The Fernandina Real Estate Report

10/21/2024

Reading up on the market and came across this quote that backs up my video below: “As compared to a year ago, rates are more than one percentage point lower and potential homebuyers can stand to benefit, especially by shopping around for the best quote as rates can vary widely between mortgage lenders” (source: Sam Khater, Freddie Mac).

I've been in the mortgage business since 1994. Every year I have conversations with buyers that tell me sales prices are too high and rates are too high. I...

09/24/2024

Helping a client today with a lower credit score navigate a tricky situation. He thought he'd have to put over 60% down to secure a loan, which would mean dipping deep into his investments. After some problem-solving, we found a solution that allows him to leave an additional $175k invested. Now, he and his wife have options—they can choose to keep that money working for them or adjust their monthly payments accordingly. The key is: they *have a choice* and aren’t forced to cash out their investments.

I believe in empowering my clients with the knowledge and guidance to make informed decisions. Your mortgage should be a wealth-building tool, not just a necessary evil!

Check out the payment difference in the chart below—qualifying for the higher payment is not a problem for them, but now they can decide what works best for their long-term goals!

Team Wakefield - PrimeLending NMLS: 180383

09/23/2024

Talking to my real estate partners and making a few calls to clients I've assisted in the past. Lots of fun conversations, the occasional not so fun call when I hear a spouse passed away or in the case of a divorce. The last client whose file I reviewed has done pretty well since they purchased in 2017. Their appreciation has been about $110k per year over the 7 year's they've owned the house. If you are curious about your numbers, reach out and I'll be happy to crunch the numbers for you! Team Wakefield - PrimeLending NMLS: 180383

09/18/2024

While we wait to see what action the Fed takes, I figured I’d share a little POSITIVE NEWS from the housing market! 🚨 Housing Starts surged nearly 10% in August, hitting an annual rate of 1.356M units, beating expectations of 1.310M. Single-family starts soared by nearly 16%, while multi-dwelling units dropped 6.7%. Building Permits, a key indicator of future construction, rose by 5%.

Regional breakdown: Starts declined in the Northeast but rose in the Midwest, South, and West.

The key takeaway? While mortgage rates have eased, more inventory is needed to balance the market and lower prices. New homes could play a big role in filling that gap.

As Oliver Allen, senior U.S. economist at Pantheon Macroeconomics, puts it: "Lower mortgage rates will help boost demand for new homes at the margin."

09/03/2024

Some people say the nicest things... Tim White Team Wakefield - PrimeLending NMLS: 180383

08/22/2024

Happy Thursday!!!
- What's happening with mortgage rates? They are on the move...
- Where are they headed? Right now lower...
- Why? Because the "talking heads" are putting out mixed signals about the economy and people are fearful that a recession is coming!
- What info (scheduled) will move the markets? The meeting at Jackson Hole tomorrow when Fed Chair - Mr. P enlightens us with what I'm sure will be a motivational and inspirational message! :)

Make it a great day and reach out if I can be of service. It MAY or MAY NOT be the right time to consider a refinance. It's definitely a good time to buy!! Team Wakefield - PrimeLending NMLS: 180383

08/16/2024

Last week I had the opportunity to spend a week in the North Carolina Mountains. It was a beautiful place! As a mortgage lender for 30 years I'm always taking a peek at real estate whenever I travel. I'm not personally ready to retire yet but perhaps you are!

Are you (or someone you know) Retired & Buying a Home? If you are transitioning into retirement with your 401(k)/IRA, you may be wondering how a lender considers that asset as income to qualify for a home loan. To use your retirement account as income, you need to set up a distribution from your account(s) that is paid monthly. The lender will then use that income as your monthly income. When you retire, you may receive several types of income.

Let’s talk, and I’ll help you figure out how the lender will approach your individual situation!
Team Wakefield - PrimeLending NMLS: 180383

08/15/2024

🤯🫨****Know Before You Buy!****😱😖 If you or someone you know is thinking about purchasing a condo, it is wise to talk about the financing first!!! NOT EVERY CONDO IS ELIGIBLE FOR FINANCING!!!!

In order to use conventional or government options that offer the lowest down payments, the condominium project must be evaluated by the lender. Issues such as special assessments, too many rentals, use of the common elements and the condition of the condo association are just a few items reviewed by the lender. I have a fact sheet about “How Do I Know if It’s a Condo” that I’m happy to share with you. Just comment below, and I’ll send it to you. If you are in the market for a condo, let’s talk first!

With all that said, I've been financing condo's for nearly 30 years. You CAN finance them - most of them - but there are extra steps and it could be a bit tricky. Reach out and let's determine your best strategy!! Team Wakefield - PrimeLending NMLS: 180383

08/06/2024

Mortgage Rates have been on the move... in a positive way for a change! Rates have trended down a bit (as have your investments). If you or anyone you know needs to buy a house and had been looking, got discouraged and has been sitting on the sidelines, now might be a good time to re-engage the home search!! You'll also most likely find that Sellers are a little more flexible now!! Team Wakefield - PrimeLending NMLS: 180383

07/19/2024

Happy Friday Friends!! I wanted to share some information with you about the recent INCREASED HOUSING INVENTORY and What It Means for You!

Take a look at the charts below. As of June 2024 in Northeast Florida (6 counties) we had 4.1 months of inventory… how’d we look June of 2023? 1.8 months.

FOR BUYERS:
- More Choices: With more homes available, you have a wider selection to choose from, allowing you to find the perfect home that meets your needs and preferences.
- Better Negotiation Power: Increased inventory means less competition among buyers, which can lead to better deals and more favorable terms such as closing cost credits, permanent or strategic temporary buydown (which could drop the initial by as much as 3% for the first year).
- Potential for Lower Prices: Sellers may need to adjust their pricing to remain competitive, potentially resulting in more affordable options for you.

FOR SELLERS:
- Increased Competition: More listings mean more competition, which can make it essential to price your home competitively and make it stand out. Be sure you are working with a knowledgeable Realtor. If you need a recommendation, let me know!
- Pressure on Pricing: To attract buyers, you might need to consider pricing strategies or offering incentives.
- Longer Time on Market: Homes might take a bit longer to sell due to the higher inventory levels.

Navigating these market changes can be challenging, but I’m here to assist you every step of the way. Whether you’re thinking about buying a new home, selling your current one, or simply want to discuss your options, I’m available to provide guidance and support tailored to your unique situation.

Please don’t hesitate to reach out to me if you have any questions or would like to schedule a consultation. I look forward to helping you make the most informed decisions in this evolving market!! Team Wakefield - PrimeLending NMLS: 180383 PrimeLending - Jacksonville

07/08/2024

"Incredibly Smooth"! That's how we do it!!! Who do you know needs to buy, sell, refinance, renovate, consolidate debt or get a Reverse Mortgage? Team Wakefield - PrimeLending NMLS: 180383

05/17/2024

I'm an angel!!! See Serena L. Peterson Wakefield I told you!!!