Homebuyers are back? The recent drop in mortgage rates could be a major factor. Mortgage rates fell almost a full point from their peak of 7.08% on November. If you're planning to buy a home this spring, you may want to brace yourself for some challenges. The housing market has experienced a significant slowdown in the second half of 2022, as home sellers pulled their listings from the housing market which may continue to affect the upcoming home-buying season. With rising mortgage rates and two years of intense competition, buyers have hit an affordability limit, leading to a cooling off in the market. As a result, sales activity has dropped considerably, and home values have declined for the first time in almost a decade. It's a tough time to be a homebuyer, but don't lose hope just yet. We will talk about this today on the podcast.

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