Erica Baker Delivering the Dream of Homeownership

01/07/2023

More Sellers are giving Concessions to Buyers!!!

Study: The percent of sellers who agreed to a buyer concession rose 11 points year-to-year to 41.9% in 4Q. It was lower in Miami, higher in Orlando and Tampa.

01/03/2023

Passive income. Equity. Monthly rents. Tax breaks. These are some of the benefits that come with investing in real estate.

While investing in real estate does come with potential pitfalls and does require research, it can also bring plenty of cash to your bank account.

Allow me to Deliver your Dreams Home✨

Erica Baker
Elite Realty Partners Inc
12781 Miramar Parkway Suite 301
Miramar Fl 33207

01/02/2023

By MIAMI Realtors® Chief Economist Gay Cororaton The 30-year mortgage rate fell for the fifth consecutive week during the week of December 15, 2022 to 6.31%. The mortgage rate fell as the Fed downshifted to a smaller 50 basis points rate increase after a series of 75 basis point hikes....

10/05/2022

The Long-Term Benefit of Homeownership
The Long-Term Benefit of Homeownership | MyKCM

Today’s cooling housing market, the rise in mortgage rates, and mounting economic concerns have some people questioning: should I still buy a home this year? While it’s true this year has unique challenges for homebuyers, it’s important to factor the long-term benefits of homeownership into your decision.

Consider 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 you gain equity and wealth as home values grow with time.

The National Association of Realtors (NAR) explains:

“Home equity gains are built up through price appreciation and by paying off the mortgage through principal payments.”

Here’s a look at how just the home price appreciation piece can really add up over the years.

Home Price Growth Over Time
Even though home price appreciation has moderated this year, home values have still increased significantly in recent years. The map below uses data from the Federal Housing Finance Agency (FHFA) to show just how noteworthy those gains have been over the last five years.

The Long-Term Benefit of Homeownership | MyKCM

If you look at the percent change in home prices, you can see home prices grew on average by almost 64% nationwide over that period.

That means a home’s value can increase substantially in a short time. And if you expand that time frame even more, the benefit of homeownership and the drastic gains you stand to make become even clearer (see map below):

The Long-Term Benefit of Homeownership | MyKCM

The second map shows, nationwide, home prices appreciated by an average of over 290% over roughly a thirty-year span.

While home price growth varies by state and local area, the nationwide average tells you the typical homeowner who bought a house thirty years ago saw their home almost triple in value over that time. This is why homeowners who bought their homes years ago are still happy with their decision.

Even if home price appreciation eases as the market cools this year, experts say home prices are still expected to appreciate nationally in 2023. That means, in most markets, your home should grow in value over the next year even if the pace is slower than it was during the peak market frenzy when prices skyrocketed.

The alternative to buying a home is renting, and rental prices have been climbing for decades. So why rent and fight annual lease hikes for no long-term financial benefit? Instead, consider buying a home. It’s an investment in your future that could set you up for long-term gains.

Bottom Line
Don’t let the shifting market delay your dreams. Data shows home values typically appreciate over time, and that gives your net worth a nice boost. If you’re ready to start your journey to homeownership, let’s connect today.

08/31/2022

Your Guide to Buying your Dream Home🏠

Erica Baker
Elite Realty Partners Inc
12781 Miramar Parkway Suite 301
Miramar Fl, 33027

08/02/2022

You can do many things in preparation for selling your home, the most important one being to use a qualified real estate agent and mortgage professional! 😉😉 Here are three things that you can do in the meantime to make your home sell faster: 1) Clean and declutter: Make sure your home stays clean since there will be many people coming in and out of the house. Staging is an important part of the selling process! 2) Make small repairs: A small repair can be fixing the cracks in the ceiling/stress marks, painting/patching the walls, servicing your HVAC, and getting your roof inspected. 3) Improve your curb appeal: Add some flowers, repaint the numbers on the curb of your home, power wash the house, add colorful planters, and trim all the hedges. What other things would you do before selling your home? Place your answers in the comments!

07/29/2022

Both are great and have their benefits, but if you could only pick one, which would you prefer?

07/24/2022

Here are some of the top advantages of owning a home, instead of renting! 1.) Stable Monthly Payments. 2.) Opportunity To Build Equity. 3.) Cheaper Than Renting Overtime. 4.) Owning A Home Provides Tax Advantages. 5.) Freedom To Make Changes. 6.) Build Your Credit. 7.) Solid Investment.

07/20/2022

Things to consider when purchasing a home!!

07/20/2022

Modernize your home with these neural colors!!

07/20/2022

Modernize your living room with these natural colors!!!