Good morning. Home buyers continue to lose buying power while interest rate rocketed close to 7 percent before retreating a bit. According to Realtor.com® home buyers have lost about $107,000 in buying power this year. That means home buyers who budgeted for a $500,000 home at the start of the year may now be able to afford a home worth only $400,000 or less. For home buyers that budgeted $300,000 they may now be able to afford a home worth $200,000 or less.
Still, if you are looking to purchase a home in Katy 77450, as of this morning, there are currently 87 home listed for sale with an average price of $446.226 and median price of $399,000. Therefore, all things considered, if you budgeted for $500,000, with skilled negotiation, your agent should be able to secure a home of your choosing within the zip code.
On another note, Freddie Mac reports the following national averages for mortgage rates for the week ending Oct. 6:
Yes, there is a lot going on right now but, it will get better. Until next time...Diana
Diana Walton Broker
Astor & Eaton Realty
713.208.8013
Write to Diana at homes@astoreaton.com
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