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Spiraling mortgage rates on top of record-high and still-rising home prices are leading many experts to predict the real estate market is on the verge of a correction—if it isn’t already in one. They anticipate home prices will flatten, or even go down a bit, in certain markets. The result is that new buyers would be paying about 50% more for the same home compared with a year ago in their monthly mortgage bills. And that’s greatly diminishing the buying power of many Americans—especially during a time when inflation has hit a 40-year high, gas prices have spiked,…

More sellers want to stay in their home after closing, sometimes for weeks or months. In many cases, they want to do it for a fraction of the fair market rent or even for free. Agreeing to their request gives some buyers an edge over the competition in a bidding war, but it comes with risks. The Post-Closing Occupancy Agreement allows the Seller to remain in the property for a designated period after the Buyer takes ownership of the property. As easy as a post- occupancy agreement sounds, there are serious implications arising out of a…

Homeowner’s insurance costs are increasing nationwide and is becoming a larger expenditure in the homeowner’s budget. Florida homeowners insurance costs vary depending on where you live, the age of your home, your home’s characteristics, and other factors. In addition to the cost of the home, the on-going expense of insuring a property should be a consideration when selecting the home you want to purchase. It may prove beneficial to purchase, for a little more money, a new home with impact glass, a new roof, updated plumbing and electrical and one that is not frame construction. Several factors affect how much homeowner insurance costs…

Companies such as Airbnb and VRBO have brought the short-term rental market into the mainstream, making it easier than ever for investors to profit from real estate ownership. Rather than getting tied into long-term leases, property owners can capitalize on local demand for temporary and vacation rental housing. In recent years, the industry has transformed from a side-gig for homeowners looking to make extra income into a booming industry in many markets across the country. Although considered great investments, these types of properties require proper management and good knowledge of a local real estate market. A short-term rental is a…

Interest rates are rising and so it the equity in your current real estate holdings. There are alternatives to financing a second home or investment property other than a traditional mortgage. If you have a large amount of equity in your first home, you could obtain enough money through a Home Equity Loan to pay for most—if not all—of the cost of a second home. Using a home equity loan (also called a second mortgage) to purchase another home can eliminate or reduce a homeowner’s out-of-pocket expenses. However, taking equity out of your home to buy another house comes with risks. If you’re…