My State MLS - Real Estate News, Insights and Tips

While home buying season has officially kicked off, housing markets continue to experience the winter chill. Freddie Mac reported that the average national 30-year fixed mortgage rate remained higher than last year and reached its record high of 6.79% in the week ending June 1st. This marked a 40 basis point rise over its level seen a month prior. A "basis point" refers to one-hundredth of a percentage point. National Association of Realtors (NAR). However, existing home sales remain steady, with slight gains of 0.2% reported by the National Association of Realtors (NAR). Although median house prices for four consecutive months declined year-over-year - an encouraging sign for prospective homebuyers--experts aren't forecasting significant nationwide price decreases in the near future. Prices rose slightly across Northeast and Midwest regions while falling overall across South and West areas. Prices of homes have continued to soar and present serious affordability challeng...

Real estate transactions can be complex, and one term that often arises in the industry is "short sale." If you're unfamiliar with this concept, it's essential to grasp its significance and the potential impact it can have on buyers, sellers, and the overall housing market. In this article, we will delve into the world of short sales, exploring what they are, how they work, and what they mean for all parties involved. What is a Short Sale? A short sale is a real estate transaction in which the sale proceeds fall short of the outstanding mortgage balance on the property. In simpler terms, it occurs when a homeowner is unable to sell their property for an amount that covers their outstanding loan amount. To prevent foreclosure, the lender agrees to accept a lower payoff amount, allowing the property to be sold "short" of what is owed. The Process of a Short Sale Seller's Perspective When a homeowner finds themselves in a financial hardship, such as job los...

Unlike their soft office property markets, Triangle industrial real estate markets remain stable - beginning the first quarter of 2023 with an 82,000+ sq. ft positive net absorption rate. The new product introduction led to a vacancy rate increase of 4.5 percent, representing an increase of 24 basis points (or 2.4% from a record low vacancy rate in the first quarter of 2022).