The Housing Market Brings Positive Trends in 3Q

Posted On: November 15, 2019

When it comes to sales we’ve seen more this year than we did last year. When we look at the condo-townhouse market, total sales closed was 29,539 in 3Q. That total was up 2.2% from last year’s 3Q.  Prices have raised in this 3Q from last year by 3.9% for family homes (average sales price being $265,000). Also, there was a raise of 4.1% toward the average of a condo-townhouse (average price being $190,000).  But we did see a rise in pending sales for single-family houses (4.4%) and condo-townhouses (.5%).  Inventory We did also see a rise in pending inventory…

FHFA New Rules and the Updates for the First Time in 20 Years

Posted On: November 8, 2019

In this week’s blog, we are going to touch on the subjects of the Federal Housing Finance Agency’s (FHFA) published final rules for credit score models and updates to its application for the first time in 20 years. The new rules published by FHFA became effective in October; these rules will help make it easier for families without any traditional credit history to be approved for a mortgage.  The National Association of Realtors President, John Smaby, had this to say; “A borrower’s credit score unlocks mortgage financing through the GSEs, a critical gateway for millions of homebuyers. The credit score…

The Amazing Housing Market is Here to Stay: Q3 Numbers

Posted On: November 1, 2019

With data available from Q3 2019, we are going to dive into mortgage rates and housing market prices.  First, some good news – home sales continue to skyrocket. A big player in this is the drop in the average home prices. We’ve seen almost a full one percent drop in September, and that rate has continued to go down. The decline in prices helped for a strong August with a 6.2% surge in home sales. Then, an even more significant drop occurred with a 7.9% drop in the median home price last month to $299,400.  With the fast pace of…

Student Debt Keeping Borrowers From Buying a Home

Posted On: October 25, 2019

Realtor.com released a report stating that the total amount of student debt could buy every house in the United States 1.9 times. The cost of a college education is going up, leading students to take out more loans for their education. Experts believe this causes millennial homebuyers to delay buying a home. The average student borrower owes around $34,500, which is much higher than the average down payment of $26,000. Let’s look at the state of Florida alone. Our state’s student debt is almost $76 million spread across a total of 2,197,000 borrowers.  The Senior Economist, George Ratiu, had this…

Affordability and Knowledge of Your Buyer Goes a Long Way

Posted On: October 18, 2019

When it comes to selling a house, you want to make sure the home looks desirable to buyers. However, that can be quite costly at times. Something to think about is who you are selling to. So, today, we are going to give you some tips on how to spice up your home that are both cost-effective and hip to this generation of home buyers.  Home Improvements.  A big thing that matters in the kitchen would be friendly and homey cabinets. However, the new line of homebuyers do not want ordinary oak wood cabinets. They want things to look a…

Strong Housing Market Good for Buyers, Sellers, and Economy

Posted On: October 11, 2019

With an increase of strength in the housing market, the concern of an economic slowdown seems unlikely. Recent housing reports showing that with lower mortgage rates, there is an evening out of buyer demand in the fall months.  Sam Khater, Freddie Mac’s chief economist, had the following to say; “Despite fears of an economic slowdown, the housing market continues to be a bright spot in the economy. While mortgage rates have ticked up in recent weeks, they remain lower than they were a year ago, which will help boost sales headed into the fall.” Freddie’s forecast suggests a steady housing…

Five Indicators that You’re Ready for that First (or Next) Home

Posted On: October 4, 2019

First time home buyers, we understand that buying a home can be a scary thing. That’s why we want to give you a list of things that help show you that you’re ready to take that step to buying your first home. Also, maybe this isn’t your first house, and you’re nervous about buying another, these indicators are right for you too!  Number One: Salary When it comes to looking at a house, making sure you make enough money is huge. However, buying a house doesn’t mean you need to make six fingers. A quick way to figure out your…

Does Foreclosure Ruin Your Credit Score?

Posted On: September 27, 2019

Recent research posted by LendingTree shows that after a year of foreclosure, 7% of the ex-owners have credit scores over 680, and 2% are above 740. However, all credit scores increased by almost 10 points each year. So, just because you get foreclosed, does not mean your credit score will be ruined.  In the United States, more than 600,000 houses were foreclosed on, which is the lowest number since the 2008 financial crisis. So, since our housing market has become so strong, we could be leaving foreclosure behind us (in numbers).  To be specific, a foreclosure does damage your credit…

Home Buying has Never Been Easier

Posted On: September 21, 2019

In this day and age, we always see people on their phones; whether they be out and about, or at home, it seems phones are glued to our hands. However, when it comes to finding that new home, it should be as easy as using your phone. You can do everything on your phone, so why should finding a house be a headache? Well, in a new report done by the National Association of Realtors (NAR), they give us the numbers on who is using their phone to find a house. In the report “Real Estate in Digital Age 2019…

FHA or USDA? Which is For You?

Posted On: September 13, 2019

 When it comes to finding a loan, choosing between FHA or USDA can be a challenge. We can help explain the difference. Both loans are designed for people borrowing with low to moderate-income. However, there are differences between them that can help you make a choice.  FHA loans are insured by the Federal Housing Finance Agency. These loans are available for those who have never bought a home or someone who hasn’t owned a home in three years or more. Offered by private lenders, these loans also offer low down payments and closing costs, and you don’t need a high…