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The 2023 housing market is at odds with itself

Housing Wire

On the one hand, elevated mortgage rates continue to erode buyers’ purchasing power, and in some markets, home prices are falling. Home shoppers who are waiting to score a deal are going to be disappointed in 2023. This article is part of our ongoing 2023 Housing Market Forecast series. What can we expect in 2023?

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What does the new normal for first-time homebuyers look like?

Housing Wire

Buyers and sellers alike have now anchored their expectation of “normal” to sub-3% mortgage rates, multiple-offer bidding wars, and double-digit annual price growth. There remains a deep-seated desire for homeownership, especially among younger millennials who continue to age into their prime home-buying years.

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You can’t buy what’s not for sale in the housing market

Housing Wire

In most markets, the seller, or supplier, makes their decision about adding supply to the market independent of the buyer, or source of demand, and their decision to buy. To buy a new home, you must sell the home you already own. To buy a new home, you must sell the home you already own.

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Closing costs: Here’s how much money you really need to buy a house

Housing Wire

Understanding what expenses are required at closing to buy a house will help you budget and save more effectively. In this article, we break down exactly what closing costs are so you’re prepared when you start shopping for a home: What are closing costs? Closing costs are the thousands of dollars associated with buying a home.

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3 Things An Appraisal Should Tell You That You May Not Know

Cleveland Appraisal Blog

With the massive amount of technology available to anyone who can access the internet, you might wonder why bother getting a real property appraisal? Slap a few sales in a report, and make a few guesstimate adjustments to come up with their opinion of a property’s value? Isn’t that all that appraisers do? Not professional appraisers.

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Three trends to watch in 2023

Housing Wire

This article is part of our Housing 2022-23 forecast series. The last year has been a completely split housing market — one that started with the lowest inventory NAR has recorded dating back to 1999 and one with low mortgage rates. One projection for 2023 is an easier buying market for first-time buyers.

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The Red-Hot Housing Market

Housing Wire

This article is part of our 2022-23 Housing Market Forecast series. The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. The run-up in home prices was driven by rock-bottom mortgage rates and pandemic-fueled demand.