Ready for some BAM good news?
Real estate can be pretty fickle, and constant negative news about mortgage rates, home prices, and layoffs can get people down.
Each week, we’re giving you the most uplifting and positive news in real estate. This industry can be tough, so here’s a little sunshine to start your week!
Mortgage Rates Dipped Below 6%
After the Federal Reserve met last week, mortgage rates dipped below 6%—and the whole industry celebrated.
5s! 💥 #mortgagerates (today) pic.twitter.com/YBfQ1woaTY
— Byron Lazine (@ByronLazine) February 2, 2023
Of course, those rates didn’t last long. But it was definitely a happy day for homebuyers, and those fortunate enough to lock in their rates last Thursday are probably still celebrating today. According to a Redfin report, the drop in rates meant that a $2,500 monthly budget could buy a $400,000 home for the first time since September 2022. And with inflation driving up the prices of—well, everything—any monthly savings are welcomed by all.
Carbon-Capturing Building Materials
A building material cheaper than lumber and better than the environment? Yes, please!
Josh Dorfman and two former SpaceX engineers founded Plantd—and that’s exactly what they are creating. The company’s flagship product looks and performs like a typical wood panel, but it’s made from a fast-growing species of grass.
The website states,
We started with the question, “What is the fastest way to remove carbon from the atmosphere and turn it into useful, durable products?”
Not only can the grass absorb 30 tons of carbon dioxide throughout its lifetime, but it can be harvested three times in a season. Compare that to once every 20 years for pine wood, and it’s easy to imagine the potential cost savings.
Food and Services Hub at Samuel Madden Homes
In Alexandra, Virginia, where 31% of the population faces food insecurity, a new food and services hub is in the works for Samuel Madden Homes.
The public housing site will offer more than nutritious food for those who need it. Fairstead, Mill Creek Residential and the Communities Group are working with Alexandria Redevelopment & Housing Authority to redevelop Samuel Madden Homes, working to create new affordable and mixed-income housing and community resources.
Food insecurity is on the rise in Alexandria, and the emergency food benefits for low-income families that were put in place during the pandemic are about to expire. Being a part of the new vision for the Samuel Madden Homes will help ALIVE! grow our impact and reach even more families in need throughout Alexandria. But our mission doesn’t end with food. Once we connect with a family, we work with them to understand their needs to layer in the services they need to improve their lives. You can come into an ALIVE! Food Hub location for free groceries, and leave connected to other supports, such as educational, workforce, and health care services.
NAR 2023 Good Neighbor Awards
The National Association of Realtors® is now accepting applications for the 2023 Good Neighbor Awards.
Every year, real estate agents work to make a difference in their communities—and the Good Neighbor Awards recognizes those who do.
Five winners will each receive a $10,000 grant for their nonprofit organization—helping them grow their charitable projects and make an even bigger difference. Five honorable mentions will each receive a $2,500 grant.
Submit an application by April 19, 2023, to be in the running for this year’s Good Neighbor Awards.
Have an uplifting story to share? Email contributors@nowbam.com with good news the real estate industry needs to know about!
