Mark Bester, Realtor

09/22/2023

If the Federal Government shuts down next week? This is how it could impact mortgages.
A federal government shutdown can impact mortgage application processing in several ways:
1. Delayed Verifications: Government agencies like the IRS may be understaffed during a shutdown, leading to delays in income verifications and tax return processing, which are crucial for mortgage approval.
2. FHA and VA Loans: Shutdowns can affect the processing of FHA and VA loans, as these programs are government-backed. Delays in approval and funding are possible.
3. USDA Loans: The USDA Rural Development program may experience delays, affecting applicants in rural areas seeking USDA-backed loans.
4. IRS Transcripts: Lenders often require IRS transcripts for income verification, and these may not be available during a shutdown.
5. Loan Guarantees: Some loans rely on government loan guarantees. A shutdown can disrupt the guarantee process, potentially affecting approval and interest rates.
6. Processing Time: Overall processing times for mortgage applications may increase due to government employees being furloughed or working with limited capacity.
It's essential to stay in close contact with your lender during a government shutdown to understand how it might affect your specific mortgage application and explore potential solutions or workarounds. Keep in mind that the impact can vary depending on the duration and severity of the shutdown.

08/18/2023

This is a rare opportunity to own a 2/2 Condo in the Solaire at the Plaza Condominiums! This two bedroom, two bath split floor plan is the most sought-after floor plan in the building featuring an eat-in kitchen/living room combo with floor to ceiling windows and sliding glass door access to the balcony, where you can relax and enjoy the sunrises or sunset of the stunning Florida sun! Solaire is in the heart of downtown Orlando, surrounded by 125 restaurants, shopping, and much more. Also conveniently located near 1-4 and 408 making your daily commutes a breeze! .This building is the BEST location in Downtown Orlando, and includes secure fingerprint entry, 24 hour around the clock security, as well as a full gym, resort pool, and media center/meeting space with full kitchen, in the heart of this walkable city just 2 blocks to the Amway Arena to take in a Magic game, or stroll over to an Orlando City soccer game at Orlando's new stadium. If theatre is more your taste, you are 1 block from the brand new state-of-the-art Dr. Phillips Center. Whether this is your part time get away or full time home, you are certain to love this unit. It also provides private resident parking for two vehicles.

08/18/2023

Downtown living at its best in Orlando

155 S COURT AVENUE #2005, ORLANDO, FL 32801 is a 2 bed, 2 bath, 1,263 sqft Condominium built in 2007 listed at $425,000. MLS # T3464625.

04/22/2023

Just listed for $355,000 in Tampa: 3 beds, 1 bath, 1,326 sqft! Message me for more info.

04/07/2023

YOU CAN EITHER RENT AND PAY ANOTHER PERSONS MORTGAGE OR YOU CAN PAY YOUR OWN MORTGAGE ON YOUR OWN HOME

04/07/2023

It’s the fourth week of declines. This week’s average 6.28% for a 30-year, fixed-rate mortgage dropped from last week’s 6.32%, says Freddie Mac. The average long-term U.S. mortgage rate dipped for the fourth straight week, a good sign for potential home buyers and a real estate market that’s been mostly cold since the Federal Reserve began raising interest rates more than a year ago.
Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate dipped to 6.28% from 6.32% the previous week. The average rate last year at this time was 4.72%. The average long-term mortgage rate hit 7.08% in the fall – a two-decade high. The recent decline in mortgage rates is good news for prospective homebuyers, many of whom were pushed to the sidelines during the past year as the Federal Reserve cranked up its main borrowing rate nine straight times in a bid to tamp down persistent, four-decade high inflation. Though supply remains low, home prices appear to be leveling off, another development that could lure buyers back into the market. The national median home price slipped 0.2% from February last year to $363,000, marking the first annual decline in 13 years, according to the National Association of Realtors. Rising borrowing costs can add hundreds of dollars a month in costs for homebuyers and put the brakes on the housing market. Before surging 14.5% in February, sales of existing homes had fallen for 12 straight months to the slowest pace in more than a dozen years. In 2022, existing U.S. home sales fell 17.8% from 2021, the weakest year for home sales since 2014 and the biggest annual decline since the housing crisis began in 2008, the National Association of Realtors reported earlier this year.
In their latest quarterly economic projections, Fed policymakers forecast that they expect to raise that key rate just once more – from its new level of about 4.9% to 5.1%, the same peak they had projected in December. While the Fed’s rate hikes do impact borrowing rates across the board for businesses and families, rates on 30-year mortgages usually track the moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans. Investor expectations for future inflation, global demand for U.S. Treasurys and what the Federal Reserve does with interest rates can also influence the cost of borrowing for a home. Treasury yields have fluctuated wildly since the collapse of two mid-size U.S. banks last month. The yield on the 10-year Treasury, which helps set rates for mortgages and other important loans, was at 3.29% early Thursday but had been above 4% early in March. The rate for a 15-year mortgage, popular with those refinancing their homes, rose this week to 5.64% from 5.56% last week. It was 3.91% one year ago

03/22/2023

Working with a local Realtor means consumers have an expert guide who can help them understand the complex and emotional process of buying or selling a home.”
ORLANDO, Fla. – Florida’s housing market in February continued to show increasing inventory (active listings) and higher median prices compared to a year ago, according to Florida Realtors®’ latest housing data. Still, economic uncertainty, inflation and interest rates fluctuating above 6% impacted the state’s housing sector. Closed sales of single-family homes statewide last month totaled 18,627, down 21.3% year-over-year, while existing condo-townhouse sales totaled 7,665, down 30.2% from February 2022, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written. “The 30-year fixed mortgage rate was in the 6- to 6.5% range for much of January, which helped spur some renewed activity in the existing home sales market,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “While closed sales were still down substantially year over year, the numbers for February were much more favorable than what we saw in January. In February, the statewide median sales price for single-family existing homes was $395,000, up 3.5% from the previous year; for condo-townhouse units, it was $315,000, up 8.6% over February 2022. The median is the midpoint; half the homes sold for more, half for less.

03/14/2023

A major bank failure has scared investors. It’s unclear if things will get worse, but financial stress could lower mortgage rates and push the Fed to reconsider rate increases.

03/13/2023

Don’t buy into the doom and gloom
Consumers may be anxious about a perceived housing bubble on the verge of bursting, but you are equipped with talking points to calm their fears. In November, 41% of consumers said they believed the housing market would crash in the next year, according to a LendingTree survey of more than 2,000 Americans. But economists are quick to point to plenty of reasons this isn’t a repeat of the 2008 housing crash.
Homebuyers are closely watching mortgage rates, which have occupied plenty of news headlines in recent months. Mortgage rates nudged past 7% in November, more than double that of a year earlier, adding hundreds of dollars to borrowers’ mortgage payments. They started edging down at the start of the year but recently began inching up again, though they remain in the 6% range. Every fluctuation in rates seems to have a direct impact on the number of calls Sykes’ office receives.
“We’re riding the waves of the media,” she says. However, buyers may fare better in the market now than they did a year earlier, Sykes adds.
“This is the first real buyer opportunity in close to three years,” Sykes says. “It’s a great time to take advantage of that. Buyers have time to shop again and make a more educated decision, instead of being caught up in [fear of missing out], where they couldn’t do a home inspection and had to make a higher offer [to win in a bidding war]. That period was not healthy. We’re now in a much more balanced, healthy housing market.”