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Category: First Time Home Buyers

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The Three Factors Affecting Home Affordability Today

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Key West Florida News, Key West News, Move-Up Buyers, Pricing.

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...

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The Power of Pre-Approval

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Key West Florida News, Key West News, Move-Up Buyers.

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...

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Why You May Want an Energy-Efficient Home [INFOGRAPHIC]

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Infographics, Key West Florida News, Key West News, Move-Up Buyers.

Some HighlightsSince inflation is increasing the cost of goods and services, it may make sense to look for an energy-efficient home.Energy prices have increased over the last year, so look for energy-efficient features in your home search.If you’re looking to buy a home this year, work with a real estate expert so you have a partner to help you consider which features are most important to you.

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5 Reasons Millennials Are Buying Homes

Written by Key West Mortgage Syndicated User on . Posted in Demographics, First Time Home Buyers, For Buyers, Key West Florida News, Key West News, Millennials.

In the United States, there are over 72 million millennials. If you’re part of that generation and have thought about buying a home, you aren’t alone. According to Zonda, 98% of millennials want to become a homeowner at some point if they aren’t already. But why? There are plenty of reasons you may choose to become a homeowner. Here’s why other millennials have made that decision (see graph below):This graph shows why millennials are buying homes according to Zonda’s 6th annual millennial survey. The top reasons include building equity, a change in life stage, wanting stability, rising home...

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Think Twice Before Waiting for Lower Home Prices

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Key West Florida News, Key West News, Millennials, Move-Up Buyers, Pricing.

As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.A recent survey from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. But here’s the thing: the most recent...

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How Homeownership Is Life Changing for Many Women

Written by Key West Mortgage Syndicated User on . Posted in Demographics, First Time Home Buyers, For Buyers, Key West Florida News, Key West News.

Throughout Women’s History Month, we reflect on the impact women have in our lives, and that includes impact on the housing market. In fact, since at least 1981, single women have bought more homes than single men each year, and they make up 17% of all households.Why Is Homeownership So Important to Women?The rise in women pursuing homeownership hasn’t just made an impact on the housing market. It’s also been an asset for those buyers and their households. That’s because homeownership has many benefits, both financial and personal.On the financial side, housing proves to be the key to...

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Why Buying a Home Is a Sound Decision

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Key West Florida News, Key West News, Move-Up Buyers, Pricing.

If you’re thinking about buying a home, you want to know the decision will be a good one. And for many, that means thinking about what home prices are projected to do in the coming years and how that could impact your investment. This year, we aren’t seeing home prices fall dramatically. As the year goes on, however, some markets may go up in value while others may lose value. That’s why it’s helpful to keep the long-term view in mind. Experts project a return to a steadier rate of price appreciation in the years that follow.Home Price Appreciation in the Years AheadOver 100 economists,...

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Reasons To Consider Condos in Your Home Search

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Key West Florida News, Key West News, Rent vs. Buy.

Are you having trouble finding a home that fits your needs and your budget? If so, you should know there’s an option worth considering – condominiums, also known as condos. According to Bankrate:“A condo can be a more affordable entry point to homeownership than a single-family home. And as a homeowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.”That’s why expanding your search to include additional housing types, like condominiums, could help you accomplish your homeownership goals this spring, especially if you can be flexible about the space you...

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What’s Ahead for Home Prices in 2023

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Key West Florida News, Key West News, Move-Up Buyers, Rent vs. Buy.

Over the past year, home prices have been a widely debated topic. Some have said we’ll see a massive drop in prices and that this could be a repeat of 2008 – which hasn’t happened. Others have forecasted a real estate market that could see slight appreciation or depreciation depending on the area of the country. And as we get closer to the spring real estate market, experts are continuing to forecast what they believe will happen with home prices this year and beyond.Selma Hepp, Chief Economist at CoreLogic, says:“While 2023 kicked off on a more optimistic note for the U.S. housing...

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