Why Is Housing Inventory So Low?

Written by St. Petersburg Mortgage Syndicated User on September 15, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Mortgage St. Petersburg, New Construction, St. Petersburg, St. Petersburg Mortgage.

One question that’s top of mind if you’re thinking about making a move today is: Why is it so hard to find a house to buy? And while it may be tempting to wait it out until you have more options, that’s probably not the best strategy. Here’s why.There aren’t enough homes available for sale, but that shortage isn’t just a today problem. It’s been a challenge for years. Let’s take a look at some of the long-term and short-term factors that have contributed to this limited supply.Underbuilding Is a Long-Standing ProblemOne of the big reasons inventory is low is because builders haven’t been...

Should Baby Boomers Buy or Rent After Selling Their Houses?

Written by St. Petersburg Mortgage Syndicated User on September 14, 2023. Posted in Baby Boomers, Buying Myths, Demographics, For Buyers, Mortgage St. Petersburg, Rent vs. Buy, St. Petersburg, St. Petersburg Mortgage.

Are you a baby boomer who’s lived in your current house for a long time and you’re ready for a change? If you’re thinking about selling your house, you have a lot to consider. Will you move to a different state or stay nearby? Is it time to downsize or do you want more space to accommodate your loved ones? But maybe the biggest consideration boils down to this – will you buy your next home or choose to rent instead?That decision ultimately depends on your current situation and your future plans. Here are two important factors to help you decide what’s right for you.Expect Rents to Keep...

What Experts Project for Home Prices Over the Next 5 Years

Written by St. Petersburg Mortgage Syndicated User on September 13, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Mortgage St. Petersburg, Move-Up Buyers, St. Petersburg, St. Petersburg Mortgage.

If you’re planning to buy a home, one thing to consider is what experts project home prices will do in the future and how that might affect your investment. While you may have seen negative news over the past year about home prices, they’re doing far better than expected and are rising across the country. And data shows, experts forecast home prices will keep appreciating.Experts Project Ongoing AppreciationPulsenomics polled over 100 economists, investment strategists, and housing market analysts in the latest quarterly Home Price Expectation Survey (HPES). The results show what the...

Get Ready for Smaller, More Affordable Homes

Written by St. Petersburg Mortgage Syndicated User on September 8, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Mortgage St. Petersburg, St. Petersburg, St. Petersburg Mortgage.

Have you been trying to buy a home, but higher mortgage rates and home prices are limiting your options? If so, here’s some good news – based on what Ali Wolf, Chief Economist at Zonda, has to say – smaller, more affordable homes are on the way:“Buyers should expect that over the next 12 to 24 months there will be a notable increase in the number of entry-level homes available.”In some ways, smaller homes are already here. When the pandemic hit, the meaning of home changed. People needed the space their home provided not only as a place to live, but as a place to work, go to school,...

How Inflation Affects the Housing Market

Written by St. Petersburg Mortgage Syndicated User on September 1, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Mortgage St. Petersburg, St. Petersburg, St. Petersburg Mortgage.

Have you ever wondered how inflation impacts the housing market? Believe it or not, they’re connected. Whenever there are changes to one, both are affected. Here’s a high-level overview of the connection between the two.The Relationship Between Housing Inflation and Overall InflationShelter inflation is the measure of price growth specific to housing. It comes from a survey of renters and homeowners that’s done by the Bureau of Labor Statistics (BLS). The survey asks renters how much they’re paying in rent, and homeowners how much they’d rent their homes for, if they weren’t living in...

Gen Z: The Next Generation Is Making Moves in the Housing Market

Written by St. Petersburg Mortgage Syndicated User on August 29, 2023. Posted in Buying Myths, Demographics, First Time Home Buyers, For Buyers, Mortgage St. Petersburg, St. Petersburg, St. Petersburg Mortgage.

Generation Z (Gen Z) is eager to put down their own roots and achieve financial independence. As a result, they’re turning to homeownership. According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), 30% of Gen Z buyers transitioned straight from living under their parents’ roofs to owning their own homes.If you’re a member of this generation, and you’re interested in pursuing your own dream of homeownership, here’s some information you may find helpful on why and where your peers are buying.The Reasons Gen Z Want To...

Why You Need a True Expert in Today’s Housing Market

Written by St. Petersburg Mortgage Syndicated User on August 24, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, For Sellers, Mortgage St. Petersburg, Selling Myths, St. Petersburg, St. Petersburg Mortgage.

The housing market continues to shift and change, and in a fast-moving landscape like we’re in right now, it’s more important than ever to have a trusted real estate agent on your side. Whether you’re buying your first home or selling once again, it’s mission critical to work with an expert who can guide you through each unique step of the process. The reality is, not all agents operate the same way. To truly make a powerful and confident decision as you buy or sell a home, you need a real estate expert who uses their knowledge of what’s really happening with home prices, housing supply,...

Why You Don’t Need To Fear the Return of Adjustable-Rate Mortgages

Written by St. Petersburg Mortgage Syndicated User on August 23, 2023. Posted in Buying Myths, For Buyers, Interest Rates, Mortgage St. Petersburg, St. Petersburg, St. Petersburg Mortgage.

If you remember the housing crash back in 2008, you may recall just how popular adjustable-rate mortgages (ARMs) were back then. And after years of being virtually nonexistent, more people are once again using ARMs when buying a home. Let’s break down why that’s happening and why this isn’t cause for concern.Why ARMs Have Gained Popularity More RecentlyThis graph uses data from the Mortgage Bankers Association (MBA) to show how the percentage of adjustable-rate mortgages has increased over the past few years:As the graph conveys, after hovering around 3% of all mortgages in 2021, many more...

Why Median Home Sales Price Is Confusing Right Now

Written by St. Petersburg Mortgage Syndicated User on August 22, 2023. Posted in Buying Myths, For Buyers, For Sellers, Housing Market Updates, Mortgage St. Petersburg, Pricing, Selling Myths, St. Petersburg, St. Petersburg Mortgage.

The National Association of Realtors (NAR) is set to release its most recent Existing Home Sales (EHS) report tomorrow. This monthly release provides information on the volume of sales and price trends for homes that have previously been owned. In the upcoming release, it’ll likely say home prices are down. This may seem a bit confusing, especially if you’ve been following along and reading the blogs saying home prices have hit the bottom and have since rebounded.So, why would this say home prices are falling when so many other price reports say they’re going back up? It all depends on the...

People Want Less Expensive Homes – And Builders Are Responding

Written by St. Petersburg Mortgage Syndicated User on August 18, 2023. Posted in For Buyers, Housing Market Updates, Interest Rates, Mortgage St. Petersburg, Pricing, St. Petersburg, St. Petersburg Mortgage.

In today’s housing market, there are two main affordability challenges impacting buyers: mortgage rates that are higher than they’ve been the past couple of years, and rising home prices caused by low inventory. To overcome those challenges, many people are working with their agents to find less expensive homes. And with newly built homes making up a historically large percentage of the total available inventory today, that search often includes brand new homes.People Are Spending Less on Newly Built HomesThe graph below uses the latest information from the Census to show, in June, more of...

Category: For Buyers