Buying Beats Renting in 22 Major U.S. Cities

Written by Palm Harbor FL Mortgage Syndicated User on October 1, 2024. Posted in Affordability, For Buyers, Home Prices, Inventory, Mortgage Rates, Palm Harbor FL Mortgage, Palm Harbor Mortgage.

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 might...

The Latest Builder Trend: Smaller, Less Expensive Homes

Written by Palm Harbor FL Mortgage Syndicated User on October 1, 2024. Posted in Affordability, For Buyers, New Construction, Palm Harbor FL Mortgage, Palm Harbor Mortgage.

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 gyms,...

What Mortgage Rate Are You Waiting For?

Written by Palm Harbor FL Mortgage Syndicated User on September 1, 2024. Posted in Affordability, Mortgage Rates, Palm Harbor FL Mortgage, Palm Harbor Mortgage.

You won’t find anyone who’s going to argue that mortgage rates have had a big impact on housing affordability over the past couple of years. But there is hope on the horizon. Rates have actually started to come down. And, recently they hit the lowest point we’ve seen in 2024, according to Freddie Mac (see graph below):And if you’re thinking about buying a home, that may leave you wondering: how much lower are they going to go? Here’s some information that can help you know what to expect.Expert Projections for Mortgage RatesExperts say the overall downward trend should continue as long as inflation...

How Affordability and Remote Work Are Changing Where People Live

Written by Palm Harbor FL Mortgage Syndicated User on August 1, 2024. Posted in Affordability, Buying Tips, For Buyers, Palm Harbor FL Mortgage, Palm Harbor Mortgage.

There’s an interesting trend happening in the housing market. People are increasingly moving to more affordable areas, and remote or hybrid work is helping them do it.Consider Moving to a More Affordable AreaToday’s high mortgage rates combined with continually rising home prices mean it’s tough for a lot of people to afford a home right now. That’s why many interested buyers are moving to places where homes are less expensive, and the cost of living is lower. As Orphe Divounguy, Senior Economist at Zillow, explains:“Housing affordability has always mattered . . . and you’re seeing it across...

Equity Can Make Your Move Possible When Affordability Is Tight [INFOGRAPHIC]

Written by Palm Harbor FL Mortgage Syndicated User on May 1, 2024. Posted in Affordability, Equity, Infographics, Move-Up, Palm Harbor FL Mortgage, Palm Harbor Mortgage.

Some HighlightsDid you know the equity you have in your current house can help make your move possible?Once you sell, you can use it for a larger down payment on your next home, so you’re borrowing less. Or, you may even have enough to be an all-cash buyer. The typical homeowner has $298,000 in equity. If you want to find out how much you have, connect with a local real estate agent for a Professional Equity Assessment Report.

Is It Getting More Affordable To Buy a Home?

Written by Palm Harbor FL Mortgage Syndicated User on May 1, 2024. Posted in Affordability, For Buyers, Palm Harbor FL Mortgage, Palm Harbor Mortgage.

Over the past year or so, a lot of people have been talking about how tough it is to buy a home. And while there’s no arguing affordability is still tight, there are signs it’s starting to get a bit better and may improve even more throughout the year. Elijah de la Campa, Senior Economist at Redfin, says:“We’re slowly climbing our way out of an affordability hole, but we have a long way to go. Rates have come down from their peak and are expected to fall again by the end of the year, which should make homebuying a little more affordable and incentivize buyers to come off the sidelines.”Here’s...

Category: Affordability