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Home Prices Fall and Listings Soar: Could It Be a Great Time To Buy Despite High Mortgage Rates?

Realtor.com

High mortgage rates—which, as of Wednesday, hover at 6.58% for a 30-year fixed-rate loan—are a stark reminder that many buyers might still struggle on the affordability front. Put simply, many potential home sellers have decided to stay put rather than list. Some areas in the United States are taking the brunt of the market downturn.

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10 Housing Markets Cooling the Fastest in 2023

Broke Agent Media

Is your market heating up or slowing down this spring? The dichotomy of the current market has some areas seeing multiple offers flood in while others are experiencing a slower pace and a rise in seller concessions. So, which markets are cooling off the quickest? High mortgage rates. Low inventory.

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A top agent’s take on 2023 housing trends

Real Trends

You can remind your clients that paying rent is still paying a mortgage —just someone else’s. For example, homes priced at $600,000 and below are most influenced by mortgage rates. There will be less price negotiation, more rate buy-downs and more seller concessions.

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Buyer’s Market vs Seller’s Market: What’s the Difference?

The Close

Competition is lower for a home, and the number of days on market increases for listings. A buyer’s market can be determined by calculating the months of inventory. Anything more than six months is traditionally considered a buyer’s market. In this scenario, sellers have the upper hand in negotiations.

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What Is the Cost to Sell a House in Texas?

HomeLight

Nevertheless, Gina Candelario , a top agent who works with 78% more single-family homes than the average San Antonio, Texas, agent, says sales are good and it’s still a seller’s market. To illustrate, if you sold your Texas Craftsman home for $325,000, the seller’s costs could range from $22,750 to $26,000. 0-$19,500.

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How Much Should I Budget to Sell My House? Here’s the Average Cost

HomeLight

One item of note: We don’t include your mortgage loan payoff in our cost estimate, so keep in mind that you have to pay off any outstanding home loan balances when you sell. Sample seller expenses for a $453,300 house. Cost to seller. Seller concessions. Seller concession. Percentage of home value.

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2023 Housing Market Year In Review: A Market Ruled by Mortgage Rates

Redfin

18 housing trends that defined the year, including record mortgage rates, depleted inventory, and dwindling home sales 2023 was a difficult year for the housing market. In short: Record mortgage rates, high inflation, and persistently high housing and rental prices. Seasonal trends buckled. So what happened? compared to 5.2%).