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Flr Team | Living the Florida Lifestyle Blog

Thursday, April 28, 2022   /   by Flr Team

Is the Housing Bubble About to Pop?

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; ...

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Wednesday, April 20, 2022   /   by Flr Team

Is Co-Borrowing an Option For You When Buying a Home?

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; ...

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Wednesday, April 13, 2022   /   by Flr Team

Have You Considered Buying a Condo?

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; ...

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Wednesday, April 6, 2022   /   by Flr Team

What To Do When You Don't Have a Front Entryway

Entryways can sometimes be difficult to design. This is the first thing you see when you enter a home. You want it to be welcoming, yet it’s often a highly functional area packed into a small space. But what about those of us who don’t have a dedicated entry area? Many front doors open directly into the living room without a closet nearby, making it even more challenging to design an entry space. Here are a few examples of how you can create the illusion of an entryway.
 
For an entryway that leads straight into a long, narrow hallway, try adding practical accents that will frame the space to make it feel like an actual foyer. Add a bench for putting on and removing your shoes with hooks above for hanging jackets or handbags. Place some storage baskets underneath and finish it off with a rug.


A skinny console table also works great for a long hallway. It takes up minimal space, yet still offers plenty of storage inside the drawers and down below. Dress it up wit; ...

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Tuesday, March 29, 2022   /   by Flr Team

What To Do When Home Prices Are Rising Faster Than Your Down Payment

If you’re trying to buy a home right now, you may find that what you’ve saved for your down payment isn’t going as far as you thought it would. The record-breaking rise in home prices is to blame.


Why are home prices rising faster than your savings? The combination of low mortgage rates, allowing buyers to be able to afford borrowing more than they otherwise would, and limited housing supply is what’s driving prices up. Those that rent are struggling with the rising prices as well. Rent has also been going up just as home sales, and because of inflation, wages aren’t keeping up for both buyers and tenants. 


There are a few things you can do if your down payment savings aren’t keeping up with the rising home prices. First, you could try waiting out the market and boosting your savings for a down payment. You may even see home prices come down a little in your area, which means your funds will go further. But keep in mind, there are no g; ...

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Florida Lifestyle Realty LLC
Jackie Griffin
6500 N. Atlantic Ave. Suite C
Cape Canaveral, FL 32920
321-613-5922

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