How Owning a Home Grows Your Wealth with Time [INFOGRAPHIC]

Written by Vero Beach Mortgage Syndicated User on June 17, 2023. Posted in First Time Home Buyers, For Buyers, Infographics, Move-Up Buyers, Pricing, Vero Beach Condo Financing, Vero Beach Mortgage, Vero Beach Mortgage Rates.

Some HighlightsIf you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership.Over time, homeownership allows you to build equity. On average, nationwide home prices appreciated by 290.2% over the last 32 years.That means your net worth can grow significantly in the long term when you own a home. Reach out to a real estate professional so you can start your homebuying journey today.

A Drop in Equity Doesn’t Mean Low Equity

Written by Vero Beach Mortgage Syndicated User on June 15, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers, Pricing, Vero Beach Condo Financing, Vero Beach Mortgage, Vero Beach Mortgage Rates.

You may see media coverage talking about a drop in homeowner equity. What’s important to understand is that equity is tied closely to home values. So, when home prices appreciate, you can expect equity to grow. And when home prices decline, equity does too. Here’s how this has played out recently. Home prices rose rapidly during the ‘unicorn’ years. That gave homeowners a considerable equity boost. But those ‘unicorn’ years couldn’t last forever. The market had to moderate at some point, and that’s what we saw last fall and winter. As home prices dropped slightly in the back half of 2022, equity...

Your Needs Matter More Than Today’s Mortgage Rates

Written by Vero Beach Mortgage Syndicated User on June 14, 2023. Posted in For Buyers, For Sellers, Interest Rates, Move-Up Buyers, Vero Beach Condo Financing, Vero Beach Mortgage, Vero Beach Mortgage Rates.

If you’re thinking about selling your house right now, chances are it’s because something in your life has changed. And, while things like mortgage rates are a key part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first place.It’s true mortgage rates have climbed from the record lows we saw in recent years, and that has an impact on affordability. With rates where they are right now, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home....

Are Home Prices Going Up or Down? That Depends…

Written by Vero Beach Mortgage Syndicated User on June 13, 2023. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Pricing, Vero Beach Condo Financing, Vero Beach Mortgage, Vero Beach Mortgage Rates.

Media coverage about what’s happening with home prices can be confusing. A large part of that is due to the type of data being used and what they’re choosing to draw attention to. For home prices, there are two different methods used to compare home prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M). Here’s an explanation of each. Year-over-Year (Y-O-Y):This comparison measures the change in home prices from the same month or quarter in the previous year. For example, if you’re comparing Y-O-Y home prices for April 2023, you would compare them...

Real Estate Is Still Considered the Best Long-Term Investment

Written by Vero Beach Mortgage Syndicated User on June 7, 2023. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Vero Beach Condo Financing, Vero Beach Mortgage, Vero Beach Mortgage Rates.

With all the headlines circulating about home prices and rising mortgage rates, you may wonder if it still makes sense to invest in homeownership right now. A recent poll from Gallup shows the answer is yes. In fact, real estate was voted the best long-term investment for the 11th consecutive year, consistently beating other investment types like gold, stocks, and bonds (see graph below):If you’re thinking about purchasing a home, let this poll reassure you. Even with everything happening today, Americans recognize owning a home is a powerful financial decision.Why Do Americans Still Feel So...

Why Buyers Need an Expert Agent by Their Side

Written by Vero Beach Mortgage Syndicated User on May 23, 2023. Posted in First Time Home Buyers, For Buyers, Move-Up Buyers, Vero Beach Condo Financing, Vero Beach Mortgage, Vero Beach Mortgage Rates.

The process of buying a home can feel a bit intimidating, even under normal circumstances. But today’s market is still anything but normal. There continues to be a very limited number of homes for sale, and that’s creating bidding wars and driving home prices back up as buyers compete over the available homes.Navigating all of this can be daunting if you’re trying to do it alone. That’s why having a skilled expert to guide you through the homebuying process is essential, especially today. Bankrate shares this perspective: “Advice and guidance from a professional real estate agent...

Homeowners Have Incredible Equity To Leverage Right Now

Written by Vero Beach Mortgage Syndicated User on May 16, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers, Vero Beach Condo Financing, Vero Beach Mortgage, Vero Beach Mortgage Rates.

Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time:“Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”How Your Equity Can Help You Achieve Your GoalsThe equity you build up over the years can be used to your advantage when you sell...

Ways To Overcome Affordability Challenges in Today’s Housing Market [INFOGRAPHIC]

Written by Vero Beach Mortgage Syndicated User on April 29, 2023. Posted in First Time Home Buyers, For Buyers, Infographics, Interest Rates, Move-Up Buyers, Pricing, Vero Beach Condo Financing, Vero Beach Mortgage, Vero Beach Mortgage Rates.

Some HighlightsWith so few homes on the market right now, widening the scope of your search to include nearby areas could help you find more options in your budget.You can also work with a trusted lender to consider alternative financing options and search for down payment assistance.If you’ve been searching for a home but are concerned about rising costs, make sure you have a team of trusted real estate professionals for expert advice.

The Three Factors Affecting Home Affordability Today

Written by Vero Beach Mortgage Syndicated User on April 27, 2023. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Move-Up Buyers, Pricing, Vero Beach Condo Financing, Vero Beach Mortgage, Vero Beach Mortgage Rates.

There’s been a lot of focus on higher mortgage rates and how they’re creating affordability challenges for today’s homebuyers. It’s true that rates climbed dramatically since the record-low we saw during the pandemic. But home affordability is based on more than just mortgage rates – it’s determined by a combination of mortgage rates, home prices, and wages.Considering how each one of these factors is changing gives you the full picture of home affordability today. Here’s the latest.1. Mortgage RatesWhile mortgage rates are higher than they were a year ago, they’ve hovered primarily between...

The Power of Pre-Approval

Written by Vero Beach Mortgage Syndicated User on April 25, 2023. Posted in First Time Home Buyers, For Buyers, Move-Up Buyers, Vero Beach Condo Financing, Vero Beach Mortgage, Vero Beach Mortgage Rates.

If you’re buying a home this spring, today’s housing market can feel like a challenge. With so few homes on the market right now, plus higher mortgage rates, it’s essential to have a firm grasp on your homebuying budget. You’ll also need a sense of determination to find the right house and act quickly when you go to put in an offer. One thing you can do to help you prepare is to get pre-approved.To understand why it’s such an important step, you need to know what pre-approval is. As part of the process, a lender looks at your finances to determine what they’d be willing to loan you. From there,...

Category: Move-Up Buyers