Source: Money —
Since the start of the coronavirus pandemic, homebuyers have grown accustomed to overpaying and playing a risky game of bidding wars and waived contingencies.
In a recent survey by Money and Morning Consult, 36% of people who purchased a home in the past two years said they believe they overpaid. The survey also indicated recent buyers were willing to compromise on home size, style, location and features in order to purchase a home.
But with mortgage rates turning sharply upward during the first half of 2022, the housing market is starting to cool. Suddenly, home buying strategies that seemed absolutely necessary as recently as March, may no longer make sense.