Why Median Home Sales Price Is Confusing Right Now

Written by Marathon Florida Keys Mortgage on August 21, 2023. Posted in Buying Myths, For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing, Selling Myths.

The National Association of Realtors (NAR) is set to release its most recent Existing Home Sales (EHS) report tomorrow. This monthly release provides information on the volume of sales and price trends for homes that have previously been owned. In the upcoming release, it’ll likely say home prices are down. This may seem a bit confusing, especially if you’ve been following along and reading the blogs saying home prices have hit the bottom and have since rebounded. So, why would this say home prices are falling when so many other price reports say they’re going back up? It all depends on the...

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Don’t Expect a Flood of Foreclosures

Written by Marathon Florida Keys Mortgage on August 16, 2023. Posted in Buying Myths, For Buyers, For Sellers, Foreclosures, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

The rising cost of just about everything from groceries to gas right now is leading to speculation that more people won’t be able to afford their mortgage payments. And that’s creating concern that a lot of foreclosures are on the horizon. While it’s true that foreclosure filings have gone up a bit compared to last year, experts say a flood of foreclosures isn’t coming. Take it from Bill McBride of Calculated Risk. McBride is an expert on the housing market, and after closely following the data and market environment leading up to the crash, he was able to see the foreclosures coming in 2008....

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Equity Is a Game Changer for Homeowners Looking To Sell

Written by Marathon Florida Keys Mortgage on August 15, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Selling Myths.

If you’re a homeowner, you might be torn on whether or not to sell your house right now. Maybe that’s because you don’t want to take on a higher mortgage rate on your next home. If that’s your biggest hurdle, understanding your equity may be exactly what you need to help you feel more comfortable making your move. What Equity Is and How It Works Equity is the current value of your home minus what you owe on the loan. And recently, that equity has been growing far faster than you may expect. Over the last few years, home prices rose dramatically, and that gave your equity a big boost very quickly....

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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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Sellers: Don’t Let These Two Things Hold You Back

Written by Marathon Florida Keys Mortgage on August 1, 2023. Posted in Buying Myths, For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Many homeowners thinking about selling have two key things holding them back. That’s feeling locked in by today’s higher mortgage rates and worrying they won’t be able to find something to buy while supply is so low. Let’s dive into each challenge and give you some helpful advice on how to overcome these obstacles. Challenge #1: The Reluctance to Take on a Higher Mortgage Rate According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below): But today, the typical 30-year fixed mortgage rate offered to...

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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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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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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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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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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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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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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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Home Inspections for Sellers: What You Need To Know [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on April 14, 2023. Posted in For Sellers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

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Want To Sell Your House This Spring? Price It Right.

Written by Marathon Florida Keys Mortgage on April 13, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Over the last year, the housing market’s gone through significant change. While it’s still a sellers’ market, homes that are priced right are selling, and they get the most attention from buyers right now. If you’re thinking of selling your house this spring, it’s important to lean on your expert real estate advisor when it comes to setting a list price. As Realtor.com explains: “Move-in-ready homes with curb appeal and in desirable areas—and that are priced to sell—are especially likely to move quickly this spring.” In today’s market, how you price your house will not only make a big difference...

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Two Reasons You Should Sell Your House

Written by Marathon Florida Keys Mortgage on April 4, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Wondering if you should sell your house this year? As you make your decision, think about what’s motivating you to consider moving. A recent survey from realtor.com asked why homeowners are thinking about selling their houses this year. Here are the top two reasons (see graphic below): Let’s break those reasons down and explore how they might resonate with you. 1. I Want To Take Advantage of the Current Market and Make a Profit When you decide to sell your house, how much you’ll make from the sale will likely be top of mind. So, here’s some good news: according to the latest data, the average...

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We’re in a Sellers’ Market. What Does That Mean?

Written by Marathon Florida Keys Mortgage on March 30, 2023. Posted in For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today’s low supply of homes for sale is still a sellers’ market. But what does that really mean? And why are conditions today so good if you want to list your house? It starts with the number of homes available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market...

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4 Key Tips for Selling Your House This Spring

Written by Marathon Florida Keys Mortgage on March 29, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Spring has arrived, and that means more and more people are getting their homes ready to sell. But with recent shifts in real estate, this year’s spring housing market will be different from the frenzy of the past several years. To sell your house quickly, without hassles, and for the most money, be sure to follow these four simple tips: 1. Make Sure You Give Buyers Access One of the biggest mistakes you can make as a seller is limiting the days and times when buyers have access to view your home. In any market, if you want to maximize the sale of your house, you can’t limit potential buyers’...

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Get Ready: The Best Time To List Your House Is Almost Here

Written by Marathon Florida Keys Mortgage on March 27, 2023. Posted in For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

If you’re thinking about selling this spring, it’s time to get moving – the best week to list your house is fast approaching. Experts at realtor.com looked at seasonal trends from recent years (excluding 2020 as an uncharacteristic year due to the onset of the pandemic) and determined the ideal week to list a house this year: “Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2023 is approaching quickly. The week of April 16-22 is expected to have the ideal balance of housing market conditions that favor home...

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The Role of Access in Selling Your House

Written by Marathon Florida Keys Mortgage on March 21, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Once you’ve made the decision to sell your house and have hired a real estate agent to help, they’ll ask how much access to your home you want to give potential buyers. Your answer matters more now than it did in recent years. Here’s why. At the height of the buying frenzy seen during the pandemic, there was a rise in the number of homebuyers who put offers on houses sight unseen. That happened for three reasons: Extremely low housing inventory A lot of competition from other buyers wanting to take advantage of historically low mortgage rates And general wariness of in-person home tours during...

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Category: Selling Myths