Upfront costs include down payment, inspections, appraisals, earnest money, closing costs, taxes, rate buy-down, prepaid insurance, and HOA fees.
Ongoing costs consist of mortgage payments, property taxes, homeowner's insurance, mortgage insurance, HOA fees, maintenance, improvements, and utilities.
To mitigate home-buying costs, improve credit score, work with a real estate agent, and make a larger down payment.
Experts anticipate a potential interest rate cut by the Federal Reserve in September, which may impact home affordability.
While high interest rates have eased skyrocketing home prices, they've made monthly payments less affordable.
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A billion square feet of new housing space to emerge in cities as America’s office market faces a major crisis
America's office market is facing a significant transformation due to rising debt and a shift to remote work, leading to high vacancy rates, particularly in older Class B buildings. Experts predict a wave of fire sales and conversions to residential housing, with a 357% increase in office-to-apartment conversions in 2024 compared to 2021. Major cities like New York, Washington DC, and Los Angeles are at the forefront of this trend, which could reshape urban landscapes and address the housing shortage amid declining demand for office space.
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Homeowner and Homebuyer Trends for 2025
Home design is evolving towards efficiency, incorporating smart technology for improved functionality and time-saving features.English-styled kitchens will influence American homes, promoting timeless elegance with warm, inviting aesthetics.
Interest cuts may spur new homebuyers, sellers
Interest rates are a hot topic as many navigate the real estate market, especially first-time homebuyers. Following a recent Federal Reserve rate cut, lower rates could enhance affordability but also increase competition. In Spokane, the median home price is around $430,000, and potential buyers may see reduced monthly payments if rates continue to drop. However, this could lead to more buyers entering the market, making it challenging to secure properties. Sellers may benefit from quicker sales, but they also face increased competition when purchasing their next home.
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Beat Recession: Choose Commercial Real Estate for Growth
Commercial real estate offers a unique opportunity to generate passive income through rental payments from tenants.
Real estate investments provide significant tax advantages, such as capital gains treatment and deductible expenses.
