Over the past two years, houses nationwide were going like hotcakes, with sellers often receiving tens or even hundreds of thousands of dollars over asking price. Buyers often waived inspections and picked up some of the sellers’ costs in dire hopes of securing that coveted single-family home.
While the current landscape has changed due to higher interest rates, many parts of the country are still seeing bidding wars, and home prices are not yet experiencing a sharp decline. With inventory still lower than normal, many buyers remain hungry for a piece of the American dream.
However, some experts are cautioning would-be homeowners about quickly jumping into the home-buying pool without first doing their homework. “Listing pries are still high, and combined with the higher mortgage interest rates, people are going to be overpaying for their homes,” Andre Stewart, CEO of InvestFar, a real estate marketplace and database firm, told The Epoch Times. “It’s important for them to review their budget and make sure they’re not getting in over their heads.”…