Mindblown: a blog about philosophy.

As of Late-Q3, 2024, mortgage rates dropped, but homebuying remains highly competitive. The U.S. housing market still faces a 1.5M to 7.2M unit shortage, keeping prices elevated.

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.

South Carolina sees ↓ 11% seasonal change in home prices, from peak summer to winter months, based on a 10-yr avg. The seasonal change in SC home prices is lower than the US avg of 11.5%.

Overview of Selling Costs – Commonly 10% to 15% of the home price – Includes both mandatory and optional expenses Taxes and Fees – Property tax: prorated share owed at sale – Real Estate transfer tax may apply based on location – Capital gains tax on profits over $250K (or $500K for couples)

Mortgage Rates to Decrease Slightly Rates may drop as inflation eases and unemployment slightly rises. Home Sales Expected to Increase Both supply and demand are projected to rise, with sales forecasted at 5.4 million homes.

Economists forecast gradual interest rate cuts through 2025 to support economic growth. Current inflation rates will significantly influence future rate adjustments.

Buying a second home today is more challenging due to rising property values and higher interest rates. Decide whether the second home will be for personal use or rented, impacting financial returns significantly.