Wednesday, October 31, 2018
By Robert Harrell
What Home Buyers and Sellers Need to Know About Today's Crazy HousingMarket

Nevermind the heartfelt personal letters. For aspiring home buyers in today's cutthroat housing market, the secret to success is no secret at all: money, and lots of it.

Buyers who successfully close on a home are making more than they ever have before, with a median $91,600 household income, according to the National Association of Realtors® 2018 Profile of Home Buyers and Sellers. That's up from $88,800 last year and $88,500 the previous one. And they need every cent to close on a home at a time when a lack of inventory and rising mortgage interest rates are pushing the cost of homeownership up to new heights.

NAR surveyed nearly 7,200 buyers who purchased homes between July 2017 and June 2018 to come up with its findings.

By Clare Trapasso 

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