Are Home Prices Going To Come Down?

Written by Deerfield Beach Mortgage Syndicated User on July 30, 2024. Posted in Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, For Buyers, Home Prices.

Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening. Some say home prices are heading for a correction, but what do the facts say? Well, it helps to start by looking at what a correction means.Here’s what Danielle Hale, Chief Economist at Realtor.com, says: “In stock market terms, a correction is generally referred to as a 10 to 20% drop in prices . . . We don’t have the same established definitions in the housing market.”In the context of today’s housing market, it doesn’t mean home prices are going to fall dramatically....

Unlocking the Benefits of Your Home’s Equity

Written by Deerfield Beach Mortgage Syndicated User on July 27, 2024. Posted in Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, Equity, For Buyers, For Sellers, Infographics.

Some HighlightsEquity is the difference between what your house is worth and what you still owe on your mortgage.The typical homeowner gained $28,000 over the past year and has a grand total of $305,000 in equity. And there are a lot of great ways you can use that equity.To find out how much equity you have, connect with a real estate agent who can give you a Professional Equity Assessment Report (PEAR).

How the Economy Impacts Mortgage Rates

Written by Deerfield Beach Mortgage Syndicated User on July 26, 2024. Posted in Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, Economy, For Buyers, For Sellers, Mortgage Rates.

As someone who’s thinking about buying or selling a home, you’re probably paying close attention to mortgage rates – and wondering what’s ahead.One thing that can affect mortgage rates is the Federal Funds Rate, which influences how much it costs banks to borrow money from each other. While the Federal Reserve (the Fed) doesn’t directly control mortgage rates, they do control the Federal Funds Rate.The relationship between the two is why people have been watching closely to see when the Fed might lower the Federal Funds Rate. Whenever they do, that’ll put downward pressure on mortgage...

A Newly Built Home May Actually Be More Budget-Friendly

Written by Deerfield Beach Mortgage Syndicated User on July 25, 2024. Posted in Buying Tips, Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, For Buyers, Home Prices.

If you’re in the market to buy a home, there’s some exciting news for you. Many people assume that newly built homes are more expensive than existing ones (houses that have already been lived in), but that’s not always the case. In fact, exploring newly built homes can sometimes lead to more cost-effective options, especially today. Hard to believe, right? But the data doesn’t lie.Here are two key reasons working with your agent to look into new home construction could help you find a more budget-friendly option.Reason 1: Lower Median Prices for Newly Built HomesThe median sales price for newly...

How Affordability and Remote Work Are Changing Where People Live

Written by Deerfield Beach Mortgage Syndicated User on July 23, 2024. Posted in Affordability, Buying Tips, Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, For Buyers.

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...

The Biggest Mistakes Homebuyers Are Making Right Now

Written by Deerfield Beach Mortgage Syndicated User on July 20, 2024. Posted in Buying Tips, Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, For Buyers, Infographics.

Some HighlightsWant to know the biggest mistakes homebuyers are making today?They include everything from putting off pre-approval for too long, holding out for the perfect home, buying more than they can afford, and skipping out on hiring a pro. Connect with a real estate agent to make sure you have a pro on your side who can help you avoid these mistakes.

Unlocking Homebuyer Opportunities in 2024

Written by Deerfield Beach Mortgage Syndicated User on July 19, 2024. Posted in Buying Tips, Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, For Buyers, Home Prices, Inventory.

There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because the challenges in today’s market felt like too much to tackle. You’re not alone in that. A Bright MLS study found some of the top reasons buyers paused their search in late 2023 and early 2024 were:They couldn’t find anything in their price rangeThey didn’t have any successful offers or had difficulty competingThey couldn’t find the right homeIf any of these sound like why you stopped looking, here’s what you...

How To Determine if You’re Ready To Buy a Home

Written by Deerfield Beach Mortgage Syndicated User on July 17, 2024. Posted in Agent Value, Buying Tips, Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, For Buyers.

If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. You’re thinking about your finances, today’s mortgage rates and home prices, the limited supply of homes for sale, and more. And, you’re juggling how all of those things will impact the choice you’ll make.While housing market conditions are definitely a factor in your decision, your own personal situation and your finances matter too. As an article from NerdWallet says:“Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation,...

The Price of Perfection: Don’t Wait for the Perfect Home

Written by Deerfield Beach Mortgage Syndicated User on July 11, 2024. Posted in Agent Value, Buying Tips, Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, First-Time Buyers, For Buyers.

In life, patience is a virtue – but in the world of homebuying, waiting too long in hopes of finding the perfect home actually isn’t wise. That’s because the pursuit of perfection comes at a cost. And in this case, that cost may be delaying your dream of homeownership. As Bankrate explains:“One of the most common first-time homebuyer mistakes is looking for a home that checks each of your boxes. Looking for perfection can narrow your choices and lead you to pass over good, suitable options for starter homes in the hopes that something better will come along.” The Cost of Holding Out for...

Things To Avoid After Applying for a Mortgage [INFOGRAPHIC]

Written by Deerfield Beach Mortgage Syndicated User on July 6, 2024. Posted in Buying Tips, Deerfield Beach Condo Mortgage, Deerfield Beach Mortgage, For Buyers, Infographics, Mortgage Rates.

Some HighlightsThere are a few key things you’ll want to avoid after applying for a mortgage to make sure you’re in the best position when you get to the closing table.Don’t change bank accounts, apply for new credit, make any large purchases or transfers, and don’t co-sign loans for anyone. Here’s a good rule of thumb. Always connect with your loan officer before making any financial decisions once you’ve started the mortgage process.

Category: For Buyers