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Today: 30-year fixed mortgage rates inched to a two-week low near 6.7%, existing home sales edged up 1.5% month-over-month but remain 2.2% behind last year, and MoveZen Property Management is expanding into Columbia with more than rental management services.
National existing home sales rose 1.5% in September to 3.99 million annualized, but fell 2.2% year-over-year. The median price hit $417,500, up 1.3% annually. Inventory reached 1.6 million units (4.8 months of supply), up 4.6% from September 2025. First-time buyers accounted for 31% of sales, up from 30% last year. NAR report
What this means for Richland County: These numbers reflect mortgage rates around 6.7% when buyers went under contract in August. Rates have since climbed above 7%, which means October and November closings will likely show weaker demand. If you have listings sitting, you're competing in a market where buyer qualification just got tighter. Price reductions and seller concessions are back on the table.
Mortgage rates improved modestly. The 30-year fixed moved to a two-week low as the 10-year Treasury found support around 5.3%. Mortgage News Daily. Wednesday's inflation data (CPI) will determine whether this holds or reverses.
For your pipeline: Every 0.1% rate increase cuts roughly $11,000 in buying power at the $300,000 price point. Pre-approve buyers now before rates move again, and adjust listing prices to reflect current qualification limits, not August's slightly lower rates.
Inventory debate continues. Current inventory stands at 1.6 million homes nationally. Normal levels run 2.0 to 2.5 million. HousingWire analysis. This is the fourth consecutive year of historically low sales when adjusted for labor force and population, but the trend is improving. Wage growth is outpacing home price growth, which restores some buyer power.
Sun Belt multifamily markets show uneven recovery. Regional oversupply from the post-pandemic construction boom is clearing at different rates. Miami's rental vacancy dropped to 6.4% in August, while Tampa hit 8.5%. Commercial Observer. Florida's domestic net migration fell 80% from its pandemic peak (314,000 in 2022 to 64,000 in 2024). Positive rent growth across high-supply Sun Belt markets is now expected by year-end 2027, not 2026 as originally forecast.
FHA 203(k) renovation program getting an overhaul. HUD's deputy assistant secretary signaled changes to address the shortage of approved consultants, which has limited the program to just 3,000-4,000 units annually. HousingWire. The Limited 203(k) now allows up to four contractor draw requests for projects under $75,000, making smaller rehabs easier to complete.
Local angle: Richland County has aging housing stock that fits the 203(k) profile. If HUD expands consultant availability or streamlines the standard program, you'll see more investor interest in distressed properties. Start building relationships with FHA-approved lenders who handle 203(k) loans and identify contractors familiar with the draw process.
FHA affordability math. A buyer earning $80,000 with $500 in monthly debts can afford roughly $285,000 at 6.7% with 3.5% down. Redfin analysis. Just $500 in car or credit card payments cuts about $66,000 from maximum purchase price at every income level.
Action item: Run FHA qualification scenarios for buyers struggling with conventional down payments. Every $10,000 in consumer debt they eliminate before applying adds roughly $130,000 in buying power.
Life sciences and advanced manufacturing deals active in the Carolinas. Starwood Property Trust provided $237.7 million to refinance Pathway Triangle, a 582,000-square-foot campus in Morrisville, NC, anchored by Novartis. Commercial Observer. The Research Triangle has secured $575 million in state grants and generated nearly $21 billion in private investment over 19 years.
Columbia context: Fort Jackson and USC position the Midlands for similar advanced manufacturing and research development. Watch for industrial and flex space deals near the airport and I-77 corridor.
Investment property fundamentals. Experienced investors emphasize buying distressed properties below market to create equity at purchase, rather than depending on future appreciation. Redfin guide. Hidden costs beyond the mortgage include property taxes, insurance, maintenance, vacancies, property management, and capital improvements. Build breathing room into projections.
For investor clients: Run realistic expense projections before presenting offers. A property that only works under ideal conditions (no vacancy, no major repairs) isn't a deal. Focus on distressed listings where forced equity creation offsets carrying costs.
MoveZen Property Management expanding into Columbia. The company is launching services beyond standard rental management. PRWeb via Google News. This adds another competitor in the Columbia property management space.
Long-term rental readiness checklist. Before listing a rental, complete a move-out inspection (if a prior tenant), clean and repair to market-ready condition, document the property's condition with dated photos, and establish clear income requirements (typically 3x monthly rent). BiggerPockets guide. List early to allow time for showings and applicant screening. Screen tenants with written income verification, credit checks, and prior landlord references. Use a holding deposit to secure the tenant while processing the application, and conduct a move-in inspection with the tenant present.
Owner-occupied to rental conversions: If you have clients converting their primary residence to a rental (moving for work, relocating to a larger home, etc.), walk them through the tax implications, insurance changes (landlord policy required), and tenant screening process before the first showing.
Pre-approval amounts vs. actual budgets. Lenders calculate maximum qualification based on debt-to-income ratios (typically 43% for FHA, sometimes up to 50% with compensating factors). This is a ceiling, not a target. Redfin analysis. A buyer pre-approved for $800,000 may only be comfortable at $500,000 once they factor in property taxes, insurance, HOA dues, maintenance, and other household expenses.
Practice tip: Ask buyers for their monthly comfort number before showing them their pre-approval letter. Work backward from that payment to establish a realistic price range. Showing someone a $700,000 house when their budget supports $500,000 wastes everyone's time and sets up disappointment.
Mortgage payoff mechanics. When selling a home, the mortgage is paid off at closing from sale proceeds. The title company orders a payoff statement showing the exact amount owed as of closing day (includes principal, accrued interest, and fees). Redfin guide. Sellers must continue making payments until closing. Any escrow balance is refunded within 20 business days after payoff.
Seller consultation: Explain that the online mortgage balance is not the payoff amount. Interest accrues daily, so the final payoff includes interest through the closing date. Factor this into net proceeds estimates to avoid surprises at settlement.
Divorce refinance and equity buyouts. When one spouse keeps the home, they typically refinance to buy out the other's share and remove them from the mortgage. HousingWire. The remaining spouse must qualify for the new loan on their own income. Spousal or child support can count as income (if received) or debt (if paid), which moves qualification numbers significantly.
Referral opportunity: Get pre-approval before the settlement is signed. If the remaining spouse can't qualify for a loan large enough to fund the agreed buyout, the couple either reopens the settlement or sells the house. Establish capacity early to avoid this.