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There is no disputing the fact that the country has been in the midst of an exceptionally hot housing market. There is some debate, however, about whether it is a true real estate bubble, and if it is, how extreme the consequences will be when it bursts.
If you put a pause on your home search because you weren’t sure where you’d go once you sold your house, it might be a good time to get back into the market. That’s because today’s market is undergoing a shift, and the supply of homes for sale is increasing as a result. That means you may have a better chance of finding a home that will meet your current needs. Here are some options to consider.
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A foreclosure is when the previous owners fail to make their mortgage payments and the lender takes back the property, then resells it. Buying a home that is foreclosed is often an appealing idea to homebuyers, mostly because of its typically lower purchase price. Yet doing so also often comes with a level of risk.
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.
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