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Source: WSJ — 

Struggling to find your dream home? Join the club. If you can’t find the right home in the right location, a teardown might be a viable option. You can also buy a home in need of some love and then remodel it. How to choose?

Even with rising interest rates and slowing demand, the housing market is still on fire. Available homes are scarce in many markets, particularly in neighborhoods with good schools. If you are seeking property in a prime location, such as waterfront or within walking distance of a downtown area, the pickings are even slimmer.