10.28.24

Written by Chase Majerus

Haunted Mansions

Welcome, foolish mortals, to This Week Today, where the eerie winds of real estate and finance beckon you! Our journey begins with the final haunted breath of the 2024 hurricane season, where Florida and North Carolina’s housing markets were frozen in time, leaving listings to vanish like ghosts.

Meanwhile, banks are “extending and pretending” in the commercial real estate world, masking their own losses like spirits hiding in the shadows, waiting for the reckoning. And in a spine-chilling twist, Walmart is selling a tiny house for $15,900—delivered to your door—but beware of the hidden costs lurking beneath, from land to forklifts.

Will you brave these haunted halls of housing news, or will you be haunted by the fine print? Step cautiously, dear reader, for your financial future may be spookier than you think!

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Today's Agenda:

S1L Home Equity Loan

Use Your Home For The Best Future Gains

A home equity line of credit, or HELOC, lets you borrow against your home’s available equity. Applying for a HELOC with Synergy One Lending is fast and easy. Our application is fast, easy, and all online. If pre-approved, you’ll be instantly presented with your offer options.

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How Hurricanes Hurt Housing

The 2024 hurricane season ended with two major storms, Milton and Helene, devastating Florida and North Carolina’s housing markets.

In Florida, new home listings in areas like Tampa dropped by nearly 79%, and pending sales plummeted across regions hit hardest by Hurricane Milton.

North Carolina saw similar market freezes, with Asheville’s listings falling 88% after Hurricane Helene, though they quickly rebounded.

However, new pending sales across North Carolina remain significantly down, some by over 80%. Florida’s recovery may take time, following the pattern seen in North Carolina’s post-hurricane housing market.

Read more here

Major Manor

Buyers Beware

Usually, this section is called “Major Mansion,” where we drool over massive, mega mansions with insane price tags and more amenities than you could ever dream of. But this week, in the spirit of Halloween, we’re taking a spooky detour to the haunted side of real estate—because who needs a rooftop pool when you’ve got a resident ghost?

When buying a home, beware—some properties carry more than just a mortgage.

Stigmatized homes, like those with a history of murder, hauntings, or other spooky events, might not need full disclosure depending on the state. In places like California, a death within the last three years has to be revealed, but in others, the skeletons in the closet can stay hidden unless you ask.

Haunted by the thought of living in a “ghostly” house? Some buyers embrace the spook factor for a discount. If you’re feeling brave, you can investigate by chatting with neighbors or searching police records—just hope you don’t unearth something chilling. After all, every house has a past… the question is, can you live with it?

Read more here if you dare!

Social Space

Our Top Social Links of the week

Video:
The Most Hilarious Narration for Bad Room Design – Watch here!

Read:
How can so many people afford to buy these houses? – Read here!

Read:
Real estate agents behaving badly – Read here!

Read:
If you want your house to smell like a luxury hotel – Read here!

Financial Fitness

Grow Your Down Payment Savings

Saving for a home down payment can feel like climbing a mountain with flip-flops, but the right strategy can give your balance a boost. Let’s break down some of our favorite tips from CNBC!

  • Timing is everything: If you need the money soon, avoid the stock market. Got a few years? You’ve got more flexibility.
  • Consider CDs, Treasury bills, or high-yield savings accounts based on when you plan to buy. Each has its pros and cons for safety and growth.
  • A 20% down payment isn’t mandatory. Loans may require as little as 5%, 3%, or even 0% down—just watch out for PMI if you go under 20%.
  • Maximize your savings: Don’t let your money sit idle—look into options like money market funds or high-yield accounts for a little extra muscle.
  • Grow that down payment fund with these smart strategies, and get closer to your dream home!

For all things financial fitness, you can always check out S1 Finfit today!

S1 FinFit App

Digital financial assistant at your fingertips

S1 FinFit is a FREE app that provides a roadmap to help you reach your financial and lifestyle goals, no matter how big or small! Free credit monitoring with alerts, set financial goals, create budgets, and keep track of your spending to see where your money is going.

Download the app on the appropriate app store with the links below!

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Banks Brace for Commercial Bashing

Banks are extending the terms of commercial real estate (CRE) mortgages to avoid recognizing losses, which could create broader financial risks, according to a Federal Reserve Bank of New York report.

The CRE sector has struggled due to the pandemic and rising interest rates, with office space demand dropping and financial pressure mounting on banks.

Smaller banks with weaker capital levels are primarily responsible for extending these distressed loans, contributing to a looming “maturity wall” of upcoming loan expirations

While nonperforming loans and charge-offs remain low, the risk of large losses in CRE mortgages could increase soon. The Fed’s recent rate cuts may provide some relief, with Moody’s upgrading its outlook on the banking sector to stable.

Read more here

WALMAR PREFABS

Walmart is now selling a tiny, expandable prefab home for $15,900, which includes space for a bedroom, living room, kitchen, and bathroom.

The house is delivered via flatbed truck but requires a forklift to unload. While the price may seem low, additional costs such as land, foundation, and appliances are not included.

Tiny homes are gaining popularity as people look for affordable housing alternatives due to high housing costs and shortages. Chery Industrial, the manufacturer, also offers similar tiny homes on Amazon and eBay, including the $20,000 “Apple Cabin.”

Read more here

Vlog

ModernUp Sales Rally

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Hi! It’s us again. We’re feeling post vacation remorse from the big ModernUP Sales Rally in Las Vegas… SO…

Here’s What We Learned at the ModernUP Sales Rally!

See our post here and swipe through to see the biggest takeaways from this game-changing event

Tech + Leadership = Success: Synergy One Lending is leading the way with cutting-edge tools like SynerGPT and BOOST, paired with top-notch leadership strategies.

Innovation is Key: 2024 is the year to level up your skills and embrace the latest in mortgage technology to better serve clients and grow your business.

Empowerment for Loan Officers: We’re committed to giving our team the tools and support they need to thrive in an ever-changing industry.

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