Recent changes in regulations for both buyers and sellers are designed to simplify and modernize the transaction process. Buyers will benefit from enhanced protections and clearer disclosure requirements, ensuring they have all necessary information before making a purchase. Sellers, on the other hand, will experience a more efficient listing process with reduced administrative burdens, and quicker approval times.

 

Overall, these changes aim to create a more transparent, streamlined, and equitable real estate market. Now more than ever, it is important to work with an agent who can successfully negotiate and navigate the nuisances in your real estate transaction. 

 

For more information please click below, and feel free to reach out with questions.

 

Changes for Home Sellers

Changes for Home Buyers

Homebuyers saw a turning point in interest rates as of June 2024. The Federal Reserve decided not to raise overnight borrowing rates, keeping them at 5.25%-5.50%. This is a sign that inflation is moving closer to the Fed’s 2% target. However, the Fed anticipates only one rate cut by year-end, which could impact the housing market.

Mortgage rates have decreased to their lowest levels since March 2023 but remain around 7% for the 30-year fixed mortgage. This rate is typically available only to those with excellent credit and a 20% down payment, which might explain why housing sales are 10% below mid-2023 levels.

Most economists expect rates to drop slightly by the end of 2024. Fannie Mae predicts an average rate of 7%, while the Mortgage Bankers Association, Realtor.com, and Wells Fargo forecast a drop to 6.5%. The difference between 7% and 6.5% is $122 per month on a $400,000 mortgage.

Talk to your Berkshire Hathaway HomeServices network professional for insights on the current market, as buying now might be advantageous if home prices are rising.

With fall and winter approaching, it’s essential to have your home’s heating systems inspected and serviced, according to the Consumer Product Safety Commission. A trained technician can check chimneys, central heat, gas heaters, heat pumps, electric heaters, and more to ensure they function properly and don’t produce dangerous carbon monoxide (CO). They can also install CO detectors throughout the house to ensure occupant safety.

Carbon monoxide is odorless and colorless, making it undetectable without alarms. CO poisoning symptoms can be mild or severe and are often mistaken for the flu. Low-level exposure can cause headaches, fatigue, shortness of breath, nausea, and dizziness. High-level exposure can lead to confusion, vomiting, loss of coordination, unconsciousness, and even death.

To prevent CO poisoning, the CPSC and Environmental Protection Agency recommend:

• Installing interconnected CO alarms that all sound together.
• Never using portable generators indoors; keep them at least 20 feet away from the home.
• Not using cooking appliances for heat.
• Opening the fireplace damper before and after use.
• Avoiding barbeque grills in semi-enclosed spaces like garages.