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First-time homebuyers are older these days

Nov 21, 2023
The median age of first-time homebuyers is now 35 — up from 29 in 1981. And the median age of all homebuyers is now 49 — up from 31 in 1981.
The longer people have to wait to become homeowners, the more pressure there is on the rental market, says Daniel McCue with Harvard’s Joint Center for Housing Studies.
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Thanks to a Missouri jury, the way we buy and sell homes may change

Nov 1, 2023
The jurors found that the National Association of Realtors and a couple of big brokerages conspired to inflate commissions.
Homebuyers could have more power to negotiate lower agent fees, said Susan Wachter of  Wharton.
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With many homebuyers priced out, builders try to sweeten the deal

Oct 25, 2023
A lot of homebuilders are working with lenders to offer lower mortgage rates — or they're offering other incentives like money towards closing costs.
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Homebuyers face a double whammy: rising mortgage rates and rising prices

Oct 5, 2023
The average monthly payment on a new mortgage rose 46% in 2022, and home prices and mortgage rates have continued to climb in 2023.
With home prices and interest rates so high, people are increasingly having trouble qualifying for a mortgage.
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The housing market is a tale of two people: The buyer and the seller

Sep 26, 2023
Both the buyer and the seller have unrealistic expectations right now, while prices and mortgage rates are high.
"Sellers don’t want to take anything less than the peak," Daryl Fairweather of Redfin says. "Buyers are hoping it’s 2008,” says Michael Orbino of Compass.
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Mortgage demand is up, but lenders are more cautious

Jun 14, 2023
Mortgage applications rose last week, thanks in part to a dip in mortgage rates, according to a new report. But credit availability has been falling.
Mortgage demand and mortgage supply are moving in different directions.
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More buyers are backing out of housing contracts

Jan 26, 2023
They're down about 26% compared to a year ago.
When buyers back out of contracts, that can slow down construction of new homes, said Clint Mitchell, CEO of Estridge Homes in Indianapolis.
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Mortgage rates fell slightly. Is that good for homebuyers?

Nov 17, 2022
Mortgage rates fell slightly last week, according the Mortgage Bankers Association. But even if rates keep falling, people will still struggle to afford homes.
Descending mortgage rates could move more people into the housing market.
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More homes are sitting in Cleveland's real estate market, this broker says

Nov 10, 2022
"The average days on market has gone from less than a week up to about 89 days," says broker Amanda Pohlman of Keller Williams Living.
"The market just isn't as robust as it has been," said Cleveland-based broker Amanda Pohlman.
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As the housing market cools off, buyers have "room to breathe"

Oct 24, 2022
Rates are near 7% for a 30-year fixed mortgage, highest in two decades. For buyers who can afford it, shopping is less stressful.
Listings are staying on the market for about 19 days now, according to Zillow. That's much longer than in the spring.
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