Non-profit helps Waco homebuyers navigate market and rising interest rates
WACO, Texas (KWTX) -The Federal Reserve announced yet another rise in inflation rates Wednesday, and Thursday the gross domestic product fell at an annual rate of 0.9 percent from April through June.
This is raising concerns over a recession and plays a role in the housing market right here in Central Texas.
“Being born and raised here in Waco, I have never seen anything like it with our current housing market,” Roy Nash, CEO of NeighborWorks Waco, said. “It cuts the legs out of a whole layer of potential homeowners because homeowners can no longer afford to buy a home in Waco at these interest rates.”
NeighborWorks has a goal of building stronger neighborhoods through good homeownership so they help people as they enter the process of buying a home and continue to offer assistance long after becoming a homeowner.
While interest rates rise, Nash says there just isn’t enough home inventory to cause prices of homes to come down, but it’s hard times like this that his non-profit hopes to guide people through.
“What our counseling team does is they sit down with families, they go over their credit, go over their budget,” Delisa Burnell-Smith, Chief Operating Officer of NeighborWorks Waco, said. “We help them to build an action plan that is more suitable for them to attain that goal of homeownership.”
NeighborWorks wants to help first-time homeowners navigate how to cope with the challenges of the current economy by offering
Burnell-Smith says more people are turning to them for help.
“The number of folks we have seen come through our agency has increased significantly,” she said. “In the last homebuyers education class, we had close to 30 folks who came out and spent their entire day with us to learn about the home buying process.”
After you buy a home, they continue to offer a helping hand by discussing maintenance and making smart investments.
Nash says even though it may seem scary and there are a lot of factors at play, they say you are still able to buy a home in this market. It just takes proper education.
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