Keith Bailey Realtor Florida Real Estate Blog

 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 ...

  2 of the Factors That Impact Mortgage Rates If you’re looking to  buy a home , you’ve probably been paying close attention to  mortgage rates . Over the last couple of years, they hit record lows, rose dramatically, and are now dropping back down a bit. Ever wonder why? The answer is complicated because there’s a lot that can influence mortgage rates. Here are just a few of the most impactful factors at play. Inflation and the Federal Reserve The  Federal Reserve  (Fed) doesn’t directly determine mortgage rates. But the Fed does move the Federal Funds Rate up or down in response to what’s happening with inflation, the economy, employment rates, and more. As that happens, mortgage rates tend to respond.  Business Insider  explains : “ The Federal Reserve slows inflation by raising the federal funds rate, which can indirectly impact mortgages.  High inflation and investor expectations of more Fed rate hikes can push mortgage rates up. If investors...

  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...

  If you’ve owned your house for at least a  couple of years , there’s something you’re going to want to know more about – and that’s home equity. If you’re not familiar with that term,  Freddie Mac   defines  it like this: “. . . your home’s equity is  the difference between how much your home is worth and how much you owe on your mortgage .” That means your equity grows as you pay down your home loan over time and as  home values climb . While it’s true  home prices  dipped slightly last year, they  rebounded  and have been climbing in many areas since then. Here’s why that price growth is good news for you. In the latest  Equity Insights Report , Selma Hepp, Chief Economist at  CoreLogic , explains: “ With price gains continuing to help homeowners build wealth, equity has reached a new high and regained losses that resulted from declines last year . And while the average U.S. homeowner gained over $20,000 in additional ...