Posted by & filed under Personal Finance, Personal Finance 2e (Vickie Bajtelsmit).

This CNBC article discusses the reasons behind the hot real estate market, and what potential buyers should do before purchasing a house

https://www.cnbc.com/2021/06/17/why-experts-say-you-might-want-to-wait-to-buy-a-new-house.html

Multiple Choice Questions

  1. Currently with houses staying on the market for 6 days
  • It is bad news for sellers
  • It is bad news for buyers
  • It is good news for both buyers and sellers
  • It is bad news for both buyers and sellers
  1. Which one is not a reason for the current hike in home prices?
  • Growth in the millennial population
  • COVID 19 pandemic
  • Historically low interest rates
  • Higher marriage rates
  1. In this hot market that buyers are facing, the best option according to the article is
  • Wait until the market settles down
  • Buy as soon as possible, rather than wait
  • Move in with relatives if possible
  • Sign long term leases
  1. Some buyers in their eagerness to get a house are foregoing inspections. This could prove costly because
  • Home inspections are guaranteed to reveal very costly repairs
  • Inspections themselves are costly
  • Sellers are legally not obligated to reveal problems to the buyers
  • Home inspections can reveal potential problems which can be costly to fix for the home buyer, since building materials have gone up in price as well
  1. While competing with other folks in this hot housing market, the best advice from the experts is
  • Do not procrastinate
  • Do not give up, the correct home will come
  • Location is not important, but how the house looks is
  • The best person always wins

 

 

 

 

 

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