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Are Prospective Buyers Finally Ready For A Move?

More often than not, home buyers are shopping for a new home because they have to be. Major life changes like marriage, starting a family, or a new job can mean it's time to move regardless of what's happening in the housing market. Other times, buyers have some flexibility. Maybe they'd like to move but can wait for more favorable market conditions. These days, there are a lot of buyers who've been on the fence for a while. Competition, higher prices, lack of inventory, and rising mortgage rates have had many buyers waiting for the right time. In fact, the vast majority of potential buyers surveyed last spring thought delaying their plans for a few months – or longer – could improve their chances of getting the right place at the right price. Six months ago, for example, a survey of prospective buyers found 85 percent were willing to wait for better conditions. But have they grown tired of waiting? Possibly. A more recent survey asked buyers again whether they're willing to wait for a more favorable market. This time, however, it found the share of respondents who said yes was almost 25 percent lower than it was in the spring.

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