Owning Your Home Helps You Build Wealth

Written by Boca Raton Mortgage Syndicated User on July 21, 2023. Posted in Boca Raton Mortgage, Boca Raton Mortgage Rates, Buying Myths, First Time Home Buyers, For Buyers, Rent vs. Buy.

You may have heard some people say it’s better to rent than buy a home right now. But, even today, there are lots of good reasons to become a homeowner. One of them is that owning a home is typically viewed as a good long-term investment that helps your net worth grow over time.Homeownership Builds Wealth Regardless of Income LevelYou may be surprised to learn homeowners across various income levels have a much higher net worth than renters who make the same amount. Data from First American helps illustrate this point (see graph below):What makes wealth so much higher for homeowners? A recent...

Explaining Today’s Mortgage Rates

Written by Boca Raton Mortgage Syndicated User on July 20, 2023. Posted in Boca Raton Mortgage, Boca Raton Mortgage Rates, For Buyers, Housing Market Updates, Interest Rates.

If you’re following mortgage rates because you know they impact your borrowing costs, you may be wondering what the future holds for them. Unfortunately, there’s no easy way to answer that question because mortgage rates are notoriously hard to forecast. But, there’s one thing that’s historically a good indicator of what’ll happen with rates, and that’s the relationship between the 30-Year Mortgage Rate and the 10-Year Treasury Yield. Here’s a graph showing those two metrics since Freddie Mac started keeping mortgage rate records in 1972:As the graph shows, historically, the average spread...

Home Prices Are Rebounding

Written by Boca Raton Mortgage Syndicated User on July 18, 2023. Posted in Boca Raton Mortgage, Boca Raton Mortgage Rates, Buying Myths, For Buyers, For Sellers, Pricing, Selling Myths.

If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. If we take a year-over-year view, home prices did drop some, but that’s because we’re comparing to a ‘unicorn’ year when prices peaked well beyond the norm.To avoid an unfair comparison to that previous peak, we need to look at monthly data. And that tells a very different and much more positive story. While local home price trends still vary by market, here’s what...

How Remote Work Expands Your Homebuying Horizons

Written by Boca Raton Mortgage Syndicated User on July 14, 2023. Posted in Boca Raton Mortgage, Boca Raton Mortgage Rates, For Buyers, Interest Rates.

Even as some companies transition back into the office, remote work remains a popular choice for many professionals. So, if you currently enjoy working from home or hope to be able to soon, you’re not alone. According to a recent survey, most working professionals want to work either fully remote or hybrid (see below):This trend is good news if you’re looking to buy a home because a remote or hybrid work setup can help you overcome some of today’s affordability and housing inventory challenges.More Work Flexibility Equals More Home OptionsRemote or hybrid work opens up a world of opportunities....

Momentum Is Building for New Home Construction

Written by Boca Raton Mortgage Syndicated User on July 12, 2023. Posted in Boca Raton Mortgage, Boca Raton Mortgage Rates, For Buyers, Housing Market Updates, New Construction.

If you’re in the process of looking for a home today, you know the supply of homes for sale is low because you’re feeling the impact of having a limited pool of options. And, if your biggest hurdle right now is that you’re having trouble finding something you like, don’t forget that a newly built home is a great option.As a recent article from the National Association of Realtors (NAR) says: “Home buyers continue to be met with limited housing options during what’s typically the real estate market’s busiest season. . . . The current supply of existing homes is about half the level it was in...

The Benefits of Downsizing for Homeowners [INFOGRAPHIC]

Written by Boca Raton Mortgage Syndicated User on July 8, 2023. Posted in Boca Raton Mortgage, Boca Raton Mortgage Rates, For Buyers, Infographics.

Some HighlightsDownsizing is a popular choice for homeowners when they retire or when their needs change, but with inflation still high, it’s also a way to reduce costs.Downsizing could help cut down on your expenses and your equity can fuel your move.If you’re thinking about moving to a smaller home, connect with a real estate professional to go over your housing goals and look at your options in the local market.

Two Questions To Ask Yourself if You’re Considering Buying a Home

Written by Boca Raton Mortgage Syndicated User on July 6, 2023. Posted in Boca Raton Mortgage, Boca Raton Mortgage Rates, Buying Myths, First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers, Pricing.

If you’re thinking of buying a home, chances are you’re paying attention to just about everything you hear about the housing market. And you’re getting your information from a variety of channels: the news, social media, your real estate agent, conversations with friends and loved ones, overhearing someone chatting at the local supermarket, the list goes on and on. Most likely, home prices and mortgage rates are coming up a lot. To help cut through the noise and give you the information you need most, take a look at what the data says. Here are the top two questions you need to ask yourself...

Americans Still View Homeownership as the American Dream

Written by Boca Raton Mortgage Syndicated User on July 5, 2023. Posted in Boca Raton Mortgage, Boca Raton Mortgage Rates, First Time Home Buyers, For Buyers, Housing Market Updates.

Everyone’s interpretation of the American Dream is unique and personal. But, for many people, it’s tied to a sense of success, freedom, and prosperity. These are all things that owning a home can help provide.A recent survey from Bankrate asked respondents which achievements they feel most embody the American Dream. The responses prove owning a home is still important to so many Americans today (see graph below):As the graph shows, homeownership ranks above other significant milestones, including retirement, having a successful career, and earning a college degree.A recent report from MYND helps...

Evaluating Your Wants and Needs as a Homebuyer Matters More Today

Written by Boca Raton Mortgage Syndicated User on July 4, 2023. Posted in Boca Raton Mortgage, Boca Raton Mortgage Rates, First Time Home Buyers, For Buyers, Move-Up Buyers.

When it comes to buying a home, especially with today’s affordability challenges, you’ll want to be strategic. Mortgage rates impact how much it costs to borrow money for your home loan. And, to help offset the higher borrowing costs today, some homebuyers are taking a close look at their wish list and re-evaluating what features they really need in their next home to avoid overextending. As a recent NerdWallet article says:“A pool, for example, may be nice to have, but it may not provide as much day-to-day value as a garage or a space for a home office . . .”While that pool may be appealing,...

Where Will You Go If You Sell? Newly Built Homes Might Be the Answer.

Written by Boca Raton Mortgage Syndicated User on June 30, 2023. Posted in Boca Raton Mortgage, Boca Raton Mortgage Rates, For Buyers, Move-Up Buyers, New Construction.

Do you want to sell your house, but hesitate because you’re worried you won’t be able to find your next home in today’s market? You’re not alone, but there’s some good news that may ease your worries. New home construction is up and is becoming an increasingly significant part of the housing inventory.That means when you go to put your house on the market this summer, considering newly built homes is crucial for expanding the options you’ll have for your next move.Near-Record Percentage of New Home InventoryNewly built homes today make up a near-record percentage of the total number of...

Category: For Buyers