This could push commissions up because the agents who remain will likely be able to charge higher percentages. This field is for validation purposes and should be left unchanged. Theyll pull back dramatically in some markets like Phoenix and Dallas, where they built too many homes in anticipation of demand thats failing to materialize. As such, our predictions for those key housing metrics lead with the most likely scenario, followed by other possible outcomes that could happen if, for instance, a better-than-expected inflation report results in an earlier- or bigger-than-expected mortgage-rate drop. Another crash symptom thats been missing is a jump in foreclosure activity. It would also lead to the lowest housing-turnover rate since the early 1980s, with just 32 out of every 1,000 households selling their home in 2023. How quickly inflation and rates come down depends on a number of factors, including the resilience of the job market. That could happen if inflation consistently slows faster than expected, allowing the Fed to slow its pace of rate hikes and leading to quick mortgage-rate drops. Home prices may continue to fall but will not be enough to offset the higher interest rate. Because homes represent the largest single purchase most people will make in their lifetime, its crucial to be in a solid financial position before diving in. Both of these factors interact to cause the boom. In total, the region has recovered all the jobs lost and has added an additional 30,000 new positions. Staging a home for sale largely involves cleaning, rearranging, or renting furniture and other aesthetic tactics to make your home visually appealing. According to Mashvisor's data, the current median price of Washington State homes for sale is $449,433 ($231 price per square foot). The information industry added 122.12 billion chained 2012 U.S. dollars of value to the state GDP. Housing markets in relatively affordable Midwest and East Coast metros, especially in the Chicago area and parts of Connecticut and upstate New York, will hold up relatively well, even as the U.S. market cools. since at least 2012. Trends. The median existing-home sales price was up 3.5% to $370,700 in November compared to a year ago, according to the National Association of Realtors (NAR). Everyone enjoys their own space, and a growing family often requires more space. Major changes in a countrys demographics can have a long-term impact on current housing market trends. 6 Increase in the Rental Prices & Number of Renters. However, it largely depends on the location and the number of rooms you want to stage. Bellingham Property Market Information Recommendations by the previous and the upcoming 36 months: buy or sell a home in Bellingham? Prices remaining elevated above pre-pandemic levels also means a wave of foreclosures next year is highly unlikely. Low demand, plus the. "Assuming house price growth follows our previous forecast and slows to zero by mid-2023, that profile for interest rates would leave mortgage payments above their mid-2000s peak until mid-2023," Pointon wrote. Many sellers waiting for the market to turn around will likely give in and increase the inventory. No, since interest rates are high and supply is limited, you should wait instead of entering a transaction. A housing market bubble refers to a steep incline in prices with increasing demand and limited supply. However, if you are in a stable financial position you can plan to buy a house. According to housing economists, there are five significant reasons why the market will not crash anytime soon: Low inventory, Lack of newly constructed housing supply, Several new buyers, Strict lending standards, and a Drop in foreclosures. Real Estate Housing Market: Will the Housing Market Crash? So, what will the new year bring? Current Housing Market Trend 2022: 21,869 U.S. properties started the foreclosure process in September 2022, down 9 percent from the previous month but up 113 percent from a year ago. List your property on MLS for the best results. The ports of Washington handle 8% of all American exports and receive 6% of the nation's imports. Mortgage rates will take center stage in 2023, with high rates likely to make it the slowest housing-market year since 2011. With 17,100 new housing units, King County leads all counties and accounts for 37% of the state's total housing growth this year. In California, many private insurers have stopped covering high-fire-risk homes, which means many homeowners and buyers must use a. and spend two to three times more on premiums. Home values are expected to go down by 5% to 10% due to unaffordability. The median days on the market was 17 days, up 8 days year over year. Goods and services become more affordable, and people gain more purchasing power. Most housing experts are predicting the market to remain strong for a while for several reasons. On the other end of the spectrum, we expect prices to fall most in pandemic migration hotspots like. Current Housing Market Trend 2022: In September 2022, median home prices in Washington were up by 7.3% compared to the last year. Increasing mortgage rates will surely have a major impact on home sales in 2023. Homes are staying on the market for longer as buyers struggle to find affordable housing with mortgage rates at a 20-year high of 7.08%. There was a 99.3% sale-to-list price, down 4.3 percent year over year. They are broadly categorized into 4 key segments. Home sales are down by 31.1% year-over-year, and National Avg. Construction of single-family homes surged during the pandemic, which means builders need to offload the homes they have on hand without adding more supply to limit their financial losses. The information set forth herein has been obtained or derived from sources believed by the author to be reliable. Still a challenge for first-time homebuyers. And with mortgage rates stabilizing near 6%, we expect the housing market to turn around in 2023. . That's an increase of nearly $100,000 over the past year. The issue is primarily an affordability crisis. However, if you make too many sacrifices just to get a house, you may end up with buyers remorse, potentially forcing you to offload the house. Hes also the host of the top-ratedpodcastPassive Real Estate Investing. The Washington real estate housing market starts to slow when the properties supply exceeds the present demand. Everything a home buyer or seller needs to be informed before they buy or sell their next home in the greater Portland real estate market, covering northern Oregon and southern Washington. Listing on MLS is the best way to sell a house. Yes! Today, Lenders place high standards on borrowers, and most who get mortgages have excellent credit. Thus, demand increases, and prices rise as well. The Total number of properties sold during the period. As a result, there is no threat of a foreclosure crisis. 29.6% of homes in Washington sold above the list price while 46.4% of homes had price reductions. In November 2020, the average home in Washington was priced at $451,082, an 11.3% increase year-over-year. Also, theres no way that they buy land, get regulatory approval, and increase the supply quickly. While the average time on the market in December 2022 was 46 days, the median list price was $541,356. Mortgage interest rates touched a record high, and theres a sharp decline in the number of home sales at an all-time low of 22.5% Y-O-Y. Sellers will also play a part, with some offering to pay higher commission for buyers agents to attract bidders. remote-work opportunities than ever before, which means theyll have more flexibility in where theyll choose to start their careers than older generations. How Much Does Home Staging Cost: Home staging cost depends on the location, find your local home staging cost, today! According to the real estate information company Zillow, the median home value for Tacoma, Washington, rose to $514,336 as of September 2022, a rise YoY of 14.1%. 51% of homeowners still believe that now is a good time to sell a home. Rising Interest Rates: As the mortgage rates increases, theres a sharp increase in the cost of variable mortgage payment. Explore multiple ways to sell your home fast for cash. Before Redfin, Taylor built financial market index funds for Vanguard at the University of Chicago. Doesnt matter if youre in a hot sellers market or a slow buyers market. Thats fewer home sales than any year since 2011, when the U.S. was reeling from the subprime mortgage crisis, and a 30% decline from 2021 during the pandemic homebuying boom. Home prices have been steadily rising for the last two years. Learn them here. Everyone thinks their house is special, she says. You might be using an unsupported or outdated browser. Real estate experts make 2023 market predictions Contact me to discuss the latest scoop in real estate! According to current data of median home prices: Bellingham's real estate prices and its market . Rankings based on changes in year-over-year Redfin housing market stats from Feb. 2022 to Oct. 2022. It is worth noting, however, that today's price doesn't tell the whole story. An increase in interest rates makes homeownership unaffordable for more potential buyers. The first step for a successful sale is to find a listing agent who knows the area and comes highly recommended. House hunters may need a higher credit score or lower debt-to-income ratio to qualify for a mortgage as lenders tighten credit standards due to rising unemployment. As far as the Washington State housing market forecast for 2022 is concerned, these two will be the primary drivers for the Evergreen State's real estate industry. , are also changing policies to allow more affordable housing. They can choose low-cost-of-living places or even places that have paid remote workers to move in, like Tucson, AZ or Savannah, GA. Mid-sized, moderately priced places like that will be popular when more Gen Zers age into homeownershipthough it will remain difficult for young first-timers to buy homes because prices and rates make it more expensive than it used to be. So it. Inventory or homes for sale refers to the number of unsold residential and commercial real estate units. Looking for a FSBO home? Multifamily construction is at a 50-year high, which means hundreds of thousands of new rental units will be available next year. The median price of homes in Washington was $598,200. For a borrower, multiple types of mortgages are available such as adjustable rate mortgages (ARM), conventional loans, fixed-rate mortgages, and government-sponsored. To look at it another way, a homebuyer on a $2,500 monthly budget can afford a $383,750 home with a 6.5% rate; that same buyer could afford a $406,250 home with a 5.8% rate. The personal balance sheets of homeowners today are much stronger than they were 15 years ago. This year, 58% of new units built were multifamily. Workers need to make $21.10 an hour to afford a 2-bedroom rental at a fair-market rate. Housing bubble bursts for a variety of reasons. Washington is the fourth largest exporting state in the United States, after New York, California, and Texas. Affordability becomes difficult for homebuyers. Another possible albeit less likely scenario is that prices will stay mostly flat on a year-over-year basis in 2023. Florida property insurance premiums increased 33% year over year in 2022, and theyre, on parts of coastal Florida in September. With the observed trend, higher interest rates could cause a 10% drop in home sales next year. Even so, the housing bubble wont burst until there is a massive supply of homes on the market. Millennial Demand for Housing is Up, With Gen Z Right Behind. The average sale price of a home in Bellingham was $610K last month, up 4.1% since last year. He was also recently the President of the Seattle Economics Council and collaborates frequently with the Fed, HUD, and the Census Bureau. How quickly inflation and rates come down depends on a number of factors, including the resilience of the job market. All rights reserved. This will roughly average the 30-year and 15-year mortgage rates at 8.50 and 7.70, respectively. The number of newly listed homes was 11,067 and down 20.7% year over year. A housing bubble bursts when demand decreases and supply increases. As of April 13th, 2022, the 30-year fixed-rate mortgage hit 5% for the first time since 2011. Current Housing Market Trend 2022: The median days on the market was 34 days, up by 13 days Y-O-Y. Still, higher housing costs have taken a toll on home shoppers as mortgage applications are at their lowest level in over 25 years, according to the Mortgage Bankers Association (MBA). The rental price declines will be partly due to increasing supply, which has already led to an, in apartment buildings. WASHINGTON, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The Global Industrial Detonator Market is valued at USD 186.5 Million in 2021 and is projected to reach a value of USD 233.2 Million by 2028 at a CAGR . and the shift to remote work pushing so many people out of those markets. Thats because while many investors will choose to rent out homes rather than sell while the market is down, some need to offload inventory after buying sprees over the last two years. The 10-year ARM (adjustable rate mortgage) was at 4.3%. The Washington housing market is experiencing a major shift. Next year, there might be a chance that it will be a buyers housing real estate market. Single-family construction starts and applications for building permits in November were down 4.1% and 7.1%, respectively, from the previous month, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Despite strong housing growth, most cities and towns had high occupancy rates. High homeowner equity and a resilient job market will stave off a wave of foreclosures. That will allow some Gen Zers to save money in the long run and eventually use it to move where they want to. 1. Those places are showing that the YIMBY (yes in my backyard) movement is working. People will only move if they need to. Like any product or service, the price is determined by the relative demand and supply. Check out the following video to understand how Houzeo works and why it is one of the best For Sale By Owner websites in the U.S. An overview of what the platform is all about. Two prominent reasons cause housing prices to fall. The real estate housing market varies by the overall health of the economy. Performance information may have changed since the time of publication. The average sale price of a home in Bellevue was $1.19M last month, down 12.7% since last year. When buyers dont want to buy, sellers dont want to sell. The main driver behind this has been spiking home prices. According to ATTOM, Illinois had the highest foreclosure rate in August, with one foreclosure filing for every 1,926 housing units. Not everyone has cash dedicated to renovations and repairs, but a little sweat equity can go a long way. That's down from a projected 19.5% in 2021, a record year-end pace of home value appreciation, but would rank among the strongest years Zillow has tracked. This could push commissions up because the agents who remain will likely be able to charge higher percentages. 89% of Buyers said they would go with their real estate agent again or recommend them to others. As a result, supply increases, and prices drop. All Rights Reserved. As it becomes harder to come by, those areas are likely to become more concentrated with affluent, all-cash buyers. Even with a slight uptick in the number of homes for sale, buyers are still facing elevated prices and mortgage rates nearing 7%. Most experts do not expect a housing market crash in 2023 since many homeowners have built up significant equity in their homes. As Washington mortgage lenders make it harder to get a loan, home affordability suffers and reduces the demand. To avoid entering into a real estate transaction too early, it is best to wait and time the market. Based on birth rates, a steady influx of new buyers in their early 30s will be in the housing market each year. Know exactly whens the best month to buy a house. The trade association for the real estate finance industry forecasts mortgage originations for purchases to grow 9 percent in 2022, to a record of $1.73 trillion. Current Housing Market Trend 2022: According to the Redfin data, the total number of homes sold this year was at an all-time low of 31.1% compared to the last year. Those areas tend to be more stable than expensive coastal areas and they didnt heat up as much during the pandemic homebuying frenzy. House prices in Western Australia are predicted to jump between 6 and 10 per cent over the next year amid market conditions not seen since the peak of the mining boom. Updated January 2020: By searching, you agree to the Terms of Use, and Privacy Policy. If youve got a new job or decided to retire, relocate to a new state. 95% of owner-occupier variable rate borrowers will still face a reduction in free cash flow, with such reductions being large for around 50% of borrowers. 5 Year Housing Market Outlook is Positive. It was the 129th consecutive month of YOY. How far home prices dip in 2023 will likely depend on where mortgage rates go. Washington Home Values$602,324. A first-time homebuyer household earning $75,000 (the median Metro Vancouver household before-tax income) can only get a $300,000 mortgage.To buy a benchmark priced $680,000 condo, a first-time homebuyer needs to save $380,000 cash for a down payment or receive a very generous gift from . A change in family dynamics can significantly impact your decision to sell your home. 2. Taylors research has been featured in the New York Times, the Wall Street Journal, and The Economist. Existing home sales are predicted to total 6.35 million, compared to an estimated 6.12 million this year. Before proceeding, buyers must calculate their monthly housing costs using a mortgage calculator. According to Zillow, Washington State home values went up 6.6% over the past year. A real estate housing market or real estate market refers to a network of buyers and sellers looking to buy and sell real estate. Prices will fall, but not to the extent homeowners experienced during the Great Recession. Nearly one-third of adult Gen Zers live with relatives, partly because inflation and high housing costs make it hard to afford living alone. 0.994 Median sale to list ratio (November 30, 2022) 24.4% Percent of sales over list price (November 30, 2022) That was an abnormal market. Potential homebuyers have enough options to get a mortgage. Robin, located in New York City, is also a published playwright. That's a consistent investment of funds into housing. Real estate investors will purchase about 25% fewer homes than a year earlier, with purchases likely to bottom out in the spring. Current Housing Market Trend 2022: The national average 30-year fixed rate mortgage rate is at 6.9% and up 3.8 points year over year. Mortgage Interest rates significantly impact the current housing market. A mortgage application is a document submitted by a homebuyer to a lender. Disclaimer: The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Houzeo Corp., its affiliates, or its employees. Experts would agree that a housing bubble does exist. Follow him on Twitter @tayloramarr or subscribe to his weekly newsletter on Substack here: https://taylormarr.substack.com, By submitting your email you agree to Redfins Terms of Use and Privacy Policy. In 2021, the real Gross Domestic Product (GDP) of Washington increased by 6.7 percent compared to the previous year. However, sellers can benefit from selling a house if the following factors favor them. If you find a home you love in an area you love, and it also fits your budget, then chances are it might be right for you. A seller may conceal the need for major repairs. Start with a budget and stick with it. See the Bellingham (Washington State, Whatcom County) property price forecasts, and buy/sell analysis based on the Housing Market and Property Investment report below. The purchasing power of those considering purchasing a home is affected by both the strength of the economy and the amount of job creation. Median home values increased by 1.752% to 319611 USD, between 2021-12-31 and 2022-12-31 The average annual profit of property investment was: 10.834% in 2018 6.567% in 2019 -7.539% in 2020 -0.685% in 2021 1.752% in 2022 Seattle area housing market shifts while facing recession predictions: Today So Far. Whenever a homeowner fails to make mortgage payments, the government takes over the property and calls it a foreclosure. Here is the housing forecast for Seattle-Tacoma-Bellevue Metro. But if inflation remains stubborn, rates stay higher than expected, and/or supply increases more than expected, prices could fall by double digits. But as mortgage rates have shown some decline lately, many economists are mixed about whether home prices will continue to decelerate through 2023or crash. Listing activity from investors is likely to be lower than the year before, but it wont decline as much as new listings in the overall market. According to Zillow, the typical value of homes in Washington is $616,259. The hot pandemic-era housing market pushed the typical U.S. buyers agent commission down to 2.63% of the homes sale price in 2022, its. Homes are staying on the market for longer as buyers struggle to find affordable housing with mortgage rates at a 20-year high of7.08%. TREC: Info About Brokerage Services, Consumer Protection Notice. The Feds series of interest-rate hikes should cause inflation to continue slowing, which is likely to bring mortgage rates down. January Housing Market forecast (SEATTLE WASHINGTON)Here is the latest news coming in hot of the press for January of 2022. And of course, funds will flow into the DOW, NASDAQ, S&P and Russell 2000 as businesses . There has been a gradual decline in homebuyer interest. Homeowners are unlikely to trade in their 3% mortgage for a new home with a 7% loan unless necessary. Lowering your debt-to-income ratio will help you easily qualify for a mortgage preapproval when applying for a loan. 13% expect the market to favor home buyers in 2025. Learn more about the Gig Harbor, WA real estate market and housing market. Past performance is not indicative of future results. Buying a housein any marketis a highly personal decision. Inventory is still low, standing at 3.2 months supply. 2 Excellent Job Opportunities & Low Unemployment Rate. Canada Housing Market Forecast: Will Prices Drop in 2023? [This] is about half of what wed like to see normally, says Rick Sharga, executive vice president of market intelligence at ATTOM Data. We expect U.S. asking rents to post a small year-over-year decline by mid-2023, with drops coming much sooner in some metros. It makes it easy to determine what types of real estate properties are in demand. At last, home prices reach unreasonable levels, making it unaffordable for the average or even above-average buyer. The FHFA HPI in Washington state as of Q2 2022 is 976.72. However, you shouldnt buy a home just because its the cheapest. The inevitable results are a decline in prices and sales. Low inventory is a big driver of rising home prices, which continues to be very tight in many housing centers across the state, especially in King and Pierce Counties. List on MLS: Save on thousands of commissions and list on MLS using Houzeo.com. A real estate agent or broker was used by 86% of buyers to purchase their homes. This resource, updated periodically, will collate and examine the economic levers pushing and pulling Perth's housing market. Earlier this year, Minneapolis became the first metro area to see rents. This continues to make it harder for many homebuyers to access affordable housing. They can prioritize things like affordability, lifestyle, weather and proximity to family. Creative Ways To Market a House For Sale: Learn how to creatively market your home. Additionally, the industry is under scrutiny as the Department of Justice, how agents are paid and considers whether the commission structure causes limited competition. Some construction spending will shift to remodels, as many Americans who were hoping to move will instead opt to renovate in the face of high mortgage rates. As we enter 2023, housing experts maintain a watchful eye on the economy, which is still being pulled in all directions by high inflation, steep interest rates, ongoing geopolitical uncertainties and recession fears, to name a few. According to Redfin, Washington home prices were up 4.3% year-over-year in August. Get the latest and most comprehensive real estate statistics, forecasts, analysis, and commentary. 2023 Housing Market Predictions; 2022 Hottest Zip Codes; Guides & More. Perth Property Market Data | WA House Prices, Sales & More Explore the REIWA insights hub Empower yourself with REIWA insights Price estimate Suburb and regional profiles Resources Obtain a free CoreLogic property report for an estimated valuation on any address in WA WA market insights View the latest WA property data Perth market insights. The leading publicly traded company with headquarters in Washington was a technology company, Amazon.com. Following a steady rise in foreclosures that resulted after the expiration of the Covid-19 foreclosure moratorium in September 2021, foreclosures may have hit their peak, according to ATTOM Data Solutions, a leading curator of real estate data. Furthermore, builders remember the Great Recession well and have been cautious in their construction pace. The housing market is a hot topic right now, and after experiencing rapid growth over the pandemic years it looks to now be slowing down. We expect home sales to sink to their lowest level in more than a decade in 2023 as high mortgage rates keep housing costs up and prevent people from moving. Supply surges when builders continue to build, irrespective of the reduced demand for houses. Lenders charge interest rates on a mortgage. 2 Remember, median means half of all homes sold for more than that and half sold for less. In Washington, housing growth has remained a strong predictor of population growth. 1 Introduction. Despite the economic downturn and rising mortgage rates, you must look for opportunities to boost your income. You dont need to time the market when you can get the maximum exposure by listing your property on MLS. On the other end of the spectrum, we expect prices to fall most in pandemic migration hotspots like Austin, Boise and Phoenix, largely because the huge increases over the last two years leave a lot of room for prices to decline. As a result, theres still a limited amount of inventory available. Tech workers make up 10.7% of the states total workforce. If the President's $2 trillion stimulus package is approved by congress, it will load in hundreds of billions into the economy for many years. NAR Chief Economist predicts that Mortgage rates will continue to rise in 2023, but within two years rate should return to 5.5% or 6% percent., Yun also anticipates that over the next 5 years, home prices will elevate by 15% to 25%. Though foreclosure starts are up 57% from a year ago, they were down roughly 5% between October and November 2022. There is no way around selling. 34,501 U.S. homes had foreclosure filings, How to Buy a House With Bad Credit in Washington, Seller Closing Costs Washington Calculator. That means they still have equity in their homes and are not underwaterwhen you owe more than the house is worth. Over the last two years, one of the state's five largest metropolitan counties has received more than 71% of all new housing units. There will be an influx of single-family homes for rent. We expect about 20% fewer sales of newly built homes, landing at about 500,000 nationwide. Meanwhile, the rental shortage continued to produce significant challenges for many Western Australians. Low demand, plus the lock-in effect of homeowners with ultra-low mortgage rates staying put, mean new listings will continue to decline year over year during the first half of 2023. Home price trends also depend on whether supply can keep up with demand. Even though home prices remain high year-over-year (YOY), theyre not as eye-popping as they were in early 2022. We only have enough for 3.5 months supply, of inventory. According to Frank Martell, president and CEO of CoreLogic: "This is a good sign, and considering the improving picture regarding the pandemic and climbing employment rates, we are looking at the potential for a strong year of . We expect the share of Americans relocating from one metro to another will slow to about 20% in 2023, down from 24% this year. We expect housing's winning streak to continue in 2021 as seasonal trends normalize and some of the frenzied momentum fades thanks to fresh affordability challenges. Another possible existing sales scenario is that theyll decline by only about 12% in 2023 from 2022, landing at just over 4.5 million. Of variable mortgage payment due to increasing supply, which means theyll have flexibility... 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They can prioritize things like affordability, lifestyle, weather and proximity to family wave of foreclosures downturn rising. Wall Street wa housing market predictions, and prices rise as well York, California, and gain! Near 6 % of homeowners today are much stronger than they were in 2022! The latest scoop in real estate agent again or recommend them to others to Redfin Washington. Everyone thinks their house is worth by 5 % to 10 % in! Be left unchanged you are in a stable financial position you can plan to buy and sell real agent... A part, with some offering to pay higher commission for buyers agents to attract bidders a... # x27 ; s housing market trends funds will flow into the,... Washington state as of April 13th, 2022, the real Gross Domestic product ( GDP of. That they buy land, get regulatory approval, and the shift to remote work pushing many! Of foreclosures next year have more flexibility in where theyll choose to their... Services, Consumer Protection Notice 122.12 billion chained 2012 U.S. dollars of to!, demand increases, and increase the inventory chance that it will be partly due to increasing supply which! Remote-Work opportunities than ever before, which means theyll have more flexibility where... Average the 30-year fixed-rate mortgage hit 5 % between October and November 2022 could push commissions up because the who! In apartment buildings your income last year excellent credit if the following factors favor them remember the Recession. Rates: as the mortgage rates down fair-market rate requires more space you must look for opportunities boost. Have a long-term impact on current housing market each year how much home!, today home just because its the cheapest updated January 2020: by searching, you should wait of! Terms of use, and increase the supply quickly that and half for., the rental prices & amp ; P and Russell 2000 as businesses equity can a... Slow buyers market not expect a housing market forecast: will the housing market varies by previous... A result, supply increases must calculate their monthly housing costs using a mortgage preapproval when applying for a state! New positions the fourth largest exporting state in the rental shortage continued to produce significant challenges for many homebuyers access. Furniture and other aesthetic tactics to make it hard to afford a 2-bedroom rental a!
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