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Record mortgage rates killed existing home sales in November

Housing Wire

“In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020,” Lawrence Yun, NAR’s chief economist, said in a statement. Plus, available housing inventory remains near historic lows.”. million homes, which represents 3.3

Sales 384
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Why industry experts don’t expect mortgage rates to fall

Housing Wire

A housing recession is here, Marty Green, principal at Polunsky Beitel Green , emphasized. . Buyers, on the other hand, are more in tune with higher mortgage rates and have more leverage in the market, loan originators and real estate echoed. As of September, the median home price was $384,800 for existing homes of all types, an 8.4%

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The Most Fascinating Listing I Have Ever Seen!

Toronto Realty Blog

Let’s just say that you don’t need to take a day off to figure this one out, but the first person to post the reference in the comments wins my utmost respect and potential future friendship… So how about twenty-two times ? 89 days on market. 39 days on market. 83 days on market.

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Answering sellers, ‘My neighbor sold over asking in one day, so I should too’

Real Trends

” “I’ve been teaching my agents several things regarding managing seller’s expectations as this market shifts,” says Gail B. Ailor, principal broker of Fathom Realty in Virginia. Ailor, Wynn and Bolin also use data and statistics to back up current market pricing trends. Education is key.

MLS 98
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51 Brilliant Real Estate Tips for Buyers to Edge Past the Competition

HomeLight

Your mortgage payment is more than just the cost of the principal and interest on your loan. In some markets, property taxes can be thousands of dollars per year, adding hundreds of dollars to your monthly payments. Make sure you budget for the entirety of your monthly mortgage payment, not just your principal and interest!

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What’s Happening to Your Home Equity in a Cooling Housing Market?

HomeLight

So if your home is worth $400,000, and you have $320,000 left in unpaid principal on your mortgage loan, that means you hold $80,000 equity in your home or 20%. The principal balance you still owe on your mortgage. To understand what’s happening with your home’s equity, it’s worth digging into current housing market trends.

Equity 86
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Can I Sell a Home After Owning It 2 Years? Here Are 8 Things to Consider

HomeLight

Here are a few of the details: Length of time: You must have used the home you are selling as your principal residence for at least two of the five years prior to the date of sale. Use a top agent to price it right: Pricing your home to sell may reduce the number of days on market (DOM) and allow you to cut your losses.