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Trouble for Housing Market as Underwater Mortgages Rise: Crash Alert?

Marco Santarelli

Local factors like job markets, industry presence, and the pace of new construction can significantly influence housing trends within a particular state or even a metropolitan area. Additionally, programs that assist first-time homebuyers with down payments or closing costs can make homeownership a more attainable goal.

Mortgages 108
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Buying New Construction for the First Time? Here Are the Dos and Don’ts You’ll Need to Know Before Jumping In

HomeLight

You’re looking at new construction as an option for your new home and love the idea of buying a brand-new house that has never been lived in before. However, you want to arm yourself with the tools and insider information so you don’t get too carried away with the new build. The dos of buying new construction.

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The Ultimate Guide to Buying a House in Florida

Redfin

The state has seen a significant increase in new construction, with builders developing homes in both urban and suburban areas to meet the demand for housing. Get pre-approved from a lender Before you start looking for a house in Florida, you first need to pre-approved for a mortgage.

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When Is the Best Time to Buy a House in Texas?

HomeLight

But prices tend to be lower and buyers can often get eager sellers to offer concessions , such as covering closing costs. In addition, Leonard points out that builders can be incentivized to negotiate to clear new construction inventory at the end of the year, offering deals in December that are no longer available in January.

Agents 86
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Renting vs Buying in Austin, TX: Which is Right for You?

Redfin

You’ll need to factor other costs into the equation such as closing costs , home inspection fees , and appraisals , when determining how much house you can afford. Reach out to a few mortgage lenders to get a pre-approval so you can gain insight into your financing options and other costs you may need to consider.

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Find Cash Home Buyers in Austin for a Fast, Simple Sale

HomeLight

New construction surge contributing to competition for buyers. Flexible closing date: While closing typically takes place faster with a cash buyer than with a traditional loan-backed sale, Speed points out that sellers may need to wait a little longer before closing. No pre-qualifying for a loan.

Sales 68
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How to Sell a House by Owner in South Carolina: A FSBO Guide

HomeLight

Next: Consult our guide on who pays closing costs when selling a house by owner for more details. In South Carolina, a real estate attorney is required to oversee the closing process. Buyers may get pre-approved for a mortgage at the click of a button on a website, but might not have submitted the documentation.