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
- 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
- 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
- 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
- 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
- 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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