Today’s Real Estate Market: The ‘Unicorns’ Have Galloped Off

Written by Palm Harbor FL Mortgage Syndicated User on June 1, 2023. Posted in For Buyers, For Sellers, Foreclosures, Housing Market Updates, Palm Harbor FL Mortgage, Palm Harbor Mortgage, Pricing.

Comparing real estate metrics from one year to another can be challenging in a normal housing market. That’s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared. Comparing this year’s numbers to the two ‘unicorn’ years we just experienced is almost worthless. By ‘unicorn,’ this is the less common definition of the word:“Something that is greatly desired but difficult or impossible to find.” The pandemic profoundly changed real estate over the last few years....

Why Today’s Foreclosure Numbers Are Nothing Like 2008

Written by Palm Harbor FL Mortgage Syndicated User on May 1, 2023. Posted in Distressed Properties, Foreclosures, Housing Market Updates, Palm Harbor FL Mortgage, Palm Harbor Mortgage.

You’ve likely seen headlines about the number of foreclosures climbing in today’s housing market. That may leave you with a few questions, especially if you’re thinking about buying a house. Understanding what they really mean is mission-critical if you want to know the truth about what’s happening today.According to a recent report from ATTOM, a property data provider, foreclosure filings are up 6% compared to the previous quarter and 22% since one year ago. As media headlines call attention to this increase, reporting on just the number could actually generate worry and may even make you think...

What Are the Experts Saying About the Spring Housing Market?

Written by Palm Harbor FL Mortgage Syndicated User on May 1, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Palm Harbor FL Mortgage, Palm Harbor Mortgage, Pricing.

The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your position right now.Here’s what industry experts are saying right now about the spring housing market and what it means for you:Selma Hepp, Chief Economist, CoreLogic:“We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when...

The Three Factors Affecting Home Affordability Today

Written by Palm Harbor FL Mortgage Syndicated User on May 1, 2023. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Move-Up Buyers, Palm Harbor FL Mortgage, Palm Harbor Mortgage, Pricing.

There’s been a lot of focus on higher mortgage rates and how they’re creating affordability challenges for today’s homebuyers. It’s true that rates climbed dramatically since the record-low we saw during the pandemic. But home affordability is based on more than just mortgage rates – it’s determined by a combination of mortgage rates, home prices, and wages.Considering how each one of these factors is changing gives you the full picture of home affordability today. Here’s the latest.1. Mortgage RatesWhile mortgage rates are higher than they were a year ago, they’ve hovered primarily between...

Think Twice Before Waiting for Lower Home Prices

Written by Palm Harbor FL Mortgage Syndicated User on May 1, 2023. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Millennials, Move-Up Buyers, Palm Harbor FL Mortgage, Palm Harbor Mortgage, Pricing.

As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.A recent survey from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. But here’s the thing: the most recent data...

4 Key Tips for Selling Your House This Spring

Written by Palm Harbor FL Mortgage Syndicated User on April 1, 2023. Posted in For Sellers, Housing Market Updates, Palm Harbor FL Mortgage, Palm Harbor 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 AccessOne 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’...

What’s Ahead for Home Prices in 2023

Written by Palm Harbor FL Mortgage Syndicated User on April 1, 2023. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Palm Harbor FL Mortgage, Palm Harbor Mortgage, Rent vs. Buy.

Over the past year, home prices have been a widely debated topic. Some have said we’ll see a massive drop in prices and that this could be a repeat of 2008 – which hasn’t happened. Others have forecasted a real estate market that could see slight appreciation or depreciation depending on the area of the country. And as we get closer to the spring real estate market, experts are continuing to forecast what they believe will happen with home prices this year and beyond.Selma Hepp, Chief Economist at CoreLogic, says:“While 2023 kicked off on a more optimistic note for the U.S. housing market, recent...

The Role of Access in Selling Your House

Written by Palm Harbor FL Mortgage Syndicated User on April 1, 2023. Posted in For Sellers, Housing Market Updates, Palm Harbor FL Mortgage, Palm Harbor 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 inventoryA lot of competition from other buyers wanting to take advantage of historically low mortgage ratesAnd general wariness of in-person home tours during a...

One Major Benefit of Investing in a Home

Written by Palm Harbor FL Mortgage Syndicated User on March 1, 2023. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Palm Harbor FL Mortgage, Palm Harbor Mortgage.

One of the many reasons to buy a home is that it’s a major way to build wealth and gain financial stability. According to Freddie Mac:

What You Should Know About Rising Mortgage Rates

Written by Palm Harbor FL Mortgage Syndicated User on March 1, 2023. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Move-Up Buyers, Palm Harbor FL Mortgage, Palm Harbor Mortgage.

After steadily falling over the winter, mortgage rates have started to rise in recent weeks. This is concerning to some potential homebuyers as the combination of higher mortgage rates and higher prices have made homes less affordable. So, if you’re planning to purchase a home this year, you too may be wondering if now’s the right time to buy or if you should hold off on your search until rates come back down.

Category: Housing Market Updates