'Shadow Homebuyers' Wait on Affordability Improvement
The real estate market is experiencing a phenomenon of 'shadow homebuyers'—potential purchasers who are delaying home purchases due to current affordability challenges. According to Bright MLS Chief Economist Lisa Sturtevant, these buyers are waiting for interest rates to decline before entering the market, as high rates have made homeownership increasingly expensive.
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'Shadow Homebuyers' Wait on Affordability Improvement
The real estate market is experiencing a phenomenon of 'shadow homebuyers'—potential purchasers who are delaying home purchases due to current affordability challenges. According to Bright MLS Chief Economist Lisa Sturtevant, these buyers are waiting for interest rates to decline before entering the market, as high rates have made homeownership increasingly expensive.
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