Is Affordability Starting To Improve?

Written by Palm Beach Mortgage Syndicated User on August 14, 2024. Posted in Affordability, Economy, For Buyers, Home Prices, Mortgage Rates, Palm Beach Condo Financing, Palm Beach Mortgage, Palm Beach Mortgage Rates.

Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it’s getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:“Housing affordability is improving ever so modestly, but it is moving in the right direction.”Here’s a look at the latest data on the three biggest factors affecting home affordability: mortgage rates, home prices, and wages. 1. Mortgage RatesMortgage rates have been volatile this...

Are There More Homes for Sale Where You Live?

Written by Palm Beach Mortgage Syndicated User on August 13, 2024. Posted in For Buyers, Inventory, Palm Beach Condo Financing, Palm Beach Mortgage, Palm Beach Mortgage Rates.

One of the biggest bright spots in today’s housing market is how much the supply of homes for sale has grown since the beginning of this year. Recent data from Realtor.com shows that nationally, there are 36.6% more homes actively for sale now compared to the same time last year. That’s a significant improvement. It gives you far more options for your move than you would’ve had just a year ago. And with supply improving, you’re also regaining a bit of negotiation power. So, if you’re someone who thought about buying a home over the last few years but was discouraged by how limited inventory...

Where Will You Go After You Sell?

Written by Palm Beach Mortgage Syndicated User on August 9, 2024. Posted in Affordability, For Buyers, For Sellers, New Construction, Palm Beach Condo Financing, Palm Beach Mortgage, Palm Beach Mortgage Rates.

If you’re planning to sell your house and move, you probably know there’s been a shortage of options available. But here’s the good news: the supply of homes for sale has grown in a lot of markets this year – and that’s not just existing, or previously-owned, homes. It’s true for newly built homes too. So how do you decide which route to go? Do you buy an existing home or a brand-new one? The choice is yours – you just need to figure out what’s most important to you.Perks of a Newly Built HomeHere are some benefits of buying a newly built home right now:Have brand new everything with...

Mortgage Rates Down a Full Percent from Recent High

Written by Palm Beach Mortgage Syndicated User on August 8, 2024. Posted in Affordability, Economy, For Buyers, Mortgage Rates, Palm Beach Condo Financing, Palm Beach Mortgage, Palm Beach Mortgage Rates.

Mortgage rates have been one of the hottest topics in the housing market lately because of their impact on affordability. And if you’re someone who’s looking to make a move, you’ve probably been waiting eagerly for rates to come down for that very reason. Well, if the past few weeks are any indication, you may be getting your wish.Mortgage Rates Trend Down in Recent WeeksThere’s big news for mortgage rates. After the latest reports on the economy, inflation, the unemployment rate, and the Federal Reserve’s recent comments, mortgage rates started dropping a bit. And according to Freddie...

Why the Sandwich Generation Is Buying Multi-Generational Homes

Written by Palm Beach Mortgage Syndicated User on August 2, 2024. Posted in Buying Tips, For Buyers, Palm Beach Condo Financing, Palm Beach Mortgage, Palm Beach Mortgage Rates.

Are you a part of the Sandwich Generation? According to Realtor.com, that’s a name for the roughly one in six Americans who take care of their children and their parents or grandparents at the same time.If that sounds familiar to you, juggling all the responsibilities involved certainly must have its challenges. But it turns out there’s one pretty significant benefit: it can actually make it a bit easier for you to buy a home.How Can It Help You Buy a Home?Realtor.com asked members of the Sandwich Generation if they agree or disagree that taking care of children and parents at the same time...

Are Home Prices Going To Come Down?

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

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...

Unlocking the Benefits of Your Home’s Equity

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

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 Palm Beach Mortgage Syndicated User on July 26, 2024. Posted in Economy, For Buyers, For Sellers, Mortgage Rates, Palm Beach Condo Financing, Palm Beach Mortgage, Palm Beach 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 Palm Beach Mortgage Syndicated User on July 25, 2024. Posted in Buying Tips, For Buyers, Home Prices, Palm Beach Condo Financing, Palm Beach Mortgage, Palm Beach Mortgage Rates.

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...

How Affordability and Remote Work Are Changing Where People Live

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

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...

Category: For Buyers