The Oceanaire Realty Blog

Thursday, January 30, 2025   /   by The Oceanaire Realty

Two Resources That Can Help You Buy a Home Right Now

A recent report from Realtor.com says 20% of Americans don’t think homeownership is achievable. Maybe you feel the same way. With inflation driving up day-to-day expenses, saving enough to buy your first home is more of a challenge. But here’s the thing. With the right resources and help, you can still make it happen.
There are options that can help make buying a home possible today — even if your savings are limited or your credit isn’t perfect. Let’s explore just two of the solutions that could help get you into your first home no matter the market.
1. FHA Loans
If your down payment savings and your credit score aren’t where you want them to be, an FHA loan could be your pathway to buying a home. According to the U.S. Department of Housing and Urban Development (HUD) and Bankrate, the big perks of an FHA home loan are:
Lower Down Payments: They typically require a sm ...

Thursday, January 23, 2025   /   by The Oceanaire Realty

Mortgage Forbearance: A Helpful Option for Homeowners Facing Challenges

Let’s face it – life can throw some curveballs. Whether it’s a job loss, unexpected bills, or a natural disaster, financial struggles can happen to anyone. But here’s the good news. If you’re a homeowner feeling the squeeze, there’s a lifeline that many people don’t realize is still available: mortgage forbearance.
What Is Mortgage Forbearance?
As Bankrate explains:
“Mortgage forbearance is an option that allows borrowers to pause or lower their mortgage payments while dealing with a short-term crisis, such as a job loss, illness or other financial setback . . . When you can’t afford to pay your mortgage, forbearance gives you a chance to sort out your finances and get back on track.”
A common misconception is that forbearance was only accessible during the COVID-19 pandemic. While it did play a significant role in helping homeowners through that crisis, what many people don’t know is tha ...

Thursday, January 23, 2025   /   by The Oceanaire Realty

New Year, New Home: How To Make It Happen in 2025

This is the time when a lot of people take a moment to reflect and set their goals for this year. And as you picture what you want your 2025 to look like, one thing that may pop into your mind is the vision of you in a new home. But how do you get there? And where do you start?
Here’s some advice that can help you get the ball rolling.
Focus on Your Why
To lay the foundation, you need to focus on your why. While the dollars and cents are important, so is the driving force behind your desire to move. Maybe you need more space for a growing family, want to sell so you can downsize, or are finally ready to buy your first home. Whatever your reason, it’s important to keep it front and center.
Your why is what helps you stay focused. Share your motivation with your agent and they’ll use their expertise to help support that goal, no matter what the market looks like. With a great agent by your side, you’ll have someone to guide you, problem-solve, an ...

Thursday, January 23, 2025   /   by The Oceanaire Realty

Roughly 11,000 Homes Will Sell Today – Will Yours Be One of Them?

Are you hesitant to sell your house because you’re worried no one’s buying with rates and prices where they are right now? Here’s some perspective that can help.
The market actually isn’t at a standstill. While there weren’t as many sales last year as there’d be in a normal market, roughly 4.15 million homes still sold (not including new construction), according to the National Association of Realtors (NAR). And the expectation is that number will rise in 2025. That means more people will likely move this year, and they need homes to buy. Homes like yours.
But even if we only match last year’s sales pace, here’s what that looks like.
Every Minute Homes Are Selling – Literally
4.15 million homes ÷ 365 days in a year = 11,370 homes sell each day
11,370 homes ÷ 24 hours in a day = 474 homes sell per hour
474 homes ÷ 60 minutes = roughly 8 homes sell every minute
Think a ...

Thursday, January 23, 2025   /   by The Oceanaire Realty

The Truth About Credit Scores and Buying a Home

Your credit score plays a big role in the homebuying process. It’s one of the key factors lenders look at to determine which loan options you qualify for and what your terms might be. But there’s a myth about credit scores that may be holding some buyers back.
The Myth: You Need To Have Perfect Credit
According to Fannie Mae, only 32% of potential homebuyers have a good idea of what credit score lenders actually require.
That means two-thirds of buyers don’t actually know what lenders are looking for – and most overestimate the minimum credit score needed.
The Reality: Perfect Isn’t Necessary
But the truth is, you don’t need perfect credit to become a homeowner. To see the average score, by loan type, for recent homebuyers check out the graph below:
There is no set cut-off score across the board. As FICO explains:
“While many lenders use credit scores like FICO Scores to help them make lending ...
The Oceanaire Realty
308 Hwy 17 N
Holly Ridge, NC 28445
Triangle: 833-OAR-1234 | Coast: 833-OCN-AIRE

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