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Is the US housing market finally stabilizing?
Recent reports indicate signs of stabilization in the US housing market, with increased housing supply and slower price growth. While prices are still higher than pre-pandemic levels, the market is moving toward a more balanced state, which could benefit buyers in the long run.
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Are home prices going up or down now?
Home prices have shown signs of slowing growth and even slight declines in some regions. The increase in housing supply and easing mortgage rates are contributing to a more subdued price environment, making it potentially more affordable for buyers.
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What does rising housing supply mean for buyers?
An increase in housing supply generally means more options for buyers and less competition, which can lead to better prices and more negotiating power. However, regional differences still exist, and some areas may see supply outpacing demand more than others.
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Should I buy a house now or wait?
Deciding whether to buy now depends on your personal circumstances and local market conditions. With signs of stabilization and easing mortgage rates, it could be a good time for some buyers. However, if prices are still high in your area or if economic uncertainty persists, waiting might be wise.
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How do mortgage rates affect the housing market?
Mortgage rates have a significant impact on affordability. Recent easing of mortgage rates has made borrowing cheaper, encouraging more buyers to enter the market. However, rates remain higher than pre-pandemic levels, which can still limit some buyers' ability to afford homes.
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Are first-time buyers still struggling?
Yes, many first-time buyers continue to face affordability challenges due to high home prices and mortgage rates. While the market shows signs of easing, regional disparities and economic factors still make it difficult for some to enter the market.