Higher mortgage rates are among the changes.
CLEVELAND — It’s an industry that’s been anything but predictable these past few years: buying and selling residential real estate. However after years of appraisal gaps, waived inspections, and bidding wars, experts say this busy house hunting season to not be quite as busy as years past.
As Franklin points out, mortgage rates doubling over the past two years, paired with more buyers and fewer homes made the market unbearable for buyers and unbelievable for sellers. "For the average house now, maybe one-two offers," she said."You no longer have those multiple offer situations, not as much."
"I’m very optimistic and I’m really hoping that this is the year I move into my dream home," she said.There is additional hope for those who may buy a home beyond their budget. "The goal is to try to find ways to provide an affordable method for people to afford a home," Task said. Spring typically marks the ramp-up for the housing market, and Task adds there's still plenty of time for the market to morph again.
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