Tuesday, March 29, 2022 / by Flr Team
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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Thursday, March 24, 2022 / by Katy Foster
If you’re a current homeowner, your net worth just got a big boost in home equity. Equity is the current value of your home minus what you owe on the loan. And great news for you, equity today is building faster than you may expect.
Home values are still on the rise due to low housing supply and high buyer demand. Basically there aren’t enough homes available for buyers, so bidding wars are driving the prices up. That means your home is worth more in today’s market, and as home values climb, so does your equity.
Dr. Frank Nothaft, Chief Economist at CoreLogic states that home prices rose 18% during 2021, the largest annual gain recorded in its 45-year history. This is generating a big increase in home equity wealth. According to a Corelogic report, the average homeowner’s equity has grown by $55,300 over the last twelve months, with Florida alone averaging a $76,000 growth in equity!
How does this impact you? In addition to building yo; ...
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Wednesday, March 16, 2022 / by Flr Team
Before making an offer on a home, you want to be absolutely sure that it’s the perfect fit for you. This may involve some research, so you need to ask the right questions. That way, you’ll know you’re making a competitive offer on a home that you can afford and one that meets your long-term needs. Here are some questions that are important to ask when buying a home:
What’s my budget?
Don’t waste time looking at houses without first knowing how much house you can afford. There are more costs besides the sales price including property taxes, insurance, ongoing maintenance, etc.
If you want to get your offer accepted, it’s important to show the seller you are financially able to buy their home. You need to get preapproved for a mortgage. Not only does the preapproval give you an idea of what you can afford, but it also assures your REALTOR that they are showing homes to a qualified buyer and not wasting the seller’s time.
Is the ho; ...
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Thursday, March 10, 2022 / by Flr Team
If you’re thinking about buying a home, you already know that the number of homes available for sale is low, but what does that really mean for you? As a buyer, low housing supply along with high buyer demand means you should be prepared to enter a highly competitive market where homes are selling fast and getting multiple offers.
Realtor.com says that homes are flying off the market at a record pace as buyers put offers in the moment properties come up for sale. It’s wise to do everything you can to get ahead of the competition in a bidding war situation like this. When you find a home and submit an offer, it’ll likely be up against strong offers from other buyers. According to the National Association of Realtors, homes today are receiving an average of 3.9 offers, the most we’ve seen in January for the last 5 years!
To help you navigate the bidding wars with multiple offers, it’s important to have an expert real estate advisor. They know what&; ...
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Thursday, March 3, 2022 / by Flr Team
When you’re selling any item, you usually want to sell it for the greatest profit possible. This happens when there’s a strong demand and a limited supply for that item. That time is right now in the real estate market. If you’re thinking of selling your home, now is the time to list.
According to economists, Spring is the hottest time of the year for homebuyers and sellers, and the home shopping season appears to already be in full swing. ShowingTime agrees. The ShowingTime Showing Index tracks the average number of monthly buyer showings on active properties. This is a highly reliable indicator of current and future trends for buyer demand. They have revealed that this winter has been the most active winter in five years! Now is a good time to sell when there’s such a strong demand for homes.
Another indication of a great time to sell is when housing supply is extremely low. Realtor.com releases data on the number of homes for sale each month. Their ; ...
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