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Navigating a Changing Real Estate Market: Insights for Tampa Bay Homebuyers The Tampa Bay real estate market is in a constant state of flux, with shifts in buyer preferences, market demand, and economic factors creating both opportunities and challenges for prospective homebuyers. As the region experiences demographic shifts and varying trends across counties, it becomes increasingly difficult to predict the market’s future with certainty. However, by understanding key patterns and trends, you can make informed decisions. In this post, we’ll unpack some of the most recent data for Tampa Bay’s single-family homes and condo markets to help you navigate these uncertain waters.

Here’s your comprehensive update on the Pasco County real estate market, covering the last four weeks up to August 7, 2024 ( source PRO ). We’ll dive into key metrics and trends for single-family homes and condos in Pasco County. Let’s see how the market is performing and what it means for buyers and sellers. Pasco County Single-Family Homes In the past four weeks, the Pasco County single-family home market has shown notable activity: Active Listings: 1,221 Canceled Listings: 215 Pending Sales: 826 Closed Sales: 847 Temporarily Off-Market: 73 The market activity for single-family homes in Pasco County is vibrant, with a significant number of closed sales and active listings. The relatively high number of active listings indicates a healthy level of market supply, while the substantial number of pending and closed sales reflects strong demand. The number of canceled listings suggests some volatility, which could be due to pricing adjustments or shifting buyer preferences. Pasco County Condos The condo market in Pasco County also demonstrates significant activity: Active Listings: 112 Canceled Listings: 20 Pending Sales: 47 Closed Sales: 35 Temporarily Off-Market: 7 The condo market in Pasco County shows a lower level of inventory compared to single-family homes but still maintains a steady flow of sales. The number of closed sales, although lower than single-family homes, indicates consistent demand. The relatively few canceled listings suggest that the condo market is more stable and less prone to volatility. Market Dynamics The Pasco County real estate market is characterized by: High Demand: The number of closed sales in both single-family homes and condos indicates strong demand in the market. Inventory Levels: The significant inventory levels, particularly in single-family homes, provide ample choices for buyers, although the high number of cancellations suggests a need for price adjustments or other market corrections. Time to Contract and Sale: The efficient median time to contract and sale reflects a market where properties are moving quickly, benefiting sellers. Analysis The Pasco County real estate market is dynamic and active, with high demand driving quick sales in both the single-family home and condo segments. However, the market also shows signs of volatility, particularly in the single-family home sector, with a notable number of canceled listings. This could indicate the need for pricing adjustments or reflect changing buyer preferences. The quick turnaround from listing to sale is a positive sign for sellers, suggesting that well-priced properties are in high demand and do not stay on the market for long. Download the full report here. Numerous Opportunities The Pasco County real estate market offers numerous opportunities for both buyers and sellers. High demand and efficient sales processes favor sellers, while the substantial inventory provides plenty of options for buyers. Monitoring price adjustments and market trends will be crucial for making informed decisions in this dynamic market. Contact Us For personalized real estate advice or mortgage services, feel free to reach out: Phone : (727) 376-6900 Email : ryan@chissellmg.com Address : 1817 Cypress Brook Drive, Suite 104, Trinity, FL 34655 At Chissell Mortgage Group, NMLS #2062741, we’re committed to helping you navigate the real estate market with ease and confidence. Stay tuned for more updates, and happy house hunting!

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Embarking on the Journey: The Challenge of Being a First-Time Home Buyer

Breaking Free from the Chains of High Interest Rates Are high interest rates turning your dream of affordable homeownership into a financial nightmare? It's time to liberate yourself from the shackles of exorbitant mortgage costs. If you're grappling with steep interest rates on your current FHA or VA mortgage, there's a beacon of hope on the horizon. Join us on a journey to financial freedom as we explore the transformative power of FHA Streamline Refinances and VA IRRRLs. Say goodbye to the burden of high interest rates and hello to a more secure and prosperous future. FHA Streamline Refinances: Streamlining Your Path to Financial Relief The Fast Track to Lower Interest Rates Are you drowning in the complexities of mortgage refinancing? Fear not, for the FHA Streamline Refinance is here to simplify your financial journey. In this section, we'll dissect the streamlined process of FHA Streamline Refinances, explore the eligibility criteria, and unveil the impressive benefits that await. Say farewell to the cumbersome paperwork and hello to a faster, more efficient route to lower interest rates. VA IRRRLs: Guiding Veterans to Interest Rate Nirvana The Veterans' Celestial Route to Interest Rate Reduction For our esteemed veterans, the VA IRRRL (Interest Rate Reduction Refinance Loan) is a powerful tool that can guide you to interest rate nirvana. This section will delve into the unique features of VA IRRRLs, outline eligibility requirements, and showcase the exceptional advantages they bring. Your service to the nation deserves a mortgage that honors your sacrifice — let the VA IRRRL lead the way to reduced interest rates and financial security. Why Choose Chissell Mortgage Group: Your Trusted Partner in Financial Wellness Navigating the Mortgage Landscape with Confidence Amidst the sea of mortgage options, why should you choose Chissell Mortgage Group as your trusted guide? In this section, we'll highlight the reasons that set Chissell Mortgage apart. From a commitment to personalized service to a track record of successful refinances, discover why countless homeowners trust Chissell Mortgage Group to navigate the intricate landscape of mortgage solutions. Secure Your Financial Future with Chissell Mortgage Group Embark on Your Refinance Journey Today Ready to take control of your financial future? The call to action is clear — partner with Chissell Mortgage Group. Visit chissellmg.com or call 727-376-6900 to connect with our team of experts. Don't let high interest rates be a stumbling block on your path to financial freedom. Secure your seat on the Savings Express with Chissell Mortgage Group and embark on a journey towards lower interest rates and a brighter financial horizon. A New Chapter in Financial Wellness Begins Bid farewell to high interest rates and usher in a new chapter of financial wellness. With FHA Streamline Refinances, VA IRRRLs, and the trusted guidance of Chissell Mortgage Group, you're not just refinancing your mortgage — you're transforming your financial future. The path to lower interest rates and greater stability begins with a single step. Take that step today with Chissell Mortgage Group and unlock the door to a more secure and prosperous tomorrow. Please visit our website at www.chissellmg.com for more information or call us at the office at 727-376-6900 . We’re more than happy to help save you some money!

The Clock is Ticking: Florida’s Hometown Heroes Program Revived with Limited Funding In a remarkable yet fleeting victory for aspiring homeowners, the Hometown Heroes program has made a much-anticipated comeback.

UPDATE: The Loan Limit has increased from the initial $750,000 value to $766,550 after the original video was posted! Exciting developments are on the horizon for prospective homebuyers! As we approach 2024, certain lenders have proactively adopted a new conforming loan limit of $766,550. This is a significant increase from 2023's cap of $726,200. But what does this mean for you? In essence, you now have the opportunity to obtain a larger loan amount—up to $766,550—to be precise, without venturing into the realm of jumbo loans. It's worth noting that jumbo loans often come with higher interest rates and additional fees. This adjustment amplifies the purchasing power of borrowers, enabling them to explore a wider range of properties. To put this into perspective, here's how you can leverage the new limit: Opting for a USDA Loan? With 0% down, you can now consider a property with a sales price and loan amount as high as $766,550. Considering a Conventional Loan? With a down payment of just 5%, you can target homes priced up to $789,000. Aiming for a Larger Down Payment ? For those planning on a 20% down payment, properties with a maximum sales price of $937,500 are now within reach. These are just a handful of scenarios that showcase the potential benefits of the updated conforming loan limit. At Chissell Mortgage Group, we're committed to guiding you through these changes and ensuring you make the most of the opportunities they present. Have any questions about the 2024 conforming loan limit or any other mortgage-related concerns? Don't hesitate to reach out to us here . We're here to assist you every step of the way. And for first-time homebuyers check out our series " The Mortgage Process ".

The average U.S homeowner now has more then $274,000 in equity- up significantly from $182,000 before the pandemic, according to Corelogic Q1 2023 Homeowner Equity Insights report. Homeowners have more equity in their homes then ever before, and with the pandemic and this years financial struggles, now is the time that many want to use it and get cash in hand. There are two main ways of going about that between Home Equity Lines of Credit (HELOCs) and doing a conventional mortgage, more particularly a cash-out refinance (CORF). But how do you know which one is the best fit for your unique financial situation? In this article, we’ll dive into the benefits and downsides of both HELOCs and CORFs to help you make an informed decision. The Pros and Cons of Home Equity Lines of Credit (HELOCs) Benefits: Interest Only Payments: In the initial stages of the loan, many HELOCs allow you to make interest-only payments, providing flexibility in your monthly budget. There is a small downside of not building your credit, but this is generally a boon. Flexibility: Unlike a lump sum loan, a HELOC is a revolving line of credit. This means you can borrow, repay, and borrow again. So you can only take what you need or take more when needed. Lower Closing Costs: Generally a HELOC will be cheaper than a cash out refinance since you are getting a new loan with a CORF. Downsides: Variable Interest Rates: The same feature that can be a boon can also be a bane. Your interest rate on a HELOC can also go up, potentially increasing your payments. And since we have been in a rapidly rising interest rate environment, this means that your rate will likely get worse before they get better. Potential for Overborrowing: Since it's revocable, there's a temptation to borrow more than necessary, which can lead to increased debt. Potential for Lowering Your Credit Limit: Just like a credit card, if your financial situation changes, or your home's value worsens the lender could decide to lower your credit line or close it. Benefits and Downsides of Conventional Mortgages (Cash Out Refinances) Benefits: Higher Debt-to-Income (DTI) Guidelines: Unlike other loan types, CORFs often come with higher DTI requirements. CORF's can go up to 55% DTI ratio where HELOC's generally go up to 40% DTI. This can be beneficial for those who might have a higher debt load, making it easier for them to qualify. Easier Credit Score Requirements: CORF's have lower credit score requirements than HELOCs. They Because of the leniency in DTI and credit, many homeowners find that qualifying for a CORF is simpler than other financial products. Lower Rates: Generally, CORFs have lower interest rates averaging around the low 8% range where HELOC's are averaging in the low 9's (at the time of this post 9-26-23). This can result in significant savings over the lifespan of the loan. Downsides: Closing Costs: Since a CORF is refinancing your home, it comes with closing costs, which can be a significant amount. Longer Commitment: Typically, CORFs have longer repayment terms generally 30 years, meaning you might be paying off the loan for a more extended period than other options. Larger Monthly Payments: Given that you're taking a lump sum, monthly payments can be higher compared to a HELOC where you only pay interest initially. Your Equity, Your Decision: Let Chissell Mortgage Guide You Choosing between a Cash out Refinance and a Home Equity Line of Credit can be daunting, especially when determining which aligns best with your financial goals. At Chissell Mortgage, we're here to demystify the process and help you make an informed choice. With your equity and our expertise, the best decision is just a call away. Reach out to us at chissellmg.com or dial 727-376-6900. Together, let's pave your path to financial freedom.

Every day, many first-time homebuyers hold back their dreams of owning a home because of one myth: they believe they need to save up a whopping 20% of the home's price just for the down payment. While it's true that a larger down payment can offer certain benefits, it's crucial to understand that it isn't the only option. In reality, there are several financing solutions available that don't demand such a hefty upfront payment. Let's explore some of these options. The Realities of Down Payments: Not Always 20% Down VA and USDA Loans: 0% Down  For those who qualify, the VA (Veterans Affairs) and USDA (United States Department of Agriculture) loan programs offer mortgages without demanding any down payment. That's right—zero percent down. And unlike other loans, there is no mortgage insurance on VA or USDA loans. These loans are designed to assist specific groups of buyers, like veterans or those in rural areas, to make homeownership more accessible. Conventional Financing: Just 3% Down Gone are the days when conventional mortgages meant you needed a large down payment. Now, many lenders offer options where you can get into a home with as little as 3% down. While you might end up paying private mortgage insurance (PMI) with a lower down payment, this option has helped countless buyers step onto the property ladder sooner. FHA Loans: A Friendly 3.5% Down The Federal Housing Administration (FHA) has been a beacon for first-time homebuyers. With just a 3.5% down payment, many find this option attractive, especially when paired with its more lenient credit requirements. They also have higher debt-to-income ratios compared to conventional loans to help first-time home buyers afford their home. A FHA loan might be the perfect solution for those who don't have a sizeable chunk of cash saved up but are eager to purchase their first home. Ready to Make Your Move? Why wait years saving up for a 20% down payment when there are flexible financing options available today? If you're interested in learning how to secure a mortgage without putting any of your own money down, the team at Chissell Mortgage Group is here to guide you. Visit chissellmg.com or call us at 727-376-6900 . Your dream home might be closer than you think!