The holidays are usually a slow season for homebuying. But this year, more people are trying to take advantage of the opportunity to get a good deal.
In a competitive housing market, buyers are forgoing their right to an inspection, or the right to walk away from a property if it’s not in good condition.
With prices and mortgage rates high, people are “buying at the edge of what they can qualify for,” a real estate economist says.
The reasons may vary, but one factor: rising mortgage rate.
Buyers are seeing lower prices and less competition, but high mortgage rates. And sellers might not see the profits they were hoping for.
Some 2,700 homes in Austin, Texas have sold for $100,000 or more above their initial listing price this year
Contingencies allow buyers, under certain conditions, to renegotiate or even back out of a deal without losing money.
A report estimates that 1 in 5 homes sold in the U.S. goes to an institution like a pension or sovereign wealth fund.
Packed open houses mean lots of people touching doorknobs and flipping light switches.
Lower mortgage rates should help more people buy new homes.
