Madison Ortiz NMLS 2152696

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Madison Ortiz NMLS 2152696 | The Mortgage Firm NMLS 189233 | Equal Housing Lender

On this Memorial Day, we remember and honor the brave heroes who gave everything for our freedom.

Madison Ortiz NMLS 2152696 | The Mortgage Firm NMLS 189233 | Equal Housing Lender

Save the Date:

Florida’s Amazing First Time Homebuyer Program - Hometown Heroes is back!

Funds will go quickly - now is the time to be out shopping with your pre-approval if you want to take advantage of this program!

Link: https://themortgagefirm.com/madisonortiz

Madison Ortiz NMLS 2152696 | The Mortgage Firm NMLS 189233 | Equal Housing Lender

City of Fort Pierce Announces Upcoming Housing Assistance Programs

The Grants Administration Division of the City of Fort Pierce is excited to announce the launch of three housing assistance programs aimed at supporting residents in achieving homeownership and maintaining stable housing situations. These programs, funded through a combination of federal and state grants, are designed to address the diverse housing needs within the Fort Pierce community.

Home Purchase Assistance Program - The Home Purchase Assistance Program will start accepting applications on Monday, February 12, 2024, at 8:00 AM. This program, funded in part by federal award number SLFRP5533 granted to the City of Fort Pierce by the U.S. Department of the Treasury, aims to help income-eligible individuals and families purchase homes within Fort Pierce city limits. With allocations of $515,000 from the American Rescue Plan Act (ARPA) and $205,000 from the State Housing Initiative Partnership (SHIP), the program seeks to provide financial assistance. Applications will be processed on a first-submitted, first-qualified, first-served basis until all funds are exhausted. Interested applicants can find more information and required documents on the City of Fort Pierce website.

Residential Rehabilitation Program – Also, on Monday, February 12, 2024, at 8:00 AM, the Residential Rehabilitation Program will open for applications. This program is supported by $800,000 from the Community Development Block Grant (CDBG) and $350,000 from the State Housing Initiative Partnership (SHIP). Designed to aid income-eligible households in Fort Pierce, the program provides funds for rehabilitating existing residences. Like the Home Purchase Assistance Program, applications will be processed on a first-submitted, first-qualified, first-served basis until all funds are allocated.

Rapid Rehousing Program - In addition, the Rapid Rehousing Program, focused on rental assistance, will accept applications starting Monday, February 12, 2024, at 8:00 AM, closing on March 12, 2024. This initiative, funded by $200,000 from the Community Development Block Grant (CDBG) and $50,000 from the State Housing Initiative Partnership (SHIP), is exclusively available to Fort Pierce residents referred for assistance by social service agencies. The program aims to provide swift support to individuals and families facing housing instability.

Orientation Requirement - Applicants for the Rehabilitation Program and Home Purchase Assistance Program are required to attend a Mandatory Orientation session before submitting their applications. Failure to provide proof of orientation attendance will result in an application non-review. Interested parties can register for the orientation sessions via the City of Fort Pierce website.

These housing assistance programs emphasize the City of Fort Pierce's commitment to fostering an inclusive and sustainable community by providing essential support to residents in need. For more information on eligibility criteria and application procedures, please visit the city’s website at https://www.cityoffortpierce.com/503/Open-Grant-Opportunities or contact the Grants Administration Division at 772-467-3161 or [email protected].

If one of the goals on your list is selling your house and making a move this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home. Keep these three best practices in mind when you’re ready to sell.

1. Price Your Home Right

If you price your house too high, you run the risk of deterring buyers. And if you go too low, you’re leaving money on the table. An experienced real estate agent can help determine what your ideal asking price should be, so your house moves quickly and for top dollar.

2. Keep Your Emotions in Check

Today, homeowners are staying in their houses longer than they used to. According to the National Association of Realtors (NAR), since 1985, the average time a homeowner has owned their home has increased from 6 to 10 years.

This is much more than what used to be the norm. The side effect, however, is when you stay in one place for so long, you may get even more...

3 Must-Do’s When Selling Your House in 2024 If one of the goals on your list is selling your house and making a move this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home.

Buying a home is a big deal and can feel especially complicated if you don't know the terms used during the process. If you want to become a homeowner this year, it's a good idea to learn these key housing terms and understand how they relate to the current housing market. That will help you feel confident when you buy a home. Let’s connect so you can get expert help with any questions you have.

Key Terms Every Homebuyer Should Learn [INFOGRAPHIC] Buying a home is a big deal and can feel especially complicated if you don't know the terms used during the process.

Are you putting off your plans to sell because you’re worried you won’t be able to find a home you like when you move? If so, it may be time to consider a newly built home and the benefits that come with one. Here’s why.

Near-Record Percentage of New Home Inventory

The percentage of the total homes available to buy that are newly built is well over two times higher than the norm. And even more new homes are on the way.

Recent data from the Census shows there’s been an uptick in both housing starts (where builders break ground on more new homes) and housing completions (homes where construction just wrapped).

And while some people may worry builders are building too many homes, that isn’t a concern – if anything, the recent increase is really good news.

How This Helps You

Since the supply of existing homes for sale is still low right now, the increase of new-home construction can be a game changer because it gives you more options for your...

Why You May Want To Seriously Consider a Newly Built Home Are you putting off your plans to sell because you’re worried you won’t be able to find a home you like when you move?

If you’ve been holding off on selling your house to make a move because you felt mortgage rates were too high, their recent downward trend is exciting news for you. Mortgage rates have descended since last October when they hit 7.79%. In fact, they’ve been below 7% for over a month now.

And while they’re not going back to the 3% we saw during the ‘unicorn’ years, they are expected to continue to go down from where they are now in the near future.

You May Not Feel as Locked-In to Your Current Mortgage Rate

With mortgage rates already significantly lower than they were just a few months ago, you may feel less locked-in to the current mortgage rate you have on your house. With rates dropping, the difference between your current mortgage rate and the new rate you’d be taking on isn’t as big as it was. That makes moving more affordable than it was just a few months ago. As Lance Lambert, Founder of ResiClub, explains: “We might be at peak “lock-in...

2 Reasons Why Today’s Mortgage Rate Trend Is Good for Sellers If you’ve been holding off on selling your house to make a move because you felt mortgage rates were too high, their recent downward trend is exciting news for you.

If you’re worried about what’s next for home prices, know the HPES shows experts are projecting they’ll continue to rise at least through 2028. Based on that forecast, if you bought a $400,000 house this year, experts say it could gain over $72,000 in equity over the next five years. If you're worried about falling home prices, don't be. Many experts forecast they'll keep rising for years to come. If you have questions, let’s connect.

Home Prices Forecast To Climb over the Next 5 Years [INFOGRAPHIC] If you’re worried about what’s next for home prices, know the HPES shows experts are projecting they’ll continue to rise at least through 2028.

Buying a home is a powerful decision, and it remains at the heart of the American Dream. Let’s explore just a few of the reasons why so many Americans continue to value homeownership.

The Financial Benefits of Owning a Home

One possible reason homeownership is viewed so highly is because owning a home is a significant wealth-building tool. Over time, owning a home not only helps boost your own net worth, but it also sets future generations up for success as you pass that wealth down.

It can also provide meaningful financial stability compared to renting. When you buy with a fixed-rate mortgage, you can lock in your monthly housing payments for the length of your home loan.

The Non-Financial Benefits of Homeownership

But, owning a home offers more than just financial benefits—it benefits you socially and emotionally too. Your home provides feelings of achievement, responsibility, and more.

What Does That Mean for You?

If your idea of the...

Homeownership Is Still at the Heart of the American Dream Buying a home is a powerful decision, and it remains at the heart of the American Dream.

If you want to buy a home, it's important to know how mortgage rates impact what you can afford and how much you’ll pay each month. Fortunately, rates for 30-year fixed mortgages have come down significantly since the end of October and are currently under 7%, according to Freddie Mac.

This recent trend is great news for buyers. As a recent article from Bankrate says: “The rate cool-off somewhat eases the housing affordability squeeze.”

And according to Edward Seiler, AVP of Housing Economics and Executive Director of the Research Institute for Housing America at the Mortgage Bankers Association (MBA): “MBA expects that affordability conditions will continue to improve as mortgage rates decline . . .”

Here’s a bit more context on how this could help with your plans to buy a home.

How Mortgage Rates Affect Your Search for a Home

Understanding the connection between mortgage rates and your monthly home payment is crucial for your plans to become a...

What Lower Mortgage Rates Mean for Your Purchasing Power If you want to buy a home, it's important to know how mortgage rates impact what you can afford and how much you’ll pay each month.

If you're trying to decide whether to rent or buy a home this year, here's a powerful insight that could give you the clarity and confidence you need to make your decision.

Every three years, the Federal Reserve releases the Survey of Consumer Finances (SCF), which compares net worth for homeowners and renters. The latest report shows the average homeowner’s net worth is almost 40X greater than a renter’s.

One reason a wealth gap exists between renters and homeowners is because when you’re a homeowner, your equity grows as your home appreciates in value and you make your mortgage payment each month.

The Largest Part of Most Homeowner Net Worth Is Their Equity

Home equity does more to build the average household’s wealth than anything else. According to data from First American and the Federal Reserve, this holds true across different income levels.
Based on this data, it's clear no matter what your income level is, owning a home can really boost...

The Dramatic Impact of Homeownership on Net Worth If you're trying to decide whether to rent or buy a home this year, here's a powerful insight that could give you the clarity and confidence you need to make your decision.

If you’re getting ready to buy a home, there are some key things to keep in mind after you apply for your mortgage and before you close. Here’s a list of things to remember when you apply for your home loan.

Don’t Deposit Large Sums of Cash

Lenders need to source your money, and cash isn’t easily traceable. Discuss the proper way to document your transactions with your loan officer.

Don’t Make Any Large Purchases

It’s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. Resist the temptation to make any large purchases, even for furniture or appliances.

Don’t Cosign Loans for Anyone

When you cosign for a loan, you’re making yourself accountable for that loan’s success and repayment.

Don’t Switch Bank Accounts

Lenders need to source and track your assets. Before you transfer any money, speak with your loan officer.

Don’t Apply for New Credit

When your credit report is run...

Avoid These Common Mistakes After Applying for a Mortgage If you’re getting ready to buy a home, it’s exciting to jump a few steps ahead and think about moving in and making it your own.

Selling your house is a big decision. And that can make it feel both exciting and a little bit nerve-wracking. But the key to a successful sale is finding the perfect listing agent to work with you throughout the process. A listing agent, also known as a seller's agent, helps market and sell your house while advocating for you every step of the way.

But, how do you know you've found the perfect match in an agent? Here are three key skills you’ll want your listing agent to have.

They Price Your House Based on the Latest Data

While it may be tempting to pick the agent who suggests the highest asking price for your house, that strategy may cost you.

As NerdWallet explains: “An agent who recommends the highest price isn't always the best choice. Choose an agent who backs up the recommendation with market knowledge.”

They’re a Great Negotiator

A skilled listing agent will be calm under pressure and will be your point-person in all of those...

www.simplifyingthemarket.com

If you’re thinking about buying a home this year, be sure to consider the long-term financial advantages of homeownership, like home equity. On average, people who bought homes 32 years ago have seen their home’s value nearly triple over that time. If you’re wondering if buying a home is a good idea, remember rising home values could grow your net worth with time. When you’re ready to start your homebuying journey, let’s talk.

How Homeowner Net Worth Grows with Time [INFOGRAPHIC] If you’re thinking about buying a home this year, be sure to consider the long-term financial advantages of homeownership, like home equity. 

The increasing effects of natural disasters are leading to new obstacles in residential real estate. As a recent article from CoreLogic explains:

“As the specter of climate change looms large, the world braces for unprecedented challenges. In the world of real estate, one of those challenges will be the effects of natural catastrophes on property portfolios, homeowners, and communities.”

Expert Advice for Homebuyers To Reduce Climate Risks

The first thing to do is understand how to go about buying a home while thinking about climate risks. With the right help and resources, you can simplify the process.

The Mortgage Reports provides these tips for buying your next home:

• Evaluate climate risks
• Consider future preventative maintenance costs
• Take steps to avoid losing your assets

Above all else, your most valuable resource during this process is a trusted real estate expert. They'll always focus on your goals while keeping your concerns top...

Are You a Homebuyer Worried About Climate Risks? The increasing effects of natural disasters are leading to new obstacles in residential real estate.

Are you considering buying your first home? If so, it can be helpful to know what led other people to make that decision.

While that survey looked specifically at first-time homebuyers buying newly built homes, the same sentiment is true for just about anyone buying their first home. Here’s a bit more information to help you think about those two benefits of homeownership to see if they’re a key factor for you too.

When You Buy a Home, You Have More Stability than When You Rent

You might want to stop renting because rents keep going up. If you’re a renter, that means there’s a chance your payment will increase each time you sign a new rental agreement or renew your current one.

On the other hand, when you buy your home with a fixed-rate mortgage, your monthly housing payment is predictable over the length of that loan. This stability can give you a peace of mind that renting just can’t provide.

When You Buy a Home, You Grow Your Wealth as Home...

Understanding the Benefits of Owning Your First Home Are you considering buying your first home?

During the fourth quarter of last year, some housing experts projected home prices were going to crash in 2023. The media ran with those forecasts and put out headlines calling for doom and gloom in the housing market. All of this negative news coverage made a lot of people have doubts about the strength of the residential real estate market.

If it made you question if you should delay your own plans to move, here’s what you really need to know.

Home Prices Never Crashed

Disregard what you saw in the headlines. The actual data shows home prices were remarkably resilient and performed far better than the media would have you believe.

As Nicole Friedman, a reporter at the Wall Street Journal (WSJ), says: “Home prices aren’t falling anymore. . . The surprisingly quick recovery suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected . . .”

What’s Next for Home Prices?

The...

www.simplifyingthemarket.com

If you’re thinking about buying a home soon, higher mortgage rates, rising home prices, and ongoing affordability concerns may make you wonder if it still makes sense to buy a home right now. While those market factors are important, there's more to consider. You should think about the long-term benefits of homeownership too.

Think about this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how home values grow with time and how, by extension, that grows your own wealth. That may be why, in a recent Fannie Mae survey, 76% of respondents say they believe buying a home is a safe investment.

If you look at the percent change in home prices, you can see home prices grew on average by just over 57% nationwide over a five-year period.

Nationwide, home prices appreciated by an average of over 297% over a roughly 30-year...

www.simplifyingthemarket.com

Wondering why the supply of homes for sale is limited today? There are a few factors at play. Lack of building over time, the mortgage rate lock-in effect, and people staying in their houses longer are three of the main reasons why supply is low. But real estate agents know exactly where to look and what to do to make your dream a reality. DM me so you have an expert on your side to help you successfully navigate the market and find your next home.

www.simplifyingthemarket.com

If your listing expired and your house didn’t sell, you’re likely feeling a little frustrated. Not to mention, you're also probably wondering what went wrong. Here are three questions to think about as you figure out what to do next.

Did You Limit Access to Your House?

One of the biggest mistakes you can make when selling your house is restricting the days and times when potential buyers can tour it. ShowingTime advises: “. . . do your best to be as flexible as possible when granting access to your house for showings.”

It’s simple. If no one’s able to look at it, how’s it going to sell?

Did You Make Your House Stand Out?

When selling your house, the old saying matters: you never get a second chance to make a first impression. Putting in the work to make the exterior of your home look nice is just as important as how you stage it inside. As an article from U.S. News says: “After all, if people drive by, but aren’t interested enough to walk through...

Why Your House Didn’t Sell If your listing expired and your house didn’t sell, you’re likely feeling a little frustrated.

You might remember the housing crash in 2008, even if you didn't own a home at the time. If you’re worried there’s going to be a repeat of what happened back then, there's good news – the housing market now is different from 2008.

Here’s a closer look at today's housing inventory to understand why this isn’t like 2008.

Homeowners Deciding To Sell Their Houses

Although housing supply did grow compared to last year, it’s still low. The current months’ supply is below the norm. There’s only about a third of that available inventory today.

Newly Built Homes

People are also talking a lot about what's going on with newly built houses these days, and that might make you wonder if homebuilders are overdoing it.

The 14 years of underbuilding is a big part of the reason why inventory is so low today. Basically, builders haven’t been building enough homes for years now and that’s created a significant deficit in supply.

Distressed Properties...

Why Today’s Housing Inventory Shows a Crash Isn’t on the Horizon You might remember the housing crash in 2008, even if you didn't own a home at the time.

If you’re thinking of making a move, one of the biggest questions you have right now is probably: what’s happening with home prices? Despite what you may be hearing in the news, nationally, home prices aren’t falling. It’s just that price growth is beginning to normalize. Here’s the context you need to really understand that trend.

In the housing market, there are predictable ebbs and flows that happen each year. It’s called seasonality. Spring is the peak homebuying season when the market is most active. That activity is typically still strong in the summer but begins to wane as the cooler months approach. Home prices follow along with seasonality because prices appreciate most when something is in high demand.

Why This Is So Important to Understand

In the coming months, you’re going to see the media talk more about home prices. In their coverage, you’ll likely see industry terms like these:

• Appreciation: when prices increase.
• Deceleration...

www.simplifyingthemarket.com If you’re thinking of making a move, one of the biggest questions you have right now is probably: what’s happening with home prices? 

If you’re looking to buy a home this fall, there are a few things you need to know. Affordability is tight with today’s mortgage rates and rising home prices. At the same time, there’s a limited number of homes on the market right now and that’s creating some competition among buyers. But, if you’re strategic, there are ways to navigate these waters. The first thing you’ll want to do is get pre-approved for a mortgage. That way you’ll know your numbers and can set yourself up for success from the start of your home search.

What Pre-Approval Does for You

Basically, pre-approval gives you critical information about the homebuying process that’ll help you understand how much you may be able to borrow. Why does this help you, especially today? With higher mortgage rates and home prices impacting affordability for many buyers right now, a solid understanding of your numbers is even more important so you can truly wrap your head around your options...

www.simplifyingthemarket.com If you’re looking to buy a home this fall, there are a few things you need to know.

While remote work peaked during the pandemic, many people still work from home today. If you’re one of them, it could have an unexpected benefit when you’re looking to buy a home. If you can work from home, you might have more choices for where to live. DM me to talk about your options and what's most important to you.

How Remote Work Helps with Your House Hunt [INFOGRAPHIC] While remote work peaked during the pandemic, many people still work from home today.

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.

Fannie Mae also finds 90% say “Having a Good Place for Your Family To Raise Your Children” tops their list of why it’s better to buy a home.

Another important factor to think about is what stage of life you’re in. U.S. News breaks it down: “For those with young children, buying a home and putting down roots is a major driver. . . . You don’t want the upheaval of...

The Many Non-Financial Benefits of Homeownership Buying and owning your own home can have a big impact on your life.

The way Americans work has changed in recent years, and remote work is at the forefront of this shift. Experts say it’ll continue to be popular for years to come and project that 36.2 million Americans will be working remotely by 2025. To give you some perspective, that's a 417% increase compared to the pre-pandemic years when there were just 7 million remote workers.

If you’re in the market to buy a home and you work remotely either full or part-time, this trend is a game-changer. It can help you overcome some of today’s affordability and housing inventory challenges.

How Remote Work Helps with Affordability

Remote or hybrid work allows you to change how you approach your home search.

If you're thinking about moving, having this kind of location flexibility can boost your chances of finding a home that fits your budget. Work with your agent to cast a wider net that includes additional areas with a lower cost of living.

More Work Flexibility...

www.simplifyingthemarket.com The way Americans work has changed in recent years, and remote work is at the forefront of this shift.

Are you thinking about selling your house? If so, today’s mortgage rates may be making you wonder if that’s the right decision. Some homeowners are reluctant to sell and take on a higher mortgage rate on their next home. If you’re worried about this too, know that even though rates are high right now, so is home equity. Here’s what you need to know.

Equity is how much your home is worth now, minus what you still owe on your home loan.

How Much Equity Do Homeowners Have Now?

Recently, your equity has been growing faster than you might think. That’s because, over the past few years, home prices went up significantly – and those rising prices helped your equity to accumulate faster than usual. While the market has started to normalize, there are still more people wanting to buy homes than there are homes available for sale. This high demand is causing home prices to go up again.

According to the Federal Housing Finance Agency (FHFA), the Census, and...

www.simplifyingthemarket.com

An important factor shaping today’s market is the number of homes for sale. And, if you’re considering whether or not to list your house, that’s one of the biggest advantages you have right now. When housing inventory is this low, your house will stand out, especially if it’s priced right.

But there are some early signs that more listings are coming. According to the latest data, new listings are trending up. Here’s a look at why this is noteworthy and what it may mean for you.

More Homes Are Coming onto the Market than Usual

It’s well known that the busiest time in the housing market each year is the spring buying season. That’s why there’s a predictable increase in the volume of newly listed homes throughout the first half of the year.

But here’s what’s surprising. Based on the latest data from Realtor.com, there’s an increase in the number of sellers listing their houses later this year than usual. A peak this late in the year isn’t...

Are More Homes Coming onto the Market? An important factor shaping today’s market is the number of homes for sale.