U.S. Mortgage Rates Hit 5%, First Time Since 2011 --
“You start to realize, we’re going to have to jump into this game and pay more than the home should be valued at. So, we offered $20,000 over and that one may have had 35 offers,” she said. “It is frustrating to know when you’re in your last 15-20 years, if you’re lucky, of your life that you’re having to navigate these financial decisions that you’re making.”Chandler Crouch, a broker and owner of Chandler Crouch Realtors, has been working in North Texas real estate for 20 years.
“I’ve seen several different market cycles, up cycles and down cycles. I’ve never seen anything like we’re seeing today,” Crouch said. “What I’m seeing today is a housing shortage. We’re not in a bubble.”“If you don’t have cash to help at least supplement the amount of money you’re financing to buy a house, it’s difficult. It’s difficult for buyers that don’t have a lot of cash on hand, because there’s so much competition.
and as much as 30% in some cities. Available homes had been in short supply even before the coronavirus pandemic started just over two years ago.