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Tag: #panamacitybeachmortgagerates

Foreclosure Activity Is Still Lower than the Norm

Have you seen headlines talking about the increase in foreclosures in today’s housing market? If so, they may leave you feeling a bit uneasy about what’s ahead. But remember, these clickbait titles don’t always give you the full story.The truth is, if you compare the current numbers with what usually happens in the market, you’ll see there’s no need to worry.Putting the Headlines into PerspectiveThe increase the media is calling attention to is misleading. That’s because they’re only comparing the most recent numbers to a time where foreclosures were at historic lows. And that’s making it sound...

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2 of the Factors That Impact Mortgage Rates

If you’re looking to buy a home, you’ve probably been paying close attention to mortgage rates. Over the last couple of years, they hit record lows, rose dramatically, and are now dropping back down a bit. Ever wonder why?The answer is complicated because there’s a lot that can influence mortgage rates. Here are just a few of the most impactful factors at play.Inflation and the Federal ReserveThe Federal Reserve (Fed) doesn’t directly determine mortgage rates. But the Fed does move the Federal Funds Rate up or down in response to what’s happening with inflation, the economy, employment rates,...

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Will a Silver Tsunami Change the 2024 Housing Market?

Have you ever heard the term “Silver Tsunami” and wondered what it’s all about? If so, that might be because there’s been lot of talk about it online recently. Let’s dive into what it is and why it won’t drastically impact the housing market.What Does Silver Tsunami Mean?A recent article from HousingWire calls it:“. . . a colloquialism referring to aging Americans changing their housing arrangements to accommodate aging . . .”The thought is that as baby boomers grow older, a significant number will start downsizing their homes. Considering how large that generation is, if these...

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Why It’s More Affordable To Buy a Home This Year [INFOGRAPHIC]

Some HighlightsHome 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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The Top Benefits of Buying a Multi-Generational Home

Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind? If so, you’re not alone. More buyers are choosing to go this route and buy a multi-generational home. Here’s a look at some of the top reasons why, to see if a home like this may be right for you too.Why Buyers Are Opting for Multi-Generational LivingAccording to the National Association of Realtors (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with affordability (see graph below):First-time buyers are focused most on cost savings...

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Are More Homeowners Selling as Mortgage Rates Come Down?

If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.The Mortgage Rate Lock-In EffectOver the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac explains:“The lack of housing supply was partly driven by the rate lock-in effect. . . . With...

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Experts Project Home Prices Will Increase in 2024

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 IncreaseCheck out the latest home price forecasts from eight different sources (see graph below):The blue bar on the left means, on average, experts...

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3 Must-Do’s When Selling Your House in 2024

If one of the goals on your list is selling your house and making a move this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home.A great way to balance those emotions and make sure you’re confident in your decision is to keep these three best practices in mind when you’re ready to sell.1. Price Your Home Right The housing market shifted in 2023 as mortgage rates rose and home price appreciation started to normalize once again. As a seller, you still need to recognize how important it is to price your house appropriately...

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Key Terms Every Homebuyer Should Learn [INFOGRAPHIC]

Some HighlightsBuying a home is a big deal and can feel especially complicated if you don’t know the terms used during the process.If you want to become a homeowner this year, it’s a good idea to learn these key housing terms and understand how they relate to the current housing market. That will help you feel confident when you buy a home. Connect with a local real estate agent so you can get expert help with any questions you have.

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3 Key Factors Affecting Home Affordability

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 RatesMortgage rates have come down in...

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