Keith Bailey Realtor Florida Real Estate Blog

  Is Wall Street Really Buying All the Homes?   Let’s be real –  buying  a home  right now  is tough. You’re scrolling through listings, rushing to open houses, and maybe even losing out to more competitive offers. Somewhere along the way, you might’ve heard the reason it’s so hard to find a home is because big Wall Street investors are swooping in and snatching up everything in sight. But here’s the thing: that’s mostly a myth. While investors are part of the market, according to  Redfin , they’re a relatively small part: Here’s what that means. Five out of every six homes are being purchased by everyday homebuyers like you – not big investors. So, before you get discouraged, let’s take a look at what’s  really going on . You might be surprised to learn that Wall Street isn’t the competition you may think it is. Most Investors Are Small Mom-and-Pops Most investors aren’t the mega corporations you’ve probably heard about. In fact, many are your ne...

 As you’re getting ready to  sell your house , one of the first  questions  you’re probably asking is, “how long is this going to take?” And that makes sense—you want to know what to expect. While every market is different, understanding what’s happening nationally can give you a good baseline. But for an even more detailed look at real estate conditions in your area, connect with a local real estate agent. They know your local market best and can explain what’s happening near you and how it compares to national trends. Here’s a look at some of the things a great agent will walk you through during that conversation. More Homes Are on the Market, and That’s Affecting How Long They Take To Sell According to  Realtor.com , the number of homes for sale has been going up this year. That means there are more options for buyers, which is great news for anyone looking to buy a home. But as a  seller , it also means homes are staying on the market a bit longer ...

  Why a Destin Florida Vacation Home Is the Ultimate Summer Upgrade Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season. If you’re excited about getting away and having some fun in the sun, it might make sense to consider if  owning  your own vacation home is right for you. An  Ameriprise Financial  survey sheds light on why people buy a second, or vacation, home ( see below ):  Vacation destination or a place to get away from the stresses of everyday life (81%)  – Having a second home to use as a vacation spot can be a special place where you go to relax and take a break from your daily routines and stressors. It also means you won’t have  to worry  about finding somewhere to stay when you go there. Better weather (49%)  – Buying in a place where there may be nicer weather can be a great escape, especially if it’s cold or rainy where you usually live. It lets...

  What To Expect if You Buy or Sell a Home This June June is a busy month in the  housing market  because a lot of people  buy  and  sell  this time of year. So, if you’ve got a move on your mind and you’re looking to make it happen this month, here’s a snapshot of what you need to know to make sure you’re ready. If You’re Buying This June A lot of  homebuyers  with children like to move after one school year ends and before the next one begins. That’s one reason why late spring into summer is a popular time for homes to change hands. And whether that’s a  motivator  for you or not, it’s important to realize more  buyers  are going to be looking right now – and that means you’ll want to be ready for a bit more competition. But there is a silver lining to a move this time of year. This is also when more sellers will list – so you should find you have  more options . As an article from  Bankrate says: “ Late spring...

  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...

  Why Pre-Approval Is Even More Important This Year On the road to becoming a  homeowner ? If so, you may have heard the  term  pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to  buy a home  in 2024. What Pre-Approval Is As part of the  homebuying process , your lender will look at your finances to figure out what they’re willing to loan you. According to  Investopedia , this includes things like your W-2, tax returns,  credit score , bank statements, and more. From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow.  Freddie Mac   explains  it like this: “ A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home . . . . Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer.  Ultimately, you should only borrow a...

  Over the past year, a lot of people have been talking about  housing affordability  and how tight it’s gotten. But just recently, there’s been a little bit of relief on that front. Mortgage rates have gone down since their most recent peak in October. But there’s more to being able to  afford a home  than just mortgage rates. To really understand home affordability, you need to look at the combination of three important factors:  mortgage rates, home prices, and wages . Let’s dive into the latest data on each one to see why affordability is improving. 1. Mortgage Rates Mortgage rates  have come down in recent months. And looking forward, most experts expect them to  decline further  over the course of the year. Jiayi Xu, an economist at  Realtor.com ,  explains : “While there could be some fluctuations in the path forward …  the general expectation is that mortgage rates will continue to trend downward , as long as the econom...