What does it take to buy a home in North Texas? Four families describe the competition to find a home and win an offer in a highly-competitive seller's market.Big increases in consumer prices and higher home finance costs have darkened the outlook for the U.S. home market, Fitch Ratings warns.
“With the dual pressures of rising home prices and mortgage rates, Fitch is concerned that the worsening housing affordability will potentially decrease demand and result in a home price correction up to 9.2%,” analysts said. “As mortgage rates rapidly increase, owning a home becomes less affordable.”
Looking around the country, Fitch Ratings estimates that the most overvalued housing is in the Seattle area and San Francisco. “Housing in approximately 46% of the metropolitan areas is more than 10% overvalued, compared to only 4% overvalued pre-pandemic,” Fitch analysts say. Dallas-Fort Worth's home market received one of the highest scores from Wall Street firm Fitch Ratings.With continued strong demand for homes in North Texas and such a small number of homes on the market, it takes lots of effort and even some sacrifices to come out on top as a buyer. We asked local real estate agents what it takes to get a home.
Source: Real Estate Daily Report (realestatedailyreport.net)
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