Thursday, June 2, 2022 / by Flr Team
Whether you live in a condo, townhome, or single-family home, you’ll want to know that your home is safe. It’s always a good idea to get your home inspected before you purchase it or move in. Although it’s important to keep up a regular maintenance regimen to ensure that your home stays in good shape, there are some things to look out for that should prompt you to call a professional right away.
Cracks in your wall, ceiling or foundation may indicate structural instability or uneven settling. This could lead to costly damage down the road. If the cracks are more than a quarter of an inch wide or grow over time, it’s time to get it checked out.
A leaky roof or pipes is another cause for concern. Ongoing water damage can be an expensive fix and can lead to mold or an unstable roof.
Bulging floors, doors or windows that aren’t level in their frames can also be a sign of structural issues. Door and window openings are often the areas where; ...
Thursday, May 26, 2022 / by Flr Team
Something big is happening!
This historically competitive housing market is showing early signs of a shift.
We’ve seen 121 consecutive months of home price acceleration, the longest running streak on record! Now, there are national projections saying home prices will drop slightly in the coming year.
Rising mortgage rates are sure to cool the seller’s market down. Wishful homebuyers may now be getting priced out of their dream home and others may even lose their loan eligibility.
Despite those concerns, many local buyers remain in the market and need to buy their next home. We may even continue to see home prices rise slightly due to the ongoing low housing inventory and continued growth in the area.
But what does all this mean for you?
Contact our team at Florida Lifestyle Realty to learn more about what to expect in the changing housing market and how it may affect you.
Florida Lifestyle Realty
Thursday, April 28, 2022 / by Flr Team
Homeownership is still the American dream, and the strong desire for homeownership has kept home values appreciating. But with the continual rise of home prices, some people may be concerned that the housing bubble is about to pop, just as it did in 2006.
The way prices have spiked over the past two years is very similar to how prices spiked prior to 2006. But today’s market is nothing like the one we experienced 15 years ago. Let’s look at what happened last time and what is happening today.
There were many foreclosures back in 2006 that dramatically drove down home values. The reason for this is that banks were creating demand for homebuyers by lowering lending standards and making it easy for anyone to qualify for a home loan or refinance their current one. Purchasers were not truly qualified for the mortgage they obtained, which led to homes turning into foreclosures.
Today, mortgage companies have much higher standards for those purchasing or refin; ...
Wednesday, April 20, 2022 / by Flr Team
It’s common for two people to buy a home together even if it’s not a spouse. You’ll both need to pay mortgage payments, but it’s a lot easier to afford a home when you’re splitting the cost with someone else. Plus, you’ll also share gained equity.
The most common type of co-ownership is when a married couple buys a home together. But there are other types of co-buyers that mortgage lenders will allow, for example, adult siblings looking to purchase a home that’s more fit for them to care for their elderly parent, or someone that’s been saving up for their first home, but is afraid of the responsibility of being the sole owner of the home. They could purchase it with a friend as joint owners.
So what is co-buying? It means you are the co-borrower on the mortgage loan. You’ll both apply for the loan together and both will go through the same financial checks as someone applying alone.
Each co-borrower will have the same; ...
Wednesday, April 13, 2022 / by Flr Team
If you’re in the housing market, but struggling to find a single family home to buy, condos could be a great alternative. Here is why:
Adding condos into your home search could give you more options that will fit into your budget. But keep in mind that their average square footage and floor plans may differ from single family homes. According to Bankrate, condos are generally more affordable because they come with less space. You likely won’t have your own backyard, and the interior tends to be smaller than a single family home.
But if you’re ok with the size of a condo, it may also fit better into your budget. Data from the Space Coast Association of Realtors shows that the average median sales price for single family homes in Brevard County in February of 2022 was $335,000, with condos having a lower median sales price averaging at $265,000. Buying a condo is also a great way to get started in the market and start building equity that can help you buy your; ...