordability, Home Prices, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Some Highlights Affordability is based on three key factors: mortgage rates, home prices, and wages. And today, it’s improving quickly as rates come down, prices level off, and wages climb. If you put your search on pause because it was too expensive to buy, connect with an agent to talk about why now may be the perfect time to jump back in.

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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...

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Secrets To Selling Your House Quickly

Written by Marathon Florida Keys Mortgage on October 2, 2024. Posted in For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Tips.

Seeing your house sit on the market without any bites is the ultimate frustration. And unfortunately, some sellers are in that tricky spot today. According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased over the past few years (see graph below): A recent post from Realtor.com notes a similar trend: “During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need...

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This Is the Sweet Spot Homebuyers Have Been Waiting For

Written by Marathon Florida Keys Mortgage on October 1, 2024. Posted in For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

After months of sitting on the sidelines, many homebuyers who were priced out by high mortgage rates and affordability challenges finally have an opportunity to make their move. With rates trending down, today’s market is a sweet spot for buyers—and it’s one that may not last long. So, if you’ve put your own move on the back burner, here’s why maybe you shouldn’t delay your plans any longer. As you weigh your options and decide if you should buy now or wait, ask yourself this: What do you think everyone else is going to do? The truth is, if mortgage rates continue to ease, as experts...

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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...

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Buy Now, or Wait?

Written by Marathon Florida Keys Mortgage on September 27, 2024. Posted in Buying Tips, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Some Highlights If you’re wondering if you should buy now or wait, here’s what you need to know. If you wait for rates to drop more, you’ll have to deal with more competition and higher prices as additional buyers jump back in. But if you buy now, you’d get ahead of that and have the chance to start building equity. Should you buy now or wait? Connect with a real estate agent and talk through it together, so you can make your best decision.

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Don’t Fall for These Real Estate Agent Myths

Written by Marathon Florida Keys Mortgage on September 26, 2024. Posted in Agent Value, Buying Tips, For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Tips.

When it’s time to buy or sell a home, one of the most important decisions you’ll make is who you’ll work with as your agent. That choice will have an impact on your entire experience and how smoothly it goes. As you figure out who you’ll partner with, it’s important to know what to expect and what to look for. Unfortunately, there may be some myths holding you back from making the best decision possible. So, let’s take some time to address those, and make sure you have the information you need to find the right agent for you. Myth #1: All Real Estate Agents Are the Same You might think all...

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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...

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The Down Payment Assistance You Didn’t Know About

Written by Marathon Florida Keys Mortgage on September 24, 2024. Posted in First-Time Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it. And if you’re hoping to buy a home, this is a mission-critical gap to close – fast (see graph below): Here’s what you need to know to make the most of your down payment in today’s housing market. Amplify Your Down Payment Potential For first-time buyers, the name of the game with down payments is making sure you’re taking advantage of all the resources out there designed to help you. And a bunch of them can get you to your goal faster than you may have thought...

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Is Your House Priced Too High?

Written by Marathon Florida Keys Mortgage on September 23, 2024. Posted in Agent Value, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Tips.

Every seller wants to get their house sold quickly, for as much money as they can, with as few headaches as possible. And chances are, you’re no different. But did you know one of the biggest things that could jeopardize your success is the asking price for your home? Pricing your house correctly is one of the most crucial steps in the selling process. So, how do you know if you’re missing the mark? Here are four signs your high asking price might be turning potential buyers away—and why leaning on your real estate agent is the best way to course correct. 1. You’re Not Getting Many...

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Lower Mortgage Rates Boost Your Buying Power

Written by Marathon Florida Keys Mortgage on September 20, 2024. Posted in For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Some Highlights Mortgage rates are trending down and that’s great news for your bottom line. As rates drop, your monthly payment on your next home does too. Even a small change in mortgage rates can have a big impact on your purchasing power. If you put your search on hold when mortgage rates were higher, think about how much you could save now that rates are coming down.

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Falling Mortgage Rates Are Bringing Buyers Back

Written by Marathon Florida Keys Mortgage on September 19, 2024. Posted in For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates, Selling Tips.

If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent. After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors. And yesterday the Federal Reserve cut the Federal Funds Rate for the first time since they began raising that rate in March 2022. And while they don’t control mortgage rates, this sets the stage for mortgage rates to fall even further than they already have – especially since more cuts from the Fed...

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The Latest Builder Trend: Smaller, Less Expensive Homes

Written by Marathon Florida Keys Mortgage on September 18, 2024. Posted in Affordability, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, New Construction.

Even though affordability is improving, buying a home can still feel tough right now. But here’s some good news: builders are focusing their efforts on building smaller homes, and they’re offering key incentives to buyers. And both of these things can be a big help if you’re worried about finding a home that’s right for your budget. Builders Are Building Smaller Homes During the pandemic, homebuyers were looking for larger homes—and many could afford them. Builders responded to that demand and created bigger spaces to help people with things like working from home, setting up home...

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Mortgage Rates Drop to Lowest Level in over a Year and a Half

Written by Marathon Florida Keys Mortgage on September 17, 2024. Posted in For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment. Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at Freddie Mac, says: “Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.” But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look...

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The Best Time To Buy a Home This Year

Written by Marathon Florida Keys Mortgage on September 16, 2024. Posted in Buying Tips, For Buyers, Inventory, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

A shift is underway in the housing market this season. And if you’ve been sitting on the sidelines waiting for the right moment to jump back into your homebuying search, this is a great time to do it. That’s because the best week to buy a home this year is just around the corner. Your sweet spot is here. The experts at Realtor.com study seasonal trends to figure out the ideal week for homebuyers: “Nationally, the best time to buy in 2024 is the week of Sept. 29–Oct. 5. This week historically has shown the best balance of market conditions that favor buyers. Inventory tends to be high,...

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Checklist for Getting Your House Ready To Sell

Written by Marathon Florida Keys Mortgage on September 13, 2024. Posted in For Sellers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Tips.

Some Highlights Getting your house ready to sell? Here’s a few tips on what you may want to do to prepare. Focus on making it inviting, showing it’s cared for, and boosting your curb appeal. If you want specific advice to help your house stand out in your local market, connect with a real estate professional.?

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What To Know About Closing Costs

Written by Marathon Florida Keys Mortgage on September 12, 2024. Posted in Buying Tips, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Now that you’ve decided to buy a home and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process. And while your down payment is probably the number one expense on your mind, don’t forget about closing costs. Here’s what you need to know. What Are Closing Costs? Simply put, your closing costs are the additional fees and payments you have to make at closing. And while they’ll vary based on the price of the home and how it’s being financed, every buyer has these, so they shouldn’t be a surprise. It’s just that some...

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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...

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Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List

Written by Marathon Florida Keys Mortgage on September 10, 2024. Posted in Affordability, Buying Tips, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Since the supply of homes for sale is growing and mortgage rates are coming down, you may be thinking it’s finally your moment to jump into the market. To make sure you’re ready, you need to get pre-approved for a mortgage. That’s when a lender looks at your finances, including things like your W-2, tax returns, credit score, and bank statements, to figure out what they’re willing to loan you. After that process, you’ll get a pre-approval letter to show what you can borrow. Here are two reasons why this is essential in today’s market. Pre-Approval Helps You Know Your Numbers While home...

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Category: Marathon FL Mortgage