The Benefits of Selling Now, According to Experts

Written by Longboat Key Mortgage Mortgage Syndicated User on May 25, 2023. Posted in For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key.

If you’re trying to decide if now’s the time to sell your house, here’s what you should know. The limited number of homes available right now gives you a big advantage. That’s because there are more buyers out there than there are homes for sale. And, with so few homes on the market, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house. Here’s what industry experts are saying about why selling now has its benefits: Lawrence Yun, Chief Economist at the National Association of Realtors (NAR): “Inventory levels are still at historic lows. Consequently,...

Powerful Job Market Fuels Homebuyer Demand

Written by Longboat Key Mortgage Mortgage Syndicated User on May 18, 2023. Posted in For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key.

The spring housing market has been surprisingly active this year. Even with affordability challenges and a limited number of homes for sale, buyer demand is strong, and getting stronger. One way we know there are interested buyers right now is because showing traffic is up. Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, makes it clear more people are out looking at homes than there were prior to the pandemic (see graph below): And though there’s less traffic than the buyer frenzy of the past couple of years, we’re not far off that pace....

What You Need To Know About Home Price News

Written by Longboat Key Mortgage Mortgage Syndicated User on May 17, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key, Pricing.

The National Association of Realtors (NAR) will release its latest Existing Home Sales Report tomorrow. The information it contains on home prices may cause some confusion and could even generate some troubling headlines. This all stems from the fact that NAR will report the median sales price, while other home price indices report repeat sales prices. The vast majority of the repeat sales indices show prices are starting to appreciate again. But the median price reported on Thursday may tell a different story. Here’s why using the median home price as a gauge of what’s happening with home...

The Worst Home Price Declines Are Behind Us

Written by Longboat Key Mortgage Mortgage Syndicated User on May 16, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key, Pricing.

If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. Contrary to those headlines, home prices aren’t in a freefall. The latest data tells a very different and much more positive story. Local home price trends still vary by market, but here’s what the national data tells us. If we take a year-over-year view, home prices stayed positive – they just appreciated more slowly than they did at the peak of the pandemic. To...

Homeowners Have Incredible Equity To Leverage Right Now

Written by Longboat Key Mortgage Mortgage Syndicated User on May 15, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key, Move-Up Buyers.

Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time: “Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.” How Your Equity Can Help You Achieve Your Goals The equity you build up over the years can be used to your advantage when you...

The Worst Home Price Declines Are Behind Us [INFOGRAPHIC]

Written by Longboat Key Mortgage Mortgage Syndicated User on May 13, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Infographics, Longboat Key Mortgage, Mortgage Longboat Key, Pricing.

Some Highlights While home prices vary by local area, they’ve already hit their low point nationally, and now they’re starting to rise again. Last July, prices started to decline, but around February, they began climbing back up. If you put your plans to move on hold waiting to see what would happen with home prices, reach out to a local real estate expert to discuss if now’s the right time to jump back in.

The Worst of the Home Price Declines Is Behind Us [INFOGRAPHIC]

Written by Longboat Key Mortgage Mortgage Syndicated User on May 12, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Infographics, Longboat Key Mortgage, Mortgage Longboat Key, Pricing.

The Best Time To Sell Your House Is When Others Aren’t Selling

Written by Longboat Key Mortgage Mortgage Syndicated User on May 11, 2023. Posted in For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key, Selling Myths.

If you’re thinking about selling your house, you should know the number of homes for sale right now is low. That’s because, this season, there are fewer sellers listing their houses for sale than the norm. Looking back at every April since 2017, the only year when fewer sellers listed their homes was in April 2020, when the pandemic hit and stalled the housing market (shown in red in the graph below). In more typical years, roughly 500,000 sellers add their homes to the market in April. This year, we saw fewer than 400,000 sellers entering the market in April (see graph below): While there...

The Impact of Inflation on Mortgage Rates

Written by Longboat Key Mortgage Mortgage Syndicated User on May 10, 2023. Posted in Housing Market Updates, Interest Rates, Longboat Key Mortgage, Mortgage Longboat Key.

If you’re reading headlines about inflation or mortgage rates, you may see something about the recent decision from the Federal Reserve (the Fed). But what does it mean for you, the housing market, and your plans to buy a home? Here’s what you need to know. Inflation and the Housing Market While the Fed’s working hard to lower inflation, the latest data shows that, while the number has improved some, the inflation rate is still higher than the target (2%). That played a role in the Fed’s decision to raise the Federal Funds Rate last week. As Bankrate explains: “Keeping its inflation-fighting...

Why Today’s Housing Market Is Not About To Crash

Written by Longboat Key Mortgage Mortgage Syndicated User on May 9, 2023. Posted in For Buyers, For Sellers, Foreclosures, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key.

There’s been some concern lately that the housing market is headed for a crash. And given some of the affordability challenges in the housing market, along with a lot of recession talk in the media, it’s easy enough to understand why that worry has come up. But the data clearly shows today’s market is very different than it was before the housing crash in 2008. Rest assured, this isn’t a repeat of what happened back then. Here’s why. It’s Harder To Get a Loan Now It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then, banks had different lending...

Category: Housing Market Updates