Thursday, September 21, 2023 / by Scott Parks
Buying and owning your own home can have a big impact on your life. While there are financial reasons to become a homeowner, it's essential to think about the non-financial benefits that make a home more than just a place to live.
Here are some of the top non-financial reasons to buy a home.
According to Fannie Mae, 94% of survey respondents say “Having Control Over What You Do with Your Living Space” is a top reason to own.
Your home is truly your own space. If you own a home, unless there are specific homeowner association requirements, you can decorate and change it the way you like. That means you can make small changes or even do big renovations to make your home perfect for you. Your home is uniquely yours and by buying, you give yourself the freedom to tailor it to your individual style. Investopedia explains:
“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world. Yo. ...
Thursday, September 7, 2023 / by Scott Parks
Expert Home Price Forecasts Revised Up for 2023
Toward the end of last year, there were a number of headlines saying home prices were going to fall substantially in 2023. That led to a lot of fear and questions about whether there was going to be a repeat of the housing crash that happened back in 2008. But the headlines got it wrong.
While there was a slight home price correction after the sky-high price appreciation during the ‘unicorn’ years, nationally, home prices didn’t come crashing down. If anything, prices were a lot more resilient than many people expected.
Let's take a look at some of the expert forecasts from late last year stacked against their most recent forecasts to show that even the experts recognize they were overly pessimistic.
Expert Home Price Forecasts: Then and Now
This visual shows the 2023 home price forecasts from seven organizations. It provides the original 2023 f. ...
Wednesday, September 6, 2023 / by Scott Parks
Mortgage Rates: Past, Present, and Possible Future
If you’re hoping to buy a home this year, you’re probably paying close attention to mortgage rates. Since mortgage rates impact what you can afford when you take out a home loan – and affordability is a challenge today – it’s a good time to look at the big picture of where mortgage rates have been historically compared to where they are now. Beyond that, it’s important to understand their relationship with inflation for insights into where mortgage rates might go in the near future.
Giving Context to the Sticker Shock
Freddie Mac has been tracking the 30-year fixed mortgage rate since April of 1971. Every week, they release the results of their Primary Mortgage Market Survey, which averages mortgage application data from lenders across the country (see graph below):
Looking at the right side of the graph, mortgage rates have increased signi. ...
Tuesday, April 25, 2023 / by Scott Parks
What Are the Experts Saying About the Spring Housing Market?
The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring.
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Mari & Scott Parks
Take Action Properties LLC
PALM COAST, FL
386-569-6929 / 386-569-6947