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.

How To Make Your Dream of Homeownership a Reality

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

According to a recent Harris Poll survey, 8 in 10 Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial benefits, so that interest is understandable.

The Two Big Issues the Housing Market’s Facing Right Now

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

The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply:

Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance

Written by Palm Harbor FL Mortgage Syndicated User on March 1, 2023. Posted in For Sellers, Housing Market Updates, Palm Harbor FL Mortgage, Palm Harbor Mortgage, Selling Myths.

To sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but inventory is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and priced at market value are still selling fast.

Category: Housing Market Updates