Wendy Zaccaria has dedicated 15 years to the banking industry, with the last 5 years as a specialized residential mortgage loan officer. Her passion for the role stems from a love for helping people find their dream homes and guiding first-time homebuyers on their path to homeownership.
What trends are you seeing in the local housing market and what are some key challenges?
“Home prices are slightly decreasing, and properties are staying on the market longer. Challenges include increasing property taxes, higher property insurance rates, and insurance companies pulling out of Florida. Hurricanes have driven up insurance premiums.”
How has the increase in mortgage rates impacted the local market?
“The market has cooled. Listing prices have come down but not enough to offset interest rate increases. Fewer people are listing their homes, leading to less inventory.”
Do you think rates will go back down anytime soon?
“There might be a rate adjustment in September to reduce them, but we must wait and see.”
What financial preparations do buyers need to make before reaching out to a lender?
“They need to have savings and a good credit score.”
Advice for First-Time Buyers with Small Down Payments
“Ensure you have enough for escrow (1% of purchase price) and be prepared to pay for appraisal and inspection out of pocket. I can often secure enough funds to cover other expenses. A good realtor can help get seller concessions for closing costs.”
