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The best way to avoid paying too much for a property is to never offer too $ much when you make a purchase offer to buy.
Commercial borrowing declined 42% in Q1 2023 in all major property categories and from all major lender sources.
Buy property that is consistent with other property in the neighborhood. It's smarter to buy the cheapest rather than the most expensive house in an acceptable neighborhood-this increases the odds that your property value will increase and often makes it easier for you to sell.
Builders have become more eager to offer prospective home buyers incentives— including more affordable rate buy-downs, reduced closing costs and free amenities—as mortgage rates soared to a 22-year high last quarter and more homes emerged on the market.
Before you buy property, incorporate a margin of safety, a buffer for unforeseen circumstances and things that may happen that are outside of your control.
Buyers who purchased homes in the 2nd half of 21' and 1st half of 22' moved a median of 50 miles from their previous residences--the highest distance on record since 2005
