Second Home Purchases are Down
Second home purchases are down from their pre-pandemic levels. Mortgage-rate locks on second homes were down 47 percent from their pre-pandemic levels as of Aug. 2023, just shy of a seven-year low seen in February when rate locks were down 52 percent from pre-pandemic levels
Clara Barton House – Local Landmark
The Clara Barton House in Glen Echo MD is the perfect place for a short history lesson since it is just outside Washington, DC, near several good restaurants, and right next to the C&O Canal for a pleasant hike aftrwards.
Changes to the Student Loan Program
Changes to the student loan program will hopefully make it easier for borrowers to pay back their debt now that the COVID repayment suspension is ending.
Less Expensive New Homes
Less expensive new homes may be coming! In today’s housing market, there are two main affordability challenges impacting buyers: mortgage rates that are higher than they’ve been the past couple of years, and rising home prices caused by low inventory. To overcome those challenges, many people are working with their agents to find less expensive homes. And with newly built homes making up a historically large percentage of the total available inventory today, that search often includes brand new homes.
People Are Spending Less on Newly Built Homes
The graph below uses the latest information from the Census to show, in June, more of the newly built home sales in this country were in lower price ranges than in 2022:
Non-warrantable Condo – What to Do?
A non-warrantable condo refers to a condominium unit that does not meet the eligibility requirements for conventional mortgage financing due to certain characteristics or conditions that make it riskier for lenders. There are several reasons why a condo might be considered non-warrantable:
Bob Dylan, Madonna’s Father and Diane Sawyer
It’s nearly the end of August – so lets have something fun to think about! What do Bob Dylan, Madonna’s father and Diane Sawyer all have in common? They have million dollar plus properties on the market for sale.
Investing in Short Term Rentals
Investing in short term rentals can be an excellent strategy to diversify your portfolio. Companies such as Airbnb and VRBO have brought the short-term rental market into the mainstream, making it easier than ever for investors to profit from real estate ownership. Rather than getting tied into long-term leases, property owners can capitalize on local demand for temporary and vacation rental housing. A short term rental can be a condo at the beach or a basement apartment in a single family home in DC or Montgomery County that you live in.
The Increase in Foreclosures
What does the increase in foreclosures mean to the real estate market? If you’ve been keeping up with the news lately, you’ve probably come across headlines talking about the increase in foreclosures in today’s housing market. This may have left you with some uncertainty, especially if you’re considering buying a home. It’s important to understand the context of these reports to know the truth about what’s happening today
Islands for Sale!
Islands for sale promise the dream escape. Whether your own private island means mai tais, a hammock and toes in the sand, adventures on the high seas with Fletcher Christian or just a quiet dock, a small sail boat and fresh crabs with lots of Old Bay, the dream of a private island captures most of us in its embrace.
Top 10 Housing Markets by State
Here are the top 10 housing markets by state. With remote work increasing after COVID, it is easier to move to a better location that suits you more. If you are not sure where to move, check out these states with healthy housing markets, where you can make a smart purchase and enjoy a happy home.