Now’s the Time To Upgrade to Your Dream Home

Written by Sarasota Mortgage Mortgage Syndicated User on October 7, 2024. Posted in Equity, For Sellers, Mortgage Rates, Mortgage Sarasota, Sarasota Mortgage.

If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below):But there’s also a good chance you, like many other people, have been holding off on that goal because of recent market challenges. It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, affordability has a huge impact on when you make your move. But there’s good news: now’s actually a great time to make that move happen....

The Top 3 Reasons Affordability Is Improving

Written by Sarasota Mortgage Mortgage Syndicated User on October 4, 2024. Posted in Affordability, Home Prices, Infographics, Mortgage Rates, Mortgage Sarasota, Sarasota Mortgage.

Some HighlightsAffordability 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.

This Is the Sweet Spot Homebuyers Have Been Waiting For

Written by Sarasota Mortgage Mortgage Syndicated User on October 2, 2024. Posted in For Buyers, Mortgage Rates, Mortgage Sarasota, Sarasota Mortgage.

After months of sitting on the sidelines, many homebuyers who were priced out by high mortgage rates and affordability challenges finally have an opportunity to make their move. With rates trending down, today’s market is a sweet spot for buyers—and it’s one that may not last long.So, if you’ve put your own move on the back burner, here’s why maybe you shouldn’t delay your plans any longer.As you weigh your options and decide if you should buy now or wait, ask yourself this: What do you think everyone else is going to do?The truth is, if mortgage rates continue to ease, as experts project, more...

Buying Beats Renting in 22 Major U.S. Cities

Written by Sarasota Mortgage Mortgage Syndicated User on September 30, 2024. Posted in Affordability, For Buyers, Home Prices, Inventory, Mortgage Rates, Mortgage Sarasota, Sarasota Mortgage.

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...

Buy Now, or Wait?

Written by Sarasota Mortgage Mortgage Syndicated User on September 27, 2024. Posted in Buying Tips, For Buyers, Infographics, Mortgage Rates, Mortgage Sarasota, Sarasota Mortgage.

Some HighlightsIf you’re wondering if you should buy now or wait, here’s what you need to know. If you wait for rates to drop more, you’ll have to deal with more competition and higher prices as additional buyers jump back in. But if you buy now, you’d get ahead of that and have the chance to start building equity.Should you buy now or wait? Connect with a real estate agent and talk through it together, so you can make your best decision.

Lower Mortgage Rates Boost Your Buying Power

Written by Sarasota Mortgage Mortgage Syndicated User on September 20, 2024. Posted in For Buyers, Infographics, Mortgage Rates, Mortgage Sarasota, Sarasota Mortgage.

Some HighlightsMortgage rates are trending down and that’s great news for your bottom line.As rates drop, your monthly payment on your next home does too. Even a small change in mortgage rates can have a big impact on your purchasing power.If you put your search on hold when mortgage rates were higher, think about how much you could save now that rates are coming down.

Falling Mortgage Rates Are Bringing Buyers Back

Written by Sarasota Mortgage Mortgage Syndicated User on September 19, 2024. Posted in For Sellers, Mortgage Rates, Mortgage Sarasota, Sarasota Mortgage, Selling Tips.

If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent.After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors. And yesterday the Federal Reserve cut the Federal Funds Rate for the first time since they began raising that rate in March 2022. And while they don’t control mortgage rates, this sets the stage for mortgage rates to fall even further than they already have – especially since more cuts from the Fed are...

Mortgage Rates Drop to Lowest Level in over a Year and a Half

Written by Sarasota Mortgage Mortgage Syndicated User on September 17, 2024. Posted in For Buyers, For Sellers, Mortgage Rates, Mortgage Sarasota, Sarasota Mortgage.

Mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment.Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at Freddie Mac, says:“Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.”But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the...

The Best Time To Buy a Home This Year

Written by Sarasota Mortgage Mortgage Syndicated User on September 16, 2024. Posted in Buying Tips, For Buyers, Inventory, Mortgage Rates, Mortgage Sarasota, Sarasota Mortgage.

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...

Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List

Written by Sarasota Mortgage Mortgage Syndicated User on September 10, 2024. Posted in Affordability, Buying Tips, For Buyers, Mortgage Rates, Mortgage Sarasota, Sarasota Mortgage.

Since the supply of homes for sale is growing and mortgage rates are coming down, you may be thinking it’s finally your moment to jump into the market. To make sure you’re ready, you need to get pre-approved for a mortgage. That’s when a lender looks at your finances, including things like your W-2, tax returns, credit score, and bank statements, to figure out what they’re willing to loan you. After that process, you’ll get a pre-approval letter to show what you can borrow. Here are two reasons why this is essential in today’s market.Pre-Approval Helps You Know Your NumbersWhile home affordability is...

Category: Mortgage Rates