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Media tour conducted discussing the spring home buying and selling season, outlook for second half of 2024 and first quarter metro home prices.
With the spring homebuying season in full swing, many Americans are contemplating whether its a good time to buy or sell a home.
Higher mortgage rates, limited housing inventory and competition for the few houses on the market are some of the many reasons sellers and buyers should work with an agent who is a REALTOR to find the right home and negotiate the terms of sale. According to the National Association of REALTORS, single-family existing-home prices nationwide climbed 5% over the past year to a median price of $389,400.
Greater than 90% of the countrys metro areas experienced home price growth in the first quarter of 2024 despite facing the highest mortgage rates in two decades.
While mortgage rates are nearly double those seen during the first two years of the pandemic, they are still considered historically low.
Moreover, homeownership continues to be a catalyst for Americans to build generational wealth.
Over the past decade, the median-priced home in the U.S. gained nearly $200,000 in value, making the typical homeowner 40 times wealthier than if they had not purchased a home or remained a renter.
An agent who is a REALTOR can help you achieve the dream of homeownership and create long-term wealth and financial stability for your family.
To learn more about REALTORS and to find a real estate agent, visit Realtor.com.
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