One of the worst things that can happen when you are trying to buy a new home is finding out the property has a defective title. When that happens, it can throw your entire real estate transaction into chaos, and potentially lead to legal and financial trouble for both you and the seller. But how are you supposed to protect yourself if the title of the property you want to buy turns out to be defective?
June saw a massive increase in the availability of housing inventory, with the number of houses available for sale increasing 19% compared to the same time in 2021. This increase could help to alleviate a persistent shortage in the number of available houses, which has driven up prices and made competition for existing inventory fierce. It could also help to counter the effects of higher inflation and interest rates, which are driving the cost of real estate up.
According to a recent report by Hippo Insurance, about 43% of all homeowners are delaying maintenance and renovations due to high inflation. This is due to high inflation raising the costs of just about everything, including buying a new home or renovating an existing property. However, this decision may ultimately be short-sighted, and could cost homeowners more in the long term.
After a prolonged period of rising housing prices and high demand, economists are now projecting that the housing market is cooling off. Prices began to fall off in April, with as much as fifteen percent of sellers cutting their prices, according to Fortune. This means that, for the first time in years, prices and sales are expected to fall significantly, which could have a serious effect on the housing market.
The threat of climate change is, for some people, merely a political consideration. However, as the effects of climate change become more evident, real estate developers have begun taking it into account as part of their development strategy, shaping their plans based on the predicted impact of a warming planet. This has led them to begin developing in places that might not have seemed attractive before, while avoiding some traditional markets that look more like bad bets in the face of a changing climate.
The number of people applying for an adjustable rate mortgage has doubled in three months, according to the Mortgage Bankers Association. This massive increase in the number of people taking on adjustable rate mortgages has been attributed to increasing mortgage rates, which have made traditional fixed-rate mortgages more appealing. Some analysts fear this could be pointing to a cooling housing market, as interest rates rise and home sales continue to decline.