Housing Starts, Builder Confidence Down

“While the demographics and interest for homebuying remain solid, higher costs and material access issues have resulted in lower levels of home building and even put a hold on some new home sales,” said NAHB Chief Economist Robert Dietz. “While these supply-side limitations are holding back the market, our expectation is that production bottlenecks should ease over the coming months and the market should return to more normal conditions.”

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Love Letters: Full of Risk or Reward?

When the market gets hot, buyers focus on what they can put in an offer package that someone else cannot. That leads to considering writing what some people call a love letter, a letter drafted by the buyer to the seller explaining why they think they are the right buyer for the property. The love letter has a lot of different potential issues, which can vary depending on what side of the deal someone is on.

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Bidding Wars Heat up Across Pennsylvania

“The lack of inventory has created a very competitive market in our area, which is typically a pretty stable area,” said Central Susquehanna Valley Board of Realtors® President Aimee Buehner. “Sellers must know that there will be a great deal of activity and the possibility of considering multiple good offers, and buyers must know that it is prudent to be timely and sometimes aggressive in seeing properties and making offers, and often there is a need to set out within hours of a property being listed.”

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Some Buyers Ready to Buy Now, Thanks to COVID-19

More than half of potential buyers surveyed said that they will buy a home in the next year, due to the impact of COVID-19 on mortgage rates, as well as their own budget, with 32% claiming they are spending less and are able to save more for costs associated with homebuying.

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