Are you thinking about buying a home, but not sure if now’s the right time? A lot of people are waiting and wondering what the market’s going to do next. But here’s something only the savviest buyers realize:
This summer might actually be the best time to buy in years. Here are three big reasons why.
1. You Have More Negotiating Power
After several years of sellers having all the leverage, things are starting to shift. Check out the graph below. It uses data from Redfin to show that right now, there are more sellers active in the market than buyers:
Take a look at what happened back in 2021 through roughly 2023. In that time period, there were far more buyers (the blue line) looking to buy than homes for sale (the green line). That’s what drove the intense competition, bidding wars, and the exponential price growth the market saw back then.
Now, the market has shifted, and buyers are regaining their negotiating power as a result. With more sellers than buyers, sellers may be more willing to pay for repairs, cover some of your closing costs, or lower their asking price. The return of this kind of normal balance is a sign of a much healthier, more sustainable market. As Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), explains:
“ . . . with housing inventory levels reaching five-year highs, homebuyers in nearly every region of the country are in a better position to negotiate more favorable terms.”
And just in case you’re worried there are too many homes on the market, here’s what you should know. Overall inventory is still lower than normal, so you don’t have to worry about a nationwide oversupply or a crash.
2. You Have More Choices
The number of homes for sale has improved a lot. Based on the latest data from Realtor.com, more homes were listed this May than in May 2024 or May 2023 (see graph below):
And more homes for sale means more choices. There’s a good chance your perfect match just hit the market – or it will soon. So, it’s a great time to explore what’s out there. As Jake Krimmel, Economist at Realtor.com, says:
“With more fresh inventory hitting the market, buyers have better opportunities to find a home that fits their needs.”
3. You May See More Flexibility on Price
With more homes for sale, they’re not selling at the same frenzied pace they were just a few years ago.
Since homes are taking more time to sell, some sellers are choosing to lower their asking prices to draw buyers back in or speed up the process. And that’s to-be-expected. According to Realtor.com, 19.1% of listings had a price cut this May (see graph below):
That’s the fifth straight month where more sellers have reduced their price. And, as of May, the volume of price cuts is back at normal levels. This is yet another sign of the return to a more balanced market.
While you shouldn’t expect a big discount, you may find sellers are a bit more flexible right now. As a recent article from The Street says:
“Although sellers have had the upper hand in the housing market over the past few years, houses are now staying on the market for longer, shifting negotiating power back to homebuyers.”
Just remember, most sellers still aren’t adjusting their prices – just the ones who overpriced to start with. So, this isn’t a sign of a crash, it’s a sign of some sellers having outdated expectations in a shifting market.
Bottom Line
This summer brings a powerful combo for buyers: more homes to choose from, less competition, and sellers being more flexible on pricing. If you’re ready to make a move, let’s connect.
What would finding the right home this summer mean for your next chapter?
The post 3 Reasons To Buy a Home This Summer appeared first on Encore Mortgage Funding, Inc..
]]>
When your house doesn’t sell, it doesn’t just feel frustrating – it feels personal. You put time, money, and emotional energy into this move. You told your friends and family it was happening. And now that your listing has expired without a buyer? You’re left feeling stuck, and maybe even a little embarrassed.
And here’s what most agents won’t tell you. Over 70% of homeowners who re-list with a different agent sell their house.
Re-list with the same agent? That stat drops to only 50%, according to the latest data from REDX. That’s like leaving the fate of your sale to a coin toss. And that’s not good enough.
REDX data also shows that only 1 in 3 homeowners with expired listings actually make that change. That means most sellers either give up or repeat the same mistakes, so they get the same disappointing outcome. You deserve better.
Same house. Different strategy. Completely different results.
Let’s break down what might’ve gone wrong – and how a fresh perspective can help you have a winning strategy this time.
1. It Was Priced Too High
Today, homebuyers are feeling the squeeze of higher mortgage rates, so even a slightly overpriced home will get overlooked. And once your listing starts to go stale, it’s hard to regain momentum.
Missing the mark on pricing is a costly mistake – and too many homeowners are doing that very thing right now.
What we need to do now: We need to analyze the latest sales in your area to make sure you’re hitting the right number. This includes taking a hard look at real-time buyer behavior, and any feedback you got from open houses or showings your first time around. Pricing at, or even just below, current market value is a winning play because it drives more buyers to your listing – and that amps up the competition for your home.
2. It Didn’t Show Well
You only get one shot at a first impression. If the listing photos didn’t pop, the house wasn’t staged well, or it wasn’t updated, most buyers will skip over it without ever scheduling a showing. And even if buyers did show up, small things like scuffed walls, outdated light fixtures, or a wobbly doorknob can turn them away.
What we need to do now: Let’s walk through your house with fresh eyes to see if there are any areas that may have been sticking points inside and out. Sometimes taking down old drapery, some light staging, or even a fresh coat of paint can completely change how a buyer feels about the home.
3. It Didn’t Get the Right Exposure
If your home didn’t sell, chances are it wasn’t getting the visibility it deserved. Generic flyers and a few online photos aren’t enough anymore. Today’s top agents are using highly targeted digital marketing, social media strategies, custom video content, and more to get your listing in front of the right buyers at the right time.
What we need to do now: We have to do more than just put your house online and hope it sells. Together, we can come up with a real plan to maximize its exposure. With the right pricing, staging, and marketing, your house will sell quickly. Here’s a real-world example (see graph below):
4. You Weren’t Willing To Negotiate
In this market, sellers who aren’t open to negotiating on things like closing costs, inspection repairs, or other concessions are often left behind. And if your last agent didn’t set that expectation with you, that’s a real shame.
What we need to do now: Be willing to meet buyers where they are. The goal is to get the deal done – and sometimes that means getting creative to help buyers cross the finish line. Home values have increased by over 55% over the last five years, so you likely have enough wiggle room to offer some perks without sacrificing your bottom line.
Bottom Line
If your house didn’t sell and your listing has expired, you don’t need to give up. You just need a better plan. And a better partner.
Over 70% of homeowners who switch agents sell their house after re-listing it. That’s not a coincidence. That’s strategy.
If you’re ready for a proven approach, let’s talk so you know what to do differently – and why doing different things actually works. It’s time to get your move back on track.
The post Your House Didn’t Sell. Here’s What To Do Now appeared first on Encore Mortgage Funding, Inc..
]]>
A Market Built on Momentum
Despite national concerns over high mortgage rates and slowed transactions, Miami remains a standout. With sustained demand from both domestic and international buyers, inventory remains tight—especially in the resale market. A significant factor? Most homeowners are locked into mortgage rates under 4%, making them reluctant to sell. This is keeping resale supply limited and pushing more attention toward the new construction and luxury sectors.
Luxury Living Leads the Way
Miami’s luxury segment continues to thrive, with ultra-high-net-worth individuals fueling record-breaking sales. Q1 alone saw over $1.2 billion in closings from just 10 luxury towers. What’s more, a growing number of buyers are choosing Miami not just for lifestyle, but for asset protection—thanks to Florida’s favorable homestead laws. The market is seeing a surge in transactions at the $10 million+ level, reflecting confidence in Miami’s long-term growth and prestige.
A Vertical Future
As South Florida runs out of horizontal land to build on, developers are going up. Tower cranes now dot the skyline, with major vertical developments in progress from Edgewater to Fort Lauderdale. However, many of these projects won’t be delivered until 2028–2030, keeping pressure on current inventory—particularly modern single-family homes built within the last 15 years.
What’s Next?
Craig points out a crucial market gap: while most transactions still occur between $500K and $2M, few new developments are targeting this segment. Out of 91 preconstruction condo projects, only 12 fall into this mid-market range. This imbalance could shape investor and developer strategies moving forward.
Final Takeaway
If Q1 is any indication, Miami is not just weathering the real estate storm—it’s leading through it. With strong fundamentals, demographic tailwinds, and unmatched lifestyle appeal, South Florida remains a top destination for investment and living.
The post Miami Report™ 2025-Q1| Inside south Florida’s real estate surge with Craig Studnicky appeared first on Encore Mortgage Funding, Inc..
]]>
Here’s the truth: in certain situations, buying a home now can still be a smart decision — even with today’s higher interest rates. Let’s explore when and why it might actually make sense.
1. The Market’s in Your Favor
In many cities, inventory is rising and sellers are more open to negotiation — a shift from the competitive market of 2020–2022. A more balanced environment gives buyers increased leverage, even with higher interest rates.
2. You Found the One
Sometimes the right home checks all the boxes — location, layout, lifestyle. If you’re financially ready, locking it in now and refinancing later if rates drop can be a smart move.
3. Prices Are Calmer (for Now)
Higher rates have cooled the buying frenzy, reducing competition and bidding wars. Securing a home at today’s price could be more valuable long-term than holding out for a slightly lower rate — especially if prices rise again.
4. Renting Is Still Expensive
With rents at historic highs in many areas — and no equity to show for it — buying may be a better long-term investment, particularly if your rent is close to what a mortgage would cost.
5. You’re Ready to Buy
If your lifestyle or space needs are changing, now could be the right time. Buyers currently benefit from motivated sellers and less competition. Waiting could mean losing the upper hand.
Bottom Line
Rates are higher than they were a few years ago, but that doesn’t mean it’s a bad time to buy. If you’re financially prepared and find the right home, this could be your moment. Remember: you marry the home, but you date the rate — refinancing is always an option later.
The post Navigating High Interest Rates: When It Still Makes Sense to Buy appeared first on Encore Mortgage Funding, Inc..
]]>Transitioning from renting to owning a home is a significant milestone that can profoundly impact your financial stability and personal well-being. While renting offers flexibility, homeownership provides a range of benefits that can transform your life in meaningful ways. Let’s explore how making the leap to owning your own home can be a game-changer.
Building Equity: Investing in Your Future
One of the most compelling advantages of homeownership is the ability to build equity. Unlike rent payments, which go directly to a landlord, mortgage payments contribute to your ownership stake in the property. Over time, as you pay down your mortgage and your home’s value appreciates, you accumulate equity—a valuable financial asset that can be leveraged for future endeavors.
Financial Stability and Predictable Payments
Owning a home can offer greater financial stability compared to renting. With a fixed-rate mortgage, your monthly payments remain consistent, shielding you from the unpredictability of rent increases. This predictability allows for better budgeting and long-term financial planning.
Personal Freedom and Customization
Homeownership grants you the freedom to personalize your living space to reflect your tastes and needs. Unlike rental agreements that may restrict modifications, owning your home means you can renovate, decorate, and landscape as you see fit, creating a space that truly feels like your own.
Community Engagement and Stability
Purchasing a home often leads to a deeper connection with your community. Homeowners tend to stay in their residences longer than renters, fostering relationships with neighbors and participating more actively in local events and organizations. This sense of belonging can enhance your overall quality of life.
Tax Benefits and Financial Incentives
Homeownership can provide potential tax advantages, such as deductions for mortgage interest and property taxes. These incentives can make owning a home more financially advantageous over time compared to renting.
Considerations Before Making the Transition
While the benefits are substantial, it’s important to assess your readiness for homeownership:
Financial Preparedness: Ensure you have a stable income, a good credit score, and sufficient savings for a down payment and closing costs.
Long-Term Commitment: Consider whether you’re ready to settle in one location for an extended period.
Ongoing Responsibilities: Be prepared for maintenance, repairs, and other obligations that come with owning a home.
Transitioning from renting to owning is a transformative step that offers numerous benefits, from building equity to enjoying personal freedom in your living space. By carefully evaluating your financial situation and long-term goals, you can make informed decisions that pave the way for a rewarding homeownership experience.
The post From renting to owning| How home ownership can transform your life appeared first on Encore Mortgage Funding, Inc..
]]>It requires a knowledgeable, well-connected, and proactive team to help you achieve your goals while avoiding missed opportunities. That’s why having the right professionals can give you the confidence to make this an exciting experience—rather than a stressful one.
Realtors®, who are members of the National Association of Realtors®, bring experience, education, and a strong code of ethics to the table.
Most agents will provide a comprehensive list of services they offer to support sellers and facilitate a smooth transaction.
Local expertise can significantly impact pricing, marketing strategy, and negotiation success.
Make sure you understand the terms, fees, and duration of your agreement upfront.
A well-researched, strategic pricing plan is key to attracting interest and securing strong offers.
Agents should utilize a variety of modern marketing tools to reach potential buyers—both online and offline.
Your strategy might include seller concessions, offers of compensation, or professional staging.
Your agent may recommend repairs, upgrades, or staging techniques to enhance your home’s appeal.
It’s essential to ensure buyers are qualified and serious to avoid delays or failed contracts.
Hearing from past clients can provide valuable insight into what it’s like to work with the agent.
The post 10 Questions to ask a Seller’s Agent appeared first on Encore Mortgage Funding, Inc..
]]>
1. Reassess and Adjust Your Budget
Your financial landscape changes once you become a homeowner. It’s essential to revisit your budget to account for new expenses such as:
- Mortgage Payments: Your monthly loan repayment.
- Property Taxes and Insurance: These can fluctuate annually.
- Utilities: Costs may differ from your previous residence.
- Homeowners Association (HOA) Fees: If applicable.
A helpful approach is the 50/30/20 budgeting method:
- 50% for Needs: Essential expenses like housing, utilities, and groceries.
- 30% for Wants: Discretionary spending such as entertainment and dining out.
- 20% for Savings and Debt Repayment: Building savings and paying down debts.
This framework ensures you’re covering necessities while still allocating funds for savings and leisure.
2. Establish an Emergency Fund
Unexpected repairs are part of homeownership. Financial experts recommend setting aside 1% to 4% of your home’s purchase price annually for maintenance and unforeseen repairs. For instance, if your home costs $300,000, aim to save between $3,000 and $12,000 each year.
3. Prioritize Debt Management
Balancing mortgage payments with other debts is crucial. Focus on paying down high-interest debts like credit cards to free up resources for home-related expenses and savings. Reducing debt enhances financial stability and can improve your credit score.
4. Plan for Recurring and Seasonal Expenses
Beyond monthly bills, anticipate costs such as:
- Routine Maintenance: HVAC servicing, gutter cleaning, and lawn care.
- Seasonal Expenses: Higher utility bills during extreme weather and holiday-related spending.
Incorporating these into your budget prevents surprises and ensures you’re prepared year-round.
5. Review and Update Insurance Coverage
Ensure your homeowners insurance adequately protects your investment. Consider additional coverage for natural disasters if you’re in a high-risk area. Regularly reviewing your policy helps maintain appropriate coverage as your home’s value and possessions change.
6. Continue Saving for Future Goals
While focusing on immediate expenses, don’t neglect long-term financial goals like retirement or education funds. Consistent contributions, even if modest, can lead to significant growth over time.
By proactively managing your finances with these strategies, you’ll navigate homeownership confidently and build a secure, comfortable future in your new home.
The post Budgeting for Homeownership: How to Manage Your Finances After Buying a Home appeared first on Encore Mortgage Funding, Inc..
]]>
1. What Are Mortgage Rates?
Mortgage rates are the interest rates lenders charge on home loans. These rates fluctuate based on economic conditions, lender policies, and your financial profile. Even a small change in interest rates can significantly impact your monthly payments and the total cost of your loan.
2. Factors That Influence Mortgage Rates
Several factors affect mortgage rates, including:
- Credit Score: Higher scores typically secure lower rates.
- Loan Term: Shorter loan terms often have lower rates.
- Down Payment: A larger down payment may qualify you for better rates.
- Market Conditions: Economic trends, inflation, and Federal Reserve policies impact interest rates.
3. Fixed vs. Adjustable Rates
- Fixed-Rate Mortgages: The interest rate remains the same throughout the loan term, offering stability.
- Adjustable-Rate Mortgages (ARMs): The interest rate may change periodically based on market conditions, potentially lowering initial costs but increasing future payments.
4. How to Secure the Best Mortgage Rate
To get the lowest possible mortgage rate:
- Improve your credit score before applying.
- Shop around and compare offers from multiple lenders.
- Consider a larger down payment.
- Lock in your rate when conditions are favorable.
Understanding mortgage rates empowers you to make smart financial choices and secure an affordable home loan.
The post Understanding Mortgage Rates: A Simple Guide for First-Time Homebuyers appeared first on Encore Mortgage Funding, Inc..
]]>
How does Save Our Homes work?
Save Our Homes limits increases in your home’s assessed value to 3% per year. Your Save Our Homes benefit is the difference between the assessed and market values.
For example, let’s say you’re home’s market value increased by $150,000 but Save Our Homes limited the increase in your assessed value to $50,000. You have a $100,000 benefit.
How does homestead portability work?
Homestead portability allows the transfer of homestead assessment benefits from your previous homestead property to your new home.
Let’s say your new home has a market value of $300,000. You have a $100,000 benefit from your previous homestead. The assessed value of your new home will be $200,000.
One important thing to note is that you can only keep your full benefit if you buy a new home of equal or greater market value to your previous home. If you downsize, you get a prorated benefit based on your new home’s market value divided by your old home’s market value.
Examples:
$200,000 home to $250,000 home: keep full benefit
$200,000 home to $200,000 home: keep full benefit
$200,000 home to $150,000 home: keep 75% of your benefit
$200,000 home to $100,000 home: keep 50% of your benefit
$200,000 home to $50,000 home: keep 25% of your benefit
Is portability automatic?
Homestead portability is not automatic. You have to apply for it. When you buy a new home.
- Go to the county property appraiser’s office for your new home. Some larger counties also offer online services.
- Fill out the application for the Homestead Exemption for your new home.
- Fill out the portability application to transfer your benefit.
- Your new property appraiser will get your benefit amount from your old property appraiser and apply it to your new home’s assessed value.
- Check their math. The process is supposed to be automatic, but mistakes can happen.
How does portability transfer work if you have an SOH benefit on jointly owned property?
If you’re moving to a new homestead together with your spouse, the process is the same as above. Spouses can also divide their benefit from a jointly owned previous homestead either because of a divorce or for other reasons.
Before filing for portability, you’ll need to complete an abandoned homestead form.
Form DR-501TS Designation of Ownership Shares of Abandoned Homestead says what percentage of the benefit each spouse receives. It does not have to be 50/50 and is subject to your agreement or a divorce court’s order.
Once you’ve decided your benefit, the process works as normal. For example, if you jointly had a $100,000 benefit and divide it 50/50, each spouse can port $50,000 to their new home.
How does portability transfer work if two property owners move from individually held property to jointly titled property?
If you own a home individually and buy a new homestead property with someone else, you can transfer the larger SOH benefit.
A common example of this is when two people who own a home get married, sell their old houses, and buy a new house together. Assume that one property owner has a $150,000 tax benefit and the other has a $100,000. The benefit on the new home would be $150,000 (not a combined $250,000). Two spouses can theoretically each maintain a separate Homestead Exemption, but this would typically require living in separate homes and meeting the other usual Homestead Exemption requirements.
How long do you have to use portability?
While most people immediately use portability as they move from one house directly into another, this is not a requirement. You have up to three tax years to establish a new homestead.
A common situation where this applies is if you sell your homestead property then temporarily rent during your property search for a new home.
It’s important to understand what a tax year is. The Florida Homestead Exemption is as of January 1st. Each January 1st counts as a tax year.
For example, if you sell your homestead property at any time during 2022, the third January 1st is January 1, 2025. If you sell in December 2022, you still only get until January 2025 not December 2025. So three tax years can sometimes be two years and one day.
If you miss the three-year deadline, you will typically lose your SOH benefit. You can still receive the Homestead Exemption on your new home, and your SOH benefit would start over as if you were a first-time homebuyer.
Is there a limit to the amount you can transfer with portability?
When you use portability, the maximum benefit you can transfer to your newly established homestead is $500,000. Remember that this is based on the difference between the assessed value and market value of your original home rather than its full value.
The post Florida Homestead Portability: “How to Save Thousands on Property Taxes When Moving” appeared first on Encore Mortgage Funding, Inc..
]]>
1. Get Pre-Approved for a Mortgage
One of the first steps to take when buying a home is getting pre-approved for a mortgage. This gives you a clear understanding of your budget and strengthens your position when making an offer. Lenders will review your credit, income, and financial history to determine how much you qualify for. Having a pre-approval letter in hand signals to sellers that you are a serious buyer.
2. Work with a Knowledgeable Real Estate Agent
A real estate agent can be your best ally in the homebuying process. They have access to market insights, negotiation expertise, and a deep understanding of the home search and purchase process. Choose an agent with experience in your preferred area who can help you find the right home and guide you through each step of the transaction.
3. Understand the Market and Set Realistic Expectations
Before you start house hunting, take the time to research the local real estate market. Look at property prices, neighborhood trends, and inventory levels. This helps you set realistic expectations about what you can afford and what’s available within your budget. Your real estate agent can provide valuable insights to help you make informed decisions.
4. Make a Competitive Offer
Once you find the right home, it’s time to make an offer. Your agent will help you determine a fair price based on comparable properties and market conditions. In competitive markets, you may need to act quickly and include strong terms, such as a larger earnest money deposit or a flexible closing timeline, to make your offer stand out.
5. Conduct a Thorough Home Inspection
A home inspection is a crucial step that helps uncover potential issues with the property. Hiring a professional inspector ensures you know about any hidden problems before closing. If significant issues arise, you may have the option to negotiate repairs or reconsider your purchase.
6. Secure Financing and Prepare for Closing
Once your offer is accepted, work closely with your lender to finalize your mortgage. This involves submitting required documents, locking in your interest rate, and reviewing loan terms. Additionally, you’ll need to secure homeowners insurance and complete any final paperwork. Your real estate agent and lender will guide you through this process to ensure a smooth closing.
7. Close the Deal and Move In
The final step is closing day, where you’ll sign the necessary documents, make your down payment, and receive the keys to your new home. Before moving in, do a final walkthrough to confirm the property is in the agreed-upon condition. Then, celebrate—you’re officially a homeowner!
Final Thoughts
Buying a home doesn’t have to be stressful. With the right preparation, professional guidance, and a clear understanding of the process, you can confidently navigate your homebuying journey. If you’re looking for expert assistance, reach out to experienced mortgage professionals who can help you every step of the way.
The post How to Navigate the Home Buying Process with Confidence appeared first on Encore Mortgage Funding, Inc..
]]>