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That’s because apartment developers have a lot more incentives to keep building right now.
“The average days on market has gone from less than a week up to about 89 days,” says broker Amanda Pohlman of Keller Williams Living.
Rates are near 7% for a 30-year fixed mortgage, highest in two decades. For buyers who can afford it, shopping is less stressful.
Following the 2008 recession, people had fewer kids. Now, districts need fewer schools and are selling them to people with big dreams.
San Francisco Fed researchers say the work-from-home shift may account for more than half of overall home price and rent increases in the U.S.
With real estate firms in financial distress, thousands of people are left with unfinished condos. Some are trying to fight back.
Putting rental units on the market isn’t easy, though.
Massive debt amongst property developers like Evergrande have led to incomplete buildings and angry homebuyers.
In some markets, sellers can no longer bet on multiple offers and quick deals, and buyers can afford to be pickier.
The number of pending sales is down from last year, but homes are still selling quickly.