Real Estate Blog

  Key Insights: Home prices continue to hit record highs, while mortgage rates remain elevated after a brief decline. Experts predict any market correction will be mild, far from the dramatic downturn of the Great Recession. Low housing inventory, strict lending standards, and strong demand are preventing a market crash. Despite rising mortgage rates, the housing market remains resilient. Property values keep climbing, and while some hope for a downturn to make homes more affordable, experts suggest that’s unlikely. Here’s what industry professionals are saying about the possibility of a housing market crash. Home Prices Stay on the Rise In late 2022, the U.S. housing market began to cool, sparking hopes of a price correction. However, instead of declining, home values rebounded and continue to rise. The S&P CoreLogic Case-Shiller Index reported a 4.2% year-over-year increase in August, marking another record high. This price resilience comes despite a drop in home sales and pe...

As 2024 draws to a close, the housing market remains a mix of challenges and opportunities. With historically high home prices, persistently low inventory, and evolving mortgage rates, the dynamics of buying and selling are anything but straightforward. Here’s a closer look at what experts predict for the remainder of the year and what it could mean for you. Key Takeaways Sellers remain in control: Low inventory levels give sellers the upper hand, keeping competition tight. Mortgage rates cooling, but still high: After peaking above 8% in 2023, rates have eased to 6.88% as of October 2024, offering some relief but remaining high by historical standards. Affordability concerns linger: Elevated home prices and borrowing costs continue to deter many would-be buyers. Lower rates could spur activity: Further decreases in mortgage rates could motivate both buyers and sellers, improving inventory and market movement. Market Conditions: What’s Happening Now? The median sale price for an ex...

  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 su...

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 ...

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...

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 ...

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 ...