Rising mortgage rates have combined with already high home prices to discourage would-be buyers.
, during what is generally the busiest time of year in real estate., according to mortgage buyer Freddie Mac; a year ago it was close to 2.78%. The increase in rates is leaving buyers with some unwelcome options: pay hundreds of dollars more for a mortgage, buy a smaller home or choose to live in a less desirable neighborhood, or drop out of the market, at least until rates come down.
“Simply put, people cannot afford the same home as they could have a year ago,” said Daryl Fairweather, an economist with Redfin. Most of the pain is being felt at the bottom of the market: the first-time homebuyer, who often has the least amount of money for a down payment and is trying to make the monthly payment work for their budget. Sales of homes priced below $250,000 fell by more than 30% in June.
Instead, the Martins have yet to receive a single offer and have lowered their asking price to $899,000. Raymond Martin, 51, noted that shortly before listing his Austin home, a neighbor sold their similar-sized home for $100,000 over the $1 million asking price.
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