Today: Recheck buyer financing before offers: a HousingWire opinion column reports a 7.28% 30-year mortgage rate, versus 6.34% a year earlier. Realtor.com reports that federal legislation removed the permanent-chassis requirement for manufactured homes, but Columbia-area land buyers should verify parcel-level zoning and implementation before committing capital.
Requalify buyers against current lender quotes, not last month's budget. Jacquelyn Omotalade's HousingWire column reports a 7.28% 30-year mortgage rate, up from 6.34% a year earlier, and illustrates the impact using a $429,100 national median home price with 20% down: approximately $2,350 monthly principal and interest, versus $2,130 at the earlier rate, before taxes and insurance. For Richland and Lexington County buyers, have lenders refresh the actual payment, cash-to-close and qualification figures before another offer; those national figures are not Columbia prices or a borrower-specific quote. Source
Make listing decisions around payment competition, not a promised rate reversal. The same column reports that roughly half of outstanding mortgages nationally carry rates of 4% or less, illustrating the financing trade-off facing owners considering a move, rather than establishing how many Midlands sellers will stay put. For active listings, compare recent local closed and pending sales, then ask the buyer's lender whether a price adjustment or seller-funded financing concession provides the more useful payment improvement within the loan's limits; do not infer a local price decline from a national rate report. Source
Build a pipeline that works without refinancing relief. HousingWire's lender-management commentary says 70% of executives participating in its October 1 live survey expected mortgage rates of 7.5% or higher six months later, while reporting that Mortgage Bankers Association chief economist Mike Fratantoni forecast flat production and little significant rate relief over the next two years; these are expectations, not guaranteed outcomes. Columbia brokerages and lending teams should budget around transactions that qualify at current quotes, track financing-related fallout and maintain backup lender relationships rather than depend on lower rates to rescue marginal contracts. Source
Manufactured housing warrants a feasibility screen, not speculative land buying. Realtor.com reports that the 21st Century ROAD to Housing Act removed the permanent steel chassis, or towing frame, requirement for manufactured homes built to federal Department of Housing and Urban Development standards, potentially reducing material costs and allowing installation that looks more like site-built housing. For affordable-housing projects in Richland and Lexington counties, request written planning guidance on the specific parcel, then obtain manufacturer, site-work, utility, foundation, insurance and financing quotes before deciding whether the complete project beats an existing-home purchase. Research · Weekly outlook
Federal changes do not establish local development permission. Realtor.com cites Land Use Labs' estimate that only about 17% of zoned land nationally expressly allows manufactured-home parks, while explaining that local restrictions can involve minimum size, design and installation permissions; that statistic does not measure the share of Columbia-area parcels eligible for an individual manufactured home. Before waiving a land-contract contingency, verify the applicable municipality or county's rules, state implementation, permitting requirements and lender treatment, and do not market a parcel as approved because the federal construction requirement changed. Research · Weekly outlook
Large multifamily commitments and distressed financing are occurring together. Commercial Observer reports a $2 billion joint venture between UDR and Apollo covering 19 multifamily communities and 7,059 units, with approximately $1.34 billion in Apollo equity, alongside a $1.3 billion Blackstone commercial mortgage-backed securities loan entering special servicing, a process for handling troubled or potentially troubled loans, involving multifamily properties in the Sun Belt and Seattle region. For Midlands acquisitions, treat this as a reason to scrutinize financing rather than evidence of local distress: stress-test higher interest costs, weaker rental income and the cash needed at loan maturity, and verify property-specific distress before approaching an owner with a discounted offer. Source
Treat home-equity investment pitches as contract decisions, not cheap-money substitutes. Splitero CEO Michael Gifford tells HousingWire that HEIs, home equity investments, could gain market share as homeowners seek alternatives to traditional borrowing, and says the product has no monthly payment while investors consequently expect higher returns; his prediction that increased capital participation will reduce consumer pricing is a provider's outlook, not an established cost reduction. For Columbia-area owners considering one to fund repairs or other expenses, compare the actual contract's total settlement obligation with a HELOC, home equity line of credit, and other available financing, using multiple future home-value and sale-date scenarios. Source
Verify the exit terms before recommending an equity-access product. Gifford identifies consumer awareness, pricing and regulatory uncertainty as challenges for the HEI market and says Splitero's typical homeowner customer has more than 50% of the home's value in equity, which describes his company's customers rather than an eligibility standard for Midlands owners. Before a client signs, have qualified counsel review the proposed agreement's valuation method, fees, settlement triggers and treatment of a sale or refinance, and confirm South Carolina availability and applicable requirements directly with the provider; no monthly payment does not establish a low total cost. Source