How an Expert Can Help You Understand Inflation & Mortgage Rates

Written by Longboat Key Mortgage Mortgage Syndicated User on September 27, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Longboat Key Mortgage, Mortgage Longboat Key.

If you’re following today’s housing market, you know two of the top issues consumers face are inflation and mortgage rates. Let’s take a look at each one. Inflation and the Housing Market This year, inflation reached a high not seen in forty years. For the average consumer, you probably felt the pinch at the gas pump and in the grocery store. It may have even impacted your ability to save money to buy a home. While the Federal Reserve is working hard to lower inflation, the August data shows the inflation rate was still higher than expected. This news impacted the stock market and fueled conversations...

The True Strength of Homeowners Today

Written by Longboat Key Mortgage Mortgage Syndicated User on September 26, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key.

The real estate market is on just about everyone’s mind these days. That’s because the unsustainable market of the past two years is behind us, and the difference is being felt. The question now is, just how financially strong are homeowners throughout the country? Mortgage debt grew beyond 10 trillion dollars over the past year, and many called that a troubling sign when it happened for the first time in history. Recently Odeta Kushi, Deputy Chief Economist at First American, answered that question when she said: “U.S. households own $41 trillion in owner-occupied real estate, just over...

What Experts Say Will Happen with Home Prices Next Year

Written by Longboat Key Mortgage Mortgage Syndicated User on September 22, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key, Pricing.

Experts are starting to make their 2023 home price forecasts. As they do, most agree homes will continue to gain value, just at a slower pace. Over the past couple of years, home prices have risen at an unsustainable rate, leaving many to wonder how long it would last. If you’re asking yourself: what’s ahead for the price of my home, know that experts are now answering this question, and its welcome news for homeowners who may have been led by the media to believe their home would lose value. Historically, home prices have appreciated at a rate near 4%. For 2023, the average of six major forecasters...

Watching the Stock Market? Check the Value of Your Home for Good News.

Written by Longboat Key Mortgage Mortgage Syndicated User on September 20, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key.

While watching the stock market recently may have started to feel pretty challenging, checking the value of your home should come as welcome relief in this volatile time. If you’re a homeowner, your net worth got a big boost over the past few years thanks to rising home prices. And that increase in your wealth came in the form of home equity. Here’s how it works. Equity is the current value of your home minus what you owe on the loan. Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few...

Will My House Still Sell in Today’s Market?

Written by Longboat Key Mortgage Mortgage Syndicated User on September 19, 2022. Posted in For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key, Selling Myths.

If recent headlines about the housing market cooling and buyer demand moderating have you worried you’ve missed your chance to sell, here’s what you need to know. Buyer demand hasn’t disappeared, it’s just eased from the peak intensity we saw over the past two years. Buyer Demand Then and Now During the pandemic, mortgage rates hit record lows, and that spurred a significant rise in buyer demand. This year, as rates increased due to factors like rising inflation, buyer demand pulled back or softened as a result. The latest data from ShowingTime confirms this trend (see graph below): The orange...

Buyers Are Regaining Some of Their Negotiation Power in Today’s Housing Market

Written by Longboat Key Mortgage Mortgage Syndicated User on September 15, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key, Move-Up Buyers.

If you’re thinking about buying a home today, there’s welcome news. Even though it’s still a sellers’ market, it’s a more moderate sellers’ market than last year. And the days of feeling like you may need to waive contingencies or pay drastically over asking price to get your offer considered may be coming to a close. Today, you should have less competition and more negotiating power as a buyer. That’s because the intensity of buyer demand and bidding wars is easing this year. So, if bidding wars were the biggest factor that had you sitting on the sidelines, here are two trends that may be...

Is the Real Estate Market Slowing Down, or Is This a Housing Bubble?

Written by Longboat Key Mortgage Mortgage Syndicated User on September 14, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key.

The talk of a housing bubble in the coming year seems to be at a fever pitch as rising mortgage rates continue to slow down an overheated real estate market. Over the past two years, home prices have appreciated at an unsustainable pace causing many to ask: are things just slowing down, or is a crash coming? To answer this question, there are two things we want to understand. The first is the reality of the shift in today’s housing market. And the second is what experts are saying about home prices in the coming year. The Reality of the Shift in Today’s Housing Market The reality is we’re...

Three Things Buyers Can Do in Today’s Housing Market

Written by Longboat Key Mortgage Mortgage Syndicated User on September 13, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key, Move-Up Buyers.

It’s clear the 2022 housing market has been defined by rising mortgage rates. With rates on the rise, it’s also become more costly to purchase a home. According to the National Association of Realtors (NAR): “Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%.” If you’re thinking of buying a home or have been trying to recently, that’s a big increase in a monthly mortgage payment – and it may be causing you to press pause on your plans. This jump is making homes less affordable, especially compared to the last two years when mortgage rates...

Expert Forecasts on Mortgage Rates

Written by Longboat Key Mortgage Mortgage Syndicated User on September 7, 2022. Posted in Housing Market Updates, Interest Rates, Longboat Key Mortgage, Mortgage Longboat Key.

If you’ve been thinking of buying a home, you may have been watching what’s happened with mortgage rates over the past year. It’s true they’ve risen dramatically, but where will they go from here, especially as the market continues to slow? As you think about your homeownership goals and decide if now’s the time to make your move, the best place to turn to for that information is the professionals. Here’s a summary of the latest mortgage rate forecasts from housing market experts. Experts Project Mortgage Rates Will Stabilize While mortgage rates continue to fluctuate due to ongoing inflationary...

Here’s Why It’s Still a Sellers’ Market [INFOGRAPHIC]

Written by Longboat Key Mortgage Mortgage Syndicated User on September 2, 2022. Posted in For Sellers, Housing Market Updates, Infographics, Longboat Key Mortgage, Mortgage Longboat Key, Selling Myths.

Some Highlights While buyer demand has moderated and housing supply has grown in recent months, it’s still a sellers’ market because inventory is low. The latest data shows sellers continue to benefit from serious buyers and competitive offers. In July, the average home received 2.8 offers and 39% sold over the asking price. You haven’t missed your opportunity to sell. Let’s connect to start the process today. Content previously posted on Keeping Current Matters

Category: Housing Market Updates