There is no doubt about it, the real estate market is on fire right now. The demand for homes is up significantly, especially in the Midwest and South, as many people are looking for more space. Home sales are up 17% year over year, median home prices are up 19.1% year over year, homes are selling quickly with multiple offers above asking price, and even the cost of materials has increased exponentially. (Fun fact: The price of lumber is up 250% year over year).
This all presents a serious challenge for prospective homebuyers. I recommend reconsidering purchasing right now, mostly since many of these issues are temporary. Here are a few decision points if you're not deterred and are still considering purchasing a home in this market.
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