(InvestigateTV) — In a recent NerdWallet survey, 35% of people who don’t own a home said the cost of living is stopping them from buying a house.
Holden Lewis, a real estate expert with the company, said this is the least affordable housing market for buyers he’s seen in the last 20 years.
“It’s really bad,” Lewis shared. “Home buyers complain about, first of all, prices but also the lack of availability of homes for sale you know those two things are related and then also high mortgage rates.”
The study found prospective buyers hope to spend about $259,000 on a home, but the actual median sales price right now is around $420,000.
He said there are a few markets around the country – like in Texas and Florida – where prices have fallen in the last few months. But in most places, prices remain high, and mortgage rates sit on average around 7%.
He said if you’re looking to buy this spring, take your time.
“The good piece of luck is that because it’s taking longer for people to buy homes because of the affordability issues, more and more homes are stacking up on the market,” he explained. “The inventory of for sale homes is rising and that means as a buyer you have more to choose from than you did a year or two ago.”
Lewis said the greater supply of houses is keeping prices from skyrocketing like they did three or four years ago.
He advised buyers to find a real estate agent that aligns with their goals and really knows their local housing market.
Expect to work with that realtor for several months, if not a year.
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