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Category: Inventory

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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 might...

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The Best Time To Buy a Home This Year

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

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The Surprising Amount of Home Equity You’ve Gained over the Years

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

There are a number of reasons you may be thinking about selling your house. And as you weigh your options, you may find you’re unsure how you’re going to deal with one thing about today’s housing market – and that’s affordability. If that’s your biggest concern, understanding how much equity you have in your house could help make your decision that much easier. Here are two key factors that have a big impact on your equity. How Long You’ve Been in Your Home First up is homeowner tenure. That’s how long homeowners live in a house, on average, before selling or choosing to move. From 1985 to...

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Are We Heading into a Balanced Market?

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

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...

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What’s the Impact of Presidential Elections on the Housing Market?

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

It’s no surprise that the upcoming Presidential election might have you speculating about what’s ahead. And those unanswered thoughts can quickly spiral, causing fear and uncertainty to swirl through your mind. So, if you’ve been considering buying or selling a home this year, you’re probably curious about what the election might mean for the housing market – and if it’s still a good time to make your move. Here’s the good news that may surprise you: typically, Presidential elections have only had a small, temporary impact on the housing market. But your questions are definitely worth answering,...

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How Growing Inventory Benefits Today’s Buyers

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

Some Highlights While the number of homes for sale varies by local area, nationally we’re up over 36% year-over-year, but still down almost 29% compared to what’s normal.? Here’s what that means when you buy: more options for your search, more negotiation power for you, it’s more likely sellers will make select repairs, and more moderate price growth. If you want to talk more about what rising inventory means for you, connect with a local real estate agent.

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Are There More Homes for Sale Where You Live?

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

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3 Reasons Why We’re Not Headed for a Housing Crash

Written by Key Largo Mortgage Syndicated User on . Posted in Foreclosures, Infographics, Inventory, Key Largo Mortgage, Key Largo Mortgage Rates.

Some Highlights Back in 2008, there was an oversupply of homes for sale. Today, there’s an undersupply. The three main sources of inventory show this isn’t like the last time. Existing homes, new homes, and foreclosures are all way below the levels we saw during the housing crash. Inventory data shows there just aren’t enough homes available to have a repeat of what happened back in 2008. 

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Unlocking Homebuyer Opportunities in 2024

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

There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because the challenges in today’s market felt like too much to tackle. You’re not alone in that. A Bright MLS study found some of the top reasons buyers paused their search in late 2023 and early 2024 were: They couldn’t find anything in their price range They didn’t have any successful offers or had difficulty competing They couldn’t find the right home If any of these sound like why you stopped looking, here’s what...

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Not a Crash: 3 Graphs That Show How Today’s Inventory Differs from 2008

Written by Key Largo Mortgage Syndicated User on . Posted in Economy, Foreclosures, Inventory, Key Largo Mortgage, Key Largo Mortgage Rates.

Even if you didn’t own a home at the time, you probably remember the housing crisis in 2008. That crash impacted the lives of countless people, and many now live with the worry that something like that could happen again. But rest easy, because things are different than they were back then. As Business Insider says: “Though many Americans believe the housing market is at risk of crashing, the economists who study housing market conditions overwhelmingly do not expect a crash in 2024 or beyond.” Here’s why experts are so confident. For the market (and home prices) to crash, there would...

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