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Category: For Buyers

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The True Value of Homeownership

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

Buying and owning your home can make a big difference in your life by bringing you joy and a sense of belonging. And with June being National Homeownership Month, it’s the perfect time to think about all the benefits homeownership provides. Of course, there are financial reasons to buy a house, but it’s important to consider the non-financial benefits that make a home more than just where you live.Here are three ways owning your home can give you a sense of accomplishment, happiness, and pride. You May Feel Happier and More Fulfilled Owning a home is associated with better mental health and...

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Keys to Success for First-Time Homebuyers

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

Buying your first home is an exciting decision and a major milestone that has the power to change your life for the better. As a first-time homebuyer, it’s a vision you can bring to life, but, as the National Association of Realtors (NAR) shares, you’ll have to overcome some factors that have made it more challenging in recent years:“Since 2011, the share of first-time home buyers has been under the historical norm of 40% as buyers face tight inventory, rising home prices, rising rents and high student debt loads.”That said, if you’re looking to purchase your first home, here are two things...

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Today’s Real Estate Market: The ‘Unicorns’ Have Galloped Off

Written by Key West Mortgage Syndicated User on . Posted in For Buyers, For Sellers, Foreclosures, Housing Market Updates, Key West Florida News, Key West News, Pricing.

Comparing real estate metrics from one year to another can be challenging in a normal housing market. That’s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared. Comparing this year’s numbers to the two ‘unicorn’ years we just experienced is almost worthless. By ‘unicorn,’ this is the less common definition of the word:“Something that is greatly desired but difficult or impossible to find.” The pandemic profoundly changed real estate over the last few years....

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Why Buying a Home Makes More Sense Than Renting Today

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

Wondering if you should continue renting or if you should buy a home this year? If so, consider this. Rental affordability is still a challenge and has been for years. That’s because, historically, rents trend up over time. Data from the Census shows rents have been climbing pretty steadily since 1988. And, data from the latest rental report from Realtor.com shows rents continue to grow today, even though it’s at a slower pace than we saw at the height of the pandemic:“In March 2023, the U.S. rental market experienced single-digit growth for the eighth month in a row . . . The median asking...

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

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

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.

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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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What Are the Experts Saying About the Spring Housing Market?

Written by Key West Mortgage Syndicated User on . Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Key West Florida News, Key West News, Pricing.

The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your position right now.Here’s what industry experts are saying right now about the spring housing market and what it means for you:Selma Hepp, Chief Economist, CoreLogic:“We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when...

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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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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 there,...

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What’s the Difference Between a Home Inspection and an Appraisal?

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

If you’re planning to buy a home, an inspection is an important step in the process. It assesses the condition of the home before you finalize the transaction. It’s also a different step in the process from an appraisal, which is a professional evaluation of the market value of the home you’d like to buy. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending a buyer money for the purchase. Here’s the breakdown of each one and why they’re both important when buying a home.Home InspectionHere’s the key difference between an inspection...

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