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By Ralph DiBugnara & Keyla Rosario 15 Mar, 2024
Debunking Real Estate Myths: The Real Real Estate Truths In today's special segment, "The Real Real Estate Truths," Ralph and Keyla , will unravel some of the trending speculations circulating on social media over the past few months and provide you with the real facts about the real estate market.
By Ralph DiBugnara & Keyla Rosario 15 Mar, 2024
Demystifying Real Estate Investment: The Accredited Investor, Cash Flow Realities, and Mortgage Insights In this episode we will delve into the intricacies of real estate investment, debunking myths, and providing valuable insights for both seasoned investors and those looking to enter the market.
By Ralph DiBugnara & Keyla Rosario 15 Mar, 2024
The Real Real Estate Truths  Welcome to Home Qualified News, where we bring you the latest insights into the real estate market. In today's special segment, "The Real Real Estate Truth," Ralph DiBugnara and Keyla Rosario delve into recent social media trends to separate fact from fiction.
By Ralph DiBugnara 07 Mar, 2024
Friday, Mar 1, 2024 By: Ralph dibugnara By Kristine Hansen Feb 28, 2024 When you apply for a mortgage or refinance an existing mortgage, you want to secure the lowest interest rate possible. Any opportunity a borrower can exploit to shave dollars off the cost is a big win. This explains the allure of no-fee mortgages. These home loans and their promise of doing away with pesky fees always sound appealing—a lack of lender fees or closing costs is sweet music to a borrower’s ears. However, they come with their own set of pros and cons. No-fee mortgages have experienced a renaissance given the current economic climate, according to Ralph DiBugnara, president of Home Qualified . “No-fee programs are popular among those looking to refinance … [and] first-time home buyers [have] also increased as far as interest” goes. Be prepared for a higher interest rate But nothing is truly free, and this maxim applies to no-fee mortgages as well. They almost always carry a higher interest rate. “Over time, paying more interest will be significantly more expensive than paying fees upfront,” says DiBugnara. “If no-cost is the offer, the first question that should be asked is, ‘What is my rate if I pay the fees?’” Randall Yates, CEO of The Lenders Network , breaks down the math. “Closing costs are typically 2% to 5% of the loan amount,” he explains. “On a $200,000 loan, you can expect to pay approximately $7,500 in lender fees. Let’s say the interest rate is 4%, and a no-fee mortgage has a rate of 4.5%. [By securing a regular loan], you will save over $13,000 over the course of the loan.” So while you’ll have saved $7,500 in the short term, over the long term you’ll wind up paying more due to a higher interest rate. Weigh it out with your financial situation. Consider the life of the loan And before you start calculating the money that you think you might save with a no-fee mortgage, consider your long-term financial strategy. “No-fee mortgage options should only be used when a short-term loan is absolutely necessary,” says Jack Choros of CPI Inflation Calculator . A no-fee mortgage may be a smart tactic if you don’t plan to stay in one place for a long time or plan to refinance quickly. “If I am looking to move in a year or two, or think rates might be lower and I might refinance again, then I want to minimize my costs,” says Matt Hackett, operations manager at EquityNow . But “if I think I am going to be in the loan for 10 years, then I want to pay more upfront for a lower rate.” What additional fees should you be prepared to pay? As with any large purchase, whether it’s a car or computer, there’s no flat “this is it” price. Hidden costs always lurk in the fine print. “Most of the time, the cost for credit reports , recording fees, and flood-service fee are not included in a no-fee promise, but they are minimal,” says DiBugnara. “Also, the appraisal will always be paid by the consumer. They are considered a third-party vendor, and they have to be paid separately.” “All other costs such as property taxes, home appraisal, homeowners insurance, and private mortgage insurance will all still be paid by the borrower,” adds Yates. It’s important to ask what additional fees are required, as it varies from lender to lender, and state to state. The last thing you want is a huge surprise. “Deposits that are required to set up your escrow account, such as flood insurance, homeowners insurance, and property taxes, are normally paid at closing,” says Jerry Elinger, mortgage production manager at Silverton Mortgage in Atlanta. “Most fees, however, will be able to be covered by rolling them into the cost of the loan or paying a higher interest rate.” When does a no-fee mortgage make sense? For borrowers who want to save cash right now, but don’t mind paying more over a long time frame, a no-fee mortgage could be the right fit. “If your plan is long-term, it will almost always make more sense to pay the closing costs and take a lower rate,” says DiBugnara. “If your plan is short-term, then no closing costs and paying more interest over a short period of time will be more cost-effective.”
By Ralph DiBugnara 01 Mar, 2024
Thrusday, Feb 22, 2024 By: Ralph dibugnara  By: Erik J. Martin Updated By: Aleksandra Kadzielawsk February 19, 2024 The real estate domain witnessed a year filled with noteworthy changes and significant developments. High home prices and elevated mortgage rates have posed challenges for numerous potential buyers, leaving them wondering, “Will home prices drop in 2024?” As the holidays and colder weather approach, now is an opportune time to reflect on the state of the housing market and look ahead to hopefully more favorable conditions for buyers next year. That begs several questions: Is it a good time to buy a house in the coming months? Will interest rates go down? Will the housing supply improve? For answers, we reached out to several real estate and mortgage industry pros, requesting their housing market predictions. National housing market trends and stats Over the past year, the real estate market has navigated through a challenging landscape. With fluctuating home prices, elevated mortgage rates, and a range of economic factors, prospective buyers, sellers, and investors have had to adapt to a dynamic environment. Here’s what we know about the national real estate market, based on the latest data from the National Association of Realtors , Redfin , Freddie Mac , and The Mortgage Reports : · $382,600 – median existing-home sales price (up 4.4% year-over-year) · $395,850 – median asking price of existing homes for sale (up 6.3% year-over-year) · 3.78 million – seasonally adjusted annual rate of existing home sales (down 6.2% year-over-year) · 1 million (3.2 months’ supply) – inventory of unsold existing homes (up 2.9% year-over-year) · 29 days – average number of days existing homes remained on the market in December (up from 26 days a year ago) · 22.5% – share of homes selling above list price (up from 20% a year ago) · 29% – percentage of home sales coming from first-time buyers (down from 31% in November) · 6.77% – average conventional 30-year fixed mortgage rate at the time of this writing · All-cash sales accounted for 29% of transactions in December (up 28% year-over-year) But raw numbers don’t tell the whole story. For a more in-depth analysis of how we got here, perspectives on where the national housing market stands, and predictions on where interest rates, prices, inventory, and other key indicators are headed, we reached out to a variety of industry experts. Their insights and prognostications are shared below. Current housing market overview For a bird’s eye view of the real estate climate, we first asked the pros to sum up the current state of the U.S. housing market. Check your home buying options. Start here (Feb 22nd, 2024) Rick Sharga , president/CEO of CJ Patrick Company: “I’d characterize the housing market today as boring and likely to stay pretty unexciting for the foreseeable future. Existing home sales are on pace to be at their lowest total since 2009, during the Great Recession. Prices have rebounded over the past few months, and are increasing on a year-over-year basis, but very modestly (1-2%). Inventory is inching up slightly from nearly historic lows, but still down between 40-50% from the same time in 2019, when we last had a relatively normal number of homes for sale. And mortgage rates continue to rise, discouraging homeowners with lower-rate mortgages from listing their homes for sale and making a home purchase unaffordable for more buyers.” Shri Ganeshram , CEO of Awning.com: “The national real estate market presents a mixed bag of scenarios. On one hand, home prices have seen a steady climb, reflecting both the increased demand and the undeniable value people place on homeownership. Mortgage rates, while still low historically, have risen in recent months, causing some hesitations among potential home buyers. Inventory levels have been somewhat tight, especially in sought-after areas, driving up competition. Sales volumes have been robust, but with the occasional plateau, indicative of market saturation in specific areas. Home buyer interest remains high, but I’ve noticed a slight trend toward more informed and cautious buying. Remember when everyone was in a rush to get their slice of suburbia in the early 2020s? There’s more of a wait-and-watch sentiment now.” Joseph Melara , owner of Residential Brokers: “The national real estate market is experiencing several noteworthy trends. Firstly, we’ve observed a slight decline in home prices on a national level. This is in line with seasonal patterns and is not indicative of a long-term trend. Additionally, mortgage rates have been rising as a measure to stabilize inflation, which is impacting buyer affordability. Inventory levels have continued to decrease, largely because many current homeowners are holding onto their properties due to lower interest rates, resulting in reduced housing mobility. Sales volumes have declined proportionally in both the detached and attached markets, aligning with the seasonal dip in prices. However, despite these fluctuations, it’s important to note that the market remains relatively stable.” Ralph DiBugnara , president of Home Qualified: “The current real estate market is one we have never seen before, with a combination of higher interest rates, high inflation, and lack of homes for sale to meet the demand of potential buyers. But buyers, even those willing to pay high prices, are less likely to follow through on purchasing a home if it is in disrepair. That’s the difference from when payments, rates, and inflation were lower. At the increased cost across the board, buyers want a better finished product.” Nick Ron , owner/founder/CEO of House Buyers of America: “Market activity is cooling due to eye-popping home prices and interest rates. But even though the national average 30-year mortgage rate has jumped to a nearly 23-year high, buyer interest remains relatively high and the housing market is still competitive for prospective buyers.” Will home prices drop in 2024? The outlook for home prices in 2024 varies among experts. While some anticipate a potential drop of 5-10% due to factors like softening demand, affordability issues, and economic uncertainty, others predict rising prices, driven by continued high demand and low supply. Factors such as local market conditions, employment trends, and regional dynamics will play a significant role in determining the direction of home prices. Check your home buying options. Start here (Feb 22nd, 2024) Andrew Lokenauth , owner of BeFluentInFinance: “Home prices will likely drop 5-10% nationally in 2024 as demand softens further. Affordability issues, economic uncertainty, and moderating investor activity will weigh on prices. Of course, the exact amount prices will reduce will depend on local market conditions and employment trends.” Jeremy Schachter , branch manager with Fairway Independent Mortgage: “Home prices will rise in 2024. With the demand still being high and supply low, this will drive up home values, especially if rates come down, which will increase demand even more.” Glenn Phillips , CEO of Lake Homes Realty: “Housing prices nationally will level off on an average basis, with some markets slightly rising, some dropping, all based on local demand and that local demand’s local economic conditions.” Ron: “I expect house prices to rise around 3% to 4%. But at some point in 2024, I see a slowdown in price growth. The slowdown will be due to a combination of factors such as rising interest rates, an increase in the supply of homes, a decrease in demand, and affordability challenges for buyers. That said, I’m not anticipating a drop in prices nationwide. Rising construction costs and a slowing economy as a result of prolonged high interest rates will also impact the housing market in 2024. Ganeshram: “Given the current trajectory and economic indicators, I anticipate a moderate rise in housing prices nationally. The reason is consistent demand, especially in suburban and exurban regions. The urban exodus, sparked by remote work trends, hasn’t entirely plateaued. Add to that the narrative of some of my peers in the real estate industry: Many of them anticipate new housing developments in 2024, which could initially moderate prices. But expect prices overall to rise as supply tries to catch up with demand.” Sharga: “Home prices will probably rise slightly in 2024, perhaps by 2-3% as demand continues to outpace supply. However, this will not be universally true; some formerly high-flying markets like the Bay Area in California , Austin, and Phoenix could see prices continue to fall, while cities in the Southeastern states may see prices rise more quickly.” Melara: “I anticipate that national housing prices will continue to experience a mild drop in 2024. This decline is expected to be a result of seasonal fluctuations, similar to what we’ve seen historically.” Will mortgage rates come down? The outlook for mortgage rates in 2024 continues to be a subject of debate among experts. While some predict a slight decline in mortgage rates , others expect them to remain relatively high, influenced by economic factors, inflation, and Federal Reserve policy. This uncertainty leaves both buyers and sellers cautiously monitoring the mortgage rate landscape throughout the year. Find your lowest mortgage rate. Start here (Feb 22nd, 2024) DiBugnara: “Mortgage rates, on average, will be down in 2024 compared to 2023. But I do not believe they will drop as low as previously predicted by forecasters. An average interest rate in the mid 6% range for a 30-year fixed-rate loan is where I believe we will land.” Ron: “Sometime in the first half of next year we will see slightly lower, but still elevated, mortgage rates. As the economy decelerates, rates should go down. At some point in 2024, the Fed will start lowering rates as they see inflation decline and unemployment increase. Rates will still be high enough that home buyers continue to be challenged by affordability, and sellers will still be reluctant to give up their low existing mortgage rates.” Sharga: “Mortgage rates are likely to decline, slowly but steadily, over the year. This decline should begin once the Federal Reserve confirms that it’s done raising the Fed Funds rate for this cycle. But borrowers shouldn’t expect to see mortgage loans with 4% interest rates; it’s more likely that rates will gradually work their way down from 7%, and possibly end next year just below 6%.” Lokenauth: “Rates could fluctuate in 2024 based on inflation and Fed policy, but I expect rates to average in the 5-7% range. A strong labor market and slowing inflation could lead to rate cuts in the second half of 2024, but higher rates of at least 6% seem likely to persist throughout 2024.” Will housing inventory increase? While some experts anticipate a modest home inventory increase due to factors like rising interest rates and market dynamics, others argue that new construction may lag, maintaining tight inventory levels. However, one consensus remains: the housing market’s supply-demand balance continues to be a focal point for homeowners and prospective buyers alike. Check your home buying options. Start here (Feb 22nd, 2024) Here’s what some mortgage pros had to say: Phillips: “Supply will rise slightly in 2024. The reasons? Those who have been postponing selling—especially because they don’t want to give up their current low mortgage rates—may finally need to move, plus natural market churn will occur. However, no drastic change will flood the market with inventory, and buyer demand will remain strong in 2024.” Lokenauth: “Supply will gradually rise in 2024 as profit margins drop and sellers are less rushed. But new construction is lagging, keeping inventory tight for the long term. I expect to see 5-10% more listings nationally in 2024.” Sharga: “New home inventory is likely to increase a little bit next year as home builders ramp up activity to meet market demand; but the inventory of existing homes for sale will probably be flat as homeowners remain locked in by low interest rates on their current mortgages. Almost 70% of mortgage loans today have an interest rate of 4% or lower. We’re unlikely to see many of those homeowners list their properties for sale until rates drop significantly, probably to 5.5% or lower.” Ron: “I see some increases in housing inventory in 2024 due to rising interest rates, affordability challenges for buyers, and a decrease in demand. But in general, the national housing shortage will continue through the end of the 2020s. Due to the estimated pent-up demand for housing, it will take time for the nation’s builders to find suitable land, skilled labor, and materials to create a much-needed supply. Innovation in regulatory technology can also help increase the supply of housing and make it easier to build new homes faster.” Melara: “Housing inventory is anticipated to continue its decline into 2024. The primary factor contributing to this trend is the reluctance of existing homeowners to sell. This reluctance to move is reducing the overall supply of homes.”
By Ralph DiBugnara 22 Feb, 2024
Thrusday, Feb 22, 2024 By: Ralph dibugnara The real estate domain witnessed a year filled with noteworthy changes and significant developments. High home prices and elevated mortgage rates have posed challenges for numerous potential buyers, leaving them wondering, “Will home prices drop in 2024?” As the holidays and colder weather approach, now is an opportune time to reflect on the state of the housing market and look ahead to hopefully more favorable conditions for buyers next year. That begs several questions: Is it a good time to buy a house in the coming months? Will interest rates go down? Will the housing supply improve? For answers, we reached out to several real estate and mortgage industry pros, requesting their housing market predictions. National housing market trends and stats Over the past year, the real estate market has navigated through a challenging landscape. With fluctuating home prices, elevated mortgage rates, and a range of economic factors, prospective buyers, sellers, and investors have had to adapt to a dynamic environment. Here’s what we know about the national real estate market, based on the latest data from the National Association of Realtors , Redfin , Freddie Mac , and The Mortgage Reports : · $382,600 – median existing-home sales price (up 4.4% year-over-year) · $395,850 – median asking price of existing homes for sale (up 6.3% year-over-year) · 3.78 million – seasonally adjusted annual rate of existing home sales (down 6.2% year-over-year) · 1 million (3.2 months’ supply) – inventory of unsold existing homes (up 2.9% year-over-year) · 29 days – average number of days existing homes remained on the market in December (up from 26 days a year ago) · 22.5% – share of homes selling above list price (up from 20% a year ago) · 29% – percentage of home sales coming from first-time buyers (down from 31% in November) · 6.77% – average conventional 30-year fixed mortgage rate at the time of this writing · All-cash sales accounted for 29% of transactions in December (up 28% year-over-year) But raw numbers don’t tell the whole story. For a more in-depth analysis of how we got here, perspectives on where the national housing market stands, and predictions on where interest rates, prices, inventory, and other key indicators are headed, we reached out to a variety of industry experts. Their insights and prognostications are shared below. Current housing market overview For a bird’s eye view of the real estate climate, we first asked the pros to sum up the current state of the U.S. housing market. Check your home buying options. Start here (Feb 22nd, 2024)    Rick Sharga , president/CEO of CJ Patrick Company: “I’d characterize the housing market today as boring and likely to stay pretty unexciting for the foreseeable future. Existing home sales are on pace to be at their lowest total since 2009, during the Great Recession. Prices have rebounded over the past few months, and are increasing on a year-over-year basis, but very modestly (1-2%). Inventory is inching up slightly from nearly historic lows, but still down between 40-50% from the same time in 2019, when we last had a relatively normal number of homes for sale. And mortgage rates continue to rise, discouraging homeowners with lower-rate mortgages from listing their homes for sale and making a home purchase unaffordable for more buyers.” Shri Ganeshram , CEO of Awning.com: “The national real estate market presents a mixed bag of scenarios. On one hand, home prices have seen a steady climb, reflecting both the increased demand and the undeniable value people place on homeownership. Mortgage rates, while still low historically, have risen in recent months, causing some hesitations among potential home buyers. Inventory levels have been somewhat tight, especially in sought-after areas, driving up competition. Sales volumes have been robust, but with the occasional plateau, indicative of market saturation in specific areas. Home buyer interest remains high, but I’ve noticed a slight trend toward more informed and cautious buying. Remember when everyone was in a rush to get their slice of suburbia in the early 2020s? There’s more of a wait-and-watch sentiment now.”  Joseph Melara , owner of Residential Brokers: “The national real estate market is experiencing several noteworthy trends. Firstly, we’ve observed a slight decline in home prices on a national level. This is in line with seasonal patterns and is not indicative of a long-term trend. Additionally, mortgage rates have been rising as a measure to stabilize inflation, which is impacting buyer affordability. Inventory levels have continued to decrease, largely because many current homeowners are holding onto their properties due to lower interest rates, resulting in reduced housing mobility. Sales volumes have declined proportionally in both the detached and attached markets, aligning with the seasonal dip in prices. However, despite these fluctuations, it’s important to note that the market remains relatively stable.” Ralph DiBugnara , president of Home Qualified: “The current real estate market is one we have never seen before, with a combination of higher interest rates, high inflation, and lack of homes for sale to meet the demand of potential buyers. But buyers, even those willing to pay high prices, are less likely to follow through on purchasing a home if it is in disrepair. That’s the difference from when payments, rates, and inflation were lower. At the increased cost across the board, buyers want a better finished product.” Nick Ron , owner/founder/CEO of House Buyers of America: “Market activity is cooling due to eye-popping home prices and interest rates. But even though the national average 30-year mortgage rate has jumped to a nearly 23-year high, buyer interest remains relatively high and the housing market is still competitive for prospective buyers.” Will home prices drop in 2024? The outlook for home prices in 2024 varies among experts. While some anticipate a potential drop of 5-10% due to factors like softening demand, affordability issues, and economic uncertainty, others predict rising prices, driven by continued high demand and low supply. Factors such as local market conditions, employment trends, and regional dynamics will play a significant role in determining the direction of home prices. Check your home buying options. Start here (Feb 22nd, 2024)   Andrew Lokenauth , owner of BeFluentInFinance: “Home prices will likely drop 5-10% nationally in 2024 as demand softens further. Affordability issues, economic uncertainty, and moderating investor activity will weigh on prices. Of course, the exact amount prices will reduce will depend on local market conditions and employment trends.” Jeremy Schachter , branch manager with Fairway Independent Mortgage: “Home prices will rise in 2024. With the demand still being high and supply low, this will drive up home values, especially if rates come down, which will increase demand even more.” Glenn Phillips , CEO of Lake Homes Realty: “Housing prices nationally will level off on an average basis, with some markets slightly rising, some dropping, all based on local demand and that local demand’s local economic conditions.” Ron: “I expect house prices to rise around 3% to 4%. But at some point in 2024, I see a slowdown in price growth. The slowdown will be due to a combination of factors such as rising interest rates, an increase in the supply of homes, a decrease in demand, and affordability challenges for buyers. That said, I’m not anticipating a drop in prices nationwide. Rising construction costs and a slowing economy as a result of prolonged high interest rates will also impact the housing market in 2024. Ganeshram: “Given the current trajectory and economic indicators, I anticipate a moderate rise in housing prices nationally. The reason is consistent demand, especially in suburban and exurban regions. The urban exodus, sparked by remote work trends, hasn’t entirely plateaued. Add to that the narrative of some of my peers in the real estate industry: Many of them anticipate new housing developments in 2024, which could initially moderate prices. But expect prices overall to rise as supply tries to catch up with demand.” Sharga: “Home prices will probably rise slightly in 2024, perhaps by 2-3% as demand continues to outpace supply. However, this will not be universally true; some formerly high-flying markets like the Bay Area in California , Austin, and Phoenix could see prices continue to fall, while cities in the Southeastern states may see prices rise more quickly.” Melara: “I anticipate that national housing prices will continue to experience a mild drop in 2024. This decline is expected to be a result of seasonal fluctuations, similar to what we’ve seen historically.” Will mortgage rates come down? The outlook for mortgage rates in 2024 continues to be a subject of debate among experts. While some predict a slight decline in mortgage rates , others expect them to remain relatively high, influenced by economic factors, inflation, and Federal Reserve policy. This uncertainty leaves both buyers and sellers cautiously monitoring the mortgage rate landscape throughout the year. Find your lowest mortgage rate. Start here (Feb 22nd, 2024)    DiBugnara: “Mortgage rates, on average, will be down in 2024 compared to 2023. But I do not believe they will drop as low as previously predicted by forecasters. An average interest rate in the mid 6% range for a 30-year fixed-rate loan is where I believe we will land.” Ron: “Sometime in the first half of next year we will see slightly lower, but still elevated, mortgage rates. As the economy decelerates, rates should go down. At some point in 2024, the Fed will start lowering rates as they see inflation decline and unemployment increase. Rates will still be high enough that home buyers continue to be challenged by affordability, and sellers will still be reluctant to give up their low existing mortgage rates.” Sharga: “Mortgage rates are likely to decline, slowly but steadily, over the year. This decline should begin once the Federal Reserve confirms that it’s done raising the Fed Funds rate for this cycle. But borrowers shouldn’t expect to see mortgage loans with 4% interest rates; it’s more likely that rates will gradually work their way down from 7%, and possibly end next year just below 6%.” Lokenauth: “Rates could fluctuate in 2024 based on inflation and Fed policy, but I expect rates to average in the 5-7% range. A strong labor market and slowing inflation could lead to rate cuts in the second half of 2024, but higher rates of at least 6% seem likely to persist throughout 2024.” Will housing inventory increase? While some experts anticipate a modest home inventory increase due to factors like rising interest rates and market dynamics, others argue that new construction may lag, maintaining tight inventory levels. However, one consensus remains: the housing market’s supply-demand balance continues to be a focal point for homeowners and prospective buyers alike. Check your home buying options. Start here (Feb 22nd, 2024)    Here’s what some mortgage pros had to say: Phillips: “Supply will rise slightly in 2024. The reasons? Those who have been postponing selling—especially because they don’t want to give up their current low mortgage rates—may finally need to move, plus natural market churn will occur. However, no drastic change will flood the market with inventory, and buyer demand will remain strong in 2024.” Lokenauth: “Supply will gradually rise in 2024 as profit margins drop and sellers are less rushed. But new construction is lagging, keeping inventory tight for the long term. I expect to see 5-10% more listings nationally in 2024.” Sharga: “New home inventory is likely to increase a little bit next year as home builders ramp up activity to meet market demand; but the inventory of existing homes for sale will probably be flat as homeowners remain locked in by low interest rates on their current mortgages. Almost 70% of mortgage loans today have an interest rate of 4% or lower. We’re unlikely to see many of those homeowners list their properties for sale until rates drop significantly, probably to 5.5% or lower.” Ron: “I see some increases in housing inventory in 2024 due to rising interest rates, affordability challenges for buyers, and a decrease in demand. But in general, the national housing shortage will continue through the end of the 2020s. Due to the estimated pent-up demand for housing, it will take time for the nation’s builders to find suitable land, skilled labor, and materials to create a much-needed supply. Innovation in regulatory technology can also help increase the supply of housing and make it easier to build new homes faster.” Melara: “Housing inventory is anticipated to continue its decline into 2024. The primary factor contributing to this trend is the reluctance of existing homeowners to sell. This reluctance to move is reducing the overall supply of homes.”
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