WOODWAY, Texas (KXXV) — Texans are having difficulty finding a home. Why is that? Local Realtor Chris Meza explains the issue and what you can do to make purchasing a home more affordable.
- According to Realtor.com, just 28% of homes currently listed fall within the median price range — just under $300,000
- The reason: high mortgage and interest rates
- Chris says to build a team around you who has your best interest and to be patient
For months, homebuyers have faced the same familiar sight: a market with few houses for sale.
According to Realtor.com, just 28% of homes currently listed fall within the median price range — just under $300,000. The reason? High mortgage and interest rates.
Pandemic-Era Rates Sparked Price Surge
Chris Meza, a realtor with Carbajal Realty, says today’s rates are a stark contrast to those during the pandemic years.
“The economy is why the interest rates have gone up, prices began to soar,” Meza explained. “During the COVID era, they really dropped interest rates — the lowest we've seen, definitely in my lifetime. Rates were 2–3% for a mortgage, which got everybody out buying. But that also drove prices up because people could afford more principal when paying less interest.”
Where Rates Stand Now
Fast forward to today, Meza says interest rates are sitting between 6% and 8%.
“You talk about a $300,000 to $500,000 mortgage at those rates — payments have gone up tremendously compared to a few years ago,” he added.
Advice for Buyers
Despite the slowdown in sales, Meza believes buyers can still find opportunities in the current market.
“Sit down with a realtor and mortgage lender you trust, work as a team, and be patient,” he said. “The market is still strong, even with higher rates, and this slowdown could benefit buyers willing to take their time.”
Bottom line: Home shoppers face fewer affordable options and higher borrowing costs — but with the right strategy, it’s still possible to land that “forever home.”
