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Home Buying | AtCoastal Realty - The Morton Group Blog

Tuesday, March 26, 2024   /   by Todd Morton

What’s the Latest with Mortgage Rates?

Recent headlines may leave you wondering what’s next for mortgage rates. Maybe you’d previously heard there were going to be cuts this year that would bring rates down. That refers to the Federal Reserve (the Fed) and what they do to their Fed Funds Rate. While cutting, or lowering, the Fed Funds Rate doesn’t directly determine mortgage rates, it does tend to impact them. But when the Fed met last week, a cut didn’t happen — at least, not yet. 
There are a lot of factors the Fed considered in their recent decision and most of them are complex. But you don’t need to be bogged down by those finer details. What you really want is the answer to this question: does that mean mortgage rates aren’t going to fall? Here’s what you need to know. 
Mortgage Rates Are Still Expected To Drop This Year
While it hasn’t happened yet, that doesn’t mean it won&r. ...

  virginia beach, home buying, first-time home buyer, housing market, virginia beach realtors, home prices, mortgage rates, mortgage, mortgage approval

Monday, March 18, 2024   /   by Todd Morton

4 Tips To Make Your Strongest Offer on a Home

Are you thinking about buying a home soon? If so, you should know today’s market is competitive in many areas because the number of homes for sale is still low – and that’s leading to multiple-offer scenarios. And moving into the peak homebuying season this spring, this is only expected to ramp up more.

Remember these four tips to make your best offer.

1. Partner with a Real Estate Agent

Rely on a real estate agent who can support your goals. As PODS notes:

“Making an offer on a home without an agent is certainly possible, but having a pro by your side gives you a massive advantage in figuring out what to offer on a house.”

Agents are local market experts. They know what’s worked for other buyers in your area and what sellers may be looking for. That advice can be game changing when you’re deciding what offer to bring to the table.

2. Understand Your Budget

Knowing your numbers is even; ...

  virginia beach, home buying, first-time home buyer, housing market, housing supply, the morton group, virginia beach realtors, home prices

Wednesday, March 13, 2024   /   by Todd Morton

Biden to call for first-time homebuyer tax credit, construction of 2 million homes

The White House announced that President Joe Biden will call on lawmakers in the House of Representatives and the Senate to address a series of housing issues in his State of the Union address, which will be delivered to a joint session of Congress and televised nationally on Thursday night.
In the address, the president will call for a $10,000 tax credit for both first-time homebuyers and people who sell their starter homes; the construction and renovation of more than 2 million additional homes; and cost reductions for renters.
Biden will also call for “lower homebuying and refinancing closing costs and crack down on corporate actions that rip off renters,” according to the White House announcement.
The mortgage relief credit would provide “middle-class first-time homebuyers with an annual tax credit of $5,000 a year for two years,” according to the announcement. This would act as an equivalent to reducing the mortgag; ...

  home buying, tax credit, first-time home buyer, mortgage relief, state of the union

Monday, March 11, 2024   /   by Todd Morton

What’s ‘in’ and What’s ‘out’ this Spring Home-Buying Season

First-time home buyer Brett Feldman began looking for a home four months ago, eager to own his own property. Mortgage rates were high, and home prices were rising, but the Atlanta native wanted to start building equity on his first home.
The market has turned out to be unusually hot. “It’s difficult to find a house,” Feldman, a 25-year-old real-estate entrepreneur who is looking to buy a $2 million single-family home, told MarketWatch in an interview. 
When a listing pops up and Feldman and his real-estate agent request to view it, they are sometimes told that there are six or seven offers already on the table, he said.
“It goes very quickly. It has shocked me completely,” Feldman added. “I wasn’t expecting it when I started the process.”
Spring home-buying season beckons
Feldman’s experience is one that many other house hunters may already be experiencing, or are about to experience, in the coming months. 
The spr ...

  first-time home buyer, home buying, housing market, virginia beach

Monday, March 4, 2024   /   by Todd Morton

What To Know About Credit Scores Before Buying a Home in Virginia

If you want to buy a home, you should know your credit score is a critical piece of the puzzle when it comes to qualifying for a mortgage. Lenders review your credit to see if you typically make payments on time, pay back debts, and more. Your credit score can also help determine your mortgage rate. An article from US Bank explains:

“A credit score isn’t the only deciding factor on your mortgage application, but it’s a significant one. So, when you’re house shopping, it’s important to know where your credit stands and how to use it to get the best mortgage rate possible.”

That means your credit score may feel even more important to your homebuying plans right now since mortgage rates are a key factor in affordability. According to the Federal Reserve Bank of New York, the median credit score in the U.S. for those taking out a mortgage is 770. But that doesn’t mean your credit. ...

  first-time home buyer, home buying, housing market, virginia beach

AtCoastal Realty - The Morton Group
Todd Morton
582 Lynnhaven Pkwy STE 400
Virginia Beach, VA 23452
757-589-7628
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Shannon Hodges
600 Lynnhaven Parkway Suite 100
Virginia Beach VA 23452
757-553-1643

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