How Homeowners Win When They Downsize

Written by Sarasota Mortgage Mortgage Syndicated User on May 4, 2023. Posted in Demographics, For Buyers, For Sellers, Mortgage Sarasota, Sarasota Mortgage.

Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”And when inflation has made most things significantly more expensive, saving money...

Buyer Activity Is Up Despite Higher Mortgage Rates

Written by Sarasota Mortgage Mortgage Syndicated User on May 3, 2023. Posted in For Sellers, Housing Market Updates, Mortgage Sarasota, Sarasota Mortgage, Selling Myths.

If you’re a homeowner thinking about making a move, you may wonder if it’s still a good time to sell your house. Here’s the good news. Even with higher mortgage rates, buyer traffic is actually picking up speed.Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, helps paint the picture of how much buyer demand has increased in recent months (see graph below):As the graph shows, the first two months of 2023 saw a noticeable increase in buyer traffic. That’s likely because the limited number of homes for sale kept shoppers looking for homes even...

A Recession Doesn’t Equal a Housing Crisis

Written by Sarasota Mortgage Mortgage Syndicated User on May 2, 2023. Posted in Housing Market Updates, Interest Rates, Mortgage Sarasota, Pricing, Sarasota Mortgage.

Everywhere you look, people are talking about a potential recession. And if you’re planning to buy or sell a house, this may leave you wondering if your plans are still a wise move. To help ease your mind, experts are saying that if we do officially enter a recession, it’ll be mild and short. As the Federal Reserve explained in their March meeting:“. . . the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years.” While a recession may be on the horizon, it won’t be one for the housing market record...

Why Buying a Home Makes More Sense Than Renting Today

Written by Sarasota Mortgage Mortgage Syndicated User on May 1, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Mortgage Sarasota, Rent vs. Buy, Sarasota Mortgage.

Wondering if you should continue renting or if you should buy a home this year? If so, consider this. Rental affordability is still a challenge and has been for years. That’s because, historically, rents trend up over time. Data from the Census shows rents have been climbing pretty steadily since 1988. And, data from the latest rental report from Realtor.com shows rents continue to grow today, even though it’s at a slower pace than we saw at the height of the pandemic:“In March 2023, the U.S. rental market experienced single-digit growth for the eighth month in a row . . . The median asking...

Ways To Overcome Affordability Challenges in Today’s Housing Market [INFOGRAPHIC]

Written by Sarasota Mortgage Mortgage Syndicated User on April 28, 2023. Posted in First Time Home Buyers, For Buyers, Infographics, Interest Rates, Mortgage Sarasota, Move-Up Buyers, Pricing, Sarasota Mortgage.

Some HighlightsWith so few homes on the market right now, widening the scope of your search to include nearby areas could help you find more options in your budget.You can also work with a trusted lender to consider alternative financing options and search for down payment assistance.If you’ve been searching for a home but are concerned about rising costs, make sure you have a team of trusted real estate professionals for expert advice.

Why Today’s Foreclosure Numbers Are Nothing Like 2008

Written by Sarasota Mortgage Mortgage Syndicated User on April 27, 2023. Posted in Distressed Properties, Foreclosures, Housing Market Updates, Mortgage Sarasota, Sarasota Mortgage.

You’ve likely seen headlines about the number of foreclosures climbing in today’s housing market. That may leave you with a few questions, especially if you’re thinking about buying a house. Understanding what they really mean is mission-critical if you want to know the truth about what’s happening today.According to a recent report from ATTOM, a property data provider, foreclosure filings are up 6% compared to the previous quarter and 22% since one year ago. As media headlines call attention to this increase, reporting on just the number could actually generate worry and may even make you think...

The Three Factors Affecting Home Affordability Today

Written by Sarasota Mortgage Mortgage Syndicated User on April 26, 2023. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Mortgage Sarasota, Move-Up Buyers, Pricing, Sarasota Mortgage.

There’s been a lot of focus on higher mortgage rates and how they’re creating affordability challenges for today’s homebuyers. It’s true that rates climbed dramatically since the record-low we saw during the pandemic. But home affordability is based on more than just mortgage rates – it’s determined by a combination of mortgage rates, home prices, and wages.Considering how each one of these factors is changing gives you the full picture of home affordability today. Here’s the latest.1. Mortgage RatesWhile mortgage rates are higher than they were a year ago, they’ve hovered primarily between...

What Are the Experts Saying About the Spring Housing Market?

Written by Sarasota Mortgage Mortgage Syndicated User on April 25, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Mortgage Sarasota, Pricing, Sarasota Mortgage.

The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your position right now.Here’s what industry experts are saying right now about the spring housing market and what it means for you:Selma Hepp, Chief Economist, CoreLogic:“We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when...

The Power of Pre-Approval

Written by Sarasota Mortgage Mortgage Syndicated User on April 24, 2023. Posted in First Time Home Buyers, For Buyers, Mortgage Sarasota, Move-Up Buyers, Sarasota Mortgage.

If you’re buying a home this spring, today’s housing market can feel like a challenge. With so few homes on the market right now, plus higher mortgage rates, it’s essential to have a firm grasp on your homebuying budget. You’ll also need a sense of determination to find the right house and act quickly when you go to put in an offer. One thing you can do to help you prepare is to get pre-approved.To understand why it’s such an important step, you need to know what pre-approval is. As part of the process, a lender looks at your finances to determine what they’d be willing to loan you. From there,...

Why You May Want an Energy-Efficient Home [INFOGRAPHIC]

Written by Sarasota Mortgage Mortgage Syndicated User on April 21, 2023. Posted in First Time Home Buyers, For Buyers, Infographics, Mortgage Sarasota, Move-Up Buyers, Sarasota Mortgage.

Some HighlightsSince inflation is increasing the cost of goods and services, it may make sense to look for an energy-efficient home.Energy prices have increased over the last year, so look for energy-efficient features in your home search.If you’re looking to buy a home this year, work with a real estate expert so you have a partner to help you consider which features are most important to you.

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