Market in a MinuteEast Tennessee home sales declined 18.9% from the previous month, and decreased 9% from a year ago.The median sale price was $375,000 — up 7.58% from the previous year.Total housing inventory increased from the previous year – up 41% from a year ago.

A Significant Drop in Mortgage RatesThe 30-year fixed-rate mortgage has now averaged 6.47%, a decrease from 6.73% just last week and a drop from 6.96% a year ago, according to Freddie Mac.

It is my opinion that the jolt in Smokies pricing showing a decrease is the return of pre-COVID occupancy with unseasoned investors (or forgetful investors) not knowing what normal was.

It's common to see pre-payment penalties in this loan product and now lenders are less inclined to negotiate these pre-payment penalties down knowing rates are expected to continue to decrease which incentivizes the borrower to refinance.

This has been great as there has been a general decrease in the number of traveling medical professionals in our area, and those travelers have been more price-sensitive than during COVID. 

Double check that before purchasing a property. 3) FHA 203k loans would obviously be ideal in a vacuum to factor in renovation costs into loan to decrease your out of pocket expenses.

This added about $600 to my mortgage for the next 12 months, and I’m unsure if it’ll decrease to the norm again thereafter. 

You’ve just decreased your purchase price by the difference between the principal of the seller financed note and the “discounted” price you paid for the substitute note.

Bankers move around, rates increase and decrease, market conditions change, but these personal relationships can remain a constant throughout your career and will be critical to your success. 

Specifically, I’m looking for insights on cost projections, especially whether the cost per square foot tends to decrease with larger projects, and what budget I should allocate to ensure this development is profitable.Guidance from someone with experience in similar projects would be invaluable