HOUSE OF HORRORS: Bad news comes out for potential homebuyers
"When mortgage rates shot up to almost 6% in June, we saw a number of buyers back out of deals," Lindsay Garcia, a Redfin real estate agent in Miami, said. "Some had to bow out because they could no longer get a loan due to the jump in rates. Buyers are also more skittish than usual due to economic uncertainty.
She advised sellers to commit, saying, "If you decide to sell, do it quickly before demand falls further. And price carefully—this is not the time to test the waters. You’ll do more harm than good if you overprice and have to do a price reduction or take the home off the market."
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