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Sunday, March 23, 2026
Today: Luxury properties decouple from the broader market as high-net-worth buyers operate on different financing dynamics, Arizona's HOA mandate ban signals a cost-cutting trend that could reach South Carolina, and 35% of declined mortgages could have closed with down payment assistance programs.
The luxury segment is moving on a completely different cycle than the entry-level and mid-tier markets. In 2025, luxury sales growth (top 10% of the market) nearly doubled the pace of traditional home sales, according to Coldwell Banker's 2026 Trend Report. Ultra-high-net-worth buyers are less sensitive to interest rates and often structure purchases through family offices or wealth managers, treating real estate as a cornerstone wealth preservation asset rather than a speculative hold. This matters for Richland County agents with luxury listings: these buyers are thinking in decades, not market cycles. Personalization and legacy planning drive decisions, so properties with renovation potential or unique lifestyle features move faster than generic luxury inventory.
National new home sales weakened in February after a January surge, but the headline number lacks context for Columbia's market dynamics. Watch your local builder pipeline and pending sales for better signals than national data.
New York City's rent regulation policies offer a cautionary tale for Columbia's rental market. Manhattan median rents hit $5,000/month in February with vacancy rates below 2%, driven by supply suppression from rent-stabilized units sitting vacant because renovation costs exceed allowable post-renovation rents, according to Commercial Observer. An estimated 60,000 to 80,000 rent-stabilized apartments are vacant citywide because the math does not work for landlords to bring them back to market. Columbia does not have rent control, but the lesson is clear: policies that disincentivize reinvestment remove supply from the market. If South Carolina considers rent regulation, expect immediate inventory contraction.
Real estate development firm BFC Partners signed a 10-year, 13,758-square-foot office lease at 17 State Street in Manhattan with asking rents between $72 and $85 per square foot, Commercial Observer reports. Columbia's Class A office market remains far below these figures, but the 10-year term signals confidence in long-term downtown office demand. Track Vista and Main Street lease terms for local parallel trends.
Arizona lawmakers are close to passing legislation that would ban municipalities from requiring developers to form homeowners associations (HOAs) and would sharply limit local design standards for single-family homes and accessory dwelling units (ADUs), HousingWire reports. Supporters say design mandates covering roof pitch, facade materials, window placement, and color palettes add thousands of dollars to the price of a home and can push entry-level buyers out of the market. The bill also targets mandatory HOAs, which can add hundreds of dollars to monthly mortgage payments for first-time buyers. If this passes, watch for similar pre-emption efforts in South Carolina's legislature. Richland and Lexington counties both have municipalities with design review boards, and this Arizona model could shift authority away from local control. For developers, this could reduce soft costs and speed up approvals. For buyer agents, mandatory HOA fees may become negotiable if similar legislation reaches South Carolina.
Down Payment Resource analyzed $6.5 billion in declined loan volume and found that 35% of declined loans could have been funded if borrowers had been matched with an appropriate down payment assistance (DPA) program, HousingWire reports. The average assistance amount per eligible borrower was nearly $27,000, and by restructuring loans with DPA, loan-to-value (LTV) ratios declined by an average of 8.8%. That shift can enable borrowers to transition from FHA to conventional financing, eliminate upfront mortgage insurance premiums, or qualify for more favorable MI pricing and interest rates. Columbia agents working with first-time buyers or buyers hitting DTI (debt-to-income) ceilings should be routing these borrowers to lenders with active DPA program participation. This is recoverable volume, not dead leads.
PHH Mortgage has completed its rebrand to Onity Mortgage, effective Monday, HousingWire reports. Onity ranked 21st nationally in 2025 with $24.2 billion in origination volume (42% growth year-over-year) and 18th in servicing with a $153.6 billion portfolio. The company launched a non-QM product suite in October, including full documentation, alternative documentation, and DSCR (debt-service-coverage ratio) loans for delegated and non-delegated correspondents. If you have investor clients or self-employed buyers who do not qualify for traditional financing, ask your lender contacts if they have correspondent relationships with Onity.
The HECM for Purchase (reverse mortgage for home purchase) program represents less than 3% of the reverse mortgage market despite being hailed as a retirement planning tool when it launched in 2009, according to Michael Banner, a national reverse mortgage educator with American Pacific Mortgage, in an interview with HousingWire. Banner argues the product has not failed, but the industry has failed to educate Realtors and financial planners. Columbia agents working with downsizing retirees or military families retiring near Fort Jackson should understand this product: it allows buyers 62+ to purchase a home using reverse mortgage proceeds, eliminating monthly mortgage payments. The stigma around reverse mortgages persists, but the product was restructured by HUD in 2009-2010 with capped fees and consumer protections. If you have aging clients who want to move but are hesitant about taking on a mortgage, this is a financing option worth understanding.