Search Results

As we navigate through the year, many potential home buyers and investors are keeping a close eye on interest rates, hoping for the significant cuts that were anticipated earlier this summer. Unfortunately, it looks like these favorable shifts might not materialize as soon as we had hoped. In such a fluctuating economic landscape, it’s essential to explore all available options to secure an affordable home purchase. One such option is an assumable mortgage, a somewhat underutilized tool that could potentially offer financial benefits in today's market. This blog post delves into the basics of assumable mortgages, including what they are, which types are assumable, their benefits, and the risks involved. What Exactly is an Assumable Mortgage, and How Does it Work? An assumable mortgage allows a home buyer to take over the seller’s existing mortgage under its current terms, rather than obtaining a new loan. The buyer agrees to adopt the remaining balance, interest rate, repayment period, and other terms of the original mortgage. The transfer typically requires approval from the original lender, and the process can vary depending on the type of mortgage. Can All Mortgages Be Assumed, Or Are There Specific Types That Allow for This? Not all mortgages are assumable. Whether a mortgage can be assumed depends on the terms of the existing loan. Most commonly, loans backed by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA) are assumable. Conventional loans, on the other hand, are typically not assumable because they often contain a "due on sale" clause which requires the loan to be paid in full upon sale of the property. What Are the Benefits of Buying a Home with an Assumable Mortgage for Both Buyers and Sellers? For buyers, the main advantage is potentially securing a lower interest rate than what’s currently available in the market, which can significantly affect monthly payments and overall interest paid over the life of the loan. It may also involve lower closing costs compared to obtaining a new mortgage. For sellers, offering an assumable mortgage can make their property more attractive, especially in a higher interest rate environment, as it can offer buyers a more affordable option. What Are the Potential Risks or Downsides of Assumable Mortgages? For buyers, one major risk is assuming the equity position of the seller. If the seller has little equity, the buyer might need to pay a substantial cash amount upfront to cover the difference between the home’s sale price and the remaining mortgage balance. Additionally, the buyer must qualify with the lender to assume the mortgage, which involves credit and income checks. For sellers, if the mortgage does not contain a release of liability clause, they could remain liable for the mortgage if the buyer defaults, even after the assumption. Understanding assumable mortgages can open up new opportunities for buyers looking to navigate a market affected by high interest rates and for sellers aiming to make their properties stand out. If you’re considering buying a home and are curious about assumable mortgages or if you're selling and wondering if your mortgage is assumable, I'm here to help. Hit that "Let's Chat" button in the bottom right corner and we can discuss how this option might fit into your real estate strategy and to find out what homes currently on the market might offer assumable mortgages. Let’s explore your options to ensure you make the best decision for your real estate needs.

As the real estate landscape adapts to changing economic climates, a significant shift is evident – the rise of smaller homes. This movement isn't just a fleeting trend; it’s a reflection of evolving homeowner needs, especially among retirees looking to downsize. Why Smaller Homes are Making a Big Impact With affordability being a paramount concern, builders are responding with more modestly sized homes. This pivot caters to buyers who find larger homes outside their financial comfort zone. But it's not just about the price tag; downsizing has tangible lifestyle benefits too. The Financial Wisdom of Downsizing in Today's Market One of the most compelling incentives to downsize is the financial liberation it offers. Smaller homes often mean reduced utility bills – a smaller space requires less energy to heat and cool. Additionally, upkeep becomes less of a chore, both physically and financially. For those entering retirement, the lower maintenance and utility costs equate to more freedom and disposable income for enjoying their leisure years. Leveraging Home Equity Another perk? The equity from the sale of a larger home can significantly offset the cost of a new property. For many, this means a smaller or non-existent mortgage, and for some, it could even mean becoming an all-cash buyer – a strong position in any market. A Simpler Life Awaits Beyond the balance sheet, downsizing encourages a lighter, simpler lifestyle. Less space can motivate a more organized and decluttered environment, leading to a calmer, more manageable day-to-day life – something retirees often desire. Embrace the Change As we witness builders creating homes that align with this downsizing trend, it's an opportunity for retirees to reassess their living situations. If you're considering a shift to a smaller home, now might be the time to explore the market. With the potential for financial gains and a simplified lifestyle, downsizing isn't just a smart move – it's a strategic leap towards a fulfilling retirement. As you ponder the possibilities that downsizing in today's market presents, remember that this choice is more than a financial decision – it’s a step toward crafting the lifestyle you want in your retirement. If you're interested in discussing your options or learning more about the benefits of smaller homes, let's connect and start exploring the possibilities in the Tampa Bay market. Your ideal home, one that fits your new lifestyle perfectly, could be just around the corner.

This week's #FridayFind is a slice of paradise waiting for you in Dade City, FL! Dive into this 3-bed, 3-bath beauty nestled on a lush 2.02-acre corner lot. It's the private oasis you've been dreaming of, offering space, peace, and a whole lot of character. Step inside to find a welcoming open floor plan that brings the living, dining, and kitchen areas together - perfect for both cozy nights in and fabulous entertaining. With skylights sprinkling sunshine throughout and a back screened lanai + a gated front porch, it's your personal retreat for relaxation at any time of day. But wait, there's more! A massive bonus room awaits your touch. Home theater, gym, or an extra lounge? You decide! And for the creatives and makers, a 35x40 barn sits ready for transformation into anything from a workshop to a 2-story guest house. SWOON! With easy access to shopping, dining, and highways, everything you need is just a stone's throw away. If you're ready to explore this rare gem and imagine the possibilities, DM me to schedule a tour. Your dream home sweet home awaits! Check out the full listing for more photos and details.

If you know me you know that I love an old house. But with today’s affordability challenges and dealing with the limited number of homes for sale new construction may be here to save the day. If you’re having a hard time finding a home you love, and mortgage rates are putting pressure on your budget, it may be time to look at newly built homes. Here’s why. Newly Built Homes is an Inventory Bright Spot When looking for a home, you can choose between existing homes (those that are already built and previously owned) and newly constructed ones. While the number of existing homes for sale has increased this year, there are still fewer available than there were in more typical years in the housing market, like back in 2018 or 2019. So, if you’re looking to expand your pool of options even more, turning to newly built homes can help. As Danielle Hale, Chief Economist at Realtor.com, explains: “The shortage of existing homes For Sale has opened up the possibility of new-home construction to more buyers who may not have once considered it.” And the good news is, there are more newly built homes to pick from right now. The graphs below use data from the Census to show how new home construction is ramping up in two key areas (see most recent spike in green): Starts, or homes where builders just broke ground, have seen a big increase lately. And completions, homes that builders just finished, are also up significantly. So, if you want a new, move-in ready home or you want to get in early and customize your build along the way, you have more options right now. Builders Are Offering Incentives To Help with Affordability And to sweeten the pot, builders are offering things like mortgage rate buy-downs and other perks for homebuyers right now. This can help offset today’s affordability challenges while also getting you into your dream home. Mark Fleming, Chief Economist at First American, explains why you may find builders have more wiggle room to offer more for you than the typical homeowner: “Builders aren't rate locked-in. They would love to sell you the home because they're not living in it. It costs money not to sell the home. And many of the public home builders have said in their earnings calls that they are not going to be pulling back on incentives, especially the mortgage rate buydown, so that will help the new-home market continue to perform well in the spring home-buying season.” An article from HousingWire also says this about what builders are offering right now: ". . . the use of sales incentives still shows some momentum as 60% of respondents reported using them, up from 58% in February. " Just remember, buying from a builder is different from buying from a home seller, so it’s important to partner with a local real estate agent. Builder contracts can be complex. A trusted agent will be your advocate throughout the process. They’ll be your go-to resource for advice on construction quality and builder reputation, reviewing and negotiating contracts to get you the best deal, helping you decide on which customizations and upgrades are most worthwhile, and a whole lot more. Bottom Line If you’re struggling to find a home to buy, or with today’s affordability challenges, let’s connect to see if newly built homes could be the solution you’re looking for.

As April brings us into that sweet spot of warmth without the scorching heat of summer, it's the ideal time to consider enhancing your home's outdoor appeal. If you're contemplating a move, these outdoor projects not only boost curb appeal but can also be a savvy investment, potentially increasing your home's value. You don't need to break the bank to increase your curb appeal. Something as simple as standard lawn care service can recoup 217% of the cost when it's time to sell. That's a substantial return on investment and a clear signal that well-kept greenery matters to buyers. Other improvements like overall landscape upgrades, adding an outdoor kitchen, or even a new patio, can double the money spent when considered against the value they add to your property. As your go-to real estate professional, I'm here to guide you through the most effective outdoor upgrades to enhance your home's curb appeal and value. With April's perfect weather, it's an ideal time to focus on landscaping, and I can help you prioritize projects, spot quick yet impactful wins, and make sure these improvements stand out in your listing. Investing in your outdoor space now can create that lush, inviting atmosphere that's crucial for catching a buyer's eye. If you're considering selling your home and want it to outshine the competition, let's connect and put together a plan that maximizes your home's potential. Don't wait—contact me today, and let's make your property the highlight of the neighborhood!

In today's real estate market, a common sentiment echoes among homeowners: "Love our interest rate, but this house doesn’t fit our needs anymore." This statement captures the dilemma many face - the comfort of favorable mortgage rates versus the necessity to move due to changing life circumstances. Is waiting on interest rates serving you? While the thought of embarking on a search for a new home in a fluctuating market can be daunting, it's important to weigh the cost of waiting. Now may indeed be the opportune moment to sell your home, potentially securing a premium price before the anticipated surge in market activity and competition in 2024. Cost of Waiting on Interest Rates For Sellers More competition — a projected 13% increase in sellers in 2024. Increased competition from new construction — new home sales are projected to keep rising. More risk for expensive repairs that can wipe out savings. For Buyers 40% of potential buyers said they won’t wait for rates to drop — that’s more competition for the home you want. Average renters pay 32% of their income towards rent — all while losing out on building equity. Median home price is expected to rise in 2024. As the real estate market evolves, with interest rates stabilizing and a boost in new housing developments, the future holds promise for both buyers and sellers ready to make a move. However, success in this market isn't about trying to time it perfectly but about being prepared. If you're contemplating a change, consider the broader implications of waiting versus acting now. For personalized advice or to explore your options further, I'm here to help guide you through these decisions with clarity and confidence.

In the ever-evolving landscape of real estate, a recent development has caught the attention of industry professionals and prospective buyers alike: the National Association of Realtors (NAR) settlement agreement. With rumors swirling and headlines blaring about potential impacts on commission structures and property prices, it's crucial to dive beneath the surface and examine what this settlement truly means for the real estate market. Whether you're in the market to buy a home, contemplating selling, or simply keeping an eye on industry trends, this video aims to demystify the settlement and its impact. Join me as we delve into the facts, dispel myths, and consider how this pivotal moment could usher in a new era of transparency and fairness in real estate.

Happy National Organize Your Home Office Day! Whether you’re freelancing, telecommuting, or managing the day-to-day of your household, an organized home office can significantly impact your productivity and mental well-being. In light of this day, let's delve into the importance of organization, offer some practical tips to get your space in order, and highlight how keeping an organized office can be especially beneficial those planning to sell their home. The Importance of a Well-Organized Home Office In today's world, where the lines between work and home often blur, a dedicated and organized workspace is more than a luxury—it's a necessity. An organized home office fosters clarity, minimizes distractions, and can even fuel creativity. For many, it's not just about aesthetics but about creating an environment where productivity thrives and stress levels reduce. Step-by-Step Organizational Tips Declutter: Start by removing anything that doesn't belong in your office. Old papers, unused supplies, and irrelevant items can take up valuable space. Categorize: Group like items together. Keep all your writing tools in one place, electronic devices and chargers in another, and so on. Optimize Your Desk Layout: Arrange your desk in a way that maximizes efficiency. Keep frequently used items within arm’s reach and less used items stored away. Go Digital: Reduce paper clutter by digitizing documents where possible. Consider using cloud storage for easy access and backup. Label and File: Use labels and file organizers to keep documents and supplies neatly sorted and easy to find. Maintaining an Organized Space Organization is not a one-day affair. Make it a habit to dedicate a few minutes at the end of each day to tidy up your workspace. Regularly review and declutter your space to keep things in order. An ongoing commitment to organization ensures that your home office remains a conducive work environment. Special Considerations for Seniors and Home Sellers For seniors, an organized home office can significantly enhance usability and accessibility. Consider adjustable furniture and good lighting to create a comfortable space that caters to their needs. For those looking to sell their homes, remember that a well-organized and appealing home office can be a significant selling point in today’s market. It showcases the potential of a productive space to prospective buyers. As we embrace National Organize Your Home Office Day, let's use it as a springboard to create and maintain a space that not only serves our professional needs but also supports our personal well-being. Whether you're updating your space for functionality, preparing to sell, or adapting it to suit the needs of a senior family member, the benefits of a well-organized office are immeasurable. Let this day be the start of a year-round commitment to an organized, efficient, and enjoyable workspace.

Curious about the best time to list your home? This spring presents two compelling reasons why sellers are at a distinct advantage. With an increase in listings from last year, your journey to finding the perfect next home just got richer with possibilities. However, the market is still short on homes, promising your property the spotlight and interest from eager buyers. Ready to make your move this spring? With a market this inviting, it's a golden opportunity to list your home. Whether you're upsizing, downsizing, or just looking for a change of scenery, I'm here to help navigate every step. Reach out today, and let’s turn your real estate goals into reality. Your next chapter starts now!

If you’re taking a look at your expenses as you retire, saving money where you can has a lot of appeal. One long-standing, popular way to do that is by downsizing to a smaller home. When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares: “A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.” That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. Daniel Hunt, CFA at Morgan Stanley, explains: “Home equity can be a significant source of wealth for retirees, often representing a large portion of their net worth. . . . Retirement planning can be complex, but your home equity shouldn’t be overlooked.” And when you’re ready to use that equity to fuel your next move, your real estate agent will be your guide through every step of the process. That includes setting the right price for your current house when you sell, finding the home that best fits your evolving needs, and understanding what you can afford at today’s mortgage rate. What This Means for You If you’re thinking about downsizing, ask yourself these questions: Do the original reasons I bought my current house still stand, or have my needs changed since then? Do I really need and want the space I have right now, or could somewhere smaller be a better fit? What are my housing expenses right now, and how much do I want to try to save by downsizing? Then, meet with a real estate agent (like me!) to get an answer to this one: What are my options in the market right now? A local real estate agent can walk you through how much equity you have in your house and how it positions you to win when you downsize. Downsizing in Retirement in Tampa Bay In Tampa Bay, downsizing during retirement is especially attractive thanks to the area's wide range of housing options, including numerous 55+ active adult communities. These communities not only cater to those looking to simplify their living situation but also offer a lifestyle rich in activities and social opportunities, all within the beautiful and lively Tampa Bay region. Whether you're drawn to a quaint villa, a condo with no maintenance worries, or a cozy home close to nature and water, the local real estate market provides both a practical and a financially savvy choice for utilizing your home equity effectively. As your go-to expert in this vibrant area, I'm here to guide you through finding the ideal home that matches your retirement dreams, capitalizing on the diverse and dynamic housing opportunities available here. Bottom Line Want to save money in retirement? Consider downsizing – it could really help you out. When you’re ready, connect with a local real estate agent about your goals in the housing market this year.

If you’re holding out hope that the housing market is going to crash and bring home prices back down, here’s a look at what the data shows. And spoiler alert: that’s not in the cards. Instead, experts say home prices are going to keep going up. This is true nationally and a Pasco County housing market crash is also unlikely. Today’s market is very different than it was before the housing crash in 2008. Here’s why. It’s Harder To Get a Loan Now – and That’s Actually a Good Thing It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then, banks had different lending standards, making it easy for just about anyone to qualify for a home loan or refinance an existing one. Things are different today. Homebuyers face increasingly higher standards from mortgage companies. The graph below uses data from the Mortgage Bankers Association (MBA) to show this difference. The lower the number, the harder it is to get a mortgage. The higher the number, the easier it is: The peak in the graph shows that, back then, lending standards weren’t as strict as they are now. That means lending institutions took on much greater risk in both the person and the mortgage products offered around the crash. That led to mass defaults and a flood of foreclosures coming onto the market. There Are Far Fewer Homes for Sale Today, so Prices Won’t Crash Because there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), that caused home prices to fall dramatically. But today, there’s an inventory shortage – not a surplus. The graph below uses data from the National Association of Realtors (NAR) and the Federal Reserve to show how the months’ supply of homes available now (shown in blue) compares to the crash (shown in red): Today, unsold inventory sits at just a 3.0-months’ supply nationally and 2.5 months' supply in Pasco County. That’s compared to the peak of 10.4 month’s supply back in 2008. That means there’s nowhere near enough inventory on the market for home prices to come crashing down like they did back then. People Are Not Using Their Homes as ATMs Like They Did in the Early 2000s Back in the lead up to the housing crash, many homeowners were borrowing against the equity in their homes to finance new cars, boats, and vacations. So, when prices started to fall, as inventory rose too high, many of those homeowners found themselves underwater. But today, homeowners are a lot more cautious. Even though prices have skyrocketed in the past few years, homeowners aren’t tapping into their equity the way they did back then. Black Knight reports that tappable equity (the amount of equity available for homeowners to access before hitting a maximum 80% loan-to-value ratio, or LTV) has actually reached an all-time high: That means, as a whole, homeowners have more equity available than ever before. And that’s great. Homeowners are in a much stronger position today than in the early 2000s. That same report from Black Knight goes on to explain: “Only 1.1% of mortgage holders (582K) ended the year underwater, down from 1.5% (807K) at this time last year.” And since homeowners are on more solid footing today, they’ll have options to avoid foreclosure. That limits the number of distressed properties coming onto the market. And without a flood of inventory, prices won’t come tumbling down. Pasco County Housing Market Crash Unlikely In Pasco County, these national trends resonate closely with our local housing market dynamics. The demand for homes in our area remains high, driven by the desirable lifestyle and the growing appeal of Tampa Bay as a destination for families and retirees alike. Inventory levels in Pasco County have mirrored the national scarcity, keeping prices robust and competitive. As we look to the future, understanding the factors that have stabilized the housing market nationally helps us appreciate the strength of our local market. For those considering buying or selling in Pasco County, it’s crucial to recognize that the market here reflects broader, stable trends rather than heading towards a downturn. This perspective is invaluable for making informed decisions in our vibrant real estate landscape. Bottom Line While you may be hoping for something that brings prices down, that’s not what the data tells us is going to happen. The most current research clearly shows that today’s market is nothing like it was last time.