Homebuyers growing weary as home prices are rising in Montgomery County, Pennsylvania
AMBLER, Pa. (CBS) — As home prices continue to rise nationwide, first-time homebuyers in Montgomery County, Pennsylvania, are growing weary.
"It's rough," Ashley Hughes said.
Hughes was talking about her journey as a first-time homebuyer. She walked through a home up for sale in Ambler. She said she worried about being outbid by buyers willing to pay more money.
"The rejection," she said. "To sit down and put an offer in, and you don't get it and then you're back at square one, things like that."
She was bracing herself because, according to Tri-County Suburban REALTORS, home prices are rising. In Montgomery County, June home prices rose 4.4% from last year, to an average of $470,000.
Hughes said that is way above her budget.
"My realistic budget, first, was like maybe $270,000, $280,000," Hughes said. "And then, I realized the market is not $270,000, $280,000. We're looking between like $300,000 and $340,000-ish."
Add to that interest rates of more than 6% and Cross Country Mortgage consultant Laura Corley said homebuyers making low down payments are facing more expensive monthly payments.
"They're looking at somewhere around $300 to $400 a month increase over what it was a couple of years ago," Corley said.
Berkshire Hathaway Fox & Roach Realtor Tabitha Heit said she has seen prices rising in the county, causing potential homeowners to give up.
"There's a little bit of frustration out in the market right now, because it's taking first-time homebuyers a little bit more time," Heit said.
However, not all hope is lost.
Heit said realtors can help homebuyers find resources to make purchasing a house more affordable.
"There is some really good first-time homebuyer programs out there, which a lot of my first-time homebuyers utilize," Helt said. "So, there's a grant out there that we try to help them find."
That is another reason why Hughes said she will stay on the hunt for her first home.
"It's scary and it's hard, but you can do it," Hughes said.