Homebuyers are feeling increasingly bankrupt as home prices soar and mortgage interest rates hit new heights. With the current market conditions, buyers are being shut out of the house buying process as it has become far too expensive to compete with cash buyers and disrespectful sellers taking advantage of the high demand.
The average home price has reached record levels due to the current inflamed market, and it is putting an unprecedented financial strain on homebuyers. Those without the financial means to match the cash of wealthy buyers are in a difficult position, as the high mortgage rates that accompany these price hikes have made it tough for anyone who don’t have the necessary resources.
In addition, even those with the proper finances cannot close deals without coming up against sellers who are uninterested in negotiations or unwilling to work with them. They are faced with the all-too-familiar reality of being left hung out to dry, unable to muster the level of commitment some sellers are demanding.
Unfortunately, these current conditions have left homebuyers feeling locked out of the market, with some despairingly abandoning their dreams of homeownership and wondering if it will ever be a possibility. With rising prices and mortgage interest rates that seem to never end, the future is uncertain for those in need of a home.