The housing market was red hot for months. Mortgage rates were low and the competition for homes was fierce, with many people paying far above the asking price. Buyers were snapping up homes within hours of being listed, leaving many frustrated in their continuous search.
Usually, low-interest rates signal that it’s prime time to buy, but in 2021, the rates exacerbated the intense competition, and other factors made the housing market tough, especially for millennial buyers. Many in this group have been waiting to purchase their own home for years, only to be delayed by factors such as savings and low housing inventory.
Some of these buyers may find relief in the current changing market conditions. Rising interest rates, a larger level of…
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