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Housing Market Forecast: What’s Ahead for the 2nd Half of 2024

Written by Davenport FL Mortgage Syndicated User on June 25, 2024. Posted in Davenport FL Condo Financing, Davenport FL Mortgage, Davenport FL Mortgage Rates, For Buyers, For Sellers, Forecasts, Home Prices, Inventory.

As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.Home Prices Are Expected To Climb ModeratelyHome prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:“One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason...

Why a Vacation Home Is the Ultimate Summer Upgrade

Written by Davenport FL Mortgage Syndicated User on June 21, 2024. Posted in Buying Tips, Davenport FL Condo Financing, Davenport FL Mortgage, Davenport FL Mortgage Rates, For Buyers, Luxury / Vacation.

Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season. If you’re excited about getting away and having some fun in the sun, it might make sense to consider if owning your own vacation home is right for you.An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home (see below): Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home to use as a vacation spot can be a special place where you go to relax and take a break from your daily routines...

What You Need To Know About Today’s Down Payment Programs

Written by Davenport FL Mortgage Syndicated User on June 20, 2024. Posted in Buying Tips, Davenport FL Condo Financing, Davenport FL Mortgage, Davenport FL Mortgage Rates, First-Time Buyers, For Buyers.

There’s no denying it’s gotten more challenging to buy a home, especially with today’s mortgage rates and home price appreciation. And that may be one of the big reasons you’re eager to look into grants and assistance programs to see if there’s anything you qualify for that can help. But unfortunately, many homebuyers feel like they don’t know where to start. A recent Bank of America Institute study asked prospective buyers where they lack confidence in the process and need more information. And this is what topped the list:53% said they need help understanding homebuying grant...

Do Elections Impact the Housing Market?

Written by Davenport FL Mortgage Syndicated User on June 18, 2024. Posted in Davenport FL Condo Financing, Davenport FL Mortgage, Davenport FL Mortgage Rates, For Buyers, For Sellers.

The 2024 Presidential election is just months away. As someone who’s thinking about potentially buying or selling a home, you’re probably curious about what effect, if any, elections have on the housing market.It’s a great question because buying or selling a home is a major decision, and it’s natural to wonder how such a major event might impact your plans.Historically, Presidential elections have only had a small, temporary impact on the housing market. Here’s the latest on exactly what’s happened to home sales, prices, and mortgage rates throughout those time periods.Home SalesDuring the...

Real Estate Is Still the Best Long-Term Investment [INFOGRAPHIC]

Written by Davenport FL Mortgage Syndicated User on June 15, 2024. Posted in Davenport FL Condo Financing, Davenport FL Mortgage, Davenport FL Mortgage Rates, Equity, For Buyers, Infographics, Rent vs. Buy.

Some HighlightsAccording to a recent poll from Gallup, real estate has been voted the best long-term investment for twelve straight years.That’s because a home is so much more just than a roof over your head. It’s also an asset that typically grows in value over time. If you’ve been debating if it makes more sense to rent or buy, connect with a real estate agent to talk about why homeownership can be a better bet in the long run.

Homebuilders Aren’t Overbuilding, They’re Catching Up

Written by Davenport FL Mortgage Syndicated User on June 14, 2024. Posted in Davenport FL Condo Financing, Davenport FL Mortgage, Davenport FL Mortgage Rates, For Buyers, Inventory.

You may have heard that there are more brand-new homes available right now than the norm. Today, about one in three homes on the market are newly built. And if you’re wondering what that means for the housing market and for your own move, here’s what you need to know.Why This Isn’t Like 2008People remember what happened to the housing market back in 2008. And one of the factors that contributed to that crash was that there were too many homes for sale. While only part of the oversupply back then came from builders, the lasting impact is that some people still feel uneasy when they hear new home...

Home Prices Aren’t Declining, But Headlines Might Make You Think They Are

Written by Davenport FL Mortgage Syndicated User on June 13, 2024. Posted in Davenport FL Condo Financing, Davenport FL Mortgage, Davenport FL Mortgage Rates, For Buyers, For Sellers, Home Prices.

If you’ve seen the news lately about home sellers slashing prices, it’s a great example of how headlines do more to terrify than clarify. Here’s what’s really happening with prices.The bottom line is home prices are higher than they were a year ago at this time, and they’re expected to keep rising, just at a slower pace.But a recent article from Redfin notes,“Price Drops Hit Highest Level in 18 Months As High Rates Dampen Buyer Demand.” And that might make you think prices are declining.Now, while it’s true the latest report from Realtor.com also shows 16.6% of homes on the market had price...

Savings Strategies Every First-Time Homebuyer Needs To Know

Written by Davenport FL Mortgage Syndicated User on June 12, 2024. Posted in Buying Tips, Davenport FL Condo Financing, Davenport FL Mortgage, Davenport FL Mortgage Rates, First-Time Buyers, For Buyers.

If homeownership is on your goal sheet for your future, you’re probably working on your savings. And a big priority is making sure you’ve got a plan in place for things like your closing costs, down payment, and more. Here are a few strategies that can help speed up that process. Budget and Track Your Expenses: To start, create a detailed budget that tracks the money you’ve got coming in and the money going out. This’ll give you a better look at your finances as a whole. Cut Down on Unnecessary Spending: Now that you have your budget sheet done and you know how you’re spending your money, look...

The Wealth-Building Power of Homeownership [INFOGRAPHIC]

Written by Davenport FL Mortgage Syndicated User on June 8, 2024. Posted in Davenport FL Condo Financing, Davenport FL Mortgage, Davenport FL Mortgage Rates, Equity, First-Time Buyers, For Buyers, Infographics.

Some HighlightsIf you’re trying to decide if buying a home is worth it, consider the long-term benefits, like building equity as home values grow over time.According to the FHFA, home values have increased by 315.7% since 1991.Home equity is one reason owning your own place can really pay off in the long run. When you’re ready, talk with a local real estate professional.

The Sweet Spot for Buying Luxury Homes

Written by Davenport FL Mortgage Syndicated User on June 6, 2024. Posted in Davenport FL Condo Financing, Davenport FL Mortgage, Davenport FL Mortgage Rates, For Buyers, Inventory, Move-Up.

If you’ve been looking for a home at the high end of your market, but haven’t found the right one, you may have put your search on hold. But according to recent data, now may be the time to jump back in. Here’s why. There Are More Luxury Homes To Choose FromWhat’s considered the top-end of the market, or a luxury home, will always vary by location. But generally speaking, they’re homes that are valued in the top 5% of any given market. According to a recent report from the Institute for Luxury Home Marketing, the selection of luxury homes is increasing (see graph below):As the graph shows, there...

Category: For Buyers