There are some factors converging in the real estate market right now that are putting home prices at an all-time high. In fact, home prices are so high and bidding wars so common that a lot of buyers are waiting for things to settle down a bit, although we don’t know when that’s going to happen.
The housing market is currently what many analysts are describing as overheated. Demand continues to grow more quickly than supply can keep up with, meaning home prices keep reaching record highs. According to data gathered by Redfin, two years ago, before the start of the COVID-19 pandemic, only around ¼ of properties were selling above asking.
If you ever watch real estate shows, you’ve probably heard the term “all-cash buyer.” It’s usually thrown out as a way to sweeten a deal, but what’s the reality about buying a house in cash? The world isn’t a TV show, and there are pros and cons to buying a house with cash as opposed to getting a mortgage.
If you’ve ever considered buying a second home, the mortgage rules are a bit different from your primary residence. There are also key differences between buying a second home and an investment property, and you should be aware of these distinctions because often the two terms are used interchangeably.
Freddie Mac's results of its Primary Mortgage Market Survey® shows that "Mortgage rates have risen above three percent for the first time in ten weeks. As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year. For those homeowners who have not yet refinanced – and there remain many borrowers who could benefit from doing so – now is the time."
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