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Category: Pricing

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Does It Make Sense To Buy a Home Right Now?

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

Thinking about buying a home? If so, you’re probably wondering: should I buy now or wait? Nobody can make that decision for you, but here’s some information that can help you decide. What’s Next for Home Prices? Each quarter, Fannie Mae and Pulsenomics publish the results of the Home Price Expectations Survey (HPES). It asks more than 100 experts—economists, real estate professionals, and investment and market strategists—what they think will happen with home prices. In the latest survey, those experts say home prices are going to keep going up for the next five years (see graph...

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Why We Aren’t Headed for a Housing Crash

Written by Key Largo Mortgage Syndicated User on . Posted in Housing Market Updates, Interest Rates, Key Largo Mortgage, Key Largo Mortgage Rates, Pricing.

If you’re holding out hope that the housing market is going to crash and bring home prices back down, here’s a look at what the data shows. And spoiler alert: that’s not in the cards. Instead, experts say home prices are going to keep going up. Today’s market is very different than it was before the housing crash in 2008. Here’s why. It’s Harder To Get a Loan Now – and That’s Actually a Good Thing It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then, banks had different lending standards, making it easy for just about anyone to qualify...

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Expert Home Price Forecasts for 2024 Revised Up

Written by Key Largo Mortgage Syndicated User on . Posted in Housing Market Updates, Key Largo Mortgage, Key Largo Mortgage Rates, Pricing.

Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall. So, let’s see exactly how experts’ thinking has shifted – and what’s caused the change. 2024 Home Price Forecasts: Then and Now The chart below shows what seven expert organizations think will happen to home prices in 2024. It compares their first 2024 home price forecasts (made at the end of 2023) with their newest projections:   The middle column shows that, at first, these experts thought home prices would...

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Don’t Let the Latest Home Price Headlines Confuse You

Written by Key Largo Mortgage Syndicated User on . Posted in Housing Market Updates, Key Largo Mortgage, Key Largo Mortgage Rates, Pricing.

Based on what you’re hearing in the news about home prices, you may be worried they’re falling. But here’s the thing. The headlines aren’t giving you the full picture. If you look at the national data for 2023, home prices actually showed positive growth for the year. While this varies by market, and while there were some months with slight declines nationally, those were the exception, not the rule. The overarching story is that prices went up last year, not down. Let’s dive into the data to set the record straight.  2023 Was the Return to More Normal Home Price Growth If anything, last year...

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Why It’s More Affordable To Buy a Home This Year [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, Move-Up Buyers, Pricing.

Some Highlights Home affordability depends on three factors: mortgage rates, home prices, and wages. Mortgage rates are down from their recent peak, home prices are expected to rise at a slower pace, and wages are increasing faster than usual. That’s good news if you want to buy a home because it means affordability is getting better.

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Experts Project Home Prices Will Increase in 2024

Written by Key Largo Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Key Largo Mortgage, Key Largo Mortgage Rates, Pricing.

Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent survey from Fannie Mae found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out of every four people are dealing with that fear, and you might be, too. To help ease that concern, here’s what experts forecast will happen with prices this year. Experts Project a Modest Increase Check out the latest home price forecasts from eight different sources (see graph below): The blue bar on the left means, on average,...

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3 Key Factors Affecting Home Affordability

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

Over the past year, a lot of people have been talking about housing affordability and how tight it’s gotten. But just recently, there’s been a little bit of relief on that front. Mortgage rates have gone down since their most recent peak in October. But there’s more to being able to afford a home than just mortgage rates. To really understand home affordability, you need to look at the combination of three important factors: mortgage rates, home prices, and wages. Let’s dive into the latest data on each one to see why affordability is improving. 1. Mortgage Rates Mortgage rates have come down...

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Home Prices Forecast To Climb over the Next 5 Years [INFOGRAPHIC]

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Myths, For Buyers, Housing Market Updates, Infographics, Key Largo Mortgage, Key Largo Mortgage Rates, Pricing, Rent vs. Buy.

Some Highlights If you’re worried about what’s next for home prices, know the HPES shows experts are projecting they’ll continue to rise at least through 2028. Based on that forecast, if you bought a $400,000 house this year, experts say it could gain over $72,000 in equity over the next five years.  If you’re worried about falling home prices, don’t be. Many experts forecast they’ll keep rising for years to come. If you have questions, ask a local real estate agent.

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Thinking About Buying a Home? Ask Yourself These Questions

Written by Key Largo Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Key Largo Mortgage, Key Largo Mortgage Rates, Move-Up Buyers, Pricing.

If you’re thinking of buying a home this year, you’re probably paying closer attention than normal to the housing market. And you’re getting your information from a variety of channels: the news, social media, your real estate agent, conversations with friends and loved ones, the list goes on and on. Most likely, home prices and mortgage rates are coming up a lot. Here are the top two questions you need to ask yourself as you make your decision, including the data that helps cut through the noise. 1. Where Do I Think Home Prices Are Heading? One reliable place you can turn to for information...

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Home Prices Still Growing – Just at a More Normal Pace

Written by Key Largo Mortgage Syndicated User on . Posted in For Buyers, For Sellers, Housing Market Updates, Key Largo Mortgage, Key Largo Mortgage Rates, Pricing.

If you’re feeling a bit muddy on what’s happening with home prices, that’s no surprise. Some people are still saying prices are falling, even though data proves otherwise. Part of that misconception is because people are getting their information from unreliable sources. But it’s also coming from some media coverage misrepresenting what the data really shows. So, to keep things simple, here’s what you really need to know using real data you can trust. Normal Home Price Seasonality Explained In the housing market, there are predictable ebbs and flows that happen each year. It’s called seasonality....

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