The Latest Builder Trend: Smaller, Less Expensive Homes

Written by Lakeland FL Mortgage Syndicated User on September 19, 2024. Posted in Affordability, For Buyers, Lakeland FL Mortgage, Mortgage Lakeland FL, New Construction.

Even though affordability is improving, buying a home can still feel tough right now. But here’s some good news: builders are focusing their efforts on building smaller homes, and they’re offering key incentives to buyers. And both of these things can be a big help if you’re worried about finding a home that’s right for your budget. Builders Are Building Smaller Homes During the pandemic, homebuyers were looking for larger homes—and many could afford them. Builders responded to that demand and created bigger spaces to help people with things like working from home, setting up home gyms,...

Mortgage Rates Drop to Lowest Level in over a Year and a Half

Written by Lakeland FL Mortgage Syndicated User on September 18, 2024. Posted in For Buyers, For Sellers, Lakeland FL Mortgage, Mortgage Lakeland FL, Mortgage Rates.

Mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment.Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at Freddie Mac, says:“Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.”But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the...

The Best Time To Buy a Home This Year

Written by Lakeland FL Mortgage Syndicated User on September 17, 2024. Posted in Buying Tips, For Buyers, Inventory, Lakeland FL Mortgage, Mortgage Lakeland FL, Mortgage Rates.

A shift is underway in the housing market this season. And if you’ve been sitting on the sidelines waiting for the right moment to jump back into your homebuying search, this is a great time to do it. That’s because the best week to buy a home this year is just around the corner. Your sweet spot is here. The experts at Realtor.com study seasonal trends to figure out the ideal week for homebuyers:“Nationally, the best time to buy in 2024 is the week of Sept. 29–Oct. 5. This week historically has shown the best balance of market conditions that favor buyers. Inventory tends to be high, prices...

What To Know About Closing Costs

Written by Lakeland FL Mortgage Syndicated User on September 13, 2024. Posted in Buying Tips, For Buyers, Lakeland FL Mortgage, Mortgage Lakeland FL.

Now that you’ve decided to buy a home and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process. And while your down payment is probably the number one expense on your mind, don’t forget about closing costs. Here’s what you need to know.What Are Closing Costs?Simply put, your closing costs are the additional fees and payments you have to make at closing. And while they’ll vary based on the price of the home and how it’s being financed, every buyer has these, so they shouldn’t be a surprise. It’s just that some people...

The Real Story Behind What’s Happening with Home Prices

Written by Lakeland FL Mortgage Syndicated User on September 12, 2024. Posted in For Buyers, For Sellers, Home Prices, Lakeland FL Mortgage, Mortgage Lakeland FL.

If you’re wondering what’s going on with home prices lately, you’re definitely not the only one. With so much information out there, it can be hard to figure out your next move.As a buyer, you might be worried about paying more than you should. And if you’re thinking of selling, you might be concerned about not getting the price you’re aiming for. So, here’s a quick breakdown to help clear things up and show you what’s really happening with prices—whether you’re thinking about buying or selling. Home Price Growth Is Slowing, but Prices Aren’t Falling NationallyThroughout...

Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List

Written by Lakeland FL Mortgage Syndicated User on September 11, 2024. Posted in Affordability, Buying Tips, For Buyers, Lakeland FL Mortgage, Mortgage Lakeland FL, Mortgage Rates.

Since the supply of homes for sale is growing and mortgage rates are coming down, you may be thinking it’s finally your moment to jump into the market. To make sure you’re ready, you need to get pre-approved for a mortgage. That’s when a lender looks at your finances, including things like your W-2, tax returns, credit score, and bank statements, to figure out what they’re willing to loan you. After that process, you’ll get a pre-approval letter to show what you can borrow. Here are two reasons why this is essential in today’s market.Pre-Approval Helps You Know Your NumbersWhile home affordability is...

The Latest on the Luxury Home Market

Written by Lakeland FL Mortgage Syndicated User on September 6, 2024. Posted in Buying Tips, For Buyers, Lakeland FL Mortgage, Luxury / Vacation, Mortgage Lakeland FL.

Luxury living is about more than just stunning views and cutting-edge smart home technology—it’s about elevating your lifestyle. And if you’re in the market for a million-dollar home, now is an excellent time to explore the thriving luxury market. Here’s why.The Number of Luxury Homes Is GrowingThe top of the market, or luxury homes, can mean different things depending on where you live. But in general, these are homes that are in the top 5% price range in any area. According to a recent report from Redfin, the average value of those homes has risen to over one million dollars:“The...

Could a 55+ Community Be Right for You?

Written by Lakeland FL Mortgage Syndicated User on September 3, 2024. Posted in Buying Tips, For Buyers, Lakeland FL Mortgage, Mortgage Lakeland FL.

If you’re thinking about downsizing, you may be hearing about 55+ communities and wondering if they’d be a good fit for you. Here’s some information that could help you make your decision.What Is a 55+ Community?It’s important to note that these communities aren’t just for people who need extra support – they can be pretty vibrant, too. Many people who are downsizing opt for this type of home because they’re looking to be surrounded by people in a similar season of life. U.S. News explains:“The terms ‘55-plus community,’ ‘active adult community,’ ‘lifestyle communities’ and ‘planned communities’...

Are We Heading into a Balanced Market?

Written by Lakeland FL Mortgage Syndicated User on August 30, 2024. Posted in For Buyers, For Sellers, Inventory, Lakeland FL Mortgage, Mortgage Lakeland FL.

If you’ve been keeping an eye on the housing market over the past couple of years, you know sellers have had the upper hand. But is that going to shift now that inventory is growing? Here’s a breakdown of what you need to know.What Is a Balanced Market?A balanced market is generally defined as a market with about a five-to-seven-month supply of homes available for sale. In this type of market, neither buyers nor sellers have a clear advantage. Prices tend to stabilize, and there’s a healthier number of homes to choose from. And after many years when sellers had all the leverage, a more balanced...

2025 Housing Market Forecasts: What To Expect

Written by Lakeland FL Mortgage Syndicated User on August 29, 2024. Posted in For Buyers, For Sellers, Forecasts, Home Prices, Lakeland FL Mortgage, Mortgage Lakeland FL, Mortgage Rates.

Looking ahead to 2025, it’s important to know what experts are projecting for the housing market. And whether you’re thinking of buying or selling a home next year, having a clear picture of what they’re calling for can help you make the best possible decision for your homeownership plans.Here’s an early look at the most recent projections on mortgage rates, home sales, and prices for 2025.Mortgage Rates Are Projected To Come Down SlightlyMortgage rates play a significant role in the housing market. The forecasts for 2025 from Fannie Mae, the Mortgage Bankers Association (MBA), the...

Category: For Buyers