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The U.S. avoided a recession in 2023, and some say it will have a soft landing in 2024. Inflation has hovered in the 3% range for many months—higher than the central bank would prefer, but at 2.6% for personal consumption expenditures (PCE), it’s closer to the target range of 2% and far from the double-digit highs since the […]

Smith Mountain Lake (SML) is one of Virginia’s most popular getaway destinations for a good reason; recreational opportunities abound here and the greater Roanoke region, no matter the season. Rain, shine, or snow, you will always find activities to try in and around Smith Mountain Lake. This is your guide. WHAT YOU NEED TO KNOW […]

House sizes have come a long way from 1973 when the average home was 1,660 square feet. The average in 2015 was 2,687 square feet, and since then home sizes have fluctuated, according to the economy, mortgage interest rates, and overall affordability. The question is – how much space do you really need? Automobiles with luxuries like […]

While many potential homebuyers have been knocked out of the market by higher mortgage interest rates and home prices, there’s hope on the horizon that they’ll have better luck in 2024. Banks are tightening their lending standards due to increases in credit card and car loan delinquencies, according to Freddie Mac. This is also impacting mortgage […]

When you sell your home, things can go smoothly or go wrong, and which way it goes depends largely on how well you prepare for the transaction and respond to glitches that may occur along the way. Your Berkshire Hathaway HomeServices network professional can help you determine the right asking price to sell your home […]

Many homeowners who need to make a move may be reluctant to sell their homes because they have a low interest rate and will pay a much higher price for their next home, as well as a higher interest rate in today’s market. Renting out an existing home and buying another property is an attractive […]

Lack of supply in the resale market is favorably impacting new home sales. In September 2023, the pace of new home sales was up 33.9% year over year to a seasonally-adjusted rate of 759,00 units. The median new home sale price in September was $418,800, down 12.3% compared to a year ago, largely due to builder […]

In the new year, homebuyers and sellers are still facing the same challenges as they did in 2023—high interest rates, sky-high home prices, and an inadequate supply of homes. As affordability issues slow housing sales volume, low supplies are keeping home prices high. Bankrate.com experts say that mortgage interest rates reached 8.01% in October, the highest […]

It’s no secret that homebuyers prefer move-in ready homes that have been repaired and updated. The Wall Street Journal reports that fewer homebuyers want fixer-uppers because of high mortgage interest rates and construction loans. Since the seller has disclaimed the home, the cost of repairs and updates are unknown. Some mortgage guarantors like FHA and VA have […]

In August 2023, the average 30-year mortgage interest rate hit its highest level since 2000. At 7.48%, they were nearly triple where they were during the pandemic when they reached a low of 2.65% in January 2021. Meanwhile, median home prices rose for 10 consecutive quarters beginning in fall 2020, only declining for two straight quarters to […]