Is a Fixer Upper Right for You?

Written by Clearwater Mortgage Syndicated User on November 5, 2024. Posted in Affordability, Buying Tips, Clearwater, Clearwater FL Mortgage, Clearwater Mortgage, For Buyers, Mortgage Clearwater.

Looking to buy a home but feeling like almost everything is out of reach? Here’s the thing. There’s still a way to become a homeowner, even when affordability seems like a huge roadblock – and it might be with a fixer upper. Let’s dive into why buying a fixer upper could be your ticket to homeownership and how you can make it work.What Is a Fixer Upper?A fixer upper is a home that’s in livable condition but needs some work. The amount of work varies by home – some may need cosmetic updates like wallpaper removal and new flooring, while others might require more extensive repairs like replacing...

What To Expect from Mortgage Rates and Home Prices in 2025

Written by Clearwater Mortgage Syndicated User on October 22, 2024. Posted in Affordability, Clearwater, Clearwater FL Mortgage, Clearwater Mortgage, For Buyers, For Sellers, Home Prices, Mortgage Clearwater, 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 Clearwater Mortgage Syndicated User on October 17, 2024. Posted in Affordability, Clearwater, Clearwater FL Mortgage, Clearwater Mortgage, Equity, For Buyers, Home Prices, Mortgage Clearwater, 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 led...

The Top 3 Reasons Affordability Is Improving

Written by Clearwater Mortgage Syndicated User on October 5, 2024. Posted in Affordability, Clearwater, Clearwater FL Mortgage, Clearwater Mortgage, Home Prices, Infographics, Mortgage Clearwater, Mortgage Rates.

Some HighlightsAffordability is based on three key factors: mortgage rates, home prices, and wages.And today, it’s improving quickly as rates come down, prices level off, and wages climb. If you put your search on pause because it was too expensive to buy, connect with an agent to talk about why now may be the perfect time to jump back in.

Buying Beats Renting in 22 Major U.S. Cities

Written by Clearwater Mortgage Syndicated User on October 1, 2024. Posted in Affordability, Clearwater, Clearwater FL Mortgage, Clearwater Mortgage, For Buyers, Home Prices, Inventory, Mortgage Clearwater, Mortgage Rates.

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments (see chart below):As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country.This is a big deal if you’ve been renting for a while now. But if you don’t see your city on this list, don’t sweat it. Things are moving fast, and your area might...

The Latest Builder Trend: Smaller, Less Expensive Homes

Written by Clearwater Mortgage Syndicated User on September 19, 2024. Posted in Affordability, Clearwater, Clearwater FL Mortgage, Clearwater Mortgage, For Buyers, Mortgage Clearwater, New Construction.

Even though affordability is improving, buying a home can still feel tough right now. But here’s some good news: builders are focusing their efforts on building smaller homes, and they’re offering key incentives to buyers. And both of these things can be a big help if you’re worried about finding a home that’s right for your budget. Builders Are Building Smaller Homes During the pandemic, homebuyers were looking for larger homes—and many could afford them. Builders responded to that demand and created bigger spaces to help people with things like working from home, setting up home gyms,...

Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List

Written by Clearwater Mortgage Syndicated User on September 11, 2024. Posted in Affordability, Buying Tips, Clearwater, Clearwater FL Mortgage, Clearwater Mortgage, For Buyers, Mortgage Clearwater, Mortgage Rates.

Since the supply of homes for sale is growing and mortgage rates are coming down, you may be thinking it’s finally your moment to jump into the market. To make sure you’re ready, you need to get pre-approved for a mortgage. That’s when a lender looks at your finances, including things like your W-2, tax returns, credit score, and bank statements, to figure out what they’re willing to loan you. After that process, you’ll get a pre-approval letter to show what you can borrow. Here are two reasons why this is essential in today’s market.Pre-Approval Helps You Know Your NumbersWhile home affordability is...

What Mortgage Rate Are You Waiting For?

Written by Clearwater Mortgage Syndicated User on August 27, 2024. Posted in Affordability, Clearwater, Clearwater FL Mortgage, Clearwater Mortgage, Mortgage Clearwater, Mortgage Rates.

You won’t find anyone who’s going to argue that mortgage rates have had a big impact on housing affordability over the past couple of years. But there is hope on the horizon. Rates have actually started to come down. And, recently they hit the lowest point we’ve seen in 2024, according to Freddie Mac (see graph below):And if you’re thinking about buying a home, that may leave you wondering: how much lower are they going to go? Here’s some information that can help you know what to expect.Expert Projections for Mortgage RatesExperts say the overall downward trend should continue as long as inflation...

The Great Wealth Transfer: A New Era of Opportunity

Written by Clearwater Mortgage Syndicated User on August 15, 2024. Posted in Affordability, Clearwater, Clearwater FL Mortgage, Clearwater Mortgage, Economy, Mortgage Clearwater.

In recent years, there’s been a significant shift in how wealth is distributed among generations. It’s called the Great Wealth Transfer.Historically, the transfer of wealth from one generation to the next was a more gradual process, often limited to smaller amounts of inheritance or family savings. But today, the scale has increased in a big way. As a recent article from Bankrate says:“The biggest wave of wealth in history is about to pass from Baby Boomers over the next 20 years, and it’s going to have major impacts on many facets of life. Called The Great Wealth Transfer, $84 trillion is poised...

Is Affordability Starting To Improve?

Written by Clearwater Mortgage Syndicated User on August 14, 2024. Posted in Affordability, Clearwater, Clearwater FL Mortgage, Clearwater Mortgage, Economy, For Buyers, Home Prices, Mortgage Clearwater, Mortgage Rates.

Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it’s getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:“Housing affordability is improving ever so modestly, but it is moving in the right direction.”Here’s a look at the latest data on the three biggest factors affecting home affordability: mortgage rates, home prices, and wages. 1. Mortgage RatesMortgage rates have been volatile this year,...

Category: Affordability