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They’re worried about the economy going forward — and may be hoping for even lower interest rates and home prices.
At the age of 40, Brandon Adams bought his first home in Durham, North Carolina. He chose a townhome as he felt it would be an easier transition from being a renter.
One reason? More inventory.
Sales rose nearly 8% compared to a year earlier.
If the housing market is a roller coaster, mortgage rates are at the controls. If they drop, things could speed up.
But the cost of fixing up can be high.
It’s all about expectations. Mortgage rates fell in anticipation of the Fed cutting interest rates. But then came the strong September jobs report.
Real estate agents say buyers are showing patience, possibly hoping for a longer-term rate-cut scenario.
Properties sold through a dual agent tend to move faster, but for less money, research shows. In some states, the practice is illegal.
The increase in housing supply will help bring down, or at least steady, prices, experts say.