Mortgage Rates: Past, Present, and Possible Future

Written by Marathon Florida Keys Mortgage on September 6, 2023. Posted in Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re hoping to buy a home this year, you’re probably paying close attention to mortgage rates. Since mortgage rates impact what you can afford when you take out a home loan – and affordability is a challenge today – it’s a good time to look at the big picture of where mortgage rates have been historically compared to where they are now. Beyond that, it’s important to understand their relationship with inflation for insights into where mortgage rates might go in the near future. Giving Context to the Sticker Shock Freddie Mac has been tracking the 30-year fixed mortgage rate since...

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Expert Home Price Forecasts Revised Up for 2023

Written by Marathon Florida Keys Mortgage on September 5, 2023. Posted in Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

Toward the end of last year, there were a number of headlines saying home prices were going to fall substantially in 2023. That led to a lot of fear and questions about whether there was going to be a repeat of the housing crash that happened back in 2008. But the headlines got it wrong. While there was a slight home price correction after the sky-high price appreciation during the ‘unicorn’ years, nationally, home prices didn’t come crashing down. If anything, prices were a lot more resilient than many people expected. Let’s take a look at some of the expert forecasts from late last...

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Why It’s Still a Seller’s Market Today

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

Even though activity in the housing market has slowed from the frenzy that was the ‘unicorn’ years, it’s still a seller’s market because the supply of homes for sale is so low. But what does that really mean for you? And why are conditions today so good if you want to sell your house? The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Housing inventory is measured by the number of available homes on the market. It’s also measured by months’ supply, meaning the number of months it would take to sell all...

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Homeowners Have a Lot of Equity Right Now [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on September 1, 2023. Posted in For Sellers, Housing Market Updates, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights Your equity grows as you pay down your home loan and as home prices increase. With home prices rising again, your equity is getting an extra boost. Almost half of homeowners are equity rich because they have at least 50% equity in their homes. If you’ve been in your home for a while, you might have gained a considerable amount of equity, too. Want to find out how much equity you have? Connect with a trusted real estate agent for a Professional Equity Assessment Report (PEAR).

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How Inflation Affects the Housing Market

Written by Marathon Florida Keys Mortgage on August 31, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Have you ever wondered how inflation impacts the housing market? Believe it or not, they’re connected. Whenever there are changes to one, both are affected. Here’s a high-level overview of the connection between the two. The Relationship Between Housing Inflation and Overall Inflation Shelter inflation is the measure of price growth specific to housing. It comes from a survey of renters and homeowners that’s done by the Bureau of Labor Statistics (BLS). The survey asks renters how much they’re paying in rent, and homeowners how much they’d rent their homes for, if they weren’t living in...

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Buyer Traffic Is Still Stronger than the Norm

Written by Marathon Florida Keys Mortgage on August 30, 2023. Posted in Demographics, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Are you putting off selling your house because you’re worried no one’s buying because of where mortgage rates are? If so, know this: the latest data shows plenty of buyers are still out there, and they’re purchasing homes today. Here’s the data to prove it. The ShowingTime Showing Index is a measure of buyers touring homes. The graph below uses the latest numbers available and compares them to the same month in the last normal years to show just how active today’s buyers still are: As you can see, when June 2023 numbers are stacked alongside what’s typical for the housing market at this...

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Why You May Still Want To Sell Your House After All

Written by Marathon Florida Keys Mortgage on August 29, 2023. Posted in Demographics, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Even though you may feel reluctant to sell your house because you don’t want to take on a mortgage rate that’s higher than the one you have now, there’s more to consider. While the financial side of things does matter, your personal needs may actually matter just as much. As an article from Bankrate says: “Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market.” So, ask yourself this: why did I want to move in the first place? Chances...

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Gen Z: The Next Generation Is Making Moves in the Housing Market

Written by Marathon Florida Keys Mortgage on August 28, 2023. Posted in Buying Myths, Demographics, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Generation Z (Gen Z) is eager to put down their own roots and achieve financial independence. As a result, they’re turning to homeownership. According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), 30% of Gen Z buyers transitioned straight from living under their parents’ roofs to owning their own homes. If you’re a member of this generation, and you’re interested in pursuing your own dream of homeownership, here’s some information you may find helpful on why and where your peers are buying. The Reasons Gen Z Want To...

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Today’s Housing Market Has Only Half the Usual Inventory [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on August 25, 2023. Posted in For Sellers, Housing Market Updates, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Some Highlights There are only about half the number of homes for sale compared to the last normal years in the market. That means buyers don’t have enough options right now. So, if you work with an agent to list your house, it should be in the spotlight. If you’re thinking of selling, get in touch with a local real estate agent so your house can stand out while there’s such a shortage of supply and buyers are craving more options.

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More Jobs and Better Pay Leads to More Buyer Demand

Written by Marathon Florida Keys Mortgage on August 24, 2023. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

There’s been talk about a recession for quite a while now. But the economy has been remarkably resilient. Why? One reason is employment and wages have stayed strong. Let’s look at the latest information on each one and why both are good news if you’re thinking about selling your house. More Jobs Are Being Created Instead of facing the job losses typical of any recession, the economy has been growing and adding jobs. According to the Bureau of Labor Statistics (BLS), 187,000 jobs were created in July, which is up from the 185,000 created in June. That means more people are finding work. In...

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Why You Need a True Expert in Today’s Housing Market

Written by Marathon Florida Keys Mortgage on August 23, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

The housing market continues to shift and change, and in a fast-moving landscape like we’re in right now, it’s more important than ever to have a trusted real estate agent on your side. Whether you’re buying your first home or selling once again, it’s mission critical to work with an expert who can guide you through each unique step of the process. The reality is, not all agents operate the same way. To truly make a powerful and confident decision as you buy or sell a home, you need a real estate expert who uses their knowledge of what’s really happening with home prices, housing...

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Why You Don’t Need To Fear the Return of Adjustable-Rate Mortgages

Written by Marathon Florida Keys Mortgage on August 22, 2023. Posted in Buying Myths, For Buyers, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you remember the housing crash back in 2008, you may recall just how popular adjustable-rate mortgages (ARMs) were back then. And after years of being virtually nonexistent, more people are once again using ARMs when buying a home. Let’s break down why that’s happening and why this isn’t cause for concern. Why ARMs Have Gained Popularity More Recently This graph uses data from the Mortgage Bankers Association (MBA) to show how the percentage of adjustable-rate mortgages has increased over the past few years: As the graph conveys, after hovering around 3% of all mortgages in 2021, many...

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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...

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Don’t Expect a Wave of Foreclosures [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on August 18, 2023. Posted in Foreclosures, Infographics, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights With ongoing high inflation pushing up everyday costs, some people are worried that’ll create a flood of foreclosures. Here’s why that’s unlikely. Fewer people are seriously behind on mortgage payments right now. If foreclosures were going to rise a lot, more people would need to be late on their payments. Since most are paying on time, a wave isn’t coming. If you’re concerned about a flood of foreclosures, the data shows that’s not likely.

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People Want Less Expensive Homes – And Builders Are Responding

Written by Marathon Florida Keys Mortgage on August 17, 2023. Posted in For Buyers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

In today’s housing market, there are two main affordability challenges impacting buyers: mortgage rates that are higher than they’ve been the past couple of years, and rising home prices caused by low inventory. To overcome those challenges, many people are working with their agents to find less expensive homes. And with newly built homes making up a historically large percentage of the total available inventory today, that search often includes brand new homes. People Are Spending Less on Newly Built Homes The graph below uses the latest information from the Census to show, in June, more...

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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...

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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...

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Where Are People Moving Today and Why?

Written by Marathon Florida Keys Mortgage on August 14, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Plenty of people are still moving these days. And if you’re thinking of making a move yourself, you may be considering the inventory and affordability challenges in the housing market and wondering what you can do to help offset those. A new report from Gravy Analytics provides insight into where people are searching for homes and what they’re prioritizing most right now. That information could help you plan your own move. 1. People Are Moving to Cities with Lower Housing Costs One big factor motivating where buyers are going is affordability and that’s no big surprise. People are...

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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...

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The Value of an Agent When Buying Your New Construction Home

Written by Marathon Florida Keys Mortgage on August 9, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Buying a new construction home can be an exciting experience. From being the very first owner, to customizing your home’s features, there are a lot of benefits. But navigating the complexities of buying a home that’s under construction can also be a bit overwhelming. This is where a skilled real estate agent can make all the difference. An article from The Mortgage Reports sums it up like this: “Your Realtor or real estate agent will be key to helping you navigate this process. . . . they can guide you through construction and help anticipate and solve for any possible snags along the...

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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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