The current housing market is characterized by high mortgage rates, increased home prices, and ongoing affordability challenges, prompting potential buyers to reconsider whether to rent instead. Inventory has risen by over 30%, marking a post-pandemic high, with more new listings observed. However, pending sales have decreased, and homes are taking longer to sell. The affordability gap has widened, with approximately $114,000 in income now required to afford a median-priced home, raising the stakes for buyers weighing their options amid fluctuating market conditions.
Whether it's best to buy right now or wait really does rely heavily on individual circumstances.
Despite increased inventory, affordability remains a hurdle.
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