30 Mar Young D-FW homebuyers, expect slim pickings when shopping for houses this spring
The economy is booming. Interest rates are still affordable. Unemployment is at the lowest level in more than 15 years.
So why is the percentage of folks who think it’s a good time to buy a house at the lowest point in two years?
In a first-quarter survey by the National Association of Realtors, only about half of young people and renters — the fastest-growing share of the home market — say it’s a good time to buy a house. In the 34-and-under crowd, 45 percent say it’s not.
No surprise, since they probably can’t find a home to buy in the price ranges that first-timers can typically afford.
“The critical shortage of listings in most markets continues to spark a hike in home prices that is not easy for many buyers —and especially first-time buyers — to overcome,” Realtors chief economist Lawrence Yun said. “Adding more fuel to the affordability fire is the fact that mortgage rates have shot up to a four-year high in just a few months.
“Many house hunters are telling Realtors that they are dispirited by the stiff competition for the short number of listings they can afford.”
Read More Via DallasNews.com