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Tag: #mortgagemarathonfl

What’s the Latest with Mortgage Rates?

Recent headlines may leave you wondering what’s next for mortgage rates. Maybe you’d previously heard there were going to be cuts this year that would bring rates down. That refers to the Federal Reserve (the Fed) and what they do to their Fed Funds Rate. While cutting, or lowering, the Fed Funds Rate doesn’t directly determine mortgage rates, it does tend to impact them. But when the Fed met last week, a cut didn’t happen — at least, not yet.  There are a lot of factors the Fed considered in their recent decision and most of them are complex. But you don’t need to be bogged down by those finer...

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What Every Homebuyer Should Know About Closing Costs

Before making the decision to buy a home, it’s important to plan for all the costs you’ll be responsible for. While you’re busy saving for the down payment, don’t forget you’ll want to prep for closing costs too. Here’s some helpful information on what those costs are and how much you should budget for them. What Are Closing Costs? A recent article from Bankrate explains: “Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being...

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3 Helpful Tips for First-Time Homebuyers [INFOGRAPHIC]

Some Highlights Trying to buy your first home? If you’re worried about affordability today or the limited number of homes for sale, these tips can help. Look into homebuyer programs, expand your search area, and consider a multi-generational home. Connect with a local real estate agent so you have an expert on your side to help you make your dream a reality.

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What Are Experts Saying About the Spring Housing Market?

If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here’s what the professionals are saying about what’s in store for this season. Odeta Kushi, Deputy Chief Economist, First American: “. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.” Lisa Sturtevant, Chief Economist, Bright MLS: “There is still strong...

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Does It Make Sense To Buy a Home Right Now?

Thinking about buying a home? If so, you’re probably wondering: should I buy now or wait? Nobody can make that decision for you, but here’s some information that can help you decide. What’s Next for Home Prices? Each quarter, Fannie Mae and Pulsenomics publish the results of the Home Price Expectations Survey (HPES). It asks more than 100 experts—economists, real estate professionals, and investment and market strategists—what they think will happen with home prices. In the latest survey, those experts say home prices are going to keep going up for the next five years (see graph...

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Homeowners Today Have Options To Avoid Foreclosure

Even with the latest data coming in, the experts agree there’s no chance of a large-scale foreclosure crisis like the one we saw back in 2008. While headlines may be calling attention to a slight uptick in foreclosure filings recently, the bigger picture is that we’re still well below the number we’d see in a more normal year for the housing market. As a report from BlackKnight explains: “The prospect of any kind of near-term surge in foreclosure activity remains low, with start volumes still nearly 40% below pre-pandemic levels.” That’s good news. It means the number of homeowners at risk...

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4 Tips To Make Your Strongest Offer on a Home

Are you thinking about buying a home soon? If so, you should know today’s market is competitive in many areas because the number of homes for sale is still low – and that’s leading to multiple-offer scenarios. And moving into the peak homebuying season this spring, this is only expected to ramp up more. Remember these four tips to make your best offer. 1. Partner with a Real Estate Agent Rely on a real estate agent who can support your goals. As PODS notes: “Making an offer on a home without an agent is certainly possible, but having a pro by your side gives you a massive advantage in figuring...

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The Latest Trends in Housing [INFOGRAPHIC]

Some Highlights With the number of new listings going up and average days on market going down, buyers may have more options, but will still want to move fast. For sellers, inventory is still low and houses are selling fast, meaning your house should stand out and may get multiple offers if you price it right. If you want to know more about what’s happening in your area, connect with a local real estate agent.

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Why Today’s Seller’s Market Is Good for Your Bottom Line

Thinking about selling your house and wondering if now’s a good time to do it? Here’s what you need to know. Even though the number of homes for sale has been growing this year, there still aren’t enough homes on the market for all the buyers who want to buy. So, what does that mean for you? To keep it simple, it means it’s still a seller’s market. Here’s how it works: A neutral market is when supply and demand is balanced. Basically, there are enough homes to meet buyer demand based on the current sales pace, and home prices hold fairly steady. A buyer’s market is when there are more homes...

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Your Home Is a Powerful Investment

Going into 2023, there was a lot of talk about a possible recession that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 10-20%—and that might have made you feel a bit unsure about buying a home. But here’s what actually happened: home prices went up more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, explains: “Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.” To put last year’s growth into context, the graph below uses data from...

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What Mortgage Rate Do You Need To Move?

If you’ve been thinking about buying a home, mortgage rates are probably top of mind for you. They may even be why you’ve put your plans on hold for now. When rates climbed near 8% last year, some buyers found the numbers just didn’t make sense for their budget anymore. That may be the case for you too. Data from Bright MLS shows the top reason buyers delayed their plans to move is due to high mortgage rates (see graph below):   David Childers, CEO at Keeping Current Matters, speaks to this statistic in the recent How’s The Market podcast: “Three quarters of buyers said ‘we’re out’ due to...

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Finding Your Perfect Home in a Fixer Upper

If you’re trying to buy a home and are having a hard time finding one you can afford, it may be time to consider a fixer-upper. That’s a house that needs a little elbow grease or some updates, but has good bones. Fixer-uppers can be a really great option if you’re looking to break into the housing market or want to stretch your budget further. According to NerdWallet: “Buying a fixer-upper can provide a path to homeownership for first-time home buyers or a way for repeat buyers to afford a larger home or a better neighborhood. With the relatively low inventory of homes for sale these days,...

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The Spring Market Is a Sweet Spot if You’re Looking To Sell [INFOGRAPHIC]

Some Highlights Wondering if now’s a good time to sell your house? Based on how many homes are on the market, there are two big reasons why this spring is looking so good for sellers. Thanks to an uptick in inventory over last year, you’ve got more options for your next home. But there are still fewer homes for sale than there’d normally be, meaning your house should stand out and get a lot of attention from buyers. If you want to sell your house, this spring is the sweet spot. When you’re ready, chat with a local real estate agent to get the ball rolling.

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The Benefits of Downsizing When You Retire

If you’re taking a look at your expenses as you retire, saving money where you can has a lot of appeal. One long-standing, popular way to do that is by downsizing to a smaller home. When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares: “A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes...

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Why Access Is So Important When Selling Your House

If you’re gearing up to sell your house this spring, one of the early conversations you’ll have with your agent is about how much access you want to give buyers. And you may not realize just how important it is to make your house easy to tour. Spring is the peak homebuying season, so opening up your house to as many showings as possible can really help you capitalize on all the extra buyer activity we see at this time of year. Since buyer competition ramps up in the spring, buyers are going to want to move fast to see your house once they find your listing. And, if they see it and fall in love...

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Why There Won’t Be a Recession That Tanks the Housing Market

There’s been a lot of recession talk over the past couple of years. And that may leave you worried we’re headed for a repeat of what we saw back in 2008. Here’s a look at the latest expert projections to show you why that isn’t going to happen.   According to Jacob Channel, Senior Economist at LendingTree, the economy’s pretty strong: “At least right now, the fundamentals of the economy, despite some hiccups, are doing pretty good. While things are far from perfect, the economy is probably doing better than people want to give it credit for.” That might be why a recent survey from the Wall...

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What To Know About Credit Scores Before Buying a Home

If you want to buy a home, you should know your credit score is a critical piece of the puzzle when it comes to qualifying for a mortgage. Lenders review your credit to see if you typically make payments on time, pay back debts, and more. Your credit score can also help determine your mortgage rate. An article from US Bank explains: “A credit score isn’t the only deciding factor on your mortgage application, but it’s a significant one. So, when you’re house shopping, it’s important to know where your credit stands and how to use it to get the best mortgage rate possible.” That means your credit...

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The First Step: Getting Pre-Approved for a Mortgage [INFOGRAPHIC]

Some Highlights If you’re looking to buy a home in 2024, getting pre-approved is a key piece of the puzzle. Mortgage pre-approval means a lender checks your finances and decides how much you’re qualified to borrow. As more buyers re-enter the market, it’ll help you make a strong offer that stands out from the crowd. Talk to a trusted professional to learn more and begin your homebuying process today.

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Why We Aren’t Headed for a Housing Crash

If you’re holding out hope that the housing market is going to crash and bring home prices back down, here’s a look at what the data shows. And spoiler alert: that’s not in the cards. Instead, experts say home prices are going to keep going up. Today’s market is very different than it was before the housing crash in 2008. Here’s why. It’s Harder To Get a Loan Now – and That’s Actually a Good Thing It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then, banks had different lending standards, making it easy for just about anyone to qualify...

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Why You Want an Agent’s Advice for Your Move

No matter how you slice it, buying or selling a home is a big decision. And when you’re going through any change in your life and you need some guidance, what do you do? You get advice from people who know what they’re talking about. Moving is no exception. You need insights from the pros to help you feel confident in your decision. Freddie Mac explains it like this: “As you set out to find the right home for your family, be sure to select experienced, trusted professionals who will help you make informed decisions and avoid pitfalls.” And while perfect advice isn’t possible – not even from...

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Why Today’s Housing Supply Is a Sweet Spot for Sellers

Wondering if it still makes sense to sell your house right now? The short answer is, yes. And if you look at the current number of homes for sale, you’ll see two reasons why. An article from Calculated Risk shows there are 15.6% more homes for sale now compared to the same week last year. That tells us inventory has grown. But going back to 2019, the last normal year in the housing market, there are nearly 40% fewer homes available now: Here’s a breakdown of how this benefits you when you sell. 1. You Have More Options for Your Move Are you thinking about selling because your current house...

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The Truth About Down Payments

If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case. Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your homebuying dream than you realize. As The Mortgage Reports says: “Although putting down 20% to avoid mortgage insurance is wise if affordable, it’s a myth that this is always necessary. In fact,...

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