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Category: Home Prices

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More Homes, Slower Price Growth – What It Means for You as a Buyer

Written by Key Largo Mortgage Syndicated User on . Posted in For Buyers, Home Prices, Inventory, Key Largo Mortgage, Key Largo Mortgage Rates.

There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two reasons why. You Have More Options To Choose From An article from Realtor.com helps explain just how much the number of homes for sale has gone up this year: “There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.” And while the number of homes on the market still isn’t...

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Why You Need an Agent To Set the Right Asking Price

Written by Key Largo Mortgage Syndicated User on . Posted in For Sellers, Home Prices, Infographics, Key Largo Mortgage, Key Largo Mortgage Rates, Selling Tips.

Some Highlights The #1 task sellers struggle with is setting the right asking price for their house. Without an agent’s help, you may set a price that turns away buyers and takes a long time to sell.  To make sure your house is priced right, connect with a local agent. Because if the price isn’t compelling, it’s not selling. 

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Q&A: How Do Presidential Elections Impact the Housing Market?

Written by Key Largo Mortgage Syndicated User on . Posted in Economy, Home Prices, Infographics, Key Largo Mortgage, Key Largo Mortgage Rates, Mortgage Rates.

Some Highlights Even if you’re not looking to move right away, you may have questions about how the election will impact the housing market. When we look at historical trends, combined with what’s happening right now, we can find your answers. Based on historical data, mortgage rates decrease in the months before and home prices and sales increase the year after the election. The facts show Presidential elections only have a small and temporary impact on the housing market.

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Why Home Sales Bounce Back After Presidential Elections

Written by Key Largo Mortgage Syndicated User on . Posted in Economy, For Buyers, For Sellers, Home Prices, Key Largo Mortgage, Key Largo Mortgage Rates.

With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down. Election Years Bring a Temporary Slowdown In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG, in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day (see graph below): Why? Uncertainty. Many consumers hold off on making major decisions or purchases while they wait to see how the election will play out....

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What To Expect from Mortgage Rates and Home Prices in 2025

Written by Key Largo Mortgage Syndicated User on . Posted in Affordability, For Buyers, For Sellers, Home Prices, Key Largo Mortgage, Key Largo Mortgage Rates, Mortgage Rates.

Curious about where the housing market is headed in 2025? The good news is that experts are offering some promising forecasts, especially when it comes to two key factors that directly affect your decisions: mortgage rates and home prices. Whether you’re thinking of buying or selling, here’s a look at what the experts are saying and how it might impact your move. Mortgage Rates Are Forecast To Come Down One of the biggest factors likely affecting your plans is mortgage rates, and the forecast looks positive. After rising dramatically in recent years, experts project rates will ease...

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The Benefits of Using Your Equity To Make a Bigger Down Payment

Written by Key Largo Mortgage Syndicated User on . Posted in Affordability, Equity, For Buyers, Home Prices, Key Largo Mortgage, Key Largo Mortgage Rates, Mortgage Rates.

Did you know? Homeowners are often able to put more money down when they buy their next home. That’s because, once they sell, they can use the equity they have in their current house toward their next down payment. And it’s why as home equity reaches a new height, the median down payment has too. According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that’s nearly 15% more than last year, and the highest on record (see graph below): Here’s why equity makes this possible. Over the past five years, home prices have increased significantly, which has...

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The Top 3 Reasons Affordability Is Improving

Written by Key Largo Mortgage Syndicated User on . Posted in Affordability, Home Prices, Infographics, Key Largo Mortgage, Key Largo Mortgage Rates, Mortgage Rates.

Some Highlights Affordability is based on three key factors: mortgage rates, home prices, and wages. And today, it’s improving quickly as rates come down, prices level off, and wages climb.  If you put your search on pause because it was too expensive to buy, connect with an agent to talk about why now may be the perfect time to jump back in.

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Home Values Rise Even as Median Prices Fall

Written by Key Largo Mortgage Syndicated User on . Posted in For Buyers, For Sellers, Home Prices, Key Largo Mortgage, Key Largo Mortgage Rates.

Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a buyer or seller, it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story. Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create. Homes on the Market Right Now Are Smaller The biggest reason for the dip in median...

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Buying Beats Renting in 22 Major U.S. Cities

Written by Key Largo Mortgage Syndicated User on . Posted in Affordability, For Buyers, Home Prices, Inventory, Key Largo Mortgage, Key Largo Mortgage Rates, Mortgage Rates.

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments (see chart below): As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country. This is a big deal if you’ve been renting for a while now. But if you don’t see your city on this list, don’t sweat it. Things are moving fast, and your area...

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Why Buying Now May Be Worth It in the Long Run

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Tips, Equity, First-Time Buyers, For Buyers, Home Prices, Key Largo Mortgage, Key Largo Mortgage Rates.

Should you buy a home now or should you wait? That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want to consider as you make your decision. As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation. Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home...

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