What Happens to Housing when There’s a Recession?

Written by Marathon Florida Keys Mortgage on October 25, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Since the 2008 housing bubble burst, the word recession strikes a stronger emotional chord than it ever did before. And while there’s some debate around whether we’re officially in a recession right now, the good news is experts say a recession today would likely be mild and the economy would rebound quickly. As the 2022 CEO Outlook from KPMG says: “Global CEOs see a ‘mild and short’ recession, yet optimistic about global economy over 3-year horizon . . . More than 8 out of 10 anticipate a recession over the next 12 months, with more than half expecting it to be mild and short.” To add...

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Pre-Approval Is a Critical First Step on Your Homebuying Journey

Written by Marathon Florida Keys Mortgage on October 24, 2022. Posted in First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

If you’re planning to buy a home this year, one of the first steps on your journey is getting pre-approved. Especially in today’s market when mortgage rates are higher than they were just a few months ago, getting a mortgage pre-approval can be a game changer. Here’s why. What Is Pre-Approval? To better understand why pre-approval is key, it’s important to know what pre-approval is. The Mortgage Reports explains it like this: “When you’re ready to take the leap into homeownership, your first step is mortgage preapproval. . . . A mortgage preapproval is when a lender determines you’re qualified...

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3 Questions You May Be Asking About Selling Your House Today [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on October 21, 2022. Posted in For Sellers, Housing Market Updates, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights If you’re planning to sell your house this year, you likely have questions about what the shift in the housing market means for your home sale. You might be wondering: Should I wait to sell? Are buyers still out there? And can I afford to buy my next home? Let’s connect so you can get answers to these questions and learn about the opportunities you still have in today’s housing market. Content previously posted on Keeping Current Matters

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What’s Ahead for Home Prices?

Written by Marathon Florida Keys Mortgage on October 20, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

As the housing market cools in response to the dramatic rise in mortgage rates, home price appreciation is cooling as well. And if you’re following along with headlines in the media, you’re probably seeing a wide range of opinions calling for everything from falling home prices to ongoing appreciation. But what’s true? What’s most likely to happen moving forward? While opinions differ, the most likely outcome is we’ll fall somewhere in the middle of slight appreciation and slight depreciation. Here’s a look at the latest expert projections so you have the best information possible today. What...

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Should You Still Buy a Home with the Latest News About Inflation?

Written by Marathon Florida Keys Mortgage on October 19, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Rent vs. Buy.

While the Federal Reserve is working hard to bring down inflation, the latest data shows the inflation rate is still high, remaining around 8%. This news impacted the stock market and added fuel to the fire for conversations about a recession. You’re likely feeling the impact in your day-to-day life as you watch the cost of goods and services climb. The pinch it’s creating on your wallet and the looming economic uncertainty may leave you wondering: “should I still buy a home right now?” If that question is top of mind for you, here’s what you need to know. Homeownership Is Historically a Great...

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The Latest on Supply and Demand in Housing

Written by Marathon Florida Keys Mortgage on October 18, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Over the past two years, the substantial imbalance of low housing supply and high buyer demand pushed home sales and buyer competition to new heights. But this year, things are shifting as supply and demand reach an inflection point. The graph below helps tell the story of just how different things are today. This year, buyer demand has eased as higher mortgage rates and mounting economic uncertainty moderated the market. This slowdown in demand is clear when you look at the red bar on the graph. It uses the latest data from ShowingTime to illustrate how showings (an indicator of buyer demand)...

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The Emotional and Non-financial Benefits of Homeownership

Written by Marathon Florida Keys Mortgage on October 17, 2022. Posted in First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Rent vs. Buy.

With higher mortgage rates, you might be wondering if now’s the best time to buy a home. While the financial aspects are important to consider, there are also powerful non-financial reasons it may make sense to make a move. Here are just a few of the benefits that come with homeownership. Homeowners Can Make Their Home Truly Their Own Owning your home gives you a significant sense of accomplishment because it’s a space you can customize to your heart’s desire. That can bring you added happiness. In fact, a report from the National Association of Realtors (NAR) shows making updates or remodeling...

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Tips For First-Time Homebuyers [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on October 14, 2022. Posted in First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights If you’re trying to buy your first home in today’s housing market, you’ll want to know what you can do as mortgage rates rise and inventory stays low overall. Connect with a lender to get pre-approved, prioritize your wish list, consider condos, and expand your search radius. Your first home is out there. Let’s connect to explore your options and what other first-time buyers are doing to find their homes. Content previously posted on Keeping Current Matters

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Perspective Matters When Selling Your House Today

Written by Marathon Florida Keys Mortgage on October 13, 2022. Posted in For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Pricing, Selling Myths.

Does the latest news about the housing market have you questioning your plans to sell your house? If so, perspective is key. Here are some of the ways a trusted real estate professional can explain the shift that’s happening today and why it’s still a sellers’ market even during the cooldown. Fewer Homes for Sale than Pre-Pandemic While the supply of homes available for sale has increased this year compared to last, we’re still nowhere near what’s considered a balanced market. A recent article from Calculated Risk helps put this year’s increased inventory into context (see graph below): It...

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Four Things That Help Determine Your Mortgage Rate

Written by Marathon Florida Keys Mortgage on October 12, 2022. Posted in Down Payments, First Time Home Buyers, For Buyers, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

If you’re looking to buy a home, you probably want to secure the lowest interest rate possible for your home loan. Over the last couple of years, that was easier to do as the housing market saw record-low mortgage rates, but this year rates have risen dramatically. If you’re looking for ways to combat today’s higher rates and lock in the lowest one you can, here are a few factors to focus on. Since approval opportunities can vary, connect with a trusted lender for customized advice. Your Credit Score Credit scores can play a big role in your mortgage rate. Freddie Mac explains: “When you...

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What Are Experts Saying About the Fall Housing Market?

Written by Marathon Florida Keys Mortgage on October 11, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

The housing market is rapidly changing from the peak frenzy it saw over the past two years. That means you probably have questions about what your best move is if you’re thinking of buying or selling this fall. To help you make a confident decision, lean on the professionals for insights. Here are a few things experts are saying about the fall housing market. Expert Quotes for Fall Homebuyers A recent article from realtor.com: “This fall, a more moderate pace of home selling, more listings to choose from, and softening price growth will provide some breathing room for buyers searching for...

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Saving for a Down Payment? Here’s What You Should Know.

Written by Marathon Florida Keys Mortgage on October 10, 2022. Posted in Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

As you set out to buy a home, saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start. If that sounds like you, your down payment could be more in reach than you originally thought. Here’s why. The 20% Down Payment Myth If you believe you have to put 20% down on a home, you may have based your goal on a common misconception. Freddie Mac explains: “. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived...

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The Journey To Buy a Home [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on October 7, 2022. Posted in First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Some Highlights When you head out to buy a home, there are a number of key milestones you’ll encounter along the way. The process includes everything from building your team and understanding your finances to going house hunting, making an offer, and more. Your journey starts here. Let’s connect so you have expert guidance each step of the way. Content previously posted on Keeping Current Matters

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Two Questions Every Homebuyer Should Ask Themselves Right Now

Written by Marathon Florida Keys Mortgage on October 6, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Pricing.

Rising interest rates have begun to slow an overheated housing market as monthly mortgage payments have risen dramatically since the beginning of the year. This is leaving some people who want to purchase a home priced out of the market and others wondering if now is the time to buy one. But this rise in borrowing cost shows no signs of letting up soon. Economic uncertainty and the volatility of the financial markets are causing mortgage rates to rise. George Ratiu, Senior Economist and Manager of Economic Research at realtor.com, says this: “While even two months ago rates above 7% may have...

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The Long-Term Benefit of Homeownership

Written by Marathon Florida Keys Mortgage on October 5, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Pricing.

Today’s cooling housing market, the rise in mortgage rates, and mounting economic concerns 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 factor the long-term benefits of homeownership into 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 you gain equity and wealth as home values grow with time. The National Association...

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The Cost of Waiting for Mortgage Rates To Go Down

Written by Marathon Florida Keys Mortgage on October 4, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Mortgage rates have increased significantly in recent weeks. And that may mean you have questions about what this means for you if you’re planning to buy a home. Here’s some information that can help you make an informed decision when you set your homebuying plans. The Impact of Rising Mortgage Rates As mortgage rates rise, they impact your purchasing power by raising the cost of buying a home and limiting how much you can comfortably afford. Here’s how it works. Let’s assume you want to buy a $400,000 home (the median-priced home according to the National Association of Realtors is $389,500)....

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How To Prep Your House for Sale This Fall

Written by Marathon Florida Keys Mortgage on October 3, 2022. Posted in For Sellers, FSBOs, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Today’s housing market is different than it was just a few months ago. And if you’re thinking about selling your house, that may leave you wondering what you need to do differently as a result. The answer is simple. Taking the time upfront to prep your house appropriately and create a solid plan can help bring in the greatest return on your investment. Here are a few simple tips to make sure you maximize the sale of your house this fall. 1. Price It Right One of the first things buyers will notice is the price of your house. That’s because the price sends a message to home shoppers. Pricing...

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Why Buying a Home May Make More Sense Than Renting [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on September 30, 2022. Posted in First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Rent vs. Buy.

Some Highlights If you’re trying to decide whether to rent or buy a home, consider the advantages homeownership offers. Buying a home can help you escape the cycle of rising rents, it’s a powerful wealth-building tool, and it’s typically considered a good hedge against inflation. If you’re ready to take advantage of the benefits of homeownership, let’s connect to explore your options. Content previously posted on Keeping Current Matters

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If You’re Thinking of Selling Your House This Fall, Hire a Pro

Written by Marathon Florida Keys Mortgage on September 29, 2022. Posted in For Sellers, FSBOs, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Myths.

Today’s market is at a turning point, making it more essential than ever to work with a real estate professional. Not only will a trusted real estate advisor keep you updated and help you make the best decisions based on current market trends, but they’re also experts in managing the many aspects of selling your house. Here are five key reasons why working with a real estate professional makes sense today. 1. A Professional Follows the Latest Market Trends With higher mortgage rates and moderating buyer demand, conditions are changing and staying on top of the latest market information is...

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Why You Should Consider Condos as Part of Your Home Search

Written by Marathon Florida Keys Mortgage on September 28, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

The historically low inventory over the past few years led to challenges for many buyers trying to find a home that met their needs and their budget. If you’re in the same boat, you should know the recent shift in the housing market may have opened up doors for you to restart your search. The inventory of homes for sale has increased this year, and that’s giving buyers much needed options. As Danielle Hale, Chief Economist at realtor.com, says: “. . . today’s shoppers have more than 5 homes to consider for every 4 they had at this time a year ago.” But perspective is important. Overall,...

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How an Expert Can Help You Understand Inflation & Mortgage Rates

Written by Marathon Florida Keys Mortgage on September 27, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re following today’s housing market, you know two of the top issues consumers face are inflation and mortgage rates. Let’s take a look at each one. Inflation and the Housing Market This year, inflation reached a high not seen in forty years. For the average consumer, you probably felt the pinch at the gas pump and in the grocery store. It may have even impacted your ability to save money to buy a home. While the Federal Reserve is working hard to lower inflation, the August data shows the inflation rate was still higher than expected. This news impacted the stock market and fueled conversations...

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The True Strength of Homeowners Today

Written by Marathon Florida Keys Mortgage on September 26, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

The real estate market is on just about everyone’s mind these days. That’s because the unsustainable market of the past two years is behind us, and the difference is being felt. The question now is, just how financially strong are homeowners throughout the country? Mortgage debt grew beyond 10 trillion dollars over the past year, and many called that a troubling sign when it happened for the first time in history. Recently Odeta Kushi, Deputy Chief Economist at First American, answered that question when she said: “U.S. households own $41 trillion in owner-occupied real estate, just over...

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