First-time home buyers are discovering how competitive the housing market is across the DFW metroplex.
Newlyweds Blayke and David had planned to start their search for a new home this summer, but rising mortgage costs and low inventory moved the couple to begin their search six months early, they relayed to WFAA News.
Between January 2022 and the first week of August, a 30-year mortgage rose from 3.22% to 4.99%, a 15-year mortgage rose from 2.43% to 4.26%, and an adjustable-rate mortgage rose from 2.41% to 4.25%, according to Freddie Mac’s Primary Mortgage Market Survey.
According to 2022 housing market predictions, mortgage rates will likely continue to rise over the next few months but may level out by the year’s end.
David said he was surprised by how much interest rates have risen since they purchased their home in the spring.
“We’re one of the lucky ones,” he said.
Blayke and David now own a bigger-than-planned home in Rockwall County but said they feel blessed it all worked out well in the end.
The couple had to expand their search to Carrollton, Irving, Wylie, and Richardson to meet their home requirements while remaining in their price range.
The couple realized that if they didn’t want to compromise on their future home, they would have to compromise on how much they were willing to pay for it and cut spending in other areas.
Time and time again, the couple’s offers were declined, despite placing most bids above the asking price. Blayke said that often they had only 24 hours to look at a house, make a decision, and make an offer on it.
On their 11th attempt, the couple finally succeeded in buying a home after placing a bid sight unseen.
In the end, the couple recommends finding a good agent, getting one’s financial priorities in order, and being prepared to make some sacrifices.