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Trying To Buy a Home? Hang in There.

Written by St. Augustine Mortgage Syndicated User on . Posted in Buying Myths, First Time Home Buyers, For Buyers, Move-Up Buyers, Pricing, St. Augustine, St. Augustine Mortgage.

Trying To Buy a Home? Hang in There. Simplifying The Market

We’re still in a sellers’ market. And if you’re looking to buy a home, that means you’re likely facing some unique challenges, like difficulty finding a home and volatile mortgage rates. But keep in mind, there are some benefits to being a buyer in today’s market that give you good reason to stick with your search. Here are a few of them.

Long-Term Benefits Outweigh Short-Term Challenges

Owning a home grows your net worth – and since building that wealth takes time, it makes sense to start as soon as you can. If you wait to buy and keep renting, you’ll miss out on those monthly housing payments going toward your home equity. Freddie Mac puts it this way:

“Homeownership not only builds a sense of pride and accomplishment, but it’s also an important step toward achieving long-term financial stability.”

The key there is long-term because the financial benefits homeownership provides, like home value appreciation and equity, grow over time. Those benefits are worth the short-term challenges today’s sellers’ market presents.

Mortgage Rates Are Constantly Changing

Mortgage rates have been hovering around 6.5% over the last several months. However, as Sam Khater, Chief Economist at Freddie Mac, notes, they’ve been coming down some recently:

“Economic uncertainty continues to bring mortgage rates down. Over the last several weeks, declining rates have brought borrowers back to the market . . .”

Lower mortgage rates improve your purchasing power when you buy, and that can help make homeownership more affordable. Hannah Jones, Economic Data Analyst at realtor.com, explains:

“As we move into the spring buying season, mortgage rates have ticked lower, a welcomed sign of progress towards affordability.”

The recent drop in mortgage rates is good news if you couldn’t afford to buy a home when they peaked.

Home Prices Will Increase

According to the Home Price Expectation Survey, which polls over 100 real estate experts, home values will go up steadily over the next few years after a slight decline this year (see graph below):

Rising home prices in the coming years means two things for you as a buyer:

  • Waiting to buy a home could mean it’ll become more expensive to do so.
  • Buying now means the value of your home, and your net worth, will likely grow over time.

Why Aren’t Home Prices Crashing?

Written by St. Augustine Mortgage Syndicated User on . Posted in For Buyers, For Sellers, Housing Market Updates, St. Augustine, St. Augustine Mortgage.

Why Aren’t Home Prices Crashing? Simplifying The Market

There have been a lot of shifts in the housing market recently. Mortgage rates rose dramatically last year, impacting many people’s ability to buy a home. And after several years of rapid price appreciation, home prices finally peaked last summer. These changes led to a rise in headlines saying prices would end up crashing.

Even though we’re no longer seeing the buyer frenzy that drove home values up during the pandemic, prices have been relatively flat at the national level. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), doesn’t expect that to change:

“[H]ome prices will be steady in most parts of the country with a minor change in the national median home price.”

You might think sellers would have to lower prices to attract buyers in today’s market, and that’s part of why some may have been waiting for prices to come crashing down. But there’s another factor at play – low inventory. And according to Yun, that’s limiting just how low prices will go:

“We simply don’t have enough inventory. Will some markets see a price decline? Yes. [But] with the supply not being there, the repeat of a 30 percent price decline is highly, highly unlikely.”

As you can see in the graph below, we’ve been at or near record-low inventory levels for a few years now.

That lack of available homes on the market is putting upward pressure on prices. Bankrate puts it like this:

“This ongoing lack of inventory explains why many buyers still have little choice but to bid up prices. And it also indicates that the supply-and-demand equation simply won’t allow a price crash in the near future.”

If more homes don’t come to the market, a lack of supply will keep prices from crashing, and, according to industry expert Rick Sharga, inventory isn’t likely to rise significantly this year:

“I believe that we’re likely to see low inventory continue to vex the housing market throughout 2023.”

Sellers are under no pressure to move since they have plenty of equity right now. That equity acts as a cushion for homeowners, lowering the chances of distressed sales like foreclosures and short sales. And with many homeowners locked into low mortgage rates, that equity cushion isn’t going anywhere soon.

With so few homes available for sale today, it’s important to work with a trusted real estate agent who understands your local area and can navigate the current market volatility.

Two Reasons You Should Sell Your House

Written by St. Augustine Mortgage Syndicated User on . Posted in For Sellers, Housing Market Updates, Selling Myths, St. Augustine, St. Augustine Mortgage.

Two Reasons You Should Sell Your House Simplifying The Market

Wondering if you should sell your house this year? As you make your decision, think about what’s motivating you to consider moving. A recent survey from realtor.com asked why homeowners are thinking about selling their houses this year. Here are the top two reasons (see graphic below):

Let’s break those reasons down and explore how they might resonate with you.

1. I Want To Take Advantage of the Current Market and Make a Profit

When you decide to sell your house, how much you’ll make from the sale will likely be top of mind. So, here’s some good news: according to the latest data, the average seller can expect a strong return on their investment when they make a move. ATTOM explains: 

“The $112,000 profit on median-priced home sales in 2022 represented a 51.4% return on investment compared to the original purchase price, up from 44.6% last year and from 32.8% in 2020.”

Even though home prices have declined slightly in some markets, they’re still much higher overall than they were just a few years ago. To understand what’s happening with home prices in your area and the current value of your house, work with a local real estate professional. They can give you the best advice on how much you could gain if you sell this year.

2. My Home No Longer Meets My Needs

The average person has been in their house for ten years. That’s a long time when you think about how much may have changed in your life since you moved in. And typically, those changes have a direct impact on what you need in a home. Whether it’s more (or less) space, different features, or a location closer to your work or loved ones, your current house may no longer check all the boxes of what feels like home to you. If that’s the case, it could be time to work with a real estate agent to find a better fit.

How Changing Mortgage Rates Can Affect You

Written by St. Augustine Mortgage Syndicated User on . Posted in Buying Myths, For Buyers, Interest Rates, St. Augustine, St. Augustine Mortgage.

How Changing Mortgage Rates Can Affect You Simplifying The Market

The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.

The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:

Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down.

What This Means for You

You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough. Lisa Sturtevant, Housing Economist at Bright MLS, explains:

“It is typically a fool’s errand for a homebuyer to try to time rates in this market . . . But volatility in mortgage rates right now can have a real impact on buyers’ monthly payments.”

That’s why it’s critical to lean on your expert real estate advisors to explore your mortgage options, understand what impacts mortgage rates, and plan your homebuying budget around today’s volatility. They’ll also be able to offer advice tailored to your specific situation and goals, so you have what you need to make an informed decision.

We’re in a Sellers’ Market. What Does That Mean?

Written by St. Augustine Mortgage Syndicated User on . Posted in For Sellers, Selling Myths, St. Augustine, St. Augustine Mortgage.

We’re in a Sellers’ Market. What Does That Mean? Simplifying The Market

Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today’s low supply of homes for sale is still a sellers’ market. But what does that really mean? And why are conditions today so good if you want to list your house?

It starts with the number of homes available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below):

What Does This Mean for You?

When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find one to purchase. That creates increased competition among purchasers and keeps upward pressure on prices. And if buyers know they’re not the only one interested in a home, they’re going to do their best to submit a very attractive offer. As this happens, sellers are positioned to negotiate deals that meet their ideal terms. Lawrence Yun, Chief Economist at NAR, says:

“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”

Right now, there are still buyers who are ready, willing, and able to purchase a home. If you list your house right now in good condition and at the right price, it could get a lot of attention from competitive buyers.

4 Key Tips for Selling Your House This Spring

Written by St. Augustine Mortgage Syndicated User on . Posted in For Sellers, Housing Market Updates, Selling Myths, St. Augustine, St. Augustine Mortgage.

4 Key Tips for Selling Your House This Spring Simplifying The Market

Spring has arrived, and that means more and more people are getting their homes ready to sell. But with recent shifts in real estate, this year’s spring housing market will be different from the frenzy of the past several years. To sell your house quickly, without hassles, and for the most money, be sure to follow these four simple tips:

1. Make Sure You Give Buyers Access

One of the biggest mistakes you can make as a seller is limiting the days and times when buyers have access to view your home. In any market, if you want to maximize the sale of your house, you can’t limit potential buyers’ access to view it. If it’s not accessible, it could cost you by sitting on the market longer and ultimately selling for a lower price.

2. Make Your Home Look as Good as Possible on the Inside

For anything to sell, especially your home, it must look inviting. Your real estate agent can give you expert advice on ideal staging for your home. Even updating a room with fresh paint, steam cleaning carpets, or removing clutter from the garage can make a big impact.

3. First Impressions Matter

The old saying “you never get a second chance to make a first impression” matters when selling your house. Often, the first impression a buyer gets is what they see as they walk up to the front door. Putting in the work in on the exterior of your home is just as important as what you stage inside. Freshen up your landscaping to improve your home’s curb appeal so you can make an impact with potential buyers.

4. Price It Right

This is probably the most important aspect of selling your home in today’s real estate market. If a house is priced competitively, it’s going to sell. Period. To do this, you have to know what’s happening with home prices in your area and understand the factors that are affecting the market right now. That’s why it’s best to work with a trusted real estate professional who can ensure you list your house at the right price.

St. Augustine Summer Camps 2023

Written by St. Augustine Mortgage Syndicated User on . Posted in Kid Friendly, St. Augustine, St. Augustine Mortgage, St. Augustine News, Things to Do.

Updated on March 28, 2023

Collage of a child painting, children pow-wowing, child playing basketball, and children throwing hands up in celebration.

Summertime fun returns to the Nation’s Oldest City in 2023!  These popular summer camps are enrolling now- with many filling up well before the session starts. Please keep in mind that a camp your child has previously attended might be operated differently this year.

Disclaimer: OldCity.com makes every effort to ensure the information on this page is accurate. Please contact each organization before making permanent plans.

Alligator Farm Camps

Date: Weeks in June, July, and August
Time: 9am to 4pm
Location: Alligator Farm

About:  This summer, send your kids to one of the several week-long wildlife camps at the Alligator Farm! The theme of each camp varies, but each child will spend their days viewing animal presentations, shows, taking zoo tours, chatting with the zookeepers, playing games, arts and crafts, and much more! Camp themes this year include: It’s a Pirate’s Life, JR Scientist, Zoorassic Park, Rainforest, Natures Nasties, Jr Zookeeper, Feasts for Beasts, and Backyard Buddies!

Alligator Farm Zoo Camps

First Coast Cultural Center

Date: Sessions May-August
Time: Monday – Thursday, 8:30 – 2:30
Location: Varies per session

About:  The First Coast Cultural Center is hosting multiple camps this summer, each designed with different ages and skill sets in mind.  This summer’s camps include Imagination Vacation where kids will learn each week a new theme!  For children 8+ there is the theater camp, where they will be learning and performing skits!  Another drama camp, led by Sheri Lahri, will teach kids improv, monologues, scene work and more.  This session is for any skill level or age.

https://firstcoastculturalcenter.org/arts-programs/summer-art-camps

Art Association Summer Camp

Date: Sessions start June 5th and July
Time: 9 AM- Noon (half-day sessions)
Location: St. Augustine Art Association

About:  The St. Augustine Art Association in partnership with Lightner Museum is offering four camp sessions this year!  Keep in mind these are half-day sessions, not full day.  Session one’s theme is 1st Things 1st, where students will explore drawing in pencil!  Session two is Limited Edition! Third Session theme is Hot Wheels and the final session is My Point of View.

www.staaa.org/summer-art-camp/

GTM Research Reserve Camp

Date: Weeks in June and July
Time: Monday through Thursday; 9 am to 3 pm
Location: GTM Research Reserve

About:  Children will investigate animals and plants in Estuary Camp,  Ecology Camp will focus on organisms in forest and beach habitats and the three day Conservation Camp focuses on estuarine and marine science, coastal science related STEM careers.  Additionally, children will partake in scientific monitoring and stewardship activities very similar to the programs GTM biologists conduct on site. Campers can choose the following camps: Estuary Week, Ecology Week, Conservation Camp.  Sessions are separated by ages 6-8,  9-12 and 13-15 (Conservation Camp Only .

gtmnerr.org/summer-camp/

Lighthouse Summer Camps

Date: Weeks in June and July
Time: Times vary with Options
Location: St. Augustine Lighthouse and Maritime Museum

About: Join the St. Augustine Lighthouse and Maritime Museum this summer to explore maritime history, heritage and educational experiences. Students in 1st through 5th grade can register.  This year the camps will focus on  La Florida, Underwater Detectives, Roaring St. Augustine, Wild St Augustine and Colonial St. Augustine.

www.staugustinelighthouse.org/explore-learn/education/day-camps/

Limelight Theatre KidzfACTory

Date: June, and July
Time: Times vary
Location: Limelight Theatre

About:  Each spring and summer, Limelight Theatre hosts several camps for children 5-18 years old. During camp, children work together and learn about just what it takes to present a musical as well as the dynamics of onstage and offstage theatre work. At the end of camp, parents are invited to watch their children perform the musical they’ve been working so hard on throughout camp. This year’s summer shows are: KidzSing Under the Sea, KidzSing Braodway Babies, Finding Nemo Jr, KidzSing Disney Week, The Spongebob Musical.

Limelight Theatre Summer Camp

Pit Surf Summer Camp

Date: Weeks in May- August
Time: Monday through Thursday; 9 am to 12:30 pm
Location: St. Augustine Beach

About: The Pit Surf Shop is hosting a summer surf camp for boys and girls of all experience levels. Campers can learn from experienced, CPR-certified instructors in a safe and fun environment. Kids will learn about waves, boards, surf etiquette and more; with a 4 to 1 student to instructor ratio. The camp provides surfboards, healthy snacks, drinks, a free bag of swag with items from different companies and of course a Pit Surf shirt.  Attendees must be competent ocean swimmer.

Pit Surf Summer Camp

Sail Camp – SA Yacht Club

Date: Weeks in May and August
Time: Monday through Friday; 9 am to 3 pm
Location: St. Augustine Yacht Club

About:  Sail through summer during St. Augustine Yacht Club’s summer sail camp! Children between the ages of 8 and 17 are invited to learn the ins and outs of sailing. There are beginner, intermediate, and advanced levels available. Participants will learn to pilot sailboats, kayaks, SUPs (stand-up paddle boards), and more. Lessons are taught by US Sailing Certified Instructors and the teacher to student ratio is 1:3. Children will learn about the ropes and knot tying as well as do some swimming.  And at the end of each week- a mini regatta!

Sail Camp

PGA Tour Golf Academy

Date: Weeks in June and July
Time: Varies per session
Location: PGA Tour Academy at World Golf Village

About:  This camp, sponsored by the PGA Tour, allows kids to learn the fundamentals of golf while in a fun environment.  Open to all skill levels, participants can start with the basics or play alongside other experienced players.  Campers learn fundamentals of the game including: full swing, chipping, pitching, putting, bunkers, golf fitness, rules, etiquette along with fun drills and games. 

PGA Tour Summer Camp Schedule

First Coast YMCA Summer Camps

Date: Weeks in May-August
Time: Varies per session
Location: Varies per session

About:  YMCA has offered summer camps for many years- and this year is no exception!  Join them as they host camps centered around STEM, arts and humanities, character development, and sports!  Sessions take place in nearly all counties in Northeast Florida, including St. Johns County.  This years themes include: Ship Wrecked, Under the Sea, World Traveler Week, Into the Jungle, Spirit Wars, and many more!

First Coast YMCA Summer Camps

First Tee- North Florida

Date: Weeks in June, July, and August
Time: Half day, 9 am- 12:30 pm
Location: St. Augustine Shores Golf Club

About:Summer camp coaches introduce the fundamentals of the game of golf while seamlessly integrating the First Tee Nine Core Values and Healthy Habits with the primary goal of having fun!!! Offered at three different program locations, First Tee – North Florida’s Weekly Summer Camps offer a safe, nurturing environment where participants will explore new ways to succeed on and off the golf course.

First Tee- North Florida Golf Camps

Farm Camp- Wesley Wells Farm

Date: June 6-10, June 13-17, June 20-24
Time: Half day, 8:30 am- 12 pm
Location: Wesley Wells Farm

About: Wesley Wells Farm Camp is a great opportunity for kids to experience a working farm, from the fresh snacks straight from the field to hands-on farm work and daily chores, they get a taste of it all and a better appreciation of agriculture.

Farm Camp- Wesley Wells Farm

St. Johns County 4-H Summer Camps

Date: Sessions in June & July
Time: Varies per session
Location: Varies per session

About: This year, 4-H summer camps include all kinds of activities! Join 4-H as they offer sessions such as Science Is Fun, Aquatic Adventures, Bugs & Blooms, Food Science, Enchanted Garden Adventures, Quilting, Amazing Amphibians, Animal Science, Archery, and many more!  These affordable sessions are offered through a partnership between the University of Florida, St. Johns County, and the US Department of Agriculture.  

St. Johns County 4-H

4-H Summer Camp List

Sports & Arts Summer Camps

Date: Sessions in June & July
Time: Varies per session
Location: Heritage Landing or Good News Church (depends on session)

About: Sports & Arts will be hosting three summer camp sessions this year!  Basketball camp at Heritage Landing will teach kids the fundamentals of basketball like free throws, dribbling, and passing.  Their other session, Summer Camp at Good News Church, is open to children K-5.  This camp is all about sports, fitness, and art! No flip flops for these sessions- sneakers only!   Discounts available for siblings that attend together.

Sports & Arts Summer Camps

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