Moises, Claire, 10, Gabriel, 7, and Katy Rivera bought a house sight unseen in the Greatwood community Wednesday, April 20, 2022, in Sugar Land.Houston homebuyers are anxiously watching mortgage rates climb, with some rushing to close deals before rates go higher, others downsizing their dream homes, and still others getting cut out of the market altogether.
Average mortgage rates climbed again last week to an 11-year high of 5.11 percent, according to the government-sponsored mortgage finance company Freddie Mac.2021 was the sixth consecutive record-breaking year for Houston housing, according to the Houston Association of Realtors. See price trends for thousands of subdivisions in the Houston area and an interactive map of more than 170 market areas across the region. Go to: houstonchronicle.
Seven months and six failed offers later, Rivera and her husband Moises finally landed a house in Sugar Land in January. Rivera thinks it was the personal letter she wrote to the sellers that helped seal the deal. She and her husband, who recently retired from the military, paid $476,000 — $6,000 above asking price — and bought it sight unseen.
In Houston, pending sales — homes coming under contract — have fallen for four consecutive weeks, according to the Houston Association of Realtors. Showings have, too.Homeownership 'most expensive in a generation' as mortgage rates leap to 5%
LoL. Reshot market? No. No one is buying. Just cause something is inflated in value doesn’t mean people will buy. Conversely. It means we are likely headed to stagnation
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