How Homeowners Win When They Downsize

Written by Deerfield Beach Mortgage Syndicated User on May 5, 2023. Posted in Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, Demographics, For Buyers, For Sellers.

Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”And when inflation has made most things significantly more expensive, saving money...

Why Buying a Home Makes More Sense Than Renting Today

Written by Deerfield Beach Mortgage Syndicated User on May 2, 2023. Posted in Buying Myths, Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, First Time Home Buyers, For Buyers, Rent vs. Buy.

Wondering if you should continue renting or if you should buy a home this year? If so, consider this. Rental affordability is still a challenge and has been for years. That’s because, historically, rents trend up over time. Data from the Census shows rents have been climbing pretty steadily since 1988. And, data from the latest rental report from Realtor.com shows rents continue to grow today, even though it’s at a slower pace than we saw at the height of the pandemic:“In March 2023, the U.S. rental market experienced single-digit growth for the eighth month in a row . . . The median asking...

Ways To Overcome Affordability Challenges in Today’s Housing Market [INFOGRAPHIC]

Written by Deerfield Beach Mortgage Syndicated User on April 29, 2023. Posted in Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, First Time Home Buyers, For Buyers, Infographics, Interest Rates, Move-Up Buyers, Pricing.

Some HighlightsWith so few homes on the market right now, widening the scope of your search to include nearby areas could help you find more options in your budget.You can also work with a trusted lender to consider alternative financing options and search for down payment assistance.If you’ve been searching for a home but are concerned about rising costs, make sure you have a team of trusted real estate professionals for expert advice.

The Three Factors Affecting Home Affordability Today

Written by Deerfield Beach Mortgage Syndicated User on April 27, 2023. Posted in Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Move-Up Buyers, 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...

What Are the Experts Saying About the Spring Housing Market?

Written by Deerfield Beach Mortgage Syndicated User on April 26, 2023. Posted in Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, For Buyers, For Sellers, Housing Market Updates, Interest Rates, 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 Power of Pre-Approval

Written by Deerfield Beach Mortgage Syndicated User on April 25, 2023. Posted in Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, First Time Home Buyers, For Buyers, Move-Up Buyers.

If you’re buying a home this spring, today’s housing market can feel like a challenge. With so few homes on the market right now, plus higher mortgage rates, it’s essential to have a firm grasp on your homebuying budget. You’ll also need a sense of determination to find the right house and act quickly when you go to put in an offer. One thing you can do to help you prepare is to get pre-approved.To understand why it’s such an important step, you need to know what pre-approval is. As part of the process, a lender looks at your finances to determine what they’d be willing to loan you. From there,...

Why You May Want an Energy-Efficient Home [INFOGRAPHIC]

Written by Deerfield Beach Mortgage Syndicated User on April 22, 2023. Posted in Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, First Time Home Buyers, For Buyers, Infographics, Move-Up Buyers.

Some HighlightsSince inflation is increasing the cost of goods and services, it may make sense to look for an energy-efficient home.Energy prices have increased over the last year, so look for energy-efficient features in your home search.If you’re looking to buy a home this year, work with a real estate expert so you have a partner to help you consider which features are most important to you.

What’s the Difference Between a Home Inspection and an Appraisal?

Written by Deerfield Beach Mortgage Syndicated User on April 21, 2023. Posted in Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, For Buyers.

If you’re planning to buy a home, an inspection is an important step in the process. It assesses the condition of the home before you finalize the transaction. It’s also a different step in the process from an appraisal, which is a professional evaluation of the market value of the home you’d like to buy. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending a buyer money for the purchase. Here’s the breakdown of each one and why they’re both important when buying a home.Home InspectionHere’s the key difference between an inspection...

5 Reasons Millennials Are Buying Homes

Written by Deerfield Beach Mortgage Syndicated User on April 19, 2023. Posted in Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, Demographics, First Time Home Buyers, For Buyers, Millennials.

In the United States, there are over 72 million millennials. If you’re part of that generation and have thought about buying a home, you aren’t alone. According to Zonda, 98% of millennials want to become a homeowner at some point if they aren’t already. But why? There are plenty of reasons you may choose to become a homeowner. Here’s why other millennials have made that decision (see graph below):This graph shows why millennials are buying homes according to Zonda’s 6th annual millennial survey. The top reasons include building equity, a change in life stage, wanting stability, rising home...

Think Twice Before Waiting for Lower Home Prices

Written by Deerfield Beach Mortgage Syndicated User on April 18, 2023. Posted in Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, First Time Home Buyers, For Buyers, Housing Market Updates, Millennials, Move-Up Buyers, 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...

Category: For Buyers