Caleb Marlow, Realtor

Wondering How Much You Need To Save for a Down Payment?

If you’re getting ready to buy your first home, you’re likely focused on saving up for everything that purchase involves. One cost that’s likely top of mind is your down payment. But don't let a common misconception about how much you need to save make the process harder than it could be.

>>Understand 20% Isn’t Always the Typical Down Payment
Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize. According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, the median down payment today is only 14%. And it’s even lower for first-time homebuyers at just 6% (see graph below):

>>Learn About Options That Can Help You Toward Your Goal
If saving for a down payment still feels like a challenge, know that there’s help available. A real estate professional and trusted lender can show you options that could help you get closer to your down payment goal.
Plus there are even loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants.

To understand your options, be sure to do your homework. If you’re interested in learning more about down payment assistance programs, information is available through sites like Down Payment Resource. Then, partner with a trusted lender to learn what you qualify for on your homebuying journey.

Remember, a 20% down payment isn’t always required. If you want to purchase a home this year, contact me to start the conversation and explore your down payment options.

Marlow Group | COMPASS
(512) 294-1394
[email protected]
www.marlow.group

If you’re planning to sell your house, it’s important to understand that today’s housing market is different than it was just a few months ago. But homes priced at market value are still in demand and could still sell quickly. If you’re ready to list, working with a real estate professional is essential to pricing it right. Contact me today.

Marlow Group | COMPASS
Caleb Marlow, Broker Associate
(512) 294-1394
[email protected]

[email protected]
www.marlow.group

What Are Your Goals in the Housing Market This Year?

If buying or selling a home is part of your dreams for 2023, it’s essential for you to understand today’s housing market, define your goals, and work with industry experts to bring your homeownership vision for the new year into focus.

In the last year, high inflation had a big impact on the economy, the housing market, and likely on your wallet too.

Here are a few questions you can start thinking through as you fine tune your goals for 2023.

>>1. What’s Motivating You?

You’re dreaming about making a move for a reason – what is it? Use what’s motivating you as a guidepost in partnership with an expert advisor to help make sure your move will give you a lasting sense of accomplishment.

>>2. What Does Your Next Home Look Like?

The available supply of homes for sale has grown, and that could mean more options to choose from when you buy. Just be sure to keep your budget in mind and work with a trusted real estate professional to balance your wants and needs.

>>3. How Ready Are You To Buy?

Working with a local agent and a lender early is the best way to make sure you’re in a good position to buy. This could include planning how much to save for a down payment, getting pre-approved for a home loan, and assessing your current home equity if your move involves selling your existing house.

>>A Professional Will Guide You Through Every Step of the Process

Buying or selling a home is a big process that takes expertise to navigate. If that feels a bit overwhelming, you aren’t alone. A trusted expert can bridge that gap and give you the best advice and information about today’s market.

Contact me so you can plan how your dreams for 2023 can become a reality.

Marlow Group | COMPASS
(512) 294-1394
[email protected]
www.marlow.group

Thinking about buying a home next year and wondering what to expect? Experts say the 2023 housing market will have some key perks for buyers. In particular, you’ll have more homes to choose from, and that means you may see less intense competition from other buyers. If you’re ready to start planning for your home search, contact me.

Marlow Group | COMPASS
Caleb Marlow, Broker Associate
(512) 294-1394
[email protected]

[email protected]
www.marlow.group

Planning To Sell Your House? It’s Critical To Hire a Pro.

If you’re thinking of selling your house, the best way to make sure you’re in the know is to work with a trusted housing market expert. Here's why.

>>1. A Real Estate Advisor Is an Expert on Market Trends
An expert real estate advisor has the latest information about national trends and your local area too. More importantly, they’ll know what all of this means for you so they’ll be able to help you make a decision based on trustworthy, data-bound information.

>>2. A Local Professional Knows How To Set the Right Price
If you sell your house on your own, you may be more likely to overshoot your asking price because you’re not as aware of where prices are today. Real estate professionals provide an unbiased eye when they help you price your house.

>>3. A Real Estate Advisor Helps Maximize Your Pool of Buyers
Real estate professionals have a large variety of tools at their disposal, such as social media followers, agency resources, and the Multiple Listing Service (MLS) to ensure your house gets in front of people looking to make a purchase.

>>4. A Real Estate Expert Will Read – and Understand – the Fine Print
Today, more disclosures and regulations are mandatory when selling a house. That means the number of legal documents you’ll need to juggle is growing. A real estate professional knows exactly what all the fine print means, and how to work through it efficiently.

>>5. A Trusted Advisor Is a Skilled Negotiator
If you sell without a professional, you’ll also be responsible for any back-and-forth. Instead of going toe-to-toe with all the parties involved with a transaction alone, lean on an expert.

Contact me so you have an expert by your side to guide you in today’s market.

Marlow Group | COMPASS
(512) 294-1394
[email protected]
www.marlow.group

On average, nationwide, home prices appreciated by 60.6% over the past five years. For existing homeowners, that means you’ve likely gained significant equity over time. And if you plan to sell your current house and buy your next home, that equity can help power your move. If you have questions about your specific situation, contact me.

Marlow Group | COMPASS
Caleb Marlow, Broker Associate
(512) 294-1394
[email protected]

[email protected]
www.marlow.group

Applying For a Mortgage? Here’s What You Should Avoid Once You Do.

While it’s exciting to start thinking about moving in and decorating after you’ve applied for your mortgage, there are some key things to keep in mind before you close.

>>Don’t Deposit Large Sums of Cash
Before you deposit any amount of cash into your accounts, 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.

>>Don’t Cosign Loans for Anyone
When you cosign for a loan, you’re making yourself accountable for that loan’s success and repayment. With that obligation comes higher debt-to-income ratios as well.

>>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
It doesn’t matter whether it’s a new credit card or a new car, when you have your credit report run by organizations in multiple financial channels, it will have an impact on your FICO score.

>>Don’t Close Any Accounts
Many buyers believe having less available credit makes them less risky and more likely to be approved. This isn’t true. Closing accounts has a negative impact on both of those aspects of your score.

>>Do Discuss Changes with Your Lender
Be upfront about any changes that occur or you’re expecting to occur when talking with your lender. Blips in income, assets or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. If you have questions, contact me.

Marlow Group | COMPASS
(512) 294-1394
[email protected]
www.marlow.group

While the housing market has cooled this year, there’s still an imbalance between supply and demand. Even though buyer demand has eased because of higher mortgage rates, there’s still a deficit of homes for sale due to underbuilding over the past 15 years. If you’re wondering how this impacts your plans to buy or sell, contact me.

Marlow Group | COMPASS
Caleb Marlow, Broker Associate
(512) 294-1394
[email protected]

[email protected]
www.marlow.group

Confused About What’s Going on in the Housing Market? Lean on a Professional.

If you’re thinking about buying or selling a home, you probably want to know what’s really happening with home prices, mortgage rates, housing supply and more. That’s not an easy task considering how sensationalized headlines are today.

Unfortunately, when information in the media isn’t clear, it can generate a lot of fear and uncertainty in the market.

But it doesn’t have to be that way. Buying or selling a home is a big decision, and it should be one you feel confident making. To help you separate fact from fiction and get the answers you need, lean on a local real estate advisor.

A trusted expert is your best resource to understand what’s happening at the national and local levels. They’ll be able to debunk the headlines using data you can trust. And using their in-depth knowledge of the industry, they’ll provide context so you know how current trends compare to the normal ebbs and flows in the industry, historical data and more.

Then, to make sure you have the full picture, they’ll tell you if your local area is following the national trend or if they’re seeing something different in your market. Together, you’ll use all of that information to make the best possible decision for you.

After all, making a move is a potentially life-changing milestone. It should be something you feel ready for and excited about. And that’s where an agent comes in.

If you have questions about the headlines or what’s happening in the housing market today, contact me for expert insights and advice.

Marlow Group | COMPASS
(512) 294-1394
[email protected]
www.marlow.group

Home means something different to all of us. Whether it’s sharing memories with loved ones at the kitchen table or settling in to read a book in a favorite chair, the emotional connections to our living space is what truly makes a house a home. If you’re ready to accomplish your dream of homeownership, contact me today.

Marlow Group | COMPASS
Caleb Marlow, Broker Associate
(512) 294-1394
[email protected]

[email protected]
www.marlow.group

Financial Fundamentals for First-Time Homebuyers

Are you preparing to buy your first home? If so, one of the steps you should take early on is making sure you’re financially ready for your purchase. Here are just a few of the financial fundamentals you’ll need to focus on as you set out to buy a home.

>>Build Your Credit

Your credit is one element that helps determine which home loan you’ll qualify for. It also impacts your mortgage interest rate. While there are many factors that go into your mortgage application, a higher credit score could lead to a lower monthly payment in the long run.

>>Automate Your Savings for Your House Fund

Bankrate provides buyers with a number of tips to help you save, including searching for down payment assistance programs and ways you can save more, faster. As the article says:

“One of the best ways to save for anything — including a down payment — is to set it and forget it. If you receive a regular paycheck, ask your employer to direct a portion of that payment into a savings account. If you’re a freelance worker or independent contractor, set up a recurring transfer from a checking account to a savings account to establish the routine.”

>>Get Pre-Approved

Pre-approval from a lender lets you know how much money you can borrow for your home loan. This can help you really understand your options so you can start to picture your future home.

>>Build a Team of Professionals

Finally, the best way to prepare for your purchase is to connect with trusted real estate professionals. Having expert advisors in the industry will help you make strong decisions throughout the homebuying process based on your specific goals, finances, and situation.

Contact me today to get started.

Marlow Group | COMPASS
(512) 294-1394
[email protected]
www.marlow.group

Home equity builds over time. You can use the equity you’ve built over the years toward a down payment when you move, to renovate your current house, or to achieve personal goals like funding an education. DM me to learn more about how much equity you have and how it can help you buy your dream home if you’re ready to move.

Marlow Group | COMPASS
Caleb Marlow, Broker Associate
(512) 294-1394
[email protected]

[email protected]
www.marlow.group

What Makes a House a Home?

There’s no denying the long-term financial benefits of owning a home, but today’s housing market may have you wondering if now’s still the time to buy. While the financial aspects of buying a home are important, the non-financial and emotional reasons are too.

Home means something different to all of us. Whether it’s sharing memories with loved ones at the kitchen table or settling in to read a book in a favorite chair, the emotional connections to our homes can be just as important as the financial ones.

>>1. You Can Be Proud of Your Accomplishment
Buying a home is a major life milestone. The sense of accomplishment you’ll feel at the end of your journey will truly make your home feel like a special place.

>>2. You Have Your Own Designated Happy Place
Owning your own home offers not only safety and security, but also a comfortable place where you can relax and unwind after a long day. Sometimes that’s just what you need to feel recharged and content.

>>3. You Can Find the Space To Meet Your Needs
Whether you want more room for your changing lifestyle or you simply prefer to have a large backyard for entertaining, you can invest in a home that truly works for your evolving needs.

>>4. You Can Customize Your Surroundings
Looking to try one of those decorative wall treatments you saw online? Tired of paying an additional pet deposit for your apartment building? Or maybe you want to create an in-home yoga studio. You can do all these things in your own home.

Whether you’re planning to purchase your first home or you’re ready to buy a different home to meet your needs, consider the emotional benefits that can turn a house into a happy home. When you’re ready to make a move, DM me.

Marlow Group | COMPASS
(512) 294-1394
[email protected]
www.marlow.group

If you’re planning to sell your house, understanding market conditions is critical. While it’s still a sellers’ market, buyers are regaining some negotiation power. That means you may need to be prepared to work with buyers on things like closing costs, appraisals, or repairs. Contact me so you have a trusted expert to help guide you through today’s market.

Marlow Group | COMPASS
Caleb Marlow, Broker Associate
(512) 294-1394
[email protected]

[email protected]
www.marlow.group

What To Expect From the Housing Market in 2023

The 2022 housing market has been defined by two key things: inflation and rapidly rising mortgage rates. And in many ways, it's put the market into a reset position.

But what does that mean for next year? What everyone really wants is more stability in the market in 2023. For that to happen we’ll need to see the Fed bring inflation down even more and keep it there. Here’s what housing market experts say we can expect next year.

>>What’s Ahead for Mortgage Rates in 2023?

Moving forward, experts agree it’s still going to be all about inflation. If inflation is high, mortgage rates will be as well. But if inflation continues to fall, mortgage rates will likely respond. While there may be early signs inflation is easing as we round out this year, we’re not out of the woods just yet. Inflation is still something to watch in 2023.

In the meantime, expect some volatility as rates will likely fluctuate in the weeks ahead. If we see inflation come back under control, that would be good news for the housing market.

>>What Will Happen to Home Prices Next Year?

We’ve seen home prices moderate and housing supply grow as buyer demand pulled back due to higher mortgage rates. The level of moderation has varied by local area – with the biggest changes happening in overheated markets. But do experts think that will continue?

Some experts are saying home prices will appreciate next year, and others are saying home prices will come down. The truth is probably somewhere in the middle. That means nationally, we’ll likely see relatively flat or neutral appreciation in 2023.

The best way to keep a pulse on what experts are projecting for next year is to lean on a trusted real estate advisor. Contact me.

Marlow Group | COMPASS
(512) 294-1394
[email protected]
www.marlow.group

The 2023 housing market will be defined by two key factors: inflation and mortgage rates. Where rates go in this new year depends on what happens with inflation. If you’re thinking of buying or selling a home, contact me so you have a trusted advisor on your side who can help you understand where the housing market is headed in 2023.

Marlow Group | COMPASS
Caleb Marlow, Broker Associate
(512) 294-1394
[email protected]

[email protected]
www.marlow.group

Homeowners Still Have Positive Equity Gains over the Past 12 Months

If you’re a homeowner, your net worth got a big boost over the past few years thanks to rapidly rising home prices.

Equity is the current value of your home minus what you owe on the loan.

Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially.

And while home price appreciation has moderated this year, and even depreciated slightly in some overheated markets, that doesn’t mean you’ve lost all the equity you gained during the pandemic frenzy.

To prove you still have equity you can use, the latest Homeowner Equity Insights from CoreLogic finds the average homeowner equity has actually grown by $34,300 over the past 12 months.

While the gains aren’t as dramatic as they were in the previous quarter due to home price moderation, they’re still significant. And if you’ve been in your home for longer than a year, chances are you have even more equity than you realize.

While equity helps increase your overall net worth, it can also help you achieve other goals, like buying your next home. When you sell your current house, the equity you’ve built up comes back to you in the sale, and it may be just what you need to cover a large portion – if not all – of the down payment on your next home.

So, if you’ve been holding off on selling because you weren’t sure what the headlines meant for your bottom line, rest assured you’ve still gained equity in recent years, and it can help fuel your move.

To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, contact me.

Marlow Group | COMPASS
(512) 294-1394
[email protected]
www.marlow.group

Remember, your first home might not be your forever home. Purchasing a starter home today helps you achieve your homeownership goal and sets you up to build equity over time. And, that equity can help power a move into your dream home down the road. Contact me to explore your options and start your home search today.

Marlow Group | COMPASS
Caleb Marlow, Broker Associate
(512) 294-1394
[email protected]

[email protected]
www.marlow.group

Mortgage Rates Are Dropping. What Does That Mean for You?

Mortgage rates have been a hot topic in the housing market over the past 12 months. Compared to the beginning of 2022, rates have risen dramatically. Now they’re dropping, and that has to do with everything happening in the economy.

Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains it well by saying:

“Mortgage rates dropped even further this week as two main factors affecting today's mortgage market became more favorable. Inflation continued to ease while the Federal Reserve switched to a smaller interest rate hike. As a result, according to Freddie Mac, the 30-year fixed mortgage rate fell to 6.31% from 6.33% the previous week.”

So, what does that mean for your homeownership plans? As mortgage rates fluctuate, they impact your purchasing power by influencing the cost of buying a home. Even a small dip can help boost your purchasing power. That’s why it’s important to work with a trusted real estate professional who follows what the experts are projecting for mortgage rates for the days, months, and year ahead.

Mortgage rates are likely to fluctuate depending on what happens with inflation moving forward, but they have dropped slightly in recent weeks. If a 7% rate was too high for you, it may be time to contact a lender to see if the current rate is more in line with your goal for a monthly housing expense.

Marlow Group | COMPASS
(512) 294-1394
[email protected]
www.marlow.group

Are you considering buying a multi-generational home? If so, it does have a number of benefits. It allows you to pool your finances when buying a home, makes it easier to care for loved ones, and allows for more quality time together. To discuss what you’re looking for in a home, contact me, and let’s start the conversation today.

Marlow Group | COMPASS
Caleb Marlow, Broker Associate
(512) 294-1394
[email protected]

[email protected]
www.marlow.group

Planning to Retire? It Could Be Time To Make a Move.

If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.

Here are a few things to think about when making that decision.

>>Consider How Long You’ve Been in Your Home

From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer.

If your current home no longer meets your needs, you may have better options waiting for you.

>>Consider the Equity You’ve Gained

Additionally, if you’ve been in your home for more than a few years, you’ve likely built up significant equity that can fuel your next move. Data from the Federal Housing Finance Agency (FHFA) illustrates that point.

While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by over 50%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value over that time.

>>Consider Your Retirement Goals

Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, equity can help you achieve your homeownership goals.

Whatever your home goals are, a trusted real estate advisor can work with you to find the best option. They’ll help you sell your current house and guide you as you buy the home that’s right for you and your lifestyle today. DM me to explore the opportunities in our local market.

Marlow Group | COMPASS
(512) 294-1394
[email protected]
www.marlow.group