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What Are Home Buyers' Biggest Misconceptions?
Dated: November 10 2022
Views: 53
Home buyers are more likely to be focused on their budget, the latest listings, and the details of their upcoming move than they are on the ups and downs of the housing market. Prospective buyers sometimes have misconceptions about what's happening in the market and what's likely to occur in the weeks and months ahead.
So what are the biggest misconceptions today's buyers have about the market? According to one recent survey of real-estate agents, many of today's aspiring buyers mistakenly believe home prices are about to decline significantly. In a slowing market, it's a legitimate concern. However, it's unlikely since there continues to be a lack of available homes for sale, and that lack of supply will still put upward pressure on home prices for the foreseeable future.
According to surveyed agents, the other common misconception is that it's better to wait for mortgage rates to fall before buying. Right now, though, buyers have more options and more negotiating power. If rates were to fall, other sidelined buyers would return, resulting in a market with more competition, quicker sales, and more bidding wars.
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Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....
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