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The main difference between a real estate agent and a real estate broker is that brokers are licensed to manage their own businesses, while agents are not. But even though real estate agents work under brokers, their jobs are similar. Brokers and agents both help clients sell their homes as well as buy new homes
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Office buildings that are outdated or that have been left partially or completely empty since the pandemic began are being reimagined. With a surge in demand for apartments, developers are remaking some underused office buildings into new living corridors.
To make the former office buildings more livable, developers are adding outdoor gathering spots, operable windows, balconies, gyms, and even co-working office spaces.
But developers say these conversions aren’t easy to do and that could limit some projects. For example, at the Park and Ford buildings, resolving the presence of mold, asbestos, and damaged concrete delayed construction and added to costs
Home prices have increased by more than 10% in most of the country over the past year as high demand and low housing inventories have moved prices higher. On the other hand, average wages have increased about 8% in comparison. Interest rates have hovered around 3%, which have helped with homeownership affordability, researchers note.
“Home prices are rising faster than both rents and wages, while wages rise faster than rents.
The trend is slowly shifting toward renters, which could be a major force in easing price increases in 2022. Prices can only go up by so much more before renting becomes financially easier. For now, though, rising wages and interest rates around 3 percent are enough to offset recent price run-ups and keep ownership on the plus side of the affordability ledger compared to renting.
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