Keith Bailey Realtor Florida Real Estate Blog

  Homeowners Today Have Options To Avoid Foreclosure Even with the latest data coming in, the experts agree there’s no chance of a large-scale  foreclosure crisis  like the one we saw back in 2008. While headlines may be calling attention to a slight uptick in foreclosure filings recently, the  bigger picture  is that we’re still well below the number we’d see in a more normal year for the housing market. As a report from  BlackKnight   explains : “The prospect of any kind of near-term surge in foreclosure activity remains low, with start volumes still nearly 40% below pre-pandemic levels.” That’s good news. It means the number of homeowners at risk is very low compared to the norm. But, there’s a small percentage who may be coming face to face with foreclosure as a possibility. That’s because some homeowners may have an unexpected hardship in their life, which unfortunately can happen in any market. For those homeowners, there are still options that c...

  Your Home Is a Powerful Investment Going into 2023, there was a lot of talk about a possible  recession  that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 10-20%—and that might have made you feel a bit unsure about  buying a home . But here’s what actually happened:  home prices  went up more than usual. Brian D. Luke, Head of Commodities at  S&P Dow Jones Indices ,  explains : “Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.” To put last year’s growth into context, the graph below uses  data  from  Freddie Mac  on how home prices have changed each year going back to 1980. The dotted line shows the long-term average for appreciation: The big takeaway?   Home prices almost always go up. As an article from  Forbes   says : “. . . the U.S. real estate market has a long and re...

  What To Know About Credit Scores Before Buying a Home If you want to  buy a home , you should know your credit score is a critical piece of the puzzle when it comes to  qualifying for a mortgage . Lenders review your credit to see if you typically make payments on time, pay back debts, and more. Your credit score can also help determine your mortgage rate. An article from  US Bank   explains : “A credit score isn’t the only deciding factor on your mortgage application, but it’s a significant one. So, when you’re house shopping,  it’s important to know where your credit stands and how to use it to get the best mortgage rate possible .” That means your credit score may feel even more important to your  homebuying plans  right now since  mortgage rates  are a key factor in  affordability . According to the  Federal Reserve Bank of New York , the median credit score in the U.S. for those taking out a mortgage is  770 . But t...