Less than a month before the traditional home-selling season begins, buyers again face a brutal housing market.
Too little inventory for sale, lofty price, and now rising mortgage rates have created a trifecta of obstacles for homebuyers.
“We’re in an abnormal housing market,” David Berson, chief economist and senior vice president at Nationwide Mutual, told Yahoo Money. “The issue is the low supply of available existing and new homes feeding high demand that continues to drive home prices up. The real question is whether mortgage rates will choke out the market due to excess demand.”
Buyers need to be ready to pounce as soon as they find “the one” or one that’s good enough or risk getting shut out of the market altogether as affordability wanes.
Here’s what they’re up against and what a buyer can do.
