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Category: Buying Myths

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Top 5 Reasons To Hire an Agent When Buying a Home [INFOGRAPHIC]

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Myths, For Buyers, Infographics, Key Largo Mortgage, Key Largo Mortgage Rates.

Some Highlights Hiring an agent when buying a home helps you understand the buying process and the local market. They’ll also go over contracts and fine print with you, so you understand what you’re agreeing to. Plus, they’re good at negotiating, making sure you get the best deal. Expert advice from a trusted real estate professional is priceless. Connect with a local agent today.

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Is It Easier To Find a Home To Buy Now?

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Myths, For Buyers, Key Largo Mortgage, Key Largo Mortgage Rates.

One of the biggest hurdles buyers have faced over the past few years has been a lack of homes available for sale. But that’s starting to change. The graph below uses the latest data from Realtor.com to show there are more homes on the market in 2024 than there have been in any of the past several years (2021-2023): Does That Mean Finding a Home Is Easier? The answer is yes, and no. As an article from Realtor.com says: “There were nearly 15% more homes for sale in February than a year earlier . . . That alone could jolt the housing market a bit if more “For Sale” signs continue to appear....

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Single Women Are Embracing Homeownership

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Myths, First Time Home Buyers, For Buyers, Key Largo Mortgage, Key Largo Mortgage Rates.

In today’s housing market, more and more single women are becoming homeowners. According to data from the National Association of Realtors (NAR), 19% of all homebuyers are single women, while only 10% are single men. If you’re a single woman trying to buy your first home, this should be encouraging. It means other people are making their dreams a reality – so you can too. Why Homeownership Matters to So Many Women For many single women, buying a home isn’t just about having a place to live—it’s also a smart way to invest for the future. Homes usually increase in value...

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What Every Homebuyer Should Know About Closing Costs

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Myths, For Buyers, Key Largo Mortgage, Key Largo Mortgage Rates.

Before making the decision to buy a home, it’s important to plan for all the costs you’ll be responsible for. While you’re busy saving for the down payment, don’t forget you’ll want to prep for closing costs too. Here’s some helpful information on what those costs are and how much you should budget for them. What Are Closing Costs? A recent article from Bankrate explains: “Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being...

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Your Home Is a Powerful Investment

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Myths, First Time Home Buyers, For Buyers, Key Largo Mortgage, Key Largo Mortgage Rates.

Going into 2023, there was a lot of talk about a possible recession that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 10-20%—and that might have made you feel a bit unsure about buying a home. But here’s what actually happened: home prices went up more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, explains: “Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.” To put last year’s growth into context, the graph below uses data from...

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What Mortgage Rate Do You Need To Move?

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Myths, For Buyers, Interest Rates, Key Largo Mortgage, Key Largo Mortgage Rates.

If you’ve been thinking about buying a home, mortgage rates are probably top of mind for you. They may even be why you’ve put your plans on hold for now. When rates climbed near 8% last year, some buyers found the numbers just didn’t make sense for their budget anymore. That may be the case for you too. Data from Bright MLS shows the top reason buyers delayed their plans to move is due to high mortgage rates (see graph below):   David Childers, CEO at Keeping Current Matters, speaks to this statistic in the recent How’s The Market podcast: “Three quarters of buyers said ‘we’re out’ due to...

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Finding Your Perfect Home in a Fixer Upper

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Myths, First Time Home Buyers, For Buyers, Key Largo Mortgage, Key Largo Mortgage Rates, Move-Up Buyers.

If you’re trying to buy a home and are having a hard time finding one you can afford, it may be time to consider a fixer-upper. That’s a house that needs a little elbow grease or some updates, but has good bones. Fixer-uppers can be a really great option if you’re looking to break into the housing market or want to stretch your budget further. According to NerdWallet: “Buying a fixer-upper can provide a path to homeownership for first-time home buyers or a way for repeat buyers to afford a larger home or a better neighborhood. With the relatively low inventory of homes for sale these days,...

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The First Step: Getting Pre-Approved for a Mortgage [INFOGRAPHIC]

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Myths, First Time Home Buyers, For Buyers, Infographics, Key Largo Mortgage, Key Largo Mortgage Rates.

Some Highlights If you’re looking to buy a home in 2024, getting pre-approved is a key piece of the puzzle. Mortgage pre-approval means a lender checks your finances and decides how much you’re qualified to borrow. As more buyers re-enter the market, it’ll help you make a strong offer that stands out from the crowd. Talk to a trusted professional to learn more and begin your homebuying process today.

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Why You Want an Agent’s Advice for Your Move

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Myths, For Buyers, For Sellers, Key Largo Mortgage, Key Largo Mortgage Rates, Selling Myths.

No matter how you slice it, buying or selling a home is a big decision. And when you’re going through any change in your life and you need some guidance, what do you do? You get advice from people who know what they’re talking about. Moving is no exception. You need insights from the pros to help you feel confident in your decision. Freddie Mac explains it like this: “As you set out to find the right home for your family, be sure to select experienced, trusted professionals who will help you make informed decisions and avoid pitfalls.” And while perfect advice isn’t possible – not even from...

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The Truth About Down Payments

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Myths, First Time Home Buyers, For Buyers, Key Largo Mortgage, Key Largo Mortgage Rates.

If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case. Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your homebuying dream than you realize. As The Mortgage Reports says: “Although putting down 20% to avoid mortgage insurance is wise if affordable, it’s a myth that this is always necessary. In fact,...

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