High Mortgage Rates and Housing Prices Challenge Homebuyers

Despite the tough market, some buyers are compromising on expectations, while others delay their plans.

High mortgage rates and housing prices have made homebuying unaffordable for many, causing some to reconsider or postpone their plans to buy a home.
Homeowners who secured low mortgage rates during the pandemic are holding onto their homes, contributing to low inventory and inflated housing prices.
Despite the challenging market, some homebuyers are willing to compromise on their expectations to secure a property.
Bank of America's study reveals a decrease in the number of potential buyers waiting for mortgage rates to fall before purchasing a home.
Real estate agents are also feeling the impact of the housing affordability crisis, with some leaving the industry due to reduced home sales.