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Property taxes have been rising. Here’s what it means for housing

Housing Wire

In many communities, homeowners and homebuyers have been hit with eye-popping property tax increases. And homes in many communities have shot up in value in recent years, leading to tax increases through reassessments. But opinions differ on how much impact higher taxes are having on local housing and mortgage markets. “I

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A look at Knoxville’s hot housing market

Housing Wire

Many are eyeing scenic East Tennessee, where Knoxville and its surrounding suburbs have formed one the country’s hottest housing markets. Currently on Realtor.com , more than 2,000 homes are currently on the market in Knoxville with an average listing price of $270,000. How 2020 is still shaping the way lenders use data.

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Homeowners are staying in place twice as long as they did 20 years ago: Redfin

Housing Wire

housing market for multiple reasons, Redfin said. Long homeowner tenure, particularly among baby boomers, is an obstacle for young first-time buyers trying to break into the market,” the report read. “A Less than 7% of millennials have been in their homes for at least 10 years.

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Nashville breaks into list of top migration destinations for first time since 2021: Redfin

Housing Wire

“A lot of Nashville locals have been priced out of homeownership, but when you’re coming from somewhere like California or New York, housing prices here still seem reasonable,” Redfin Premier real estate agent Kristin Sanchez said in a statement.

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Mortgage rates continue to climb beyond 7%

Housing Wire

What does it mean for the housing market ? However, persistently high mortgage rates pose a significant affordability challenge to buyers and sellers (not to mention the workers of a trillion dollar-plus industry). In July, 26% of existing homes sold to cash buyers while 7% of new homes sold to cash buyers.

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Mortgage rates inch closer to 7%

Housing Wire

Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market.” Higher borrowing costs will also spill over into real estate markets, keeping mortgage rates at the higher echelons of the 6% – 7% range we have experienced over the past 11 months. However, overall U.S.

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It hasn’t been this hard to buy an existing home in at least a decade

Housing Wire

In other words, prospective homebuyers have 28% fewer homes to choose from than they did before the pandemic Redfin’s analysis, which uses turnover as a measure of housing availability, includes overall for-sale housing turnover and breakdowns based on neighborhood type and home type.

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