Affordability concerns are preventing many would be home-sellers and home buyers from...
After Johanna Parker and her husband had their second child, the West Houston couple started searching for a bigger home in 2021, but they were shocked to find they’d have to pay up to $200,000 above asking price for their ideal home amid stiff competition.
Instead the couple is waiting to find their dream house in the Spring Branch area, while doing some renovation on their their existing house. Although today's mortgage rates are far below the double-digit rates seen in the 1980s, buyers expectations have adjusted after they've enjoyed mortgage rates averaging around 5 percent since 2009. And many buyers who bought earlier in the pandemic saw rates closer to 3 percent or lower. While rates are down from their November peak, about 85 percent of homeowners have an existing mortgage rate below 6 percent, and often even lower, according to the real estate brokerage Redfin.
And now home prices are starting to show signs of falling after staying persistently high for most of 2022.
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