With historic low inventory of 2.3 to 6.5 million homes and increasing prices—like the median at $416,000—it's a challenging home-buying market. Additionally, interest rates have surged from 2.65% to 7.6%, resulting in significantly higher monthly payments for buyers.
Assumable mortgages might allow buyers to take over lower-rate loans from sellers, but this depends on qualifying for that loan. Such loans tend to be FHA, VA, or USDA types, presenting an opportunity for savvy buyers.
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