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

Written by West Palm Beach Mortgage Syndicated User on May 3, 2022. Posted in For Sellers, Housing Market Updates, Move-Up Buyers, Pricing, West Palm Beach Condo Financing, West Palm Beach Mortgage.

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,...

What You Need To Know About Selling in a Sellers’ Market

Written by West Palm Beach Mortgage Syndicated User on April 29, 2022. Posted in For Sellers, Pricing, West Palm Beach Condo Financing, West Palm Beach Mortgage.

Even if you haven’t been following real estate news, you’ve likely heard about the current sellers’ market. That’s because there’s a lot of talk about how strong market conditions are for people who want to sell their houses. But if you’re thinking about listing your house, you probably want to know: what does being in a sellers’ market really mean? What Is a Sellers’ Market? The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still very low. There’s a 2-month supply of homes at the current sales pace. Historically, a 6-month supply...

How Homeownership Can Help Shield You from Inflation

Written by West Palm Beach Mortgage Syndicated User on April 27, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Pricing, West Palm Beach Condo Financing, West Palm Beach Mortgage.

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...

Why This Housing Market Is Not a Bubble Ready To Pop

Written by West Palm Beach Mortgage Syndicated User on April 22, 2022. Posted in For Buyers, For Sellers, Foreclosures, Housing Market Updates, Pricing, West Palm Beach Condo Financing, West Palm Beach Mortgage.

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...

Why a Real Estate Professional Is Key When Selling Your House

Written by West Palm Beach Mortgage Syndicated User on April 13, 2022. Posted in For Sellers, FSBOs, Pricing, Selling Myths, West Palm Beach Condo Financing, West Palm Beach Mortgage.

With today’s real estate market moving as fast as it is, working with a real estate professional is more essential than ever. They have the skills, experience, and expertise it takes to navigate the highly detailed and involved process of selling a home. That may be why the percentage of people who list their houses on their own, known as a FSBO or For Sale By Owner, has reached its lowest point since 1985 (see graph below): Here are five reasons why selling with a real estate professional makes more sense, even in today’s hot market: 1. They Know What Buyers Want To See Before you decide...

The Future of Home Price Appreciation and What It Means for You

Written by West Palm Beach Mortgage Syndicated User on April 8, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Pricing, West Palm Beach Condo Financing, West Palm Beach Mortgage.

Many consumers are wondering what will happen with home values over the next few years. Some are concerned that the recent run-up in home prices will lead to a situation similar to the housing crash 15 years ago. However, experts say the market is totally different today. For example, Odeta Kushi, Deputy Chief Economist at First American, tweeted just last week on this issue: “. . . We do need price appreciation to slow today (it’s not sustainable over the long run) but high price growth today is supported by fundamentals- short supply, lower rates & demographic demand. And we are in a...

There Are Several Great Reasons To Consider Buying a Condo Today

Written by West Palm Beach Mortgage Syndicated User on April 1, 2022. Posted in First Time Home Buyers, For Buyers, Pricing, West Palm Beach Condo Financing, West Palm Beach Mortgage.

If you’re a first-time buyer looking to break into the housing market but struggling to find a home to buy, condominiums (or condos) could be a great alternative for you. Here are a few reasons condos may be something you’ll want to consider. Exploring Condos Could Add Options That Fit Your Budget Supply challenges are a reality across the board in today’s housing market. Broadening your home search to include condos could increase your overall pool of options. Just keep in mind, condos generally differ from single-family homes in average space and floorplans. In a recent article, Bankrate...

What’s Happening with Mortgage Rates, and Where Will They Go from Here?

Written by West Palm Beach Mortgage Syndicated User on March 31, 2022. Posted in For Buyers, Housing Market Updates, Interest Rates, Pricing, West Palm Beach Condo Financing, West Palm Beach Mortgage.

Based on the Primary Mortgage Market Survey from Freddie Mac, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here’s a visual to show how mortgage rate movement throughout 2021 was steady compared to the rapid increase in mortgage rates this year: Just a few months ago, Freddie Mac projected mortgage rates would average 3.6% in 2022. Earlier this month, Fannie Mae forecast mortgage rates would average 3.8% in 2022. As the chart above shows, rates have already surpassed...

What You Can Expect from the Spring Housing Market

Written by West Palm Beach Mortgage Syndicated User on March 25, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Pricing, West Palm Beach Condo Financing, West Palm Beach Mortgage.

As the spring housing market kicks off, you likely want to know what you can expect this season when it comes to buying or selling a house. While there are multiple factors causing some uncertainty, including the conflict overseas, rising inflation, and the first rate increase from the Federal Reserve in over three years — the housing market seems to be relatively immune. Here’s a look at what experts say you can expect this spring. 1. Mortgage Rates Will Climb Freddie Mac reports the 30-year fixed mortgage rate has increased by more than a full point in the past six months. And despite some...

The Average Homeowner Gained More Than $55K in Equity over the Past Year

Written by West Palm Beach Mortgage Syndicated User on March 22, 2022. Posted in For Sellers, Housing Market Updates, Pricing, West Palm Beach Condo Financing, West Palm Beach Mortgage.

If you’re a current homeowner, you should know your net worth just got a big boost. It comes in the form of rising home equity. Equity is the current value of your home minus what you owe on the loan. Today, you’re building that equity far faster than you may expect – and this gain is great news for you. Here’s how it happened. Home values are on the rise thanks to low housing supply and high buyer demand. Basically, there aren’t enough homes available to meet this high buyer interest, so bidding wars are driving home prices up. When you own a home, the rising prices mean your home is worth...

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