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

Written by Lakeland FL Mortgage Syndicated User on April 26, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Lakeland FL Mortgage, Mortgage Lakeland FL, 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. According...

Why This Housing Market Is Not a Bubble Ready To Pop

Written by Lakeland FL Mortgage Syndicated User on April 22, 2022. Posted in For Buyers, For Sellers, Foreclosures, Housing Market Updates, Lakeland FL Mortgage, Mortgage Lakeland FL, 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...

How To Approach Rising Mortgage Rates as a Buyer

Written by Lakeland FL Mortgage Syndicated User on April 21, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL, Move-Up Buyers.

In the last few weeks, the average 30-year fixed mortgage rate from Freddie Mac inched up to 5%. While that news may have you questioning the timing of your home search, the truth is, timing has never been more important. Even though you may be tempted to put your plans on hold in hopes that rates will fall, waiting will only cost you more. Mortgage rates are forecast to continue rising in the year ahead. If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage rates rise. How Rising Mortgage Rates Impact You Mortgage rates play a significant...

On the Fence of Whether or Not To Move This Spring? Consider This.

Written by Lakeland FL Mortgage Syndicated User on April 15, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Lakeland FL Mortgage, Mortgage Lakeland FL, Move-Up Buyers.

If you’re thinking of selling your house, it may be because you’ve heard prices are rising, listings are going fast, and sellers are getting multiple offers on their homes. But why are conditions so good for sellers today? And what can you expect when you move? To help answer both of those questions, let’s turn to the data. Today, there are far more buyers looking for homes than sellers listing their houses. Here are the maps of the latest buyer and seller traffic from the National Association of Realtors (NAR) to help paint the picture of what this looks like: Notice how much darker the blues...

Where Are Mortgage Rates Headed?

Written by Lakeland FL Mortgage Syndicated User on April 14, 2022. Posted in For Buyers, Housing Market Updates, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL.

There’s never been a truer statement regarding forecasting mortgage rates than the one offered last year by Mark Fleming, Chief Economist at First American: “You know, the fallacy of economic forecasting is: Don’t ever try and forecast interest rates and or, more specifically, if you’re a real estate economist mortgage rates, because you will always invariably be wrong.” Coming into this year, most experts projected mortgage rates would gradually increase and end 2022 in the high three-percent range. It’s only April, and rates have already blown past those numbers. Freddie Mac announced last...

Using Your Tax Refund To Achieve Your Homeownership Goals This Year

Written by Lakeland FL Mortgage Syndicated User on April 12, 2022. Posted in First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Lakeland FL Mortgage, Mortgage Lakeland FL, Move-Up Buyers.

If you’re buying or selling a home this year, you’re likely saving up for a variety of expenses. For buyers, that might include things like your down payment and closing costs. And for sellers, you’re probably working on a bit of spring cleaning and maintenance to spruce up your house before you list it. Either way, any money you get back from your taxes can help you achieve your goals. Using a tax refund is a common tactic for buyers and sellers. SmartAsset estimates the average American will receive a $2,897 tax refund this year. The map below provides a more detailed estimate by state: If...

Do You Know How Much Equity You Have in Your Home? [INFOGRAPHIC]

Written by Lakeland FL Mortgage Syndicated User on April 9, 2022. Posted in For Sellers, Housing Market Updates, Infographics, Lakeland FL Mortgage, Mortgage Lakeland FL, Move-Up Buyers.

Some Highlights If you’re a homeowner, your net worth has gotten a big boost. That’s because recent home price appreciation has increased your equity. Your equity grows as you pay down your loan and as your home increases in value. Over the past year, the average homeowner’s equity grew by $55,300. Ready to sell? Let’s connect to talk about how you can use that equity to fuel your next move. Content previously posted on Keeping Current Matters

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

Written by Lakeland FL Mortgage Syndicated User on April 8, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Lakeland FL Mortgage, Mortgage Lakeland FL, Move-Up Buyers, Pricing.

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...

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

Written by Lakeland FL Mortgage Syndicated User on March 31, 2022. Posted in For Buyers, Housing Market Updates, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL, Pricing.

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...

The Best Week To List Your House Is Just Around the Corner

Written by Lakeland FL Mortgage Syndicated User on March 30, 2022. Posted in For Sellers, Housing Market Updates, Lakeland FL Mortgage, Mortgage Lakeland FL.

Are you thinking about selling your house? If so, you may want to make it a priority to start the process soon. According to realtor.com, the sweet spot for sellers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years (excluding 2020, since it was an atypical year). When applied to the current market, experts determined the ideal week to list a house this year. The research says: “Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in...

Category: Housing Market Updates