Expert: There are options for first-time home buyers in this market
Realtor Tom Bolduc provides insight into the challenges faced by first-time home buyers in the current housing market and offers options for overcoming them.
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Posted 8/30/2023, 10:33:00 PM
wmur.com
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The current housing market is facing challenges due to rising interest rates and higher prices, leading to a slowdown in home sales, but the market is more resilient and better equipped to handle these fluctuations compared to the Global Financial Crisis, thanks to cautious lending practices and stricter regulations.
The strong job market and rising wages are creating eager buyers in the housing market, making it a great time to sell your house.
The current housing market presents challenges for homebuyers, with high home prices and rising mortgage rates, but investor Kevin O'Leary advises potential buyers to eliminate high-interest rate debt and downsize their demand for a home based on mortgage affordability before making a purchase.
Low inventory, high mortgage rates, and high prices have created a difficult housing market, making it challenging for house hunters to break into the market and leading to a substantial decline in purchases by real estate investors.