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Fixer-Uppers in Demand as Buyers Seek Affordable Options in Tight Housing Market

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  Existing home sales hit a 14-year low in September, according to the National Association of Realtors (NAR). Meanwhile, the Federal Reserve’s Beige Book hinted at a potential shift in the housing market, noting an increase in inventory across the country. In Virginia, for instance, agents are seeing a rise in “fixer-uppers and less-than-ideal homes” hitting the market. Take Corita Stull, a single mom in Baltimore. The rental home she shares with her four sons has its quirks—including a toilet that often requires “bucket flushing” to get the job done. Despite the maintenance challenges, Stull hopes to buy the home when it goes up for sale, embracing the “fixer-upper” option as a necessary path to homeownership in today’s market. During the pandemic, buyers sought move-in-ready homes, with immediate gratification being the name of the game. But with fewer turnkey homes available, the spotlight is turning back to properties that need a little TLC. “The fixer-upper market has more supply
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Commercial Real Estate Recovery

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The commercial real estate market is showing signs of recovery, but the path forward may be a bit uneven. Key Takeaways: The Federal Reserve began cutting interest rates last month for the first time since 2020, dropping them by 50 basis points and signaling more cuts could be on the way. This policy shift is seen as a positive sign for the commercial real estate (CRE) market, as lower rates can boost refinancing and sales activity. Sales volumes are already increasing, especially in the multifamily sector, while some sectors like office space continue to face challenges. The Fed's Shift and Its Impact In September, the Federal Reserve lowered interest rates for the first time in years, cutting the Fed funds rate by 50 basis points. This is big news for commercial real estate, a sector that thrives on affordable financing. Cheaper debt could help jumpstart deal-making, which had stalled in recent years due to higher borrowing costs and economic uncertainty. The Fed's change in
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The Real Estate Market Is Finally Starting to Thaw – Here's What You Need to Know

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It’s been a tough couple of years for the real estate market, with both buyers and sellers feeling stuck. Homes sat on the market as buyers were put off by high prices, and wild mortgage rate fluctuations kept many on the sidelines. But according to housing experts, the market is finally showing signs of change — a “thaw” in the real estate Ice Age is on the horizon. A Shift in the Air Mortgage rates are near their lowest point in two years, which could encourage more sellers to put their homes on the market. At the same time, the inventory of available homes is the highest it’s been since the early days of the COVID-19 pandemic. While home prices are still higher than last year, the increase is modest (around 3-5%), which is more typical of a healthy, balanced market. If this trend continues, the coming spring could bring more activity as buyers and sellers start to feel more confident. It’s Not All Sunshine Yet While things are looking up, the housing market is far from “back to norm
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What Are Seller Concessions in Real Estate? Here’s What You Need to Know

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When buying a home, you’re likely focused on the price tag, but don’t forget about the extra costs that can add up quickly. Things like closing fees, home inspections, and repairs can eat into your budget. Luckily, in some cases, you can ask the seller to help cover some of these costs through what’s known as seller concessions. Here's a breakdown of what they are and how they can work to your advantage. What Are Seller Concessions? Seller concessions are when the seller agrees to cover a portion of the buyer's closing costs or expenses, reducing the upfront costs for the buyer. For example, the seller might pay for repairs found during the home inspection or cover fees like the appraisal. The seller doesn’t have to agree, but it can be a good way to keep the deal moving forward and make the buyer happy. It’s important to note that seller concessions don’t mean the buyer will get cash back. Instead, the seller typically agrees to put part of their home sale proceeds toward the
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Home Title Lock Insurance: Is It Really Protecting You?

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If you’ve seen ads for home title lock insurance, they might have left you feeling concerned. The ads claim thieves can steal the title to your home, but then suggest you buy title lock insurance to supposedly prevent it. Before you start to panic, let’s take a closer look. Title Lock Insurance Isn’t What You Think First off, "title lock insurance" is not the same as title insurance. If you’ve bought a home, you might remember purchasing title insurance during the process. Title insurance protects you against challenges to your ownership, like an unknown lien on your property. However, "title lock insurance" is different—and here’s the catch: it’s not actually insurance at all. Instead, it’s a monitoring service that claims to watch your deed for any changes related to title fraud. The problem is, it doesn’t prevent title theft. You’d only find out after someone fraudulently transferred your title. So, despite the name, it’s not much of a "lock." What is
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September Marks a Turning Point for Housing Demand: Pending Sales Stabilize, Home Tours Surge

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  September brought some welcome news for the real estate market: pending home sales held steady for the first time in nine months, signaling a potential turning point for demand. As mortgage rates continue to decline, other key indicators like home tours and mortgage-rate locks are also showing improvement. Pending Sales Stabilize After Months of Declines For the four weeks ending September 29, pending home sales were flat compared to a year ago. This is the first time since January that sales didn’t decline year-over-year, a positive sign for the market. Sales are picking up in many major metros, with cities like Phoenix seeing a 13% increase, followed by San Jose and Portland with 12% and 10% gains, respectively. Although pending sales haven’t returned to pre-pandemic levels, this improvement hints at a growing interest in homebuying. However, not all regions are experiencing this uptick. Florida, in particular, continues to see a decline in pending sales due to factors like climate
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Mortgage Rates Rise Slightly: What It Means for Homebuyers

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This week, the average rate on a 30-year mortgage in the U.S. nudged up to 6.12%, marking the first increase in seven weeks. This is a slight jump from last week’s 6.08%, according to Freddie Mac, but still significantly lower than last year’s 7.49%. Last week, rates hit their lowest point in two years, giving homebuyers a bit more purchasing power, even as home prices remain near record highs. While this week’s increase may seem minor, it’s important to keep an eye on trends, especially if you’re actively house hunting. What About 15-Year Mortgages? If you're considering refinancing, the average rate on a 15-year fixed-rate mortgage also edged up this week, rising to 5.25% from 5.16% last week. Still, it's well below last year’s 6.78%, so it could be a good time to explore refinancing options if you want to lock in a lower rate for the long term. Why Are Rates Moving? Mortgage rates are influenced by a variety of factors, including changes in the bond market and the Federal Re
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