Commercial Weekly: Modest Rent Differences and Rising Construction Cost are Headwinds for Office-to-Residential Conversions in Major Metro Areas
The conversion of vacant office space for residential use faces hurdles from rising rental and construction costs.
Mortgage rates surged to 5% for the first time in over a decade (since February 2011). Elevated inflation continues to push up mortgage rates.
With inflation running this high, the average consumer is spending $500 more compared to one year ago, or $6,132 annually.
At the national level, housing affordability fell in February compared to the previous month according to NAR’s Housing Affordability Index.
Aggressive inflation will force the Federal Reserve to raise interest rates multiple rounds this year and actively pursue quantitative tightening.
The new "Bipartisan Infrastructure Law" allocates $5 billion toward increasing the number of electric vehicles and chargers.
The 30-year fixed mortgage rate rose to 4.72% from 4.67% the previous week; mortgage rates have increased by 1.5 percentage points since the beginning of the year, hurting affordability.
Whether they are using an app on their phones or driving around their neighborhoods looking for open house signs, home buyers of different generations search in their own, unique ways. However, there are also more similarities than one might think.
The latest jobs data, with the unemployment rate sinking to 3.6%, presents an incredibly tight job market.
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