{"id":176307,"date":"2024-08-12T13:08:03","date_gmt":"2024-08-12T19:08:03","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=176307"},"modified":"2024-08-12T13:14:21","modified_gmt":"2024-08-12T19:14:21","slug":"even-if-the-fed-cuts-rates-homes-will-still-be-expensive","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/even-if-the-fed-cuts-rates-homes-will-still-be-expensive","title":{"rendered":"Even If the Fed Cuts Rates, Homes Will Still Be Just as Expensive"},"content":{"rendered":"\n<p><span data-preserver-spaces=\"true\">Stubbornly low housing inventory, high home prices, and increasingly worrying employment stats mean that despite <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/rate-cuts-expected-in-september-2024\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">the likelihood of a September Federal Reserve rate cut<\/span><\/a><span data-preserver-spaces=\"true\">, U.S. homes will still be far too expensive.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Mortgage rates do not automatically drop when the Fed announces a rate cut. The Fed\u2019s cuts determine the federal funds rate. Traditionally, interest rates in other sectors, like mortgages and car loans, have followed their lead, adjusting accordingly, but mortgages specifically tend to track the 10-year Treasury bill.\u00a0<\/span>Below, you&#8217;ll see the &#8220;spread&#8221; between the average 30-year mortgage rate and the market yield of 10-year Treasury bills over the last decade.<\/p>\n\n\n<p><iframe title=\"Spread Between 30-Year Mortgage Rates and Market Yield of 10-Year Treasury Bill\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-fIwth\" src=\"https:\/\/datawrapper.dwcdn.net\/fIwth\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"460\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">For buyers to jump back into the market, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/finance.yahoo.com\/news\/barbara-corcoran-says-now-best-120042254.html#\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">experts agree<\/span><\/a><span data-preserver-spaces=\"true\"> that rates need to fall below 6%. It got close earlier in August when rates fell to the low 6s but have since climbed back to 6.5%. It might take even more of a drop for sellers to come back to the market, where the lock-in effect has been as stiff as can be for the last year.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">\u201cIf you look at the jobs report, and that trend goes on for another month or two, the answer is yes: The economy will go into recession,\u201d Melissa Cohn, regional vice president for William Raveis Mortgage, told <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.housingwire.com\/articles\/mortgage-execs-alert-mode-lower-rates-side-effects\/?cx_testId=3&amp;cx_testVariant=cx_1&amp;cx_artPos=2&amp;cx_experienceId=EXZNOASUT0V6&amp;cx_experienceActionId=showRecommendations1PUX5DNS13CDGZ3#cxrecs_s\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">HousingWire<\/span><\/a><span data-preserver-spaces=\"true\">. \u201cWill the Fed come and do an emergency rate cut? I don\u2019t know. I think we get a few more days of extreme volatility. We\u2019re going to be very much in a roller coaster. But we haven\u2019t fallen off the cliff yet.\u201d<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Tipping Point Is a Mortgage Rate of 5.25%<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Despite <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2024\/08\/07\/business\/stock-market-drama-explained.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Wall Street volatility<\/span><\/a><span data-preserver-spaces=\"true\"> and speculation of an emergency rate cut, a gradual lowering of rates is likely<\/span><span data-preserver-spaces=\"true\">, which<\/span><span data-preserver-spaces=\"true\"> would still take time to have the desired effect on the housing market.<\/span><span data-preserver-spaces=\"true\">&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">\u201cEven with the first potential rate cut of this hiking cycle likely to occur in September, the federal funds rate would still be in restrictive territory, with additional cuts needed to help restore the housing market to a more balanced equilibrium,\u201d Moody\u2019s Analytics economist <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cre.moodysanalytics.com\/insights\/cre-news\/september-rate-cut-housing-affordability-crisis\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Nick Villa wrote<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The data expert was more specific regarding his opinion on a housing market tipping point:&nbsp;<\/span><\/p>\n\n\n\n<p><em><span data-preserver-spaces=\"true\">\u201cA 25-to-50-bps reduction in the 30-year fixed mortgage rate would not be enough to turn the tables such that renting becomes more expensive again\u2026 Roughly speaking, the 30-year fixed mortgage rate would need to drop below 5.25% for this to occur, based on a median-priced home of $416,900 (second quarter 2024 average).\u201d<\/span><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Housing Supply Is Up<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">The Fed started raising rates to curb inflation <\/span><span data-preserver-spaces=\"true\">over<\/span><span data-preserver-spaces=\"true\"> two years ago, sending mortgage rates sky-high\u2014at one point in October 2023, reaching 8.03%, slamming the door on the viability of buying real estate using a mortgage. Sellers stayed put because even if they did manage to snag a buyer, they could not trade in their low rate for a higher one in a new home. Further exacerbating the issue has been a lack of inventory, which also kept home prices soaring, buoyed by rampant inflation, which finally has come down.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">\u201cAfter roughly 15 years of the cost of renting exceeding the cost of homeownership, the converse became true,\u201d Villa wrote.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The good news is that housing supply is increasing. Six months of supply is considered a balanced market. According to<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nar.realtor\/newsroom\/existing-home-sales-slipped-5-4-in-june-median-sales-price-jumps-to-record-high-of-426900\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> NAR data<\/span><\/a><span data-preserver-spaces=\"true\">, in January 2022, there was only 1.6 months\u2019 supply, meaning that it would only take 1.6 months to deplete the supply of houses at the current sales pace. By June 2024, it had jumped to 4.1 months of supply, up from 3.1 months in June 2023.\u00a0<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">However, the spanner in the works is increasing home prices. \u201cWhile lower mortgage rates are one possibility that could unlock more supply, at the end of the day, the country has a structural housing deficit and needs to continue building more homes,\u201d Villa wrote.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Villa underscored the supply-versus-demand reason for escalating prices: \u201cYears of underbuilding since the Global Financial Crisis have led to an estimated housing shortage of at least 1.9 million homes.\u201d<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">A Vortex of Unaffordability<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">The result has been that people who <\/span><span data-preserver-spaces=\"true\">were unable to<\/span><span data-preserver-spaces=\"true\"> buy a home before the rate hikes of 2022 have had to choose between increasing home prices or rents. Throw in additional expenses, such as <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/insurance-premiums-to-reach-record-highs-in-2024\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">skyrocketing insurance<\/span><\/a><span data-preserver-spaces=\"true\"> and energy costs, and potential buyers have found themselves in a vortex of unaffordability.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">A recent <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/research\/understanding-affordability-32538\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Zillow index<\/span><\/a><span data-preserver-spaces=\"true\"> showed that the typical household with an average household income of $83,000 a year, buying a median-priced home with 10% down, could expect to spend more than 40% <\/span><span data-preserver-spaces=\"true\">of their income<\/span><span data-preserver-spaces=\"true\"> on housing costs. That\u2019s well over the 30% that financial experts recommend. And in pricier parts of the country, that percentage increases.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What the Changing Market Means for Investors<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">So what do the unaffordability crisis and gradual rate cuts mean for investors? For those who currently own rentals, it means that you most likely will not see your tenants vacate your buildings to buy houses in the short term. Saving for a down payment <\/span><span data-preserver-spaces=\"true\">and then<\/span><span data-preserver-spaces=\"true\"> finding a home and qualifying for an affordable mortgage should take a while.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">However, at some point in 2025, if rates <\/span><span data-preserver-spaces=\"true\">do<\/span><span data-preserver-spaces=\"true\"> cross a threshold and more inventory is available, you might see tenants looking to buy. To offset this, look for deals with good tenants for longer leases in return for moderate rent increases. Also, when the time is right, consider <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/guides\/how-to-refinance-your-mortgage\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">refinancing<\/span><\/a><span data-preserver-spaces=\"true\"> or <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/half-of-american-homes-are-considered-equity-rich-q2-2024\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">tapping into your property\u2019s equity<\/span><\/a><span data-preserver-spaces=\"true\"> to perform upgrades that will maintain and attract tenants.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Get in the game<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">If you\u2019re looking to buy investment properties and wondering if you should wait for further rate cuts beyond September, my advice is to buy now\u2014you can always refinance. The last thing you want is to get lost in the shuffle when competition heats up.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Even if you don\u2019t quite have enough of a <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/down-payment\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">down payment<\/span><\/a><span data-preserver-spaces=\"true\"> saved up, look for creative ways to get your first property. These could include:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">Buy with a partner who also contributes down payment money.<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Look for seller financing.<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Consider a <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/real-estate-companies\/hard-money-lenders\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">hard money loan<\/span><\/a><span data-preserver-spaces=\"true\"> and strategize a refinance when equity is higher <\/span><span data-preserver-spaces=\"true\">and<\/span><span data-preserver-spaces=\"true\"> rates are lower.<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Liquidate assets (401(k)s, HELOCs, cars, etc.).<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Consider moving into the home initially to qualify for an FHA 3.5% down payment. <\/span><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> could be done on a two-to-four-unit property so that a tenant would help offset the mortgage payment. Once you move out, you can rent the entire place and repeat the process.<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Think long term<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Thinking long term, knowing that a refinance is relatively inexpensive compared to the price hikes that are likely to occur once rates drop is <\/span><span data-preserver-spaces=\"true\">a good<\/span><span data-preserver-spaces=\"true\"> reason to buy and hold. <\/span><span data-preserver-spaces=\"true\">The tax benefits of <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-depreciation-in-real-estate\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">depreciation<\/span><\/a><span data-preserver-spaces=\"true\"> and equity appreciation always make real estate <\/span><span data-preserver-spaces=\"true\">a good<\/span><span data-preserver-spaces=\"true\"> long-term investment, even if <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/rental-property-cash-flow-analysis\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cash flow<\/span><\/a><span data-preserver-spaces=\"true\"> in the short term is <\/span><span data-preserver-spaces=\"true\">not as high as<\/span><span data-preserver-spaces=\"true\"> you would like.<\/span><span data-preserver-spaces=\"true\"> Investing in the right areas (which are appreciating) for the right price is another savvy move.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Be creative to make your numbers <\/span><span data-preserver-spaces=\"true\">work<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">What makes real estate fascinating is that there are so many <\/span><span data-preserver-spaces=\"true\">ways to be<\/span><span data-preserver-spaces=\"true\"> creative to increase cash flow to offset rates and allow investors to make moves to stay ahead of the market.<\/span><span data-preserver-spaces=\"true\"> These can include:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">Charging for parking<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Installing commercial pay-for-use washer-dryers<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Rent by the room<\/span><\/li>\n\n\n\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/will-construction-loans-replace-hard-money-loans-for-investors\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Construction loans<\/span><\/a><span data-preserver-spaces=\"true\"> (from community banks) or FHA 203(K) loans that convert to regular mortgages, allowing you to buy discounted fixer-uppers without refinancing<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Owner-occupied financing with a low down payment<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Short-term room renting that does not violate owner-occupied financing rules<\/span><\/li>\n\n\n\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/pearlmedia.com\/real-estate\/?gad_source=1&amp;gbraid=0AAAAAotRAGQZJT5cv49UON0kHBUNw4aNM\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Billboard advertising<\/span><\/a><span data-preserver-spaces=\"true\"> for your commercial property.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final Thoughts<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Whether you\u2019re a multifamily or single-family investor, most of your buying competition will <\/span><span data-preserver-spaces=\"true\">do their cash flow analysis<\/span><span data-preserver-spaces=\"true\"> to ensure the numbers work before making offers.<\/span><span data-preserver-spaces=\"true\"> Your advantage will be <\/span><span data-preserver-spaces=\"true\">in<\/span><span data-preserver-spaces=\"true\"> buying now before others have pulled the trigger, waiting for rates to fall substantially.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Investing is a game of risk versus reward. You <\/span><span data-preserver-spaces=\"true\">will have to<\/span><span data-preserver-spaces=\"true\"> consider the risk of buying early, making the deal work in the interim, and refinancing to take advantage of equity appreciation and cash flow.<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_d4e0bdef53b102a7576281400d80b94a\" class=\"visibility-group  hidden\">\n        \n\n<div id=\"hero-block_6880bc5b820557f0c12a1a55775f48be\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-theme-gold-light-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-theme-gold-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Get the Best Loan Today<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\">Find trusted, <em><strong>investor-friendly<\/strong><\/em> lenders who specialize in your strategy. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<div id=button-custom-event-block_3b3ad5d4619c900e987beac9553fdb00 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/business\/finder\/lenders\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Lender Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/even-if-the-fed-cuts-rates-homes-will-still-be-expensive&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\">Find a Lender<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Marketplace-Blog-Blocks-Lender-v3.png\" alt=\"investor friendly lender, investor friendly real estate loans\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/even-if-the-fed-cuts-rates-homes-will-still-be-expensive&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Fed is expected to cut rates next month, but that won&#8217;t solve affordability problems anytime soon.<\/p>\n","protected":false},"author":613725,"featured_media":169950,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7381],"tags":[],"class_list":["post-176307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-prices"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/176307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613725"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=176307"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/176307\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/169950"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=176307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=176307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=176307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}