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The State of the Home Market
The spring buying season is in full force, and homebuyers have been pleasantly surprised to discover a combination of circumstances that will help them in their search for a new home.
A substantial drop in interest rates means buying a home is now more affordable. More than a half million new homebuyers can afford to purchase a home since interests dropped.
On the other hand, sellers are waiting longer to receive an offer. The prospect of waiting even a few weeks to receive an offer is making sellers jittery and anxious to sell. This may prevent a bidding war, and buyers may deal with sellers who are more realistic about the condition of their home and the current state of the market.
But buyers shouldn't relax just yet. If interest rates stay low through 2001, competition for homes could heat up. If you start to look now, when the spring season is just heating up, you'll see more on the market with less competition.
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