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As the economy continues to improve, the housing market will continue to stabilize. The real ingredient for first-time buyers to understand is that in previous real estate cycles, mortgage rates will move higher under this scenario. This will only make homeownership a more expensive proposition, if in fact those who continue to wait can still qualify for a mortgage based on the higher rates. Read the article below submitted by a Weichert Real Estate agent. He states “first-time buyers can’t afford to sit the current market out”.
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