The One Thing Every Homeowner Needs To Know About a Recession

Written by Longboat Key Mortgage Mortgage Syndicated User on May 19, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key.

A recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value. The National Bureau of Economic Research (NBER) defines a recession this way: “A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches...

Why Rising Mortgage Rates Push Buyers off the Fence

Written by Longboat Key Mortgage Mortgage Syndicated User on May 17, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Longboat Key Mortgage, Mortgage Longboat Key, Move-Up Buyers.

If you’re thinking about buying a home, you’ve probably heard mortgage rates are rising and have wondered what that means for you. Since mortgage rates have increased over two percentage points this year, it’s natural to think about how this will impact your homeownership plans. Today, buyers are reacting in one of two ways: they’re either making the decision to buy now before rates climb higher or they’re waiting it out in hopes rates will fall. Let’s look at some context that can help you understand why so many buyers are jumping off the fence and into action rather than waiting to buy. A...

If You’re a Homeowner, You Have Incredible Leverage When You Sell Today

Written by Longboat Key Mortgage Mortgage Syndicated User on May 16, 2022. Posted in For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key.

In today’s housing market, homeowners have a great opportunity to sell their house and receive the best terms for their personal situation. That’s because there’s a limited number of homes for sale, which is creating competition among buyers. Right now, homebuyers want three things: To be the winning bid on their dream home To buy before mortgage rates rise more To buy before home prices go even higher These buyer needs give you an amazing advantage – also known as leverage – when you sell. What Does This Mean for Sellers Today? You might already realize this enables you to sell at a good...

What You Actually Need To Know About the Number of Foreclosures in Today’s Housing Market

Written by Longboat Key Mortgage Mortgage Syndicated User on May 12, 2022. Posted in Distressed Properties, Foreclosures, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key.

While you may have seen recent stories about the volume of foreclosures today, context is important. During the pandemic, many homeowners were able to pause their mortgage payments using the forbearance program. The goal was to help homeowners financially during the uncertainty created by the health crisis. When the forbearance program began, many experts were concerned it would result in a wave of foreclosures coming to the market, as there was after the housing crash in 2008. Here’s a look at why the number of foreclosures we’re seeing today is nothing like the last time. 1. There Are Fewer...

Are There More Homes Coming to the Market?

Written by Longboat Key Mortgage Mortgage Syndicated User on May 11, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key, Move-Up Buyers.

According to a recent survey from the National Association of Realtors (NAR), one of the top challenges buyers face in today’s housing market is finding a home that meets their needs. That’s largely because the inventory of homes for sale is so low today. If you’re looking to buy a home, you may have noticed this yourself. But there is good news. Recent data shows more sellers are listing their houses this season, which may give you more options for your home search. Early Signs Inventory May Be Growing The latest data from realtor.com shows the number of listings coming onto the market, known...

Will Home Prices Fall This Year? Here’s What Experts Say.

Written by Longboat Key Mortgage Mortgage Syndicated User on May 10, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key, Move-Up Buyers, Pricing.

Many people are wondering: will home prices fall this year? Whether you’re a potential homebuyer, seller, or both, the answer to this question matters for you. Let’s break down what’s happening with home prices, where experts say they’re headed, and how this impacts your homeownership goals. What’s Happening with Home Prices? Home prices have seen 121 consecutive months of year-over-year increases. CoreLogic says: “Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%.” So why are prices climbing so much? It’s because there are more buyers than...

Today’s Home Price Appreciation Is Great News for Existing Homeowners

Written by Longboat Key Mortgage Mortgage Syndicated User on May 2, 2022. Posted in For Sellers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key, Move-Up Buyers, Pricing.

If you’re planning to sell your home this season, rising prices are great news for you. But it’s important to understand why prices are rising to begin with. One major factor is supply and demand. In any industry, when there are more buyers for an item than there are of that item available, prices naturally rise. In those situations, buyers are willing to pay more to get the product or service they’re looking for when options are scarce. And that’s exactly what’s happening in the current real estate market. Selma Hepp, Executive, Research & Insights and Deputy Chief Economist at CoreLogic,...

How Homeownership Can Help Shield You from Inflation

Written by Longboat Key Mortgage Mortgage Syndicated User on April 26, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Longboat Key Mortgage, Mortgage Longboat Key, Pricing.

If you’re following along with the news today, you’ve likely heard about rising inflation. You’re also likely feeling the impact in your day-to-day life as prices go up for gas, groceries, and more. These rising consumer costs can put a pinch on your wallet and make you re-evaluate any big purchases you have planned to ensure they’re still worthwhile. If you’ve been thinking about purchasing a home this year, you’re probably wondering if you should continue down that path or if it makes more sense to wait. While the answer depends on your situation, here’s how homeownership can help you combat...

Is It Enough To Offer Asking Price in Today’s Housing Market?

Written by Longboat Key Mortgage Mortgage Syndicated User on April 25, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key, Move-Up Buyers.

If you’re planning to buy a home this season, you’re probably thinking about what you’ll need to do to get your offer accepted. In previous years, it was common for buyers to try and determine how much less than the asking price they could offer to still get the home. The buyer and seller would then negotiate and typically agree on a revised price that was somewhere between the buyer’s bid and the home’s initial asking price. In today’s real estate market, buyers shouldn’t shop for a home with the same expectations. Things Are Different Today Today’s housing market is anything but normal....

Why This Housing Market Is Not a Bubble Ready To Pop

Written by Longboat Key Mortgage Mortgage Syndicated User on April 21, 2022. Posted in For Buyers, For Sellers, Foreclosures, Housing Market Updates, Longboat Key Mortgage, Mortgage Longboat Key, Pricing.

Homeownership has become a major element in achieving the American Dream. A recent report from the National Association of Realtors (NAR) finds that over 86% of buyers agree homeownership is still the American Dream. Prior to the 1950s, less than half of the country owned their own home. However, after World War II, many returning veterans used the benefits afforded by the GI Bill to purchase a home. Since then, the percentage of homeowners throughout the country has increased to the current rate of 65.5%. That strong desire for homeownership has kept home values appreciating ever since. The...

Category: Housing Market Updates