So what does that mean? Your monthly mortgage payments will go up by several hundred dollars if you buy now, compared to a year ago.Adding to all this, the inventory of affordable housing is still very low across the country, especially in North Texas. It’s pitting homebuyers against each other to compete for what is available.
"We have prices rising, we have purchasing power going down as rates are going up because there's so little housing available,” said Price.4% over asking price in all North Texas counties. Crouch further explained, “As unfortunate as it sounds to see interest rates rising, I’m hopeful that allows the market to correct a little bit because we’re in extreme times right now and it needs to balance out a little. The insanity we’re in can’t sustain for much longer, I don’t think.”Experts say it’s important to get a real estate agent to be in your corner if possible, otherwise, it will be hard to negotiate and sort through paperwork on your own.