Rising interest rates and fierce competition are pushing many potential homeowners out of the market, leading one person to conclude: 'I feel like the American dream isn't attainable anymore.'
Mackenzie Bathgate and her husband, Jon, have been trying to buy a home in Lansdale, PA., for eight months now.
"That's when we started to feel all that stress of like, 'Oh God, we need to make sure every weekend is focused on seeing these three specific houses that we're interested in,' because we know that they're going to have an offer accepted by Monday." The average rate on a 30-year fixed mortgage is now around 5.5%, almost double what it was at the start of the year,. Those higher rates, combined with already high home prices, mean it's become a lot harder to buy a house, even if the competition might be slightly less stiff.
"[Sellers] may feel a little frustration if their home is sitting on the market for 21 days, which is actually still quite good. So it's just the narrative," said Jackson, who is also the 2022 president-elect for the Austin Board of Realtors. "We were told by a mortgage lender that our credit needed to be a little bit higher. It's taken us a few years to save up for a down payment and closing costs and whatnot," Sienna Connor said.
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