There’s no denying the housing market has delivered a fair share of challenges to homebuyers over the past two years. Two of the biggest hurdles homebuyers faced during the pandemic were the limited number of homes for sale and the intensity and frequency of bidding wars. But those two things have reached a turning point.
If you’re following along with the news today, you’ve heard about rising inflation. Today, inflation is at a 40-year high. According to the National Association of Home Builders (NAHB):
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There are a number of reasons why a homeowner might decide they don’t need a real estate agent to sell their house. And a home that is “for sale by owner” is not necessarily a cause for concern for a buyer. The experience can, however, be different than a traditional sale where both parties are represented by agents.
Experts in the real estate industry use a number of terms when they talk about what's happening with home prices. And some of those words sound a bit similar but mean very different things. To help clarify what's happening with home prices and where experts say they're going, here’s a look at a few terms you may hear:
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The current housing market is so hot that it is breaking just about every real estate record that exists: Lowest inventory, highest prices, and shortest time on the market, to name a few.
So what is a buyer to do? Is buying a home in this hot housing market a mistake? Let’s look at some things to help decide whether to buy now or wait until things cool off.
