How Much Home Equity Have You Gained? The Answer Might Surprise You

Written by Marco Island Mortgage Syndicated User on January 14, 2025. Posted in Equity, Home Prices, Marco Island Mortgage, Mortgage Marco Island.

Have you ever stopped to think about how much wealth you’ve built up just from being a homeowner? As home values rise, so does your net worth. And, if you’ve been in your house for a few years (or longer), there’s a good chance you’re sitting on a pile of equity — maybe even more than you realize. What Is Home Equity? Home equity is the difference between what your house is worth and what you owe on your mortgage. For example, if your house is worth $500,000 and you still owe $200,000 on your home loan, you have $300,000 in equity. It’s essentially the wealth you’ve built through homeownership....

Expert Forecasts for the 2025 Housing Market

Written by Marco Island Mortgage Syndicated User on January 8, 2025. Posted in For Buyers, For Sellers, Forecasts, Home Prices, Marco Island Mortgage, Mortgage Marco Island, Mortgage Rates.

Wondering what’s in store for the housing market this year? And more specifically, what it all means for you if you plan to buy or sell a home? The best way to get that information is to lean on the pros. Experts are constantly updating and revising their forecasts, so here’s the latest on two of the biggest factors expected to shape the year ahead: mortgage rates and home prices. Will Mortgage Rates Come Down? Everyone’s keeping an eye on mortgage rates and waiting for them to come down. So, the question is really: how far and how fast? The good news is they’re projected to ease a bit in 2025....

What Will It Take for Prices To Come Down?

Written by Marco Island Mortgage Syndicated User on December 11, 2024. Posted in Affordability, Home Prices, Inventory, Marco Island Mortgage, Mortgage Marco Island.

You may be wondering if home prices are going to crash. And believe it or not, some people might even be hoping this happens so they can finally purchase a more affordable home. But experts agree that’s not what’s in the cards – and here’s why. There are more people who want to buy a home than there are homes available to purchase. That’s what drives prices up. Let’s break that down and explore why, nationally, home prices aren’t going to be coming down anytime soon. Prices Depend on Supply and Demand The housing market works like any other market – when demand is high and...

Why Owning a Home Is Worth It in the Long Run

Written by Marco Island Mortgage Syndicated User on December 6, 2024. Posted in Home Prices, Marco Island Mortgage, Mortgage Marco Island, Mortgage Rates.

Today’s mortgage rates and home prices may have you second-guessing whether it’s still a good idea to buy a home right now. While market factors are definitely important, there’s also a bigger picture to consider: the long-term benefits of homeownership. Think of it this way. If you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. That’s because over time, home values usually grow – and that means a homeowner’s net worth does too. Here’s a look at how that can really add up over the...

More Homes, Slower Price Growth – What It Means for You as a Buyer

Written by Marco Island Mortgage Syndicated User on November 14, 2024. Posted in For Buyers, Home Prices, Inventory, Marco Island Mortgage, Mortgage Marco Island.

There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two reasons why. You Have More Options To Choose From An article from Realtor.com helps explain just how much the number of homes for sale has gone up this year: “There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.” And while the number of homes on the market still isn’t quite...

Why You Need an Agent To Set the Right Asking Price

Written by Marco Island Mortgage Syndicated User on November 9, 2024. Posted in For Sellers, Home Prices, Infographics, Marco Island Mortgage, Mortgage Marco Island, Selling Tips.

Some Highlights The #1 task sellers struggle with is setting the right asking price for their house. Without an agent’s help, you may set a price that turns away buyers and takes a long time to sell. To make sure your house is priced right, connect with a local agent. Because if the price isn’t compelling, it’s not selling.

Q&A: How Do Presidential Elections Impact the Housing Market?

Written by Marco Island Mortgage Syndicated User on November 2, 2024. Posted in Economy, Home Prices, Infographics, Marco Island Mortgage, Mortgage Marco Island, Mortgage Rates.

Some Highlights Even if you’re not looking to move right away, you may have questions about how the election will impact the housing market. When we look at historical trends, combined with what’s happening right now, we can find your answers. Based on historical data, mortgage rates decrease in the months before and home prices and sales increase the year after the election. The facts show Presidential elections only have a small and temporary impact on the housing market.

Why Home Sales Bounce Back After Presidential Elections

Written by Marco Island Mortgage Syndicated User on October 30, 2024. Posted in Economy, For Buyers, For Sellers, Home Prices, Marco Island Mortgage, Mortgage Marco Island.

With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down. Election Years Bring a Temporary Slowdown In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG, in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day (see graph below): Why? Uncertainty. Many consumers hold off on making major decisions or purchases while they wait to see how the election will play out. It’s...

What To Expect from Mortgage Rates and Home Prices in 2025

Written by Marco Island Mortgage Syndicated User on October 22, 2024. Posted in Affordability, For Buyers, For Sellers, Home Prices, Marco Island Mortgage, Mortgage Marco Island, Mortgage Rates.

Curious about where the housing market is headed in 2025? The good news is that experts are offering some promising forecasts, especially when it comes to two key factors that directly affect your decisions: mortgage rates and home prices. Whether you’re thinking of buying or selling, here’s a look at what the experts are saying and how it might impact your move. Mortgage Rates Are Forecast To Come Down One of the biggest factors likely affecting your plans is mortgage rates, and the forecast looks positive. After rising dramatically in recent years, experts project rates will ease slightly...

The Benefits of Using Your Equity To Make a Bigger Down Payment

Written by Marco Island Mortgage Syndicated User on October 17, 2024. Posted in Affordability, Equity, For Buyers, Home Prices, Marco Island Mortgage, Mortgage Marco Island, Mortgage Rates.

Did you know? Homeowners are often able to put more money down when they buy their next home. That’s because, once they sell, they can use the equity they have in their current house toward their next down payment. And it’s why as home equity reaches a new height, the median down payment has too. According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that’s nearly 15% more than last year, and the highest on record (see graph below): Here’s why equity makes this possible. Over the past five years, home prices have increased significantly, which has...

Category: Home Prices