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Our Week in Review is here to provide you with news that you might have missed this week.
The Housing Market has Become 'Lopsided' — and it's Bad News for First-time Buyers
First-time homebuyers are being priced out of homes by investors and wealthier buyers. Prices continue to rise and this is causing "intense competition for homes." According to Cyndi Lesinski, a Los Angeles realtor, "it was typical for homes priced under $550,000 to get multiple offers and move off the market anywhere from within 24 hours and two weeks." But Lesinski has some hope for first-time buyers saying that it can sometimes come down to the buyer's agent negotiating well.
Could a Home Improvement Scam Cost You $1,400? How to Stay Safe
32,000 scams were reported to the Better Business Bureau in 2016. The average cost from these scams was $1,400. How can you protect yourself? Make sure you see the contractor's license, insurance, and references. Even if the contractor is referred by a friend, do your due diligence like checking the contractor's online history and reviews by past clients.
Not Even Housing Inventory Crisis Can Stop Homebuyers
Redfin's Housing Demand Index increased 11.3% in May to end at a high of 136, which is the highest it has even been since Redfin started tracking in 2013. The Housing Demand Index is based off Redfin customers who request tours and writing offers. Redfin reported that 41% of Millennials are buying homes before seeing them. It looks like the inventory shortage will continue, but as it's prime homebuying season, homebuying will likely get worse.